XML 45 R37.htm IDEA: XBRL DOCUMENT v3.22.2.2

Debt Obligations, net (Tables)

9 Months Ended

Sep. 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
​		September 30, 2022			December 31, 2021			Interest Rates		Maturity Date
Secured credit facilities:		​			​		​
Revolving Credit Facility	​	$	—	​	$	—	​	LIBOR + 2.00	% (1)	—
Senior Term Loan	​		—	​		491,875	​	LIBOR + 2.75	% (2)	—
Total secured credit facilities	​		—	​		491,875	​
Unsecured notes:	​			​			​
3.125% senior convertible notes(3)	​		—	​		287,500	​	3.125	%	—
4.75% senior notes(4)	​		753,561	​		775,000	​	4.75	%	October 2024
4.25% senior notes(5)	​		501,997	​		550,000	​	4.25	%	August 2025
5.50% senior notes(6)	​		346,906	​		400,000	​	5.50	%	February 2026
Total unsecured notes	​		1,602,464	​		2,012,500	​
Other debt obligations:	​			​			​
Trust preferred securities	​		100,000	​		100,000	​	LIBOR + 1.50	%	October 2035
Total debt obligations	​		1,702,464	​		2,604,375	​
Debt discounts and deferred financing costs, net	​		(21,756)	​		(32,201)	​
Total debt obligations, net(7)	​	$	1,680,708	​	$	2,572,174	​

(1) The Revolving Credit Facility 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 ranging from 1.00% to 1.50%; or (ii) LIBOR subject to a margin ranging from 2.00% to 2.50%. The Company terminated the Revolving Credit Facility in August 2022.

(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) During the three months ended September 30, 2022 and 2021, the Company recognized $0.3 million and $2.2 million, respectively, of contractual interest on the 3.125% Convertible Notes. During the nine months ended September 30, 2022 and 2021, the Company recognized $3.5 million and $6.7 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 September 30, 2022 and 2021, respectively, and $1.1 million and $0.6 million during the nine months ended September 30, 2022 and 2021, respectively.

Schedule of future scheduled maturities of outstanding debt obligations

​	​	​	​	​	​	​	​	​	​
​		Unsecured Debt			Secured Debt			Total
2022 (remaining three months)	​	$	—	​	$	—	​	$	—
2023	​		—	​		—	​		—
2024	​		753,561	​		—	​		753,561
2025	​		501,997	​		—	​		501,997
2026	​		346,906	​		—	​		346,906
Thereafter	​		100,000	​		—	​		100,000
Total principal maturities	​		1,702,464	​		—	​		1,702,464
Unamortized discounts and deferred financing costs, net	​		(21,756)	​		—	​		(21,756)
Total debt obligations, net	​	$	1,680,708	​	$	—	​	$	1,680,708

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