Debt

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



	Encumbered	Interest	Maturity	June 30,			December 31,
	Hotels	Rate (%)	Date	2017			2016
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	118,971			120,109
Mortgage debt	1	4.94	October 2022	29,903			30,184
Line of credit^(b)	7	LIBOR + 2.75	June 2019	141,000			119,000
Mortgage debt^(c)	1	LIBOR + 3.00	November 2017	85,000			85,000
Total	22			$	1,374,874		$	1,354,293
Unamortized debt issuance costs				(14,803		)	(15,967		)
Debt, net of unamortized debt issuance costs				$	1,360,071		$	1,338,326


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


(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.

We reported $19.4 million and $19.9 million of interest expense for the three months ended June 30, 2017 and 2016, respectively, which is net of: (i) interest income of $47,000 and $16,000 and (ii) capitalized interest of $429,000 and $205,000, respectively. We reported $38.7 million and $39.6 million of interest expense for the six months ended June 30, 2017 and 2016, respectively, which is net of: (i) interest income of $80,000 and $28,000 and (ii) capitalized interest of $791,000 and $347,000, respectively.