United Dominion Realty L P 10-Q 26 Apr 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 24, 2018
Entity information
Entity Registrant Name	UDR, Inc.
Entity Central Index Key	74,208
Document Type	10-Q
Document period end date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		267,600,380
United Dominion Reality L.P.
Entity information
Entity Registrant Name	United Dominion Realty, L.P.
Entity Central Index Key	1,018,254
Document Type	10-Q
Document period end date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real estate owned:
Real estate held for investment	$ 9,558,744	$ 9,584,716
Less: accumulated depreciation	(3,407,025)	(3,326,312)
Real estate held for investment, net	6,151,719	6,258,404
Real estate under development (net of accumulated depreciation of $6,790 and $3,854, respectively)	644,207	588,636
Total real estate owned, net of accumulated depreciation	6,795,926	6,847,040
Cash and cash equivalents	1,083	2,038
Restricted cash	19,770	19,792
Notes receivable, net	39,469	19,469
Investment in and advances to unconsolidated joint ventures, net	732,578	720,830
Other assets	120,222	124,104
Total assets	7,709,048	7,733,273
Liabilities:
Secured debt, net	801,523	803,269
Unsecured debt, net	2,879,150	2,868,394
Real estate taxes payable	24,130	18,349
Accrued interest payable	28,850	33,432
Security deposits and prepaid rent	35,321	31,916
Distributions payable	95,122	91,455
Accounts payable, accrued expenses, and other liabilities	83,054	102,956
Total liabilities	3,947,150	3,949,771
Commitments and contingencies (Note 12)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	876,120	948,138
Equity:
Common stock, $0.01 par value; 350,000,000 shares authorized: 267,583,892 and 267,822,069 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	2,676	2,678
Additional paid-in capital	4,638,766	4,651,205
Distributions in excess of net income	(1,808,907)	(1,871,603)
Accumulated other comprehensive income/(loss), net	(1,276)	(2,681)
Total stockholders’ equity	2,877,460	2,825,800
Noncontrolling interests	8,318	9,564
Total equity	2,885,778	2,835,364
Total liabilities and equity	7,709,048	7,733,273
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized:	46,200	46,200
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized:	$ 1	$ 1

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Real estate owned:
Real estate under development accumulated depreciation	$ 6,790	$ 3,854
Equity:
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	50,000,000	50,000,000
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	350,000,000	350,000,000
Common stock, shares issued	267,583,892	267,822,069
Common stock, shares outstanding	267,583,892	267,822,069
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value	$ 0	$ 0
Preferred stock, dividend rate percentage	8.00%	8.00%
Preferred stock, shares issued	2,780,994	2,780,994
Preferred stock, shares outstanding	2,780,994	2,780,994
Series F
Equity:
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares issued	15,805,518	15,852,721
Preferred stock, shares outstanding	15,805,518	15,852,721

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES:
Rental income	$ 250,483	$ 241,271
Total revenues	253,305	243,841
OPERATING EXPENSES:
Property operating and maintenance	40,587	39,600
Real estate taxes and insurance	33,282	30,188
Property management	6,888	6,635
Other operating expenses	2,009	1,691
Real estate depreciation and amortization	108,136	105,032
General and administrative	11,759	13,075
Casualty-related charges/(recoveries), net	940	502
Other depreciation and amortization	1,691	1,608
Total operating expenses	205,292	198,331
Operating income	48,013	45,510
Income/(loss) from unconsolidated entities	(1,677)	11,198
Interest expense	(29,943)	(30,539)
Interest income and other income/(expense), net	2,759	427
Income/(loss) before income taxes and gain/(loss) on sale of real estate owned	19,152	26,596
Tax (provision)/benefit, net	(227)	(332)
Income/(loss) from continuing operations	18,925	26,264
Gain/(loss) on sale of real estate owned, net of tax	70,300	2,132
Net income/(loss)	89,225	28,396
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(7,390)	(2,338)
Net (income)/loss attributable to noncontrolling interests	(79)	(91)
Net income/(loss) attributable to UDR, Inc.	81,756	25,967
Distributions to preferred stockholders — Series E (Convertible)	(955)	(929)
Net income/(loss) attributable to common stockholders	$ 80,801	$ 25,038
Common distributions declared per share	$ 0.3225	$ 0.3100
Income/(loss) per weighted average common share - basic	0.30	0.09
Income/(loss) per weighted average common share - diluted	$ 0.30	$ 0.09
Weighted average number of common shares outstanding — Basic	267,546	266,790
Weighted average number of common shares outstanding — diluted	269,208	268,688
Management and other fees
REVENUES:
Joint venture management and other fees	$ 2,822	$ 2,570

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 89,225	$ 28,396
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	1,710	632
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	(172)	818
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	1,538	1,450
Comprehensive income/(loss)	90,763	29,846
Comprehensive (income)/loss attributable to noncontrolling interests	(7,602)	(2,558)
Comprehensive income/(loss) attributable to UDR, Inc.	$ 83,161	$ 27,288

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands	Preferred Stock	Common Stock	Paid-in Capital	Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss), net	Noncontrolling Interests	Total
Beginning Balance at Dec. 31, 2017	$ 46,201	$ 2,678	$ 4,651,205	$ (1,871,603)	$ (2,681)	$ 9,564	$ 2,835,364
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				81,756			81,756
Net income/(loss) attributable to noncontrolling interests						70	70
Contribution of noncontrolling interests in consolidated real estate						108	108
Repurchase of common shares		(6)	(19,982)				(19,988)
Long Term and Short Term Incentive Plan Unit grants/(vestings), net						(1,424)	(1,424)
Other comprehensive income/(loss)					1,405		1,405
Issuance/(forfeiture) of common and restricted shares, net			(4,148)				(4,148)
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		4	11,691				11,695
Common stock distributions declared ($0.3225 per share)				(86,322)			(86,322)
Preferred stock distributions declared-Series E ($0.3492 per share)				(955)			(955)
Adjustment to reflect redemption value of redeemable noncontrolling interests				68,217			68,217
Ending Balance at Mar. 31, 2018	$ 46,201	$ 2,676	$ 4,638,766	$ (1,808,907)	$ (1,276)	$ 8,318	$ 2,885,778

CONSOLIDATED STATEMENT OF CHAN7

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical)	3 Months Ended
	Mar. 31, 2018$ / shares
Common distributions declared per share	$ 0.3225
8.00% Series E Cumulative Convertible Preferred Stock
Preferred stock distributions declared	$ 0.3492

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Activities
Net income/(loss)	$ 89,225	$ 28,396
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	109,827	106,640
(Gain)/loss on sale of real estate owned, net of tax	(70,300)	(2,132)
(Income)/loss from unconsolidated entities	1,677	(11,198)
Return on investment in unconsolidated joint ventures	678	1,455
Amortization of share-based compensation	3,504	3,379
Other	1,745	4,215
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	3,560	4,034
Increase/(decrease) in operating liabilities	(7,660)	(14,528)
Net cash provided by/(used in) operating activities	132,256	120,261
Investing Activities
Acquisition of real estate assets		(65,381)
Proceeds from sales of real estate investments, net	89,433	3,250
Development of real estate assets	(63,718)	(63,022)
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement	(14,765)	(21,955)
Capital expenditures — non-real estate assets	(433)	(1,233)
Investment in unconsolidated joint ventures	(19,736)	(24,193)
Distributions received from unconsolidated joint ventures	5,633	9,711
Purchase deposits on pending acquisitions	(1,000)
Repayment/(issuance) of notes receivable, net	(20,000)
Net cash provided by/(used in) investing activities	(24,586)	(162,823)
Financing Activities
Payments on secured debt	(1,172)	(99,463)
Net proceeds/(repayment) of unsecured debt	(25,000)
Proceeds from the issuance of unsecured debt		220,000
Net proceeds/(repayment) of revolving bank debt	35,940	14,790
Repurchase of common shares	(19,988)
Distributions paid to redeemable noncontrolling interests	(7,990)	(7,476)
Distributions paid to preferred stockholders	(915)	(925)
Distributions paid to common stockholders	(83,051)	(78,942)
Other	(6,471)	(5,311)
Net cash provided by/(used in) financing activities	(108,647)	42,673
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(977)	111
Cash, cash equivalents, and restricted cash, beginning of year	21,830	22,106
Cash, cash equivalents, and restricted cash, end of period	20,853	22,217
Supplemental Information:
Interest paid during the period, net of amounts capitalized	35,155	32,463
Cash paid/(refunds received) for income taxes	(22)	171
Non-cash transactions:
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned		32,260
Vesting of LTIP Units	4,397	2,317
Development costs and capital expenditures incurred but not yet paid	39,746	34,336
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (303,498 shares in 2018 and 50,689 shares in 2017)	11,695	1,850
Distributions declared but not yet paid	$ 95,122	$ 91,436

CONSOLIDATED STATEMENTS OF CAS9

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
The following reconciles cash, cash equivalents, and restricted cash to the total of the same amounts as shown above:
Cash and cash equivalents	$ 1,083	$ 2,038	$ 2,460	$ 2,112
Restricted cash	19,770	19,792	19,757	19,994
Total cash, cash equivalents, and restricted cash as shown above	$ 20,853	$ 21,830	$ 22,217	$ 22,106

CONSOLIDATED STATEMENTS OF CA10

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Non-cash transactions:
Conversion of OP Units into common shares	303,498	50,689

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2018
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Basis of Presentation UDR, Inc., collectively with our consolidated subsidiaries (“UDR,” the “Company,” “we,” “our,” or “us”), is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities. The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of March 31, 2018, there were 183,636,543 units in the Operating Partnership (“OP Units”) outstanding, of which 174,245,999 OP Units, or 94.9%, were owned by UDR and 9,390,544 OP Units, or 5.1%, were owned by outside limited partners. As of March 31, 2018, there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 17,161,630, or 53.0%, were owned by UDR (including 13,470,651 DownREIT Units, or 41.6%, that were held by the Operating Partnership) and 15,205,750, or 47.0%, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of March 31, 2018, and results of operations for the three months ended March 31, 2018 and 2017, have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2017 appearing in UDR’s Annual Report on Form 10‑K, filed with the Securities and Exchange Commission on February 20, 2018. The accompanying interim unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those in Note 6, Secured and Unsecured Debt, Net.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Company on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Company early adopted the guidance on January 1, 2018; however, the updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. In January 2017, the FASB issued ASU 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard was effective for the Company on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after adoption. The Company expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016‑18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard was effective for the Company on January 1, 2018, and was applied retrospectively to all periods presented. The updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. As a result of the adoption of ASU 2016-18, for the three months ended March 31, 2017, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Three months ended March 31, 2017 (Increase)/decrease in operating assets $ Net cash provided by /(used in) operating activities $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement $ Net cash provided by /(used in) investing activities $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ In June 2016, the FASB issued ASU 2016‑13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020; however, early adoption of the ASU is permitted on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016‑02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Company on January 1, 2019; however, early adoption of the ASU is permitted. While the Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The updated standard requires certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard was effective for the Company on January 1, 2018. The Company holds one investment in equity securities subject to the updated guidance. As the investment does not have a readily determinable fair value, the Company elected the measurement alternative under which the investment is measured at cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. During the three months ended March 31, 2018, the Company recorded a gain of $2.1 million in Interest income and other income/(expense), net on the Consolidated Statements of Operations as a result of measuring the investment using this measurement alternative. The Company does not view the impact, as a result of the adoption of the updated standard, to be material to the consolidated financial statements. Disclosures wer e updated pursuant to the requirements of the ASU. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method. The updated standard was effective for the Company on January 1, 2018, at which time the Company adopted it using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the ASU did not have a material impact on the consolidated financial statements. Related disclosures are provided and/or updated pursuant to the requirements of the ASU. Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. Revenue On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of retained earnings is made to recognize any required adjustments. As a result of the adoption, the Company did not make an adjustment to retained earnings because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents and tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Company has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Company to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned. Joint venture management and other fees The Joint venture management and other fees revenue consists of management fees charged to our equity method joint ventures per the terms of contractual agreements and other fees. Joint venture fee revenue is recognized monthly as the management services are provided and the fees are earned or upon a transaction whereby the Company earns a fee. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) . Joint venture management and other fees are not included in the tables as they are not allocable to a specific reportable segment or segments. Lease Reimbursements Other Total For the three months ended March 31, 2018 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 90,874 $ 4,198 $ 2,700 $ 97,772 Mid-Atlantic Region 53,417 2,616 1,949 57,982 Northeast Region 36,710 637 717 38,064 Southeast Region 26,672 1,666 1,698 30,036 Southwest Region 9,754 558 467 10,779 Non-Mature Communities/Other 13,611 1,784 455 15,850 Total segment and consolidated revenues $ 231,038 $ 11,459 $ 7,986 $ 250,483 Lease Reimbursements Other Total For the three months ended March 31, 2017 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 87,170 $ 3,993 $ 2,780 $ 93,943 Mid-Atlantic Region 52,289 2,602 1,797 56,688 Northeast Region 36,447 715 759 37,921 Southeast Region 25,516 1,610 1,531 28,657 Southwest Region 9,649 504 526 10,679 Non-Mature Communities/Other 11,575 1,462 346 13,383 Total segment and consolidated revenues $ 222,646 $ 10,886 $ 7,739 $ 241,271 (a) Lease Revenue is subject to recognition under ASC 840, Leases . Notes Receivable The following table summarizes our Notes receivable, net as of March 31, 2018 and December 31, 2017 ( dollars in thousands): Interest rate at Balance Outstanding March 31, March 31, December 31, 2018 2018 2017 Note due March 2019 (a) 12.00 % $ 20,000 $ — Note due February 2020 (b) 10.00 % 13,669 13,669 Note due October 2020 (c) 8.00 % 2,000 2,000 Note due August 2022 (d) 10.00 % 3,800 3,800 Total notes receivable, net $ 39,469 $ 19,469 (a) In March 2018, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. Interest payments are due when the loan matures. The note matures in March 2019 and is secured by a parcel of land. (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $13.7 million has been funded. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million has been funded. Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). (d) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which, $3.8 million has been funded. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $25.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) August 2022. During the three months ended March 31, 2018 and 2017, the Company recognized $0.6 million and $0.5 million, respectively, of interest income from notes receivable, none of which was related party interest income, which is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three months ended March 31, 2018 and 2017, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 10, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the three months ended March 31, 2018 and 2017, was $0.1 million and $0.1 million, respectively. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of March 31, 2018 and December 31, 2017, UDR’s net deferred tax asset was $0.1 million and $0.1 million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at March 31, 2018. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2017 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net on the Consolidated Statements of Operations. As of December 31, 2017 , management of the Company had completed its review of the effects of the Tax Cuts and Jobs Act, under which it recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable.

REAL ESTATE OWNED

REAL ESTATE OWNED	3 Months Ended
	Mar. 31, 2018
REAL ESTATE OWNED
REAL ESTATE OWNED	3. REAL ESTATE OWNED Real estate assets owned by the Company consist of income producing operating properties, properties under development, land held for future development, and held for disposition properties. As of March 31, 2018, the Company owned and consolidated 126 communities in 11 states plus the District of Columbia totaling 39,834 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Land $ 1,773,402 $ 1,780,229 Depreciable property — held and used: Land improvements 190,177 189,919 Building, improvements, and furniture, fixtures and equipment 7,595,165 7,614,568 Under development: Land and land improvements 109,122 109,468 Building, improvements, and furniture, fixtures and equipment 541,875 483,022 Real estate owned 10,209,741 10,177,206 Accumulated depreciation (3,413,815) (3,330,166) Real estate owned, net $ 6,795,926 $ 6,847,040 Acquisitions The Company did not have any acquisitions during the three months ended March 31, 2018. Dispositions During the three months ended March 31, 2018, the Company sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million, resulting in a gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange that were used to pay a portion of the purchase price for an acquisition in October 2017. Other Activity Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation . The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the three months ended March 31, 2018 and 2017, were $3.4 million and $2.8 million, respectively. During the three months ended March 31, 2018 and 2017, total interest capitalized was $4.6 million and $4.7 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life. In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax-deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2018
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES	4. VARIABLE INTEREST ENTITIES The Company has determined that the Operating Partnership and DownREIT Partnership are VIEs as the limited partners lack substantive kick-out rights and substantive participating rights. The Company has concluded that it is the primary beneficiary of, and therefore consolidates, the Operating Partnership and DownREIT Partnership based on its role as the sole general partner of the Operating Partnership and DownREIT Partnership. The Company’s role as community manager and its equity interests give us the power to direct the activities that most significantly impact the economic performance and the obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the Operating Partnership and DownREIT Partnership. See the consolidated financial statements of the Operating Partnership presented within this Report and Note 4, Unconsolidated Entities , to the Operating Partnership’s consolidated financial statements for the results of operations of the DownREIT Partnership.

JOINT VENTURES AND PARTNERSHIPS

JOINT VENTURES AND PARTNERSHIPS	3 Months Ended
	Mar. 31, 2018
JOINT VENTURES AND PARTNERSHIPS
JOINT VENTURES AND PARTNERSHIPS	5. JOINT VENTURES AND PARTNERSHIPS UDR has entered into joint ventures and partnerships with unrelated third parties to acquire real estate assets that are either consolidated and included in Real estate owned on the Consolidated Balance Sheets or are accounted for under the equity method of accounting, and are included in Investment in and advances to unconsolidated joint ventures, net , on the Consolidated Balance Sheets. The Company consolidates the entities that we control as well as any variable interest entity where we are the primary beneficiary. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships. The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of March 31, 2018 and December 31, 2017 (dollars in thousands) : Number of Number of Apartment Properties Homes Investment at UDR’s Ownership Interest Location of March 31, March 31, March 31, December 31, March 31, December 31, Joint Venture Properties 2018 2018 2018 2017 2018 2017 Operating and development: UDR/MetLife I Los Angeles, CA 1 development community (a) 150 $ 35,125 $ 34,653 50.0 % 50.0 % UDR/MetLife II Various 18 operating communities 4,059 301,567 303,702 50.0 % 50.0 % Other UDR/MetLife Various 5 operating communities 1,437 133,359 135,563 50.6 % 50.6 % Joint Ventures UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1,513 80,184 78,404 50.0 % 50.0 % 1 development community (a); 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 8,146 8,958 30.0 % 30.0 % West Coast Development Joint Ventures (c) Los Angeles, CA 1 operating community 293 37,385 37,916 47.0 % 47.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 595,766 $ 599,196 Income from investments Investment at Three Months Ended Years To UDR March 31, December 31, March 31, Developer Capital Program (b) Location Rate Maturity Commitment 2018 2017 2018 2017 Preferred equity investments: West Coast Development Joint Ventures (c) Various 6.5 % N/A — $ 65,174 $ 64,226 $ 796 $ 12,291 1532 Harrison (d) San Francisco, CA 11.0 % 4.3 24,645 13,942 11,346 341 — 1200 Broadway (e) Nashville, TN 8.0 % 4.5 55,558 24,968 18,011 408 — Other investments: The Portals (f) Washington, D.C. 11.0 % 3.2 38,559 30,552 26,535 679 — Other investment ventures N/A N/A N/A $ 15,000 2,176 1,516 $ (90) $ — Total Developer Capital Program 136,812 121,634 Total investment in and advances to unconsolidated joint ventures, net $ 732,578 $ 720,830 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes upon completion of development. As of March 31, 2018, 98 apartment homes had been completed in UDR/MetLife Vitruvian Park ® , and no apartment homes had been completed in UDR/MetLife I. (b) The Developer Capital Program is the program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (c) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and agreed to pay $136.3 million for a 48% ownership interest in a portfolio of five communities that were under construction. The communities are located in three of the Company’s core, coastal markets: Seattle, Washington, Los Angeles and Orange County, California. UDR earns a 6.5% preferred return on its investment through each individual community’s date of stabilization, defined as when a community reaches 80% occupancy for 90 consecutive days, while the joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization, income and expense are shared based on each partner’s ownership percentage and the Company no longer receives a 6.5% preferred return on its investment in the stabilized community. The Company serves as property manager and earns a management fee during the lease-up phase and subsequent operation of each of the communities. The unaffiliated joint venture partner is the general partner of the joint venture and the developer of the communities. At inception of the agreement, the Company had a fixed-price option to acquire the remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total purchase price will be $597.4 million. In the event the Company does not exercise its options to purchase at least two communities, the unaffiliated joint venture partner will be entitled to earn a contingent disposition fee equal to a 6.5% return on its implied equity in the communities not acquired. The unaffiliated joint venture partner is providing certain guaranties and as of the date of the agreement there were construction loans on all five communities. In January 2017, the Company exercised its fixed-price option to purchase the joint venture partner’s ownership interest in one of the five communities, a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture. During 2017, the joint venture sold two of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million and a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. During the three months ended March 31, 2018, the fixed-price option to acquire one of the two remaining communities held by the West Coast Development Joint Ventures expired. The community achieved stabilization during 2017, at which time the Company and its joint venture partner began receiving income and expenses based on their ownership percentages. The Company and its joint venture partner plan to continue operating the community as a long-term hold. As of March 31, 2018, the remaining community subject to the fixed-price acquisition option is still under construction and the Company continues to receive a 6.5% preferred return on its investment in that community. The Company anticipates acquiring this remaining community for a contractual purchase price at 100% of approximately $130.1 million. As the Company currently holds a 49% ownership interest in the community, it expects to pay approximately $66.4 million for the remaining 51% ownership. As such, the Company has disclosed a contractual purchase price commitment (see Note 12, Commitments and Contingencies ). The acquisition is expected to occur in 2019. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and agreed to pay $15.5 million for a 49% ownership interest in a 155 home community that is currently under construction in Seattle, Washington and $16.1 million for a 49% ownership interest in a 276 home community that is currently under construction in Hillsboro, Oregon (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). Consistent with the terms of the May 2015 joint venture agreement, UDR earns a 6.5% preferred return on its investments through the communities’ date of stabilization, as defined above, while our joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization of the communities, income and expense will be shared based on each partner’s ownership percentage and the Company will no longer receive a 6.5% preferred return on its investment. The Company will serve as property manager and will earn a management fee during the lease-up phase and subsequent operation of the stabilized communities. The unaffiliated joint venture partner is the general partner and the developer of the communities. The Company has concluded it does not control the joint ventures and accounts for them under the equity method of accounting. The Company has a fixed-price option to acquire the remaining interest in the communities beginning one year after completion for a total price of $61.3 million and $72.3 million, respectively. The unaffiliated joint venture partner is providing certain guaranties and there are construction loans on the communities. The Company’s recorded equity investment in the West Coast Development Joint Ventures at March 31, 2018 and December 31, 2017, of $102.6 million and $1 02.1 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (d) In June 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 136 apartment home community in San Francisco, California. The Company’s preferred equity investment of up to $24.6 million earns a preferred return of 11.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of March 31, 2018, the Company had contributed approximately $ 13.9 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (e) In September 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 313 apartment home community in Nashville, Tennessee. The Company’s preferred equity investment of up to $55.6 million earns a preferred return of 8.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of March 31, 2018, the Company had contributed approximately $25.0 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (f) In May 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture has made a mezzanine loan to a third party developer of a 373 apartment home community in Washington, D.C. The unaffiliated joint venture partner is the managing member of the joint venture. The mezzanine loan is for up to $71.0 million at an interest rate of 13.5% per annum and carries a term of four years with one, 12-month extension option. The Company’s investment commitment to the joint venture is approximately $38.6 million and earns a weighted average return rate of approximately 11.0% per annum. As of March 31, 2018, the Company had contributed approximately $ 30.6 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. As of March 31, 2018 and December 31, 2017, the Company had deferred fees of $11.1 million and $10.9 million, respectively, which will be recognized through earnings over the weighted average life of the related properties, upon the disposition of the properties to a third party, or upon completion of certain development obligations. The Company recognized management fees of $2.7 million and $2.6 million during each of the three months ended March 31, 2018 and 2017, respectively, for our management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not recognize any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures or partnerships during the three months ended March 31, 2018 and 2017. Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): March 31, December 31, 2018 2017 Total real estate, net $ 3,256,696 $ 3,236,180 Cash and cash equivalents 46,009 36,411 Other assets 53,470 48,706 Total assets $ 3,356,175 $ 3,321,297 Amount due to/(from) UDR $ 3,574 $ (1,452) Third party debt, net 2,042,830 2,005,566 Accounts payable and accrued liabilities 78,440 85,643 Total liabilities $ 2,124,844 $ 2,089,757 Total equity $ 1,231,331 $ 1,231,540 Combined summary financial information relating to the unconsolidated joint ventures ’ and partnerships ’ operations (not just our proportionate share) is presented below for the three months ended March 31, 2018 and 2017 ( dollars in thousands ) : Three Months Ended March 31, 2018 2017 Total revenues $ 67,957 $ 65,731 Property operating expenses 26,937 25,483 Real estate depreciation and amortization 26,848 26,357 Operating income/(loss) 14,172 13,891 Interest expense (19,406) (20,536) Net (income)/loss attributable to noncontrolling interest (5) 48 Net income/(loss) $ (5,239) $ (6,597)

