Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 02, 2022 | |
Cover [Abstract] | ||
Entity Registrant Name | APPLE HOSPITALITY REIT, INC. | |
Trading Symbol | APLE | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 228,878,373 | |
Amendment Flag | false | |
Entity Central Index Key | 0001418121 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-37389 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 26-1379210 | |
Entity Address, Address Line One | 814 East Main Street | |
Entity Address, City or Town | Richmond | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 23219 | |
City Area Code | 804 | |
Local Phone Number | 344-8121 | |
Title of 12(b) Security | Common Shares, no par value | |
Security Exchange Name | NYSE | |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Investment in real estate, net of accumulated depreciation and amortization of $1,401,817 and $1,311,262, respectively | $ 4,603,244 | $ 4,677,185 |
Cash and cash equivalents | 1,598 | 3,282 |
Restricted cash-furniture, fixtures and other escrows | 45,650 | 36,667 |
Due from third party managers, net | 66,429 | 40,052 |
Other assets, net | 59,931 | 33,341 |
Total Assets | 4,776,852 | 4,790,527 |
Liabilities | ||
Debt, net | 1,372,638 | 1,438,758 |
Finance lease liabilities | 111,920 | 111,776 |
Accounts payable and other liabilities | 70,668 | 92,672 |
Total Liabilities | 1,555,226 | 1,643,206 |
Shareholders' Equity | ||
Preferred stock, authorized 30,000,000 shares; none issued and outstanding | 0 | 0 |
Common stock, no par value, authorized 800,000,000 shares; issued and outstanding 228,886,273 and 228,255,642 shares, respectively | 4,579,590 | 4,569,352 |
Accumulated other comprehensive income (loss) | 22,330 | (15,508) |
Distributions greater than net income | (1,380,294) | (1,406,523) |
Total Shareholders' Equity | 3,221,626 | 3,147,321 |
Total Liabilities and Shareholders' Equity | $ 4,776,852 | $ 4,790,527 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Investment in real estate accumulated depreciation (in Dollars) | $ 1,401,817 | $ 1,311,262 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 228,886,273 | 228,255,642 |
Common stock, shares outstanding | 228,886,273 | 228,255,642 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Total revenue | $ 337,668 | $ 247,404 | $ 598,146 | $ 406,117 |
Expenses: | ||||
Total hotel operating expense | 182,515 | 135,410 | 336,517 | 239,150 |
Property taxes, insurance and other | 18,779 | 17,321 | 37,458 | 37,009 |
General and administrative | 10,307 | 8,435 | 19,945 | 16,554 |
Loss on impairment of depreciable real estate assets | 0 | 0 | 0 | 10,754 |
Depreciation and amortization | 45,322 | 46,386 | 90,646 | 95,096 |
Total expense | 256,923 | 207,552 | 484,566 | 398,563 |
Gain (loss) on sale of real estate | 0 | (864) | 0 | 3,620 |
Operating income | 80,745 | 38,988 | 113,580 | 11,174 |
Interest and other expense, net | (15,198) | (18,618) | (29,852) | (37,131) |
Income (loss) before income taxes | 65,547 | 20,370 | 83,728 | (25,957) |
Income tax expense | (202) | (87) | (381) | (195) |
Net income (loss) | 65,345 | 20,283 | 83,347 | (26,152) |
Other comprehensive income (loss): | ||||
Interest rate derivatives | 10,619 | (1,356) | 37,838 | 14,726 |
Comprehensive income (loss) | $ 75,964 | $ 18,927 | $ 121,185 | $ (11,426) |
Basic net income (loss) per common share | $ 0.29 | $ 0.09 | $ 0.36 | $ (0.12) |
Diluted net income (loss) per common share | $ 0.29 | $ 0.09 | $ 0.36 | $ (0.12) |
Weighted average common shares outstanding - basic (in Shares) | 228,998 | 224,772 | 228,992 | 224,255 |
Weighted average common shares outstanding - diluted (in Shares) | 228,998 | 224,772 | 228,992 | 224,255 |
Room [Member] | ||||
Revenues: | ||||
Total revenue | $ 312,370 | $ 231,166 | $ 550,346 | $ 379,647 |
Food and Beverage [Member] | ||||
Revenues: | ||||
Total revenue | 12,019 | 5,088 | 20,483 | 7,871 |
Other [Member] | ||||
Revenues: | ||||
Total revenue | 13,279 | 11,150 | 27,317 | 18,599 |
Direct Operating [Member] | ||||
Expenses: | ||||
Total hotel operating expense | 76,064 | 53,186 | 140,395 | 91,336 |
Hotel Administrative [Member] | ||||
Expenses: | ||||
Total hotel operating expense | 27,353 | 21,538 | 51,195 | 39,282 |
Sales and Marketing [Member] | ||||
Expenses: | ||||
Total hotel operating expense | 27,492 | 20,380 | 49,961 | 35,268 |
Utilities [Member] | ||||
Expenses: | ||||
Total hotel operating expense | 10,553 | 9,352 | 20,843 | 19,912 |
Repair and Maintenance [Member] | ||||
Expenses: | ||||
Total hotel operating expense | 14,808 | 11,886 | 27,836 | 22,111 |
Royalty [Member] | ||||
Expenses: | ||||
Total hotel operating expense | 14,800 | 10,865 | 26,066 | 17,784 |
Management Service [Member] | ||||
Expenses: | ||||
Total hotel operating expense | $ 11,445 | $ 8,203 | $ 20,221 | $ 13,457 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions Greater Than Net Income [Member] |
Balance at Dec. 31, 2020 | $ 3,029,347 | $ 4,488,419 | $ (42,802) | $ (1,416,270) |
Balance (in Shares) at Dec. 31, 2020 | 223,212 | |||
Share based compensation, net | 5,847 | $ 5,847 | ||
Share based compensation, net (in Shares) | 452 | |||
Issuance of common shares, net | 75,066 | $ 75,066 | ||
Issuance of common shares, net (in shares) | 4,677 | |||
Interest rate derivatives | 14,726 | 14,726 | ||
Net income (loss) | (26,152) | (26,152) | ||
Distributions declared to shareholders | (4,511) | (4,511) | ||
Balance at Jun. 30, 2021 | 3,094,323 | $ 4,569,332 | (28,076) | (1,446,933) |
Balance (in Shares) at Jun. 30, 2021 | 228,341 | |||
Balance at Mar. 31, 2021 | 3,001,765 | $ 4,493,422 | (26,720) | (1,464,937) |
Balance (in Shares) at Mar. 31, 2021 | 223,656 | |||
Share based compensation, net | 843 | $ 843 | ||
Share based compensation, net (in Shares) | 8 | |||
Issuance of common shares, net | 75,067 | $ 75,067 | ||
Issuance of common shares, net (in shares) | 4,677 | |||
Interest rate derivatives | (1,356) | (1,356) | ||
Net income (loss) | 20,283 | 20,283 | ||
Distributions declared to shareholders | (2,279) | (2,279) | ||
Balance at Jun. 30, 2021 | 3,094,323 | $ 4,569,332 | (28,076) | (1,446,933) |
Balance (in Shares) at Jun. 30, 2021 | 228,341 | |||
Balance at Dec. 31, 2021 | 3,147,321 | $ 4,569,352 | (15,508) | (1,406,523) |
Balance (in Shares) at Dec. 31, 2021 | 228,256 | |||
Share based compensation, net | 10,589 | $ 10,589 | ||
Share based compensation, net (in Shares) | 640 | |||
Equity issuance costs | (206) | $ (206) | ||
Common shares repurchased | (145) | $ (145) | ||
Common shares repurchased (in Shares) | (10) | |||
Interest rate derivatives | 37,838 | 37,838 | ||
Net income (loss) | 83,347 | 83,347 | ||
Distributions declared to shareholders | (57,118) | (57,118) | ||
Balance at Jun. 30, 2022 | 3,221,626 | $ 4,579,590 | 22,330 | (1,380,294) |
Balance (in Shares) at Jun. 30, 2022 | 228,886 | |||
Balance at Mar. 31, 2022 | 3,179,107 | $ 4,578,758 | 11,711 | (1,411,362) |
Balance (in Shares) at Mar. 31, 2022 | 228,889 | |||
Share based compensation, net | 997 | $ 997 | ||
Share based compensation, net (in Shares) | 7 | |||
Equity issuance costs | (20) | $ (20) | ||
Common shares repurchased | (145) | $ (145) | ||
Common shares repurchased (in Shares) | (10) | |||
Interest rate derivatives | 10,619 | 10,619 | ||
Net income (loss) | 65,345 | 65,345 | ||
Distributions declared to shareholders | (34,277) | (34,277) | ||
Balance at Jun. 30, 2022 | $ 3,221,626 | $ 4,579,590 | $ 22,330 | $ (1,380,294) |
Balance (in Shares) at Jun. 30, 2022 | 228,886 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement Of Stockholders Equity [Abstract] | ||||
Distributions declared to shareholders | $ 0.15 | $ 0.01 | $ 0.25 | $ 0.02 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||||||
Net income (loss) | $ 65,345 | $ 20,283 | $ 83,347 | $ (26,152) | ||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||||||
Depreciation and amortization | 45,322 | 46,386 | 90,646 | 95,096 | ||
Loss on impairment of depreciable real estate assets | 0 | 0 | 0 | 10,754 | ||
Gain on sale of real estate | 0 | 864 | 0 | (3,620) | ||
Other non-cash expenses, net | 4,328 | 5,493 | ||||
Changes in operating assets and liabilities: | ||||||
Increase in due from third party managers, net | (26,377) | (32,157) | ||||
Decrease (increase) in other assets, net | (5,371) | 145 | ||||
Increase in accounts payable and other liabilities | 5,636 | 214 | ||||
Net cash provided by operating activities | 152,209 | 49,773 | ||||
Cash flows from investing activities: | ||||||
Acquisition of hotel properties, net | (49,345) | |||||
Disbursements for potential acquisitions, net | (2,375) | |||||
Capital improvements | (25,019) | (4,906) | ||||
Net proceeds from sale of real estate | 22,765 | |||||
Net cash used in investing activities | (25,019) | (33,861) | ||||
Cash flows from financing activities: | ||||||
Net proceeds (disbursements) related to issuance of common shares | (185) | 75,066 | ||||
Repurchases of common shares | (145) | |||||
Repurchases of common shares to satisfy employee withholding requirements | (4,415) | (1,650) | ||||
Distributions paid to common shareholders | $ (11,400) | (34,300) | (2,200) | (47,962) | (2,232) | |
Net proceeds from (payments on) revolving credit facility | (10,000) | (23,800) | ||||
Proceeds from term loans and senior notes | 75,000 | |||||
Payments of mortgage debt and other loans | (132,060) | (62,049) | ||||
Principal payments on finance leases | (55) | |||||
Financing costs | (69) | (1,501) | ||||
Net cash used in financing activities | (119,891) | (16,166) | ||||
Net change in cash, cash equivalents and restricted cash | 7,299 | (254) | ||||
Cash, cash equivalents and restricted cash, beginning of period | 39,949 | 34,368 | $ 34,368 | |||
Cash, cash equivalents and restricted cash, end of period | 47,248 | 47,248 | 34,114 | 47,248 | 34,114 | 39,949 |
Supplemental cash flow information: | ||||||
Interest paid | 28,527 | 35,336 | ||||
Supplemental disclosure of noncash investing and financing activities: | ||||||
Accrued distribution to common shareholders | 11,420 | 11,420 | 2,279 | 11,420 | 2,279 | 2,300 |
Reconciliation of cash, cash equivalents and restricted cash: | ||||||
Cash and cash equivalents, beginning of period | 3,282 | 5,556 | 5,556 | |||
Restricted cash-furniture, fixtures and other escrows, beginning of period | 36,667 | 28,812 | 28,812 | |||
Cash, cash equivalents and restricted cash, beginning of period | 39,949 | 34,368 | 34,368 | |||
Cash and cash equivalents, end of period | 1,598 | 1,598 | 2,899 | 1,598 | 2,899 | 3,282 |
Restricted cash-furniture, fixtures and other escrows, end of period | 45,650 | 45,650 | 31,215 | 45,650 | 31,215 | 36,667 |
Cash, cash equivalents and restricted cash, end of period | $ 47,248 | $ 47,248 | $ 34,114 | $ 47,248 | $ 34,114 | $ 39,949 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Organization Apple Hospitality REIT, Inc., formed in November 2007 as a Virginia corporation, together with its wholly-owned subsidiaries (the “Company”), is a self-advised real estate investment trust (“REIT”) that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company’s fiscal year end is December 31. The Company has no foreign operations or assets, and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision-making process of these entities, and therefore does not consolidate the entities. As of June 30, 2022, the Company owned 219 hotels with an aggregate of 28,748 rooms located in 36 states. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.” Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2022. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Coronavirus COVID-19 Pandemic As a result of the coronavirus COVID-19 pandemic (“COVID-19”) and subsequent variants and the impact it has had on travel and the broader economy throughout the U.S. since March 2020, the Company’s hotels experienced significant declines in occupancy. While occupancy recovered significantly during 2021 and the first half of 2022, due to the continued impacts from the COVID-19 variants on the hotel industry and the general economy, there remains uncertainty as to when operations at the hotels will fully return to pre-pandemic levels. Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted net income (loss) per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. Basic and diluted net income (loss) per common share were the same for each of the periods presented. Accounting Standards Recently Adopted Reference Rate Reform In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848) the FASB issued 2021-01, Reference Rate Reform (Topic 848), Scope, which further clarified the scope of the reference rate reform optional practical expedients and exceptions outlined in Topic 848. The provisions of these updates will generally affect the Company by allowing, among other things, the following: • M odifications of the Company’s unsecured credit facilities (as defined below) to replace the London Interbank Offered Rate ( “ LIBOR ” ) with a substitute index to be accounted for as a non-substantial modification and not considered a debt extinguishment. • Changes to the floating interest rate index used in the Company’s interest rate swaps to not be considered a change to the critical terms of the hedge and therefore not requiring a dedesignation of the hedging relationship. In July 2022, the Company amended each of its unsecured credit facilities and interest rate swap agreements to replace LIBOR with the SOFR”) as the reference rate. In accordance with ASU 2020-04, as amended, these amendments will be accounted for as non-substantial modifications. See Note 4 for more information regarding amendments made to the Company’s unsecured credit facilities and interest rate swap agreements. Accounting for Certain Equity Options In May 2021, the FASB issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (Topics 260, 470, 718 and 815) Accounting for Funds Received as Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832) The provisions of this update are effective for annual periods beginning after December 15, 2021. |
Investment in Real Estate
Investment in Real Estate | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate [Abstract] | |
Investment in Real Estate | 2. Investment in Real Estate The Company’s investment in real estate consisted of the following (in thousands): June 30, December 31, 2022 2021 Land $ 794,901 $ 794,899 Building and improvements 4,591,518 4,584,829 Furniture, fixtures and equipment 498,192 488,773 Finance ground lease assets 102,084 102,084 Franchise fees 18,366 17,862 6,005,061 5,988,447 Less accumulated depreciation and amortization (1,401,817 ) (1,311,262 ) Investment in real estate, net $ 4,603,244 $ 4,677,185 As of June 30, 2022, the Company owned 219 hotels with an aggregate of 28,748 rooms located in 36 states. The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements. Hotel Acquisitions There were no acquisitions during the six months ended June 30, 2022. During the year ended December 31, 2021, the Company acquired eight hotels, including one hotel during the six months ended June 30, 2021. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Acquired Rooms Gross Purchase Price Madison WI Hilton Garden Inn Raymond 2/18/2021 176 $ 49,599 Portland ME AC Hotels Crestline 8/20/2021 178 66,750 Greenville SC Hyatt Place Crestline 9/1/2021 130 30,000 Portland ME Aloft Crestline 9/10/2021 157 51,150 Memphis TN Hilton Garden Inn Crestline 10/28/2021 150 38,000 Fort Worth TX Hilton Garden Inn Raymond 11/17/2021 157 29,500 Fort Worth TX Homewood Suites Raymond 11/17/2021 112 21,500 Portland OR Hampton Raymond 11/17/2021 243 75,000 1,303 $ 361,499 In 2021, the Company used borrowings under its Revolving Credit Facility (as defined below) to purchase the Madison, Wisconsin and Memphis, Tennessee hotels, used available cash to purchase the Portland, Maine and Greenville, South Carolina hotels and used a mix of available cash and borrowings under its Revolving Credit Facility to purchase the Fort Worth, Texas and Portland, Oregon hotels. The acquisitions of these hotel properties were accounted for as acquisitions of asset groups, whereby costs incurred to effect the acquisitions (which were not significant) were capitalized as part of the cost of the assets acquired. For the one hotel acquired during the six months ended June 30, 2021, the amount of revenue and operating loss included in the Company’s consolidated statement of operations from the date of acquisition through June 30, 2021 was approximately $0.7 million and $(1.0) million, respectively. Seattle Land Acquisition On August 16, 2021, the Company purchased the fee interest in the land at the Seattle, Washington Residence Inn, previously held under a finance ground lease. The Company utilized $24.0 million of its available cash and entered into a one-year Hotel Purchase Contract Commitments As of June 30, 2022, the Company had one outstanding contract, which was entered into during 2021, for the potential purchase of a hotel in Madison, Wisconsin for an expected purchase price of approximately $78.6 million. The hotel is currently under development and is expected to be completed and opened for business in early 2024, as a 260-room Embassy Suites. As of June 30, 2022, a $0.9 million contract deposit (refundable if the seller does not meet its obligations under the contract) had been paid. Although the Company is working towards acquiring this hotel, there are a number of conditions to closing that have not yet been satisfied and there can be no assurances that closing on this hotel will occur under the outstanding purchase contract. The Company plans to utilize its available cash or borrowings under its unsecured credit facilities available at closing to purchase the hotel under contract if closing occurs. |
