Debt

Consolidated debt consisted of the following (dollars in thousands):



	Encumbered	Interest	Maturity	March 31,			December 31,
	Hotels	Rate (%)	Date	2016			2015
Senior unsecured notes	—	6.00	June 2025	$	475,000		$	475,000
Senior secured notes	9	5.625	March 2023	525,000			525,000
Mortgage debt^(a)	4	4.95	October 2022	121,874			122,237
Mortgage debt	1	4.94	October 2022	30,584			30,717
Line of credit^(b)	7	LIBOR + 2.75	June 2019	221,000			190,000
The Knickerbocker loan^(c)	1	LIBOR + 3.00	November 2017	85,000			85,000
Total	22			$	1,458,458		$	1,427,954
Unamortized debt issuance costs				(17,666		)	(18,065		)
Debt, net of unamortized debt issuance costs				$	1,440,792		$	1,409,889


(a)	This debt is comprised of separate non-cross-collateralized loans, each secured by a mortgage encumbering different hotels.


(b)	Our line of credit can be extended for one year, subject to satisfying certain conditions. We may borrow up to $400 million under our line of credit.


(c)	This loan can be extended for one year, subject to satisfying certain conditions.

In connection with the adoption of ASU 2015-03, deferred financing costs of $17.7 million and $18.1 million as of March 31, 2016 and December 31, 2015, respectively, are now classified within the debt on our consolidated balance sheets. Deferred financing costs of $18.1 million at December 31, 2015 had previously been classified as an asset on our consolidated balance sheets. In accordance with ASU 2015-15, deferred financing costs associated with our line of credit remain as an asset on our consolidated balance sheets.

We reported $19.7 million and $19.5 million of interest expense for the three months ended March 31, 2016 and 2015, respectively, which is net of: (i) interest income of $12,000 and $5,000 and (ii) capitalized interest of $141,800 and $3.5 million, respectively.