SECURED AND UNSECURED DEBT, NET

SECURED AND UNSECURED DEBT, NET	3 Months Ended
	Mar. 31, 2018
SECURED AND UNSECURED DEBT, NET
SECURED AND UNSECURED DEBT, NET	6. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at March 31, 2018 and December 31, 2017 ( dollars in thousands ): Principal Outstanding As of March 31, 2018 Weighted Weighted Average Average Number of March 31, December 31, Interest Years to Communities 2018 2017 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 393,702 $ 395,611 4.04 % 5.1 7 Fannie Mae credit facilities (b) 285,836 285,836 4.86 % 1.8 8 Deferred financing costs (1,539) (1,670) Total fixed rate secured debt, net 677,999 679,777 4.39 % 3.7 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 4.9 2 Fannie Mae credit facilities (b) 29,034 29,034 3.22 % 0.7 1 Deferred financing costs (210) (242) Total variable rate secured debt, net 123,524 123,492 2.21 % 3.9 3 Total Secured Debt, net 801,523 803,269 4.05 % 3.7 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (h) — — — % 1.8 Borrowings outstanding under unsecured commercial paper program due April 2018 (e) (h) 275,000 300,000 2.27 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2021 (f) 57,707 21,767 2.78 % 2.8 Term Loan Facility due January 2021 (d) (h) 35,000 35,000 2.61 % 2.8 Fixed Rate Debt 3.70% Medium-Term Notes due October 2020 (net of discounts of $20 and $22, respectively) (h) 299,980 299,978 3.70 % 2.5 1.98% Term Loan Facility due January 2021 (d) (h) 315,000 315,000 1.98 % 2.8 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,356 and $1,446, respectively) (h) 398,644 398,554 4.63 % 3.8 3.75% Medium-Term Notes due July 2024 (net of discounts of $652 and $678, respectively) (h) 299,348 299,322 3.75 % 6.3 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.5 4.00% Medium-Term Notes due October 2025 (net of discounts of $516 and $534, respectively) (g) (h) 299,484 299,466 4.00 % 7.5 2.95% Medium-Term Notes due September 2026 (h) 300,000 300,000 2.95 % 8.4 3.50% Medium-Term Notes due July 2027 (net of discounts of $653 and $670, respectively) (h) 299,347 299,330 3.50 % 9.3 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,161 and $1,191, respectively) (h) 298,839 298,809 3.50 % 9.8 Other 18 19 Deferred financing costs (14,861) (14,495) Total Unsecured Debt, net 2,879,150 2,868,394 3.47 % 5.5 Total Debt, net $ 3,680,673 $ 3,671,663 3.66 % 5.1 For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of March 31, 2018, secured debt encumbered $1.7 billion or 16.8% of UDR’s total real estate owned based upon gross book value ($8.5 billion or 83.2% of UDR’s real estate owned based on gross book value is unencumbered). (a) At March 31, 2018, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from May 2019 through November 2026 and carry interest rates ranging from 3.15% to 5.86%. The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the life of the underlying debt instrument. During the three months ended March 31, 2018 and 2017, the Company had $0.7 million and $0.7 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties, which was included in Interest expense on the Consolidated Statements of Operations. The unamortized fair market adjustment was a net premium of $7.5 million and $8.2 million at March 31, 2018 and December 31, 2017, respectively. (b) UDR had two secured credit facilities with Fannie Mae with an aggregate commitment of $314.9 million at March 31, 2018. The Fannie Mae credit facilities mature at various dates from December 201 8 through July 2020 and bear interest at floating and fixed rates. At March 31, 2018, $285.8 million of the outstanding balance was fixed and had a weighted average interest rate of 4.86% and the remaining balance of $29.0 million had a weighted average variable interest rate of 3.22%. Further information related to these credit facilities is as follows (dollars in thousands) : March 31, December 31, 2018 2017 Borrowings outstanding $ 314,870 $ 314,870 Weighted average borrowings during the period ended 314,870 416,653 Maximum daily borrowings during the period ended 314,870 636,782 Weighted average interest rate during the period ended 4.7 % 4.3 % Weighted average interest rate at the end of the period 4.7 % 4.7 % (c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature in August 2019 and March 2032. Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates ranging from 1.80% to 1.95% as of March 31, 2018. (d) The Company has a $1.1 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan facility (the “Term Loan Facility”). The credit agreement for these facilities (the “Credit Agreement”) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan Facility to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2020, with two six-month extension options, subject to certain conditions. The Term Loan Facility has a scheduled maturity date of January 29, 2021. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points and a facility fee of 15 basis points, and the Term Loan Facility has an interest rate equal to LIBOR plus a margin of 95 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 85 to 155 basis points, the facility fee ranges from 12.5 to 30 basis points, and the margin under the Term Loan Facility ranges from 90 to 175 basis points. The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The following is a summary of short-term bank borrowings under the Revolving Credit Facility at March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — — Weighted average daily borrowings during the period ended — 2,274 Maximum daily borrowings during the period ended — 120,000 Weighted average interest rate during the period ended — % 1.6 % Interest rate at end of the period — % — % (1) Excludes $3.3 million of letters of credit at March 31, 2018 and December 31, 2017. (e) The Company has an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $500.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Total unsecured commercial paper program $ 500,000 $ 500,000 Borrowings outstanding at end of period 275,000 300,000 Weighted average daily borrowings during the period ended 306,328 238,810 Maximum daily borrowings during the period ended 370,000 390,000 Weighted average interest rate during the period ended 2.0 % 1.4 % Interest rate at end of the period 2.3 % 2.0 % In April 2018, the entire $275 million of outstanding unsecured commercial paper as of March 31, 2018 was repaid at maturity and an additional $320 million was issued with maturity dates in May 2018. (f) The Company has a working capital credit facility, which provides for a $75.0 million unsecured revolving credit facility (the “Working Capital Credit Facility”) with a scheduled maturity date of January 15, 2021. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points. Depending on the Company’s credit rating, the margin ranges from 85 to 155 basis points. In February 2018, the Company amended the Working Capital Credit Facility to extend the scheduled maturity date from January 1, 2019 to January 15, 2021. The maximum borrowing capacity and interest rate were unchanged by the amendment. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 57,707 21,767 Weighted average daily borrowings during the period ended 30,638 26,993 Maximum daily borrowings during the period ended 61,514 68,207 Weighted average interest rate during the period ended 2.6 % 2.0 % Interest rate at end of the period 2.8 % 2.5 % (g) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.55%. (h) The Operating Partnership is a guarantor of this debt. The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to March 31, 2018 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 3,464 $ 29,034 $ 32,498 $ 275,000 $ 307,498 2019 249,395 67,700 317,095 — 317,095 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 407,707 408,824 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 672,054 123,734 795,788 2,898,351 3,694,139 Non-cash (a) 5,945 (210) 5,735 (19,201) (13,466) Total $ 677,999 $ 123,524 $ 801,523 $ 2,879,150 $ 3,680,673 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs . For the three months ended March 31, 2018 and 2017, the Company amortized $ 1.0 million and $ 1.1 million, respectively, of deferred financing costs into Interest expense. We were in compliance with the covenants of our debt instruments at March 31, 2018.

INCOME_(LOSS) PER SHARE

INCOME/(LOSS) PER SHARE	3 Months Ended
	Mar. 31, 2018
INCOME/(LOSS) PER SHARE
INCOME/(LOSS) PER SHARE	7. INCOME/(LOSS) PER SHARE The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): Three Months Ended March 31, 2018 2017 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 18,925 $ 26,264 Gain/(loss) on sale of real estate owned, net of tax 70,300 2,132 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (7,390) (2,338) Net (income)/loss attributable to noncontrolling interests (79) (91) Net income/(loss) attributable to UDR, Inc. 81,756 25,967 Distributions to preferred stockholders — Series E (Convertible) (955) (929) Income/(loss) attributable to common stockholders - basic and diluted $ 80,801 $ 25,038 Denominator for income/(loss) per share: Weighted average common shares outstanding 267,963 267,402 Non-vested restricted stock awards (417) (612) Denominator for basic income/(loss) per share 267,546 266,790 Incremental shares issuable from assumed conversion of stock options, unvested LTIP Units and unvested restricted stock 1,662 1,898 Denominator for diluted income/(loss) per share 269,208 268,688 Income/(loss) per weighted average common share: Basic $ 0.30 $ 0.09 Diluted $ 0.30 $ 0.09 Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per common share is computed based upon the weighted average number of common shares outstanding plus the common shares issuable from the assumed conversion of the OP Units and DownREIT Units, convertible preferred stock, stock options, unvested long-term incentive plan units (“LTIP Units”), unvested restricted stock and continuous equity program forward sales agreements. Only those instruments having a dilutive impact on our basic income/(loss) per share are included in diluted income/(loss) per share during the periods. For the three months ended March 31, 2018 and 2017, the effect of the conversion of the OP Units, DownREIT Units, LTIP Units and the Company’s Series E preferred stock was not dilutive and therefore not included in the above calculation. For the three months ended March 31, 2018, the Company did not enter into any forward purchase agreements under its continuous equity program. The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the three months ended March 31, 2018 and 2017 (shares in thousands) : Three Months Ended March 31, 2018 2017 OP/DownREIT Units 24,506 24,962 Convertible preferred stock 3,011 3,028 Stock options, unvested LTIP Units and unvested restricted stock 1,662 1,898

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2018
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	8. NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income attributable to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the following period ( dollars in thousands ): Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2017 $ 948,138 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (68,217) Conversion of OP Units/DownREIT Units to Common Stock (11,695) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 7,390 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (8,346) OP Units Issued 4,320 Vesting of Long-Term Incentive Plan Units 4,397 Allocation of other comprehensive income/(loss) 133 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, March 31, 2018 $ 876,120 Noncontrolling Interests Noncontrolling interests represent interests of unrelated partners and unvested LTIP Units in certain consolidated affiliates, and are presented as part of equity on the Consolidated Balance Sheets since these interests are not redeemable. Net (income)/loss attributable to noncontrolling interests was $(0.1) million and $(0.1) million during the three months ended March 31, 2018 and 2017, respectively. The Company grants LTIP Units to certain employees and non-employee directors. The LTIP Units represent an ownership interest in the Operating Partnership and have vesting terms of between one and three years, specific to the individual grants. Noncontrolling interests related to long-term incentive plan units represent the unvested LTIP Units of these employees and non-employee directors in the Operating Partnership. The net income/(loss) allocated to the unvested LTIP Units is included in Net (income)/loss attributable to noncontrolling interests on the Consolidated Statements of Operations.

FAIR VALUE OF DERIVATIVES AND F

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2018
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	9. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: · Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. · Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. · Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of March 31, 2018 and December 31, 2017, are summarized as follows (dollars in thousands) : Fair Value at March 31, 2018, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable March 31, March 31, Liabilities Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 39,469 $ 40,167 $ — $ — $ 40,167 Derivatives - Interest rate contracts (b) 7,004 7,004 — 7,004 — Total assets $ 46,473 $ 47,171 $ — $ 7,004 $ 40,167 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 393,702 $ 391,230 $ — $ — $ 391,230 Fannie Mae credit facilities 285,836 290,173 — — 290,173 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 57,707 57,707 — — 57,707 Commercial paper program 275,000 275,000 — — 275,000 Unsecured notes 2,561,304 2,542,106 — — 2,542,106 Total liabilities $ 3,697,283 $ 3,679,950 $ — $ — $ 3,679,950 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 876,120 $ 876,120 $ — $ 876,120 $ — Fair Value at December 31, 2017, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 10, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 8, Noncontrolling Interests. There were no transfers into or out of any of the levels of the fair value hierarchy during the three months ended March 31, 2018. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2018 and December 31, 2017, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. In conjunction with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership are classified as Level 2. Financial Instruments Not Carried at Fair Value At March 31, 2018 and December 31, 2017, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and prepaid rent, distributions payable and accounts payable approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments, which includes notes receivable and debt instruments, are classified in Level 3 of the fair value hieracrchy due to the significant unobservable inputs that are utilized in their respective valuations. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Our cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair value represent our best estimate based upon Level 3 inputs such as industry trends and reference to market rates and transactions. We consider various factors to determine if a decrease in the value of our Investment in and advances to unconsolidated joint ventures, net is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. Based on the significance of the unobservable inputs, we classify these fair value measurements within Level 3 of the valuation hierarchy. The Company did not incur any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures during the three months ended March 31, 2018 and 2017. After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITY	3 Months Ended
	Mar. 31, 2018
DERIVATIVES AND HEDGING ACTIVITY
DERIVATIVES AND HEDGING ACTIVITY	10. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net on the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2018 and 2017, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. During the three months ended March 31, 2017, the Company recognized a loss of less than $0.1 million reclassified from Accumulated other comprehensive income/(loss), net to Interest expense due to the de-designation of a cash flow hedge. No amounts were de-designated during the three months ended March 31, 2018. Amounts reported in Accumulated other comprehensive income/(loss), net on the Consolidated Balance Sheets related to derivatives that will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through March 31, 2018, the Company estimates that an additional $2.4 million will be reclassified as a decrease to Interest expense . As of March 31, 2018, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Number of Product Instruments Notional Interest rate swaps 4 $ 315,000 Interest rate caps 1 $ 65,197 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the three months ended March 31, 2018 and 2017. As of March 31, 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076 Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: March 31, December 31, March 31, December 31, 2018 2017 2018 2017 Derivatives designated as hedging instruments: Interest rate products $ 7,004 $ 5,743 $ — $ — Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2018 2017 2018 2017 2018 2017 Three Months Ended March 31, Interest rate products $ 1,710 $ 632 $ 172 $ (764) $ — $ (54) Three Months Ended March 31, 2018 2017 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 29,943 $ 30,539 Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2018 2017 Three Months Ended March 31, Interest rate products $ — $ (1) Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. As of March 31, 2018, the fair value of derivatives was in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, of $7.2 million. Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of March 31, 2018 and December 31, 2017 (dollars in thousands): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount March 31, 2018 $ 7,004 $ — $ 7,004 $ — $ — $ 7,004 December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. Gross Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount March 31, 2018 $ — $ — $ — $ — $ — $ — December 31, 2017 $ — $ — $ — $ — $ — $ — (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	3 Months Ended
	Mar. 31, 2018
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION	11. STOCK BASED COMPENSATION The Company recognized stock based compensation expense, inclusive of awards granted to our non-employee directors, net of capitalization, of $3.5 million and $3.4 million during the three months ended March 31, 2018 and 2017, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Under Development The following summarizes the Company’s real estate commitments at March 31, 2018 ( dollars in thousands ): Costs Expected Costs Average Number Incurred to Complete Ownership Properties to Date (a) (unaudited) Stake Wholly-owned — under development 2 $ 650,997 (b) $ 65,503 100 % Joint ventures: Unconsolidated joint ventures 2 172,040 9,734 (c) 50 % Preferred equity investments 5 97,044 (d) 41,293 (e) 49 % (f) Other investments 1 32,728 20,831 (g) — % Total $ 952,809 $ 137,361 (a) Represents 100% of project costs incurred as of March 31, 2018. (b) Costs incurred as of March 31, 2018 include $ 33.4 million of accrued fixed assets for development. (c) Represents UDR’s proportionate share of expected remaining costs to complete the developments. (d) Represents UDR’s investment in the West Coast Development Joint Ventures, 1532 Harrison and 1200 Broadway for the properties under development as of March 31, 2018. (e) Represents UDR’s remaining commitment for 1532 Harrison and 1200 Broadway. (f) Represents UDR’s average ownership stake in the West Coast Development Joint Ventures only and does not include UDR’s preferred equity interest in 1532 Harrison and 1200 Broadway. (g) Represents UDR’s remaining commitment for The Portals and other investment ventures. Purchase Commitments As described in Note 5, Joint Ventures and Partnerships , the Company anticipates acquiring one of the communities held by the West Coast Development Joint Ventures in 2019 for a contractual purchase price at 100% of approximately $130.1 million. As the Company currently holds a 49% ownership interest in the community, it expects to pay approximately $66.4 million for the remaining 51% ownership. The community will be consolidated upon closing of the acquisition. During the three months ended March 31, 2018, the Company entered into a contract to purchase a $13.2 million development land parcel located in Denver, Colorado. The Company made a $1.0 million deposit on the purchase which, as of March 31, 2018, is generally non-refundable other than due to a failure of closing conditions pursuant to the terms of the agreement. The acquisition is expected to close in the fourth quarter of 2018, subject to customary closing conditions. Contingencies Litigation and Legal Matters The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flow.

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	3 Months Ended
	Mar. 31, 2018
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	13. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s chief operating decision maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. UDR’s chief operating decision maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other : · Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2017 and held as of March 31, 2018. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. · Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the three months ended March 31, 2018 and 2017. The following table details rental income and NOI for UDR’s reportable segments for the three months ended March 31, 2018 and 2017, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands) : March 31, (a) 2018 2017 Reportable apartment home segment rental income Same-Store Communities West Region $ 97,772 $ 93,943 Mid-Atlantic Region 57,982 56,688 Northeast Region 38,064 37,921 Southeast Region 30,036 28,657 Southwest Region 10,779 10,679 Non-Mature Communities/Other 15,850 13,383 Total segment and consolidated rental income $ 250,483 $ 241,271 Reportable apartment home segment NOI Same-Store Communities West Region $ 73,651 $ 70,249 Mid-Atlantic Region 39,819 39,619 Northeast Region 26,577 26,901 Southeast Region 21,047 19,661 Southwest Region 6,452 6,678 Non-Mature Communities/Other 9,068 8,375 Total segment and consolidated NOI 176,614 171,483 Reconciling items: Joint venture management and other fees 2,822 2,570 Property management (6,888) (6,635) Other operating expenses (2,009) (1,691) Real estate depreciation and amortization (108,136) (105,032) General and administrative (11,759) (13,075) Casualty-related (charges)/recoveries, net (940) (502) Other depreciation and amortization (1,691) (1,608) Income/(loss) from unconsolidated entities (1,677) 11,198 Interest expense (29,943) (30,539) Interest income and other income/(expense), net 2,759 427 Tax (provision)/benefit, net (227) (332) Gain/(loss) on sale of real estate owned, net of tax 70,300 2,132 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (7,390) (2,338) Net (income)/loss attributable to noncontrolling interests (79) (91) Net income/(loss) attributable to UDR, Inc. $ 81,756 $ 25,967 (a) Same-Store Community population consisted of 38,277 apartment homes. The following table details the assets of UDR’s reportable segments as of March 31, 2018 and December 31, 2017 (dollars in thousands) : March 31, December 31, 2018 2017 Reportable apartment home segment assets: Same-Store Communities: West Region $ 3,635,407 $ 3,630,164 Mid-Atlantic Region 2,453,299 2,449,286 Northeast Region 1,866,696 1,865,762 Southeast Region 764,893 762,102 Southwest Region 292,898 292,074 Non-Mature Communities/Other 1,196,548 1,177,818 Total segment assets 10,209,741 10,177,206 Accumulated depreciation (3,413,815) (3,330,166) Total segment assets — net book value 6,795,926 6,847,040 Reconciling items: Cash and cash equivalents 1,083 2,038 Restricted cash 19,770 19,792 Notes receivable, net 39,469 19,469 Investment in and advances to unconsolidated joint ventures, net 732,578 720,830 Other assets 120,222 124,104 Total consolidated assets $ 7,709,048 $ 7,733,273 Capital expenditures related to our Same-Store Communities totaled $12.7 million and $15.6 million for the three months ended March 31, 2018 and 2017, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $0.3 million and $0.5 million for the three months ended March 31, 2018 and 2017, respectively. Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Richmond and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Orlando, Tampa, Nashville and Other Florida v. Southwest Region — Dallas, Austin and Denver

SIGNIFICANT ACCOUNTING POLICI24

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.
Discontinued Operations	Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations.
Revenue	Revenue On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of retained earnings is made to recognize any required adjustments. As a result of the adoption, the Company did not make an adjustment to retained earnings because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents and tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Company has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Company to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned. Joint venture management and other fees The Joint venture management and other fees revenue consists of management fees charged to our equity method joint ventures per the terms of contractual agreements and other fees. Joint venture fee revenue is recognized monthly as the management services are provided and the fees are earned or upon a transaction whereby the Company earns a fee.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed.
Disaggregation of Revenue	Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) . Joint venture management and other fees are not included in the tables as they are not allocable to a specific reportable segment or segments. Lease Reimbursements Other Total For the three months ended March 31, 2018 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 90,874 $ 4,198 $ 2,700 $ 97,772 Mid-Atlantic Region 53,417 2,616 1,949 57,982 Northeast Region 36,710 637 717 38,064 Southeast Region 26,672 1,666 1,698 30,036 Southwest Region 9,754 558 467 10,779 Non-Mature Communities/Other 13,611 1,784 455 15,850 Total segment and consolidated revenues $ 231,038 $ 11,459 $ 7,986 $ 250,483 Lease Reimbursements Other Total For the three months ended March 31, 2017 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 87,170 $ 3,993 $ 2,780 $ 93,943 Mid-Atlantic Region 52,289 2,602 1,797 56,688 Northeast Region 36,447 715 759 37,921 Southeast Region 25,516 1,610 1,531 28,657 Southwest Region 9,649 504 526 10,679 Non-Mature Communities/Other 11,575 1,462 346 13,383 Total segment and consolidated revenues $ 222,646 $ 10,886 $ 7,739 $ 241,271 (a) Lease Revenue is subject to recognition under ASC 840, Leases .
Notes Receivable	Notes Receivable The following table summarizes our Notes receivable, net as of March 31, 2018 and December 31, 2017 ( dollars in thousands): Interest rate at Balance Outstanding March 31, March 31, December 31, 2018 2018 2017 Note due March 2019 (a) 12.00 % $ 20,000 $ — Note due February 2020 (b) 10.00 % 13,669 13,669 Note due October 2020 (c) 8.00 % 2,000 2,000 Note due August 2022 (d) 10.00 % 3,800 3,800 Total notes receivable, net $ 39,469 $ 19,469 (a) In March 2018, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. Interest payments are due when the loan matures. The note matures in March 2019 and is secured by a parcel of land. (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $13.7 million has been funded. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million has been funded. Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). (d) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which, $3.8 million has been funded. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $25.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) August 2022. During the three months ended March 31, 2018 and 2017, the Company recognized $0.6 million and $0.5 million, respectively, of interest income from notes receivable, none of which was related party interest income, which is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations.
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three months ended March 31, 2018 and 2017, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 10, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the three months ended March 31, 2018 and 2017, was $0.1 million and $0.1 million, respectively.
Income Taxes	Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of March 31, 2018 and December 31, 2017, UDR’s net deferred tax asset was $0.1 million and $0.1 million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at March 31, 2018. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2017 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net on the Consolidated Statements of Operations. As of December 31, 2017 , management of the Company had completed its review of the effects of the Tax Cuts and Jobs Act, under which it recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable.

