XML 34 R23.htm IDEA: XBRL DOCUMENT v3.20.2
Debt (Tables)
 9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of September 30, 2020 and December 31, 2019 (dollars in thousands):
   Balance Outstanding as of
 Interest RateMaturity DateSeptember 30, 2020December 31, 2019
Revolving credit facilities
Senior unsecured credit facility
Floating (1)
January 2022$290,000 $165,000 
PHL unsecured credit facility
Floating (2)
January 2022— — 
Total revolving credit facilities$290,000 $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(10,499)(10,343)
Total term loans$1,964,501 $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(435)(437)
Total senior unsecured notes$99,565 $99,563 
Total debt$2,354,066 $2,229,220 
 
________________________
(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 September 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 September 30,For the nine months ended September 30,
2020201920202019
Unsecured revolving credit facilities$2,557 $903 $8,226 $2,927 
Unsecured term loan facilities19,694 19,319 53,330 62,534 
Senior unsecured notes1,198 1,198 3,594 3,594 
Mortgage debt— 628 — 1,880 
Amortization of deferred financing fees1,518 2,002 3,898 5,903 
Other2,547 2,415 6,148 7,674 
Total interest expense$27,514 $26,465 $75,196 $84,512 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at September 30, 2020 and December 31, 2019 consisted of the following (dollars in thousands):
Notional Value as of
Hedge TypeInterest RateMaturitySeptember 30, 2020December 31, 2019
Swap - cash flow1.63%January 2020$— $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 
________________________
(1) Swaps assumed in connection with the Company's merger with LaSalle Hotel Properties on November 30, 2018.