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Debt (Tables)
 6 Months Ended
Jun. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of June 30, 2020 and December 31, 2019 (dollars in thousands):
   Balance Outstanding as of
 Interest RateMaturity DateJune 30, 2020December 31, 2019
Revolving credit facilities
Senior unsecured credit facility
Floating (1)
January 2022$390,000  $165,000  
PHL unsecured credit facility
Floating (2)
Janurary 2022—  —  
Total revolving credit facilities$390,000  $165,000  
Unsecured term loans
First Term Loan
Floating (3)
January 2023300,000  300,000  
Second Term Loan
Floating (3)
April 202265,000  65,000  
Fourth Term Loan
Floating (3)
October 2024110,000  110,000  
Sixth Term Loan
Tranche 2021
Floating (3)
November 202157,400  300,000  
Tranche 2021 Extended
Floating (3)
November 2022242,600  —  
Tranche 2022
Floating (3)
November 2022400,000  400,000  
Tranche 2023
Floating (3)
November 2023400,000  400,000  
Tranche 2024
Floating (3)
January 2024400,000  400,000  
Total Sixth Term Loan1,500,000  1,500,000  
Total term loans at stated value1,975,000  1,975,000  
Deferred financing costs, net(11,567) (10,343) 
Total term loans$1,963,433  $1,964,657  
Senior unsecured notes
Series A Notes4.70%December 202360,000  60,000  
Series B Notes4.93%December 202540,000  40,000  
Total senior unsecured notes at stated value100,000  100,000  
Deferred financing costs, net(463) (437) 
Total senior unsecured notes$99,537  $99,563  
Total debt$2,452,970  $2,229,220  
 
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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. As of June 30, 2020, $1.6 billion of the borrowings under the term loan facilities bore an effective weighted-average fixed interest rate of 4.21%, after taking into account interest rate swap agreements, and $345.0 million bore a weighted-average floating interest rate of 2.46%. As of December 31, 2019, $1.6 billion of the borrowings under the term loan facilities bore a weighted-average fixed interest rate of 3.43%, after taking into account interest rate swap agreements, and $345.0 million bore a weighted-average floating interest rate of 3.32%.
Schedule of Components of Interest Expense The components of the Company's interest expense consisted of the following (in thousands):
For the three months ended June 30,For the six months ended June 30,
2020201920202019
Unsecured revolving credit facilities$3,364  $624  $5,669  $2,024  
Unsecured term loan facilities16,484  21,350  33,636  43,215  
Senior unsecured notes1,198  1,198  2,396  2,396  
Mortgage debt—  626  —  1,252  
Amortization of deferred financing fees1,190  2,413  2,380  3,901  
Other1,855  2,508  3,601  5,259  
Total interest expense$24,091  $28,719  $47,682  $58,047  
Schedule of Interest Rate Swaps
The Company's interest rate swaps at June 30, 2020 and December 31, 2019 consisted of the following (dollars in thousands):
Notional Value as of
Hedge TypeInterest RateMaturityJune 30, 2020December 31, 2019
Swap - cash flow1.63%January 2020$—  $50,000  
Swap - cash flow1.63%January 2020—  50,000  
Swap - cash flow2.46%January 2020—  50,000  
Swap - cash flow2.46%January 2020—  50,000  
Swap - cash flow1.66%January 2020—  50,000  
Swap - cash flow1.66%January 2020—  50,000  
Swap - cash flow2.12%December 2020100,000  100,000  
Swap - cash flow2.12%December 2020100,000  100,000  
Swap - cash flow1.74%January 202175,000  75,000  
Swap - cash flow1.75%January 202150,000  50,000  
Swap - cash flow1.53%January 202137,500  37,500  
Swap - cash flow1.53%January 202137,500  37,500  
Swap - cash flow1.46%(1)January 2021100,000  100,000  
Swap - cash flow1.47%(1)January 202147,500  47,500  
Swap - cash flow1.47%(1)January 202147,500  47,500  
Swap - cash flow1.47%(1)January 202147,500  47,500  
Swap - cash flow1.47%(1)January 202147,500  47,500  
Swap - cash flow2.60%October 202155,000  55,000  
Swap - cash flow2.60%October 202155,000  55,000  
Swap - cash flow1.78%(1)January 2022100,000  100,000  
Swap - cash flow1.78%(1)January 202250,000  50,000  
Swap - cash flow1.79%(1)January 202230,000  30,000  
Swap - cash flow1.68%April 202225,000  25,000  
Swap - cash flow1.68%April 202225,000  25,000  
Swap - cash flow1.64%April 202225,000  25,000  
Swap - cash flow1.64%April 202225,000  25,000  
Swap - cash flow1.99%November 202385,000  85,000  
Swap - cash flow1.99%November 202385,000  85,000  
Swap - cash flow1.99%November 202350,000  50,000  
Swap - cash flow1.99%November 202330,000  30,000  
Swap - cash flow2.60%January 202475,000  —  
Swap - cash flow2.60%January 202450,000  —  
Swap - cash flow2.60%January 202425,000  —  
Swap - cash flow2.60%January 202475,000  —  
Swap - cash flow2.60%January 202475,000  —  
Total$1,630,000  $1,630,000  
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(1) Swaps assumed in connection with the merger with LaSalle Hotel Properties on November 30, 2018.