Debt (Tables)

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The following table presents the carrying amount of our debt as of March 31, 2019 and December 31, 2018 (in millions):

	March 31, 2019			December 31, 2018			Interest Rate as of March 31, 2019 (1)	Maturity Date
CMBS Facility	$	1,031		$	1,035		One-month LIBOR + 2.75%	2020	(2)
Revolving Facility		—			—		One-month LIBOR + 4.50%	2020	(3)
		1,031			1,035
Less deferred finance costs		(18	)		(21	)
Total debt, net	$	1,013		$	1,014

⁽¹⁾ One-month LIBOR at March 31, 2019 was 2.49%.

⁽²⁾ After maturity in 2020, includes five one-year extension options at the Company’s option, subject to certain conditions.

⁽³⁾ After maturity in 2020, includes one one-year extension option at the Company’s option, subject to certain conditions.