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Commitments and Contingencies
 12 Months Ended
Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
18. COMMITMENTS AND CONTINGENCIES
Impact of
COVID-19
As further discussed in Note 2, the full extent of the impact of
COVID-19
on the global economy generally, and our business in particular, is uncertain. As of December 31, 2020, no contingencies have been recorded on our consolidated balance sheet as a result of
COVID-19,
however as the global pandemic continues and the economic implications worsen, it may have long-term impacts on our financial condition, results of operations, and cash flows. Refer to Note 2 for further discussion of
COVID-19.
Unfunded Commitments Under Loans Receivable
As of December 31, 2020, we had unfunded commitments of $3.2 billion related to 84 loans receivable. We generally finance the funding of our loan commitments on terms consistent with our overall credit facilities, with
an average advance rate of 72.8% for such financed loans, resulting in identified financing for $2.2 billion of our aggregate unfunded loan commitments as of December 31, 2020. Some of our lenders, including substantially all of our financing of construction loans, are contractually obligated to fund their ratable portion of these loan commitments over time, while other lenders have some degree of discretion over future loan funding obligations. We expect to fund our loan commitments over the tenor of these loans, which have a weighted-average future funding period of 3.7 years. Our future loan fundings comprise funding for capital expenditures and construction, leasing costs, and interest and carry costs, and will vary depending on the progress of capital projects, leasing, and cash flows at the assets underlying our loans. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying collateral assets. As a result of the
COVID-19
pandemic, the progress of capital expenditures, construction, and leasing
 has
 been
 slower than otherwise expected, and the pace of funding relating to these capital needs 
has been
commensurately
slower
 
and may continue to be
 
slower.
 
 
Principal Debt Repayments
Our contractual principal debt repayments as of December 31, 2020 were as follows ($ in thousands):    
 
           
Payment Timing
  
    
Total
Obligation
     
Less Than
1 Year
     
1 to
3 Years
     
3 to
5 Years
     
More Than
5 Years
  
Principal repayments under secured debt agreements
(1)
    $     7,896,863      $ 262,895      $ 3,230,648      $ 4,193,543      $ 209,777  
Principal repayments under asset-specific debt agreements
(1)
      399,699        —          311,068        88,631        —    
Principal repayments of secured term loans
(2)
      1,062,766        10,738        21,475        21,475        1,009,078  
Principal repayments of convertible notes
(3)
      622,500        —          622,500        —          —    
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
Total
(4)
    $ 9,981,828      $     273,633      $     4,185,691      $     4,303,649      $     1,218,855  
    
 
 
     
 
 
     
 
 
     
 
 
     
 
 
  
 
(1)
The allocation of repayments under our secured debt agreements and asset-specific debt agreements is based on the earlier of (i) the maturity date of each agreement, or (ii) the maximum maturity date of the collateral loans, assuming all extension options are exercised by the borrower.
(2)
The Secured Term Loans are partially amortizing, with an amount equal to 1.0% per annum of the principal balance due in quarterly installments. Refer to Note 8 for further details on our secured term loans.
(3)
Reflects the outstanding principal balance of Convertible Notes, excluding any potential conversion premium. Refer to Note 9 for further details on our Convertible Notes.
(4)
Total does not include $2.9 billion of consolidated securitized debt obligations, $656.3 million of
non-consolidated
securitized debt obligations, and $801.8 million of
non-consolidated
senior interests, as the satisfaction of these liabilities will not require cash outlays from us.
Board of Directors’ Compensation
As of December 31, 2020, of the eight members of our board of directors, our five independent directors are entitled to annual compensation of $175,000 each, $75,000 of which will be paid in the form of cash and $100,000 in the form of deferred stock units. The other three board members, including our chairman and our chief executive officer, are not compensated by us for their service as directors. In addition, (i) the chair of our audit committee receives additional annual cash compensation of $20,000, (ii) the other members of our audit committee receive additional annual cash compensation of $10,000, and (iii) the chairs of each of our compensation and corporate governance committees receive additional annual cash compensation of $10,000.
Litigation
From time to time, we may be involved in various claims and legal actions arising in the ordinary course of business. As of December 31, 2020, we were not involved in any material legal proceedings.