Debt (Tables)

12 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt

The Company's debt consisted of the following as of December 31, 2019 and 2018 (dollars in thousands):

			Balance Outstanding as of
	Interest Rate	Maturity Date	December 31, 2019			December 31, 2018
Revolving credit facilities
Senior unsecured credit facility	Floating (1)	January 2022	$	165,000		$	170,000
PHL unsecured credit facility	Floating (2)	January 2022	—			—
Total revolving credit facilities			$	165,000		$	170,000
Unsecured 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
Fourth Term Loan	Floating (3)	October 2024	110,000			110,000
Sixth Term Loan
Tranche 2020	Floating (3)	December 2020	—			250,000
Tranche 2021	Floating (3)	November 2021	300,000			300,000
Tranche 2022	Floating (3)	November 2022	400,000			400,000
Tranche 2023	Floating (3)	November 2023	400,000			400,000
Tranche 2024	Floating (3)	January 2024	400,000			400,000
Total Sixth Term Loan			1,500,000			1,750,000
Total term loans at stated value			1,975,000			2,425,000
Deferred financing costs, net			(10,343		)	(15,716		)
Total term loans			$	1,964,657		$	2,409,284
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			(437		)	(531		)
Total senior unsecured notes			$	99,563		$	99,469
Mortgage loans
The Westin San Diego Gaslamp Quarter	3.69%	January 2020	—			68,207
Deferred financing costs, net			—			(62		)
Total mortgage loans			$	—		$	68,145
Total debt			$	2,229,220		$	2,746,898

 

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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.

Schedule of Components of Interest Expense

The components of the Company's interest expense consisted of the following (in thousands):

	For the year ended December 31,
	2019		2018		2017
Unsecured revolving credit facilities	$	4,530	$	11,274	$	3,914
Unsecured term loan facilities	79,813		30,479		21,396
Senior unsecured notes	4,792		4,686		4,805
Mortgage debt	2,293		2,592		3,600
Amortization of deferred financing fees	7,115		2,565		2,397
Other	9,931		2,327		1,187
Total interest expense	$	108,474	$	53,923	$	37,299

Schedule of Future Minimum Principal Payments

As of December 31, 2019, the future minimum principal payments for the Company's debt are as follows (in thousands):

2020	$	—
2021	300,000
2022	630,000
2023	760,000
2024	510,000
Thereafter	40,000
Total debt principal payments	2,240,000
Deferred financing costs	(10,780		)
Total debt	$	2,229,220

Schedule of Interest Rate Swaps

The Company's interest rate swaps at December 31, 2019 and 2018 consisted of the following (in thousands):

				Notional Value as of
Hedge Type	Interest Rate		Maturity	December 31, 2019		December 31, 2018
Swap - cash flow	1.57%	(1)	May 2019	$	—	$	100,000
Swap - cash flow	1.57%	(1)	May 2019	—		62,500
Swap - cash flow	1.57%	(1)	May 2019	—		15,000
Swap - cash flow	1.63%		January 2020	50,000		50,000
Swap - cash flow	1.63%		January 2020	50,000		50,000
Swap - cash flow	2.46%		January 2020	50,000		50,000
Swap - cash flow	2.46%		January 2020	50,000		50,000
Swap - cash flow	1.66%		January 2020	50,000		50,000
Swap - cash flow	1.66%		January 2020	50,000		50,000
Swap - cash flow	2.12%		December 2020	100,000		—
Swap - cash flow	2.12%		December 2020	100,000		—
Swap - cash flow	1.74%		January 2021	75,000		75,000
Swap - cash flow	1.75%		January 2021	50,000		50,000
Swap - cash flow	1.53%		January 2021	37,500		37,500
Swap - cash flow	1.53%		January 2021	37,500		37,500
Swap - cash flow	1.46%	(1)	January 2021	100,000		100,000
Swap - cash flow	1.47%	(1)	January 2021	47,500		47,500
Swap - cash flow	1.47%	(1)	January 2021	47,500		47,500
Swap - cash flow	1.47%	(1)	January 2021	47,500		47,500
Swap - cash flow	1.47%	(1)	January 2021	47,500		47,500
Swap - cash flow	2.60%		October 2021	55,000		—
Swap - cash flow	2.60%		October 2021	55,000		—
Swap - cash flow	1.78%	(1)	January 2022	100,000		100,000
Swap - cash flow	1.78%	(1)	January 2022	50,000		50,000
Swap - cash flow	1.79%	(1)	January 2022	30,000		30,000
Swap - cash flow	1.68%		April 2022	25,000		25,000
Swap - cash flow	1.68%		April 2022	25,000		25,000
Swap - cash flow	1.64%		April 2022	25,000		25,000
Swap - cash flow	1.64%		April 2022	25,000		25,000
Swap - cash flow	1.99%		November 2023	85,000		—
Swap - cash flow	1.99%		November 2023	85,000		—
Swap - cash flow	1.99%		November 2023	50,000		—
Swap - cash flow	1.99%		November 2023	30,000		—
Total				$	1,630,000	$	1,247,500

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⁽¹⁾ Swaps assumed in connection with the LaSalle merger on November 30, 2018.