Dispositions
Dispositions | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Dispositions | 3. Dispositions There were no dispositions during the six months ended June 30, 2022. During the year ended December 31, 2021, the Company sold 23 hotels in four separate transactions with unrelated parties for a total combined gross sales price of approximately $234.6 million, resulting in a combined net gain on sale, after giving effect to impairment charges discussed below, of approximately $3.6 million, net of transaction costs, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2021. The 23 hotels had a total carrying value of approximately $227.2 million at the time of sale. The following table lists the 23 hotels sold: City State Brand Date Sold Rooms Charlotte NC Homewood Suites 2/25/2021 118 Memphis TN Homewood Suites 3/16/2021 140 Overland Park KS SpringHill Suites 4/30/2021 102 Montgomery AL Hilton Garden Inn 7/22/2021 97 Montgomery AL Homewood Suites 7/22/2021 91 Rogers AR Residence Inn 7/22/2021 88 Phoenix AZ Courtyard 7/22/2021 127 Lakeland FL Courtyard 7/22/2021 78 Albany GA Fairfield 7/22/2021 87 Schaumburg IL Hilton Garden Inn 7/22/2021 166 Andover MA SpringHill Suites 7/22/2021 136 Fayetteville NC Residence Inn 7/22/2021 92 Greenville SC Residence Inn 7/22/2021 78 Jackson TN Hampton 7/22/2021 85 Johnson City TN Courtyard 7/22/2021 90 Allen TX Hampton 7/22/2021 103 Allen TX Hilton Garden Inn 7/22/2021 150 Beaumont TX Residence Inn 7/22/2021 133 Burleson/Fort Worth TX Hampton 7/22/2021 88 El Paso TX Hilton Garden Inn 7/22/2021 145 Irving TX Homewood Suites 7/22/2021 77 Richmond VA SpringHill Suites 7/22/2021 103 Vancouver WA SpringHill Suites 7/22/2021 119 Total 2,493 Excluding gains on sale of real estate, the Company’s consolidated statements of operations include an operating loss of approximately $(8.1) million for the six months ended June 30, 2021, relating to the results of operations of the 23 hotels sold in 2021 (as described above) for the period of ownership. The sale of these properties does not represent a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, and therefore the operating results for the period of ownership of these properties are included in income from continuing operations for the six months ended June 30, 2021. The net proceeds from the sales were used to pay down borrowings under the Company’s Revolving Credit Facility and for general corporate purposes, including acquisitions of hotel properties. Loss on Impairment of Depreciable Real Estate Assets During the first quarter of 2021, the Company identified 20 hotels for potential sale and, in April 2021, entered into a purchase contract with an unrelated party for the sale of the hotels for a gross sales price of $211.0 million. As a result, the Company recognized impairment losses totaling approximately $9.4 million The fair values of these properties were based on broker opinions of value using multiple methods to determine their value, including but not limited to replacement value, discounted cash flows and the income approach based on historical and forecasted operating results of the specific properties. These valuations are Level 3 inputs under the fair value hierarchy. Additionally, during the first quarter of 2021, the Company identified the Overland Park, Kansas SpringHill Suites for potential sale and, in February 2021, entered into a purchase contract with an unrelated party for the sale of the hotel for a gross sales price of to adjust the carrying value of the hotel to its estimated fair value less cost to sell, which was based on the contracted sales price, a Level 1 input under the fair value hierarchy. The Company completed the sale of the hotel in April 2021 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 4. Debt Summary As of June 30, 2022 and December 31, 2021, the Company’s debt consisted of the following (in thousands): June 30, 2022 December 31, 2021 Revolving credit facility $ 66,000 $ 76,000 Term loans and senior notes, net 941,088 865,189 Mortgage debt, net 365,550 497,569 Debt, net $ 1,372,638 $ 1,438,758 The aggregate amounts of principal payable under the Company’s total debt obligations as of June 30, 2022 (including the Revolving Credit Facility, term loans, senior notes and mortgage debt), for each of the next five fiscal years and thereafter are as follows (in thousands): 2022 (July - December) $ 102,770 2023 296,214 2024 338,597 2025 245,140 2026 74,649 Thereafter 319,616 1,376,986 Unamortized fair value adjustment of assumed debt 867 Unamortized debt issuance costs (5,215 ) Total $ 1,372,638 The Company uses interest rate swaps to manage its interest rate risk on a portion of its variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the London Inter-Bank Offered Rate for a one-month term (“one-month LIBOR”). The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. See Note 5 for more information on the interest rate swap agreements. The Company’s total fixed-rate and variable-rate debt, after giving effect to its interest rate swaps in effect at June 30, 2022 and December 31, 2021, is set forth below. All dollar amounts are in thousands. June 30, 2022 Percentage December 31, 2021 Percentage Fixed-rate debt (1) $ 1,260,986 92 % $ 1,318,046 91 % Variable-rate debt 116,000 8 % 126,000 9 % Total $ 1,376,986 $ 1,444,046 Weighted-average interest rate of debt 3.56 % 3.38 % (1) Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 Credit Facilities $850 Million Credit Facility Prior to the Company’s debt refinancing in July 2022 (as discussed below), the Company utilized an unsecured credit facility comprised of (i) a $425 million revolving credit facility with an initial maturity date of July 27, 2022 (the “Revolving Credit Facility”) and (ii) a $425 million term loan facility consisting of two term loans: a $200 million term loan with a maturity date of July 27, 2023, and a $225 million term loan with a maturity date of January 31, 2024, both funded in July 2018 (the “$850 million credit facility”). $225 Million Term Loan Facility The Company also has an unsecured term loan facility that is comprised of (i) a $50 million term loan with a maturity date of August 2, 2023, which was funded on August 2, 2018, and (ii) a $175 million term loan with a maturity date of August 2, 2025, of which $100 million was funded on August 2, 2018, and the remaining $75 million was funded on January 29, 2019 (the “$225 million term loan facility”). The credit agreement contains requirements and covenants similar to the Company’s $850 million credit facility. The Company may make voluntary prepayments in whole or in part, at any time, subject to certain conditions. Interest payments on the $225 million term loan facility are due monthly and the interest rate, subject to certain exceptions, is equal to an annual rate of the LIBOR plus a margin ranging from 1.35% to 2.50%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. 2017 $85 Million Term Loan Facility On July 25, 2017, the Company entered into an unsecured term loan facility with a maturity date of July 25, 2024, consisting of one term loan (the “2017 $85 million term loan facility”), that was funded at closing. The credit agreement, as amended and restated in August 2018, contains requirements and covenants similar to the Company’s $850 million credit facility. The Company may make voluntary prepayments in whole or in part, at any time, subject to certain conditions. Interest payments on the 2017 $85 million term loan facility are due monthly, and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month LIBOR plus a margin ranging from 1.30% to 2.10%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. 2019 $85 Million Term Loan Facility On December 31, 2019, the Company entered into an unsecured term loan facility with a maturity date of December 31, 2029, consisting of one term loan funded at closing, (the “2019 $85 million term loan facility”). Net proceeds from the 2019 $85 million term loan facility were used to pay down borrowings under the Company’s Revolving Credit Facility. The credit agreement contains requirements and covenants similar to the Company’s $850 million credit facility. The Company may make voluntary prepayments in whole or in part, subject to certain conditions. Interest payments on the 2019 $85 million term loan facility are due monthly and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month LIBOR plus a margin ranging from 1.70% to 2.55%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. $50 Million Senior Notes Facility On March 16, 2020, the Company entered into an unsecured senior notes facility with a maturity date of March 31, 2030, consisting of senior notes totaling $50 million funded at closing (the “$50 million senior notes facility”). Net proceeds from the $50 million senior notes facility were available to provide funding for general corporate purposes. The note agreement contains requirements and covenants similar to the Company’s $850 million credit facility. The Company may make voluntary prepayments in whole or in part, at any time, subject to certain conditions, including make-whole provisions. Interest payments on the $50 million senior notes facility are due quarterly and the interest rate, subject to certain exceptions, ranges from an annual rate of 3.60% to 4.35% depending on the Company’s leverage ratio, as calculated under the terms of the note agreement. $75 Million Senior Notes Facility On June 2, 2022, the Company entered into an unsecured senior notes facility with a maturity date of June 2, 2029, consisting of senior notes totaling $75 million funded at closing (the “$75 million senior notes facility”, and collectively with the $850 million credit facility, the $225 million term loan facility, the 2017 $85 million term loan facility, the 2019 $85 million term loan facility and the $50 million senior notes facility, the “unsecured credit facilities”). Net proceeds from the $75 million senior notes facility were available to provide funding for general corporate purposes, including the repayment of borrowings under the Company’s Revolving Credit Facility and repayment of mortgage debt. The note agreement contains requirements and covenants similar to the Company’s $850 million credit facility. The Company may make voluntary prepayments in whole or in part, at any time, subject to certain conditions, including make-whole provisions. Interest payments on the $75 million senior notes facility are due quarterly and the interest rate, subject to certain exceptions, ranges from an annual rate of 4.88% to 5.63% depending on the Company’s leverage ratio, as calculated under the terms of the note agreement. As of June 30, 2022 and December 31, 2021, the details of the Company’s unsecured credit facilities were as set forth in the table below, which does not give effect to the debt refinancing in July 2022. All dollar amounts are in thousands. Outstanding Balance Interest Rate (1) Maturity Date June 30, 2022 December 31, 2021 Revolving credit facility (2) LIBOR + 1.40% - 2.25% 7/27/2022 (4) $ 66,000 $ 76,000 Term loans and senior notes $200 million term loan LIBOR + 1.35% - 2.20% 7/27/2023 (4) 200,000 200,000 $225 million term loan LIBOR + 1.35% - 2.20% 1/31/2024 (4) 225,000 225,000 $50 million term loan LIBOR + 1.35% - 2.20% 8/2/2023 50,000 50,000 $175 million term loan LIBOR + 1.65% - 2.50% 8/2/2025 175,000 175,000 2017 $85 million term loan LIBOR + 1.30% - 2.10% 7/25/2024 85,000 85,000 2019 $85 million term loan LIBOR + 1.70% - 2.55% 12/31/2029 85,000 85,000 $50 million senior notes 3.60% - 4.35% 3/31/2030 50,000 50,000 $75 million senior notes 4.88% - 5.63% 6/2/2029 75,000 - Term loans and senior notes at stated value 945,000 870,000 Unamortized debt issuance costs (3,912 ) (4,811 ) Term loans and senior notes, net 941,088 865,189 Credit facilities, net (2) $ 1,007,088 $ 941,189 Weighted-average interest rate (3) 3.39 % 2.97 % (1) Interest rates on all of the unsecured credit facilities increased to 0.15% above the highest rate shown for each loan during the Extended Covenant Waiver Period (as defined below) from March 1, 2021 through July 28, 2021. ( 2 ) Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $0.1 million and $1.0 million as of June 30, 2022 December 31, 2021 ( 3 ) Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $770.0 million of the outstanding variable-rate debt as of June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (4) On July 25, 2022, the Company entered into an amendment and restatement of its $850 million credit facility, which extended the maturities of the existing Revolving Credit Facility, $200 million term loan and $225 million term loan to July 25, 2026, July 25, 2027 and January 31, 2028, respectively. Credit Facilities Covenants and Amendments The credit agreements governing the unsecured credit facilities (collectively, the “credit agreements”), contain mandatory prepayment requirements, customary affirmative and negative covenants, restrictions on certain investments and events of default. The credit agreements, not giving effect to the debt refinancing in July 2022, contained the following financial and restrictive covenants (capitalized terms not defined below are defined in the credit agreements): ● A ratio of Consolidated Total Indebtedness to Consolidated EBITDA (“Maximum Consolidated Leverage Ratio”) of not more than 6.50 to 1.00 (subject to a higher amount in certain circumstances); ● A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets (“Maximum Secured Leverage Ratio”) of not more than 45%; ● A minimum Consolidated Tangible Net Worth of approximately $3.2 billion plus an amount equal to 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, July 27, 2018, subject to adjustment; ● A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges ("Minimum Fixed Charge Coverage Ratio") of not less than 1.50 to 1.00 for the trailing four full quarters; ● A ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness ("Minimum Unsecured Interest Coverage Ratio") of not less than 2.00 to 1.00 for the trailing four full quarters; ● A ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset Value (“Maximum Unsecured Leverage Ratio”) of not more than 60 % (subject to a higher level in certain circumstances ); and ● A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets (“Maximum Secured Recourse Indebtedness”) of not more than 10%. As a result of COVID-19 and the associated disruption to the Company’s operating results, the Company entered into amendments in June 2020 that suspended the testing of the Company’s existing financial maintenance covenants under the unsecured credit facilities. These amendments imposed certain restrictions regarding the Company’s investing and financing activities that were applicable during a specified waiver period. On March 1, 2021, as a result of the continued disruption from COVID-19 and the related uncertainty with respect to the Company’s future operating results, the Company entered into further amendments to each of the unsecured credit facilities (the “March 2021 amendments”) to extend the covenant waiver period for all but two of the Company’s existing financial maintenance covenants until the date that the compliance certificate was required to be delivered for the fiscal quarter ended June 30, 2022, and extending to March 31, 2022 for the remaining two covenants (unless, in each case, the Company elected an earlier date) (the “Extended Covenant Waiver Period”). The March 2021 amendments provided for continued restrictions on the Company’s ability to make cash distributions, except for the payment of cash dividends of $0.01 per common share per quarter or to the extent required to maintain REIT status. In addition to the modifications and restrictions imposed during the Extended Covenant Waiver Period, the March 2021 amendments modified the calculation of the existing financial covenants for the first three quarterly calculations subsequent to the end of the Extended Covenant Waiver Period to annualize calculated amounts based on the period beginning with the first fiscal quarter upon exiting the Extended Covenant Waiver Period through the most recently ended fiscal quarter, and provided for an increase in the LIBOR floor under the Revolving Credit Facility from 0 to 25 basis points for Eurodollar Rate Loans (as defined in the credit agreements) and established a Base Rate (as defined in the credit agreements) floor of 1.25% on the Revolving Credit Facility. The March 2021 amendments also modified certain of the existing financial maintenance covenants to less restrictive levels upon exiting the Extended Covenant Waiver Period as follows: ● Maximum Consolidated Leverage Ratio of 8.50 to 1.00 for the first two fiscal quarters, 8.00 to 1.00 for two fiscal quarters, 7.50 to 1.00 for one fiscal quarter and then a ratio of 6.50 to 1.00 thereafter ● Minimum Fixed Charge Coverage Ratio of 1.05 to 1.00 for the first fiscal quarter, 1.25 to 1.00 for one fiscal quarter and then a ratio of 1.50 to 1.00 thereafter ● Minimum Unsecured Interest