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Debt
 12 Months Ended
Dec. 31, 2019
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 Date12/31/19 Property
Carrying
Value		Balance Outstanding as of
December 31, 2019December 31,
2018
Senior Unsecured Revolving Credit Facility (1)4.31 %March 8, 2022$—  $90,000  $81,500  
Residence Inn by Marriott New Rochelle, NY5.75 %September 1, 202118,756  12,936  13,361  
Residence Inn by Marriott San Diego, CA4.66 %February 6, 202344,939  27,272  27,885  
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202329,914  15,563  15,916  
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202332,006  21,291  21,782  
Courtyard by Marriott Houston, TX4.19 %May 6, 202331,158  17,559  17,976  
Hyatt Place Pittsburgh, PA4.65 %July 6, 202334,941  21,520  21,989  
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202364,015  43,857  44,680  
Residence Inn by Marriott Garden Grove, CA 4.79 %April 6, 202438,793  32,053  32,620  
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202479,377  64,406  64,800  
Residence Inn by Marriott Silicon Valley II, CA 4.64 %July 1, 202485,006  70,270  70,700  
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202464,718  48,305  48,600  
Residence Inn by Marriott Mountain View, CA4.64 %July 1, 202452,677  37,670  37,900  
SpringHill Suites by Marriott Savannah, GA 4.62 %July 6, 202434,567  29,817  30,000  
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202439,200  20,931  21,355  
Homewood Suites by Hilton Billerica, MA4.32 %December 6, 202413,956  15,693  15,965  
Hampton Inn & Suites Houston Medical Cntr., TX 4.25 %January 6, 202516,410  17,717  18,026  
Total debt before unamortized debt issue costs$680,433  $586,860  $585,055  
Unamortized mortgage debt issue costs(1,395) (1,773) 
Total debt outstanding585,465  583,282  
 
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 that was scheduled to mature in 2020 with a new facility having a maturity date in March 2023, which includes the option to extend the maturity by an additional year. 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, 2019 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, 2019.
At December 31, 2019 and 2018, the Company had $90.0 million and $81.5 million, respectively, of outstanding borrowings under its senior unsecured revolving credit facility. At December 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 December 31, 2019 and 2018 was $501.5 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 a similar maturity and that is classified within level 3 of the fair value hierarchy. As of December 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 December 31, 2019 and 2018 was $90 million and $81.5 million, respectively.
As of December 31, 2019, the Company was in compliance with all of its financial covenants. At December 31, 2019, the Company’s consolidated fixed charge coverage ratio was 3.0 and the bank covenant is 1.5. Future scheduled principal payments of debt obligations as of December 31, 2019, for each of the next five calendar years and thereafter are as follows (in thousands):
 Amount
2020$9,536  
202121,979  
202299,954  
2023143,084  
2024296,387  
Thereafter15,920  
Total debt before unamortized debt issue costs$586,860  
Unamortized mortgage debt issue costs(1,395) 
Total debt outstanding$585,465