Debt Obligations, net (Tables)

3 Months Ended

Mar. 31, 2017

The Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of						Stated Interest Rates			Scheduled Maturity Date
	March 31, 2017			December 31, 2016			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and mortgages:
2015 $250 Million Secured Revolving Credit Facility	$	—		$	—		LIBOR + 2.75%		⁽¹⁾	March 2018
2016 Senior Secured Credit Facility	500,000			498,648			LIBOR + 3.75%		⁽²⁾	July 2020
2017 Secured Financing	227,000			—			3.795	%	⁽³⁾	April 2027
Mortgages collateralized by net lease assets	247,535			249,987			3.875% - 7.26%		⁽⁴⁾	Various through 2032
Total secured credit facilities and mortgages	974,535			748,635
Unsecured notes:
5.85% senior notes	—			99,722			5.85	%		—
9.00% senior notes	275,000			275,000			9.00	%		June 2017
4.00% senior notes⁽⁵⁾	550,000			550,000			4.00	%		November 2017
7.125% senior notes	300,000			300,000			7.125	%		February 2018
4.875% senior notes⁽⁶⁾	300,000			300,000			4.875	%		July 2018
5.00% senior notes⁽⁷⁾	770,000			770,000			5.00	%		July 2019
6.50% senior notes⁽⁸⁾	275,000			275,000			6.50	%		July 2021
6.00% senior notes⁽⁹⁾	375,000			—			6.00	%		April 2022
Total unsecured notes	2,845,000			2,569,722
Other debt obligations:
Trust preferred securities	100,000			100,000			LIBOR + 1.50%			October 2035
Total debt obligations	3,919,535			3,418,357
Debt discounts and deferred financing costs, net	(37,140		)	(28,449		)
Total debt obligations, net⁽¹⁰⁾	$	3,882,395		$	3,389,908

_______________________________________________________________________________

(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 2.75% or (ii) LIBOR subject to a margin of 3.75% with a minimum LIBOR rate of 1.0%.


(3)	The Company entered into a $200 million notional rate lock swap, bringing the effective interest rate down from 3.795% to 3.773%.


(4)	As of March 31, 2017 and December 31, 2016, includes a loan with a floating rate of LIBOR plus 2.0%. As of March 31, 2017, the weighted average interest rate of these loans is 5.1%.


(5)	The Company can prepay these senior notes without penalty beginning August 1, 2017.


(6)	The Company can prepay these senior notes without penalty beginning January 1, 2018.


(7)	The Company can prepay these senior notes without penalty beginning July 1, 2018.


(8)	The Company can prepay these senior notes without penalty beginning July 1, 2020.


(9)	The Company can prepay these senior notes without penalty beginning April 1, 2021.


(10)	The Company capitalized interest relating to development activities of $2.0 million and $1.4 million during the three months ended March 31, 2017 and 2016, respectively.

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

As of March 31, 2017, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2017 (remaining nine months)	$	825,000		$	—		$	825,000
2018	600,000			10,648			610,648
2019	770,000			28,770			798,770
2020	—			500,000			500,000
2021	275,000			119,072			394,072
Thereafter	475,000			316,045			791,045
Total principal maturities	2,945,000			974,535			3,919,535
Unamortized discounts and deferred financing costs, net	(21,148		)	(15,992		)	(37,140		)
Total debt obligations, net	$	2,923,852		$	958,543		$	3,882,395

_____________________________________________________________________________

(1)

The Company has $825.0 million of debt obligations maturing in two separate tranches during 2017, and $310.6 million of other debt obligations maturing before the end of May 2018, as listed in the debt obligations table above. The Company's plans to satisfy these obligations primarily consist of accessing the debt and/or equity markets to obtain capital to satisfy the maturing obligations. In addition, management intends to execute on its business strategy of disposing of assets and selling interests in business lines as well as collecting loan repayments from borrowers to further generate available liquidity. Should these sources of capital not be sufficiently available, the Company will slow its pace of making new investments and will need to identify alternative sources of capital. As of May 3, 2017, the Company had approximately $1.2 billion of cash and available capacity under existing borrowing arrangements.

Schedule of carrying value of encumbered assets by asset type

The carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of
	March 31, 2017				December 31, 2016
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	1,005,826	$	470,765	$	881,212	$	610,540
Real estate available and held for sale	—		71,934		—		83,764
Land and development, net	35,165		919,985		35,165		910,400
Loans receivable and other lending investments, net⁽¹⁾⁽²⁾	137,293		1,080,448		172,581		1,142,050
Other investments	—		197,559		—		214,406
Cash and other assets	—		1,212,055		—		639,588
Total	$	1,178,284	$	3,952,746	$	1,088,958	$	3,600,748

_______________________________________________________________________________


(1)	As of March 31, 2017 and December 31, 2016, the amounts presented exclude general reserves for loan losses of $18.4 million and $23.3 million, respectively.


(2)	As of March 31, 2017 and December 31, 2016, the amounts presented exclude loan participations of $181.9 million and $159.1 million, respectively.