Coverage Ratio of no less than 1.25 to 1.00 for one fiscal quarter, 1.50 to 1.00 for one fiscal quarter, 1.75 to 1.00 for one fiscal quarter and a ratio of 2.00 to 1.00 thereafter ● Maximum Unsecured Leverage Ratio of 65% for two fiscal quarters and 60% thereafter. Except as otherwise set forth in the amendments described above, the terms of the credit agreements remained in effect. In July 2021, the Company notified its lenders under its unsecured credit facilities that it had elected to exit the Extended Covenant Waiver Period effective on July 29, 2021 pursuant to the terms of each of its unsecured credit facilities. Upon exiting the Extended Covenant Waiver Period, the Company is no longer subject to the restrictions regarding its investing and financing activities that were applicable during the Extended Covenant Waiver Period, including, but not limited to, limitations on the acquisition of property, payment of distributions to shareholders (except to the extent required to maintain REIT status), capital expenditures and use of proceeds from the sale of property or common shares of the Company. Those restrictions, including the restriction on payment of distributions to shareholders, were still in place throughout the second quarter of 2021. As of June 30, 2022, the Company met the applicable financial maintenance covenants based on the results of the twelve months ended June 30, 2022 at the levels required for the fifth fiscal quarter tested upon exiting the Extended Covenant Waiver Period. The unsecured credit facilities do not provide the Company the ability to re-enter the Extended Covenant Waiver Period once it has elected to exit. 20 22 Debt Refinancing On July 25, 2022, the Company entered into an amendment and restatement of its $850 million credit facility, increasing the borrowing capacity to $1.2 billion and extending the maturity dates (the “$1.2 billion credit facility”). The $1.2 billion credit facility is comprised of (i) a $650 million revolving credit facility with an initial maturity date of July 25, 2026, (ii) a $275 million term loan with a maturity date of July 25, 2027, funded at closing, and (iii) a $300 million term loan with a maturity date of January 31, 2028, of which $200 million was funded at closing and the remaining $100 million will be available to the Company in the form of a delayed draw term loan which allows up to four remaining draws within 180 days of closing. At closing, the Company repaid the outstanding $425 million term loans and $50 million outstanding under the Revolving Credit Facility under the $850 million credit facility with proceeds from the $1.2 billion credit facility. Subject to certain conditions, including covenant compliance and additional fees, the $650 million revolving credit facility maturity date may be extended up to one year. The credit agreement for the $1.2 billion credit facility contains mandatory prepayment requirements, customary affirmative and negative covenants (as described below), restrictions on certain investments and events of default, which are similar to the terms of the previous credit agreement for the $850 million credit facility. The Company may make voluntary prepayments in whole or in part, at any time. Interest payments on the $1.2 billion credit facility are due monthly and the interest rate, subject to certain exceptions, is equal to an annual SOFR rate for the selected interest period plus a 0.10% SOFR spread adjustment plus a margin ranging from 1.35% to 2.25%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. The Company is also required to pay quarterly an unused facility fee at an annual rate of 0.20% or 0.25% on the unused portion of the $650 million revolving credit facility, based on the amount of borrowings outstanding during the quarter. The credit agreement for the $1.2 billion credit facility requires the Company and its subsidiaries to comply with various financial maintenance covenants, which include: • Maximum Consolidated Leverage Ratio of not more than 7.25 to 1.00 • Maximum Secured Leverage Ratio of not more than 45% • A minimum Consolidated Tangible Net Worth of approximately $3.4 billion plus an amount equal to 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, July 25, 2022, subject to adjustment • Minimum Fixed Charge Coverage Ratio of not less than 1.50 to 1.00 for the trailing four full quarters • Minimum Unsecured Interest Coverage Ratio of not less than 2.00 to 1.00 for the trailing four full quarters • Maximum Unsecured Leverage Ratio of not more than 60% (subject to a higher level in certain circumstances); and • Maximum Secured Recourse Indebtedness of not more than 10% In addition, in July 2022, the Company amended all of the other unsecured credit facilities to align the financial covenants with the amended $1.2 billion credit facility and to replace the reference rate used (LIBOR) with SOFR plus 0.10% as applicable. No changes were made to margin rates. A summary of the 2022 debt refinancing is set forth below. All dollar amounts are in thousands. 2022 Refinancing Prior to Refinancing Capacity Maturity Date Interest Rate Capacity Maturity Date Interest Rate Revolving credit facility $ 650,000 7/25/2026 SOFR + 0.10% + 1.40% - 2.25% $ 425,000 7/27/2022 LIBOR + 1.40% - 2.25% Term loan 275,000 7/25/2027 SOFR + 0.10% + 1.35% - 2.20% 200,000 7/27/2023 LIBOR + 1.35% - 2.20% Term loan 300,000 1/31/2028 SOFR + 0.10% + 1.35% - 2.20% 225,000 1/31/2024 LIBOR + 1.35% - 2.20% Total $ 1,225,000 $ 850,000 Mortgage Debt As of June 30, 2022, the Company had approximately $366.0 million in outstanding mortgage debt secured by 22 properties with maturity dates ranging from October 2022 to May 2038 and both stated and effective interest rates ranging from 3.40% to 4.97%. The loans generally provide for monthly payments of principal and interest on an amortized basis and defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of June 30, 2022 and December 31, 2021 for each of the Company’s mortgage debt obligations. All dollar amounts are in thousands. Location Brand Interest Rate (1) Loan Assumption or Origination Date Maturity Date Principal Assumed or Originated Outstanding balance as of June 30, 2022 Outstanding balance as of December 31, 2021 Seattle, WA (2) 4.00 % 8/16/2021 (4) $ 56,000 $ - $ 56,000 Grapevine, TX Hilton Garden Inn 4.89 % 8/29/2012 (5) 11,810 - 9,075 Collegeville/Philadelphia, PA Courtyard 4.89 % 8/30/2012 (5) 12,650 - 9,720 Hattiesburg, MS Courtyard 5.00 % 3/1/2014 (5) 5,732 - 4,550 Kirkland, WA Courtyard 5.00 % 3/1/2014 (5) 12,145 - 9,640 Rancho Bernardo/San Diego, CA Courtyard 5.00 % 3/1/2014 (5) 15,060 - 11,954 Seattle, WA Residence Inn 4.96 % 3/1/2014 (5) 28,269 - 22,412 Anchorage, AK Embassy Suites 4.97 % 9/13/2012 (6) 23,230 17,595 17,959 Somerset, NJ Courtyard 4.73 % 3/1/2014 (6) 8,750 6,759 6,903 Tukwila, WA Homewood Suites 4.73 % 3/1/2014 (6) 9,431 7,285 7,440 Huntsville, AL Homewood Suites 4.12 % 3/1/2014 2/6/2023 8,306 6,334 6,473 Prattville, AL Courtyard 4.12 % 3/1/2014 2/6/2023 6,596 5,030 5,141 San Diego, CA Residence Inn 3.97 % 3/1/2014 3/6/2023 18,600 14,144 14,456 Miami, FL Homewood Suites 4.02 % 3/1/2014 4/1/2023 16,677 12,722 13,000 New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 27,000 21,574 21,981 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 8,173 8,320 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 28,912 29,415 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 12,170 12,318 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,681 20,214 20,460 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 21,438 21,680 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 21,715 22,098 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 21,638 22,019 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 16,108 16,392 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 25,455 25,845 Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 13,885 14,098 Richmond, VA Courtyard 3.40 % 2/12/2020 3/11/2030 14,950 14,297 14,447 Richmond, VA Residence Inn 3.40 % 2/12/2020 3/11/2030 14,950 14,297 14,447 Portland, ME (3) Residence Inn 3.43 % 3/2/2020 3/1/2032 33,500 30,500 33,500 San Jose, CA Homewood Suites 4.22 % 12/22/2017 5/1/2038 30,000 25,741 26,303 $ 572,110 365,986 498,046 Unamortized fair value adjustment of assumed debt 867 1,010 Unamortized debt issuance costs (1,303 ) (1,487 ) Total $ 365,550 $ 497,569 (1) Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. ( 2 ) On August 16, 2021, the Company acquired the fee interest in the land at the Seattle, Washington Residence Inn, previously held under a finance ground lease, for a purchase price of $80.0 million, consisting of a $24.0 million cash payment and a one-year (3) Loan was amended effective March 1, 2022, in conjunction with a $3.0 million prepayment of loan principal. In addition, the maturity date of the loan was extended by two years to March 1, 2032. (4) Loan was repaid in full on June 16, 2022. (5) Loans were repaid in full on June 30, 2022. (6) Loans were repaid in full on August 1, 2022. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 5. Fair Value of Financial Instruments Except as described below, the carrying value of the Company’s financial instruments approximates fair value due to the short-term nature of these financial instruments. Debt The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of June 30, 2022, the carrying value and estimated fair value of the Company’s debt were approximately $1.4 billion and $1.3 billion, respectively. As of Derivative Instruments Currently, the Company uses interest rate swaps to manage its interest rate risk on variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the one-month LIBOR. The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. As discussed in Note 1, the Company entered into amendments of its swap agreements during July 2022, to replace LIBOR with SOFR. These swap instruments are recorded at fair value and, if in an asset position, are included in other assets, net, and, if in a liability position, are included in accounts payable and other liabilities in the Company’s consolidated balance sheets. The fair values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of June 30, 2022 and December 31, 2021. All dollar amounts are in thousands. Fair Value Asset (Liability) Notional Amount at June 30, 2022 Origination Date Effective Date Maturity Date Swap Fixed Interest Rate June 30, 2022 December 31, 2021 Active interest rate swaps designated as cash flow hedges at June 30, 2022: $ 100,000 4/7/2016 9/30/2016 3/31/2023 1.33% $ 1,213 $ (955 ) 75,000 5/31/2017 7/31/2017 6/30/2024 1.96% 1,616 (1,902 ) 10,000 8/10/2017 8/10/2017 6/30/2024 2.01% 211 (268 ) 50,000 6/1/2018 1/31/2019 6/30/2025 2.89% 36 (3,123 ) 50,000 7/2/2019 7/5/2019 7/18/2024 1.65% 1,399 (894 ) 50,000 8/21/2019 8/23/2019 8/18/2024 1.32% 1,780 (457 ) 50,000 8/21/2019 8/23/2019 8/30/2024 1.32% 1,798 (455 ) 85,000 12/31/2019 12/31/2019 12/31/2029 1.86% 5,856 (3,277 ) 25,000 12/6/2018 1/31/2020 6/30/2025 2.75% 117 (1,442 ) 50,000 12/7/2018 5/18/2020 1/31/2024 2.72% 294 (1,965 ) 75,000 8/21/2019 5/18/2020 5/18/2025 1.27% 3,478 (458 ) 75,000 7/31/2020 8/18/2020 8/18/2022 0.13% 169 79 75,000 8/21/2019 5/18/2021 5/18/2026 1.30% 4,363 (391 ) $ 770,000 $ 22,330 $ (15,508 ) The Company assesses, both at inception and on an ongoing basis, the effectiveness of its qualifying cash flow hedges. As of June 30, 2022, all of the 13 active interest rate swap agreements listed above were designated as cash flow hedges. The change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of shareholders’ equity in the Company’s consolidated balance sheets. Amounts reported in accumulated other comprehensive income will be reclassified to interest and other expense, net as interest payments are made or received on the Company’s variable-rate derivatives. The Company estimates that approximately $8.7 million of net unrealized gains included in accumulated other comprehensive income at June 30, 2022 will be reclassified as a decrease to interest and other expense, net within the next 12 months. The following table presents the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021 (in thousands): Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income (Loss) Net Unrealized Loss Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net Three Months Ended June 30, Three Months Ended June 30, 2022 2021 2022 2021 Interest rate derivatives in cash flow hedging relationships $ 9,055 $ (4,131 ) $ (1,564 ) $ (2,775 ) Net Unrealized Gain Recognized in Other Comprehensive Income (Loss) Net Unrealized Loss Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Interest rate derivatives in cash flow hedging relationships $ 33,519 $ 9,236 $ (4,319 ) $ (5,490 ) |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties | 6. Related Parties The Company has, and is expected to continue to engage in, transactions with related parties. These transactions cannot be construed to be at arm’s length, and the results of the Company’s operations may be different if these transactions were conducted with non-related parties. There have been no changes to the contracts and relationships discussed in the 2021 Form 10-K. Below is a summary of the significant related party relationships in effect during the six months ended June 30, 2022 and 2021. Glade M. Knight, Executive Chairman of the Company, owns Apple Realty Group, Inc. (“ARG”), which receives support services from the Company and reimburses the Company for the cost of these services as discussed below. Mr. Knight is also currently a partner and Chief Executive Officer of Energy 11 GP, LLC and Energy Resources 12 GP, LLC, which are the respective general partners of Energy 11, L.P. and Energy Resources 12, L.P., each of which receives support services from ARG. The Company provides support services, including the use of the Company’s employees and corporate office, to ARG and is reimbursed by ARG for the cost of these services. Under this cost sharing structure, amounts reimbursed to the Company include both compensation for personnel and office related costs (including office rent, utilities, office supplies, etc.) used by ARG. The amounts reimbursed to the Company are based on the actual costs of the services and a good faith estimate of the proportionate amount of time incurred by the Company’s employees on behalf of ARG. Total reimbursed costs allocated by the Company to ARG for the six months ended June 30, 2022 and 2021 totaled approximately $0.4 million and $0.3 million, respectively, and are recorded as a reduction to general and administrative expenses in the Company’s consolidated statements of operations. As part of the cost sharing arrangement, certain day-to-day transactions may result in amounts due to or from the Company and ARG. To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies. As of June 30, 2022 and December 31, 2021, total amounts due from ARG for reimbursements under the cost sharing structure totaled approximately $0.2 million and $0.3 million, respectively, and are included in other assets, net in the Company’s consolidated balance sheets. The Company, through its wholly-owned subsidiary, Apple Air Holding, LLC, owns a Learjet used primarily for acquisition, asset management, renovation and investor and public relations purposes. The aircraft is also leased to affiliates of the Company based on third-party rates. Lease activity was not significant during the reporting periods. From time to time, the Company utilizes aircraft, owned by an entity which is owned by the Company’s Executive Chairman, for acquisition, asset management, renovation and investor and public relations purposes, and reimburses this entity at third party rates. Total costs incurred for the use of these aircraft during the six months ended June 30, 2022 and 2021 were less than $0.1 million and are included in general and administrative expenses in the Company’s consolidated statements of operations. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders Equity Note [Abstract] | |
Shareholders' Equity | 7. Shareholders’ Equity Distributions For the three and six months ended June 30, 2022, the Company paid distributions of $0.15 and $0.21, respectively, per common share for a total of $34.3 million and $48.0 million, respectively. During the three and six months ended June 30, 2021, the Company paid distributions of $0.01 per common share for a total of $2.2 million. Additionally, in June 2022 Issuance of Shares The Company has entered into an equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $300 million of its common shares under an at-the-market offering program (the “ATM Program”). Since inception of the ATM Program in August 2020 through June 30, 2022, the Company has sold approximately 4.7 million common shares at a weighted-average market sales price of approximately $16.26 per common share and received aggregate gross proceeds of approximately $76.0 million and proceeds net of offering costs, which included $0.9 million of commissions, of approximately $75.1 million. The Company used the net proceeds from the sale of these shares to pay down borrowings under its Revolving Credit Facility and for general corporate purposes, including acquisitions of hotel properties. As of June 30, 2022, approximately $224.0 million remained available for issuance under the ATM Program. No shares were sold under the Company’s ATM Program in the six months ended June 30, 2022. The Company plans to use future net proceeds from the sale of shares under the ATM Program to continue to pay down borrowings under its Revolving Credit Facility (if any). The Company plans to use the corresponding increased availability under the Revolving Credit Facility for general corporate purposes which may include, among other things, acquisitions of additional properties, the repayment of other outstanding indebtedness, capital expenditures, improvement of properties in its portfolio and working capital. The Company may also use the net proceeds to acquire another REIT or other company that invests in income producing properties. Share Repurchases In May 2022, the Company’s Board of Directors approved a one-year |
