XML 46 R38.htm IDEA: XBRL DOCUMENT
v3.22.2

Debt Obligations, net (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Debt Disclosure [Abstract] |
Schedule of debt obligations | The Company’s debt obligations were as follows ($ in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Carrying Value as of | ​ | Stated | ​ | Scheduled
​ |  | June 30, 2022 |  | December 31, 2021 |  | Interest Rates |  | Maturity Date
Secured credit facilities: |  | ​ |  |  | ​ |  | ​ |  |  |
Revolving Credit Facility | ​ | $ | — | ​ | $ | — | ​ | LIBOR + 2.00 | % (1) | September 2022
Senior Term Loan | ​ |  | — | ​ |  | 491,875 | ​ | LIBOR + 2.75 | % (2) | —
Total secured credit facilities | ​ |  | — | ​ |  | 491,875 | ​ |  |  |
Unsecured notes: | ​ |  |  | ​ |  |  | ​ |  |  |
3.125% senior convertible notes(3) | ​ |  | 93,110 | ​ |  | 287,500 | ​ | 3.125 | % | September 2022
4.75% senior notes(4) | ​ |  | 767,941 | ​ |  | 775,000 | ​ | 4.75 | % | October 2024
4.25% senior notes(5) | ​ |  | 550,000 | ​ |  | 550,000 | ​ | 4.25 | % | August 2025
5.50% senior notes(6) | ​ |  | 346,906 | ​ |  | 400,000 | ​ | 5.50 | % | February 2026
Total unsecured notes | ​ |  | 1,757,957 | ​ |  | 2,012,500 | ​ |  |  |
Other debt obligations: | ​ |  |  | ​ |  |  | ​ |  |  |
Trust preferred securities | ​ |  | 100,000 | ​ |  | 100,000 | ​ | LIBOR + 1.50 | % | October 2035
Total debt obligations | ​ |  | 1,857,957 | ​ |  | 2,604,375 | ​ |  |  |
Debt discounts and deferred financing costs, net | ​ |  | (24,707) | ​ |  | (32,201) | ​ |  |  |
Total debt obligations, net(7) | ​ | $ | 1,833,250 | ​ | $ | 2,572,174 | ​ |  |  |
(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 accrued 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) | 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, 2022 was 72.8554 shares per $1,000 principal amount of 3.125% Convertible Notes, which equals a conversion price of $13.73 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. During the three months ended June 30, 2022 and 2021, the Company recognized $0.9 million and $2.2 million, respectively, of contractual interest on the 3.125% Convertible Notes. During the six months ended June 30, 2022 and 2021, the Company recognized $3.2 million and $4.5 million, respectively, of contractual interest on the 3.125% Convertible Notes.
(4) | The Company can prepay these senior notes without penalty beginning July 1, 2024.
(5) | The Company can prepay these senior notes without penalty beginning May 1, 2025.
(6) | The Company can prepay these senior notes without penalty beginning August 15, 2024.
(7) | The Company capitalized interest relating to development activities of $0.4 million and $0.2 million during the three months ended June 30, 2022 and 2021, respectively, and $0.7 million and $0.4 million during the six months ended June 30, 2022 and 2021, respectively.
Schedule of future scheduled maturities of outstanding debt obligations |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Unsecured Debt |  | Secured Debt |  | Total
2022 (remaining six months) | ​ | $ | 93,110 | ​ | $ | — | ​ | $ | 93,110
2023 | ​ |  | — | ​ |  | — | ​ |  | —
2024 | ​ |  | 767,941 | ​ |  | — | ​ |  | 767,941
2025 | ​ |  | 550,000 | ​ |  | — | ​ |  | 550,000
2026 | ​ |  | 346,906 | ​ |  | — | ​ |  | 346,906
Thereafter | ​ |  | 100,000 | ​ |  | — | ​ |  | 100,000
Total principal maturities | ​ |  | 1,857,957 | ​ |  | — | ​ |  | 1,857,957
Unamortized discounts and deferred financing costs, net | ​ |  | (24,707) | ​ |  | — | ​ |  | (24,707)
Total debt obligations, net | ​ | $ | 1,833,250 | ​ | $ | — | ​ | $ | 1,833,250

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of maturity and sinking fund requirement for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration