Debt Obligations, net (Tables)

9 Months Ended

Sep. 30, 2017

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			Stated Interest Rates			Scheduled Maturity Date
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.