SIGNIFICANT ACCOUNTING POLICI25

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2018
New accounting pronouncements
Schedule of disaggregation of revenue	Lease Reimbursements Other Total For the three months ended March 31, 2018 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 90,874 $ 4,198 $ 2,700 $ 97,772 Mid-Atlantic Region 53,417 2,616 1,949 57,982 Northeast Region 36,710 637 717 38,064 Southeast Region 26,672 1,666 1,698 30,036 Southwest Region 9,754 558 467 10,779 Non-Mature Communities/Other 13,611 1,784 455 15,850 Total segment and consolidated revenues $ 231,038 $ 11,459 $ 7,986 $ 250,483 Lease Reimbursements Other Total For the three months ended March 31, 2017 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 87,170 $ 3,993 $ 2,780 $ 93,943 Mid-Atlantic Region 52,289 2,602 1,797 56,688 Northeast Region 36,447 715 759 37,921 Southeast Region 25,516 1,610 1,531 28,657 Southwest Region 9,649 504 526 10,679 Non-Mature Communities/Other 11,575 1,462 346 13,383 Total segment and consolidated revenues $ 222,646 $ 10,886 $ 7,739 $ 241,271 (a) Lease Revenue is subject to recognition under ASC 840, Leases .
Summary of notes receivable, net	The following table summarizes our Notes receivable, net as of March 31, 2018 and December 31, 2017 ( dollars in thousands): Interest rate at Balance Outstanding March 31, March 31, December 31, 2018 2018 2017 Note due March 2019 (a) 12.00 % $ 20,000 $ — Note due February 2020 (b) 10.00 % 13,669 13,669 Note due October 2020 (c) 8.00 % 2,000 2,000 Note due August 2022 (d) 10.00 % 3,800 3,800 Total notes receivable, net $ 39,469 $ 19,469 (a) In March 2018, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. Interest payments are due when the loan matures. The note matures in March 2019 and is secured by a parcel of land. (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $13.7 million has been funded. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million has been funded. Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). (d) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which, $3.8 million has been funded. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $25.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) August 2022.
Adjustment | ASU 2016-18
New accounting pronouncements
Schedule of reclassification on the Consolidated Statements of Cash Flows	As a result of the adoption of ASU 2016-18, for the three months ended March 31, 2017, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Three months ended March 31, 2017 (Increase)/decrease in operating assets $ Net cash provided by /(used in) operating activities $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement $ Net cash provided by /(used in) investing activities $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $

REAL ESTATE OWNED (Tables)

REAL ESTATE OWNED (Tables)	3 Months Ended
	Mar. 31, 2018
REAL ESTATE OWNED
Summary of carrying amounts for real estate owned (at cost)	The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Land $ 1,773,402 $ 1,780,229 Depreciable property — held and used: Land improvements 190,177 189,919 Building, improvements, and furniture, fixtures and equipment 7,595,165 7,614,568 Under development: Land and land improvements 109,122 109,468 Building, improvements, and furniture, fixtures and equipment 541,875 483,022 Real estate owned 10,209,741 10,177,206 Accumulated depreciation (3,413,815) (3,330,166) Real estate owned, net $ 6,795,926 $ 6,847,040

JOINT VENTURES AND PARTNERSHI27

JOINT VENTURES AND PARTNERSHIPS (Tables)	3 Months Ended
	Mar. 31, 2018
JOINT VENTURES AND PARTNERSHIPS
Schedule of unconsolidated joint ventures and partnerships	The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of March 31, 2018 and December 31, 2017 (dollars in thousands) : Number of Number of Apartment Properties Homes Investment at UDR’s Ownership Interest Location of March 31, March 31, March 31, December 31, March 31, December 31, Joint Venture Properties 2018 2018 2018 2017 2018 2017 Operating and development: UDR/MetLife I Los Angeles, CA 1 development community (a) 150 $ 35,125 $ 34,653 50.0 % 50.0 % UDR/MetLife II Various 18 operating communities 4,059 301,567 303,702 50.0 % 50.0 % Other UDR/MetLife Various 5 operating communities 1,437 133,359 135,563 50.6 % 50.6 % Joint Ventures UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1,513 80,184 78,404 50.0 % 50.0 % 1 development community (a); 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 8,146 8,958 30.0 % 30.0 % West Coast Development Joint Ventures (c) Los Angeles, CA 1 operating community 293 37,385 37,916 47.0 % 47.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 595,766 $ 599,196 Income from investments Investment at Three Months Ended Years To UDR March 31, December 31, March 31, Developer Capital Program (b) Location Rate Maturity Commitment 2018 2017 2018 2017 Preferred equity investments: West Coast Development Joint Ventures (c) Various 6.5 % N/A — $ 65,174 $ 64,226 $ 796 $ 12,291 1532 Harrison (d) San Francisco, CA 11.0 % 4.3 24,645 13,942 11,346 341 — 1200 Broadway (e) Nashville, TN 8.0 % 4.5 55,558 24,968 18,011 408 — Other investments: The Portals (f) Washington, D.C. 11.0 % 3.2 38,559 30,552 26,535 679 — Other investment ventures N/A N/A N/A $ 15,000 2,176 1,516 $ (90) $ — Total Developer Capital Program 136,812 121,634 Total investment in and advances to unconsolidated joint ventures, net $ 732,578 $ 720,830 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes upon completion of development. As of March 31, 2018, 98 apartment homes had been completed in UDR/MetLife Vitruvian Park ® , and no apartment homes had been completed in UDR/MetLife I. (b) The Developer Capital Program is the program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (c) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and agreed to pay $136.3 million for a 48% ownership interest in a portfolio of five communities that were under construction. The communities are located in three of the Company’s core, coastal markets: Seattle, Washington, Los Angeles and Orange County, California. UDR earns a 6.5% preferred return on its investment through each individual community’s date of stabilization, defined as when a community reaches 80% occupancy for 90 consecutive days, while the joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization, income and expense are shared based on each partner’s ownership percentage and the Company no longer receives a 6.5% preferred return on its investment in the stabilized community. The Company serves as property manager and earns a management fee during the lease-up phase and subsequent operation of each of the communities. The unaffiliated joint venture partner is the general partner of the joint venture and the developer of the communities. At inception of the agreement, the Company had a fixed-price option to acquire the remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total purchase price will be $597.4 million. In the event the Company does not exercise its options to purchase at least two communities, the unaffiliated joint venture partner will be entitled to earn a contingent disposition fee equal to a 6.5% return on its implied equity in the communities not acquired. The unaffiliated joint venture partner is providing certain guaranties and as of the date of the agreement there were construction loans on all five communities. In January 2017, the Company exercised its fixed-price option to purchase the joint venture partner’s ownership interest in one of the five communities, a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture. During 2017, the joint venture sold two of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million and a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. During the three months ended March 31, 2018, the fixed-price option to acquire one of the two remaining communities held by the West Coast Development Joint Ventures expired. The community achieved stabilization during 2017, at which time the Company and its joint venture partner began receiving income and expenses based on their ownership percentages. The Company and its joint venture partner plan to continue operating the community as a long-term hold. As of March 31, 2018, the remaining community subject to the fixed-price acquisition option is still under construction and the Company continues to receive a 6.5% preferred return on its investment in that community. The Company anticipates acquiring this remaining community for a contractual purchase price at 100% of approximately $130.1 million. As the Company currently holds a 49% ownership interest in the community, it expects to pay approximately $66.4 million for the remaining 51% ownership. As such, the Company has disclosed a contractual purchase price commitment (see Note 12, Commitments and Contingencies ). The acquisition is expected to occur in 2019. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and agreed to pay $15.5 million for a 49% ownership interest in a 155 home community that is currently under construction in Seattle, Washington and $16.1 million for a 49% ownership interest in a 276 home community that is currently under construction in Hillsboro, Oregon (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). Consistent with the terms of the May 2015 joint venture agreement, UDR earns a 6.5% preferred return on its investments through the communities’ date of stabilization, as defined above, while our joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization of the communities, income and expense will be shared based on each partner’s ownership percentage and the Company will no longer receive a 6.5% preferred return on its investment. The Company will serve as property manager and will earn a management fee during the lease-up phase and subsequent operation of the stabilized communities. The unaffiliated joint venture partner is the general partner and the developer of the communities. The Company has concluded it does not control the joint ventures and accounts for them under the equity method of accounting. The Company has a fixed-price option to acquire the remaining interest in the communities beginning one year after completion for a total price of $61.3 million and $72.3 million, respectively. The unaffiliated joint venture partner is providing certain guaranties and there are construction loans on the communities. The Company’s recorded equity investment in the West Coast Development Joint Ventures at March 31, 2018 and December 31, 2017, of $102.6 million and $1 02.1 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (d) In June 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 136 apartment home community in San Francisco, California. The Company’s preferred equity investment of up to $24.6 million earns a preferred return of 11.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of March 31, 2018, the Company had contributed approximately $ 13.9 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (e) In September 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 313 apartment home community in Nashville, Tennessee. The Company’s preferred equity investment of up to $55.6 million earns a preferred return of 8.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of March 31, 2018, the Company had contributed approximately $25.0 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (f) In May 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture has made a mezzanine loan to a third party developer of a 373 apartment home community in Washington, D.C. The unaffiliated joint venture partner is the managing member of the joint venture. The mezzanine loan is for up to $71.0 million at an interest rate of 13.5% per annum and carries a term of four years with one, 12-month extension option. The Company’s investment commitment to the joint venture is approximately $38.6 million and earns a weighted average return rate of approximately 11.0% per annum. As of March 31, 2018, the Company had contributed approximately $ 30.6 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting.
Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships	Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): March 31, December 31, 2018 2017 Total real estate, net $ 3,256,696 $ 3,236,180 Cash and cash equivalents 46,009 36,411 Other assets 53,470 48,706 Total assets $ 3,356,175 $ 3,321,297 Amount due to/(from) UDR $ 3,574 $ (1,452) Third party debt, net 2,042,830 2,005,566 Accounts payable and accrued liabilities 78,440 85,643 Total liabilities $ 2,124,844 $ 2,089,757 Total equity $ 1,231,331 $ 1,231,540
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	Combined summary financial information relating to the unconsolidated joint ventures ’ and partnerships ’ operations (not just our proportionate share) is presented below for the three months ended March 31, 2018 and 2017 ( dollars in thousands ) : Three Months Ended March 31, 2018 2017 Total revenues $ 67,957 $ 65,731 Property operating expenses 26,937 25,483 Real estate depreciation and amortization 26,848 26,357 Operating income/(loss) 14,172 13,891 Interest expense (19,406) (20,536) Net (income)/loss attributable to noncontrolling interest (5) 48 Net income/(loss) $ (5,239) $ (6,597)

SECURED AND UNSECURED DEBT, N28

SECURED AND UNSECURED DEBT, NET (Tables)	3 Months Ended
	Mar. 31, 2018
Secured and Unsecured Debt, Net
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at March 31, 2018 and December 31, 2017 ( dollars in thousands ): Principal Outstanding As of March 31, 2018 Weighted Weighted Average Average Number of March 31, December 31, Interest Years to Communities 2018 2017 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 393,702 $ 395,611 4.04 % 5.1 7 Fannie Mae credit facilities (b) 285,836 285,836 4.86 % 1.8 8 Deferred financing costs (1,539) (1,670) Total fixed rate secured debt, net 677,999 679,777 4.39 % 3.7 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 4.9 2 Fannie Mae credit facilities (b) 29,034 29,034 3.22 % 0.7 1 Deferred financing costs (210) (242) Total variable rate secured debt, net 123,524 123,492 2.21 % 3.9 3 Total Secured Debt, net 801,523 803,269 4.05 % 3.7 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (h) — — — % 1.8 Borrowings outstanding under unsecured commercial paper program due April 2018 (e) (h) 275,000 300,000 2.27 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2021 (f) 57,707 21,767 2.78 % 2.8 Term Loan Facility due January 2021 (d) (h) 35,000 35,000 2.61 % 2.8 Fixed Rate Debt 3.70% Medium-Term Notes due October 2020 (net of discounts of $20 and $22, respectively) (h) 299,980 299,978 3.70 % 2.5 1.98% Term Loan Facility due January 2021 (d) (h) 315,000 315,000 1.98 % 2.8 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,356 and $1,446, respectively) (h) 398,644 398,554 4.63 % 3.8 3.75% Medium-Term Notes due July 2024 (net of discounts of $652 and $678, respectively) (h) 299,348 299,322 3.75 % 6.3 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.5 4.00% Medium-Term Notes due October 2025 (net of discounts of $516 and $534, respectively) (g) (h) 299,484 299,466 4.00 % 7.5 2.95% Medium-Term Notes due September 2026 (h) 300,000 300,000 2.95 % 8.4 3.50% Medium-Term Notes due July 2027 (net of discounts of $653 and $670, respectively) (h) 299,347 299,330 3.50 % 9.3 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,161 and $1,191, respectively) (h) 298,839 298,809 3.50 % 9.8 Other 18 19 Deferred financing costs (14,861) (14,495) Total Unsecured Debt, net 2,879,150 2,868,394 3.47 % 5.5 Total Debt, net $ 3,680,673 $ 3,671,663 3.66 % 5.1
Secured credit facilities	Further information related to these credit facilities is as follows (dollars in thousands) : March 31, December 31, 2018 2017 Borrowings outstanding $ 314,870 $ 314,870 Weighted average borrowings during the period ended 314,870 416,653 Maximum daily borrowings during the period ended 314,870 636,782 Weighted average interest rate during the period ended 4.7 % 4.3 % Weighted average interest rate at the end of the period 4.7 % 4.7 %
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt	The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to March 31, 2018 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 3,464 $ 29,034 $ 32,498 $ 275,000 $ 307,498 2019 249,395 67,700 317,095 — 317,095 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 407,707 408,824 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 672,054 123,734 795,788 2,898,351 3,694,139 Non-cash (a) 5,945 (210) 5,735 (19,201) (13,466) Total $ 677,999 $ 123,524 $ 801,523 $ 2,879,150 $ 3,680,673 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs . For the three months ended March 31, 2018 and 2017, the Company amortized $ 1.0 million and $ 1.1 million, respectively, of deferred financing costs into Interest expense.
Commercial Paper
Secured and Unsecured Debt, Net
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the unsecured commercial paper program at March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Total unsecured commercial paper program $ 500,000 $ 500,000 Borrowings outstanding at end of period 275,000 300,000 Weighted average daily borrowings during the period ended 306,328 238,810 Maximum daily borrowings during the period ended 370,000 390,000 Weighted average interest rate during the period ended 2.0 % 1.4 % Interest rate at end of the period 2.3 % 2.0 %
Revolving Credit Facility
Secured and Unsecured Debt, Net
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Revolving Credit Facility at March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — — Weighted average daily borrowings during the period ended — 2,274 Maximum daily borrowings during the period ended — 120,000 Weighted average interest rate during the period ended — % 1.6 % Interest rate at end of the period — % — % (1) Excludes $3.3 million of letters of credit at March 31, 2018 and December 31, 2017.
Unsecured Working Capital Credit Facility due January 2021
Secured and Unsecured Debt, Net
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 57,707 21,767 Weighted average daily borrowings during the period ended 30,638 26,993 Maximum daily borrowings during the period ended 61,514 68,207 Weighted average interest rate during the period ended 2.6 % 2.0 % Interest rate at end of the period 2.8 % 2.5 %

INCOME_(LOSS) PER SHARE (Tables

INCOME/(LOSS) PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2018
INCOME/(LOSS) PER SHARE
Computation of basic and diluted income/(loss) per share	The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): Three Months Ended March 31, 2018 2017 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 18,925 $ 26,264 Gain/(loss) on sale of real estate owned, net of tax 70,300 2,132 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (7,390) (2,338) Net (income)/loss attributable to noncontrolling interests (79) (91) Net income/(loss) attributable to UDR, Inc. 81,756 25,967 Distributions to preferred stockholders — Series E (Convertible) (955) (929) Income/(loss) attributable to common stockholders - basic and diluted $ 80,801 $ 25,038 Denominator for income/(loss) per share: Weighted average common shares outstanding 267,963 267,402 Non-vested restricted stock awards (417) (612) Denominator for basic income/(loss) per share 267,546 266,790 Incremental shares issuable from assumed conversion of stock options, unvested LTIP Units and unvested restricted stock 1,662 1,898 Denominator for diluted income/(loss) per share 269,208 268,688 Income/(loss) per weighted average common share: Basic $ 0.30 $ 0.09 Diluted $ 0.30 $ 0.09
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the three months ended March 31, 2018 and 2017 (shares in thousands) : Three Months Ended March 31, 2018 2017 OP/DownREIT Units 24,506 24,962 Convertible preferred stock 3,011 3,028 Stock options, unvested LTIP Units and unvested restricted stock 1,662 1,898

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2018
NONCONTROLLING INTERESTS
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the following period ( dollars in thousands ): Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2017 $ 948,138 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (68,217) Conversion of OP Units/DownREIT Units to Common Stock (11,695) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 7,390 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (8,346) OP Units Issued 4,320 Vesting of Long-Term Incentive Plan Units 4,397 Allocation of other comprehensive income/(loss) 133 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, March 31, 2018 $ 876,120

FAIR VALUE OF DERIVATIVES AND31

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
Schedule of estimated fair values	The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of March 31, 2018 and December 31, 2017, are summarized as follows (dollars in thousands) : Fair Value at March 31, 2018, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable March 31, March 31, Liabilities Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 39,469 $ 40,167 $ — $ — $ 40,167 Derivatives - Interest rate contracts (b) 7,004 7,004 — 7,004 — Total assets $ 46,473 $ 47,171 $ — $ 7,004 $ 40,167 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 393,702 $ 391,230 $ — $ — $ 391,230 Fannie Mae credit facilities 285,836 290,173 — — 290,173 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 57,707 57,707 — — 57,707 Commercial paper program 275,000 275,000 — — 275,000 Unsecured notes 2,561,304 2,542,106 — — 2,542,106 Total liabilities $ 3,697,283 $ 3,679,950 $ — $ — $ 3,679,950 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 876,120 $ 876,120 $ — $ 876,120 $ — Fair Value at December 31, 2017, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 10, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 8, Noncontrolling Interests.

DERIVATIVES AND HEDGING ACTIV32

DERIVATIVES AND HEDGING ACTIVITY (Tables)	3 Months Ended
	Mar. 31, 2018
DERIVATIVES AND HEDGING ACTIVITY
Schedule of outstanding interest rate derivatives	As of March 31, 2018, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Number of Product Instruments Notional Interest rate swaps 4 $ 315,000 Interest rate caps 1 $ 65,197 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the three months ended March 31, 2018 and 2017. As of March 31, 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: March 31, December 31, March 31, December 31, 2018 2017 2018 2017 Derivatives designated as hedging instruments: Interest rate products $ 7,004 $ 5,743 $ — $ —
Effect of Company's derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2018 2017 2018 2017 2018 2017 Three Months Ended March 31, Interest rate products $ 1,710 $ 632 $ 172 $ (764) $ — $ (54)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	Three Months Ended March 31, 2018 2017 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 29,943 $ 30,539 Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2018 2017 Three Months Ended March 31, Interest rate products $ — $ (1)
Offsetting of Derivative Assets	The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of March 31, 2018 and December 31, 2017 (dollars in thousands): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount March 31, 2018 $ 7,004 $ — $ 7,004 $ — $ — $ 7,004 December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
Offsetting of Derivative Liabilities	Gross Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount March 31, 2018 $ — $ — $ — $ — $ — $ — December 31, 2017 $ — $ — $ — $ — $ — $ — (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2018
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	Real Estate Under Development The following summarizes the Company’s real estate commitments at March 31, 2018 ( dollars in thousands ): Costs Expected Costs Average Number Incurred to Complete Ownership Properties to Date (a) (unaudited) Stake Wholly-owned — under development 2 $ 650,997 (b) $ 65,503 100 % Joint ventures: Unconsolidated joint ventures 2 172,040 9,734 (c) 50 % Preferred equity investments 5 97,044 (d) 41,293 (e) 49 % (f) Other investments 1 32,728 20,831 (g) — % Total $ 952,809 $ 137,361 (a) Represents 100% of project costs incurred as of March 31, 2018. (b) Costs incurred as of March 31, 2018 include $ 33.4 million of accrued fixed assets for development. (c) Represents UDR’s proportionate share of expected remaining costs to complete the developments. (d) Represents UDR’s investment in the West Coast Development Joint Ventures, 1532 Harrison and 1200 Broadway for the properties under development as of March 31, 2018. (e) Represents UDR’s remaining commitment for 1532 Harrison and 1200 Broadway. (f) Represents UDR’s average ownership stake in the West Coast Development Joint Ventures only and does not include UDR’s preferred equity interest in 1532 Harrison and 1200 Broadway. (g) Represents UDR’s remaining commitment for The Portals and other investment ventures.

