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Debt (Tables)
 12 Months Ended
Dec. 31, 2019
Debt  
Schedule of Related Party Transactions [Table Text Block]
As of December 31, 2019, the future minimum principal payments were as follows (in thousands):
2020
$
2,461

2021
2,824

2022
110,997

2023
—

2024
96,000

Thereafter
474,888

Total (1)
$
687,170


(1)
Excludes a total of $27.4 million related to fair value adjustments on debt.
Schedule of Debt
The Company's debt consisted of the following (in thousands):
 
 
 
 
 
 
 
Outstanding Borrowings at
 
Number of Assets Encumbered
 
Interest Rate
 
Maturity Date
 
December 31, 2019
 
December 31, 2018
Senior notes (1)(2)(3)
—
 
6.00%
 
June 2025
 
$
500,484

 
$
505,322

Mortgage loan (4)
3
 
4.95%
 
October 2022
 
89,299

 
91,737

Mortgage loan (5)
1
 
4.94%
 
October 2022
 
28,785

 
29,569

Mortgage loan (1)(6)
3
 
3.36%
 
April 2024
(7)
96,000

 
—

 
7
 
 
 
 
 
714,568

 
626,628

Deferred financing costs, net
 
 
 
 
 
 
(841
)
 
—

Debt, net
 
 
 
 
 
 
$
713,727

 
$
626,628


(1)
Requires payments of interest only through maturity.
(2)
The Senior Notes (as defined below) include $25.6 million and $30.3 million at December 31, 2019 and 2018, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.
(3)
The Company has the option to redeem the Senior Notes beginning June 1, 2020 at a price of 103.0% of face value.
(4)
Includes $1.4 million and $1.9 million at December 31, 2019 and 2018, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.
(5)
Includes $0.4 million and $0.6 million at December 31, 2019 and 2018, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers.
(6)
The hotels encumbered by the mortgage loan are cross-collateralized.
(7)
In April 2019, the Company entered into a new mortgage loan that bears interest at LIBOR + 1.60% and provides two one year extension options.