Debt

The Company’s mortgage loans and its senior unsecured revolving credit facility are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. Mortgage debt consisted of the following (dollars in thousands):



Collateral	Interest Rate		Maturity Date	3/31/17 Property Carrying Value		Balance Outstanding on Loan as of
Collateral	Interest Rate		Maturity Date	3/31/17 Property Carrying Value		March 31, 2017			December 31, 2016
Senior Unsecured Revolving Credit Facility⁽¹⁾	3.35	%	November 25, 2019	$	—	$	56,500		$	52,500
Residence Inn by Marriott New Rochelle, NY	5.75	%	September 1, 2021	19,849		14,045			14,141
Residence Inn by Marriott San Diego, CA	4.66	%	February 6, 2023	44,514		28,885			29,026
Homewood Suites by Hilton San Antonio, TX	4.59	%	February 6, 2023	32,654		16,494			16,575
Residence Inn by Marriott Vienna, VA	4.49	%	February 6, 2023	30,747		22,585			22,699
Courtyard by Marriott Houston, TX	4.19	%	May 6, 2023	32,008		18,661			18,758
Hyatt Place Pittsburgh, PA	4.65	%	July 6, 2023	35,479		22,755			22,864
Residence Inn by Marriott Bellevue, WA	4.97	%	December 6, 2023	68,788		46,016			46,206
Residence Inn by Marriott Garden Grove, CA	4.79	%	April 6, 2024	39,878		33,542			33,674
Residence Inn by Marriott Silicon Valley I, CA	4.64	%	July 1, 2024	82,028		64,800			64,800
Residence Inn by Marriott Silicon Valley II, CA	4.64	%	July 1, 2024	89,831		70,700			70,700
Residence Inn by Marriott San Mateo, CA	4.64	%	July 1, 2024	64,635		48,600			48,600
Residence Inn by Marriott Mountain View, CA	4.64	%	July 6, 2024	56,776		37,900			37,900
SpringHill Suites by Marriott Savannah, GA	4.62	%	July 6, 2024	37,190		30,000			30,000
Hilton Garden Inn Marina del Rey, CA	4.68	%	July 6, 2024	42,798		22,047			22,145
Homewood Suites by Hilton Billerica, MA	4.32	%	December 6, 2024	11,536		16,225			16,225
Homewood Suites by Hilton Carlsbad CA	4.32	%	December 6, 2024	29,710		19,950			19,950
Hampton Inn & Suites Houston Medical Center, TX	4.25	%	January 6, 2025	14,987		18,300			18,300

Total debt before unamortized debt issue costs				$	733,408	$	588,005		$	585,063
Unamortized mortgage debt issue costs						(2,138		)	(2,240		)
Total debt outstanding						$	585,867		$	582,823


(1)	The interest rate for the senior unsecured revolving credit facility is variable and based on either LIBOR plus an applicable margin ranging from 1.55% to 2.3%, or prime plus an applicable margin of 0.55% to 1.3%.

At March 31, 2017 and December 31, 2016, the Company had $56.5 million and $52.5 million, respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At March 31, 2017, the maximum borrowing availability under the senior unsecured revolving credit facility was $250.0 million.

The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates. All of the Company's mortgage loans are fixed-rate. Rates take into consideration general market conditions, quality and estimated value of collateral and maturity of debt with similar credit terms and are classified within level 3 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of March 31, 2017 and December 31, 2016 was $524.1 million and $516.0 million, respectively.

The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with similar maturity and is classified within level 3 of the fair value hierarchy. As of March 31, 2017, the Company’s only variable rate debt is under its senior unsecured revolving credit facility. The estimated fair value of the Company’s variable rate debt as of March 31, 2017 and December 31, 2016 was $56.5 million and $52.5 million, respectively.

As of March 31, 2017, the Company was in compliance with all of its financial covenants. At March 31, 2017, the Company’s consolidated fixed charge coverage ratio was 3.40. and the bank covenant is 1.5. Future scheduled principal payments of debt obligations as of March 31, 2017, for the current year and each of the next four calendar years and thereafter are as follows (in thousands):



	Amount
2017 (remaining nine months)	$	3,243
2018	5,374
2019	63,840
2020	9,899
2021	22,308
Thereafter	483,341
Total debt before unamortized debt issue costs	$	588,005
Unamortized mortgage debt issue costs	(2,138		)
Total debt outstanding	$	585,867