Debt (Tables)

9 Months Ended

Sep. 30, 2018

Debt Disclosure [Abstract]

Schedule of Debt Summary

Debt as of September 30, 2018 and December 31, 2017 consisted of the following (dollars in thousands):

			Balance Outstanding as of
	Interest Rate	Maturity Date	September 30, 2018			December 31, 2017
Revolving credit facilities
Senior unsecured revolving credit facility	Floating (1)	January 2022	$	394,000		$	45,000
PHL unsecured revolving credit facility	Floating (2)	January 2022	—			—
Total revolving credit facilities			$	394,000		$	45,000
Term loans
First Term Loan	Floating (3)	January 2023	300,000			300,000
Second Term Loan	Floating (3)	April 2022	65,000			65,000
Third Term Loan	Floating (3)	January 2021	200,000			200,000
Fourth Term Loan	Floating (3)	October 2024	110,000			110,000
Fifth Term Loan	Floating (3)	March 2019	100,000			—
Total term loans at stated value			775,000			675,000
Deferred financing costs, net			(3,913		)	(4,594		)
Total term loans			$	771,087		$	670,406
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			(555		)	(626		)
Total senior unsecured notes			$	99,445		$	99,374
Mortgage loans
The Westin San Diego Gaslamp Quarter	3.69%	January 2020	68,809			70,573
Mortgage loans at stated value			68,809			70,573
Deferred financing costs, net			(78		)	(116		)
Total mortgage loans			$	68,731		$	70,457
Total debt			$	1,333,263		$	885,237

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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.

⁽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. At September 30, 2018 and December 31, 2017, the Company had interest rate swaps to effectively fix the interest rate for $600.0 million of its term loan facilities. See "Derivative and Hedging Activities" above.