Debt as of June 30, 2017 and December 31, 2016 consisted of the following (dollars in thousands):



			Balance Outstanding as of
	Interest Rate	Maturity Date	June 30, 2017			December 31, 2016
Revolving credit facilities
Senior unsecured revolving credit facility	Floating ⁽¹⁾	January 2019	$	43,000		$	82,000
PHL unsecured revolving credit facility	Floating ⁽²⁾	May 2018	—			—
Total revolving credit facilities			$	43,000		$	82,000

Term loans
First Term Loan	Floating ⁽³⁾	January 2020	300,000			300,000
Second Term Loan	Floating ⁽³⁾	April 2022	175,000			175,000
Third Term Loan	Floating ⁽³⁾	January 2021	200,000			200,000
Total term loans at stated value			675,000			675,000
Deferred financing costs, net			(2,826		)	(3,207		)
Total term loans			$	672,174		$	671,793

Senior unsecured notes
Series A Notes	4.70%	December 2023	60,000			60,000
Series B Notes	4.93%	December 2025	40,000			40,000
Total senior unsecured notes at stated value			100,000			100,000
Deferred financing costs, net			(505		)	(540		)
Total senior unsecured notes			$	99,495		$	99,460

Mortgage loans
Sofitel Philadelphia	3.90%	June 2017	—			44,320
Hotel Zelos San Francisco	5.94%	September 2017	—			25,718
The Westin San Diego Gaslamp Quarter	3.69%	January 2020	71,720			72,852
Mortgage loans at stated value			71,720			142,890
Mortgage loan premiums and deferred financing costs⁽⁴⁾			(136		)	108
Total mortgage loans			$	71,584		$	142,998
Total debt			$	886,253		$	996,251

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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 applicable credit agreement) plus an applicable margin. The Company has two six-month extension options.

⁽²⁾Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin.

⁽³⁾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, a portion of the Second Term Loan and the Third Term Loan. At June 30, 2017 and December 31, 2016, the Company had interest rate swaps on the full amounts outstanding, except for $75.0 million on the Second Term Loan. See "Derivative and Hedging Activities" above.

⁽⁴⁾Loan premium on assumed mortgage loan recorded in purchase accounting for the Hotel Zelos San Francisco.