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Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Components of Mortgage Debt | Debt consisted of the following (in thousands):
Loan/Collateral | Interest Rate |  | Maturity Date |  | 12/31/20 Property Carrying Value |  | Balance Outstanding as of
December 31, 2020 |  | December 31, 2019
Revolving Credit Facility (1) | 3.07 | % |  | March 8, 2022 |  | $ | 608,319 |  |  | $ | 135,300 |  |  | $ | 90,000 |
Construction loan (2) | 7.75 | % |  | August 4, 2024 |  | 43,651 |  |  | 13,325 |  |  | — |
Residence Inn by Marriott New Rochelle, NY | 5.75 | % |  | September 1, 2021 |  | 21,883 |  |  | 12,602 |  |  | 12,936 |
Residence Inn by Marriott San Diego, CA | 4.66 | % |  | February 6, 2023 |  | — |  |  | — |  |  | 27,272 |
Homewood Suites by Hilton San Antonio, TX | 4.59 | % |  | February 6, 2023 |  | 28,622 |  |  | 15,195 |  |  | 15,563 |
Residence Inn by Marriott Vienna, VA | 4.49 | % |  | February 6, 2023 |  | 30,996 |  |  | 20,780 |  |  | 21,291 |
Courtyard by Marriott Houston, TX | 4.19 | % |  | May 6, 2023 |  | 30,152 |  |  | 17,126 |  |  | 17,559 |
Hyatt Place Pittsburgh, PA | 4.65 | % |  | July 6, 2023 |  | 33,760 |  |  | 21,031 |  |  | 21,520 |
Residence Inn by Marriott Bellevue, WA | 4.97 | % |  | December 6, 2023 |  | 62,419 |  |  | 42,998 |  |  | 43,857 |
Residence Inn by Marriott Garden Grove, CA | 4.79 | % |  | April 6, 2024 |  | 41,246 |  |  | 31,463 |  |  | 32,053 |
Residence Inn by Marriott Silicon Valley I, CA | 4.64 | % |  | July 1, 2024 |  | 75,680 |  |  | 63,418 |  |  | 64,406 |
Residence Inn by Marriott Silicon Valley II, CA | 4.64 | % |  | July 1, 2024 |  | 83,931 |  |  | 69,192 |  |  | 70,270 |
Residence Inn by Marriott San Mateo, CA | 4.64 | % |  | July 1, 2024 |  | 62,652 |  |  | 47,564 |  |  | 48,305 |
Residence Inn by Marriott Mountain View, CA | 4.64 | % |  | July 1, 2024 |  | 48,563 |  |  | 37,092 |  |  | 37,670 |
SpringHill Suites by Marriott Savannah, GA | 4.62 | % |  | July 6, 2024 |  | 33,349 |  |  | 29,358 |  |  | 29,817 |
Hilton Garden Inn Marina del Rey, CA | 4.68 | % |  | July 6, 2024 |  | 38,044 |  |  | 20,490 |  |  | 20,931 |
Homewood Suites by Hilton Billerica, MA | 4.32 | % |  | December 6, 2024 |  | 13,014 |  |  | 15,411 |  |  | 15,693 |
Hampton Inn & Suites Houston Medical Cntr., TX | 4.25 | % |  | January 6, 2025 |  | 15,769 |  |  | 17,396 |  |  | 17,717 |
Total debt before unamortized debt issue costs |  |  |  |  | $ | 1,272,050 |  |  | $ | 609,741 |  |  | $ | 586,860 |
Unamortized mortgage debt issue costs |  |  |  |  |  |  | (971) |  |  | (1,395) |
Total debt outstanding |  |  |  |  |  |  | 608,770 |  |  | 585,465 |
1.The interest rate for the revolving credit facility is variable and based on LIBOR (subject to a 0.5% floor) plus a spread of 2.50% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. At December 31, 2020 and 2019, the Company had $135.3 million and $90.0 million, respectively, of outstanding borrowings under its $250.0 million revolving credit facility. The credit facility provides two six-month extension options that would extend the final maturity to March 8, 2023 if exercised. The Company can exercise the extension options as long as there is no default. 2.On August 4, 2020, a subsidiary of the Company entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a loan with a total commitment of up to $40 million to fund the remaining construction costs of the Warner Center hotel development. The loan has an initial term of 4 years and there are two six-month extension options. The rate on the loan is LIBOR, subject to a 0.25% floor, plus a spread of 7.5%.
Future Scheduled Principal Payments of Debt Obligations | Future scheduled principal payments of debt obligations as of December 31, 2020, for each of the next five calendar years and thereafter are as follows (in thousands):
| Amount
2021 | $ | 21,441 |
2022 | 144,549 |
2023 | 117,875 |
2024 | 309,941 |
2025 | 15,935 |
Thereafter | — |
Total debt before unamortized debt issue costs | $ | 609,741 |
Unamortized mortgage debt issue costs | (971) |
Total debt outstanding | $ | 608,770 |

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