Debt

Debt consisted of the following (in thousands):



	March 31, 2017		December 31, 2016
Revolver and Term Loans, net	$	1,169,733	$	1,169,308
Mortgage loans, net	412,699		413,407
Debt, net	$	1,582,432	$	1,582,715

Revolver and Term Loans

The Company has the following unsecured credit agreements in place:


•	$400.0 million revolving credit facility with a scheduled maturity date of April 22, 2020 with a one-year extension option if certain conditions are satisfied (the "Revolver");


•	$400.0 million term loan with a scheduled maturity date of March 20, 2019 (the "$400 Million Term Loan Maturing 2019");


•	$225.0 million term loan with a scheduled maturity date of November 20, 2019 (the "$225 Million Term Loan Maturing 2019");


•	$400.0 million term loan with a scheduled maturity date of April 22, 2021 (the "$400 Million Term Loan Maturing 2021"); and


•	$150.0 million term loan with a scheduled maturity date of January 22, 2022 (the "$150 Million Term Loan Maturing 2022").

The $400 Million Term Loan Maturing 2019, the $225 Million Term Loan Maturing 2019, the $400 Million Term Loan Maturing 2021, and the $150 Million Term Loan Maturing 2022 are collectively the "Term Loans". The Revolver and Term Loans are subject to customary financial covenants. As of March 31, 2017 and December 31, 2016, the Company was in compliance with all financial covenants.

As of March 31, 2017 and December 31, 2016, the details of the unsecured credit agreements were as follows (in thousands):



			Outstanding Borrowings at
	Interest Rate at March 31, 2017 (1)	Maturity Date	March 31, 2017			December 31, 2016
Revolver (2)	2.48%	April 2020	$	—		$	—
$400 Million Term Loan Maturing 2019	2.72%	March 2019	400,000			400,000
$225 Million Term Loan Maturing 2019	4.04%	November 2019	225,000			225,000
$400 Million Term Loan Maturing 2021	2.97%	April 2021	400,000			400,000
$150 Million Term Loan Maturing 2022	3.43%	January 2022	150,000			150,000
			1,175,000			1,175,000
Deferred financing costs, net (3)			(5,267		)	(5,692		)
Total Revolver and Term Loans, net			$	1,169,733		$	1,169,308


(1)	Interest rate at March 31, 2017 gives effect to interest rate hedges.


(2)	At March 31, 2017 and December 31, 2016, there was $400.0 million of borrowing capacity on the Revolver.


(3)	Excludes $2.1 million and $2.3 million as of March 31, 2017 and December 31, 2016, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.

Mortgage Loans

As of March 31, 2017 and December 31, 2016, the Company had the following mortgage loans (in thousands):



						Principal balance at
Lender	Number of Assets Encumbered	Interest Rate at March 31, 2017 (1)		Maturity Date		March 31, 2017			December 31, 2016
Wells Fargo	4	4.02%	(2)	October 2017	(3)	$	150,000		$	150,000
Wells Fargo (4)	4	4.04%		March 2018	(3)	145,500			146,250
PNC Bank (5)	5	3.08%	(2)	March 2021	(6)	85,000			85,000
Wells Fargo (7)	1	5.25%		June 2022		33,467			33,666
	14					413,967			414,916
Deferred financing costs, net						(1,268		)	(1,509		)
Total mortgage loans, net						$	412,699		$	413,407


(1)	Interest rate at March 31, 2017 gives effect to interest rate hedges.


(2)	Requires payments of interest only through maturity.


(3)	Maturity date may be extended for four one-year terms at the Company’s option, subject to certain lender requirements.


(4)	Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized.


(5)	The five hotels encumbered by the PNC Bank loan are cross-collateralized.


(6)	Maturity date may be extended for two one-year terms at the Company’s option, subject to certain lender requirements.


(7)	Includes $1.0 million and $1.0 million at March 31, 2017 and December 31, 2016, respectively, related to a fair value adjustment on mortgage debt assumed in conjunction with an acquisition.

Certain mortgage agreements are subject to customary financial covenants. The Company was in compliance with all financial covenants at March 31, 2017 and December 31, 2016.

Interest Expense

For the three months ended March 31, 2017 and 2016, the components of interest expense were as follows (in thousands):



	For the three months ended March 31,
	2017		2016
Revolver and Term Loans	$	9,517	$	9,859
Mortgage loans	3,968		4,020
Amortization of deferred financing costs	843		1,013
Total interest expense	$	14,328	$	14,892