Compensation Plans
Compensation Plans | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Compensation Plans | 8. Compensation Plans The Company annually establishes an incentive plan for its executive management team. Under the incentive plan for 2022 (the “2022 Incentive Plan”), participants are eligible to receive incentive compensation based on the achievement of certain 2022 performance measures, with one-half (50%) of incentive compensation based on operational performance goals and metrics and one-half (50%) of incentive compensation based on shareholder return metrics. With respect to the shareholder return metrics, 75% of the target will be based on shareholder return relative to a peer group and 25% will be based on total shareholder return metrics over one-year, two-year, and three-year periods. With respect to the operational performance goals and metrics, 25% of the target will be based on modified funds from operations per share (as defined within this Quarterly Report on Form 10-Q) and 75% of the target will be based on operational performance goals including: management of capital structure; environmental, social and governance goals; evaluation and pursuit of accretive transactions; effective execution of capital renovation plans; and management of operating expenses to maximize Adjusted Hotel EBITDA (as defined within this Quarterly Report on Form 10-Q). At June 30, 2022, the range of potential aggregate payouts under the 2022 Incentive Plan was $0 - $25.0 million. Based on performance through June 30, 2022, the Company has accrued approximately $8.0 million as a liability for potential executive incentive compensation payments under the 2022 Incentive Plan, which is included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of June 30, 2022. Compensation expense recognized by the Company under the 2022 Incentive Plan is included in general and administrative expenses in the Company’s consolidated statement of operations and totaled approximately $4.3 million and $8.0 million for the three and six months ended June 30, 2022 . Approximately 25 % of target awards under the 2022 Incentive Plan, if any, will be paid in cash, and 75 % will be issued in common shares under the Company’s 2014 Omnibus Incentive Plan, approximately two-thirds of which will be unrestricted and one-third of which will vest in December 202 3 . Under the incentive plan for 2021 (the “2021 Incentive Plan”), the Company recorded approximately $3.1 million and $6.0 million in general and administrative expenses in its consolidated statement of operations for the three and six months ended June 30, 2021. Share-Based Compensation Awards The following table sets forth information pertaining to the share-based compensation issued under the 2021 Incentive Plan and the incentive plan for 2020 (the “2020 Incentive Plan”). 2021 Incentive Plan 2020 Incentive Plan Period common shares issued First Quarter 2022 First Quarter 2021 Common shares earned under each incentive plan 868,079 555,726 Common shares surrendered on issuance date to satisfy tax withholding obligations 245,597 117,647 Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations 622,482 438,079 Closing stock price on issuance date $ 17.79 $ 14.03 Total share-based compensation earned, including the surrendered shares (in millions) $ 15.4 (1) $ 7.8 (2) Of the total common shares earned and issued, total common shares unrestricted at time of issuance 338,032 160,216 Of the total common shares earned and issued, total common shares restricted at time of issuance 284,450 277,863 Restricted common shares vesting date December 9, 2022 December 10, 2021 Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares n/a 108,292 (1) Of the total 2021 December 31, 2021 December 31, 2021 (2) Of the total 2020 share-based compensation, approximately $1.9 million, which vested on December 10, 2021 2021 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events On July 15, 2022, the Company paid approximately $11.4 million, or $0.05 per common share, in distributions to shareholders of record as of July 5, 2022. In July 2022 In On August 1, 2022, the Company repaid in full three secured mortgage loans for a total of $31.7 million. See Note 4 for additional information concerning these transactions. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization | Organization Apple Hospitality REIT, Inc., formed in November 2007 as a Virginia corporation, together with its wholly-owned subsidiaries (the “Company”), is a self-advised real estate investment trust (“REIT”) that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company’s fiscal year end is December 31. The Company has no foreign operations or assets, and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision-making process of these entities, and therefore does not consolidate the entities. As of June 30, 2022, the Company owned 219 hotels with an aggregate of 28,748 rooms located in 36 states. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.” |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by U.S. generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the twelve-month period ending December 31, 2022. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Coronavirus COVID-19 Pandemic | Coronavirus COVID-19 Pandemic As a result of the coronavirus COVID-19 pandemic (“COVID-19”) and subsequent variants and the impact it has had on travel and the broader economy throughout the U.S. since March 2020, the Company’s hotels experienced significant declines in occupancy. While occupancy recovered significantly during 2021 and the first half of 2022, due to the continued impacts from the COVID-19 variants on the hotel industry and the general economy, there remains uncertainty as to when operations at the hotels will fully return to pre-pandemic levels. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share Basic net income (loss) per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted net income (loss) per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. Basic and diluted net income (loss) per common share were the same for each of the periods presented. |
Accounting Standards Recently Adopted | Accounting Standards Recently Adopted Reference Rate Reform In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848) the FASB issued 2021-01, Reference Rate Reform (Topic 848), Scope, which further clarified the scope of the reference rate reform optional practical expedients and exceptions outlined in Topic 848. The provisions of these updates will generally affect the Company by allowing, among other things, the following: • M odifications of the Company’s unsecured credit facilities (as defined below) to replace the London Interbank Offered Rate ( “ LIBOR ” ) with a substitute index to be accounted for as a non-substantial modification and not considered a debt extinguishment. • Changes to the floating interest rate index used in the Company’s interest rate swaps to not be considered a change to the critical terms of the hedge and therefore not requiring a dedesignation of the hedging relationship. In July 2022, the Company amended each of its unsecured credit facilities and interest rate swap agreements to replace LIBOR with the SOFR”) as the reference rate. In accordance with ASU 2020-04, as amended, these amendments will be accounted for as non-substantial modifications. See Note 4 for more information regarding amendments made to the Company’s unsecured credit facilities and interest rate swap agreements. Accounting for Certain Equity Options In May 2021, the FASB issued ASU No. 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (Topics 260, 470, 718 and 815) Accounting for Funds Received as Government Assistance In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832) The provisions of this update are effective for annual periods beginning after December 15, 2021. |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate [Abstract] | |
Schedule of Investment in Real Estate | The Company’s investment in real estate consisted of the following (in thousands): June 30, December 31, 2022 2021 Land $ 794,901 $ 794,899 Building and improvements 4,591,518 4,584,829 Furniture, fixtures and equipment 498,192 488,773 Finance ground lease assets 102,084 102,084 Franchise fees 18,366 17,862 6,005,061 5,988,447 Less accumulated depreciation and amortization (1,401,817 ) (1,311,262 ) Investment in real estate, net $ 4,603,244 $ 4,677,185 |
Schedule of Hotel Acquisitions | There were no acquisitions during the six months ended June 30, 2022. During the year ended December 31, 2021, the Company acquired eight hotels, including one hotel during the six months ended June 30, 2021. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Acquired Rooms Gross Purchase Price Madison WI Hilton Garden Inn Raymond 2/18/2021 176 $ 49,599 Portland ME AC Hotels Crestline 8/20/2021 178 66,750 Greenville SC Hyatt Place Crestline 9/1/2021 130 30,000 Portland ME Aloft Crestline 9/10/2021 157 51,150 Memphis TN Hilton Garden Inn Crestline 10/28/2021 150 38,000 Fort Worth TX Hilton Garden Inn Raymond 11/17/2021 157 29,500 Fort Worth TX Homewood Suites Raymond 11/17/2021 112 21,500 Portland OR Hampton Raymond 11/17/2021 243 75,000 1,303 $ 361,499 |
Dispositions (Tables)
Dispositions (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Hotels Sold | City State Brand Date Sold Rooms Charlotte NC Homewood Suites 2/25/2021 118 Memphis TN Homewood Suites 3/16/2021 140 Overland Park KS SpringHill Suites 4/30/2021 102 Montgomery AL Hilton Garden Inn 7/22/2021 97 Montgomery AL Homewood Suites 7/22/2021 91 Rogers AR Residence Inn 7/22/2021 88 Phoenix AZ Courtyard 7/22/2021 127 Lakeland FL Courtyard 7/22/2021 78 Albany GA Fairfield 7/22/2021 87 Schaumburg IL Hilton Garden Inn 7/22/2021 166 Andover MA SpringHill Suites 7/22/2021 136 Fayetteville NC Residence Inn 7/22/2021 92 Greenville SC Residence Inn 7/22/2021 78 Jackson TN Hampton 7/22/2021 85 Johnson City TN Courtyard 7/22/2021 90 Allen TX Hampton 7/22/2021 103 Allen TX Hilton Garden Inn 7/22/2021 150 Beaumont TX Residence Inn 7/22/2021 133 Burleson/Fort Worth TX Hampton 7/22/2021 88 El Paso TX Hilton Garden Inn 7/22/2021 145 Irving TX Homewood Suites 7/22/2021 77 Richmond VA SpringHill Suites 7/22/2021 103 Vancouver WA SpringHill Suites 7/22/2021 119 Total 2,493 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Tables [Line Items] | |
Schedule of Future Minimum Debt Payments | The aggregate amounts of principal payable under the Company’s total debt obligations as of June 30, 2022 (including the Revolving Credit Facility, term loans, senior notes and mortgage debt), for each of the next five fiscal years and thereafter are as follows (in thousands): 2022 (July - December) $ 102,770 2023 296,214 2024 338,597 2025 245,140 2026 74,649 Thereafter 319,616 1,376,986 Unamortized fair value adjustment of assumed debt 867 Unamortized debt issuance costs (5,215 ) Total $ 1,372,638 |
Schedule of Total Fixed-Rate and Variable Rate Debt | The Company uses interest rate swaps to manage its interest rate risk on a portion of its variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the London Inter-Bank Offered Rate for a one-month term (“one-month LIBOR”). The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. See Note 5 for more information on the interest rate swap agreements. The Company’s total fixed-rate and variable-rate debt, after giving effect to its interest rate swaps in effect at June 30, 2022 and December 31, 2021, is set forth below. All dollar amounts are in thousands. June 30, 2022 Percentage December 31, 2021 Percentage Fixed-rate debt (1) $ 1,260,986 92 % $ 1,318,046 91 % Variable-rate debt 116,000 8 % 126,000 9 % Total $ 1,376,986 $ 1,444,046 Weighted-average interest rate of debt 3.56 % 3.38 % (1) Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 |
Summary of Debt Refinancing | A summary of the 2022 debt refinancing is set forth below. All dollar amounts are in thousands. 2022 Refinancing Prior to Refinancing Capacity Maturity Date Interest Rate Capacity Maturity Date Interest Rate Revolving credit facility $ 650,000 7/25/2026 SOFR + 0.10% + 1.40% - 2.25% $ 425,000 7/27/2022 LIBOR + 1.40% - 2.25% Term loan 275,000 7/25/2027 SOFR + 0.10% + 1.35% - 2.20% 200,000 7/27/2023 LIBOR + 1.35% - 2.20% Term loan 300,000 1/31/2028 SOFR + 0.10% + 1.35% - 2.20% 225,000 1/31/2024 LIBOR + 1.35% - 2.20% Total $ 1,225,000 $ 850,000 |
Summary [Member] | |
Debt Tables [Line Items] | |
Schedule of Long-term Debt Instruments | As of June 30, 2022 and December 31, 2021, the Company’s debt consisted of the following (in thousands): June 30, 2022 December 31, 2021 Revolving credit facility $ 66,000 $ 76,000 Term loans and senior notes, net 941,088 865,189 Mortgage debt, net 365,550 497,569 Debt, net $ 1,372,638 $ 1,438,758 |
Credit Facilities [Member] | |
Debt Tables [Line Items] | |
Schedule of Long-term Debt Instruments | As of June 30, 2022 and December 31, 2021, the details of the Company’s unsecured credit facilities were as set forth in the table below, which does not give effect to the debt refinancing in July 2022. All dollar amounts are in thousands. Outstanding Balance Interest Rate (1) Maturity Date June 30, 2022 December 31, 2021 Revolving credit facility (2) LIBOR + 1.40% - 2.25% 7/27/2022 (4) $ 66,000 $ 76,000 Term loans and senior notes $200 million term loan LIBOR + 1.35% - 2.20% 7/27/2023 (4) 200,000 200,000 $225 million term loan LIBOR + 1.35% - 2.20% 1/31/2024 (4) 225,000 225,000 $50 million term loan LIBOR + 1.35% - 2.20% 8/2/2023 50,000 50,000 $175 million term loan LIBOR + 1.65% - 2.50% 8/2/2025 175,000 175,000 2017 $85 million term loan LIBOR + 1.30% - 2.10% 7/25/2024 85,000 85,000 2019 $85 million term loan LIBOR + 1.70% - 2.55% 12/31/2029 85,000 85,000 $50 million senior notes 3.60% - 4.35% 3/31/2030 50,000 50,000 $75 million senior notes 4.88% - 5.63% 6/2/2029 75,000 - Term loans and senior notes at stated value 945,000 870,000 Unamortized debt issuance costs (3,912 ) (4,811 ) Term loans and senior notes, net 941,088 865,189 Credit facilities, net (2) $ 1,007,088 $ 941,189 Weighted-average interest rate (3) 3.39 % 2.97 % (1) Interest rates on all of the unsecured credit facilities increased to 0.15% above the highest rate shown for each loan during the Extended Covenant Waiver Period (as defined below) from March 1, 2021 through July 28, 2021. ( 2 ) Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $0.1 million and $1.0 million as of June 30, 2022 December 31, 2021 ( 3 ) Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $770.0 million of the outstanding variable-rate debt as of June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 (4) On July 25, 2022, the Company entered into an amendment and restatement of its $850 million credit facility, which extended the maturities of the existing Revolving Credit Facility, $200 million term loan and $225 million term loan to July 25, 2026, July 25, 2027 and January 31, 2028, respectively. |
Mortgage Debt [Member] | |
Debt Tables [Line Items] | |
