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Debt Obligations, net (Tables) | 9 Months Ended
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Sep. 30, 2017
Debt Disclosure [Abstract] |
Schedule of debt obligations | The Company's debt obligations were as follows ($ in thousands):
| Carrying Value as of |  | Stated Interest Rates |  | Scheduled Maturity Date
| September 30, 2017 |  | December 31, 2016 |  |
Secured credit facilities and mortgages: |  |  |  |  |  |  |
2015 $325 Million Secured Revolving Credit Facility | $ | — |  |  | $ | — |  |  | LIBOR + 2.50% |  | (1) | September 2020
2016 Senior Secured Credit Facility | 400,000 |  |  | 498,648 |  |  | LIBOR + 3.00% |  | (2) | October 2021
Mortgages collateralized by net lease assets | 223,182 |  |  | 249,987 |  |  | 4.851% - 7.26% |  | (3) | Various through 2026
Total secured credit facilities and mortgages | 623,182 |  |  | 748,635 |  |  |  |  |  |
Unsecured notes: |  |  |  |  |  |  |
5.85% senior notes | — |  |  | 99,722 |  |  | 5.85 | % |  | March 2017
9.00% senior notes | — |  |  | 275,000 |  |  | 9.00 | % |  | June 2017
4.00% senior notes(4) | 550,000 |  |  | 550,000 |  |  | 4.00 | % |  | November 2017
7.125% senior notes(5) | 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
4.625% senior notes(10) | 400,000 |  |  | — |  |  | 4.625 | % |  | September 2020
5.25% senior notes(11) | 400,000 |  |  | — |  |  | 5.25 | % |  | September 2022
3.125% senior convertible notes(12) | 250,000 |  |  | — |  |  | 3.125 | % |  | September 2022
Total unsecured notes | 3,620,000 |  |  | 2,569,722 |  |  |  |  |  |
Other debt obligations: |  |  |  |  |  |  |
Trust preferred securities | 100,000 |  |  | 100,000 |  |  | LIBOR + 1.50% |  |  | October 2035
Total debt obligations | 4,343,182 |  |  | 3,418,357 |  |  |  |  |  |
Debt discounts and deferred financing costs, net | (64,228 | ) |  | (28,449 | ) |  |  |  |  |
Total debt obligations, net(13) | $ | 4,278,954 |  |  | $ | 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 October 2021.
(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 2.00% or (ii) LIBOR subject to a margin of 3.00% with a minimum LIBOR rate of 0.75%.
(3) | As of September 30, 2017 and December 31, 2016, includes a loan with a floating rate of LIBOR plus 2.0%. As of September 30, 2017, the weighted average interest rate of these loans is 5.2%.
(4) | The Company prepaid these senior notes in October 2017 without penalty.
(5) | The Company prepaid these senior notes in October 2017 and incurred a make whole premium of $5.25 million.
(6) | The Company prepaid these senior notes in October 2017 and incurred a make whole premium of $3.66 million.
(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 can prepay these senior notes without penalty beginning June 15, 2020.
(11) | The Company can prepay these senior notes without penalty beginning September 15, 2021.
(12) | The Company's 3.125% senior convertible fixed rate notes due September 2022 ("3.125% Convertible Notes") are convertible at the option of the holders at a conversion rate of 64.36 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $15.54 per share, at any time prior to the close of business on the business day immediately preceding September 15, 2022. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. As such, at issuance the Company valued the liability component at $221.8 million, net of fees, and the equity component of the conversion feature at $22.5 million, net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet.
(13) | The Company capitalized interest relating to development activities of $2.1 million and $6.1 million during the three and nine months ended September 30, 2017, respectively, and $1.4 million and $4.2 million during the three and nine months ended September 30, 2016, respectively.
Schedule of future scheduled maturities of outstanding long-term debt obligations, net | As of September 30, 2017, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):
| Unsecured Debt |  | Secured Debt |  | Total
2017 (remaining three months) | $ | 550,000 |  | (1) | $ | — |  |  | $ | 550,000 |
2018 | 600,000 |  | (1) | 9,523 |  |  | 609,523 |
2019 | 770,000 |  |  | 27,924 |  |  | 797,924 |
2020 | 400,000 |  |  | — |  |  | 400,000 |
2021 | 275,000 |  |  | 517,506 |  |  | 792,506 |
Thereafter | 1,125,000 |  |  | 68,229 |  |  | 1,193,229 |
Total principal maturities | 3,720,000 |  |  | 623,182 |  |  | 4,343,182 |
Unamortized discounts and deferred financing costs, net | (56,331 | ) |  | (7,897 | ) |  | (64,228 | )
Total debt obligations, net | $ | 3,663,669 |  |  | $ | 615,285 |  |  | $ | 4,278,954 |
_____________________________________________________________________________
(1) | Subsequent to September 30, 2017, the Company repaid the $550.0 million principal amount outstanding of the 4.0% senior unsecured notes due November 2017, the $300.0 million principal amount outstanding of the 7.125% senior unsecured notes due February 2018 and the $300.0 million principal amount outstanding of the 4.875% senior unsecured notes due July 2018.
Schedule of carrying value of encumbered assets by asset type | The carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):
| As of
| September 30, 2017 |  | December 31, 2016
| Encumbered Assets |  | Unencumbered Assets |  | Encumbered Assets |  | Unencumbered Assets
Real estate, net | $ | 841,570 |  |  | $ | 482,292 |  |  | $ | 881,212 |  |  | $ | 506,062 |
Real estate available and held for sale | — |  |  | 65,658 |  |  | — |  |  | 237,531 |
Land and development, net | 25,100 |  |  | 836,407 |  |  | 35,165 |  |  | 910,400 |
Loans receivable and other lending investments, net(1)(2) | 188,973 |  |  | 813,447 |  |  | 172,581 |  |  | 1,142,050 |
Other investments | — |  |  | 289,037 |  |  | — |  |  | 214,406 |
Cash and other assets | — |  |  | 2,145,713 |  |  | — |  |  | 590,299 |
Total | $ | 1,055,643 |  |  | $ | 4,632,554 |  |  | $ | 1,088,958 |  |  | $ | 3,600,748 |
_______________________________________________________________________________
(1) | As of September 30, 2017 and December 31, 2016, the amounts presented exclude general reserves for loan losses of $15.2 million and $23.3 million, respectively.
(2) | As of September 30, 2017 and December 31, 2016, the amounts presented exclude loan participations of $122.2 million and $159.1 million, respectively.

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
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