Debt Obligations, net (Tables)

6 Months Ended

Jun. 30, 2016

As of June 30, 2016 and December 31, 2015, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of						Stated Interest Rates			Scheduled Maturity Date
	June 30, 2016			December 31, 2015			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2015 $250 Million Secured Revolving Credit Facility	$	50,000		$	250,000		LIBOR + 2.75%		⁽¹⁾	March 2018
2016 Senior Secured Credit Facility	450,000			—			LIBOR + 4.50%		⁽²⁾	July 2020
Term loans collateralized by net lease assets	235,016			239,547			4.85% - 7.26%		⁽³⁾	Various through 2026
2012 Secured Tranche A-2 Facility	—			339,717			LIBOR + 5.75%		⁽⁴⁾	—
Total secured credit facilities and term loans	735,016			829,264
Unsecured notes:
5.875% senior notes	—			261,403			5.875	%		—
3.875% senior notes	—			265,000			3.875	%		—
3.00% senior convertible notes⁽⁵⁾	200,000			200,000			3.00	%		November 2016
1.50% senior convertible notes⁽⁶⁾	200,000			200,000			1.50	%		November 2016
5.85% senior notes	99,722			99,722			5.85	%		March 2017
9.00% senior notes	275,000			275,000			9.00	%		June 2017
4.00% senior notes	550,000			550,000			4.00	%		November 2017
7.125% senior notes	300,000			300,000			7.125	%		February 2018
4.875% senior notes	300,000			300,000			4.875	%		July 2018
5.00% senior notes	770,000			770,000			5.00	%		July 2019
6.50% senior notes	275,000			—			6.50	%		July 2021
Total unsecured notes	2,969,722			3,221,125
Other debt obligations:
Other debt obligations	100,000			100,000			LIBOR + 1.50%			October 2035
Total debt obligations	3,804,738			4,150,389
Debt discounts and deferred financing costs, net	(34,095		)	(31,566		)
Total debt obligations, net⁽⁷⁾	$	3,770,643		$	4,118,823

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(1)

The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.25% to 1.75%, or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019.


(2)	The loan bears interest at the Company's election of either (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.5% or (c) LIBOR plus 1.0% and subject to a margin of 3.5% or (ii) LIBOR subject to a margin of 4.5% with a minimum LIBOR rate of 1.0%.


(3)	As of June 30, 2016 and December 31, 2015, includes a loan with a floating rate of LIBOR plus 2.0%. As of June 30, 2016, the weighted average interest rate of these loans is 5.2%.


(4)	The loan had a LIBOR floor of 1.25%.


(5)	The Company's 3.00% senior convertible fixed rate notes due November 2016 ("3.00% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.00% Convertible Notes, at $11.77 per share at any time prior to the close of business on November 14, 2016.


(6)	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at $17.29 per share at any time prior to the close of business on November 14, 2016.


(7)	The Company capitalized interest relating to development activities of $1.4 million and $2.8 million for the three and six months ended June 30, 2016, respectively, and $1.2 million and $2.6 million for the three and six months ended June 30, 2015, respectively.

Schedule of future scheduled maturities of outstanding long-term debt obligations, net

As of June 30, 2016, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2016 (remaining six months)	$	400,000		$	—		$	400,000
2017	924,722			—			924,722
2018	600,000			62,262			662,262
2019	770,000			30,005			800,005
2020	—			450,000			450,000
Thereafter	375,000			192,749			567,749
Total principal maturities	3,069,722			735,016			3,804,738
Unamortized discounts and deferred financing costs, net	(24,792		)	(9,303		)	(34,095		)
Total debt obligations, net	$	3,044,930		$	725,713		$	3,770,643

Schedule of carrying value of encumbered assets by asset type

As of June 30, 2016 and December 31, 2015, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of
	June 30, 2016				December 31, 2015
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	903,185	$	532,735	$	816,721	$	777,262
Real estate available and held for sale	—		126,070		10,593		126,681
Land and development	22,364		1,023,649		17,714		984,249
Loans receivable and other lending investments, net⁽¹⁾⁽²⁾	169,117		1,249,698		170,162		1,314,823
Other investments	—		228,756		22,352		231,820
Cash and other assets	—		804,199		—		1,008,415
Total	$	1,094,666	$	3,965,107	$	1,037,542	$	4,443,250

_______________________________________________________________________________


(1)	As of June 30, 2016 and December 31, 2015, the amounts presented exclude general reserves for loan losses of $37.0 million and $36.0 million, respectively.


(2)	As of June 30, 2016 and December 31, 2015, the amounts presented exclude loan participations of $186.6 million and $153.0 million, respectively.