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Debt Obligations, net (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of debt obligations
The Company's debt obligations were as follows ($ in thousands):
 Carrying Value as ofStated
Interest Rates		 Scheduled
Maturity Date
 June 30, 2020December 31, 2019 
Secured credit facilities and mortgages:     
Revolving Credit Facility$—  $—  
LIBOR + 2.00%
(1)
September 2022
Senior Term Loan491,875  491,875  
LIBOR + 2.75%
(2)
June 2023
Mortgages collateralized by net lease assets(3)
720,871  721,118  
1.71% - 7.26%
(3)
Total secured credit facilities and mortgages1,212,746  1,212,993     
Unsecured notes:     
6.00% senior notes(4)
—  110,545  6.00%—
5.25% senior notes(5)
400,000  400,000  5.25%September 2022
3.125% senior convertible notes(6)
287,500  287,500  3.125%September 2022
4.75% senior notes(7)
775,000  775,000  4.75%October 2024
4.25% senior notes(8)
550,000  550,000  4.25%August 2025
Total unsecured notes2,012,500  2,123,045     
Other debt obligations:    
Trust preferred securities100,000  100,000  
LIBOR + 1.50%
 October 2035
Total debt obligations3,325,246  3,436,038     
Debt discounts and deferred financing costs, net(42,184) (48,958)    
Total debt obligations, net(9)
$3,283,062  $3,387,080     
_______________________________________________________________________________
(1)The Revolving Credit Facility bears interest at the Company's election of either: (i) a base rate, which is the greater of (a) prime, (b) federal funds plus 0.50% or (c) LIBOR plus 1.0% and subject to a margin ranging from 1.00% to 1.50%; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through September 2023.
(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 0.50% or (c) LIBOR plus 1.0% and subject to a margin of 1.75%; or (ii) LIBOR subject to a margin of 2.75%.
(3)As of June 30, 2020, the weighted average interest rate of these loans is 4.4%, inclusive of the effect of interest rate swaps.
(4)The Company repaid these senior notes in January 2020.
(5)The Company can prepay these senior notes without penalty beginning September 15, 2021.
(6)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 any time prior to the close of business on the business day immediately preceding September 15, 2022. The conversion rate as of June 30, 2020 was 69.1041 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.47 per share. The conversion rate is subject to adjustment from time to time for specified events. Upon conversion, the Company will pay or deliver, as the case may be, a combination of cash and shares of its common stock. 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 June 30, 2020, the carrying value of the 3.125% Convertible Notes was $271.8 million, net of fees, and the unamortized discount of the 3.125% Convertible Notes was $12.9 million, net of fees. As of December 31, 2019, the carrying value of the 3.125% Convertible Notes was $268.7 million, net of fees, and the unamortized discount of the 3.125% Convertible Notes was $15.5 million, net of fees. During the three months ended June 30, 2020 and 2019, the Company recognized $2.2 million and $2.2 million, respectively, of contractual interest and $1.3 million and $1.2 million, respectively, of discount amortization on the 3.125% Convertible Notes. During the six months ended June 30, 2020 and 2019, the Company recognized $4.5 million and $4.5 million, respectively, of contractual interest and $2.6 million and $2.5 million, respectively, of discount amortization on the 3.125% Convertible Notes. The effective interest rate was 5.2%.
(7)The Company can prepay these senior notes without penalty beginning July 1, 2024.
(8)The Company can prepay these senior notes without penalty beginning May 1, 2025.
(9)The Company capitalized interest relating to development activities of $0.6 million and $3.5 million during the three months ended June 30, 2020 and 2019, respectively, and $1.1 million and $6.5 million during the six months ended June 30, 2020 and 2019, respectively.
Schedule of future scheduled maturities of outstanding debt obligations As of June 30, 2020, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):
Unsecured DebtSecured DebtTotal
2020 (remaining six months)$—  $—  $—  
2021—  157,628  157,628  
2022687,500  47,351  734,851  
2023—  491,875  491,875  
2024775,000  —  775,000  
Thereafter650,000  515,892  1,165,892  
Total principal maturities2,112,500  1,212,746  3,325,246  
Unamortized discounts and deferred financing costs, net(35,304) (6,880) (42,184) 
Total debt obligations, net$2,077,196  $1,205,866  $3,283,062  
Schedule of carrying value of encumbered assets by asset type The carrying value of the Company's assets that are directly pledged or are held by subsidiaries whose equity is pledged as collateral to secure the Company's obligations under its secured debt facilities are as follows, by asset type ($ in thousands):
As of
 June 30, 2020December 31, 2019
 
Collateral Assets(1)
Non-Collateral Assets
Collateral Assets(1)
Non-Collateral Assets
Real estate, net$1,388,395  $107,673  $1,409,585  $117,634  
Real estate available and held for sale—  32,163  —  8,650  
Net investment in leases(2)
424,674  —  418,915  —  
Land and development, net—  504,577  —  580,545  
Loans receivable and other lending investments, net(3)(4)
281,032  494,487  233,104  566,050  
Other investments—  1,049,930  —  907,875  
Cash and other assets—  584,419  —  814,044  
Total$2,094,101  $2,773,249  $2,061,604  $2,994,798  
_______________________________________________________________________________
(1)The Senior Term Loan and the 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). As of June 30, 2020, Collateral Assets includes $472.1 million carrying value of assets held by entities whose equity interests are pledged as collateral for the Revolving Credit Facility that is undrawn at June 30, 2020.
(2)As of June 30, 2020, the amount presented excludes an allowance for net investment of leases of $10.9 million.
(3)As of June 30, 2020 and December 31, 2019, the amounts presented exclude a general allowance for loan losses of $13.9 million and $6.9 million, respectively.
(4)As of June 30, 2020 and December 31, 2019, the amounts presented exclude loan participations of $40.1 million and $35.6 million, respectively.