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2018
REPORTABLE SEGMENTS
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)	The following table details rental income and NOI for UDR’s reportable segments for the three months ended March 31, 2018 and 2017, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands) : March 31, (a) 2018 2017 Reportable apartment home segment rental income Same-Store Communities West Region $ 97,772 $ 93,943 Mid-Atlantic Region 57,982 56,688 Northeast Region 38,064 37,921 Southeast Region 30,036 28,657 Southwest Region 10,779 10,679 Non-Mature Communities/Other 15,850 13,383 Total segment and consolidated rental income $ 250,483 $ 241,271 Reportable apartment home segment NOI Same-Store Communities West Region $ 73,651 $ 70,249 Mid-Atlantic Region 39,819 39,619 Northeast Region 26,577 26,901 Southeast Region 21,047 19,661 Southwest Region 6,452 6,678 Non-Mature Communities/Other 9,068 8,375 Total segment and consolidated NOI 176,614 171,483 Reconciling items: Joint venture management and other fees 2,822 2,570 Property management (6,888) (6,635) Other operating expenses (2,009) (1,691) Real estate depreciation and amortization (108,136) (105,032) General and administrative (11,759) (13,075) Casualty-related (charges)/recoveries, net (940) (502) Other depreciation and amortization (1,691) (1,608) Income/(loss) from unconsolidated entities (1,677) 11,198 Interest expense (29,943) (30,539) Interest income and other income/(expense), net 2,759 427 Tax (provision)/benefit, net (227) (332) Gain/(loss) on sale of real estate owned, net of tax 70,300 2,132 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (7,390) (2,338) Net (income)/loss attributable to noncontrolling interests (79) (91) Net income/(loss) attributable to UDR, Inc. $ 81,756 $ 25,967 (a) Same-Store Community population consisted of 38,277 apartment homes.
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of March 31, 2018 and December 31, 2017 (dollars in thousands) : March 31, December 31, 2018 2017 Reportable apartment home segment assets: Same-Store Communities: West Region $ 3,635,407 $ 3,630,164 Mid-Atlantic Region 2,453,299 2,449,286 Northeast Region 1,866,696 1,865,762 Southeast Region 764,893 762,102 Southwest Region 292,898 292,074 Non-Mature Communities/Other 1,196,548 1,177,818 Total segment assets 10,209,741 10,177,206 Accumulated depreciation (3,413,815) (3,330,166) Total segment assets — net book value 6,795,926 6,847,040 Reconciling items: Cash and cash equivalents 1,083 2,038 Restricted cash 19,770 19,792 Notes receivable, net 39,469 19,469 Investment in and advances to unconsolidated joint ventures, net 732,578 720,830 Other assets 120,222 124,104 Total consolidated assets $ 7,709,048 $ 7,733,273

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - shares	Mar. 31, 2018	Dec. 31, 2017
Consolidation And Basis Of Presentation
OP units outstanding related to limited partner	183,636,543	183,350,924
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)	94.90%
OP units outstanding related to limited partner	174,245,999
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	17,161,630
General Partners' ownership (as a percent)	53.00%
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	183,636,543	183,350,924
OP units outstanding related to limited partner	183,525,660	183,240,041
United Dominion Reality L.P. | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	13,470,651
Percentage of units outstanding in Heritage OP	41.60%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	32,367,380
Non-affiliated Partners | United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units		9,113,236
OP units outstanding related to limited partner	9,390,544
Percentage of units outstanding in Heritage OP	5.10%	5.00%
Non-affiliated Partners | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	15,205,750
Percentage of units outstanding in Heritage OP	47.00%
UDR, Inc.
Consolidation And Basis Of Presentation
OP units outstanding related to limited partner	174,135,116	174,126,805
Percentage of units outstanding in Heritage OP	94.90%	95.00%
UDR, Inc. | United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units		174,237,688
General Partners' ownership (as a percent)	94.90%
Percentage of units outstanding in Heritage OP		95.00%

SIGNIFICANT ACCOUNTING POLICI36

SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)item	Mar. 31, 2017USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (Decrease) in Operating Assets	$ (3,560)	$ (4,034)
Net cash provided by/(used in) operating activities	132,256	120,261
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement	14,765	21,955
Net cash provided by/(used in) investing activities	(24,586)	(162,823)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	$ (977)	111
Number of Investment | item	1
ASU 2016-18 | Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Increase (Decrease) in Operating Assets		(203)
Net cash provided by/(used in) operating activities		(203)
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement		(34)
Net cash provided by/(used in) investing activities		(34)
Net increase/(decrease) in cash, cash equivalents, and restricted cash		$ (237)
ASU 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gain on investment	$ 2,100

SIGNIFICANT ACCOUNTING POLICI37

SIGNIFICANT ACCOUNTING POLICIES - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of revenue
Lease Revenue	$ 231,038	$ 222,646
Total revenues	250,483	241,271
Same Store Communities West Region
Disaggregation of revenue
Lease Revenue	90,874	87,170
Total revenues	97,772	93,943
Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Lease Revenue	53,417	52,289
Total revenues	57,982	56,688
Same Store Communities Northeast Region
Disaggregation of revenue
Lease Revenue	36,710	36,447
Total revenues	38,064	37,921
Same Store Communities Southeast Region
Disaggregation of revenue
Lease Revenue	26,672	25,516
Total revenues	30,036	28,657
Same Store Communities Southwest Region
Disaggregation of revenue
Lease Revenue	9,754	9,649
Total revenues	10,779	10,679
Non-Mature communities/Other
Disaggregation of revenue
Lease Revenue	13,611	11,575
Total revenues	15,850	13,383
Reimbursements Revenue
Disaggregation of revenue
Disaggregated income	11,459	10,886
Reimbursements Revenue | Same Store Communities West Region
Disaggregation of revenue
Disaggregated income	4,198	3,993
Reimbursements Revenue | Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Disaggregated income	2,616	2,602
Reimbursements Revenue | Same Store Communities Northeast Region
Disaggregation of revenue
Disaggregated income	637	715
Reimbursements Revenue | Same Store Communities Southeast Region
Disaggregation of revenue
Disaggregated income	1,666	1,610
Reimbursements Revenue | Same Store Communities Southwest Region
Disaggregation of revenue
Disaggregated income	558	504
Reimbursements Revenue | Non-Mature communities/Other
Disaggregation of revenue
Disaggregated income	1,784	1,462
Other Revenue
Disaggregation of revenue
Disaggregated income	7,986	7,739
Other Revenue | Same Store Communities West Region
Disaggregation of revenue
Disaggregated income	2,700	2,780
Other Revenue | Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Disaggregated income	1,949	1,797
Other Revenue | Same Store Communities Northeast Region
Disaggregation of revenue
Disaggregated income	717	759
Other Revenue | Same Store Communities Southeast Region
Disaggregation of revenue
Disaggregated income	1,698	1,531
Other Revenue | Same Store Communities Southwest Region
Disaggregation of revenue
Disaggregated income	467	526
Other Revenue | Non-Mature communities/Other
Disaggregation of revenue
Disaggregated income	$ 455	$ 346

SIGNIFICANT ACCOUNTING POLICI38

SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Accounting Policies [Line Items]
Notes receivable, net	$ 39,469		$ 19,469
Significant Accounting Policies
Distributions received from unconsolidated entities	5,633	$ 9,711
Note receivable interest income	600	500
Comprehensive (loss)/income attributable to non-controlling interests	133
Current Income Tax Expense (Benefit)	0
One time tax benefit			1,100
Deferred Tax Assets, Net	100		100
Interest Income, Related Party	$ 0	0
Note due March 2019
Accounting Policies [Line Items]
Note receivable interest rate	12.00%
Notes receivable, net	$ 20,000
Significant Accounting Policies
Notes receivable	$ 20,000
Note due February 2020
Accounting Policies [Line Items]
Note receivable interest rate	10.00%
Notes receivable, net	$ 13,669		13,669
Significant Accounting Policies
Notes receivable	16,400
Note maturity public capital threshold	$ 5,000
Note due October 2020
Accounting Policies [Line Items]
Note receivable interest rate	8.00%
Notes receivable, net	$ 2,000		2,000
Significant Accounting Policies
Notes receivable	2,000
Note maturity public capital threshold	$ 10,000
Note due August 2022
Accounting Policies [Line Items]
Note receivable interest rate	10.00%
Notes receivable, net	$ 3,800		$ 3,800
Significant Accounting Policies
Notes receivable	10,000
Note maturity public capital threshold	25,000
Redeemable Noncontrolling Interest
Significant Accounting Policies
Comprehensive (loss)/income attributable to non-controlling interests	$ 100	$ 100

REAL ESTATE OWNED - Summarizes

REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Real estate owned
Land	$ 1,773,402	$ 1,780,229
Land improvements	190,177	189,919
Depreciable property - held and used:
Building, improvements, and furniture, fixtures and equipment	7,595,165	7,614,568
Under development:
Real estate under development	644,207	588,636
Real estate owned	10,209,741	10,177,206
Accumulated depreciation	(3,413,815)	(3,330,166)
Total real estate owned, net of accumulated depreciation	6,795,926	6,847,040
Land
Under development:
Real estate under development	109,122	109,468
Building and improvements
Under development:
Real estate under development	$ 541,875	$ 483,022
ORANGE COUNTY, CA
Under development:
Apartment Homes Sold | item	264
Gross proceeds from sale of properties	$ 90,500
Gain/(loss) on sales of real estate owned, net of tax	$ 70,300

REAL ESTATE OWNED - Acquisition

REAL ESTATE OWNED - Acquisitions and Dispositions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)statecommunityitem	Mar. 31, 2017USD ($)
Real Estate Properties [Line Items]
Investment in unconsolidated joint ventures	$ 19,736	$ 24,193
Real Estate Owned Disclosure
Number of states in which there are owned and consolidated communities | state	11
Number of apartment homes owned and consolidated | item	39,834
Number of real estate properties | community	126
Development costs excluding direct costs and capitalized interest	$ 3,400	2,800
Interest capitalized during period	4,600	4,700
Gain/(loss) on sale of real estate owned, net of tax	$ 70,300	$ 2,132

JOINT VENTURES AND PARTNERSHI41

JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)community	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017item	May 31, 2017	Jan. 31, 2017	May 31, 2015community
Financial information relating to unconsolidated joint ventures operations
Income (Loss) from Equity Method Investments, Total	$ (1,677)	$ 11,198
Combined summary of balance sheets relating to unconsolidated joint ventures
Investment in unconsolidated entities	732,578		$ 720,830
Deferred gains on the sale of depreciable property	$ 11,100		10,900
Number of real estate properties | community	126
Investment in and advances to unconsolidated joint ventures, net	$ 732,578		720,830
Unconsolidated Joint Ventures
Financial information relating to unconsolidated joint ventures operations
Total revenues	67,957	65,731
Equity Method Investment Summarized Financial Information Property Operating Expense	26,937	25,483
Equity Method Investment Summarized Financial Information Depreciation Amortization	26,848	26,357
Income (Loss) from Equity Method Investments, Total	14,172	13,891
Equity Method Investment Summarized Financial Information Interest expense	(19,406)	(20,536)
Equity Method Investment, Summarized Financial Information, Net (income)/loss attributable to noncontrolling interest	(5)	48
Net income /(loss)	(5,239)	$ (6,597)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	3,256,696		3,236,180
Equity Method Investment Summarized Financial Information Cash and cash equivalents	46,009		36,411
Equity Method Investment Summarized Financial Information Other assets	53,470		48,706
Equity Method Investment, Summarized Financial Information, Assets, Total	3,356,175		3,321,297
Amount due to UDR	3,574		(1,452)
Third party debt	2,042,830		2,005,566
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities	78,440		85,643
Equity Method Investment, Summarized Financial Information, Liabilities, Total	2,124,844		2,089,757
Total equity	1,231,331		1,231,540
Investment in unconsolidated entities	$ 595,766		599,196
Preferred Equity Investment West Coast Development JV
Combined summary of balance sheets relating to unconsolidated joint ventures
Equity Method Investment, Ownership Percentage	49.00%	49.00%			49.00%	49.00%	48.00%
Number of real estate properties | community							5
Participating Loan, Interest Rate, Stated Percentage	6.50%
Preferred Equity Investment 1200 Broadway Nashville TN
Combined summary of balance sheets relating to unconsolidated joint ventures
Investment in unconsolidated entities	$ 25,000
Number of apartment homes | item				313
Participating Loan, Interest Rate, Stated Percentage				8.00%
Development Community
Combined summary of balance sheets relating to unconsolidated joint ventures
Investment in unconsolidated entities	136,812		121,634
Development Community | Unconsolidated Joint Venture UDR Met Life I Partnership
Combined summary of balance sheets relating to unconsolidated joint ventures
Investment in unconsolidated entities	$ 35,125		$ 34,653
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Number of apartment homes | community	150
Number of real estate properties | community	1
Development Community | Unconsolidated Joint Venture Vitruvian Park
Combined summary of balance sheets relating to unconsolidated joint ventures
Number of real estate properties | community	1
Development Community | Preferred Equity Investment West Coast Development JV
Combined summary of balance sheets relating to unconsolidated joint ventures
Investment in unconsolidated entities	$ 65,174		$ 64,226
Income from Participating Loan	$ 796	$ 12,291
Participating Loan, Interest Rate, Stated Percentage	6.50%
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA
Combined summary of balance sheets relating to unconsolidated joint ventures
UDR commitment	$ 24,645
Investment in unconsolidated entities	13,942		11,346
Income from Participating Loan	$ 341
Participating Loan, Interest Rate, Stated Percentage	11.00%
Participating Loan Years to Maturity	4 years 3 months 18 days
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN
Combined summary of balance sheets relating to unconsolidated joint ventures
UDR commitment	$ 55,558
Investment in unconsolidated entities	24,968		18,011
Income from Participating Loan	$ 408
Participating Loan, Interest Rate, Stated Percentage	8.00%
Participating Loan Years to Maturity	4 years 6 months
Development Community | Other Investment The Portals Washington, DC
Combined summary of balance sheets relating to unconsolidated joint ventures
UDR commitment	$ 38,559
Investment in unconsolidated entities	30,552		26,535
Income from Participating Loan	$ 679
Participating Loan, Interest Rate, Stated Percentage	11.00%
Participating Loan Years to Maturity	3 years 2 months 12 days
Development Community | Other Investment Ventures
Combined summary of balance sheets relating to unconsolidated joint ventures
UDR commitment	$ 15,000
Investment in unconsolidated entities	2,176		1,516
Income from Participating Loan	(90)
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership
Combined summary of balance sheets relating to unconsolidated joint ventures
Investment in unconsolidated entities	$ 301,567		$ 303,702
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Number of apartment homes | community	4,059
Number of real estate properties | community	18
Operating Community | Unconsolidated Joint Venture Other MetLife
Combined summary of balance sheets relating to unconsolidated joint ventures
Investment in unconsolidated entities	$ 133,359		$ 135,563
Equity Method Investment, Ownership Percentage	50.60%		50.60%
Number of apartment homes | community	1,437
Number of real estate properties | community	5
Operating Community | Unconsolidated Joint Venture Vitruvian Park
Combined summary of balance sheets relating to unconsolidated joint ventures
Investment in unconsolidated entities	$ 80,184		$ 78,404
Equity Method Investment, Ownership Percentage	50.00%		50.00%
Number of apartment homes | community	1,513
Number of real estate properties | community	3
Operating Community | Unconsolidated Joint Venture Three Washington DC
Combined summary of balance sheets relating to unconsolidated joint ventures
Investment in unconsolidated entities	$ 8,146		$ 8,958
Equity Method Investment, Ownership Percentage	30.00%		30.00%
Number of apartment homes | community	660
Number of real estate properties | community	3
Operating Community | Unconsolidated Joint Venture West Coast Development JV
Combined summary of balance sheets relating to unconsolidated joint ventures
Investment in unconsolidated entities	$ 37,385		$ 37,916
Equity Method Investment, Ownership Percentage	47.00%		47.00%
Number of apartment homes | community	293
Number of real estate properties | community	1
Land Parcel | Unconsolidated Joint Venture Vitruvian Park
Combined summary of balance sheets relating to unconsolidated joint ventures
Number of real estate properties | community	5

JOINT VENTURES AND PARTNERSHI42

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) $ in Thousands	1 Months Ended				3 Months Ended		12 Months Ended
	May 31, 2017USD ($)loanitem	Mar. 31, 2017USD ($)item	Jan. 31, 2017USD ($)communityitem	May 31, 2015USD ($)communityitem	Mar. 31, 2018USD ($)communityitem	Mar. 31, 2017USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2017USD ($)communityitem	Sep. 30, 2017USD ($)item	Jun. 30, 2017USD ($)item
Schedule of Equity Method Investments [Line Items]
Casualty-related charges/(recoveries), net					$ 940	$ 502
Gain/(loss) on sale of real estate owned					70,300	2,132
Secured Debt					801,523			$ 803,269
Joint Ventures
Real Estate Owned Gross					10,209,741			10,177,206
Second installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture					317,095
Interest expense					(29,943)	(30,539)
Investment in unconsolidated entities					$ 732,578			720,830
Number of real estate properties | community					126
Condition for Community considered to have stabilized occupancy					90%
Community Threshold, Period Above Occupancy Threshold					3 months
Investment in unconsolidated joint ventures					$ 19,736	24,193
Long-term Debt					3,680,673			3,671,663
Deferred fees from the sale of properties					11,100			$ 10,900
Management fees for our involvement in the joint ventures					$ 2,700	$ 2,600
Unconsolidated Joint Venture Vitruvian Park
Joint Ventures
Number of apartments of development community | item					98
Unconsolidated Joint Venture UDR Met Life I Partnership
Joint Ventures
Number of apartments of development community | item					0
Preferred Equity Investment West Coast Development JV
Joint Ventures
Equity Method Investment, Ownership Percentage	49.00%	49.00%	49.00%	48.00%	49.00%	49.00%
Number of real estate properties | community				5
Number of communities are located in coastal market | item				3
Preferred return (as a percent)					6.50%
Condition for Community considered to have stabilized occupancy					80%
Community Threshold, Period Above Occupancy Threshold					90 days
Hold Period					1 year
Total Fixed Price Option Sales Price	$ 72,300	$ 61,300			$ 597,400
Minimum Number of Communities to be Purchased | item					2
Number of communities acquired | community			1
Number of apartment homes acquired | item	276	155	244
Number of Completed Communities | community			5
Investment in unconsolidated joint ventures			$ 66,000
Number of remaining communities sold | community								2
Number of remaining communities acquired | community					1
Number of Remaining Communities | community					2			4
Contractual purchase price commitment (as a percent)					100
Contractual purchase price commitment					$ 130,100
Number of joint ventures agreements entered into | item	2	2
Equity Method Investment Cost of Ownership Interest	$ 16,100	$ 15,500		$ 136,300		$ 15,500
Preferred Equity Investment West Coast Development JV | Forecast
Joint Ventures
Equity Method Investment, Ownership Percentage							51.00%
Investment in unconsolidated joint ventures							$ 66,400
Preferred Equity Investment San Franciso California JV
Joint Ventures
Investment in unconsolidated entities					13,900
Preferred return (as a percent)										11.00%
Number of apartment homes | item								399		136
Sale price								$ 148,000
Equity Investment										$ 24,600
Preferred Equity Investment 1200 Broadway Nashville TN
Joint Ventures
Investment in unconsolidated entities					25,000
Preferred return (as a percent)									8.00%
Number of apartment homes | item									313
Equity Investment									$ 55,600
Third Party Developer in Washington D.C.
Joint Ventures
Number of apartment homes | item								211
Sale price								$ 101,300
Equity Investment	$ 38,600
Number of apartments of development community | item	373
Long-term Debt	$ 71,000
Interest rate of medium-term notes	13.50%
Debt instrument term	4 years
Number of extensions available | loan	1
Loan extension term	12 months
Debt, Weighted Average Interest Rate, of Company's Committed Portion	11
Equity Method Investment, Summarized Financial Information, Liabilities					$ 30,600
Subsequent Investment | Preferred Equity Investment West Coast Development JV
Joint Ventures
Equity Method Investment, Ownership Percentage			100.00%