Schedule of Long-term Debt Instruments | As of June 30, 2022, the Company had approximately $366.0 million in outstanding mortgage debt secured by 22 properties with maturity dates ranging from October 2022 to May 2038 and both stated and effective interest rates ranging from 3.40% to 4.97%. The loans generally provide for monthly payments of principal and interest on an amortized basis and defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of June 30, 2022 and December 31, 2021 for each of the Company’s mortgage debt obligations. All dollar amounts are in thousands. Location Brand Interest Rate (1) Loan Assumption or Origination Date Maturity Date Principal Assumed or Originated Outstanding balance as of June 30, 2022 Outstanding balance as of December 31, 2021 Seattle, WA (2) 4.00 % 8/16/2021 (4) $ 56,000 $ - $ 56,000 Grapevine, TX Hilton Garden Inn 4.89 % 8/29/2012 (5) 11,810 - 9,075 Collegeville/Philadelphia, PA Courtyard 4.89 % 8/30/2012 (5) 12,650 - 9,720 Hattiesburg, MS Courtyard 5.00 % 3/1/2014 (5) 5,732 - 4,550 Kirkland, WA Courtyard 5.00 % 3/1/2014 (5) 12,145 - 9,640 Rancho Bernardo/San Diego, CA Courtyard 5.00 % 3/1/2014 (5) 15,060 - 11,954 Seattle, WA Residence Inn 4.96 % 3/1/2014 (5) 28,269 - 22,412 Anchorage, AK Embassy Suites 4.97 % 9/13/2012 (6) 23,230 17,595 17,959 Somerset, NJ Courtyard 4.73 % 3/1/2014 (6) 8,750 6,759 6,903 Tukwila, WA Homewood Suites 4.73 % 3/1/2014 (6) 9,431 7,285 7,440 Huntsville, AL Homewood Suites 4.12 % 3/1/2014 2/6/2023 8,306 6,334 6,473 Prattville, AL Courtyard 4.12 % 3/1/2014 2/6/2023 6,596 5,030 5,141 San Diego, CA Residence Inn 3.97 % 3/1/2014 3/6/2023 18,600 14,144 14,456 Miami, FL Homewood Suites 4.02 % 3/1/2014 4/1/2023 16,677 12,722 13,000 New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 27,000 21,574 21,981 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 8,173 8,320 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 28,912 29,415 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 12,170 12,318 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,681 20,214 20,460 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 21,438 21,680 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 21,715 22,098 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 21,638 22,019 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 16,108 16,392 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 25,455 25,845 Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 13,885 14,098 Richmond, VA Courtyard 3.40 % 2/12/2020 3/11/2030 14,950 14,297 14,447 Richmond, VA Residence Inn 3.40 % 2/12/2020 3/11/2030 14,950 14,297 14,447 Portland, ME (3) Residence Inn 3.43 % 3/2/2020 3/1/2032 33,500 30,500 33,500 San Jose, CA Homewood Suites 4.22 % 12/22/2017 5/1/2038 30,000 25,741 26,303 $ 572,110 365,986 498,046 Unamortized fair value adjustment of assumed debt 867 1,010 Unamortized debt issuance costs (1,303 ) (1,487 ) Total $ 365,550 $ 497,569 (1) Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. ( 2 ) On August 16, 2021, the Company acquired the fee interest in the land at the Seattle, Washington Residence Inn, previously held under a finance ground lease, for a purchase price of $80.0 million, consisting of a $24.0 million cash payment and a one-year (3) Loan was amended effective March 1, 2022, in conjunction with a $3.0 million prepayment of loan principal. In addition, the maturity date of the loan was extended by two years to March 1, 2032. (4) Loan was repaid in full on June 16, 2022. (5) Loans were repaid in full on June 30, 2022. (6) Loans were repaid in full on August 1, 2022. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Interest Rate Swap Agreements | The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of June 30, 2022 and December 31, 2021. All dollar amounts are in thousands. Fair Value Asset (Liability) Notional Amount at June 30, 2022 Origination Date Effective Date Maturity Date Swap Fixed Interest Rate June 30, 2022 December 31, 2021 Active interest rate swaps designated as cash flow hedges at June 30, 2022: $ 100,000 4/7/2016 9/30/2016 3/31/2023 1.33% $ 1,213 $ (955 ) 75,000 5/31/2017 7/31/2017 6/30/2024 1.96% 1,616 (1,902 ) 10,000 8/10/2017 8/10/2017 6/30/2024 2.01% 211 (268 ) 50,000 6/1/2018 1/31/2019 6/30/2025 2.89% 36 (3,123 ) 50,000 7/2/2019 7/5/2019 7/18/2024 1.65% 1,399 (894 ) 50,000 8/21/2019 8/23/2019 8/18/2024 1.32% 1,780 (457 ) 50,000 8/21/2019 8/23/2019 8/30/2024 1.32% 1,798 (455 ) 85,000 12/31/2019 12/31/2019 12/31/2029 1.86% 5,856 (3,277 ) 25,000 12/6/2018 1/31/2020 6/30/2025 2.75% 117 (1,442 ) 50,000 12/7/2018 5/18/2020 1/31/2024 2.72% 294 (1,965 ) 75,000 8/21/2019 5/18/2020 5/18/2025 1.27% 3,478 (458 ) 75,000 7/31/2020 8/18/2020 8/18/2022 0.13% 169 79 75,000 8/21/2019 5/18/2021 5/18/2026 1.30% 4,363 (391 ) $ 770,000 $ 22,330 $ (15,508 ) |
Derivative Instruments, Gain (Loss) Recognized | The following table presents the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2022 and 2021 (in thousands): Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income (Loss) Net Unrealized Loss Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net Three Months Ended June 30, Three Months Ended June 30, 2022 2021 2022 2021 Interest rate derivatives in cash flow hedging relationships $ 9,055 $ (4,131 ) $ (1,564 ) $ (2,775 ) Net Unrealized Gain Recognized in Other Comprehensive Income (Loss) Net Unrealized Loss Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net Six Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Interest rate derivatives in cash flow hedging relationships $ 33,519 $ 9,236 $ (4,319 ) $ (5,490 ) |
Compensation Plans (Tables)
Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Information Pertaining to Share-based Compensation Issued | The following table sets forth information pertaining to the share-based compensation issued under the 2021 Incentive Plan and the incentive plan for 2020 (the “2020 Incentive Plan”). 2021 Incentive Plan 2020 Incentive Plan Period common shares issued First Quarter 2022 First Quarter 2021 Common shares earned under each incentive plan 868,079 555,726 Common shares surrendered on issuance date to satisfy tax withholding obligations 245,597 117,647 Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations 622,482 438,079 Closing stock price on issuance date $ 17.79 $ 14.03 Total share-based compensation earned, including the surrendered shares (in millions) $ 15.4 (1) $ 7.8 (2) Of the total common shares earned and issued, total common shares unrestricted at time of issuance 338,032 160,216 Of the total common shares earned and issued, total common shares restricted at time of issuance 284,450 277,863 Restricted common shares vesting date December 9, 2022 December 10, 2021 Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares n/a 108,292 (1) Of the total 2021 December 31, 2021 December 31, 2021 (2) Of the total 2020 share-based compensation, approximately $1.9 million, which vested on December 10, 2021 2021 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 Segment Hotel Room State | |
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |
Number of reportable segments | Segment | 1 |
Number of hotels | Hotel | 219 |
Aggregate number of hotel rooms | Room | 28,748 |
Number of states in which hotels are located | State | 36 |
Investment In Real Estate - Sch
Investment In Real Estate - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Real estate investment property, at cost | $ 6,005,061 | $ 5,988,447 |
Less accumulated depreciation and amortization | (1,401,817) | (1,311,262) |
Investment in real estate, net | 4,603,244 | 4,677,185 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Real estate investment property, at cost | 794,901 | 794,899 |
Building and Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Real estate investment property, at cost | 4,591,518 | 4,584,829 |
Furniture, Fixtures and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Real estate investment property, at cost | 498,192 | 488,773 |
Finance Ground Lease Assets [Member] | ||
Property Plant And Equipment [Line Items] | ||
Real estate investment property, at cost | 102,084 | 102,084 |
Franchise Fees [Member] | ||
Property Plant And Equipment [Line Items] | ||
Real estate investment property, at cost | $ 18,366 | $ 17,862 |
Investment in Real Estate - Add
Investment in Real Estate - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Aug. 16, 2021 USD ($) | Jun. 30, 2022 USD ($) Hotel Room State | Jun. 30, 2021 USD ($) Hotel | Jun. 30, 2022 USD ($) Hotel Room State Contract | Jun. 30, 2021 USD ($) Hotel | Dec. 31, 2021 USD ($) Hotel Room | |||
Investment In Real Estate [Line Items] | ||||||||
Number of hotels | Hotel | 219 | 219 | ||||||
Aggregate number of hotel rooms | Room | 28,748 | 28,748 | ||||||
Number of states in which hotels are located | State | 36 | 36 | ||||||
Total revenue | $ 337,668 | $ 247,404 | $ 598,146 | $ 406,117 | ||||
Operating income (loss) | 80,745 | $ 38,988 | 113,580 | 11,174 | ||||
Cash payment | $ 49,345 | |||||||
Finance lease liabilities | 111,920 | 111,920 | $ 111,776 | |||||
Residence Inn, Seattle, Washington [Member] | ||||||||
Investment In Real Estate [Line Items] | ||||||||
Note payable term | 1 year | |||||||
Note payable, frequency of periodic payment | monthly | |||||||
Cash payment | $ 24,000 | |||||||
Note payable, principal assumed or originated | 56,000 | $ 56,000 | [1],[2] | $ 56,000 | [1],[2] | |||
Purchase price | $ 80,000 | |||||||
Note payable, fixed annual interest rate | 4% | 4% | [2],[3] | 4% | [2],[3] | |||
Adjustment to carrying amount of acquired land for land purchase accounted for retirement of finance lease | $ 16,600 | |||||||
Finance lease net right-of-use asset | 94,500 | |||||||
Finance lease liabilities | $ 111,100 | |||||||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | |||||||
Embassy Suites Madison, WI [Member] | Hotels Under Development [Member] | ||||||||
Investment In Real Estate [Line Items] | ||||||||
Aggregate number of hotel rooms | Room | 260 | 260 | ||||||
Number of outstanding contract | Contract | 1 | |||||||
Purchase contract gross purchase price | $ 78,600 | $ 78,600 | ||||||
Refundable contract deposit paid | $ 900 | $ 900 | ||||||
Hotel Acquisitions [Member] | ||||||||
Investment In Real Estate [Line Items] | ||||||||
Number of hotels | Hotel | 0 | 1 | 0 | 1 | 8 | |||
Aggregate number of hotel rooms | Room | 1,303 | |||||||
Total revenue | $ 700 | |||||||
Operating income (loss) | $ (1,000) | |||||||
Purchase price | $ 361,499 | |||||||
[1]Loan was repaid in full on June 16, 2022.[2]On August 16, 2021, the Company acquired the fee interest in the land at the Seattle, Washington Residence Inn, previously held under a finance ground lease, for a purchase price of $80.0 million, consisting of a $24.0 million cash payment and a one-year |
Investment in Real Estate - S_2
Investment in Real Estate - Schedule of Hotel Acquisitions (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 USD ($) Room | Jun. 30, 2022 Room | |
Real Estate Properties [Line Items] | ||
Rooms | 28,748 | |
Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Rooms | 1,303 | |
Gross Purchase Price | $ | $ 361,499 | |
Hilton Garden Inn Madison, WI [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Raymond | |
Date Acquired | Feb. 18, 2021 | |
Rooms | 176 | |
Gross Purchase Price | $ | $ 49,599 | |
AC Hotels Portland, ME [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Crestline | |
Date Acquired | Aug. 20, 2021 | |
Rooms | 178 | |
Gross Purchase Price | $ | $ 66,750 | |
Hyatt Place Greenville, SC [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Crestline | |
Date Acquired | Sep. 01, 2021 | |
Rooms | 130 | |
Gross Purchase Price | $ | $ 30,000 | |
Aloft Portland, ME [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Crestline | |
Date Acquired | Sep. 10, 2021 | |
Rooms | 157 | |
Gross Purchase Price | $ | $ 51,150 | |
Hilton Garden Inn Memphis, TN [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Crestline | |
Date Acquired | Oct. 28, 2021 | |
Rooms | 150 | |
Gross Purchase Price | $ | $ 38,000 | |
Hilton Garden Inn Fort Worth, TX [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Raymond | |
Date Acquired | Nov. 17, 2021 | |
Rooms | 157 | |
Gross Purchase Price | $ | $ 29,500 | |
Homewood Suites Fort Worth, TX [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Raymond | |
Date Acquired | Nov. 17, 2021 | |
Rooms | 112 | |
Gross Purchase Price | $ | $ 21,500 | |
Hampton Portland, OR [Member] | Hotel Acquisitions [Member] | ||
Real Estate Properties [Line Items] | ||
Manager | Raymond | |
Date Acquired | Nov. 17, 2021 | |
Rooms | 243 | |
Gross Purchase Price | $ | $ 75,000 |
Dispositions - Additional Infor
Dispositions - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 30, 2021 USD ($) | Feb. 28, 2021 USD ($) | Jun. 30, 2022 USD ($) Hotel | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) Hotel | Jun. 30, 2022 USD ($) Hotel | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) Hotel Transaction | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Number of hotels | Hotel | 219 | 219 | ||||||
Gain (Loss) on Disposition of Assets | $ 0 | $ (864) | $ 0 | $ 3,620 | ||||
Loss on impairment of depreciable real estate assets | $ 0 | $ 0 | $ 0 | 10,754 | ||||
Hotels Sold [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Number of hotels | Hotel | 23 | |||||||
Number of Separate Transactions | Transaction | 4 | |||||||
Sale of Real Estate Assets, Gross Sales Price | $ 234,600 | |||||||
Gain (Loss) on Disposition of Assets | 3,600 | |||||||
Real Estate Investment, Carrying Value | $ 227,200 | |||||||
Hotels Sold [Member] | SpringHill Suites Overland Park, KS [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Sale of Real Estate Assets, Gross Sales Price | $ 5,300 | |||||||
Loss on impairment of depreciable real estate assets | $ 1,300 | |||||||
Hotels Sold [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Operating (loss), excluding gain (loss) on sale of real estate | $ (8,100) | |||||||
Hotel Sale Contracts and Loss on Impairment of Depreciable Real Estate Assets [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Number of hotels | Hotel | 20 | |||||||
Purchase, gross sales price | $ 211,000 | |||||||
Loss on impairment of depreciable real estate assets | $ 9,400 |
Dispositions - Schedule of Hote
Dispositions - Schedule of Hotels Sold (Details) | 6 Months Ended |
Jun. 30, 2022 Room | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Rooms | 2,493 |
Homewood Suites Charlotte, NC [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Feb. 25, 2021 |
Rooms | 118 |
Homewood Suites Memphis, TN [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Mar. 16, 2021 |
Rooms | 140 |
SpringHill Suites Overland Park, KS [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Apr. 30, 2021 |
Rooms | 102 |
Hilton Garden Inn Montgomery, AL [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 97 |
Homewood Suites Montgomery, AL [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 91 |
Residence Inn Rogers, AR [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 88 |
Courtyard Phoenix, AZ [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 127 |
Courtyard Lakeland, FL [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 78 |
Fairfield Albany, GA [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 87 |
Hilton Garden Inn Schaumburg, IL [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 166 |
SpringHill Suites Andover, MA [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 136 |
Residence Inn Fayetteville, NC [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 92 |
Residence Inn Greenville, SC [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 78 |
Hampton Jackson, TN [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 85 |
Courtyard Johnson City, TN [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 90 |
Hampton Allen, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 103 |
Hilton Garden Inn Allen, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 150 |
Residence Inn Beaumont, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 133 |
Hampton Burleson/FortWorth, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 88 |
Hilton Garden Inn El Paso, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 145 |
Homewood Suites Irving, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 77 |
SpringHill Suites Richmond, VA [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 103 |
SpringHill Suites Vancouver, WA [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 119 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Revolving credit facility | $ 66,000 | $ 76,000 |
Term loans and senior notes, net | 941,088 | 865,189 |
Mortgage debt, net | 365,550 | 497,569 |
Debt, net | $ 1,372,638 | $ 1,438,758 |
Debt - Schedule of Future Minim
Debt - Schedule of Future Minimum Debt Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 (July - December) | $ 102,770 | |
2023 | 296,214 | |
2024 | 338,597 | |
2025 | 245,140 | |
2026 | 74,649 | |
Thereafter | 319,616 | |
Debt, gross | 1,376,986 | $ 1,444,046 |
Unamortized fair value adjustment of assumed debt | 867 | |
Unamortized debt issuance costs | (5,215) | |
Debt, net | $ 1,372,638 | $ 1,438,758 |
Debt - Schedule of Total Fixed-
Debt - Schedule of Total Fixed-Rate and Variable Rate Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |||
Fixed-rate debt | [1] | $ 1,260,986 | $ 1,318,046 |
Variable-rate debt | 116,000 | 126,000 | |
Debt, gross | $ 1,376,986 | $ 1,444,046 | |
Weighted-average interest rate of debt | 3.56% | 3.38% | |
Fixed-rate debt, Percentage | [1] | 92% | 91% |
Variable-rate debt, Percentage | 8% | 9% | |
[1]Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 |
Debt - Additional Information (
Debt - Additional Information (Details) | 1 Months Ended | 6 Months Ended | |||||||||||||
Jul. 25, 2022 USD ($) LoanDraw | Jun. 02, 2022 USD ($) | Mar. 02, 2021 $ / shares | Jun. 05, 2020 USD ($) | Mar. 16, 2020 USD ($) | Dec. 31, 2019 USD ($) Loan | Jan. 29, 2019 USD ($) | Jul. 31, 2018 USD ($) Loan | Jun. 30, 2022 USD ($) Loan Hotel_Property | Jul. 31, 2022 USD ($) | Jul. 24, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 01, 2021 | Aug. 02, 2018 USD ($) | Jul. 25, 2017 USD ($) | |
Debt Details [Line Items] | |||||||||||||||
Proceeds from term loans and senior notes | $ 75,000,000 | ||||||||||||||
Outstanding Balance | $ 1,376,986,000 | $ 1,444,046,000 | |||||||||||||
2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,225,000,000 | ||||||||||||||
2017 $85 Million Unsecured Term Loan Facility [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Number of term loans | Loan | 1 | ||||||||||||||
Debt instrument, face amount | $ 85,000,000 | ||||||||||||||
Debt instrument, maturity date | Jul. 25, 2024 | ||||||||||||||
Debt instrument, description of variable rate basis | one-month LIBOR | ||||||||||||||
2019 $85 Million Unsecured Term Loan Facility [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Number of term loans | Loan | 1 | ||||||||||||||
Debt instrument, face amount | $ 85,000,000 | ||||||||||||||
