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SEC Filings

10-K
RLJ LODGING TRUST filed this Form 10-K on 03/01/2019
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 The Company's unsecured credit agreements consisted of the following (in thousands):
 
 
 
 
 
 
Outstanding Borrowings at
 
 
Interest Rate at December 31, 2018 (1)
 
Maturity Date
 
December 31, 2018
 
December 31, 2017
Revolver (2)
 
4.00%
 
April 2020
 
$

 
$

$400 Million Term Loan Maturing 2021
 
3.11%
 
April 2021
 
400,000

 
400,000

$150 Million Term Loan Maturing 2022
 
3.08%
 
January 2022
 
150,000

 
150,000

$400 Million Term Loan Maturing 2023
 
3.22%
 
January 2023
 
400,000

 
400,000

$225 Million Term Loan Maturing 2023
 
3.44%
 
January 2023
 
225,000

 
225,000

 
 
 
 
 
 
1,175,000

 
1,175,000

Deferred financing costs, net (3)
 
 
 
 
 
(5,835
)
 
(4,046
)
Total Revolver and Term Loans, net
 
 
 
 
 
$
1,169,165

 
$
1,170,954


(1)
Interest rate at December 31, 2018 gives effect to interest rate hedges.
(2)
At both December 31, 2018 and 2017, there was $600.0 million of borrowing capacity on the Revolver. The Company has the ability to further increase the borrowing capacity to $750.0 million, subject to certain lender requirements.
(3)
Excludes $1.5 million and $2.6 million as of December 31, 2018 and 2017, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets.

Mortgage Loans
 
The Company's mortgage loans consisted of the following (in thousands):

 
 
 
 
 
 
 
 
 
Principal balance at
 
 
Number of Assets Encumbered
 
Interest Rate at December 31, 2018 (1)
 
Maturity Date
 

 
December 31, 2018
 
December 31, 2017
Mortgage loan (5)
 
4
 
4.05%
 
March 2019
 
(3)
 
$
140,250

 
$
143,250

Mortgage loan (2)
 
4
 
4.09%
 
October 2019
 
(4)
 
150,000

 
150,000

Mortgage loan (2) (6)
 
5
 
4.60%
 
March 2021
 
(7)
 
85,000

 
85,000

Mortgage loan (8)
 
1
 
5.25%
 
June 2022
 
 
 
32,066

 
32,882

Mortgage loan (9)
 
3
 
4.95%
 
October 2022
 
 
 
91,737

 
120,893

Mortgage loan (10)
 
1
 
4.94%
 
October 2022
 
 
 
29,569

 
30,323

Mortgage loan (2) (11)
 
 
 
 
(12)
 

 
85,404

 
 
18
 

 
 
 
 
 
528,622

 
647,752

Deferred financing costs, net
 
 
 
 
 
 
 
 
 
(433
)
 
(934
)
Total mortgage loans, net
 
 
 
 
 
 
 
 
 
$
528,189

 
$
646,818


(1)
Interest rate at December 31, 2018 gives effect to interest rate hedges.
(2)
Requires payments of interest only through maturity.
(3)
In March 2018, the Company extended the maturity date for a one-year term. The maturity date may be extended for three additional one-year terms at the Company’s option, subject to certain lender requirements.
(4)
In October 2018, the Company extended the maturity date for a one-year term. The maturity date may be extended for two additional one-year terms at the Company's option, subject to certain lender requirements.
(5)
Two of the four hotels encumbered by the mortgage loan are cross-collateralized.
(6)
The five hotels encumbered by the mortgage loan are cross-collateralized.
(7)
The maturity date may be extended for two one-year terms at the Company’s option, subject to certain lender requirements.
(8)
Includes $0.6 million and $0.8 million at December 31, 2018 and 2017, respectively, related to a fair value adjustment on the mortgage loan that was assumed in conjunction with an acquisition.
(9)
Includes $1.9 million and $3.0 million at December 31, 2018 and 2017, respectively, related to fair value adjustments on the mortgage loans that were assumed in the Mergers.
(10)
Includes $0.6 million and $0.7 million at December 31, 2018 and 2017, respectively, related to a fair value adjustment on the mortgage loan that was assumed in the Mergers.
(11)
Includes $0.4 million at December 31, 2017 related to a fair value adjustment on the mortgage loan that was assumed in the Mergers.
(12)
On November 5, 2018, the Company paid off the mortgage loan in full.
 

F-27

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