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Debt (Tables) | 3 Months Ended
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Mar. 31, 2026
Debt Disclosure [Abstract] |
Schedule of Debt | The Company's debt consisted of the following (in thousands):
| March 31, 2026 |  | December 31, 2025
Senior Notes, net | $ | 996,992 |  |  | $ | 996,401 |
Revolver Outstanding | — |  |  | — |
Term Loans, net | 1,018,414 |  |  | 1,020,057 |
Mortgage loans, net | 174,964 |  |  | 180,760 |
Debt, net | $ | 2,190,370 |  |  | $ | 2,197,218 |
During the three months ended March 31, 2026, the Company completed a series of refinancing transactions that consisted of four components: (i) an extension of the Company’s Revolver (as defined below), (ii) the upsize and recast of an existing term loan, (iii) the issuance of a new seven-year term loan, and (iv) the refinancing of mortgage debt previously scheduled to mature in 2026. The Company intends to use the incremental borrowings from these transactions to repay the 3.75% senior notes due 2026 (the "2026 Senior Notes") prior to maturity in July 2026. As a result of these transactions, the Company’s next scheduled debt maturity (after extension options) occurs in 2029.
Schedule of Senior Notes | The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands):
|  |  |  |  |  | Carrying Value at
|  | Interest Rate |  | Maturity Date |  | March 31, 2026 |  | December 31, 2025
2029 Senior Notes (1) |  | 4.00% |  | September 2029 |  | $ | 500,000 |  |  | $ | 500,000 |
2026 Senior Notes (1) |  | 3.75% |  | July 2026 |  | 500,000 |  |  | 500,000 |
|  |  |  |  |  | 1,000,000 |  |  | 1,000,000 |
Deferred financing costs, net |  |  |  |  |  | (3,008) |  |  | (3,599) |
Total senior notes, net |  |  |  |  |  | $ | 996,992 |  |  | $ | 996,401 |
(1) Requires payment of interest only through maturity.
Schedule Of Debt Instrument Covenants | A summary of the various restrictive covenants for the Senior Notes are as follows:
|  | Covenant |  | Compliance March 31, 2026
Maintenance Covenant |  |  |  |
Unencumbered Asset to Unencumbered Debt Ratio |  | > 150.0% |  | Yes
Incurrence Covenants |  |  |  |
Consolidated Indebtedness less than Adjusted Total Assets |  | < .65x |  | Yes
Consolidated Secured Indebtedness less than Adjusted Total Assets |  | < .45x |  | Yes
Interest Coverage Ratio |  | > 1.5x |  | Yes
The Revolver and Term Loans are subject to various financial covenants. A summary of such covenants is as follows:
|  | Covenant |  |  |  | Compliance March 31, 2026
Leverage ratio (1) |  | <= 7.25x |  |  |  | Yes
Fixed charge coverage ratio (2) |  | >= 1.50x |  |  |  | Yes
Secured indebtedness ratio |  | <= 45.0% |  |  |  | Yes
Unencumbered indebtedness ratio (3) |  | <= 60.0% |  |  |  | Yes
Unencumbered debt service coverage ratio |  | >= 2.00x |  |  |  | Yes
(1)Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2)Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less furniture, fixtures and equipment ("FF&E") reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. (3)The maximum level may be increased to 65.0% for up to four quarters following a material acquisition.