Debt instrument, maturity date | Dec. 31, 2029 | ||||||||||||||
Debt instrument, description of variable rate basis | one-month LIBOR | ||||||||||||||
$50 Million Senior Notes [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 50,000,000 | ||||||||||||||
Debt instrument, maturity date | Mar. 31, 2030 | ||||||||||||||
$75 Million Senior Notes [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 75,000,000 | ||||||||||||||
Debt instrument, maturity date | Jun. 02, 2029 | ||||||||||||||
$650 Million Revolving Credit Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | 650,000,000 | ||||||||||||||
Term Loan | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Repayments of debt | 425,000,000 | ||||||||||||||
Mortgage Debt [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Outstanding Balance | $ 366,000,000 | ||||||||||||||
Number of hotel properties used to secure debt | Hotel_Property | 22 | ||||||||||||||
Debt instrument, maturity date, description | maturity dates ranging from October 2022 to May 2038 | ||||||||||||||
$850 Million Unsecured Credit Facility [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 850,000,000 | ||||||||||||||
Debt instrument, description of variable rate basis | one-month LIBOR | ||||||||||||||
Line of credit facility, remaining borrowing capacity | $ 359,000,000 | ||||||||||||||
$850 Million Unsecured Credit Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 850,000,000 | ||||||||||||||
$850 Million Unsecured Credit Facility [Member] | $425 Million Unsecured Revolving Credit Facility [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 425,000,000 | ||||||||||||||
Line of credit facility, expiration date | Jul. 27, 2022 | ||||||||||||||
$850 Million Unsecured Credit Facility [Member] | $425 Million Unsecured Term Loan Facility [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Term loan facility, maximum borrowing capacity | $ 425,000,000 | ||||||||||||||
Number of term loans | Loan | 2 | ||||||||||||||
$850 Million Unsecured Credit Facility [Member] | $425 Million Unsecured Term Loan Facility [Member] | $200 Million Unsecured Term Loan [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 200,000,000 | ||||||||||||||
Debt instrument, maturity date | Jul. 27, 2023 | ||||||||||||||
$850 Million Unsecured Credit Facility [Member] | $425 Million Unsecured Term Loan Facility [Member] | $225 Million Unsecured Term Loan [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 225,000,000 | ||||||||||||||
Debt instrument, maturity date | Jan. 31, 2024 | ||||||||||||||
$225 Million Unsecured Term Loan Facility [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Term loan facility, maximum borrowing capacity | $ 225,000,000 | $ 225,000,000 | |||||||||||||
Debt instrument, description of variable rate basis | LIBOR | ||||||||||||||
$225 Million Unsecured Term Loan Facility [Member] | $50 Million Unsecured Term Loan [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, face amount | 50,000,000 | ||||||||||||||
Debt instrument, maturity date | Aug. 02, 2023 | ||||||||||||||
Date of amended and restated credit facility | Aug. 02, 2018 | ||||||||||||||
$225 Million Unsecured Term Loan Facility [Member] | $175 Million Unsecured Term Loan [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 175,000,000 | $ 100,000,000 | |||||||||||||
Debt instrument, maturity date | Aug. 02, 2025 | ||||||||||||||
Debt instrument, description | $100 million was funded on August 2, 2018, and the remaining $75 million was funded on January 29, 2019 (the “$225 million term loan facility”) | ||||||||||||||
Proceeds from term loans and senior notes | $ 75,000,000 | ||||||||||||||
Credit Facilities [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Line of credit facility, covenant terms | The credit agreements governing the unsecured credit facilities (collectively, the “credit agreements”), contain mandatory prepayment requirements, customary affirmative and negative covenants, restrictions on certain investments and events of default. The credit agreements, not giving effect to the debt refinancing in July 2022, contained the following financial and restrictive covenants (capitalized terms not defined below are defined in the credit agreements): ● A ratio of Consolidated Total Indebtedness to Consolidated EBITDA (“Maximum Consolidated Leverage Ratio”) of not more than 6.50 to 1.00 (subject to a higher amount in certain circumstances); ● A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets (“Maximum Secured Leverage Ratio”) of not more than 45%; ● A minimum Consolidated Tangible Net Worth of approximately $3.2 billion plus an amount equal to 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, July 27, 2018, subject to adjustment; ● A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges ("Minimum Fixed Charge Coverage Ratio") of not less than 1.50 to 1.00 for the trailing four full quarters; ● A ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness ("Minimum Unsecured Interest Coverage Ratio") of not less than 2.00 to 1.00 for the trailing four full quarters; ● A ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset Value (“Maximum Unsecured Leverage Ratio”) of not more than 60% (subject to a higher level in certain circumstances); and ● A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets (“Maximum Secured Recourse Indebtedness”) of not more than 10%. | ||||||||||||||
Credit Facilities [Member] | Base Rate Floor [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, interest rate during period | 1.25% | ||||||||||||||
Credit Facilities [Member] | Increase in LIBOR Floor Under Revolving Credit Facility [Member] | Eurodollar Rate Loans [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, description of variable rate basis | 0 to 25 basis points | ||||||||||||||
Unsecured Credit Facility | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Minimum consolidated tangible net worth | $ 3,200,000,000 | ||||||||||||||
Percentage of net cash proceeds from issuances and sales of equity interests | 75% | ||||||||||||||
Maximum consolidated leverage ratio for first two fiscal quarters | 8.50 | ||||||||||||||
Maximum consolidated leverage ratio for third and fourth fiscal quarters | 8 | ||||||||||||||
Maximum consolidated leverage ratio for fifth fiscal quarters | 7.50 | ||||||||||||||
Maximum consolidated leverage ratio thereafter | 6.50 | ||||||||||||||
Minimum fixed charge coverage ratio for fiscal quarter one | 1.05 | ||||||||||||||
Minimum fixed charge coverage ratio for fiscal quarter two | 1.25 | ||||||||||||||
Minimum fixed charge coverage ratio for fiscal quarter thereafter | 1.50 | ||||||||||||||
Minimum unsecured interest coverage ratio for fiscal quarter one | 1.25 | ||||||||||||||
Minimum unsecured interest coverage ratio for fiscal quarter two | 1.50 | ||||||||||||||
Minimum unsecured interest coverage ratio for fiscal quarter three | 1.75 | ||||||||||||||
Minimum unsecured interest coverage ratio for fiscal quarter thereafter | 2 | ||||||||||||||
Percentage of maximum unsecured leverage ratio for two fiscal quarter | 65% | ||||||||||||||
Percentage of maximum unsecured leverage ratio for thereafter | 60% | ||||||||||||||
Unsecured Credit Facility | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Minimum consolidated tangible net worth | $ 3,400,000,000 | ||||||||||||||
Percentage of net cash proceeds from issuances and sales of equity interests | 75% | ||||||||||||||
Line of Credit [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Loan amendment description | As a result of COVID-19 and the associated disruption to the Company’s operating results, the Company entered into amendments in June 2020 that suspended the testing of the Company’s existing financial maintenance covenants under the unsecured credit facilities. These amendments imposed certain restrictions regarding the Company’s investing and financing activities that were applicable during a specified waiver period. On March 1, 2021, as a result of the continued disruption from COVID-19 and the related uncertainty with respect to the Company’s future operating results, the Company entered into further amendments to each of the unsecured credit facilities (the “March 2021 amendments”) to extend the covenant waiver period for all but two of the Company’s existing financial maintenance covenants until the date that the compliance certificate was required to be delivered for the fiscal quarter ended June 30, 2022, and extending to March 31, 2022 for the remaining two covenants (unless, in each case, the Company elected an earlier date) (the “Extended Covenant Waiver Period”). The March 2021 amendments provided for continued restrictions on the Company’s ability to make cash distributions, except for the payment of cash dividends of $0.01 per common share per quarter or to the extent required to maintain REIT status. | ||||||||||||||
Line of Credit [Member] | Limit On Quarterly Cash Distribution During Covenant Waiver Period [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Payment of cash distribution per common share | $ / shares | $ 0.01 | ||||||||||||||
$1.2 Billion Credit Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,200,000,000 | $ 1,200,000,000 | |||||||||||||
Debt instrument, description of variable rate basis | SOFR rate plus SOFR spread adjustment rate | ||||||||||||||
SOFR spread adjustment rate | 0.10% | 0.10% | |||||||||||||
$1.2 Billion Credit Facility [Member] | $650 Million Revolving Credit Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 650,000,000 | ||||||||||||||
Debt instrument extended maturity date | Jul. 25, 2026 | ||||||||||||||
$1.2 Billion Credit Facility [Member] | $275 Million Term Loan Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 275,000,000 | ||||||||||||||
Debt instrument extended maturity date | Jul. 25, 2027 | ||||||||||||||
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Term loan facility, maximum borrowing capacity | $ 300,000,000 | ||||||||||||||
Debt instrument extended maturity date | Jan. 31, 2028 | ||||||||||||||
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | 2022 Debt Refinancing [Member] | Loan Funded At Closing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, face amount | $ 200,000,000 | ||||||||||||||
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | 2022 Debt Refinancing [Member] | Delayed Draw Term Loan [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, description | $100 million will be available to the Company in the form of a delayed draw term loan which allows up to four remaining draws within 180 days of closing. | ||||||||||||||
Available amount under term loan | $ 100,000,000 | ||||||||||||||
Allowable loan draws | LoanDraw | 4 | ||||||||||||||
$850 Million Credit Facility Amended and Restated [Member] | $425 Million Unsecured Revolving Credit Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Repayments of debt | $ 50,000,000 | ||||||||||||||
Minimum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | LIBOR Interest Rate Margin [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 1.30% | ||||||||||||||
Minimum [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 1.70% | ||||||||||||||
Minimum [Member] | $50 Million Senior Notes [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Note payable, fixed annual interest rate | 3.60% | ||||||||||||||
Minimum [Member] | $75 Million Senior Notes [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Note payable, fixed annual interest rate | 4.88% | ||||||||||||||
Minimum [Member] | Mortgage Debt [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Effective interest rates | 3.40% | ||||||||||||||
Minimum [Member] | $850 Million Unsecured Credit Facility [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Ratio of adjusted consolidated EBITDA to consolidated fixed charges | 1.50 | ||||||||||||||
Ratio of unencumbered adjusted NOI to consolidated implied interest expense | 2 | ||||||||||||||
Minimum [Member] | $850 Million Unsecured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 1.35% | ||||||||||||||
Minimum [Member] | $850 Million Unsecured Credit Facility [Member] | $425 Million Unsecured Revolving Credit Facility [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | ||||||||||||||
Minimum [Member] | $225 Million Unsecured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 1.35% | ||||||||||||||
Minimum [Member] | $1.2 Billion Credit Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 1.35% | ||||||||||||||
Minimum [Member] | $1.2 Billion Unsecured Credit Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Minimum fixed charge coverage ratio | 1.50 | ||||||||||||||
Minimum unsecured interest coverage ratio | 2 | ||||||||||||||
Minimum [Member] | $1.2 Billion Unsecured Credit Facility [Member] | $650 Million Revolving Credit Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | ||||||||||||||
Maximum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | LIBOR Interest Rate Margin [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 2.10% | ||||||||||||||
Maximum [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 2.55% | ||||||||||||||
Maximum [Member] | $50 Million Senior Notes [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Note payable, fixed annual interest rate | 4.35% | ||||||||||||||
Maximum [Member] | $75 Million Senior Notes [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Note payable, fixed annual interest rate | 5.63% | ||||||||||||||
Maximum [Member] | Mortgage Debt [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Effective interest rates | 4.97% | ||||||||||||||
Maximum [Member] | $850 Million Unsecured Credit Facility [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Ratio of consolidated total indebtedness to consolidated EBITDA | 6.50 | ||||||||||||||
Ratio of consolidated secured indebtedness to consolidated total assets | 45% | ||||||||||||||
Ratio of un secured indebtedness to unencumbered asset value ("Maximum Unsecured Leverage Ratio") | 60% | ||||||||||||||
Ratio of secured recourse indebtedness to consolidated total assets | 10% | ||||||||||||||
Maximum [Member] | $850 Million Unsecured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 2.25% | ||||||||||||||
Maximum [Member] | $850 Million Unsecured Credit Facility [Member] | $425 Million Unsecured Revolving Credit Facility [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | ||||||||||||||
Maximum [Member] | $225 Million Unsecured Term Loan Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||||||||
Maximum [Member] | $1.2 Billion Credit Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Debt instrument, basis spread on variable rate | 2.25% | ||||||||||||||
Maximum [Member] | $1.2 Billion Unsecured Credit Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Maximum consolidated leverage ratio | 7.25 | ||||||||||||||
Maximum secured leverage ratio | 45% | ||||||||||||||
Maximum unsecured leverage ratio | 60% | ||||||||||||||
Maximum secured recourse indebtedness | 10% | ||||||||||||||
Maximum [Member] | $1.2 Billion Unsecured Credit Facility [Member] | $650 Million Revolving Credit Facility [Member] | 2022 Debt Refinancing [Member] | Subsequent Events [Member] | |||||||||||||||
Debt Details [Line Items] | |||||||||||||||
Annual rate on unused facility fee | 0.25% |
Debt - Schedule of Unsecured Cr
Debt - Schedule of Unsecured Credit Facilities (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Dec. 31, 2021 | ||
Debt Instrument [Line Items] | |||
Outstanding Balance | $ 1,376,986 | $ 1,444,046 | |
Revolving credit facility outstanding balance | 66,000 | 76,000 | |
Unamortized debt issuance costs | (5,215) | ||
Term loans and senior notes, net | 941,088 | 865,189 | |
Credit facilities, net | $ 1,372,638 | $ 1,438,758 | |
Weighted-average interest rate | 3.56% | 3.38% | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | [1],[2] | LIBOR + 1.40% - 2.25% | |
Maturity Date | [1],[3] | Jul. 27, 2022 | |
Revolving credit facility outstanding balance | [1] | $ 66,000 | $ 76,000 |
Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [1],[2] | 1.40% | |
Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [1],[2] | 2.25% | |
$200 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | [2] | LIBOR + 1.35% - 2.20% | |
Maturity Date | [3] | Jul. 27, 2023 | |
Outstanding Balance | $ 200,000 | 200,000 | |
$200 Million Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 1.35% | |
$200 Million Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 2.20% | |
$225 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | [2] | LIBOR + 1.35% - 2.20% | |
Maturity Date | [3] | Jan. 31, 2024 | |
Outstanding Balance | $ 225,000 | 225,000 | |
$225 Million Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 1.35% | |
$225 Million Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 2.20% | |
$50 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | [2] | LIBOR + 1.35% - 2.20% | |
Maturity Date | Aug. 02, 2023 | ||
Outstanding Balance | $ 50,000 | 50,000 | |
$50 Million Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 1.35% | |
$50 Million Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 2.20% | |
$175 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | [2] | LIBOR + 1.65% - 2.50% | |
Maturity Date | Aug. 02, 2025 | ||
Outstanding Balance | $ 175,000 | 175,000 | |
$175 Million Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 1.65% | |
$175 Million Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 2.50% | |
