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Borrowings (Tables)

12 Months Ended

Dec. 31, 2012

Weighted Average Maturities and Interest Rates of Borrowings

At December 31, 2012 and 2011, the Company’s borrowings had the following weighted average maturities and interest rates: 

		December 31, 2012										December 31, 2011
		Debt Balance				Weighted Average Remaining Maturity				Weighted Average Rate		Debt Balance		Weighted Average Remaining Maturity		Weighted Average Rate
Wells Facility borrowings		$	225,155				1.1 years	*		1.8%		$221,980		1.6 years*		1.5%		**
JPMorgan Facility borrowings			3				5 days			2.7%		68,720		0.9 years		3.3%		L+250 ***
TALF borrowings			—				—			—%		251,327		1.3 years		2.8%		Fixed
Total borrowings		$	225,158				1.1 years			1.8%		$542,027		1.3 years		2.3%

* Assumes extension options on the Wells Facility with respect to the Hilton CMBS are exercised. See below for a description of the Wells Facility.

** Borrowings outstanding under the Wells Facility bear interest at a LIBOR plus 125 basis points, 150 basis points or 235 basis points depending on the collateral pledged.

*** During April 2012, the Company amended the JPMorgan Facility to reduce the interest rate spread by 50 basis points to LIBOR + 250 basis points.

Remaining Maturities of Borrowings

At December 31, 2012, the Company’s borrowings had the following remaining maturities: 

		Less than 1 year				1 to 3 years				3 to 5 years				More than 5 years				Total
Wells Facility borrowings*		$	179,068			$	46,087			$	—			$	—			$	225,155
JPMorgan Facility borrowings			3				—				—				—				3
Total		$	179,071			$	46,087			$	—			$	—			$	225,158

* Assumes extension options on Wells Facility with respect to the Hilton CMBS are exercised. See below for a description of the Wells Facility.

Summary of Outstanding Balances, Maximum and Average Balances of Borrowings

The table below summarizes the outstanding balances, as well as the maximum and average balances as of December 31, 2012 and 2011.

						2012												2011
		Balance at December 31, 2012				Maximum Month-End Balance				Average Month-End Balance				Balance at December 31, 2011				Maximum Month-End Balance				Average Month-End Balance
Wells Facility borrowings		$	225,155			$	469,147			$	283,100			$	221,980			$	242,728			$	233,829
JPMorgan Facility borrowings			3				68,720				37,461				68,720				69,014				52,261
TALF borrowings			—				251,327				19,333			$	251,327			$	297,334			$	271,035
Total		$	225,158											$	542,027

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Summarizes the outstanding balances, maximum and average balances of borrowings.

+ References

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- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

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- Definition

Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 470

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601

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