XML 35 R24.htm IDEA: XBRL DOCUMENT
v3.25.3

Debt (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Debt | The Company's debt consisted of the following as of September 30, 2025 and December 31, 2024 (dollars in thousands):
|  |  |  |  | Balance Outstanding as of |
| Interest Rate at September 30, 2025 |  | Maturity Date |  | September 30, 2025 |  | December 31, 2024 |
Unsecured revolving credit facilities |  |  |  |  |  |  |  |
Senior unsecured credit facility | — | (1)(2) | October 2026 / October 2028 |  | $ | — |  |  | $ | — |  |
PHL unsecured credit facility | — | (1) | October 2028 |  | — |  |  | — |  |
Unsecured revolving credit facilities |  |  |  |  | $ | — |  |  | $ | — |  |
Unsecured term loans |  |  |  |  |  |  |  |
Term Loan 2025 | 5.13% | (1)(4) | October 2025 |  | 14,783 |  |  | 14,783 |  |
Term Loan 2027 | 5.29% | (1) | October 2027 |  | 360,000 |  |  | 360,000 |  |
Term Loan 2028 | 3.83% | (1) | January 2028 |  | 356,652 |  |  | 356,652 |  |
Term Loan 2029 | 5.13% | (1) | January 2029 |  | 185,217 |  |  | 185,217 |  |
Unsecured term loans principal |  |  |  |  | $ | 916,652 |  |  | $ | 916,652 |  |
Convertible senior notes |  |  |  |  |  |  |  |
Convertible Notes 2026 | 1.75% |  | December 2026 |  | 350,000 |  |  | 750,000 |  |
Convertible Notes 2030 | 1.63% |  | January 2030 |  | 400,000 |  |  | — |  |
Convertible senior notes principal |  |  |  |  | $ | 750,000 |  |  | $ | 750,000 |  |
Unsecured senior notes |  |  |  |  |  |  |  |
Series B Notes | 4.93% |  | December 2025 |  | 2,400 |  |  | 2,400 |  |
Senior Notes 2029 | 6.38% |  | October 2029 |  | 400,000 |  |  | 400,000 |  |
Unsecured senior notes principal |  |  |  |  | $ | 402,400 |  |  | $ | 402,400 |  |
Mortgage loans |  |  |  |  |  |  |  |
Margaritaville Hollywood Beach Resort | 7.04% | (3) | September 2026 |  | 140,000 |  |  | 140,000 |  |
Estancia La Jolla Hotel & Spa | 5.07% |  | September 2028 |  | 53,767 |  |  | 55,413 |  |
Mortgage loans principal |  |  |  |  | $ | 193,767 |  |  | $ | 195,413 |  |
Total debt principal |  |  |  |  | $ | 2,262,819 |  |  | $ | 2,264,465 |  |
Unamortized debt premium and deferred financing costs, net |  |  |  |  | (23,783) |  |  | (17,733) |  |
Debt, net |  |  |  |  | $ | 2,239,036 |  |  | $ | 2,246,732 |  |
______________________ (1) Borrowings bear interest at floating rates. Interest rate at September 30, 2025 gives effect to interest rate hedges. (2) $48.0 million of the $650.0 million senior unsecured revolving credit facility matures in October 2026, with no option to extend the maturity date, and the remaining $602.0 million matures in October 2028, with the option to extend the maturity date for up to two six-month periods, subject 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, 2025 gives effect to an interest rate swap. The Company has the option to extend the maturity date for up to two one-year periods, subject to certain terms and conditions and payment of an extension fee. (4) In October 2025, the Company repaid its borrowings under Term Loan 2025 with available cash.
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, 2025 and 2024 (in thousands):
| For the three months ended September 30, |  | For the nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Unsecured revolving credit facilities | $ | 508 |  |  | $ | 504 |  |  | $ | 1,507 |  |  | $ | 1,499 |
Unsecured term loans | 11,010 |  |  | 18,239 |  |  | 32,937 |  |  | 56,366 |
Convertible senior notes | 3,282 |  |  | 3,281 |  |  | 9,845 |  |  | 9,844 |
Unsecured senior notes | 6,404 |  |  | 30 |  |  | 19,001 |  |  | 89 |
Mortgage loans | 3,219 |  |  | 3,247 |  |  | 9,573 |  |  | 9,690 |
Amortization of debt (premiums) and deferred financing fees, and (gain) loss on debt extinguishment | (5,204) |  |  | 1,541 |  |  | (1,383) |  |  | 6,149 |
Other | 961 |  |  | 1,083 |  |  | 3,115 |  |  | (1,352) |
Total interest expense | $ | 20,180 |  |  | $ | 27,925 |  |  | $ | 74,595 |  |  | $ | 82,285 |
Schedule of Interest Rate Swaps | The Company's interest rate swaps at September 30, 2025 and December 31, 2024 consisted of the following, by maturity date (dollars in thousands):
|  |  |  |  |  | Aggregate Notional Value as of
Hedge Type |  | Interest Rate Range (SOFR) |  | Maturity |  | September 30, 2025 |  | December 31, 2024
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 |
Swap-cash flow |  | 3.54% - 3.55% |  | May 2028 |  | 100,000 |  |  | — |
Total |  |  |  |  |  | $ | 955,000 |  |  | $ | 855,000 |

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477734/942-470-50-3 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-8 Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-6 Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-7 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4E -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4C -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4B -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-4B + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration