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Debt
 12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Debt 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. Debt consisted of the following (in thousands):
 
Loan/Collateral
Interest
Rate
Maturity Date12/31/18 Property
Carrying
Value		Balance Outstanding as of
December 31, 2018December 31,
2017
Senior Unsecured Revolving Credit Facility (1)4.45 %March 8, 2022$— $81,500 $32,000 
Residence Inn by Marriott New Rochelle, NY5.75 %September 1, 202118,400 13,361 13,762 
Residence Inn by Marriott San Diego, CA4.66 %February 6, 202345,971 27,885 28,469 
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202331,091 15,916 16,253 
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202330,906 21,782 22,251 
Courtyard by Marriott Houston, TX4.19 %May 6, 202331,667 17,976 18,375 
Hyatt Place Pittsburgh, PA4.65 %July 6, 202335,736 21,989 22,437 
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202365,840 44,680 45,462 
Residence Inn by Marriott Garden Grove, CA 4.79 %April 6, 202437,398 32,620 33,160 
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202480,231 64,800 64,800 
Residence Inn by Marriott Silicon Valley II, CA 4.64 %July 1, 202482,460 70,700 70,700 
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202462,090 48,600 48,600 
Residence Inn by Marriott Mountain View, CA4.64 %July 1, 202455,597 37,900 37,900 
SpringHill Suites by Marriott Savannah, GA 4.62 %July 6, 202435,657 30,000 30,000 
Hilton Garden Inn Marina del Rey, CA (2)4.68 %July 6, 202440,560 21,355 21,760 
Homewood Suites by Hilton Billerica, MA4.32 %December 6, 202414,870 15,965 16,225 
Hampton Inn & Suites Houston Medical Cntr., TX 4.25 %January 6, 202514,642 18,026 18,300 
Total debt before unamortized debt issue costs$683,116 $585,055 $540,454 
Unamortized mortgage debt issue costs(1,773)(2,138)
Total debt outstanding 583,282 538,316 
 
1. The interest rate for the senior unsecured revolving credit facility is variable and based on LIBOR plus an applicable margin ranging from 1.55% to 2.3%, or prime plus an applicable margin of 0.55% to 1.3%.

On March 8, 2018, we refinanced our senior unsecured credit facility with a new facility having a maturity date in March 2023, which includes the option to extend the maturity by an additional year, and replaces our previous $250.0 million senior unsecured credit facility that was scheduled to mature in 2020. Borrowing costs have been reduced by 0 to 15 basis points from comparable leverage-based pricing levels in our previous credit facility. At December 31, 2018 current leverage level, the borrowing cost under the new facility is LIBOR plus 1.65 percent. We were in compliance with all financial covenants at December 31, 2018.
At December 31, 2018 and 2017, the Company had $81.5 million and $32.0 million, respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At December 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 December 31, 2018 and 2017 was $489.0 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 a similar maturity and that is classified within level 3 of the fair value hierarchy. As of December 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 December 31, 2018 and 2017 was $81.5 million and $32.0 million, respectively.
As of December 31, 2018, the Company was in compliance with all of its financial covenants. At December 31, 2018, the Company’s consolidated fixed charge coverage ratio was 3.3 and the bank covenant is 1.5. Future scheduled principal
payments of debt obligations as of December 31, 2018, for each of the next five calendar years and thereafter are as follows (in thousands):
 Amount
2019$6,992 
20209,536 
202121,962 
202291,454 
2023142,546 
Thereafter312,565 
Total$585,055