Debt as of September 30, 2015 and December 31, 2014 consisted of the following (dollars in thousands):



			Balance Outstanding as of
	Interest Rate	Maturity Date	September 30, 2015		December 31, 2014
Senior unsecured revolving credit facility	Floating ⁽¹⁾	January 2019	$	175,000	$	50,000

Term loans
First Term Loan	Floating⁽²⁾	January 2020	300,000		300,000
Second Term Loan	Floating⁽²⁾	April 2022	100,000		—
Third Term Loan	Floating⁽²⁾	January 2021	125,000		—
Total term loans			525,000		300,000

Mortgage loans
The Nines, a Luxury Collection Hotel, Portland ⁽³⁾	7.39%	March 2015	—		50,725
InterContinental Buckhead Atlanta	4.88%	January 2016	48,639		49,320
Skamania Lodge	5.44%	February 2016	28,980		29,308
DoubleTree by Hilton Hotel Bethesda -Washington DC	5.28%	February 2016	34,161		34,575
Embassy Suites San Diego Bay - Downtown	6.28%	June 2016	63,463		64,462
Hotel Modera	5.26%	July 2016	22,933		23,225
Hotel Monaco Washington DC	4.36%	February 2017	43,114		43,756
Argonaut Hotel	4.25%	March 2017	43,125		44,006
Sofitel Philadelphia	3.90%	June 2017	45,999		46,968
Hotel Zelos (formerly Hotel Palomar San Francisco)	5.94%	September 2017	26,192		26,461
The Westin San Diego Gaslamp Quarter	3.69%	January 2020	75,580		77,155
Mortgage loans at stated value			432,186		489,961
Mortgage loan premiums ⁽⁴⁾			2,119		4,026
Total mortgage loans			$	434,305	$	493,987
Total debt			$	1,134,305	$	843,987

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⁽¹⁾Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the senior unsecured credit agreement) plus an applicable margin. The Company has two six-month extension options.

⁽²⁾Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. The Company entered into interest rate swaps to effectively fix the interest rate for the First Term Loan, Second Term Loan and Third Term Loan. At September 30, 2015 and December 31, 2014, the Company had interest rate swaps on the full amounts outstanding. See "Derivative and Hedging Activities" above.

⁽³⁾The interest rate of 7.39% represents a weighted-average interest rate of the three non-recourse mortgage loans assumed in conjunction with the acquisition of The Nines, a Luxury Collection Hotel, Portland.

⁽⁴⁾Loan premiums on assumed mortgages recorded in purchase accounting for the Hotel Zelos (formerly Hotel Palomar San Francisco); Embassy Suites San Diego Bay - Downtown; Hotel Modera; and The Nines, a Luxury Collection Hotel, Portland.