| Schedule of Revolver and Term Loans |
As of and for the three and nine months ended September 30, 2013, details of the Revolver and Term Loans are as follows (in thousands):
| | | | | | | | | | | | | | | | Outstanding borrowings at | | Interest rate at | | Interest expense for the | | September 30, 2013 | | September 30, 2013 (1) | | three months ended September 30, 2013 | | nine months ended September 30, 2013 | Revolver (2) | $ | — |
| | n/a | | $ | 268 |
| | $ | 885 |
| 2012 Five-Year Term Loan | 275,000 |
| | 1.88% | | 1,329 |
| | 4,137 |
| Seven-Year Term Loan (3) | 225,000 |
| | 4.04% | | 1,073 |
| | 2,596 |
| 2013 Five-Year Term Loan (4) | 350,000 |
| | 3.25% | | 914 |
| | 914 |
| Total | $ | 850,000 |
| | | | $ | 3,584 |
| | $ | 8,532 |
|
| | 1. | Interest rate at September 30, 2013 gives effect to interest rate hedges and LIBOR floors, as applicable. |
| | 2. | Includes the unused facility fee of $0.3 million and $0.8 million for the three and nine months ended September 30, 2013, respectively. |
| | 3. | Includes interest expense related to an interest rate hedge of $0.2 million for both the three and nine months ended September 30, 2013. |
| | 4. | Includes interest expense related to an interest rate hedge of $0.3 million for both the three and nine months ended September 30, 2013. |
|
| Schedule of mortgage loans |
As of September 30, 2013 and December 31, 2012, the Company was subject to the following mortgage loans (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Principal balance at, | Lender | | Number of assets encumbered | | Interest rate at September 30, 2013 (1) | | | | Maturity Date | | | | September 30, 2013 | | | | December 31, 2012 | Wells Fargo | | 1 | | 4.60% | | (2) | | Oct 2014 | | (3) | | $ | 68,500 |
| | | | $ | 68,500 |
| Wells Fargo | | 1 | | 3.78% | | (2) | | Oct 2014 | | (3) | | 17,500 |
| | | | 17,500 |
| Wells Fargo | | 1 | | 3.78% | | (2) | | Oct 2014 | | (3) | | 21,000 |
| | | | 21,000 |
| Wells Fargo | | 1 | | 3.78% | | (2) | | Oct 2014 | | (3) | | 11,000 |
| | | | 11,000 |
| Wells Fargo | | 1 | | 3.78% | | (2) | | Oct 2014 | | (3) | | 24,000 |
| | | | 24,000 |
| Capmark Financial Group | | 1 | | 6.12% | | | | April 2015 | | | | 4,102 |
| | | | 4,202 |
| Capmark Financial Group | | 1 | | 5.55% | | | | May 2015 | | | | 11,013 |
| | | | 11,298 |
| Capmark Financial Group | | 1 | | 5.55% | | | | June 2015 | | | | 4,777 |
| | | | 4,901 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 2,497 |
| | | | 2,561 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 4,098 |
| | | | 4,203 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 9,552 |
| | | | 9,798 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 8,526 |
| | | | 8,745 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 7,644 |
| | | | 7,839 |
| Barclay's Bank | | 1 | | 5.60% | | | | June 2015 | | | | 5,301 |
| | | | 5,434 |
| Barclay's Bank | | 1 | | 5.60% | | | | June 2015 | | | | 8,212 |
| | | | 8,422 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 5,006 |
| | | | 5,134 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 33,189 |
| | | | 34,042 |
| Barclay's Bank | | 1 | | 5.60% | | | | June 2015 | | | | 6,305 |
| | | | 6,466 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 5,617 |
| | | | 5,762 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 6,455 |
| | | | 6,621 |
| Barclay's Bank | | 1 | | 5.60% | | | | June 2015 | | | | 8,226 |
| | | | 8,437 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 6,450 |
| | | | 6,614 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 7,099 |
| | | | 7,280 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 6,455 |
| | | | 6,621 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 7,368 |
| | | | 7,558 |
| Barclay's Bank | | 1 | | 5.55% | | | | June 2015 | | | | 9,247 |
| | | | 9,484 |
| Capmark Financial Group | | 1 | | 5.50% | | | | July 2015 | | | | 6,506 |
| | | | 6,673 |
| Barclay's Bank | | 1 | | 5.44% | | | | Sept 2015 | | | | 10,611 |
| | | | 10,883 |
| PNC Bank (4) | | 7 | | 2.53% | | (2) | | May 2016 | | (5) | | 85,000 |
| | | | 85,000 |
| Wells Fargo (6) | | 2 | | 4.19% | | (2) | | Sept 2016 | | (7) | | 82,000 |
| | | | — |
| Wells Fargo | | 1 | | 4.19% | | (2) | | Sept 2016 | | (7) | | 33,000 |
| | | | — |
| Wells Fargo | | 1 | | 4.19% | | (2) | | Sept 2016 | | (7) | | 35,000 |
| | | | — |
| Merrill Lynch | |
| |
| |
| | July 2016 | | (8) | | — |
| | | | 9,180 |
| Merrill Lynch | |
| |
| | | | July 2016 | | (8) | | — |
| | | | 7,684 |
| Merrill Lynch | | | | | | | | July 2016 | | (8) | | — |
| | | | 9,194 |
| Wachovia Securities | |
| |
| | | | July 2016 | | (8) | | — |
| | | | 487,296 |
| Wachovia Securities | | | | | | | | July 2016 | | (8) | | — |
| | | | 6,582 |
| Wells Fargo / Morgan Stanley | |
| |
| | | | July 2016 | | (8) | | — |
| | | | 34,823 |
| Wells Fargo / Morgan Stanley | |
| |
| | | | July 2016 | | (8) | | — |
| | | | 6,753 |
| Wells Fargo / Morgan Stanley | |
| |
| | | | July 2016 | | (8) | | — |
| | | | 9,616 |
| Merrill Lynch | |
| |
| | | | July 2016 | | (9) | | — |
| | | | 5,531 |
| VFC Partners 20 LLC | |
| |
| | | | Sept 2016 | | (10) | | — |
| | | | 5,014 |
|
| | 39 | | | | | |
| |
| | $ | 561,256 |
| | | | $ | 997,651 |
|
| | 1. | Interest rate at September 30, 2013 gives effect to interest rate hedges and LIBOR floors, as applicable. |
| | 2. | Requires payments of interest only until the commencement of the extension period(s). |
| | 3. | Maturity date may be extended for up to two additional one-year terms at the Company’s option. |
| | 4. | The seven hotels encumbered by the PNC Bank loan are cross-collateralized. |
| | 5. | Maturity date may be extended for one one-year term at the Company’s option. |
| | 6. | The two hotels encumbered by the Wells Fargo loan are cross-collateralized. |
| | 7. | Maturity date may be extended for four one-year terms at the Company’s option. |
| | 8. | The loans were paid off in August 2013 in conjunction with the amendment to the Company's Seven-Year Term Loan and entering into the 2013 Five-Year Term Loan. |
| | 9. | Loan was extinguished in August 2013 in conjunction with the foreclosure of the collateral. |
| | 10. | Loan was extinguished in May 2013 in conjunction with the transfer of title pursuant to a deed in lieu of foreclosure arrangement. |
|