2017 $85 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | [2] | LIBOR + 1.30% - 2.10% | |
Maturity Date | Jul. 25, 2024 | ||
Outstanding Balance | $ 85,000 | 85,000 | |
2017 $85 Million Term Loan [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 1.30% | |
2017 $85 Million Term Loan [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 2.10% | |
2019 $85 Million Unsecured Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | [2] | LIBOR + 1.70% - 2.55% | |
Maturity Date | Dec. 31, 2029 | ||
Outstanding Balance | $ 85,000 | 85,000 | |
2019 $85 Million Unsecured Term Loan Facility [Member] | LIBOR [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 1.70% | |
2019 $85 Million Unsecured Term Loan Facility [Member] | LIBOR [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [2] | 2.55% | |
$50 Million Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | [2] | 3.60% - 4.35% | |
Maturity Date | Mar. 31, 2030 | ||
Outstanding Balance | $ 50,000 | 50,000 | |
$50 Million Senior Notes [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.60% | ||
$50 Million Senior Notes [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.35% | ||
$75 Million Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | [2] | 4.88% - 5.63% | |
Maturity Date | Jun. 02, 2029 | ||
Outstanding Balance | $ 75,000 | ||
$75 Million Senior Notes [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.88% | ||
$75 Million Senior Notes [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.63% | ||
Term Loans and Senior Loans, Net [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | $ 945,000 | 870,000 | |
Unamortized debt issuance costs | (3,912) | (4,811) | |
Term loans and senior notes, net | 941,088 | 865,189 | |
Credit Facilities, Net [Member] | |||
Debt Instrument [Line Items] | |||
Credit facilities, net | [1] | $ 1,007,088 | $ 941,189 |
Weighted-average interest rate | [4] | 3.39% | 2.97% |
[1]Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $0.1 million and $1.0 million as of June 30, 2022 December 31, 2021 On July 25, 2022, the Company entered into an amendment and restatement of its $850 million credit facility, which extended the maturities of the existing Revolving Credit Facility, $200 million term loan and $225 million term loan to July 25, 2026, July 25, 2027 and January 31, 2028, respectively. June 30, 2022 December 31, 2021 June 30, 2022 December 31, 2021 |
Debt - Schedule of Unsecured _2
Debt - Schedule of Unsecured Credit Facilities (Parentheticals) (Details) - USD ($) | Jul. 25, 2022 | Jul. 28, 2021 | Jul. 24, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Details [Line Items] | |||||
Debt issuance costs, net | $ 5,215,000 | ||||
Outstanding Balance | $ 1,376,986,000 | $ 1,444,046,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | |||||
Debt Details [Line Items] | |||||
Debt Instrument, Basis of Variable Rate | 1.79% | 0.10% | |||
Outstanding Variable-Rate Debt Effectively Fixed By Interest Rate Swaps [Member] | |||||
Debt Details [Line Items] | |||||
Derivative, notional amount | $ 770,000,000 | $ 770,000,000 | |||
Unsecured Credit Facility | |||||
Debt Details [Line Items] | |||||
Interest rate increase above highest rate | 0.15% | ||||
Revolving Credit Facilities [Member] | |||||
Debt Details [Line Items] | |||||
Debt issuance costs, net | 100,000 | $ 1,000,000 | |||
$850 Million Unsecured Credit Facility [Member] | |||||
Debt Details [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 850,000,000 | ||||
$850 Million Unsecured Credit Facility [Member] | Amendment and Restatement [Member] | Subsequent Events [Member] | |||||
Debt Details [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 850,000,000 | ||||
Debt instrument extended maturity date | Jul. 25, 2026 | ||||
$850 Million Unsecured Credit Facility [Member] | $200 Million Term Loan [Member] | Subsequent Events [Member] | |||||
Debt Details [Line Items] | |||||
Outstanding Balance | $ 200,000,000 | ||||
$850 Million Unsecured Credit Facility [Member] | $200 Million Term Loan [Member] | Amendment and Restatement [Member] | Subsequent Events [Member] | |||||
Debt Details [Line Items] | |||||
Debt instrument extended maturity date | Jul. 25, 2027 | ||||
$850 Million Unsecured Credit Facility [Member] | $225 Million Term Loan [Member] | Subsequent Events [Member] | |||||
Debt Details [Line Items] | |||||
Outstanding Balance | $ 225,000,000 | ||||
$850 Million Unsecured Credit Facility [Member] | $225 Million Term Loan [Member] | Amendment and Restatement [Member] | Subsequent Events [Member] | |||||
Debt Details [Line Items] | |||||
Debt instrument extended maturity date | Jan. 31, 2028 |
Debt - Summary of Debt Refinanc
Debt - Summary of Debt Refinancing (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jul. 25, 2022 | Jun. 30, 2022 | ||
Prior to Refinancing [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 850,000 | ||
Subsequent Events [Member] | 2022 Debt Refinancing [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 1,225,000 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, maturity date | [1],[2] | Jul. 27, 2022 | |
Interest Rate, Description | [2],[3] | LIBOR + 1.40% - 2.25% | |
Revolving Credit Facility [Member] | Prior to Refinancing [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 425,000 | ||
Debt instrument, maturity date | Jul. 27, 2022 | ||
Interest Rate, Description | LIBOR + 1.40% - 2.25% | ||
Revolving Credit Facility [Member] | Prior to Refinancing [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.40% | ||
Revolving Credit Facility [Member] | Prior to Refinancing [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.25% | ||
Revolving Credit Facility [Member] | Subsequent Events [Member] | 2022 Debt Refinancing [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 650,000 | ||
Debt instrument, maturity date | Jul. 25, 2026 | ||
Interest Rate, Description | SOFR + 0.10% + 1.40% - 2.25% | ||
SOFR spread adjustment rate | 0.10% | ||
Revolving Credit Facility [Member] | Subsequent Events [Member] | 2022 Debt Refinancing [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.40% | ||
Revolving Credit Facility [Member] | Subsequent Events [Member] | 2022 Debt Refinancing [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.25% | ||
Term Loan Facility One [Member] | Prior to Refinancing [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 200,000 | ||
Debt instrument, maturity date | Jul. 27, 2023 | ||
Interest Rate, Description | LIBOR + 1.35% - 2.20% | ||
Term Loan Facility One [Member] | Prior to Refinancing [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.35% | ||
Term Loan Facility One [Member] | Prior to Refinancing [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.20% | ||
Term Loan Facility One [Member] | Subsequent Events [Member] | 2022 Debt Refinancing [Member] | |||
Debt Instrument [Line Items] | |||
Term loan facility, maximum borrowing capacity | $ 275,000 | ||
Debt instrument, maturity date | Jul. 25, 2027 | ||
Interest Rate, Description | SOFR + 0.10% + 1.35% - 2.20% | ||
SOFR spread adjustment rate | 0.10% | ||
Term Loan Facility One [Member] | Subsequent Events [Member] | 2022 Debt Refinancing [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.35% | ||
Term Loan Facility One [Member] | Subsequent Events [Member] | 2022 Debt Refinancing [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.20% | ||
Term Loan Facility Two [Member] | Prior to Refinancing [Member] | |||
Debt Instrument [Line Items] | |||
Maximum borrowing capacity | $ 225,000 | ||
Debt instrument, maturity date | Jan. 31, 2024 | ||
Interest Rate, Description | LIBOR + 1.35% - 2.20% | ||
Term Loan Facility Two [Member] | Prior to Refinancing [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.35% | ||
Term Loan Facility Two [Member] | Prior to Refinancing [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.20% | ||
Term Loan Facility Two [Member] | Subsequent Events [Member] | 2022 Debt Refinancing [Member] | |||
Debt Instrument [Line Items] | |||
Term loan facility, maximum borrowing capacity | $ 300,000 | ||
Debt instrument, maturity date | Jan. 31, 2028 | ||
Interest Rate, Description | SOFR + 0.10% + 1.35% - 2.20% | ||
SOFR spread adjustment rate | 0.10% | ||
Term Loan Facility Two [Member] | Subsequent Events [Member] | 2022 Debt Refinancing [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 1.35% | ||
Term Loan Facility Two [Member] | Subsequent Events [Member] | 2022 Debt Refinancing [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.20% | ||
[1] On July 25, 2022, the Company entered into an amendment and restatement of its $850 million credit facility, which extended the maturities of the existing Revolving Credit Facility, $200 million term loan and $225 million term loan to July 25, 2026, July 25, 2027 and January 31, 2028, respectively. June 30, 2022 December 31, 2021 |
Debt - Schedule of Mortgage Deb
Debt - Schedule of Mortgage Debt Obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2021 | Aug. 16, 2021 | |||
Debt Instrument [Line Items] | |||||
Outstanding Balance | $ 1,376,986 | $ 1,444,046 | |||
Unamortized fair value adjustment of assumed debt | 867 | ||||
Unamortized debt issuance costs | (5,215) | ||||
Total | $ 365,550 | 497,569 | |||
Residence Inn, Seattle, Washington [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | 4% | [1],[2] | 4% | ||
Loan Assumption or Origination Date | [2] | Aug. 16, 2021 | |||
Note payable, principal assumed or originated | $ 56,000 | [2],[3] | $ 56,000 | ||
Outstanding Balance | [2],[3] | 56,000 | |||
Hilton Garden Inn Grapevine, TX [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.89% | |||
Loan Assumption or Origination Date | Aug. 29, 2012 | ||||
Note payable, principal assumed or originated | [4] | $ 11,810 | |||
Outstanding Balance | [4] | 9,075 | |||
Courtyard Collegeville/Philadelphia, PA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.89% | |||
Loan Assumption or Origination Date | Aug. 30, 2012 | ||||
Note payable, principal assumed or originated | [4] | $ 12,650 | |||
Outstanding Balance | [4] | 9,720 | |||
Courtyard Hattiesburg, MS [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 5% | |||
Loan Assumption or Origination Date | Mar. 01, 2014 | ||||
Note payable, principal assumed or originated | [4] | $ 5,732 | |||
Outstanding Balance | [4] | 4,550 | |||
Courtyard Kirkland, WA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 5% | |||
Loan Assumption or Origination Date | Mar. 01, 2014 | ||||
Note payable, principal assumed or originated | [4] | $ 12,145 | |||
Outstanding Balance | [4] | 9,640 | |||
Courtyard Rancho Bernardo / San Diego, CA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 5% | |||
Loan Assumption or Origination Date | Mar. 01, 2014 | ||||
Note payable, principal assumed or originated | [4] | $ 15,060 | |||
Outstanding Balance | [4] | 11,954 | |||
Residence Inn Seattle, WA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.96% | |||
Loan Assumption or Origination Date | Mar. 01, 2014 | ||||
Note payable, principal assumed or originated | [4] | $ 28,269 | |||
Outstanding Balance | [4] | 22,412 | |||
Embassy Suites Anchorage, AK [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.97% | |||
Loan Assumption or Origination Date | Sep. 13, 2012 | ||||
Note payable, principal assumed or originated | [5] | $ 23,230 | |||
Outstanding Balance | [5] | $ 17,595 | 17,959 | ||
Courtyard Somerset, NJ [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.73% | |||
Loan Assumption or Origination Date | Mar. 01, 2014 | ||||
Note payable, principal assumed or originated | [5] | $ 8,750 | |||
Outstanding Balance | [5] | $ 6,759 | 6,903 | ||
Homewood Suites Tukwila, WA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.73% | |||
Loan Assumption or Origination Date | Mar. 01, 2014 | ||||
Note payable, principal assumed or originated | [5] | $ 9,431 | |||
Outstanding Balance | [5] | $ 7,285 | 7,440 | ||
Homewood Suites Huntsville, AL [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.12% | |||
Loan Assumption or Origination Date | Mar. 01, 2014 | ||||
Maturity Date | Feb. 06, 2023 | ||||
Note payable, principal assumed or originated | $ 8,306 | ||||
Outstanding Balance | $ 6,334 | 6,473 | |||
Courtyard Prattville, AL [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.12% | |||
Loan Assumption or Origination Date | Mar. 01, 2014 | ||||
Maturity Date | Feb. 06, 2023 | ||||
Note payable, principal assumed or originated | $ 6,596 | ||||
Outstanding Balance | $ 5,030 | 5,141 | |||
Residence Inn San Diego, CA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 3.97% | |||
Loan Assumption or Origination Date | Mar. 01, 2014 | ||||
Maturity Date | Mar. 06, 2023 | ||||
Note payable, principal assumed or originated | $ 18,600 | ||||
Outstanding Balance | $ 14,144 | 14,456 | |||
Homewood Suites Miami, FL [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.02% | |||
Loan Assumption or Origination Date | Mar. 01, 2014 | ||||
Maturity Date | Apr. 01, 2023 | ||||
Note payable, principal assumed or originated | $ 16,677 | ||||
Outstanding Balance | $ 12,722 | 13,000 | |||
Homewood Suites New Orleans, LA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.36% | |||
Loan Assumption or Origination Date | Jul. 17, 2014 | ||||
Maturity Date | Aug. 11, 2024 | ||||
Note payable, principal assumed or originated | $ 27,000 | ||||
Outstanding Balance | $ 21,574 | 21,981 | |||
Residence Inn Westford, MA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.28% | |||
Loan Assumption or Origination Date | Mar. 18, 2015 | ||||
Maturity Date | Apr. 11, 2025 | ||||
Note payable, principal assumed or originated | $ 10,000 | ||||
Outstanding Balance | $ 8,173 | 8,320 | |||
Hilton Garden Inn Denver, CO [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.46% | |||
Loan Assumption or Origination Date | Sep. 01, 2016 | ||||
Maturity Date | Jun. 11, 2025 | ||||
Note payable, principal assumed or originated | $ 34,118 | ||||
Outstanding Balance | $ 28,912 | 29,415 | |||
Courtyard Oceanside, CA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.28% | |||
Loan Assumption or Origination Date | Sep. 01, 2016 | ||||
Maturity Date | Oct. 01, 2025 | ||||
Note payable, principal assumed or originated | $ 13,655 | ||||
Outstanding Balance | $ 12,170 | 12,318 | |||
Hilton Garden Inn Omaha, NE [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.28% | |||
Loan Assumption or Origination Date | Sep. 01, 2016 | ||||
Maturity Date | Oct. 01, 2025 | ||||
Note payable, principal assumed or originated | $ 22,681 | ||||
Outstanding Balance | $ 20,214 | 20,460 | |||
Hampton Boise, ID [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.37% | |||
Loan Assumption or Origination Date | May 26, 2016 | ||||
Maturity Date | Jun. 11, 2026 | ||||
Note payable, principal assumed or originated | $ 24,000 | ||||
Outstanding Balance | $ 21,438 | 21,680 | |||
Courtyard Burbank, CA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 3.55% | |||
Loan Assumption or Origination Date | Nov. 03, 2016 | ||||
Maturity Date | Dec. 01, 2026 | ||||
Note payable, principal assumed or originated | $ 25,564 | ||||
Outstanding Balance | $ 21,715 | 22,098 | |||
Courtyard San Diego, CA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 3.55% | |||
Loan Assumption or Origination Date | Nov. 03, 2016 | ||||
Maturity Date | Dec. 01, 2026 | ||||
Note payable, principal assumed or originated | $ 25,473 | ||||
Outstanding Balance | $ 21,638 | 22,019 | |||
Hampton San Diego, CA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 3.55% | |||
Loan Assumption or Origination Date | Nov. 03, 2016 | ||||
Maturity Date | Dec. 01, 2026 | ||||
Note payable, principal assumed or originated | $ 18,963 | ||||
Outstanding Balance | $ 16,108 | 16,392 | |||
SpringHill Suites Burbank, CA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 3.94% | |||
Loan Assumption or Origination Date | Mar. 09, 2018 | ||||
Maturity Date | Apr. 01, 2028 | ||||
Note payable, principal assumed or originated | $ 28,470 | ||||
Outstanding Balance | $ 25,455 | 25,845 | |||
Courtyard Santa Ana, CA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 3.94% | |||
Loan Assumption or Origination Date | Mar. 09, 2018 | ||||
Maturity Date | Apr. 01, 2028 | ||||
Note payable, principal assumed or originated | $ 15,530 | ||||
Outstanding Balance | $ 13,885 | 14,098 | |||
Courtyard Richmond, VA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 3.40% | |||
Loan Assumption or Origination Date | Feb. 12, 2020 | ||||
Maturity Date | Mar. 11, 2030 | ||||
Note payable, principal assumed or originated | $ 14,950 | ||||
Outstanding Balance | $ 14,297 | 14,447 | |||
Residence Inn Richmond, VA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 3.40% | |||
Loan Assumption or Origination Date | Feb. 12, 2020 | ||||
Maturity Date | Mar. 11, 2030 | ||||
Note payable, principal assumed or originated | $ 14,950 | ||||
Outstanding Balance | $ 14,297 | 14,447 | |||
Residence Inn Portland, ME [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1],[6] | 3.43% | |||
Loan Assumption or Origination Date | [6] | Mar. 02, 2020 | |||
Maturity Date | [6] | Mar. 01, 2032 | |||
Note payable, principal assumed or originated | [6] | $ 33,500 | |||
Outstanding Balance | [6] | $ 30,500 | 33,500 | ||
Homewood Suites San Jose, CA [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest Rate | [1] | 4.22% | |||
Loan Assumption or Origination Date | Dec. 22, 2017 | ||||
Maturity Date | May 01, 2038 | ||||