Schedule of Revolver and Term Loans | The Company's unsecured credit facilities consisted of the following (dollars in thousands):
|  |  |  |  |  | Carrying Value at
|  | Interest Rate at March 31, 2026 (1) |  | Maturity Date |  | March 31, 2026 |  | December 31, 2025
Revolver (2) |  | —% |  | February 2030 |  | $ | — |  |  | $ | — |
$500 Million Term Loan Maturing 2027 |  | 4.89% |  | September 2027 (3) |  | 500,000 |  |  | 500,000 |
$300 Million Term Loan Maturing 2028 |  | 5.41% |  | April 2028 (3) |  | 300,000 |  |  | 300,000 |
$569 Million Term Loan Maturing 2031 (4) |  | 5.41% |  | February 2031 |  | 225,000 |  |  | 225,000 |
$150 Million Term Loan Maturing 2033 (5) |  | —% |  | February 2033 |  | — |  |  | — |
|  |  |  |  |  | 1,025,000 |  |  | 1,025,000 |
Deferred financing costs, net (6) |  |  |  |  |  | (6,586) |  |  | (4,943) |
Total Revolver and Term Loans, net |  |  |  |  |  | $ | 1,018,414 |  |  | $ | 1,020,057 |
(1)Interest rate at March 31, 2026 gives effect to interest rate hedges. (2)At both March 31, 2026 and December 31, 2025, there was $600.0 million of borrowing capacity on the Revolver. In February 2026, the Company amended its Revolver. The amendment extends the maturity date of the Revolver to February 2030. The Company has the ability to extend the maturity date for an additional one-year period or up to two six-month periods ending February 2031 if certain conditions are satisfied. (3)This term loan includes two one-year extension options at the Company's discretion, subject to certain conditions. (4)In February 2026, the Company refinanced this term loan to extend the scheduled maturity date to February 2031 and upsize it to a $569.0 million delayed draw term loan, of which $225.0 million has been funded and $344.0 million of commitments remain available to be drawn by the Company. (5)In February 2026, the Company entered into a new $150.0 million delayed draw term loan which matures in February 2033. The Company had not drawn on this term loan as of March 31, 2026. (6)Excludes $7.5 million and $2.2 million as of March 31, 2026 and December 31, 2025, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. Also excludes $5.5 million as of March 31, 2026 related to deferred financing costs on the undrawn commitments of the $569 Million Term Loan Maturing 2031 and the $150 Million Term Loan Maturing 2033, which are included in prepaid expense and other assets in the accompanying consolidated balance sheet.
Schedule of mortgage loans | The Company's mortgage loans consisted of the following (dollars in thousands):
|  |  |  |  |  |  |  | Carrying Value at
|  | Number of Assets Encumbered |  | Interest Rate at March 31, 2026 |  | Maturity Date |  | March 31, 2026 |  | December 31, 2025
Mortgage loan (1) |  | 2 |  | 4.94% | (3) | April 2029 |  | $ | 68,300 |  |  | $ | 69,750 |
Mortgage loan (1) |  | 4 |  | 5.05% | (3) | April 2029 |  | 81,100 |  |  | 85,000 |
Mortgage loan (2) |  | 1 |  | 5.06% |  | January 2029 |  | 26,022 |  |  | 26,112 |
|  | 7 |  |  |  |  |  | 175,422 |  |  | 180,862 |
Deferred financing costs, net |  |  |  |  |  |  |  | (458) |  |  | (102) |
Total mortgage loans, net |  |  |  |  |  |  |  | $ | 174,964 |  |  | $ | 180,760 |
(1)In January 2026, the Company amended these mortgage loans, extending the initial maturity date to April 2029, with two one-year extension options at the Company's discretion, subject to certain conditions. The Company paid down approximately $5.4 million in principal in January 2026 in connection with the amendments. In April 2026, the Company received additional proceeds of $23.4 million on the $68.3 million mortgage loan with the addition of another hotel property previously unencumbered, while paying down $8.4 million on the $81.1 million mortgage loan, resulting in new principal balances of $91.7 million and $72.7 million, respectively. The hotels encumbered by each mortgage loan are cross-collateralized and require payments of interest only through maturity. (2)Includes $1.0 million and $1.1 million at March 31, 2026 and December 31, 2025, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity. (3)Interest rate at March 31, 2026 gives effect to interest rate hedges.
Schedule of Interest Expense Components | The components of the Company's interest expense consisted of the following (in thousands):
|  |  | For the three months ended March 31,
|  |  |  |  | 2026 |  | 2025
Senior Notes |  |  |  |  | $ | 9,688 |  |  | $ | 9,688 |
Revolver and Term Loans |  |  |  |  | 13,970 |  |  | 13,534 |
Mortgage loans |  |  |  |  | 2,127 |  |  | 2,355 |
Amortization of deferred financing costs |  |  |  |  | 1,892 |  |  | 1,831 |
Non-cash interest expense related to interest rate hedges |  |  |  |  | — |  |  | 144 |
Total interest expense |  |  |  |  | $ | 27,677 |  |  | $ | 27,552 |

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