Debt Obligations, net (Tables)

12 Months Ended

Dec. 31, 2015

As of December 31, 2015 and 2014, the Company's debt obligations were as follows ($ in thousands):



	Carrying Value as of December 31,						Stated Interest Rates			Scheduled Maturity Date
	2015			2014			Stated Interest Rates			Scheduled Maturity Date
Secured credit facilities and term loans:
2012 Tranche A-2 Facility	$	339,717		$	358,504		LIBOR + 5.75%		⁽¹⁾	March 2017
2015 Revolving Credit Facility	250,000			—			Various		⁽²⁾	March 2018
Term loans collateralized by net lease assets	239,547			248,955			4.85% - 7.26%		⁽³⁾	Various through 2026
Total secured credit facilities and term loans	829,264			607,459
Unsecured notes:
6.05% senior notes	—			105,765			6.05	%		—
5.875% senior notes	261,403			261,403			5.875	%		March 2016
3.875% senior notes	265,000			265,000			3.875	%		July 2016
3.00% senior convertible notes⁽⁴⁾	200,000			200,000			3.00	%		November 2016
1.50% senior convertible notes⁽⁵⁾	200,000			200,000			1.50	%		November 2016
5.85% senior notes	99,722			99,722			5.85	%		March 2017
9.00% senior notes	275,000			275,000			9.00	%		June 2017
4.00% senior notes	550,000			550,000			4.00	%		November 2017
7.125% senior notes	300,000			300,000			7.125	%		February 2018
4.875% senior notes	300,000			300,000			4.875	%		July 2018
5.00% senior notes	770,000			770,000			5.00	%		July 2019
Total unsecured notes	3,221,125			3,326,890
Other debt obligations:
Other debt obligations	100,000			100,000			LIBOR + 1.50%			October 2035
Total debt obligations	4,150,389			4,034,349
Debt discounts, net	(6,706		)	(11,665		)
Total debt obligations, net ⁽⁶⁾	$	4,143,683		$	4,022,684

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(1)	The loan has a LIBOR floor of 1.25%. As of December 31, 2015, inclusive of the floor, the 2012 Tranche A-2 Facility loan incurred interest at a rate of 7.00%.

(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 0.5% or (c) LIBOR plus 1.00% and subject to a margin ranging from 1.25% to 1.75%, or (ii) LIBOR subject to a margin ranging from 2.25% to 2.75%. At maturity, the Company may convert outstanding borrowings to a one year term loan which matures in quarterly installments through March 2019.


(3)	As of December 31, 2015 and 2014, includes a loan with a floating rate of LIBOR plus 2.00%. As of December 31, 2015, the weighted average interest rate of these loans is 5.3%.


(4)	The Company's 3.00% senior convertible fixed rate notes due November 2016 ("3.00% Convertible Notes") are convertible at the option of the holders, into 85.0 shares per $1,000 principal amount of 3.00% Convertible Notes, at $11.77 per share at any time prior to the close of business on November 14, 2016.


(5)	The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") are convertible at the option of the holders, into 57.8 shares per $1,000 principal amount of 1.50% Convertible Notes, at $17.29 per share at any time prior to the close of business on November 14, 2016.


(6)	The Company capitalized interest relating to development activities of $5.3 million, $4.9 million and $2.6 million for the years ended December 31, 2015 2014 and 2013, respectively.

Schedule of future scheduled maturities of outstanding long-term debt obligations, net

As of December 31, 2015, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands):



	Unsecured Debt			Secured Debt			Total
2016	$	926,403		$	—		$	926,403
2017	924,722			339,717			1,264,439
2018	600,000			263,290			863,290
2019	770,000			30,795			800,795
2020	—			—			—
Thereafter	100,000			195,462			295,462
Total principal maturities	3,321,125			829,264			4,150,389
Debt discounts, net	(5,522		)	(1,184		)	(6,706		)
Total debt obligations, net	$	3,315,603		$	828,080		$	4,143,683

Schedule of carrying value of encumbered assets by asset type

As of December 31, 2015 and 2014, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands):



	As of December 31,
	2015				2014
	Encumbered Assets		Unencumbered Assets		Encumbered Assets		Unencumbered Assets
Real estate, net	$	816,721	$	777,262	$	602,471	$	1,213,960
Real estate available and held for sale	10,593		126,681		10,496		156,807
Land and development	17,714		984,249		17,907		961,055
Loans receivable and other lending investments, net⁽¹⁾⁽²⁾	170,162		1,314,823		46,515		1,364,828
Other investments	22,352		231,820		17,708		336,411
Cash and other assets	—		1,033,515		—		768,475
Total	$	1,037,542	$	4,468,350	$	695,097	$	4,801,536

_______________________________________________________________________________


(1)	As of December 31, 2015 and 2014, the amounts presented exclude general reserves for loan losses of $36.0 million and $33.5 million, respectively.


(2)	As of December 31, 2015, the amount presented excludes loan participations of $153.0 million.