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Debt
 3 Months Ended
Mar. 31, 2020
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 revolving credit facility debt consisted of the following (dollars in thousands):
 
CollateralInterest RateMaturity Date3/31/20 Property Carrying ValueBalance Outstanding on Loan as of
March 31, 2020December 31,
2019
Revolving Credit Facility (1)3.48 %March 8, 2022$—  $173,000  $90,000  
Residence Inn by Marriott New Rochelle, NY5.75 %September 1, 202120,514  12,825  12,936  
Residence Inn by Marriott San Diego, CA 4.66 %February 6, 202344,609  27,114  27,272  
Homewood Suites by Hilton San Antonio, TX 4.59 %February 6, 202329,572  15,472  15,563  
Residence Inn by Marriott Vienna, VA4.49 %February 6, 202331,751  21,164  21,291  
Courtyard by Marriott Houston, TX4.19 %May 6, 202330,923  17,451  17,559  
Hyatt Place Pittsburgh, PA4.65 %July 6, 202334,655  21,398  21,520  
Residence Inn by Marriott Bellevue, WA4.97 %December 6, 202363,665  43,644  43,857  
Residence Inn by Marriott Garden Grove, CA4.79 %April 6, 202440,424  31,906  32,053  
Residence Inn by Marriott Silicon Valley I, CA 4.64 %July 1, 202478,457  64,160  64,406  
Residence Inn by Marriott Silicon Valley II, CA4.64 %July 1, 202485,969  70,001  70,270  
Residence Inn by Marriott San Mateo, CA 4.64 %July 1, 202464,398  48,120  48,305  
Residence Inn by Marriott Mountain View, CA4.64 %July 6, 202451,956  37,525  37,670  
SpringHill Suites by Marriott Savannah, GA4.62 %July 6, 202434,261  29,702  29,817  
Hilton Garden Inn Marina del Rey, CA4.68 %July 6, 202438,914  20,822  20,931  
Homewood Suites by Hilton Billerica, MA 4.32 %December 6, 202413,727  15,623  15,693  
Hampton Inn & Suites Houston Medical Center, TX 4.25 %January 6, 202516,435  17,637  17,717  
Total debt before unamortized debt issue costs$680,230  $667,564  $586,860  
Unamortized mortgage debt issue costs(1,299) (1,395) 
Total debt outstanding$666,265  $585,465  
 
(1)The interest rate for the revolving credit facility is variable and based on either LIBOR plus an applicable margin ranging from 1.55% to 2.25%, or prime plus an applicable margin of 0.55% to 1.25%.
At March 31, 2020 and December 31, 2019, the Company had $173.0 million and $90.0 million, respectively, of outstanding borrowings under its $250.0 million revolving credit facility.
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, 2020 and December 31, 2019 was $468.7 million and $501.5 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, 2020, the Company’s only variable rate debt is under its revolving credit facility. The estimated fair value of the Company’s variable rate debt as of March 31, 2020 and December 31, 2019 was $173.0 million and $90.0 million, respectively.
As of March 31, 2020, the Company was in compliance with all of its financial covenants. On May 6, 2020, the company amended its credit facility to provide it with certain relief from the effects of the COVID-19 pandemic. The amendment provides for the waiver of certain financial covenants through March 31, 2021 and allows Chatham to borrow up to the entire $250 million facility size during this period. During this covenant waiver period, Chatham will be required to maintain a minimum liquidity of $25 million which will include both unrestricted cash and credit facility availability. In connection with the amendment, Chatham added six hotels to the credit facility’s borrowing base which now has a total of 18 properties. The amendment provided Chatham’s credit facility lenders with pledges of the equity in the 18 borrowing base hotels. The amendment places additional limits on Chatham’s ability to incur debt, pay dividends, and make capital expenditures during the covenant waiver period. During the covenant waiver period interest will be calculated as LIBOR (subject to a 0.5% floor) plus a spread of 2.5% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. See Note 15 for additional details.
Future scheduled principal payments of debt obligations as of March 31, 2020, for the current year and each of the next five calendar years and thereafter are as follows (in thousands):
Amount
2020 (remaining nine months)$8,681  
202121,908  
2022182,954  
2023142,565  
2024295,586  
202515,870  
Thereafter—  
Total debt before unamortized debt issue costs$667,564  
Unamortized mortgage debt issue costs(1,299) 
Total debt outstanding$666,265