Debt (Tables)

3 Months Ended

Mar. 31, 2016

Summary - The Company’s outstanding debt, net of unamortized debt discounts, and unamortized deferred financing costs as of March 31, 2016 and December 31, 2015, consist of the following (dollars in thousands):



	Stated Amount⁽¹⁾			Outstanding Principal						Unamortized Deferred Financing Costs⁽¹⁰⁾						Interest Rate
Loan	Stated Amount⁽¹⁾			March 31, 2016			December 31, 2015			March 31, 2016		December 31, 2015		Stated Interest Rate		March 31, 2016		December 31, 2015		Maturity Date
Mortgage loan
2012 Mortgage Loan - Component B	$	350,000		$	—		$	111,157		$	—	$	784	3.4047	%	3.4047	%	3.4047	%	12/1/2017
2012 Mortgage Loan - Component C	1,820,000			1,497,620			1,820,000			14,445		18,752		4.0547	%	4.0547	%	4.0547	%	12/1/2019
Term loan facility
2014 Term Loan	375,000			—			365,157		⁽²⁾	—		3,635		LIBOR⁽³⁾⁽⁴⁾ + 4.25%		N/A		5.00	%	6/24/2019
Senior notes
2025 Notes⁽⁵⁾	1,300,000			1,288,055		⁽⁶⁾	500,000			25,661		10,756		5.25	%	5.25	%	5.25	%	5/1/2025
Revolving credit facilities
ESH REIT Revolving Credit Facility⁽⁷⁾	250,000		⁽⁸⁾	—			—			1,024		1,431		LIBOR⁽³⁾ + 3.00%		N/A		N/A		11/18/2016	⁽⁹⁾
Corporation Revolving Credit Facility⁽⁷⁾	50,000			—			—			686		956		LIBOR⁽³⁾ + 3.75%		N/A		N/A		11/18/2016	⁽⁹⁾
Total				$	2,785,675		$	2,796,314		$	41,816	$	36,314

_________________________________


(1)	Amortization is interest only.


(2)	The 2014 Term Loan is presented net of an unamortized debt discount of approximately $1.3 million as of December 31, 2015.


(3)	London Interbank Offering Rate.


(4)	The 2014 Term Loan included a LIBOR floor of 0.75%.


(5)	In March 2016, ESH REIT issued an additional $800.0 million of its 2025 Notes.


(6)	The 2025 Notes are presented net of an unamortized debt discount of approximately $11.9 million as of March 31, 2016.


(7)	Each revolving credit facility's unamortized deferred financing costs are included in other assets in the accompanying unaudited condensed consolidated balance sheets.


(8)	ESH REIT is able to request to increase the facility to an amount of up to $350.0 million at any time, subject to certain conditions.


(9)	Each revolving credit facility is subject to a one-year extension option.


(10)	As of December 31, 2015, the Company early adopted FASB accounting standards updates, which required that debt issuance costs related to a recognized debt liability, excluding revolving credit facilities, be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts.

Future Maturities of Debt

Future Maturities of Debt—The future maturities of debt as of March 31, 2016, are as follows (in thousands):



Years Ending December 31,
Remainder of 2016	$	—
2017	—
2018	—
2019	1,497,620
2020	—
Thereafter	1,300,000
Total	$	2,797,620

ESH REIT

Company's Outstanding Debt

Summary—ESH REIT’s outstanding debt, net of unamortized debt discounts, and unamortized deferred financing costs as of March 31, 2016 and December 31, 2015, consist of the following (dollars in thousands):



	Stated Amount⁽¹⁾			Outstanding Principal						Unamortized Deferred Financing Costs⁽¹⁰⁾						Interest Rate
Loan	Stated Amount⁽¹⁾			March 31, 2016			December 31, 2015			March 31, 2016		December 31, 2015		Stated Interest Rate		March 31, 2016		December 31, 2015		Maturity Date
Mortgage loan
2012 Mortgage Loan - Component B	$	350,000		$	—		$	111,157		$	—	$	784	3.4047	%	3.4047	%	3.4047	%	12/1/2017
2012 Mortgage Loan - Component C	1,820,000			1,497,620			1,820,000			14,445		18,752		4.0547	%	4.0547	%	4.0547	%	12/1/2019
Term loan facility
2014 Term Loan	375,000			—			365,157		⁽²⁾	—		3,635		LIBOR⁽³⁾⁽⁴⁾ + 4.25%		N/A		5.00	%	6/24/2019
Senior notes
2025 Notes⁽⁵⁾	1,300,000			1,288,055		⁽⁶⁾	500,000			25,661		10,756		5.25	%	5.25	%	5.25	%	5/1/2025
Revolving credit facility
ESH REIT revolving credit facility⁽⁷⁾	250,000		⁽⁸⁾	—			—			1,024		1,431		LIBOR⁽³⁾ + 3.00%		N/A		N/A		11/18/2016	⁽⁹⁾
Total				$	2,785,675		$	2,796,314		41,130		35,358

_________________________________


(1)	Amortization is interest only.


(2)	The 2014 Term Loan is presented net of an unamortized debt discount of approximately $1.3 million as of December 31, 2015.


(3)	London Interbank Offering Rate.


(4)	The 2014 Term Loan included a LIBOR floor of 0.75%.


(5)	In March 2016, ESH REIT issued an additional $800.0 million of its 2025 Notes.


(6)	The 2025 Notes are presented net of an unamortized debt discount of approximately $11.9 million as of March 31, 2016.


(7)	The ESH REIT Revolving Credit Facility's unamortized deferred financing costs are included in other assets in the accompanying unaudited condensed consolidated balance sheets.


(8)	ESH REIT is able to request to increase the facility to an amount of up to $350.0 million at any time, subject to certain conditions.


(9)	The ESH REIT Revolving Credit Facility is subject to a one-year extension option.


(10)	As of December 31, 2015, ESH REIT early adopted FASB accounting standards updates, which required that debt issuance costs related to a recognized debt liability, excluding revolving credit facilities, be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts.

Future Maturities of Debt

Future Maturities of Debt—The future maturities of debt, as of March 31, 2016, are as follows (in thousands):



Years Ending December 31,
Remainder of 2016	$	—
2017	—
2018	—
2019	1,497,620
2020	—
Thereafter	1,300,000
Total	$	2,797,620

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=34725769&loc=d3e28878-108400

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644

+ Details