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Debt (Tables)
 12 Months Ended
Dec. 31, 2020
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of December 31, 2020 and 2019 (dollars in thousands):
   Balance Outstanding as of
 Interest RateMaturity DateDecember 31, 2020December 31, 2019
Revolving credit facilities
Senior unsecured credit facility
Floating (1)
January 2022$40,000 $165,000 
PHL unsecured credit facility
Floating (2)
January 2022— — 
Total revolving credit facilities$40,000 $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 2021
(4)
40,966 300,000 
Tranche 2021 Extended
Floating (3)
November 2022173,034 — 
Tranche 2022
Floating (3)
November 2022286,000 400,000 
Tranche 2023
Floating (3)
November 2023400,000 400,000 
Tranche 2024
Floating (3)
January 2024400,000 400,000 
Total Sixth Term Loan1,300,000 1,500,000 
Total term loans at stated value1,775,000 1,975,000 
Deferred financing costs, net(8,455)(10,343)
Total term loans$1,766,545 $1,964,657 
Convertible senior notes
   Convertible senior notes1.75%December 2026500,000 — 
   Debt discount, net(113,099)— 
   Deferred financing costs, net(12,568)— 
Total convertible senior notes$374,333 $— 
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(407)(437)
Total senior unsecured notes$99,593 $99,563 
Total debt$2,280,471 $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 December 31, 2020, $1.4 billion of the borrowings under the term loan facilities bore an effective weighted-average fixed interest rate of 4.19%, 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%.
(4) In February 2021, we repaid $12.8 million of the Sixth Term Loan Tranche 2021 and extended the majority of the remaining balance to November 2022.
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,
202020192018
Unsecured revolving credit facilities$10,210 $4,530 $11,274 
Unsecured term loan facilities72,642 79,813 30,479 
Convertible senior notes365 — — 
Senior unsecured notes4,792 4,792 4,686 
Mortgage debt— 2,293 2,592 
Amortization of deferred financing fees7,296 7,115 2,565 
Other8,793 9,931 2,327 
Total interest expense$104,098 $108,474 $53,923 
Schedule of Future Minimum Principal Payments
As of December 31, 2020, the future minimum principal payments for the Company's debt are as follows (in thousands):
2021$40,966 
2022564,034 
2023760,000 
2024510,000 
202540,000 
Thereafter500,000 
Total debt principle payments$2,415,000 
Deferred financing costs(134,529)
Total debt$2,280,471 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at December 31, 2020 and 2019 consisted of the following (dollars in thousands):
Notional Value as of
Hedge TypeInterest RateMaturityDecember 31, 2020December 31, 2019
Swap - cash flow1.63%January 2020$— $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 2020— 100,000 
Swap - cash flow2.12%December 2020— 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$1,430,000 $1,630,000 
________________________
(1) Swaps assumed in connection with the Company's merger with LaSalle Hotel Properties on November 30, 2018.