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
Collateral	Interest Rate		Maturity Date	3/31/18 Property Carrying Value		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