Debt Obligations, net (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
Debt Disclosure [Abstract] |
|
Schedule of debt obligations |
As of December 31, 2016 and 2015, the Company's debt obligations were as follows ($ in thousands): | | | | | | | | | | | | | | | Carrying Value as of December 31, | | Stated Interest Rates | | Scheduled Maturity Date | | 2016 | | 2015 | | | Secured credit facilities and mortgages: | | | | | | | | 2015 $250 Million Secured Revolving Credit Facility | $ | — |
| | $ | 250,000 |
| | LIBOR + 2.75% | (1) | March 2018 | 2016 Senior Secured Credit Facility | 498,648 |
| | — |
| | LIBOR + 4.50% | (2) | July 2020 | Mortgages collateralized by net lease assets | 249,987 |
| | 239,547 |
| | 3.875% - 7.26% |
| (3) | Various through 2032 | 2012 Tranche A-2 Facility | — |
| | 339,717 |
| | LIBOR + 5.75% | (4) | — | Total secured credit facilities and mortgages | 748,635 |
| | 829,264 |
| | |
| | | Unsecured notes: | | | | | | | | 5.875% senior notes | — |
| | 261,403 |
| | 5.875 | % | | — | 3.875% senior notes | — |
| | 265,000 |
| | 3.875 | % | | — | 3.00% senior convertible notes(5) | — |
| | 200,000 |
| | 3.00 | % | | — | 1.50% senior convertible notes(6) | — |
| | 200,000 |
| | 1.50 | % | | — | 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(7) | 550,000 |
| | 550,000 |
| | 4.00 | % | | November 2017 | 7.125% senior notes | 300,000 |
| | 300,000 |
| | 7.125 | % | | February 2018 | 4.875% senior notes(8) | 300,000 |
| | 300,000 |
| | 4.875 | % | | July 2018 | 5.00% senior notes(9) | 770,000 |
| | 770,000 |
| | 5.00 | % | | July 2019 | 6.50% senior notes(10) | 275,000 |
| | — |
| | 6.50 | % | | July 2021 | Total unsecured notes | 2,569,722 |
| | 3,221,125 |
| | |
| | | Other debt obligations: |
| | | | | | | Trust preferred securities | 100,000 |
| | 100,000 |
| | LIBOR + 1.50% |
| | October 2035 | Total debt obligations | 3,418,357 |
| | 4,150,389 |
| | |
| | | Debt discounts and deferred financing costs, net | (28,449 | ) | | (31,566 | ) | | |
| | | Total debt obligations, net (11) | $ | 3,389,908 |
| | $ | 4,118,823 |
| | |
| | |
_______________________________________________________________________________ | | (1) | 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 1.0% 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. |
| | (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 1.0% and subject to a margin of 3.5% or (ii) LIBOR subject to a margin of 4.5% with a minimum LIBOR rate of 1.0%. |
| | (3) | As of December 31, 2016 and 2015, includes a loan with a floating rate of LIBOR plus 2.00%. As of December 31, 2016, the weighted average interest rate of these loans is 5.1%. |
| | (4) | The loan had a LIBOR floor of 1.25%. |
| | (5) | The Company's 3.00% senior convertible fixed rate notes due November 2016 ("3.00% Convertible Notes") were 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. $9.6 million principal amount of the 3.00% Convertible Notes were converted into 0.8 million shares of common stock. |
| | (6) | The Company's 1.50% senior convertible fixed rate notes due November 2016 ("1.50% Convertible Notes") were 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. None of the 1.50% Convertible Notes were converted into shares of common stock. |
| | (7) | The Company can prepay these senior notes without penalty beginning August 1, 2017. |
| | (8) | The Company can prepay these senior notes without penalty beginning January 1, 2018. |
| | (9) | The Company can prepay these senior notes without penalty beginning July 1, 2018. |
| | (10) | The Company can prepay these senior notes without penalty beginning July 1, 2020. |
| | (11) | The Company capitalized interest relating to development activities of $5.8 million, $5.3 million and $4.9 million for the years ended December 31, 2016 2015 and 2014, respectively. |
|
Schedule of future scheduled maturities of outstanding long-term debt obligations, net |
As of December 31, 2016, future scheduled maturities of outstanding debt obligations are as follows ($ in thousands): | | | | | | | | | | | | | | Unsecured Debt | | Secured Debt | | Total | 2017(1) | $ | 924,722 |
| | $ | — |
| | $ | 924,722 |
| 2018 | 600,000 |
| | 11,196 |
| | 611,196 |
| 2019 | 770,000 |
| | 29,191 |
| | 799,191 |
| 2020 | — |
| | 498,648 |
| | 498,648 |
| 2021 | 275,000 |
| | 119,860 |
| | 394,860 |
| Thereafter | 100,000 |
| | 89,740 |
| | 189,740 |
| Total principal maturities | 2,669,722 |
| | 748,635 |
| | 3,418,357 |
| Unamortized discounts and deferred financing costs, net | (18,426 | ) | | (10,023 | ) | | (28,449 | ) | Total debt obligations, net | $ | 2,651,296 |
| | $ | 738,612 |
| | $ | 3,389,908 |
|
_____________________________________________________________________________ | | (1) | The Company has $924.7 million of debt obligations maturing in three separate tranches during 2017, and $311.2 million of other debt obligations maturing before the end of February 2018, as listed in the debt obligations table above. The Company's plans to satisfy these obligations primarily consist of accessing the debt and/or equity markets to obtain capital to satisfy the maturing obligations. In addition, management intends to execute on its business strategy of disposing of assets and selling interests in business lines as well as collecting loan repayments from borrowers to further generate available liquidity. Should these sources of capital not be sufficiently available, the Company will slow its pace of making new investments and will need to identify alternative sources of capital. As of February 23, 2017, the Company had approximately $710.7 million of cash and available capacity under existing borrowing arrangements. |
|
Schedule of carrying value of encumbered assets by asset type |
As of December 31, 2016 and 2015, the carrying value of the Company's encumbered and unencumbered assets by asset type are as follows ($ in thousands): | | | | | | | | | | | | | | | | | | As of December 31, | | 2016 | | 2015 | | Encumbered Assets | | Unencumbered Assets | | Encumbered Assets | | Unencumbered Assets | Real estate, net | $ | 881,212 |
| | $ | 506,062 |
| | $ | 723,710 |
| | $ | 767,065 |
| Real estate available and held for sale | — |
| | 237,531 |
| | 103,604 |
| | 182,511 |
| Land and development, net | 35,165 |
| | 910,400 |
| | 17,714 |
| | 984,249 |
| Loans receivable and other lending investments, net(1)(2) | 172,581 |
| | 1,142,050 |
| | 170,162 |
| | 1,314,823 |
| Other investments | — |
| | 214,406 |
| | 22,352 |
| | 231,820 |
| Cash and other assets | — |
| | 590,299 |
| | — |
| | 962,782 |
| Total | $ | 1,088,958 |
| | $ | 3,600,748 |
| | $ | 1,037,542 |
| | $ | 4,443,250 |
|
_______________________________________________________________________________ | | (1) | As of December 31, 2016 and 2015, the amounts presented exclude general reserves for loan losses of $23.3 million and $36.0 million, respectively. |
| | (2) | As of December 31, 2016 and 2015, the amounts presented exclude loan participations of $159.1 million and $153.0 million, respectively. |
|