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Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of debt obligations

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

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Carrying Value as of					​	Stated	​	Scheduled
​		December 31, 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	​		(19,943)	​		(32,201)	​
Total debt obligations, net(7)	​	$	1,682,521	​	$	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 1.00% 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 1.00% and subject to a margin of 1.75%; or (ii) LIBOR subject to a margin of 2.75%.

(3) During the years ended December 31, 2022, 2021 and 2020, the Company recognized $3.5 million, $9.0 million, $9.0 million, respectively, of contractual interest on the 3.125% Convertible Notes. Refer to Unsecured Notes below.

(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 $1.5 million, $1.0 million and $1.4 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Schedule of future scheduled maturities of outstanding debt obligations

As of December 31, 2022, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):

​

​	​	​	​	​	​	​	​	​	​
​		Unsecured Debt			Secured Debt			Total
2023	​	$	—	​	$	—	​	$	—
2024	​		753,561	​		—	​		753,561
2025	​		501,997	​		—	​		501,997
2026	​		346,906	​		—	​		346,906
2027	​		—	​		—	​		—
Thereafter	​		100,000	​		—	​		100,000
Total principal maturities	​		1,702,464	​		—	​		1,702,464
Unamortized discounts and deferred financing costs, net	​		(19,943)	​		—	​		(19,943)
Total debt obligations, net	​	$	1,682,521	​	$	—	​	$	1,682,521

​

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- 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.

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- 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 https://asc.fasb.org/extlink&oid=123465755&loc=d3e1835-112601

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