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Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Debt | The Company's debt consisted of the following as of September 30, 2024 and December 31, 2023 (dollars in thousands):
|  |  |  |  |  | Balance Outstanding as of |
| Interest Rate at September 30, 2024 |  | Maturity Date |  |  | September 30, 2024 |  | December 31, 2023 |
Revolving credit facilities |  |  |  |  |  |  |  |  |
Senior unsecured credit facility | — | (1)(2) | October 2026 |  |  | $ | — |  |  | $ | — |  |
PHL unsecured credit facility | — | (1) | October 2026 |  |  | — |  |  | — |  |
Total revolving credit facilities |  |  |  |  |  | $ | — |  |  | $ | — |  |
Unsecured term loans |  |  |  |  |  |  |  |  |
Term Loan 2024 | 7.05% | (1)(4) | October 2024 |  |  | 43,348 |  |  | 460,000 |  |
Term Loan 2025 | 4.40% | (1) | October 2025 |  |  | 410,000 |  |  | 460,000 |  |
Term Loan 2027 | 5.23% | (1) | October 2027 |  |  | 460,000 |  |  | 460,000 |  |
Term Loan 2028 | 7.05% | (1) | January 2028 |  |  | 356,652 |  |  | — |  |
Term loan principal |  |  |  |  |  | $ | 1,270,000 |  |  | $ | 1,380,000 |  |
Convertible senior notes principal | 1.75% |  | December 2026 |  |  | $ | 750,000 |  |  | $ | 750,000 |  |
Senior unsecured notes principal | 4.93% |  | December 2025 |  |  | $ | 2,400 |  |  | $ | 2,400 |  |
Mortgage loans |  |  |  |  |  |  |  |  |
Margaritaville Hollywood Beach Resort | 7.04% | (3) | September 2026 |  |  | 140,000 |  |  | 140,000 |  |
Estancia La Jolla Hotel & Spa | 5.07% |  | September 2028 |  |  | 56,120 |  |  | 57,497 |  |
Mortgage loans principal |  |  |  |  |  | $ | 196,120 |  |  | $ | 197,497 |  |
Total debt principal |  |  |  |  |  | $ | 2,218,520 |  |  | $ | 2,329,897 |  |
Unamortized debt premiums, discount and deferred financing costs, net |  |  |  |  |  | (10,806) |  |  | (10,096) |  |
Debt, net |  |  |  |  |  | $ | 2,207,714 |  |  | $ | 2,319,801 |  |
______________________ (1) Borrowings bear interest at floating rates. Interest rate at September 30, 2024 gives effect to interest rate hedges. (2) The Company has the option to extend the maturity date for up to two six-month periods, pursuant to certain terms and conditions and payment of an extension fee. (3) This loan bears interest at a floating rate equal to daily SOFR plus a spread of 3.75%. The interest rate at September 30, 2024 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one-year periods, pursuant to certain terms and conditions and payment of an extension fee. (4) Term Loan 2024 was repaid in October 2024 from proceeds of the senior notes offering.
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, 2024 and 2023 (in thousands):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Unsecured revolving credit facilities | $ | 504 |  |  | $ | 504 |  |  | $ | 1,499 |  |  | $ | 1,570 |
Unsecured term loan facilities | 18,239 |  |  | 18,777 |  |  | 56,366 |  |  | 53,750 |
Convertible senior notes | 3,281 |  |  | 3,281 |  |  | 9,844 |  |  | 9,844 |
Senior unsecured notes | 30 |  |  | 589 |  |  | 89 |  |  | 1,767 |
Mortgage debt | 3,247 |  |  | 4,094 |  |  | 9,690 |  |  | 11,437 |
Amortization of deferred financing fees, (premiums) and discounts | 1,541 |  |  | 2,755 |  |  | 6,149 |  |  | 6,486 |
Other | 1,083 |  |  | 1,022 |  |  | (1,352) |  |  | 3,142 |
Total interest expense | $ | 27,925 |  |  | $ | 31,022 |  |  | $ | 82,285 |  |  | $ | 87,996 |
Schedule of Interest Rate Swaps | The Company's interest rate swaps at September 30, 2024 and December 31, 2023 consisted of the following, by maturity date (dollars in thousands):
|  |  |  |  |  | Aggregate Notional Value as of
Hedge Type |  | Interest Rate Range (SOFR) |  | Maturity |  | September 30, 2024 |  | December 31, 2023
Swap-cash flow |  | 2.47% - 2.50% |  | January 2024 |  | $ | — |  |  | $ | 300,000 |
Swap-cash flow |  | 3.22% - 3.25% |  | October 2025 |  | 200,000 |  |  | 200,000 |
Swap-cash flow |  | 1.33% - 1.36% |  | February 2026 |  | 290,000 |  |  | 290,000 |
Swap-cash flow |  | 3.02% - 3.03% |  | October 2026 |  | 200,000 |  |  | 200,000 |
Swap-cash flow |  | 3.29% |  | October 2027 |  | 165,000 |  |  | 165,000 |
Total |  |  |  |  |  | $ | 855,000 |  |  | $ | 1,155,000 |

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