SECURED AND UNSECURED DEBT, N43

SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)communityitem	Dec. 31, 2017USD ($)
Secured debt instruments
Interest rate at end of the period	3.66%
Long-term Debt	$ 3,680,673	$ 3,671,663
Unsecured Debt	$ 2,879,150	2,868,394
Weighted Average Years to Maturity	5 years 1 month 6 days
Borrowings outstanding	$ 3,300	3,300
Number of secured credit facilities with Fannie Mae | item	2
Commercial Paper
Secured debt instruments
Interest rate at end of the period	2.27%
Weighted Average Years to Maturity	1 month 6 days
Borrowings outstanding at end of period	$ 275,000	300,000
Mortgages Notes Payable | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 393,702	395,611
Interest rate at end of the period	4.04%
Weighted Average Years to Maturity	5 years 1 month 6 days
Number of Communities Encumbered | community	7
Tax-exempt secured notes payable | Variable Rate Debt
Secured debt instruments
Principal outstanding	$ 94,700	94,700
Interest rate at end of the period	1.90%
Weighted Average Years to Maturity	4 years 10 months 24 days
Number of Communities Encumbered | community	2
Fannie Mae credit facilities | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 285,836	285,836
Interest rate at end of the period	4.86%
Weighted Average Years to Maturity	1 year 9 months 18 days
Number of Communities Encumbered | community	8
Fannie Mae credit facilities | Variable Rate Debt
Secured debt instruments
Principal outstanding	$ 29,034	29,034
Interest rate at end of the period	3.22%
Weighted Average Years to Maturity	8 months 12 days
Number of Communities Encumbered | community	1
Secured Debt
Secured debt instruments
Principal outstanding	$ 801,523	803,269
Interest rate at end of the period	4.05%
Long-term Debt	$ 801,523
Weighted Average Years to Maturity	3 years 8 months 12 days
Number of Communities Encumbered | community	18
Secured Debt | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 677,999	679,777
Interest rate at end of the period	4.39%
Long-term Debt	$ 677,999
Weighted Average Years to Maturity	3 years 8 months 12 days
Number of Communities Encumbered | community	15
Deferred finance costs, net	$ (1,539)	(1,670)
Secured Debt | Variable Rate Debt
Secured debt instruments
Principal outstanding	$ 123,524	123,492
Interest rate at end of the period	2.21%
Long-term Debt	$ 123,524
Weighted Average Years to Maturity	3 years 10 months 24 days
Number of Communities Encumbered | community	3
Deferred finance costs, net	$ (210)	(242)
Unsecured Revolving credit facility due 2020
Secured debt instruments
Weighted Average Years to Maturity	1 year 9 months 18 days
Unsecured Working Capital Credit Facility due January 2021
Secured debt instruments
Interest rate at end of the period	2.78%
Weighted Average Years to Maturity	2 years 9 months 18 days
Borrowings outstanding	$ 57,707	21,767
2.00% Term Loan Facility due January 2021
Secured debt instruments
Interest rate at end of the period	2.61%
Senior Notes	$ 35,000	35,000
Weighted Average Years to Maturity	2 years 9 months 18 days
3.70% Term Notes Due October 2020
Secured debt instruments
Unamortized discount	$ 20	22
Interest rate at end of the period	3.70%
Senior Notes	$ 299,980	299,978
Weighted Average Years to Maturity	2 years 6 months
1.98% Term Loan Facility Due January 2021
Secured debt instruments
Interest rate at end of the period	1.98%
Senior Notes	$ 315,000	315,000
Weighted Average Years to Maturity	2 years 9 months 18 days
4.63% Medium-Term Notes due January 2022
Secured debt instruments
Unamortized discount	$ 1,356	1,446
Interest rate at end of the period	4.63%
Senior Notes	$ 398,644	398,554
Weighted Average Years to Maturity	3 years 9 months 18 days
3.75% Medium-Term Notes Due July 2024
Secured debt instruments
Unamortized discount	$ 652	678
Interest rate at end of the period	3.75%
Senior Notes	$ 299,348	299,322
Weighted Average Years to Maturity	6 years 3 months 18 days
8.50% Debentures, Due September 2024
Secured debt instruments
Interest rate at end of the period	8.50%
Senior Notes	$ 15,644	15,644
Weighted Average Years to Maturity	6 years 6 months
4.00% Medium-Term Note due October 2025
Secured debt instruments
Unamortized discount	$ 516	534
Interest rate at end of the period	4.00%
Senior Notes	$ 299,484	299,466
Weighted Average Years to Maturity	7 years 6 months
2.95% Medium-Term Note due September 2026
Secured debt instruments
Interest rate at end of the period	2.95%
Senior Notes	$ 300,000	300,000
Weighted Average Years to Maturity	8 years 4 months 24 days
3.50 Medium-Term Note due July 2027
Secured debt instruments
Unamortized discount	$ 653	670
Interest rate at end of the period	3.50%
Senior Notes	$ 299,347	299,330
Weighted Average Years to Maturity	9 years 3 months 18 days
3.50% Medium-Term Notes Due January 2028
Secured debt instruments
Unamortized discount	$ 1,161	1,191
Interest rate at end of the period	3.50%
Senior Notes	$ 298,839	298,809
Weighted Average Years to Maturity	9 years 9 months 18 days
Other
Secured debt instruments
Senior Notes	$ 18	19
Unsecured Debt
Secured debt instruments
Interest rate at end of the period	3.47%
Long-term Debt	$ 2,879,150
Unsecured Debt	$ 2,879,150	2,868,394
Weighted Average Years to Maturity	5 years 6 months
Deferred finance costs, net	$ (14,861)	$ (14,495)

SECURED AND UNSECURED DEBT, N44

SECURED AND UNSECURED DEBT, NET - Variable Rate Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Line of Credit Facility [Line Items]
Unamortized net premium	$ 7,500	$ 8,200
Secured credit facilities
Borrowings outstanding at end of period	3,300	3,300
Fannie Mae
Secured credit facilities
Borrowings outstanding at end of period	314,870	314,870
Weighted average daily borrowings during the period ended	314,870	416,653
Maximum daily borrowings during the period ended	$ 314,870	$ 636,782
Weighted average interest rate during the period ended	4.70%	4.30%
Interest rate at the end of the period	4.70%	4.70%

SECURED AND UNSECURED DEBT, N45

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	$ 3,300	$ 3,300
Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	2,000,000
Revolving Credit Facility | Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	1,100,000	1,100,000
Weighted average daily borrowings during the period ended		2,274
Maximum daily borrowings during the period ended		$ 120,000
Weighted average interest rate during the period ended		1.60%
Unsecured Working Capital Credit Facility due January 2021
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	75,000	$ 75,000
Borrowings outstanding at end of period	57,707	21,767
Weighted average daily borrowings during the period ended	30,638	26,993
Maximum daily borrowings during the period ended	$ 61,514	$ 68,207
Weighted average interest rate during the period ended	2.60%	2.00%
Interest rate at the end of the period	2.80%	2.50%

SECURED AND UNSECURED DEBT, N46

SECURED AND UNSECURED DEBT, NET - Short Term Debt (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Commercial Paper
Short-term Debt [Line Items]
Total unsecured commercial paper program	$ 500,000	$ 500,000
Borrowings outstanding at end of period	275,000	300,000
Weighted average daily borrowings during the period ended	306,328	238,810
Maximum daily borrowings during the period ended	$ 370,000	$ 390,000
Weighted average interest rate during the period ended	2.00%	1.40%
Interest rate at the end of the period	2.30%	2.00%
4.00% Medium-Term Note due October 2025
Short-term Debt [Line Items]
Weighted average interest rate during the period ended	4.55%

SECURED AND UNSECURED DEBT, N47

SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Aggregate maturities of unsecured debt
2,018	$ 307,498
2,019	317,095
2,020	498,076
2,021	408,824
2,022	401,157
2,023	41,245
2,024	315,644
2,025	427,600
2,026	350,000
2,027	300,000
Thereafter	327,000
Subtotal	3,694,139
Non-cash (a)	(13,466)
Long-term Debt, Total	3,680,673	$ 3,671,663
Secured Debt
Aggregate maturities of unsecured debt
2,018	32,498
2,019	317,095
2,020	198,076
2,021	1,117
2,022	1,157
2,023	41,245
2,025	127,600
2,026	50,000
Thereafter	27,000
Subtotal	795,788
Non-cash (a)	5,735
Long-term Debt, Total	801,523
Unsecured Debt
Aggregate maturities of unsecured debt
2,018	275,000
2,020	300,000
2,021	407,707
2,022	400,000
2,024	315,644
2,025	300,000
2,026	300,000
2,027	300,000
Thereafter	300,000
Subtotal	2,898,351
Non-cash (a)	(19,201)
Long-term Debt, Total	2,879,150
Fixed Rate Debt | Secured Debt
Aggregate maturities of unsecured debt
2,018	3,464
2,019	249,395
2,020	198,076
2,021	1,117
2,022	1,157
2,023	41,245
2,025	127,600
2,026	50,000
Subtotal	672,054
Non-cash (a)	5,945
Long-term Debt, Total	677,999
Variable Rate Debt | Secured Debt
Aggregate maturities of unsecured debt
2,018	29,034
2,019	67,700
Thereafter	27,000
Subtotal	123,734
Non-cash (a)	(210)
Long-term Debt, Total	$ 123,524

SECURED AND UNSECURED DEBT, N48

SECURED AND UNSECURED DEBT, NET - Debt Covenants (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2018USD ($)	Mar. 31, 2018USD ($)loan	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Amortization of Financing Costs		$ 1,000	$ 1,100
Secured Debt (Textual) [Abstract]
Secured debt amount which encumbers real estate owned based upon book value		$ 1,700,000
Percentage of secured debt which encumbers real estate owned based upon book value		16.80%
Secured debt amount of real estate owned which is unencumbered		$ 8,500,000
Percentage of secured debt of real estate owned which is unencumbered		83.20%
Long-term Commercial Paper		$ 500,000
Secured Debt		801,523		$ 803,269
Repayments of Secured Debt		1,172	99,463
Commercial Paper
Secured Debt (Textual) [Abstract]
Commercial paper program		$ 275,000		300,000
Commercial Paper | Subsequent Event
Secured Debt (Textual) [Abstract]
Repayments of outstanding borrowing	$ 275,000
Commercial paper program	$ 320,000
Unsecured Debt
Secured Debt (Textual) [Abstract]
Line of Credit Facility, Interest Rate Description		95
Line of Credit Facility, Description Range Low		90
Line of Credit Facility, Description Range High		175
Unsecured Working Capital Credit Facility due January 2021
Secured Debt (Textual) [Abstract]
Credit facilities with aggregate commitment		$ 75,000		75,000
Line of Credit Facility, Interest Rate Description		90
Line of Credit Facility, Description Range Low		85
Line of Credit Facility, Description Range High		155
Debt Instrument, Maturity Date		Jan. 15, 2021
3.75% Medium-Term Notes Due July 2024
Secured Debt (Textual) [Abstract]
Senior Notes		$ 299,348		299,322
Debt Assumed As Part of Acquisition
Secured Debt (Textual) [Abstract]
Amortization of Debt Discount (Premium)		$ 700	$ 700
Tax-exempt secured notes payable | Fixed Rate Debt
Secured Debt (Textual) [Abstract]
Debt Instrument, Maturity Date Range, Start		Aug. 1, 2019
Debt instrument, maturity date range, end		Mar. 1, 2032
Fannie Mae credit facilities | Fixed Rate Debt
Secured Debt (Textual) [Abstract]
Debt Instrument, Maturity Date Range, Start		Dec. 1, 2018
Debt instrument, maturity date range, end		Jul. 1, 2020
Tax-exempt secured notes payable | Variable Rate Debt | Maximum
Secured Debt (Textual) [Abstract]
Notes payable maximum interest rates range		1.95%
Tax-exempt secured notes payable | Variable Rate Debt | Minimum
Secured Debt (Textual) [Abstract]
Notes payable maximum interest rates range		1.80%
Revolving Credit Facility
Secured Debt (Textual) [Abstract]
Line of Credit Facility, Interest Rate Description		90
Line of Credit Facility, Description Range Low		85
Line of Credit Facility, Description Range High		155
Line of Credit Facility, Commitment Fee Description Range Low		12.5
Line of Credit Facility, Commitment Fee Description Range High		30
Line of Credit Facility, Commitment Fee		15
4.00% Medium-Term Note due October 2025
Secured Debt (Textual) [Abstract]
Portion of Medium Term Note subject to Interest Rate Swaps		$ 200,000
Senior Notes		299,484		299,466
2.95% Medium-Term Note due September 2026
Secured Debt (Textual) [Abstract]
Senior Notes		300,000		300,000
Unsecured Commercial Bank Credit Facility
Secured Debt (Textual) [Abstract]
Credit facilities with aggregate commitment		2,000,000
Unsecured Commercial Bank Credit Facility | Unsecured Debt
Secured Debt (Textual) [Abstract]
Credit facilities with aggregate commitment		$ 350,000
Debt Instrument, Maturity Date		Jan. 29, 2021
Unsecured Commercial Bank Credit Facility | Revolving Credit Facility
Secured Debt (Textual) [Abstract]
Credit facilities with aggregate commitment		$ 1,100,000		$ 1,100,000
Number of Extensions of loan | loan		2
Extension period of option on loan		6 months
Debt Instrument, Maturity Date		Jan. 31, 2020
Mortgages Notes Payable | Fixed Rate Debt
Secured Debt (Textual) [Abstract]
Debt Instrument, Maturity Date Range, Start		May 1, 2019
Debt instrument, maturity date range, end		Nov. 1, 2026
Mortgages Notes Payable | Fixed Rate Debt | Maximum
Secured Debt (Textual) [Abstract]
Notes payable maximum interest rates range		5.86%
Mortgages Notes Payable | Fixed Rate Debt | Minimum
Secured Debt (Textual) [Abstract]
Notes payable maximum interest rates range		3.15%

INCOME_(LOSS) PER SHARE (Detail

INCOME/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income/(loss) from continuing operations	$ 18,925	$ 26,264
Gain/(loss) on sale of real estate owned, net of tax	70,300	2,132
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(7,390)	(2,338)
Net (income)/loss attributable to noncontrolling interests	(79)	(91)
Net income/(loss) attributable to UDR, Inc.	81,756	25,967
Distributions to preferred stockholders — Series E (Convertible)	(955)	(929)
Net income/(loss) attributable to common stockholders	80,801	25,038
Income/(loss) attributable to common stockholders - diluted	$ 80,801	$ 25,038
Denominator for earnings per share - basic and diluted:
Weighted average common shares outstanding	267,963	267,402
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights	(417)	(612)
Denominator for basic income/(loss) per share	267,546	266,790
Incremental shares issuable from assumed conversion of stock options, unvested LTIP Units and unvested restricted stock	1,662	1,898
Denominator for diluted income/(loss) per share	269,208	268,688
Income/(loss) per weighted average common share - basic	$ 0.30	$ 0.09
Income/(loss) per weighted average common share - diluted	$ 0.30	$ 0.09
OP/DownREIT Units
Denominator for earnings per share - basic and diluted:
Antidilutive securities	24,506	24,962
Convertible preferred stock
Denominator for earnings per share - basic and diluted:
Antidilutive securities	3,011	3,028
Stock options, unvested LTIP Units and unvested restricted stock
Denominator for earnings per share - basic and diluted:
Antidilutive securities	1,662	1,898

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Redeemable noncontrolling interests in the Operating Partnership
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning for year	$ 948,138
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(68,217)
Conversion of OP Units/DownREIT Units to Common Stock	(11,695)
Net income/(loss) attributable o redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	7,390	$ 2,338
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(8,346)
OP Units Issued	4,320
Vesting of Long-Term Incentive Plan Units	4,397
Allocation of other comprehensive income/(loss)	133
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of the year	876,120
Net income/(loss) attributable to noncontrolling interests	$ (70)	$ (100)
LTIP Units | Minimum
Redeemable noncontrolling interests in the Operating Partnership
Vesting period	1 year
LTIP Units | Maximum
Redeemable noncontrolling interests in the Operating Partnership
Vesting period	3 years

FAIR VALUE OF DERIVATIVES AND51

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable, net	$ 39,469	$ 19,469
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset	7,004	5,743
Secured debt instruments - variable rate
Borrowings outstanding at end of period	3,300	3,300
Unsecured debt instruments
Redeemable Noncontrolling Interest, Equity, Carrying Amount	876,120	948,138
Redeemable noncontrolling interests in the Operating Partnership	876,120	948,138
Transfer between the levels	0
Carrying Amount | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable, net	39,469	19,469
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	46,473	25,212
Unsecured debt instruments
Total liabilities	3,697,283	3,688,070
Redeemable noncontrolling interests in the Operating Partnership	876,120	948,138
Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivatives - Interest rate contracts	7,004	5,743
Carrying Amount | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	57,707	21,767
Commercial paper program	275,000	300,000
Carrying Amount | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	2,561,304	2,561,122
Fair Value | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable, net	40,167	19,567
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	47,171	25,310
Unsecured debt instruments
Total liabilities	3,679,950	3,746,572
Redeemable noncontrolling interests in the Operating Partnership	876,120	948,138
Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivatives - Interest rate contracts	7,004	5,743
Fair Value | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	57,707	21,767
Commercial paper program	275,000	300,000
Fair Value | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	2,542,106	2,611,458
Fair Value | Level 2 | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	7,004	5,743
Unsecured debt instruments
Redeemable noncontrolling interests in the Operating Partnership	876,120	948,138
Fair Value | Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivatives - Interest rate contracts	7,004	5,743
Fair Value | Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes receivable, net	40,167	19,567
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	40,167	19,567
Unsecured debt instruments
Total liabilities	3,679,950	3,746,572
Fair Value | Level 3 | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	57,707	21,767
Commercial paper program	275,000	300,000
Fair Value | Level 3 | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	2,542,106	2,611,458
Variable Rate Debt | Tax-exempt secured notes payable
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	94,700	94,700
Variable Rate Debt | Tax-exempt secured notes payable | Carrying Amount | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	94,700	94,700
Variable Rate Debt | Tax-exempt secured notes payable | Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Secured debt instruments - variable rate
Secured debt instruments - variable rate	94,700	94,700
Variable Rate Debt | Tax-exempt secured notes payable | Fair Value | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Secured debt instruments - variable rate
Secured debt instruments - variable rate	94,700	94,700
Variable Rate Debt | Fannie Mae credit facilities
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	29,034	29,034
Variable Rate Debt | Fannie Mae credit facilities | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	29,034	29,034
Variable Rate Debt | Fannie Mae credit facilities | Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - variable rate
Secured debt instruments - variable rate	29,034	29,034
Variable Rate Debt | Fannie Mae credit facilities | Fair Value | Level 3 | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - variable rate
Secured debt instruments - variable rate	29,034	29,034
Fixed Rate Debt | Fannie Mae credit facilities
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	285,836	285,836
Fixed Rate Debt | Fannie Mae credit facilities | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	285,836	285,836
Fixed Rate Debt | Fannie Mae credit facilities | Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	290,173	292,227
Fixed Rate Debt | Fannie Mae credit facilities | Fair Value | Level 3 | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	290,173	292,227
Fixed Rate Debt | Mortgages Notes Payable
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	393,702	395,611
Fixed Rate Debt | Mortgages Notes Payable | Carrying Amount | Mortgages Notes Payable | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	393,702	395,611
Fixed Rate Debt | Mortgages Notes Payable | Fair Value | Mortgages Notes Payable | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	391,230	397,386
Fixed Rate Debt | Mortgages Notes Payable | Fair Value | Level 3 | Mortgages Notes Payable | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	$ 391,230	$ 397,386

DERIVATIVES AND HEDGING ACTIV52

DERIVATIVES AND HEDGING ACTIVITY - Interest Rate Derivatives (Details) $ in Thousands	Mar. 31, 2018USD ($)instrument
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Number of Interest Rate Derivatives Held | instrument	4
Notional | $	$ 315,000
Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Number of Interest Rate Derivatives Held | instrument	1
Notional | $	$ 65,197
Not Designated as Hedging Instrument | Interest rate caps
Derivative [Line Items]
Number of Interest Rate Derivatives Held | instrument	3
Notional | $	$ 271,076

DERIVATIVES AND HEDGING ACTIV53

DERIVATIVES AND HEDGING ACTIVITY - Undesignated Interest Rate Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Interest rate contracts | Other assets | Designated as Hedging Instrument
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 7,004	$ 5,743

DERIVATIVES AND HEDGING ACTIV54

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ 1,710	$ 632
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net		(1)
Maximum
Effect of derivative instruments on the Consolidated Statements of Operations
Gain/(Loss) recognized in Interest Expense (Amount excluded from effectiveness testing)	0	(100)
Interest rate contracts | Interest expense | Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	1,710	632
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	172	(764)
Gain/(Loss) recognized in Interest Expense (Amount excluded from effectiveness testing)		(54)
Interest rate contracts | Other income/(expense) | Maximum
Effect of derivative instruments on the Consolidated Statements of Operations
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	$ (100)	$ (100)

DERIVATIVES AND HEDGING ACTIV55

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Offsetting Derivative Assets [Abstract]
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 7,004	$ 5,743
Net Amount	7,004	5,743
Offsetting Derivative Liabilities [Abstract]
Gross Amounts Offset in the Consolidated Balance Sheets	0	0
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received	0	0
Fair Value, Measurements, Recurring | Carrying Amount | Interest rate contracts
Offsetting Derivative Assets [Abstract]
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 7,004	$ 5,743

DERIVATIVES AND HEDGING ACTIV56

DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Derivatives and Hedging Activity (Textual) [Abstract]
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ (2,400)
Total Amount of Interest Expense Presented in the Consolidated Statements of Operations	29,943	$ 30,539
Derivative instruments not designated as hedging instruments, gain (loss), net		$ (1)
Payment required to pay for contract termination	7,200
Interest rate swaps | Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Notional	$ 315,000

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock Based Compensation (Textual) [Abstract]
Stock based compensation expense	$ 3.5	$ 3.4

COMMITMENTS AND CONTINGENCIES58

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	1 Months Ended	3 Months Ended		12 Months Ended
	Jan. 31, 2017USD ($)	Mar. 31, 2018USD ($)community	Mar. 31, 2017USD ($)	Dec. 31, 2019USD ($)	May 31, 2017	May 31, 2015community
Real Estate Properties [Line Items]
Percentage Of Cost Incurred To Date		100.00%
Development costs and capital expenditures incurred but not yet paid		$ 39,746	$ 34,336
Number of communities owned (in communities) | community		126
Costs Incurred to Date		$ 952,809
Expected Costs to Complete		137,361
Investment in unconsolidated joint ventures		$ 19,736	$ 24,193
Preferred Equity Investment West Coast Development JV
Real Estate Properties [Line Items]
Number of communities owned (in communities) | community						5
Number of remaining communities acquired | community		1
Contractual purchase price commitment (as a percent)		100
Contractual purchase price commitment		$ 130,100
Equity Method Investment, Ownership Percentage	49.00%	49.00%	49.00%		49.00%	48.00%
Investment in unconsolidated joint ventures	$ 66,000
Preferred Equity Investment West Coast Development JV | Forecast
Real Estate Properties [Line Items]
Equity Method Investment, Ownership Percentage				51.00%
Investment in unconsolidated joint ventures				$ 66,400
Wholly owned — under development
Real Estate Properties [Line Items]
Development costs and capital expenditures incurred but not yet paid		$ 33,400
Number of communities owned (in communities) | community		2
Costs Incurred to Date		$ 650,997
Expected Costs to Complete		$ 65,503
Average Ownership Stake		100.00%
Unconsolidated joint ventures
Real Estate Properties [Line Items]
Number of communities owned (in communities) | community		2
Costs Incurred to Date		$ 172,040
Expected Costs to Complete		$ 9,734
Average Ownership Stake		50.00%
Preferred Equity Investments
Real Estate Properties [Line Items]
Number of communities owned (in communities) | community		5
Costs Incurred to Date		$ 97,044
Preferred Equity Investment West Coast Development JV
Real Estate Properties [Line Items]
Average Ownership Stake		49.00%
1532 Harrison And 1200 Broadway
Real Estate Properties [Line Items]
Expected Costs to Complete		$ 41,293
Other investments
Real Estate Properties [Line Items]
Number of communities owned (in communities) | community		1
Costs Incurred to Date		$ 32,728
Expected Costs to Complete		20,831
Development land parcel, Denver, Colorado
Real Estate Properties [Line Items]
Contractual purchase price commitment		13,200
Deposit		$ 1,000

