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Debt Obligations, net (Tables)
 12 Months Ended
Dec. 31, 2017
Debt Disclosure [Abstract]  
Schedule of debt obligations
As of December 31, 2017 and 2016, the Company's debt obligations were as follows ($ in thousands):
 
Carrying Value as of December 31,
 
Stated
Interest Rates
 
Scheduled
Maturity Date
 
2017
 
2016
 
 
Secured credit facilities and mortgages:
 
 
 
 
 
 
 
2015 $325 Million Secured Revolving Credit Facility
$
325,000

 
$
—

 
LIBOR + 2.50%
(1) 
September 2020
2016 Senior Secured Credit Facility
399,000

 
498,648

 
LIBOR + 3.00%
(2) 
October 2021
Mortgages collateralized by net lease assets
208,491

 
249,987

 
4.102% - 7.26%

(3) 
Various through 2026
Total secured credit facilities and mortgages
932,491

 
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

 
4.00
%
 
November 2017
7.125% senior notes(5)
—

 
300,000

 
7.125
%
 
February 2018
4.875% senior notes(6)
—

 
300,000

 
4.875
%
 
July 2018
5.00% senior notes(7)
770,000

 
770,000

 
5.00
%
 
July 2019
4.625% senior notes(8)
400,000

 
—

 
4.625
%
 
September 2020
6.50% senior notes(9)
275,000

 
275,000

 
6.50
%
 
July 2021
6.00% senior notes(10)
375,000

 
—

 
6.00
%
 
April 2022
5.25% senior notes(11)
400,000

 
—

 
5.25
%
 
September 2022
3.125% senior convertible notes(12)
287,500

 
—

 
3.125
%
 
September 2022
Total unsecured notes
2,507,500

 
2,569,722

 
 

 
 
Other debt obligations:

 
 
 
 
 
 
Trust preferred securities
100,000

 
100,000

 
LIBOR + 1.50%

 
October 2035
Total debt obligations
3,539,991

 
3,418,357

 
 

 
 
Debt discounts and deferred financing costs, net
(63,591
)
 
(28,449
)
 
 

 
 
Total debt obligations, net (13)
$
3,476,400

 
$
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 September 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 2.0% or (ii) LIBOR subject to a margin of 3.0% with a minimum LIBOR rate of 0.75%.
(3)
As of December 31, 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 June 15, 2020.
(9)
The Company can prepay these senior notes without penalty beginning July 1, 2020.
(10)
The Company can prepay these senior notes without penalty beginning April 1, 2021.
(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 in September 2017, 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. In October 2017, the initial purchasers of the 3.125% Convertible Notes exercised their option to purchase an additional $37.5 million aggregate principal amount of the 3.125% Convertible Notes. At issuance, the Company valued the liability component at $34.0 million, net of fees, and the equity component of the conversion feature at $3.4 million, net of fees, and recorded the equity component in "Additional paid-in capital" on the Company's consolidated balance sheet. As of December 31, 2017, the carrying value of the 3.125% Convertible Notes was $256.7 million, net of fees, and the unamortized discount of the 3.125% Convertible Notes was $25.2 million, net of fees. During the year ended December 31, 2017, the Company recognized $2.5 million of contractual interest and $1.3 million of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2%.
(13)
The Company capitalized interest relating to development activities of $8.5 million, $5.8 million and $5.3 million for the years ended December 31, 2017 2016 and 2015, respectively.
Schedule of future scheduled maturities of outstanding long-term debt obligations, net
As of December 31, 2017, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):
 
Unsecured Debt
 
Secured Debt
 
Total
2018
$
—

 
$
—

 
$
—

2019
770,000

 
1,654

 
771,654

2020
400,000

 
325,000

 
725,000

2021
275,000

 
515,715

 
790,715

2022
1,062,500

 
59,052

 
1,121,552

Thereafter
100,000

 
31,070

 
131,070

Total principal maturities
2,607,500

 
932,491

 
3,539,991

Unamortized discounts and deferred financing costs, net
(55,390
)
 
(8,201
)
 
(63,591
)
Total debt obligations, net
$
2,552,110

 
$
924,290

 
$
3,476,400
Schedule of carrying value of encumbered assets by asset type
As of December 31, 2017 and 2016, the carrying value of assets of the Company that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands):
 
As of December 31,
 
2017
 
2016
 
Collateral Assets(1)
 
Non-Collateral Assets
 
Collateral Assets(1)
 
Non-Collateral Assets
Real estate, net
$
795,321

 
$
486,710

 
$
881,212

 
$
506,062

Real estate available and held for sale
20,069

 
48,519

 
—

 
237,531

Land and development, net
25,100

 
835,211

 
35,165

 
910,400

Loans receivable and other lending investments, net(2)(3)
194,529

 
1,021,340

 
172,581

 
1,142,050

Other investments
—

 
321,241

 
—

 
214,406

Cash and other assets
—

 
898,252

 
—

 
590,299

Total
$
1,035,019

 
$
3,611,273

 
$
1,088,958

 
$
3,600,748

_______________________________________________________________________________
(1)
The 2016 Senior Secured Credit Facility and the 2015 Secured Revolving Credit Facility are secured only by pledges of equity of certain of the Company's subsidiaries and not by pledges of the assets held by such subsidiaries. Such subsidiaries are subject to contractual restrictions under the terms of such credit facilities, including restrictions on incurring new debt (subject to certain exceptions).
(2)
As of December 31, 2017 and 2016, the amounts presented exclude general reserves for loan losses of $17.5 million and $23.3 million, respectively.
(3)
As of December 31, 2017 and 2016, the amounts presented exclude loan participations of $102.3 million and $159.1 million, respectively.