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Debt | 3 Months Ended
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Mar. 31, 2018
Debt Disclosure [Abstract] |
Debt | Debt The Company’s mortgage loans 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 and senior unsecured revolving credit facility debt consisted of the following (dollars in thousands):
Collateral | Interest Rate |  | Maturity Date |  | 3/31/18 Property Carrying Value |  | Balance Outstanding on Loan as of
March 31, 2018 |  | December 31, 2017
Senior Unsecured Revolving Credit Facility (1) | 3.80 | % |  | March 8, 2022 |  | $ | — |  |  | $ | 34,000 |  |  | $ | 32,000 |
Residence Inn by Marriott New Rochelle, NY | 5.75 | % |  | September 1, 2021 |  | 19,030 |  |  | 13,662 |  |  | 13,762 |
Residence Inn by Marriott San Diego, CA | 4.66 | % |  | February 6, 2023 |  | 46,511 |  |  | 28,321 |  |  | 28,469 |
Homewood Suites by Hilton San Antonio, TX | 4.59 | % |  | February 6, 2023 |  | 31,987 |  |  | 16,168 |  |  | 16,253 |
Residence Inn by Marriott Vienna, VA | 4.49 | % |  | February 6, 2023 |  | 30,125 |  |  | 22,132 |  |  | 22,251 |
Courtyard by Marriott Houston, TX | 4.19 | % |  | May 6, 2023 |  | 32,209 |  |  | 18,274 |  |  | 18,375 |
Hyatt Place Pittsburgh, PA | 4.65 | % |  | July 6, 2023 |  | 35,472 |  |  | 22,323 |  |  | 22,437 |
Residence Inn by Marriott Bellevue, WA | 4.97 | % |  | December 6, 2023 |  | 66,982 |  |  | 45,262 |  |  | 45,462 |
Residence Inn by Marriott Garden Grove, CA | 4.79 | % |  | April 6, 2024 |  | 38,208 |  |  | 33,022 |  |  | 33,160 |
Residence Inn by Marriott Silicon Valley I, CA | 4.64 | % |  | July 1, 2024 |  | 78,893 |  |  | 64,800 |  |  | 64,800 |
Residence Inn by Marriott Silicon Valley II, CA | 4.64 | % |  | July 1, 2024 |  | 86,144 |  |  | 70,700 |  |  | 70,700 |
Residence Inn by Marriott San Mateo, CA | 4.64 | % |  | July 1, 2024 |  | 62,486 |  |  | 48,600 |  |  | 48,600 |
Residence Inn by Marriott Mountain View, CA | 4.64 | % |  | July 6, 2024 |  | 55,768 |  |  | 37,900 |  |  | 37,900 |
SpringHill Suites by Marriott Savannah, GA | 4.62 | % |  | July 6, 2024 |  | 36,099 |  |  | 30,000 |  |  | 30,000 |
Hilton Garden Inn Marina del Rey, CA | 4.68 | % |  | July 6, 2024 |  | 41,642 |  |  | 21,657 |  |  | 21,760 |
Homewood Suites by Hilton Billerica, MA | 4.32 | % |  | December 6, 2024 |  | 13,133 |  |  | 16,159 |  |  | 16,225 |
Hampton Inn & Suites Houston Medical Center, TX | 4.25 | % |  | January 6, 2025 |  | 15,007 |  |  | 18,247 |  |  | 18,300 |
Total debt before unamortized debt issue costs |  |  |  |  | $ | 689,696 |  |  | $ | 541,227 |  |  | $ | 540,454 |
Unamortized mortgage debt issue costs |  |  |  |  |  |  | (2,048 | ) |  | (2,138 | )
Total debt outstanding |  |  |  |  |  |  | $ | 539,179 |  |  | $ | 538,316 |
(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, 2018 and December 31, 2017, the Company had $34.0 million and $32.0 million, respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At March 31, 2018, 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, 2018 and December 31, 2017 was $496.7 million and $506.6 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, 2018, 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, 2018 and December 31, 2017 was $34.0 million and $32.0 million, respectively. As of March 31, 2018, the Company was in compliance with all of its financial covenants. At March 31, 2018, the Company’s consolidated fixed charge coverage ratio was 3.2 and the bank covenant is 1.5. Future scheduled principal payments of debt obligations as of March 31, 2018, for the current year and each of the next four calendar years and thereafter are as follows (in thousands):
| Amount
2018 (remaining nine months) | $ | 4,556 |
2019 | 6,992 |
2020 | 9,536 |
2021 | 21,883 |
2022 | 43,954 |
2023 | 142,036 |
Thereafter | 312,270 |
Total debt before unamortized debt issue costs | $ | 541,227 |
Unamortized mortgage debt issue costs | (2,048 | )
Total debt outstanding | $ | 539,179 |

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- Definition The entire disclosure for long-term debt. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
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