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)segmentitem	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Same Store Communities | item	38,277
Reportable Segments
Number of reportable segments | segment	2
Condition for Community considered to have stabilized occupancy	90%
Time to maintain percent occupancy to be considered a community	3 months
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	$ 250,483	$ 241,271
Reconciling items:
Property management	(6,888)	(6,635)
Other operating expenses	(2,009)	(1,691)
Real estate depreciation and amortization	(108,136)	(105,032)
General and administrative	(11,759)	(13,075)
Casualty-related charges/(recoveries), net	(940)	(502)
Other depreciation and amortization	(1,691)	(1,608)
Income/(loss) from unconsolidated entities	(1,677)	11,198
Interest expense	(29,943)	(30,539)
Interest and other income/(expense), net	2,759	427
Tax (provision)/benefit, net	(227)	(332)
Gain/(loss) on sale of real estate owned, net of tax	70,300	2,132
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(7,390)	(2,338)
Net (income)/loss attributable to noncontrolling interests	(79)	(91)
Net income/(loss) attributable to UDR, Inc.	81,756	25,967
Reportable apartment home segment assets:
Total segment assets	10,209,741		$ 10,177,206
Accumulated depreciation	(3,413,815)		(3,330,166)
Total real estate owned, net of accumulated depreciation	6,795,926		6,847,040
Reconciling items:
Cash and cash equivalents	1,083	2,460	2,038	$ 2,112
Restricted cash	19,770	19,757	19,792	19,994
Notes receivable, net	39,469		19,469
Investment in and advances to unconsolidated joint ventures, net	732,578		720,830
Other assets	120,222		124,104
Total consolidated assets	7,709,048		7,733,273
Same Communities
Reportable Segments
Capital expenditures and development	12,700	15,600
Same Store Communities West Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	97,772	93,943
Reportable apartment home segment NOI	73,651	70,249
Reportable apartment home segment assets:
Total segment assets	3,635,407		3,630,164
Same Store Communities Mid-Atlantic Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	57,982	56,688
Reportable apartment home segment NOI	39,819	39,619
Reportable apartment home segment assets:
Total segment assets	2,453,299		2,449,286
Same Store Communities Northeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	38,064	37,921
Reportable apartment home segment NOI	26,577	26,901
Reportable apartment home segment assets:
Total segment assets	1,866,696		1,865,762
Same Store Communities Southeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	30,036	28,657
Reportable apartment home segment NOI	21,047	19,661
Reportable apartment home segment assets:
Total segment assets	764,893		762,102
Same Store Communities Southwest Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	10,779	10,679
Reportable apartment home segment NOI	6,452	6,678
Reportable apartment home segment assets:
Total segment assets	292,898		292,074
Non-Mature communities/Other
Reportable Segments
Capital expenditures and development	300	500
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	15,850	13,383
Reportable apartment home segment NOI	9,068	8,375
Reportable apartment home segment assets:
Total segment assets	1,196,548		1,177,818
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	250,483	241,271
Reportable apartment home segment NOI	$ 176,614	171,483
United Dominion Reality L.P.
Segment Reporting Information [Line Items]
Same Store Communities | item	16,216
Reportable Segments
Number of reportable segments | segment	2
Condition for Community considered to have stabilized occupancy	90%
Time to maintain percent occupancy to be considered a community	3 months
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	$ 106,592	102,605
Reconciling items:
Property management	(2,931)	(2,822)
Other operating expenses	(1,554)	(1,548)
Real estate depreciation and amortization	(37,565)	(36,879)
General and administrative	(4,309)	(5,219)
Casualty-related charges/(recoveries), net	(342)	(553)
Income/(loss) from unconsolidated entities	(5,017)	(5,424)
Interest expense	(5,026)	(8,611)
Net (income)/loss attributable to noncontrolling interests	(418)	(350)
Net income/(loss) attributable to UDR, Inc.	91,427	13,657
Reportable apartment home segment assets:
Total segment assets	3,782,351		3,816,956
Accumulated depreciation	(1,557,445)		(1,543,652)
Total real estate owned, net of accumulated depreciation	2,224,906		2,273,304
Reconciling items:
Cash and cash equivalents	74	864	293	756
Restricted cash	13,011	12,141	12,579	$ 11,694
Investment in and advances to unconsolidated joint ventures, net	67,546		76,907
Other assets	29,276		32,490
Total consolidated assets	2,334,813		2,395,573
United Dominion Reality L.P. | Same-Store
Reportable Segments
Capital expenditures and development	6,100	8,100
United Dominion Reality L.P. | Same Store Communities West Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	60,164	57,458
Reportable apartment home segment NOI	45,829	43,498
Reportable apartment home segment assets:
Total segment assets	1,959,699		1,955,962
United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	15,027	14,748
Reportable apartment home segment NOI	10,393	10,095
Reportable apartment home segment assets:
Total segment assets	656,861		655,850
United Dominion Reality L.P. | Same Store Communities Northeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	13,647	13,559
Reportable apartment home segment NOI	10,117	10,131
Reportable apartment home segment assets:
Total segment assets	678,161		677,767
United Dominion Reality L.P. | Same Store Communities Southeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	12,729	12,271
Reportable apartment home segment NOI	8,792	8,283
Reportable apartment home segment assets:
Total segment assets	335,819		334,811
United Dominion Reality L.P. | Non-Mature communities/Other
Reportable Segments
Capital expenditures and development	100	300
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	5,025	4,569
Reportable apartment home segment NOI	3,158	3,056
Reportable apartment home segment assets:
Total segment assets	151,811		$ 192,566
United Dominion Reality L.P. | Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	106,592	102,605
Reportable apartment home segment NOI	78,289	75,063
Management and other fees
Reconciling items:
Joint venture management and other fees	$ 2,822	$ 2,570
Taxable REIT Subsidiaries | United Dominion Reality L.P.
Reportable Segments
Related Party Transaction, Management Fee Percentage	2.75%

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNITED DOMINION REALTY, L.P) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Real estate owned:
Real estate held for investment	$ 9,558,744	$ 9,584,716
Less: accumulated depreciation	(3,407,025)	(3,326,312)
Total real estate owned, net of accumulated depreciation	6,795,926	6,847,040
Cash and cash equivalents	1,083	2,038
Restricted cash	19,770	19,792
Investment in unconsolidated entities	732,578	720,830
Other assets	120,222	124,104
Total assets	7,709,048	7,733,273
LIABILITIES AND CAPITAL
Secured debt, net	801,523	803,269
Real estate taxes payable	24,130	18,349
Accrued interest payable	28,850	33,432
Security deposits and prepaid rent	35,321	31,916
Distributions payable	95,122	91,455
Accounts payable, accrued expenses, and other liabilities	83,054	102,956
Total liabilities	3,947,150	3,949,771
Commitments and contingencies (Note 10)
Partners’ capital:
Accumulated other comprehensive income/(loss), net	(1,276)	(2,681)
Total liabilities and equity	7,709,048	7,733,273
United Dominion Reality L.P.
Real estate owned:
Real estate held for investment	3,782,351	3,816,956
Less: accumulated depreciation	(1,557,445)	(1,543,652)
Total real estate owned, net of accumulated depreciation	2,224,906	2,273,304
Cash and cash equivalents	74	293
Restricted cash	13,011	12,579
Investment in unconsolidated entities	67,546	76,907
Other assets	29,276	32,490
Total assets	2,334,813	2,395,573
LIABILITIES AND CAPITAL
Secured debt, net	159,885	159,845
Notes payable due to the General Partner	273,334	273,334
Real estate taxes payable	8,337	2,683
Accrued interest payable	630	629
Security deposits and prepaid rent	15,072	13,949
Distributions payable	59,461	57,025
Accounts payable, accrued expenses, and other liabilities	10,566	12,978
Total liabilities	527,285	520,443
Commitments and contingencies (Note 10)
Partners’ capital:
General partner: 110,883 OP Units outstanding at March 31, 2018 and December 31, 2017	974	955
Limited partners: 183,525,660 and 183,240,041 OP Units outstanding at March 31, 2018 and December 31, 2017, respectively	1,502,398	1,463,340
Total partners’ capital	1,503,372	1,464,295
Advances (to)/from the General Partner	290,802	397,899
Noncontrolling interests	13,354	12,936
Total capital	1,807,528	1,875,130
Total liabilities and equity	$ 2,334,813	$ 2,395,573

CONSOLIDATED BALANCE SHEETS (61

CONSOLIDATED BALANCE SHEETS (UNITED DOMINION REALTY, L.P) (Parenthetical) - shares	Mar. 31, 2018	Dec. 31, 2017
Partners’ capital:
OP units outstanding related to limited partner	183,636,543	183,350,924
United Dominion Reality L.P.
Partners’ capital:
OP units outstanding related to general partner	110,883	110,883
OP units outstanding related to limited partner	183,525,660	183,240,041

CONSOLIDATED STATEMENTS OF OP62

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (UNITED DOMINION REALTY, L.P) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
REVENUES:
Rental income	$ 250,483	$ 241,271
OPERATING EXPENSES:
Property operating and maintenance	40,587	39,600
Real estate taxes and insurance	33,282	30,188
Property management	6,888	6,635
Other operating expenses	2,009	1,691
Real estate depreciation and amortization	108,136	105,032
General and administrative	11,759	13,075
Casualty-related charges/(recoveries), net	940	502
Total operating expenses	205,292	198,331
Operating income	48,013	45,510
Income/(loss) from unconsolidated entities	(1,677)	11,198
Interest expense	(29,943)	(30,539)
Income/(loss) from continuing operations	18,925	26,264
Gain/(loss) on sale of real estate owned	70,300	2,132
Net income/(loss)	89,225	28,396
United Dominion Reality L.P.
REVENUES:
Rental income	106,592	102,605
OPERATING EXPENSES:
Property operating and maintenance	16,618	16,518
Real estate taxes and insurance	11,685	11,024
Property management	2,931	2,822
Other operating expenses	1,554	1,548
Real estate depreciation and amortization	37,565	36,879
General and administrative	4,309	5,219
Casualty-related charges/(recoveries), net	342	553
Total operating expenses	75,004	74,563
Operating income	31,588	28,042
Income/(loss) from unconsolidated entities	(5,017)	(5,424)
Interest expense	(1,973)	(5,558)
Interest expense on note payable due to the General Partner	(3,053)	(3,053)
Income/(loss) from continuing operations	21,545	14,007
Gain/(loss) on sale of real estate owned	70,300
Net income/(loss)	91,845	14,007
Net (income)/loss attributable to noncontrolling interest	(418)	(350)
Net income/(loss) attributable to OP unitholders	$ 91,427	$ 13,657
Income/(loss) per OP unit- basic and diluted:
Net income/(loss) per weighted average OP unit - basic and diluted	$ 0.50	$ 0.07
Weighted average OP units outstanding - basic and diluted	183,523	183,324

CONSOLIDATED STATEMENTS OF CO63

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net income/(loss)	$ 89,225	$ 28,396
Other comprehensive income/(loss) - derivative instruments:
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	(172)	818
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	1,538	1,450
Comprehensive income/(loss)	90,763	29,846
Comprehensive (income)/loss attributable to noncontrolling interests	(7,602)	(2,558)
Comprehensive income/(loss) attributable to OP unitholders	83,161	27,288
United Dominion Reality L.P.
Net income/(loss)	91,845	14,007
Other comprehensive income/(loss) - derivative instruments:
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)		54
Other comprehensive income/(loss), including portion attributable to noncontrolling interests		54
Comprehensive income/(loss)	91,845	14,061
Comprehensive (income)/loss attributable to noncontrolling interests	(418)	(350)
Comprehensive income/(loss) attributable to OP unitholders	$ 91,427	$ 13,711

CONSOLIDATED STATEMENT OF CHA64

CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL (UNITED DOMINION REALTY, L.P) (Unaudited) - United Dominion Reality L.P. $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Beginning Balance	$ 1,875,130
Net income/(loss)	91,845
Distributions	(59,459)
Long Term Incentive Plan Unit grants	7,109
Net change in advances (to)/from the General Partner	(107,097)
Ending Balance	1,807,528
Advances (to)/from General Partner
Beginning Balance	397,899
Net change in advances (to)/from the General Partner	(107,097)
Ending Balance	290,802
Total Partner's Capital
Beginning Balance	1,464,295
Net income/(loss)	91,427
Distributions	(59,459)
Long Term Incentive Plan Unit grants	7,109
Ending Balance	1,503,372
Noncontrolling Interests
Beginning Balance	12,936
Net income/(loss)	418
Ending Balance	13,354
Class A Limited Partner
Beginning Balance	67,474
Net income/(loss)	887
Distributions	(582)
Adjustment to reflect limited partners' capital at redemption value	(5,384)
Ending Balance	62,395
Limited Partners and LTIP Units
Beginning Balance	283,568
Net income/(loss)	4,014
Distributions	(2,684)
OP Unit redemptions for common shares of UDR	(320)
Adjustment to reflect limited partners' capital at redemption value	(19,590)
Long Term Incentive Plan Unit grants	7,109
Ending Balance	272,097
Limited Partner
Beginning Balance	1,112,298
Net income/(loss)	86,471
Distributions	(56,157)
OP Unit redemptions for common shares of UDR	320
Adjustment to reflect limited partners' capital at redemption value	24,974
Ending Balance	1,167,906
General Partner
Beginning Balance	955
Net income/(loss)	55
Distributions	(36)
Ending Balance	$ 974

CONSOLIDATED STATEMENTS OF CA65

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED DOMINION REALTY, L.P) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Operating Activities
Net income/(loss)	$ 89,225	$ 28,396
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	109,827	106,640
Gain/(loss) on sale of real estate owned	70,300	2,132
(Income)/loss from unconsolidated entities	1,677	(11,198)
Other	1,745	4,215
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	3,560	4,034
Increase/(decrease) in operating liabilities	(7,660)	(14,528)
Net cash provided by/(used in) operating activities	132,256	120,261
Investing Activities
Proceeds from sales of real estate investments, net	89,433	3,250
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement	(14,765)	(21,955)
Distributions received from unconsolidated entities	5,633	9,711
Net cash provided by/(used in) investing activities	(24,586)	(162,823)
Financing Activities
Payments on secured debt	(1,172)	(99,463)
Net cash provided by/(used in) financing activities	(108,647)	42,673
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(977)	111
Cash, cash equivalents, and restricted cash, beginning of year	21,830	22,106
Cash, cash equivalents, and restricted cash, end of period	20,853	22,217
Supplemental Information:
Interest paid during the period, net of amounts capitalized	35,155	32,463
Non-cash transactions:
Development costs and capital expenditures incurred but not yet paid	39,746	34,336
Distributions declared but not yet paid	95,122	91,436
United Dominion Reality L.P.
Operating Activities
Net income/(loss)	91,845	14,007
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	37,565	36,879
Gain/(loss) on sale of real estate owned	70,300
(Income)/loss from unconsolidated entities	5,017	5,424
Other	1,091	1,256
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	2,091	2,636
Increase/(decrease) in operating liabilities	3,540	4,122
Net cash provided by/(used in) operating activities	70,849	64,324
Investing Activities
Proceeds from sales of real estate investments, net	89,433
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement	(7,402)	(12,126)
Distributions received from unconsolidated entities	4,344	4,176
Net cash provided by/(used in) investing activities	86,375	(7,950)
Financing Activities
Advances (to)/from General Partner, net	(154,101)	45,088
Payments on secured debt		(98,340)
Distributions paid to partnership unitholders	(2,910)	(2,567)
Net cash provided by/(used in) financing activities	(157,011)	(55,819)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	213	555
Cash, cash equivalents, and restricted cash, beginning of year	12,872	12,450
Cash, cash equivalents, and restricted cash, end of period	13,085	13,005
Supplemental Information:
Interest paid during the period, net of amounts capitalized	3,368	7,066
Non-cash transactions:
Development costs and capital expenditures incurred but not yet paid	1,903	4,816
LTIP Unit grants	7,109	1,991
Distributions declared but not yet paid	$ 59,461	$ 57,025

CASH FLOWS - SUPPLEMENTAL (UNIT

CASH FLOWS - SUPPLEMENTAL (UNITED DOMINION REALTY, L.P) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
The following reconciles cash, cash equivalents, and restricted cash to the total of the same amounts as shown above:
Cash and cash equivalents	$ 1,083	$ 2,038	$ 2,460	$ 2,112
Restricted cash	19,770	19,792	19,757	19,994
Total cash, cash equivalents, and restricted cash as shown above	20,853	21,830	22,217	22,106
United Dominion Reality L.P.
The following reconciles cash, cash equivalents, and restricted cash to the total of the same amounts as shown above:
Cash and cash equivalents	74	293	864	756
Restricted cash	13,011	12,579	12,141	11,694
Total cash, cash equivalents, and restricted cash as shown above	$ 13,085	$ 12,872	$ 13,005	$ 12,450

CONSOLIDATION AND BASIS OF PRES

CONSOLIDATION AND BASIS OF PRESENTATION (UNITED DOMINION REALTY, L.P.)	3 Months Ended
	Mar. 31, 2018
Entity information
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Basis of Presentation UDR, Inc., collectively with our consolidated subsidiaries (“UDR,” the “Company,” “we,” “our,” or “us”), is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities. The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of March 31, 2018, there were 183,636,543 units in the Operating Partnership (“OP Units”) outstanding, of which 174,245,999 OP Units, or 94.9%, were owned by UDR and 9,390,544 OP Units, or 5.1%, were owned by outside limited partners. As of March 31, 2018, there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 17,161,630, or 53.0%, were owned by UDR (including 13,470,651 DownREIT Units, or 41.6%, that were held by the Operating Partnership) and 15,205,750, or 47.0%, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of March 31, 2018, and results of operations for the three months ended March 31, 2018 and 2017, have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2017 appearing in UDR’s Annual Report on Form 10‑K, filed with the Securities and Exchange Commission on February 20, 2018. The accompanying interim unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those in Note 6, Secured and Unsecured Debt, Net.
United Dominion Reality L.P.
Entity information
BASIS OF PRESENTATION	1. CONSOLIDATION AND BASIS OF PRESENTATION Basis of Presentation United Dominion Realty, L.P. (“UDR, L.P.,” the “Operating Partnership,” “we” or “our”) is a Delaware limited partnership, that owns, acquires, renovates, redevelops, manages, and disposes of multifamily apartment communities generally located in high barrier to entry markets located in the United States. The high barrier to entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. UDR, L.P. is a subsidiary of UDR, Inc. (“UDR” or the “General Partner”), a self-administered real estate investment trust, or REIT, through which UDR conducts a significant portion of its business. During the three months ended March 31, 2018 and 2017, rental revenues of the Operating Partnership represented 43% of the General Partner’s consolidated rental revenues. As of March 31, 2018, the Operating Partnership’s apartment portfolio consisted of 52 communities located in 15 markets consisting of 16,434 apartment homes. Interests in UDR, L.P. are represented by operating partnership units (“OP Units”). The Operating Partnership’s net income is allocated to the partners, which is initially based on their respective distributions made during the year and secondly, their percentage interests. Distributions are made in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of United Dominion Realty, L.P. (the “Operating Partnership Agreement”), on a per unit basis that is generally equal to the dividend per share on UDR’s common stock, which is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “UDR.” As of March 31, 2018, there were 183,636,543 OP Units outstanding, of which 174,245,999, or 94.9%, were owned by UDR and affiliated entities and 9,390,544, or 5.1%, were owned by non-affiliated limited partners. There were 183,350,924 OP Units outstanding as of December 31, 2017, of which 174,237,688, or 95.0%, were owned by UDR and affiliated entities and 9,113,236, or 5.0%, were owned by non-affiliated limited partners. See Note 9, Capital Structure . The accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of March 31, 2018, and results of operations for the three months ended March 31, 2018 and 2017, have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2017 included in the Annual Report on Form 10‑K filed by UDR and the Operating Partnership with the SEC on February 20, 2018. The accompanying interim unaudited consolidated statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All intercompany accounts and transactions have been eliminated in consolidation. The Operating Partnership evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted.

