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Debt | 9 Months Ended
--- | ---
Sep. 30, 2014
Debt Disclosure [Abstract] |
Debt | Debt Credit Facilities The Company has in place credit agreements that provide for (i) an unsecured revolving credit facility of up to $300 million with a scheduled maturity date of November 20, 2016 with a one-year extension option if certain conditions are satisfied (the “Revolver”), (ii) an unsecured term loan of $400 million with a scheduled maturity date of March 20, 2019 (which originally was scheduled to mature in 2017) (the “2012 Five-Year Term Loan”), (iii) an unsecured term loan of $225 million with a scheduled maturity date of November 20, 2019 (the “Seven-Year Term Loan”), and (iv) an unsecured term loan of $400 million with a scheduled maturity date of August 27, 2018 (the “2013 Five-Year Term Loan” and, together with the 2012 Five-Year Term Loan and the Seven-Year Term Loan, the "Term Loans"). The Revolver and Term Loans are subject to customary financial covenants. As of September 30, 2014, the Company was in compliance with all financial covenants. As of and for the three and nine months ended September 30, 2014 and 2013, details of the Revolver and Term Loans are as follows (in thousands):
|  |  |  |  |  |  | Interest expense for the
|  |  |  |  |  |  | three months ended September 30, |  | nine months ended September 30,
| Outstanding Borrowings at September 30, 2014 |  | Maturity Date |  | Interest Rate at September 30, 2014 (1) |  | 2014 |  | 2013 |  | 2014 |  | 2013
Revolver (2) | $ | — |  |  | November 2016 |  | n/a |  | $ | 287 |  |  | $ | 268 |  |  | $ | 906 |  |  | $ | 885 |
2013 Five-Year Term Loan (3) | 400,000 |  |  | August 2018 |  | 3.07% |  | 3,137 |  |  | 914 |  |  | 9,090 |  |  | 914 |
2012 Five-Year Term Loan | 400,000 |  |  | March 2019 |  | 1.71% |  | 1,748 |  |  | 1,329 |  |  | 4,898 |  |  | 4,137 |
Seven-Year Term Loan (4) | 225,000 |  |  | November 2019 |  | 4.04% |  | 2,320 |  |  | 1,073 |  |  | 6,870 |  |  | 2,596 |
Total | $ | 1,025,000 |  |  |  |  |  |  | $ | 7,492 |  |  | $ | 3,584 |  |  | $ | 21,764 |  |  | $ | 8,532 |
(1) | Interest rate at September 30, 2014 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, 2014, respectively, and $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 $1.3 million and $3.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.3 million for the three and nine months ended September 30, 2013, respectively.
(4) | Includes interest expense related to an interest rate hedge of $1.0 million and $3.1 million for the three and nine months ended September 30, 2014, respectively, and $0.2 million and $0.2 million for the three and nine months ended September 30, 2013, respectively.
Mortgage Loans As of September 30, 2014 and December 31, 2013, the Company was subject to the following mortgage loans (in thousands):
|  |  |  |  |  |  |  |  |  |  |  | Principal balance at,
Lender |  | Number of Assets Encumbered |  | Interest Rate at September 30, 2014 (1) |  |  |  | Maturity Date |  |  |  | September 30, 2014 |  |  |  | December 31, 2013
Wells Fargo |  | 5 |  | 3.76% |  | (2) |  | Oct 2014 |  | (3) |  | $ | 142,000 |  |  |  |  | $ | 142,000 |
Capmark Financial Group |  | 1 |  | 5.55% |  |  |  | May 2015 |  | (4) |  | 10,615 |  |  |  |  | 10,916 |
Capmark Financial Group |  | 1 |  | 5.55% |  |  |  | June 2015 |  | (4) |  | 4,605 |  |  |  |  | 4,736 |
Barclays Bank |  | 12 |  | 5.55% |  |  |  | June 2015 |  | (4) |  | 108,576 |  |  |  |  | 111,632 |
Barclays Bank |  | 4 |  | 5.60% |  |  |  | June 2015 |  | (4) |  | 27,030 |  |  |  |  | 27,804 |
Capmark Financial Group |  | 1 |  | 5.50% |  |  |  | July 2015 |  | (4) |  | 6,273 |  |  |  |  | 6,450 |
Barclays Bank |  | 1 |  | 5.44% |  |  |  | Sept 2015 |  | (4) |  | 10,236 |  |  |  |  | 10,521 |
PNC Bank (5) |  | 5 |  | 2.51% |  | (2) |  | May 2016 |  | (6) |  | 74,000 |  |  |  |  | 85,000 |
Wells Fargo (7) |  | 4 |  | 4.19% |  | (2) |  | Sept 2016 |  | (8) |  | 150,000 |  |  |  |  | 150,000 |
Barclays Bank (9) |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  | 2,475 |
Barclays Bank (9) |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  | 4,063 |
Capmark Financial Group (9) |  |  |  |  |  |  |  |  |  |  |  | — |  |  |  |  | 4,068 |
|  | 34 |  |  |  |  |  |  |  |  |  | $ | 533,335 |  |  |  |  | $ | 559,665 |
(1) | Interest rate at September 30, 2014 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) | On October 17, 2014, the Company refinanced these mortgage loans. See Footnote 16 for more information.
(4) | The Company is currently evaluating its options for repayment of these mortgage loans.
(5) | The five hotels encumbered by the PNC Bank loan are cross-collateralized.
(6) | Maturity date may be extended for one one-year term at the Company’s option, subject to certain lender requirements.
(7) | Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized.
(8) | Maturity date may be extended for four one-year terms at the Company’s option, subject to certain lender requirements.
(9) | Mortgage loan related to a property that was sold during the nine months ended September 30, 2014.
Some mortgage agreements are subject to customary financial covenants. The Company was in compliance with these covenants at September 30, 2014 and December 31, 2013.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19, 20, 22 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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