Note payable, principal assumed or originated | $ 30,000 | ||||
Outstanding Balance | 25,741 | 26,303 | |||
Aggregate Properties [Member] | |||||
Debt Instrument [Line Items] | |||||
Note payable, principal assumed or originated | 572,110 | ||||
Outstanding Balance | 365,986 | 498,046 | |||
Unamortized fair value adjustment of assumed debt | 867 | 1,010 | |||
Unamortized debt issuance costs | $ (1,303) | $ (1,487) | |||
[1]Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan.[2]On August 16, 2021, the Company acquired the fee interest in the land at the Seattle, Washington Residence Inn, previously held under a finance ground lease, for a purchase price of $80.0 million, consisting of a $24.0 million cash payment and a one-year Loans were repaid in full on June 30, 2022. Loans were repaid in full on August 1, 2022. |
Debt - Schedule of Mortgage D_2
Debt - Schedule of Mortgage Debt Obligations (Parentheticals) (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||
Mar. 01, 2022 | Aug. 16, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |||
Debt Instrument [Line Items] | ||||||
Cash payment | $ 49,345 | |||||
Residence Inn, Seattle, Washington [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Gross Purchase Price | $ 80,000 | |||||
Cash payment | $ 24,000 | |||||
Note payable term | 1 year | |||||
Note payable, principal assumed or originated | $ 56,000 | $ 56,000 | [1],[2] | |||
Residence Inn Portland, ME [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Note payable, principal assumed or originated | [3] | $ 33,500 | ||||
Mortgage Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity date, description | maturity dates ranging from October 2022 to May 2038 | |||||
Mortgage Debt [Member] | Residence Inn Portland, ME [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Prepayment of loan principal amount | $ 3,000 | |||||
Debt instrument, maturity date, description | Loan was amended effective March 1, 2022, in conjunction with a $3.0 million prepayment of loan principal. In addition, the maturity date of the loan was extended by two years to March 1, 2032. | |||||
Debt instrument extended maturity date term | 2 years | |||||
Debt instrument extended maturity date | Mar. 01, 2032 | |||||
[1]Loan was repaid in full on June 16, 2022.[2]On August 16, 2021, the Company acquired the fee interest in the land at the Seattle, Washington Residence Inn, previously held under a finance ground lease, for a purchase price of $80.0 million, consisting of a $24.0 million cash payment and a one-year |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) Derivative_Instrument | Dec. 31, 2021 USD ($) | |
Fair Value of Financial Instruments [Line Items] | ||
Debt, net | $ 1,372,638 | $ 1,438,758 |
Long-term debt, fair value | 1,300,000 | $ 1,400,000 |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $ 8,700 | |
Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments [Line Items] | ||
Number of interest rate swap agreements | Derivative_Instrument | 13 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Interest Rate Swap Agreements (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 770,000 | |
Fair value asset (liability) | 22,330 | $ (15,508) |
Interest Rate Swap #1 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 100,000 | |
Origination Date | Apr. 07, 2016 | |
Effective Date | Sep. 30, 2016 | |
Maturity date | Mar. 31, 2023 | |
Swap fixed interest rate | 1.33% | |
Fair value asset (liability) | $ 1,213 | (955) |
Interest Rate Swap #2 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Origination Date | May 31, 2017 | |
Effective Date | Jul. 31, 2017 | |
Maturity date | Jun. 30, 2024 | |
Swap fixed interest rate | 1.96% | |
Fair value asset (liability) | $ 1,616 | (1,902) |
Interest Rate Swap #3 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 10,000 | |
Origination Date | Aug. 10, 2017 | |
Effective Date | Aug. 10, 2017 | |
Maturity date | Jun. 30, 2024 | |
Swap fixed interest rate | 2.01% | |
Fair value asset (liability) | $ 211 | (268) |
Interest Rate Swap #4 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Jun. 01, 2018 | |
Effective Date | Jan. 31, 2019 | |
Maturity date | Jun. 30, 2025 | |
Swap fixed interest rate | 2.89% | |
Fair value asset (liability) | $ 36 | (3,123) |
Interest Rate Swap #5 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Jul. 02, 2019 | |
Effective Date | Jul. 05, 2019 | |
Maturity date | Jul. 18, 2024 | |
Swap fixed interest rate | 1.65% | |
Fair value asset (liability) | $ 1,399 | (894) |
Interest Rate Swap #6 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | Aug. 23, 2019 | |
Maturity date | Aug. 18, 2024 | |
Swap fixed interest rate | 1.32% | |
Fair value asset (liability) | $ 1,780 | (457) |
Interest Rate Swap #7 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | Aug. 23, 2019 | |
Maturity date | Aug. 30, 2024 | |
Swap fixed interest rate | 1.32% | |
Fair value asset (liability) | $ 1,798 | (455) |
Interest Rate Swap #8 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 85,000 | |
Origination Date | Dec. 31, 2019 | |
Effective Date | Dec. 31, 2019 | |
Maturity date | Dec. 31, 2029 | |
Swap fixed interest rate | 1.86% | |
Fair value asset (liability) | $ 5,856 | (3,277) |
Interest Rate Swap #9 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 25,000 | |
Origination Date | Dec. 06, 2018 | |
Effective Date | Jan. 31, 2020 | |
Maturity date | Jun. 30, 2025 | |
Swap fixed interest rate | 2.75% | |
Fair value asset (liability) | $ 117 | (1,442) |
Interest Rate Swap #10 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Dec. 07, 2018 | |
Effective Date | May 18, 2020 | |
Maturity date | Jan. 31, 2024 | |
Swap fixed interest rate | 2.72% | |
Fair value asset (liability) | $ 294 | (1,965) |
Interest Rate Swap #11 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | May 18, 2020 | |
Maturity date | May 18, 2025 | |
Swap fixed interest rate | 1.27% | |
Fair value asset (liability) | $ 3,478 | (458) |
Interest Rate Swap #12 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Origination Date | Jul. 31, 2020 | |
Effective Date | Aug. 18, 2020 | |
Maturity date | Aug. 18, 2022 | |
Swap fixed interest rate | 0.13% | |
Fair value asset (liability) | $ 169 | 79 |
Interest Rate Swap #13 [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | May 18, 2021 | |
Maturity date | May 18, 2026 | |
Swap fixed interest rate | 1.30% | |
Fair value asset (liability) | $ 4,363 | $ (391) |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Derivative Instruments, Gain (Loss) Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Derivative Instruments Gain Loss Recognized [Abstract] | ||||
Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 9,055 | $ (4,131) | $ 33,519 | $ 9,236 |
Net Unrealized Loss Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net | $ (1,564) | $ (2,775) | $ (4,319) | $ (5,490) |
Related Parties - Additional In
Related Parties - Additional Information (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Aircraft Owned by Executive Officers [Member] | General and Administrative Expenses [Member] | |||
Related Parties Details [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 100,000 | $ 100,000 | |
Reimbursement Received From Related Parties For Their Proportionate Share of Staffing and Office Related Costs Provided by Apple Hospitality [Member] | |||
Related Parties Details [Line Items] | |||
Related Party Transaction, Amounts of Transaction | (400,000) | $ (300,000) | |
Due from related parties | $ 200,000 | $ 300,000 | |
Cost Sharing Arrangement [Member] | |||
Related Parties Details [Line Items] | |||
Related party transaction, Description of transaction | To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies. | ||
Cost Sharing Arrangement [Member] | Maximum [Member] | |||
Related Parties Details [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 1,000,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 23 Months Ended | ||||
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | May 31, 2022 | |
Shareholders Equity Details [Line Items] | ||||||||
Common stock, dividends, per share, cash paid | $ 0.15 | $ 0.01 | $ 0.21 | $ 0.01 | ||||
Payments of ordinary dividends, common stock | $ 11,400,000 | $ 34,300,000 | $ 2,200,000 | $ 47,962,000 | $ 2,232,000 | |||
Cash distribution, date declared | Jun. 30, 2022 | |||||||
Cash distribution declared | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | ||||
Cash distribution, date to be paid | Jul. 15, 2022 | |||||||
Cash distribution, date of record | Jun. 30, 2022 | |||||||
Quarterly distribution rate | $ 0.01 | |||||||
Accrued distribution | $ 11,420,000 | $ 2,300,000 | $ 11,420,000 | $ 2,279,000 | $ 11,420,000 | 2,279,000 | $ 11,420,000 | |
Commissions and issuance costs | 20,000 | 206,000 | ||||||
Proceeds from issuance of common stock, net | $ (185,000) | $ 75,066,000 | ||||||
Stock repurchase program, extended term | 1 year | |||||||
Stock repurchase program, authorized amount | $ 345,000,000 | |||||||
Share repurchase program, end period | 2023-07 | |||||||
Stock repurchased value per share | $ 14.42 | |||||||
Stock repurchased value | 145,000 | $ 145,000 | ||||||
Stock repurchase program, remaining available for repurchase | 344,900,000 | 344,900,000 | $ 344,900,000 | 344,900,000 | ||||
Maximum [Member] | ||||||||
Shareholders Equity Details [Line Items] | ||||||||
Number of shares repurchased | 100,000 | |||||||
ATM Program Executed August 12, 2020 [Member] | ||||||||
Shareholders Equity Details [Line Items] | ||||||||
Stock issuance program, authorized amount | 300,000,000 | 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||
Stock issued during period, shares, new issues (in shares) | 0 | 4,700,000 | ||||||
Shares issued weighted average market sales price per share (in dollars per share) | $ 16.26 | |||||||
Proceeds from issuance of common stock, gross | $ 76,000,000 | |||||||
Commissions and issuance costs | 900,000 | |||||||
Proceeds from issuance of common stock, net | 75,100,000 | |||||||
Stock issuance program, available for issuance | $ 224,000,000 | $ 224,000,000 | $ 224,000,000 | $ 224,000,000 |
Compensation Plans - Additional
Compensation Plans - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
2022 Executive Management Incentive Plan [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Incentive compensation, description | one-half (50%) of incentive compensation based on operational performance goals and metrics and one-half (50%) of incentive compensation based on shareholder return metrics. With respect to the shareholder return metrics, 75% of the target will be based on shareholder return relative to a peer group and 25% will be based on total shareholder return metrics over one-year, two-year, and three-year periods. | |||
Operational performance metrics accounted for total target incentive compensation, percentage | 50% | |||
Percentage of relative shareholder return metrics on shareholder return metrics | 75% | |||
Percentage of total shareholder return metrics on shareholder return metrics | 25% | |||
Shareholder return metrics accounted for total target incentive compensation, percentage | 50% | |||
Operational performance goals and metrics percentage of the target based on modified funds | 25% | |||
Percentage of operational performance goals on target operating performance metrics | 75% | |||
Accrued liability for potential executive bonus payments | $ 8,000,000 | $ 8,000,000 | ||
Portion of awards paid in cash | 25% | |||
Portion of awards issued in equity | 75% | |||
2022 Executive Management Incentive Plan [Member] | General and Administrative Expenses [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | $ 4,300,000 | $ 8,000,000 | ||
2021 Executive Management Incentive Plan [Member] | General and Administrative Expenses [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | $ 3,100,000 | $ 6,000,000 | ||
Potential Aggregate Payout [Member] | 2022 Executive Management Incentive Plan [Member] | Minimum [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | 0 | |||
Potential Aggregate Payout [Member] | 2022 Executive Management Incentive Plan [Member] | Maximum [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Labor and related expense | $ 25,000,000 | |||
Share Based Compensation [Member] | 2022 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2023 [Member] | Unrestricted Shares at Time of Issuance [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Share-based compensation arrangement, vesting description | two-thirds | |||
Share Based Compensation [Member] | 2022 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2023 [Member] | Restricted Stock Vesting in December 2023 [Member] | ||||
Compensation Plans Details [Line Items] | ||||
Share-based compensation arrangement, vesting description | one-third |
Compensation Plans - Informatio
Compensation Plans - Information Pertaining to Share-based Compensation Issued (Details) - Share Based Compensation [Member] - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | ||
2021 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2022 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Period common shares issued | First Quarter 2022 | ||
Common shares earned under each incentive plan | 868,079 | ||
Common shares surrendered on issuance date to satisfy tax withholding obligations | 245,597 | ||
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations | 622,482 | ||
Closing stock price on issuance date | $ 17.79 | ||
Total share-based compensation earned, including the surrendered shares (in millions) | [1] | $ 15.4 | |
Of the total common shares earned and issued, total common shares unrestricted at time of issuance | 338,032 | ||
Of the total common shares earned and issued, total common shares restricted at time of issuance | 284,450 | ||
Restricted common shares vesting date | Dec. 09, 2022 | ||
2020 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2021 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Period common shares issued | First Quarter 2021 | ||
Common shares earned under each incentive plan | 555,726 | ||
Common shares surrendered on issuance date to satisfy tax withholding obligations | 117,647 | ||
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations | 438,079 | ||
Closing stock price on issuance date | $ 14.03 | ||
Total share-based compensation earned, including the surrendered shares (in millions) | [2] | $ 7.8 | |
Of the total common shares earned and issued, total common shares unrestricted at time of issuance | 160,216 | ||
Of the total common shares earned and issued, total common shares restricted at time of issuance | 277,863 | ||
Restricted common shares vesting date | Dec. 10, 2021 | ||
Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares | 108,292 | ||
[1]Of the total 2021 December 31, 2021 December 31, 2021 2021 2021 |
Compensation Plans - Informat_2
Compensation Plans - Information Pertaining to Share-based Compensation Issued (Parenthetical) (Details) - Share Based Compensation [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | |
2021 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2022 [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation recorded as liability | $ 12.9 | |||||
Share-based compensation expense | $ 0.7 | $ 1.3 | ||||
2020 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2021 [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 0.5 | $ 1 | $ 1.9 | |||
Scenario Forecast [Member] | 2021 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2022 [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation, subject to vesting | $ 2.5 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Aug. 01, 2022 USD ($) Loan | Jul. 15, 2022 USD ($) $ / shares | Jul. 31, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) $ / shares | Jun. 30, 2022 USD ($) $ / shares | Jun. 30, 2021 USD ($) $ / shares | Jul. 25, 2022 USD ($) | |
Subsequent Event [Line Items] | |||||||||
Payments of ordinary dividends, common stock | $ 11,400,000 | $ 34,300,000 | $ 2,200,000 | $ 47,962,000 | $ 2,232,000 | ||||
Common stock, dividends, per share, cash paid | $ / shares | $ 0.15 | $ 0.01 | $ 0.21 | $ 0.01 | |||||
Cash distribution, date of record | Jun. 30, 2022 | ||||||||
Cash distribution declared | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | ||||||
Cash distribution, date declared | Jun. 30, 2022 | ||||||||
Cash distribution, date to be paid | Jul. 15, 2022 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Payments of ordinary dividends, common stock | $ 11,400,000 | ||||||||
Common stock, dividends, per share, cash paid | $ / shares | $ 0.05 | ||||||||
Cash distribution, date of record | Jul. 05, 2022 | Aug. 02, 2022 | |||||||
Cash distribution declared | $ / shares | $ 0.05 | ||||||||
Cash distribution, date declared | Jul. 31, 2022 | ||||||||
Cash distribution, date to be paid | Aug. 15, 2022 | ||||||||
Credit facility refinanced | $ 850,000,000 | ||||||||
Number of secured mortgage loan agreements | Loan | 3 | ||||||||
Repayments of loans | $ 31,700,000 | ||||||||
Subsequent Event [Member] | 2022 Debt Refinancing [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,225,000,000 | ||||||||
Subsequent Event [Member] | $1.2 Billion Credit Facility [Member] | 2022 Debt Refinancing [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Line of credit facility, maximum borrowing capacity | $ 1,200,000,000 | $ 1,200,000,000 | |||||||
SOFR spread adjustment rate | 0.10% | 0.10% |