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Debt | 3 Months Ended
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Mar. 31, 2019
Debt Disclosure [Abstract] |
Debt | Debt The Company’s mortgage loans are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgage loans 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 |  | 3/31/19 Property Carrying Value |  | Balance Outstanding on Loan as of |  |
|  |  |  |  |  |  | March 31, 2019 |  | December 31, 2018
Senior Unsecured Revolving Credit Facility (1) | 4.56 | % |  | March 8, 2022 |  | $ | — |  | $ | 97,000 |  | $ | 81,500
Residence Inn by Marriott New Rochelle, NY | 5.75 | % |  | September 1, 2021 |  | 18,186 |  | 13,254 |  | 13,361
Residence Inn by Marriott San Diego, CA | 4.66 | % |  | February 6, 2023 |  | 45,699 |  | 27,730 |  | 27,885
Homewood Suites by Hilton San Antonio, TX | 4.59 | % |  | February 6, 2023 |  | 30,799 |  | 15,827 |  | 15,916
Residence Inn by Marriott Vienna, VA | 4.49 | % |  | February 6, 2023 |  | 32,185 |  | 21,658 |  | 21,782
Courtyard by Marriott Houston, TX | 4.19 | % |  | May 6, 2023 |  | 31,821 |  | 17,871 |  | 17,976
Hyatt Place Pittsburgh, PA | 4.65 | % |  | July 6, 2023 |  | 35,583 |  | 21,870 |  | 21,989
Residence Inn by Marriott Bellevue, WA | 4.97 | % |  | December 6, 2023 |  | 65,413 |  | 44,470 |  | 44,680
Residence Inn by Marriott Garden Grove, CA | 4.79 | % |  | April 6, 2024 |  | 37,190 |  | 32,475 |  | 32,620
Residence Inn by Marriott Silicon Valley I, CA | 4.64 | % |  | July 1, 2024 |  | 81,477 |  | 64,800 |  | 64,800
Residence Inn by Marriott Silicon Valley II, CA | 4.64 | % |  | July 1, 2024 |  | 81,663 |  | 70,700 |  | 70,700
Residence Inn by Marriott San Mateo, CA | 4.64 | % |  | July 1, 2024 |  | 62,871 |  | 48,600 |  | 48,600
Residence Inn by Marriott Mountain View, CA | 4.64 | % |  | July 6, 2024 |  | 54,882 |  | 37,900 |  | 37,900
SpringHill Suites by Marriott Savannah, GA | 4.62 | % |  | July 6, 2024 |  | 35,527 |  | 30,000 |  | 30,000
Hilton Garden Inn Marina del Rey, CA | 4.68 | % |  | July 6, 2024 |  | 40,193 |  | 21,248 |  | 21,355
Homewood Suites by Hilton Billerica, MA | 4.32 | % |  | December 6, 2024 |  | 14,646 |  | 15,896 |  | 15,965
Hampton Inn & Suites Houston Medical Center, TX | 4.25 | % |  | January 6, 2025 |  | 15,256 |  | 17,948 |  | 18,026
Total debt before unamortized debt issue costs |  |  |  |  | $ | 683,391 |  | $ | 599,247 |  | $ | 585,055
Unamortized mortgage debt issue costs |  |  |  |  |  |  | (1,679) |  | (1,773)
Total debt outstanding |  |  |  |  |  |  | $ | 597,568 |  | $ | 583,282
(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, 2019 and December 31, 2018, the Company had $97.0 million and $81.5 million, respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At March 31, 2019, 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, 2019 and December 31, 2018 was $503.6 million and $489.0 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, 2019, 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, 2019 and December 31, 2018 was $97.0 million and $81.5 million, respectively. As of March 31, 2019, the Company was in compliance with all of its financial covenants. At March 31, 2019, the Company’s consolidated fixed charge coverage ratio was 3.3 and the credit facility covenant is 1.5. Future scheduled principal payments of debt obligations as of March 31, 2019, for the current year and each of the next four calendar years and thereafter are as follows (in thousands):
| Amount
2019 (remaining nine months) | $ | 5,684
2020 | 9,536
2021 | 21,962
2022 | 106,954
2023 | 142,545
2024 | 296,658
Thereafter | 15,908
Total debt before unamortized debt issue costs | $ | 599,247
Unamortized mortgage debt issue costs | (1,679)
Total debt outstanding | $ | 597,568

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