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Debt (Tables)
 9 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Schedule of Debt
The Company's debt consisted of the following as of September 30, 2021 and December 31, 2020 (dollars in thousands):
   Balance Outstanding as of
 Interest RateMaturity DateSeptember 30, 2021December 31, 2020
Revolving credit facilities
Senior unsecured credit facilityFloating
(1) (2)
January 2022$— $40,000 
PHL unsecured credit facilityFloating
(3)
January 2022— — 
Total revolving credit facilities$— $40,000 
Unsecured term loans
First Term LoanFloating
(4)
January 2023300,000 300,000 
Second Term LoanFloating
(4)
April 202226,327 65,000 
Fourth Term LoanFloating
(4)
October 2024110,000 110,000 
Sixth Term Loan
Tranche 2021Floating
(4)
November 20213,932 40,966 
Tranche 2021 ExtendedFloating
(4)
November 202282,071 173,034 
Tranche 2022Floating
(4)
November 2022114,670 286,000 
Tranche 2023Floating
(4)
November 2023400,000 400,000 
Tranche 2024Floating
(4)
January 2024400,000 400,000 
Total Sixth Term Loan1,000,673 1,300,000 
Total term loans at stated value1,437,000 1,775,000 
Deferred financing costs, net(5,777)(8,455)
Total term loans$1,431,223 $1,766,545 
Convertible senior notes
   Convertible senior notes1.75%December 2026750,000 500,000 
   Debt premium (discount), net12,190 (113,099)
   Deferred financing costs, net(17,014)(12,568)
Total convertible senior notes$745,176 $374,333 
Senior unsecured notes
Series A Notes5.15%
(5)
December 202347,600 60,000 
Series B Notes5.38%
(6)
December 20252,400 40,000 
Total senior unsecured notes at stated value50,000 100,000 
Deferred financing costs, net(182)(407)
Total senior unsecured notes$49,818 $99,593 
Mortgage loan
Margaritaville Hollywood Beach ResortFloating
(7)
May 2022161,500 — 
Debt premium (discount), net(3,023)— 
Deferred financing costs, net(464)— 
Total mortgage loan$158,013 $— 
Total debt$2,384,230 $2,280,471 
______________________
(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)    The Company has the option to extend the maturity date to January 2023, pursuant to certain terms and conditions and payment of an extension fee.
(3)    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.
(4)    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, 2021, approximately $1.4 billion of the borrowings under the term loan facilities bore an effective weighted-average fixed interest rate of 4.13%, after taking into account interest rate swap agreements, and approximately $7.0 million bore an effective weighted-average floating interest rate of 3.0%. As of December 31, 2020, approximately $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 approximately $345.0 million bore a weighted-average floating interest rate of 2.46%.
(5)    In February 2021, the interest rate increased from 4.70% to 5.15%. The increased interest rate is effective through the end of the waiver period.
(6)    In February 2021, the interest rate increased from 4.93% to 5.38%. The increased interest rate is effective through the end of the waiver period.
(7)    The loan bears interest at a floating rate equal to one-month LIBOR plus a weighted-average spread of 2.37%. The Company has the option to extend the maturity date for up to two one-year periods.
Schedule of Components of Interest Expense
The components of the Company's interest expense consisted of the following for the three and nine months ended September 30, 2021 and 2020 (in thousands):
For the three months ended September 30,For the nine months ended September 30,
2021202020212020
Unsecured revolving credit facilities$513 $2,557 $1,581 $8,226 
Unsecured term loan facilities15,442 19,694 46,983 53,330 
Convertible senior notes3,282 — 9,381 — 
Senior unsecured notes645 1,198 2,917 3,594 
Mortgage debt88 — 88 — 
Amortization of deferred financing fees2,046 1,518 7,414 3,898 
Other914 2,547 4,701 6,148 
Total interest expense$22,930 $27,514 $73,065 $75,196 
Schedule of Interest Rate Swaps
The Company's interest rate swaps at September 30, 2021 and December 31, 2020 consisted of the following, by maturity date (dollars in thousands):
Aggregate Notional Value as of
Hedge TypeInterest Rate RangeMaturitySeptember 30, 2021December 31, 2020
Swap-cash flow
1.46% - 1.75%
January 2021$— $490,000 
Swap-cash flow
2.60%
October 2021110,000 110,000 
Swap-cash flow
1.78% - 1.79%
January 2022180,000 180,000 
Swap-cash flow
1.64% - 1.68%
April 2022100,000 100,000 
Swap-cash flow
0.17%
January 2023200,000 — 
Swap-cash flow
1.99%
November 2023250,000 250,000 
Swap-cash flow
2.60%
January 2024300,000 300,000 
Swap-cash flow
1.43% - 1.44%
February 2026290,000 — 
Total$1,430,000 $1,430,000