SIGNIFICANT ACCOUNTING POLICI68

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.)	3 Months Ended
	Mar. 31, 2018
Entity information
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Company on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Company early adopted the guidance on January 1, 2018; however, the updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. In January 2017, the FASB issued ASU 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard was effective for the Company on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after adoption. The Company expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016‑18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard was effective for the Company on January 1, 2018, and was applied retrospectively to all periods presented. The updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. As a result of the adoption of ASU 2016-18, for the three months ended March 31, 2017, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Three months ended March 31, 2017 (Increase)/decrease in operating assets $ Net cash provided by /(used in) operating activities $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement $ Net cash provided by /(used in) investing activities $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ In June 2016, the FASB issued ASU 2016‑13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020; however, early adoption of the ASU is permitted on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016‑02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Company on January 1, 2019; however, early adoption of the ASU is permitted. While the Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The updated standard requires certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard was effective for the Company on January 1, 2018. The Company holds one investment in equity securities subject to the updated guidance. As the investment does not have a readily determinable fair value, the Company elected the measurement alternative under which the investment is measured at cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. During the three months ended March 31, 2018, the Company recorded a gain of $2.1 million in Interest income and other income/(expense), net on the Consolidated Statements of Operations as a result of measuring the investment using this measurement alternative. The Company does not view the impact, as a result of the adoption of the updated standard, to be material to the consolidated financial statements. Disclosures wer e updated pursuant to the requirements of the ASU. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method. The updated standard was effective for the Company on January 1, 2018, at which time the Company adopted it using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the ASU did not have a material impact on the consolidated financial statements. Related disclosures are provided and/or updated pursuant to the requirements of the ASU. Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. Revenue On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of retained earnings is made to recognize any required adjustments. As a result of the adoption, the Company did not make an adjustment to retained earnings because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents and tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Company has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Company to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned. Joint venture management and other fees The Joint venture management and other fees revenue consists of management fees charged to our equity method joint ventures per the terms of contractual agreements and other fees. Joint venture fee revenue is recognized monthly as the management services are provided and the fees are earned or upon a transaction whereby the Company earns a fee. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) . Joint venture management and other fees are not included in the tables as they are not allocable to a specific reportable segment or segments. Lease Reimbursements Other Total For the three months ended March 31, 2018 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 90,874 $ 4,198 $ 2,700 $ 97,772 Mid-Atlantic Region 53,417 2,616 1,949 57,982 Northeast Region 36,710 637 717 38,064 Southeast Region 26,672 1,666 1,698 30,036 Southwest Region 9,754 558 467 10,779 Non-Mature Communities/Other 13,611 1,784 455 15,850 Total segment and consolidated revenues $ 231,038 $ 11,459 $ 7,986 $ 250,483 Lease Reimbursements Other Total For the three months ended March 31, 2017 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 87,170 $ 3,993 $ 2,780 $ 93,943 Mid-Atlantic Region 52,289 2,602 1,797 56,688 Northeast Region 36,447 715 759 37,921 Southeast Region 25,516 1,610 1,531 28,657 Southwest Region 9,649 504 526 10,679 Non-Mature Communities/Other 11,575 1,462 346 13,383 Total segment and consolidated revenues $ 222,646 $ 10,886 $ 7,739 $ 241,271 (a) Lease Revenue is subject to recognition under ASC 840, Leases . Notes Receivable The following table summarizes our Notes receivable, net as of March 31, 2018 and December 31, 2017 ( dollars in thousands): Interest rate at Balance Outstanding March 31, March 31, December 31, 2018 2018 2017 Note due March 2019 (a) 12.00 % $ 20,000 $ — Note due February 2020 (b) 10.00 % 13,669 13,669 Note due October 2020 (c) 8.00 % 2,000 2,000 Note due August 2022 (d) 10.00 % 3,800 3,800 Total notes receivable, net $ 39,469 $ 19,469 (a) In March 2018, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. Interest payments are due when the loan matures. The note matures in March 2019 and is secured by a parcel of land. (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $13.7 million has been funded. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million has been funded. Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). (d) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which, $3.8 million has been funded. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $25.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) August 2022. During the three months ended March 31, 2018 and 2017, the Company recognized $0.6 million and $0.5 million, respectively, of interest income from notes receivable, none of which was related party interest income, which is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three months ended March 31, 2018 and 2017, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 10, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the three months ended March 31, 2018 and 2017, was $0.1 million and $0.1 million, respectively. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of March 31, 2018 and December 31, 2017, UDR’s net deferred tax asset was $0.1 million and $0.1 million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at March 31, 2018. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2017 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net on the Consolidated Statements of Operations. As of December 31, 2017 , management of the Company had completed its review of the effects of the Tax Cuts and Jobs Act, under which it recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable.
United Dominion Reality L.P.
Entity information
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Operating Partnership on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Operating Partnership early adopted the guidance on January 1, 2018, however, the updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. In January 2017, the FASB issued ASU 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard was effective for the Operating Partnership on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after adoption. The Operating Partnership expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016‑18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard was effective for the Operating Partnership on January 1, 2018, and was applied retrospectively to all periods presented. The updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. As a result of the adoption of ASU 2016-18, for the three months ended March 31, 2017, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Three months ended March 31, 2017 (Increase)/decrease in operating assets $ Net cash provided by /(used in) operating activities $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement $ Net cash provided by /(used in) investing activities $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ In June 2016, the FASB issued ASU 2016‑13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Operating Partnership on January 1, 2020; however, early adoption of the ASU is permitted on January 1, 2019. The Operating Partnership is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016‑02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Operating Partnership on January 1, 2019; however, early adoption of the ASU is permitted. While the Operating Partnership is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method. The updated standard was effective for the Operating Partnership on January 1, 2018, at which time the Operating Partnership adopted it using the modified retrospective approach. However, as the majority of the Operating Partnership’s revenue is from rental income related to leases, the ASU did not have a material impact on the consolidated financial statements. Related disclosures are provided and/or updated pursuant to the requirements of the ASU. Principles of Consolidation The Operating Partnership accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the amended consolidation guidance. The Operating Partnership first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Operating Partnership consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Operating Partnership consolidates an entity when it controls the entity through ownership of a majority voting interest. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations. Income/(Loss) Per Operating Partnership Unit Basic income/(loss) per OP Unit is computed by dividing net income/(loss) attributable to the general and limited partner unitholders by the weighted average number of general and limited partner units outstanding during the year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership. Revenue On January 1, 2018, the Operating Partnership adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of partners’ capital is made to recognize any required adjustments. As a result of the adoption, the Operating Partnership did not make an adjustment to partners’ capital because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Operating Partnership recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Operating Partnership generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents and tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Operating Partership has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Operating Partnership to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Operating Partnership generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Operating Partnership will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Operating Partnership sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Operating Partnership will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Operating Partnership will record a full gain or loss in the period the property is contributed. Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) : Lease Reimbursements Other Total For the three months ended March 31, 2018 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 55,506 $ 2,834 $ 1,824 $ 60,164 Mid-Atlantic Region 13,906 626 495 15,027 Northeast Region 12,991 401 255 13,647 Southeast Region 11,226 753 750 12,729 Non-Mature Communities/Other 4,334 592 99 5,025 Total segment and consolidated revenues $ 97,963 $ 5,206 $ 3,423 $ 106,592 Lease Reimbursements Other Total For the three months ended March 31, 2017 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 52,964 $ 2,682 $ 1,812 $ 57,458 Mid-Atlantic Region 13,688 596 464 14,748 Northeast Region 12,804 490 265 13,559 Southeast Region 10,848 744 679 12,271 Non-Mature Communities/Other 4,059 439 71 4,569 Total segment and consolidated revenues $ 94,363 $ 4,951 $ 3,291 $ 102,605 (a) Lease Revenue is subject to recognition under ASC 840, Leases . Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three months ended March 31, 2018 and 2017, the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 8, Derivatives and Hedging Activity, for further discussion. Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years (2014 through 2017) of tax jurisdictions and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. As of December 31, 2017 , management of the Operating Partnership had completed its review of the effects of the Tax Cuts and Jobs Act and it determined there was no material impact.

REAL ESTATE OWNED (UNITED DOMIN

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.)	3 Months Ended
	Mar. 31, 2018
Entity information
REAL ESTATE OWNED	3. REAL ESTATE OWNED Real estate assets owned by the Company consist of income producing operating properties, properties under development, land held for future development, and held for disposition properties. As of March 31, 2018, the Company owned and consolidated 126 communities in 11 states plus the District of Columbia totaling 39,834 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Land $ 1,773,402 $ 1,780,229 Depreciable property — held and used: Land improvements 190,177 189,919 Building, improvements, and furniture, fixtures and equipment 7,595,165 7,614,568 Under development: Land and land improvements 109,122 109,468 Building, improvements, and furniture, fixtures and equipment 541,875 483,022 Real estate owned 10,209,741 10,177,206 Accumulated depreciation (3,413,815) (3,330,166) Real estate owned, net $ 6,795,926 $ 6,847,040 Acquisitions The Company did not have any acquisitions during the three months ended March 31, 2018. Dispositions During the three months ended March 31, 2018, the Company sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million, resulting in a gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange that were used to pay a portion of the purchase price for an acquisition in October 2017. Other Activity Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation . The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the three months ended March 31, 2018 and 2017, were $3.4 million and $2.8 million, respectively. During the three months ended March 31, 2018 and 2017, total interest capitalized was $4.6 million and $4.7 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life. In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax-deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.
United Dominion Reality L.P.
Entity information
REAL ESTATE OWNED	3. REAL ESTATE OWNED Real estate assets owned by the Operating Partnership consist of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties. At March 31, 2018, the Operating Partnership owned and consolidated 52 communities in nine states plus the District of Columbia totaling 16,434 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2018 and December 31, 2017 (dollars in thousands) : March 31, December 31, 2018 2017 Land $ 712,588 $ 719,410 Depreciable property — held and used: Land improvements 88,697 89,331 Buildings, improvements, and furniture, fixtures and equipment 2,981,066 3,008,215 Real estate owned 3,782,351 3,816,956 Accumulated depreciation (1,557,445) (1,543,652) Real estate owned, net $ 2,224,906 $ 2,273,304 Acquisitions The Operating Partnership did not have any acquisitions of real estate during the three months ended March 31, 2018. Dispositions During the three months ended March 31, 2018, the Operating Partnership sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million, resulting in a gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange that were used to pay a portion of the purchase price for an acquisition in October 2017. Other Activity Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation . The Operating Partnership capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the three months ended March 31, 2018 and 2017, were less than $0.1 million and $0.3 million, respectively. During the three months ended March 31, 2018 and 2017, total interest capitalized was less than $0.1 million. As each home in a capital project is completed and becomes available for lease-up, the Operating Partnership ceases capitalization on the related portion and depreciation commences over the estimated useful life. In connection with the acquisition of certain properties, the Operating Partnership agreed to pay certain of the tax liabilities of certain contributors if the Operating Partnership sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Operating Partnership may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, in an exchange under Section 1031 of the Internal Revenue Code. Further, the Operating Partnership has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Operating Partnership, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.

UNCONSOLIDATED ENTITIES (UNITED

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.)	3 Months Ended
	Mar. 31, 2018
Unconsolidated entities
UNCONSOLIDATED ENTITIES	5. JOINT VENTURES AND PARTNERSHIPS UDR has entered into joint ventures and partnerships with unrelated third parties to acquire real estate assets that are either consolidated and included in Real estate owned on the Consolidated Balance Sheets or are accounted for under the equity method of accounting, and are included in Investment in and advances to unconsolidated joint ventures, net , on the Consolidated Balance Sheets. The Company consolidates the entities that we control as well as any variable interest entity where we are the primary beneficiary. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships. The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of March 31, 2018 and December 31, 2017 (dollars in thousands) : Number of Number of Apartment Properties Homes Investment at UDR’s Ownership Interest Location of March 31, March 31, March 31, December 31, March 31, December 31, Joint Venture Properties 2018 2018 2018 2017 2018 2017 Operating and development: UDR/MetLife I Los Angeles, CA 1 development community (a) 150 $ 35,125 $ 34,653 50.0 % 50.0 % UDR/MetLife II Various 18 operating communities 4,059 301,567 303,702 50.0 % 50.0 % Other UDR/MetLife Various 5 operating communities 1,437 133,359 135,563 50.6 % 50.6 % Joint Ventures UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1,513 80,184 78,404 50.0 % 50.0 % 1 development community (a); 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 8,146 8,958 30.0 % 30.0 % West Coast Development Joint Ventures (c) Los Angeles, CA 1 operating community 293 37,385 37,916 47.0 % 47.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 595,766 $ 599,196 Income from investments Investment at Three Months Ended Years To UDR March 31, December 31, March 31, Developer Capital Program (b) Location Rate Maturity Commitment 2018 2017 2018 2017 Preferred equity investments: West Coast Development Joint Ventures (c) Various 6.5 % N/A — $ 65,174 $ 64,226 $ 796 $ 12,291 1532 Harrison (d) San Francisco, CA 11.0 % 4.3 24,645 13,942 11,346 341 — 1200 Broadway (e) Nashville, TN 8.0 % 4.5 55,558 24,968 18,011 408 — Other investments: The Portals (f) Washington, D.C. 11.0 % 3.2 38,559 30,552 26,535 679 — Other investment ventures N/A N/A N/A $ 15,000 2,176 1,516 $ (90) $ — Total Developer Capital Program 136,812 121,634 Total investment in and advances to unconsolidated joint ventures, net $ 732,578 $ 720,830 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes upon completion of development. As of March 31, 2018, 98 apartment homes had been completed in UDR/MetLife Vitruvian Park ® , and no apartment homes had been completed in UDR/MetLife I. (b) The Developer Capital Program is the program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (c) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and agreed to pay $136.3 million for a 48% ownership interest in a portfolio of five communities that were under construction. The communities are located in three of the Company’s core, coastal markets: Seattle, Washington, Los Angeles and Orange County, California. UDR earns a 6.5% preferred return on its investment through each individual community’s date of stabilization, defined as when a community reaches 80% occupancy for 90 consecutive days, while the joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization, income and expense are shared based on each partner’s ownership percentage and the Company no longer receives a 6.5% preferred return on its investment in the stabilized community. The Company serves as property manager and earns a management fee during the lease-up phase and subsequent operation of each of the communities. The unaffiliated joint venture partner is the general partner of the joint venture and the developer of the communities. At inception of the agreement, the Company had a fixed-price option to acquire the remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total purchase price will be $597.4 million. In the event the Company does not exercise its options to purchase at least two communities, the unaffiliated joint venture partner will be entitled to earn a contingent disposition fee equal to a 6.5% return on its implied equity in the communities not acquired. The unaffiliated joint venture partner is providing certain guaranties and as of the date of the agreement there were construction loans on all five communities. In January 2017, the Company exercised its fixed-price option to purchase the joint venture partner’s ownership interest in one of the five communities, a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture. During 2017, the joint venture sold two of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million and a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. During the three months ended March 31, 2018, the fixed-price option to acquire one of the two remaining communities held by the West Coast Development Joint Ventures expired. The community achieved stabilization during 2017, at which time the Company and its joint venture partner began receiving income and expenses based on their ownership percentages. The Company and its joint venture partner plan to continue operating the community as a long-term hold. As of March 31, 2018, the remaining community subject to the fixed-price acquisition option is still under construction and the Company continues to receive a 6.5% preferred return on its investment in that community. The Company anticipates acquiring this remaining community for a contractual purchase price at 100% of approximately $130.1 million. As the Company currently holds a 49% ownership interest in the community, it expects to pay approximately $66.4 million for the remaining 51% ownership. As such, the Company has disclosed a contractual purchase price commitment (see Note 12, Commitments and Contingencies ). The acquisition is expected to occur in 2019. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and agreed to pay $15.5 million for a 49% ownership interest in a 155 home community that is currently under construction in Seattle, Washington and $16.1 million for a 49% ownership interest in a 276 home community that is currently under construction in Hillsboro, Oregon (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). Consistent with the terms of the May 2015 joint venture agreement, UDR earns a 6.5% preferred return on its investments through the communities’ date of stabilization, as defined above, while our joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization of the communities, income and expense will be shared based on each partner’s ownership percentage and the Company will no longer receive a 6.5% preferred return on its investment. The Company will serve as property manager and will earn a management fee during the lease-up phase and subsequent operation of the stabilized communities. The unaffiliated joint venture partner is the general partner and the developer of the communities. The Company has concluded it does not control the joint ventures and accounts for them under the equity method of accounting. The Company has a fixed-price option to acquire the remaining interest in the communities beginning one year after completion for a total price of $61.3 million and $72.3 million, respectively. The unaffiliated joint venture partner is providing certain guaranties and there are construction loans on the communities. The Company’s recorded equity investment in the West Coast Development Joint Ventures at March 31, 2018 and December 31, 2017, of $102.6 million and $1 02.1 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (d) In June 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 136 apartment home community in San Francisco, California. The Company’s preferred equity investment of up to $24.6 million earns a preferred return of 11.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of March 31, 2018, the Company had contributed approximately $ 13.9 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (e) In September 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 313 apartment home community in Nashville, Tennessee. The Company’s preferred equity investment of up to $55.6 million earns a preferred return of 8.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of March 31, 2018, the Company had contributed approximately $25.0 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (f) In May 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture has made a mezzanine loan to a third party developer of a 373 apartment home community in Washington, D.C. The unaffiliated joint venture partner is the managing member of the joint venture. The mezzanine loan is for up to $71.0 million at an interest rate of 13.5% per annum and carries a term of four years with one, 12-month extension option. The Company’s investment commitment to the joint venture is approximately $38.6 million and earns a weighted average return rate of approximately 11.0% per annum. As of March 31, 2018, the Company had contributed approximately $ 30.6 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. As of March 31, 2018 and December 31, 2017, the Company had deferred fees of $11.1 million and $10.9 million, respectively, which will be recognized through earnings over the weighted average life of the related properties, upon the disposition of the properties to a third party, or upon completion of certain development obligations. The Company recognized management fees of $2.7 million and $2.6 million during each of the three months ended March 31, 2018 and 2017, respectively, for our management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not recognize any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures or partnerships during the three months ended March 31, 2018 and 2017. Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): March 31, December 31, 2018 2017 Total real estate, net $ 3,256,696 $ 3,236,180 Cash and cash equivalents 46,009 36,411 Other assets 53,470 48,706 Total assets $ 3,356,175 $ 3,321,297 Amount due to/(from) UDR $ 3,574 $ (1,452) Third party debt, net 2,042,830 2,005,566 Accounts payable and accrued liabilities 78,440 85,643 Total liabilities $ 2,124,844 $ 2,089,757 Total equity $ 1,231,331 $ 1,231,540 Combined summary financial information relating to the unconsolidated joint ventures ’ and partnerships ’ operations (not just our proportionate share) is presented below for the three months ended March 31, 2018 and 2017 ( dollars in thousands ) : Three Months Ended March 31, 2018 2017 Total revenues $ 67,957 $ 65,731 Property operating expenses 26,937 25,483 Real estate depreciation and amortization 26,848 26,357 Operating income/(loss) 14,172 13,891 Interest expense (19,406) (20,536) Net (income)/loss attributable to noncontrolling interest (5) 48 Net income/(loss) $ (5,239) $ (6,597)
United Dominion Reality L.P.
Unconsolidated entities
UNCONSOLIDATED ENTITIES	4. UNCONSOLIDATED ENTITIES The DownREIT Partnership is accounted for by the Operating Partnership under the equity method of accounting and is included in Investment in unconsolidated entities on the Consolidated Balance Sheets. The Operating Partnership recognizes earnings or losses from its investments in unconsolidated entities consisting of our proportionate share of the net earnings or losses of the partnership in accordance with the Partnership Agreement. The DownREIT Partnership is a VIE as the limited partners lack substantive kick-out rights and substantive participating rights. The Operating Partnership is not the primary beneficiary of the DownREIT Partnership as it lacks the power to direct the activities that most significantly impact its economic performance and will continue to account for its interest as an equity method investment. See Note 2, Significant Accounting Policies . As of March 31, 2018, the DownREIT Partnership owned 13 communities with 6,261 apartment homes. The Operating Partnership’s investment in the DownREIT Partnership was $67.5 million and $76.9 million as of March 31, 2018 and December 31, 2017, respectively. Combined summary balance sheets relating to all of the DownREIT Partnership (not just our proportionate share) are presented below as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): March 31, December 31, 2018 2017 Total real estate, net $ 1,341,132 $ 1,359,170 Cash and cash equivalents 31 39 Note receivable from the General Partner 126,500 126,500 Other assets 4,762 4,937 Total assets $ 1,472,425 $ 1,490,646 Secured debt, net $ 435,952 $ 437,510 Other liabilities 23,623 27,574 Total liabilities 459,575 465,084 Total capital 1,012,850 1,025,562 Total liabilities and capital $ 1,472,425 $ 1,490,646 Combined summary financial information relating to all of the DownREIT Partnership (not just our proportionate share) is presented below for the three months ended March 31, 2018 and 2017 ( dollars in thousands ) : Three Months Ended March 31, 2018 2017 Rental income $ 34,012 $ 33,298 Property operating expenses (14,487) (13,976) Real estate depreciation and amortization (21,495) (20,608) Operating income/(loss) (1,970) (1,286) Interest expense (3,574) (3,860) Interest income on note receivable from the General Partner 1,196 1,166 Net income/(loss) $ (4,348) $ (3,980)

