Debt Obligations, net (Tables)

3 Months Ended

Mar. 31, 2021

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


	Carrying Value as of				Stated Interest Rates		Scheduled Maturity Date
	March 31, 2021		December 31, 2020
Secured credit facilities and mortgages:
Revolving Credit Facility	$	—	$	—	LIBOR + 2.00%	(1)	September 2022
Senior Term Loan	491,875		491,875		LIBOR + 2.75%	(2)	June 2023

Mortgages collateralized by net lease assets(3)	713,766		721,075		1.66% - 7.26%	(3)

Total secured credit facilities and mortgages(4)	1,205,641		1,212,950
Unsecured notes:
3.125% senior convertible notes(5)	287,500		287,500		3.125%		September 2022
4.75% senior notes(6)	775,000		775,000		4.75%		October 2024
4.25% senior notes(7)	550,000		550,000		4.25%		August 2025
5.50% senior notes(8)	400,000		400,000		5.50%		February 2026
Total unsecured notes	2,012,500		2,012,500
Other debt obligations:
Trust preferred securities	100,000		100,000		LIBOR + 1.50%		October 2035
Total debt obligations	3,318,141		3,325,450
Debt discounts and deferred financing costs, net(9)	(26,798)		(38,475)
Total debt obligations, net(10)	$	3,291,343	$	3,286,975

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(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 March 31, 2021, the weighted average interest rate of these loans is 4.4%, inclusive of the effect of interest rate swaps.

(4)As of March 31, 2021, $2.1 billion net carrying value of assets served as collateral for the Company's secured debt obligations.

(5)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 March 31, 2021 was 70.716 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $14.14 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. As of December 31, 2020, the carrying value of the 3.125% Convertible Notes was $275.1 million, net of fees, and the unamortized discount of the 3.125% Convertible Notes was $10.2 million, net of fees. Upon the adoption of ASU 2020-06 on January 1, 2021, the Company reclassed the unamortized discount to shareholders equity (refer to Note 3). During the three months ended March 31, 2021, the Company recognized $2.2 million of contractual interest. During the three months ended March 31, 2020, the Company recognized $2.2 million of contractual interest and $1.3 million of discount amortization on the 3.125% Convertible Notes. The effective interest rate for the three months ended March 31, 2020 was 5.2%.

(6)The Company can prepay these senior notes without penalty beginning July 1, 2024.

(7)The Company can prepay these senior notes without penalty beginning May 1, 2025.

(8)The Company can prepay these senior notes without penalty beginning August 15, 2024.

(9)On January 1, 2021, the Company adopted ASU 2020-06 and reclassed $10.0 million of debt discount and unamortized fees from the 3.125% Convertible Notes to shareholders' equity on the Company's consolidated balance sheet (refer to Note 3).

(10)The Company capitalized interest relating to development activities of $0.3 million and $0.5 million during the three months ended March 31, 2021 and 2020, respectively.

Schedule of future scheduled maturities of outstanding debt obligations

As of March 31, 2021, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):


	Unsecured Debt		Secured Debt		Total
2021 (remaining nine months)	—		$	101,519	$	101,519
2022	287,500		96,406		383,906
2023	—		491,875		491,875
2024	775,000		—		775,000
2025	550,000		271,985		821,985
Thereafter	500,000		243,856		743,856
Total principal maturities	2,112,500		1,205,641		3,318,141
Unamortized discounts and deferred financing costs, net	(21,122)		(5,676)		(26,798)
Total debt obligations, net	$	2,091,378	$	1,199,965	$	3,291,343