DEBT, NET (UNITED DOMINION REAL

DEBT, NET (UNITED DOMINION REALTY, L.P.)	3 Months Ended
	Mar. 31, 2018
Entity information
DEBT	6. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at March 31, 2018 and December 31, 2017 ( dollars in thousands ): Principal Outstanding As of March 31, 2018 Weighted Weighted Average Average Number of March 31, December 31, Interest Years to Communities 2018 2017 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 393,702 $ 395,611 4.04 % 5.1 7 Fannie Mae credit facilities (b) 285,836 285,836 4.86 % 1.8 8 Deferred financing costs (1,539) (1,670) Total fixed rate secured debt, net 677,999 679,777 4.39 % 3.7 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 4.9 2 Fannie Mae credit facilities (b) 29,034 29,034 3.22 % 0.7 1 Deferred financing costs (210) (242) Total variable rate secured debt, net 123,524 123,492 2.21 % 3.9 3 Total Secured Debt, net 801,523 803,269 4.05 % 3.7 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (h) — — — % 1.8 Borrowings outstanding under unsecured commercial paper program due April 2018 (e) (h) 275,000 300,000 2.27 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2021 (f) 57,707 21,767 2.78 % 2.8 Term Loan Facility due January 2021 (d) (h) 35,000 35,000 2.61 % 2.8 Fixed Rate Debt 3.70% Medium-Term Notes due October 2020 (net of discounts of $20 and $22, respectively) (h) 299,980 299,978 3.70 % 2.5 1.98% Term Loan Facility due January 2021 (d) (h) 315,000 315,000 1.98 % 2.8 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,356 and $1,446, respectively) (h) 398,644 398,554 4.63 % 3.8 3.75% Medium-Term Notes due July 2024 (net of discounts of $652 and $678, respectively) (h) 299,348 299,322 3.75 % 6.3 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.5 4.00% Medium-Term Notes due October 2025 (net of discounts of $516 and $534, respectively) (g) (h) 299,484 299,466 4.00 % 7.5 2.95% Medium-Term Notes due September 2026 (h) 300,000 300,000 2.95 % 8.4 3.50% Medium-Term Notes due July 2027 (net of discounts of $653 and $670, respectively) (h) 299,347 299,330 3.50 % 9.3 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,161 and $1,191, respectively) (h) 298,839 298,809 3.50 % 9.8 Other 18 19 Deferred financing costs (14,861) (14,495) Total Unsecured Debt, net 2,879,150 2,868,394 3.47 % 5.5 Total Debt, net $ 3,680,673 $ 3,671,663 3.66 % 5.1 For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of March 31, 2018, secured debt encumbered $1.7 billion or 16.8% of UDR’s total real estate owned based upon gross book value ($8.5 billion or 83.2% of UDR’s real estate owned based on gross book value is unencumbered). (a) At March 31, 2018, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from May 2019 through November 2026 and carry interest rates ranging from 3.15% to 5.86%. The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the life of the underlying debt instrument. During the three months ended March 31, 2018 and 2017, the Company had $0.7 million and $0.7 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties, which was included in Interest expense on the Consolidated Statements of Operations. The unamortized fair market adjustment was a net premium of $7.5 million and $8.2 million at March 31, 2018 and December 31, 2017, respectively. (b) UDR had two secured credit facilities with Fannie Mae with an aggregate commitment of $314.9 million at March 31, 2018. The Fannie Mae credit facilities mature at various dates from December 201 8 through July 2020 and bear interest at floating and fixed rates. At March 31, 2018, $285.8 million of the outstanding balance was fixed and had a weighted average interest rate of 4.86% and the remaining balance of $29.0 million had a weighted average variable interest rate of 3.22%. Further information related to these credit facilities is as follows (dollars in thousands) : March 31, December 31, 2018 2017 Borrowings outstanding $ 314,870 $ 314,870 Weighted average borrowings during the period ended 314,870 416,653 Maximum daily borrowings during the period ended 314,870 636,782 Weighted average interest rate during the period ended 4.7 % 4.3 % Weighted average interest rate at the end of the period 4.7 % 4.7 % (c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature in August 2019 and March 2032. Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates ranging from 1.80% to 1.95% as of March 31, 2018. (d) The Company has a $1.1 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan facility (the “Term Loan Facility”). The credit agreement for these facilities (the “Credit Agreement”) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan Facility to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2020, with two six-month extension options, subject to certain conditions. The Term Loan Facility has a scheduled maturity date of January 29, 2021. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points and a facility fee of 15 basis points, and the Term Loan Facility has an interest rate equal to LIBOR plus a margin of 95 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 85 to 155 basis points, the facility fee ranges from 12.5 to 30 basis points, and the margin under the Term Loan Facility ranges from 90 to 175 basis points. The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The following is a summary of short-term bank borrowings under the Revolving Credit Facility at March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — — Weighted average daily borrowings during the period ended — 2,274 Maximum daily borrowings during the period ended — 120,000 Weighted average interest rate during the period ended — % 1.6 % Interest rate at end of the period — % — % (1) Excludes $3.3 million of letters of credit at March 31, 2018 and December 31, 2017. (e) The Company has an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $500.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Total unsecured commercial paper program $ 500,000 $ 500,000 Borrowings outstanding at end of period 275,000 300,000 Weighted average daily borrowings during the period ended 306,328 238,810 Maximum daily borrowings during the period ended 370,000 390,000 Weighted average interest rate during the period ended 2.0 % 1.4 % Interest rate at end of the period 2.3 % 2.0 % In April 2018, the entire $275 million of outstanding unsecured commercial paper as of March 31, 2018 was repaid at maturity and an additional $320 million was issued with maturity dates in May 2018. (f) The Company has a working capital credit facility, which provides for a $75.0 million unsecured revolving credit facility (the “Working Capital Credit Facility”) with a scheduled maturity date of January 15, 2021. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points. Depending on the Company’s credit rating, the margin ranges from 85 to 155 basis points. In February 2018, the Company amended the Working Capital Credit Facility to extend the scheduled maturity date from January 1, 2019 to January 15, 2021. The maximum borrowing capacity and interest rate were unchanged by the amendment. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 57,707 21,767 Weighted average daily borrowings during the period ended 30,638 26,993 Maximum daily borrowings during the period ended 61,514 68,207 Weighted average interest rate during the period ended 2.6 % 2.0 % Interest rate at end of the period 2.8 % 2.5 % (g) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.55%. (h) The Operating Partnership is a guarantor of this debt. The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to March 31, 2018 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 3,464 $ 29,034 $ 32,498 $ 275,000 $ 307,498 2019 249,395 67,700 317,095 — 317,095 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 407,707 408,824 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 672,054 123,734 795,788 2,898,351 3,694,139 Non-cash (a) 5,945 (210) 5,735 (19,201) (13,466) Total $ 677,999 $ 123,524 $ 801,523 $ 2,879,150 $ 3,680,673 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs . For the three months ended March 31, 2018 and 2017, the Company amortized $ 1.0 million and $ 1.1 million, respectively, of deferred financing costs into Interest expense. We were in compliance with the covenants of our debt instruments at March 31, 2018.
United Dominion Reality L.P.
Entity information
DEBT	5. DEBT, NET Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Operating Partnership having effectively established the fixed interest rate for the underlying debt instrument. Secured debt consists of the following as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): Principal Outstanding As of March 31, 2018 Weighted Weighted Average March 31, December 31, Average Years to Communities 2018 2017 Interest Rate Maturity Encumbered Fixed Rate Debt Fannie Mae credit facilities $ 133,205 $ 133,205 5.28 % 1.6 4 Deferred financing costs (243) (282) Total fixed rate secured debt, net 132,962 132,923 5.28 % 1.6 4 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 1.80 % 14.0 1 Deferred financing costs (77) (78) Total variable rate secured debt, net 26,923 26,922 1.80 % 14.0 1 Total Secured Debt, Net $ 159,885 $ 159,845 4.80 % 3.7 5 As of March 31, 2018, an aggregate commitment of $133.2 million of the General Partner’s secured credit facilities with Fannie Mae was owed by the Operating Partnership based on the ownership of the assets securing the debt. The entire commitment was outstanding at March 31, 2018. The portions of the Fannie Mae credit facilities owed by the Operating Partnership mature at various dates from October 2019 through December 2019 and bear interest at fixed rates. At March 31, 2018, the entire outstanding balance was fixed and had a weighted average interest rate of 5.28%. The following information relates to the credit facilities owed by the Operating Partnership (dollars in thousands) : March 31, December 31, 2018 2017 Borrowings outstanding $ 133,205 $ 133,205 Weighted average borrowings during the period ended 133,205 223,347 Maximum daily borrowings during the period ended 133,205 408,549 Weighted average interest rate during the period ended 5.3 % 4.6 % Interest rate at the end of the period 5.3 % 5.3 % The Operating Partnership may from time to time acquire properties subject to fixed rate debt instruments. In those situations, management will record the secured debt at its estimated fair value and amortize any difference between the fair value and par to interest expense over the life of the underlying debt instrument. The Operating Partnership did not have any unamortized fair value adjustments associated with the fixed rate debt instruments on the Operating Partnership’s properties. Fixed Rate Debt At March 31, 2018, the General Partner had borrowings against its fixed rate facilities of $285.8 million, of which $133.2 million was owed by the Operating Partnership based on the ownership of the assets securing the debt. As of March 31, 2018, the funds borrowed under the fixed rate Fannie Mae credit facilities owed by the Operating Partnership had a weighted average fixed interest rate of 5.28%. Variable Rate Debt Tax-exempt secured note payable. The variable rate mortgage note payable that secures tax-exempt housing bond issues matures March 2032. Interest on this note is payable in monthly installments. The mortgage note payable has an interest rate of 1.80% as of March 31, 2018. Secured credit facilities. At March 31, 2018, the General Partner had borrowings against its variable rate facilities of $29.0 million, none of which was owed by the Operating Partnership based on the ownership of the assets securing the debt. The aggregate maturities of the Operating Partnership’s secured debt due during each of the next ten calendar years subsequent to March 31, 2018 are as follows (dollars in thousands): Fixed Variable Tax-Exempt Secured Credit Secured Notes Year Facilities Payable Total 2018 $ — $ — $ — 2019 133,205 — 133,205 2020 — — — 2021 — — — 2022 — — — 2023 — — — 2024 — — — 2025 — — — 2026 — — — 2027 — — — Thereafter — 27,000 27,000 Subtotal 133,205 27,000 160,205 Non-cash (a) (243) (77) (320) Total $ 132,962 $ 26,923 $ 159,885 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the three months ended March 31, 2018 and 2017, the Operating Partnership amortized less than $0.1 million and $0. 1 million, respectively, of deferred financing costs into Interest expense . Guarantor on Unsecured Debt The Operating Partnership is a guarantor on the General Partner’s unsecured revolving credit facility with an aggregate borrowing capacity of $1.1 billion, an unsecured commercial paper program with an aggregate borrowing capacity of $500 million, $300 million of medium-term notes due October 2020, a $350 million term loan facility due January 2021, $400 million of medium-term notes due January 2022, $300 million of medium-term notes due July 2024, $300 million of medium-term notes due October 2025, $300 million of medium-term notes due September 2026, $300 million of medium-term notes due July 2027, and $300 million of medium-term notes due January 2028. As of March 31, 2018 and December 31, 2017, the General Partner did not have an outstanding balance under the unsecured revolving credit facility and had $275 million and $300 million, respectively, outstanding under its unsecured commercial paper program. In April 2018, the entire $275 million of outstanding unsecured commercial paper as of March 31, 2018 was repaid at maturity and an additional $320 million was issued with maturity dates in May 2018.

RELATED PARTY TRANSACTIONS (UNI

RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.)	3 Months Ended
	Mar. 31, 2018
United Dominion Reality L.P.
Entity information
RELATED PARTY TRANSACTIONS	6. RELATED PARTY TRANSACTIONS Advances (To)/From the General Partner The Operating Partnership participates in the General Partner’s central cash management program, wherein all the Operating Partnership’s cash receipts are remitted to the General Partner and all cash disbursements are funded by the General Partner. In addition, other miscellaneous costs such as administrative expenses are incurred by the General Partner on behalf of the Operating Partnership. As a result of these various transactions between the Operating Partnership and the General Partner, the Operating Partnership had net Advances (to)/from the General Partner of $290.8 million and $397.9 million at March 31, 2018 and December 31, 2017, respectively, which are reflected as increases/(decreases) of capital on the Consolidated Balance Sheets. Allocation of General and Administrative Expenses The General Partner shares various general and administrative costs, employees and other overhead costs with the Operating Partnership including legal assistance, acquisitions analysis, marketing, human resources, IT, accounting, rent, supplies and advertising, and allocates these costs to the Operating Partnership first on the basis of direct usage when identifiable, with the remainder allocated based on the reasonably anticipated benefits to the parties. The general and administrative expenses allocated to the Operating Partnership by UDR were $3.5 million and $4.5 million during the three months ended March 31, 2018 and 2017, respectively, and are included in General and administrative on the Consolidated Statements of Operations. In the opinion of management, this method of allocation reflects the level of services received by the Operating Partnership from the General Partner. During the three months ended March 31, 2018 and 2017, the Operating Partnership reimbursed the General Partner $3.7 million and $3.6 million, respectively, for shared services related to corporate level property management costs incurred by the General Partner. These shared cost reimbursements and related party management fees are initially recorded within the line item General and administrative on the Consolidated Statements of Operations, and a portion related to management costs is reclassified to Property management on the Consolidated Statements of Operations. (See further discussion below.) Shared Services/Management Fee The Operating Partnership self-manages its own properties and is party to an Inter-Company Employee and Cost Sharing Agreement with the General Partner. This agreement provides for reimbursements to the General Partner for the Operating Partnership’s allocable share of costs incurred by the General Partner for (a) shared services of corporate level property management employees and related support functions and costs, and (b) general and administrative costs. As discussed above, the reimbursement for shared services is classified in Property management on the Consolidated Statements of Operations. Notes Payable to the General Partner As of both March 31, 2018 and December 31, 2017, the Operating Partnership had $273.3 million of unsecured notes payable to the General Partner at annual interest rates between 4.12% and 5.34%. Certain limited partners of the Operating Partnership have provided guarantees or reimbursement agreements related to these notes payable. The guarantees were provided by the limited partners in conjunction with their contribution of properties to the Operating Partnership. The notes mature on August 31, 2021, December 31, 2023 and April 1, 2026, and interest payments are made monthly. The Operating Partnership recognized interest expense on the notes payable of $3.1 million during both the three months ended March 31, 2018 and 2017.

FAIR VALUE OF DERIVATIVES AND73

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.)	3 Months Ended
	Mar. 31, 2018
Entity information
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	9. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: · Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. · Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. · Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of March 31, 2018 and December 31, 2017, are summarized as follows (dollars in thousands) : Fair Value at March 31, 2018, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable March 31, March 31, Liabilities Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 39,469 $ 40,167 $ — $ — $ 40,167 Derivatives - Interest rate contracts (b) 7,004 7,004 — 7,004 — Total assets $ 46,473 $ 47,171 $ — $ 7,004 $ 40,167 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 393,702 $ 391,230 $ — $ — $ 391,230 Fannie Mae credit facilities 285,836 290,173 — — 290,173 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 57,707 57,707 — — 57,707 Commercial paper program 275,000 275,000 — — 275,000 Unsecured notes 2,561,304 2,542,106 — — 2,542,106 Total liabilities $ 3,697,283 $ 3,679,950 $ — $ — $ 3,679,950 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 876,120 $ 876,120 $ — $ 876,120 $ — Fair Value at December 31, 2017, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 10, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 8, Noncontrolling Interests. There were no transfers into or out of any of the levels of the fair value hierarchy during the three months ended March 31, 2018. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2018 and December 31, 2017, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. In conjunction with the FASB’s fair value measurement guidance, the Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership are classified as Level 2. Financial Instruments Not Carried at Fair Value At March 31, 2018 and December 31, 2017, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and prepaid rent, distributions payable and accounts payable approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments, which includes notes receivable and debt instruments, are classified in Level 3 of the fair value hieracrchy due to the significant unobservable inputs that are utilized in their respective valuations. We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Our cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair value represent our best estimate based upon Level 3 inputs such as industry trends and reference to market rates and transactions. We consider various factors to determine if a decrease in the value of our Investment in and advances to unconsolidated joint ventures, net is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. Based on the significance of the unobservable inputs, we classify these fair value measurements within Level 3 of the valuation hierarchy. The Company did not incur any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures during the three months ended March 31, 2018 and 2017. After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates.
United Dominion Reality L.P.
Entity information
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	7. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: · Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. · Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. · Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of March 31, 2018 and December 31, 2017 are summarized as follows (dollars in thousands) : Fair Value at March 31, 2018, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable March 31, March 31, Liabilities Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Description: Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 133,205 $ 136,126 $ — $ — $ 136,126 Secured debt instruments - variable rate: (a) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Total liabilities $ 160,205 $ 163,126 $ — $ — $ 163,126 Fair Value at December 31, 2017, Using Quoted Total Prices in Carrying Active Amount in Markets Statement of for Identical Significant Financial Fair Value Assets Other Significant Position at Estimate at or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 133,205 $ 137,150 $ — $ — $ 137,150 Secured debt instruments - variable rate: (a) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Total liabilities $ 160,205 $ 164,150 $ — $ — $ 164,150 (a) See Note 5, Debt, Net. There were no transfers into or out of each of the levels of the fair value hierarchy during the three months ended March 31, 2018. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The General Partner, on behalf of the Operating Partnership, incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Operating Partnership has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the General Partner, on behalf of the Operating Partnership, has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2018 and December 31, 2017, the Operating Partnership has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Operating Partnership has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. In conjunction with the FASB’s fair value measurement guidance, the Operating Partnership made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Financial Instruments Not Carried at Fair Value As of March 31, 2018, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and prepaid rent, distributions payable and accounts payable approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments, which includes debt instruments, are classified in Level 3 of the fair value hieracrchy due to the significant unobservable inputs that are utilized in their respective valuations. The Operating Partnership records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Cash flow estimates are based upon historical results adjusted to reflect management’s best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. The General Partner’s estimates of fair value represent management’s estimates based upon Level 3 inputs such as industry trends and reference to market rates and transactions. The Operating Partnership did not incur any other-than-temporary impairments in the value of its investments in unconsolidated entities during the three months ended March 31, 2018 and 2017.

DERIVATIVES AND HEDGING ACTIV74

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.)	3 Months Ended
	Mar. 31, 2018
Entity information
DERIVATIVES AND HEDGING ACTIVITY	10. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net on the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2018 and 2017, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. During the three months ended March 31, 2017, the Company recognized a loss of less than $0.1 million reclassified from Accumulated other comprehensive income/(loss), net to Interest expense due to the de-designation of a cash flow hedge. No amounts were de-designated during the three months ended March 31, 2018. Amounts reported in Accumulated other comprehensive income/(loss), net on the Consolidated Balance Sheets related to derivatives that will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through March 31, 2018, the Company estimates that an additional $2.4 million will be reclassified as a decrease to Interest expense . As of March 31, 2018, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Number of Product Instruments Notional Interest rate swaps 4 $ 315,000 Interest rate caps 1 $ 65,197 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the three months ended March 31, 2018 and 2017. As of March 31, 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076 Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: March 31, December 31, March 31, December 31, 2018 2017 2018 2017 Derivatives designated as hedging instruments: Interest rate products $ 7,004 $ 5,743 $ — $ — Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2018 2017 2018 2017 2018 2017 Three Months Ended March 31, Interest rate products $ 1,710 $ 632 $ 172 $ (764) $ — $ (54) Three Months Ended March 31, 2018 2017 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 29,943 $ 30,539 Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2018 2017 Three Months Ended March 31, Interest rate products $ — $ (1) Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. As of March 31, 2018, the fair value of derivatives was in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, of $7.2 million. Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of March 31, 2018 and December 31, 2017 (dollars in thousands): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount March 31, 2018 $ 7,004 $ — $ 7,004 $ — $ — $ 7,004 December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. Gross Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount March 31, 2018 $ — $ — $ — $ — $ — $ — December 31, 2017 $ — $ — $ — $ — $ — $ — (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
United Dominion Reality L.P.
Entity information
DERIVATIVES AND HEDGING ACTIVITY	8. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Operating Partnership is exposed to certain risks arising from both its business operations and economic conditions. The General Partner principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The General Partner manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the General Partner enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The General Partner’s and the Operating Partnership’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the General Partner’s known or expected cash payments principally related to the General Partner’s borrowings. Cash Flow Hedges of Interest Rate Risk The General Partner’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the General Partner primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the General Partner making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up front premium. A portion of the General Partner’s interest rate derivatives are owed by the Operating Partnership based on the General Partner’s underlying debt instruments owed by the Operating Partnership. (See Note 5, Debt, Net. ) The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net on the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three months ended March 31, 2017, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of and during the three months ended March 31, 2018, no derivatives designated as cash flow hedges were held by the Operating Partnership. During the three months ended March 31, 2017, the Operating Partnership recognized a loss of less than $0.1 million reclassified from Accumulated other comprehensive income/(loss), net to Interest expense due to the de-designation of a cash flow hedge. No amounts were de-designated during the three months ended March 31, 2018. Amounts reported in Accumulated other comprehensive income/(loss), net related to derivatives will be reclassified to interest expense as interest payments are made on the General Partner’s variable-rate debt that is owed by the Operating Partnership. As of March 31, 2018, no derivatives designated as cash flow hedges were held by the Operating Partnership and, as a result, no amounts will be reclassified as an increase to interest expense through March 31, 2019. Derivatives not designated as hedges are not speculative and are used to manage the Operating Partnership’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the three months ended March 31, 2018 and 2017. As of March 31, 2018, we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 1 $ 19,880 Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets As of March 31, 2018 and December 31, 2017, the fair value of the Operating Partnership’s derivative financial instruments was zero. Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2018 2017 2018 2017 2018 2017 Interest rate products $ — $ — $ — $ — $ — $ (54) Three Months Ended March 31, 2018 2017 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 1,973 $ 5,558 Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2018 2017 Three Months Ended March 31, Interest rate products $ — $ (1) Credit-risk-related Contingent Features The General Partner has agreements with its derivative counterparties that contain a provision where the General Partner could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the General Partner’s default on the indebtedness. The General Partner has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the General Partner or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement.

CAPITAL STRUCTURE (UNITED DOMIN

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.)	3 Months Ended
	Mar. 31, 2018
United Dominion Reality L.P.
Entity information
CAPITAL STRUCTURE	9. CAPITAL STRUCTURE General Partnership Units The General Partner has complete discretion to manage and control the operations and business of the Operating Partnership, which includes but is not limited to the acquisition and disposition of real property, construction of buildings and making capital improvements, and the borrowing of funds from outside lenders or UDR and its subsidiaries to finance such activities. The General Partner can generally authorize, issue, sell, redeem or purchase any OP Unit or securities of the Operating Partnership without the approval of the limited partners. The General Partner can also approve, with regard to the issuances of OP Units, the class or one or more series of classes, with designations, preferences, participating, optional or other special rights, powers and duties including rights, powers and duties senior to limited partnership interests without approval of any limited partners except holders of Class A Limited Partnership Units. There were 110,883 General Partnership units outstanding at March 31, 2018 and December 31, 2017, all of which were held by UDR. Limited Partnership Units As of March 31, 2018 and December 31, 2017, there were 183,525,660 and 183,240,041, respectively, of limited partnership units outstanding, of which 1,873,332 were Class A Limited Partnership Units for both periods. UDR owned 174,135,116, or 94.9%, and 174,126,805, or 95.0%, of OP Units outstanding at March 31, 2018 and December 31, 2017, respectively, of which 121,661 were Class A Limited Partnership Units for both periods. The remaining 9,390,544, or 5.1%, and 9,113,236, or 5.0%, of OP Units outstanding were held by non-affiliated partners at March 31, 2018 and December 31, 2017, respectively, of which 1,751,671 were Class A Limited Partnership Units for both periods. Subject to the terms of the Operating Partnership Agreement, the limited partners have the right to require the Operating Partnership to redeem all or a portion of the OP Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the Operating Partnership Agreement), provided that such OP Units have been outstanding for at least one year. UDR, as general partner of the Operating Partnership, may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of UDR for each OP Unit), as defined in the Operating Partnership Agreement. The non-affiliated limited partners’ capital is adjusted to redemption value at the end of each reporting period with the corresponding offset against UDR’s limited partner capital account based on the redemption rights noted above. The aggregate value upon redemption of the then-outstanding OP Units held by limited partners was $334.5 million and $351.0 million as of March 31, 2018 and December 31, 2017, respectively, based on the value of UDR’s common stock at each period end. A limited partner has no right to receive any distributions from the Operating Partnership on or after the date of redemption of its OP Units. Class A Limited Partnership Units Class A Limited Partnership Units have a cumulative, annual, non-compounded preferred return, which is equal to 8% based on a value of $16.61 per Class A Limited Partnership Unit. Holders of the Class A Limited Partnership Units exclusively possess certain voting rights. The Operating Partnership may not do the following without approval of the holders of the Class A Limited Partnership Units: (i) increase the authorized or issued amount of Class A Limited Partnership Units, (ii) reclassify any other partnership interest into Class A Limited Partnership Units, (iii) create, authorize or issue any obligations or security convertible into or the right to purchase Class A Limited Partnership Units, (iv) enter into a merger or acquisition, or (v) amend or modify the Operating Partnership Agreement in a manner that adversely affects the relative rights, preferences or privileges of the Class A Limited Partnership Units. The following table shows OP Units outstanding and OP Unit activity as of and for the three months ended March 31, 2018: UDR, Inc. Class A Class A Limited Limited Limited Limited General Partners Partners Partner Partner Partner Total Ending balance at December 31, 2017 1,751,671 7,361,565 174,005,144 121,661 110,883 183,350,924 Vesting of LTIP Units — 285,619 — — — 285,619 OP redemptions for UDR stock — (8,311) 8,311 — — — Ending balance at March 31, 2018 1,751,671 7,638,873 174,013,455 121,661 110,883 183,636,543 LTIP Units UDR grants long-term incentive plan units (“LTIP Units”) to certain employees and non-employee directors. The LTIP Units represent an ownership interest in the Operating Partnership and have voting and distribution rights consistent with OP Units. The LTIP Units are subject to the terms of UDR’s long-term incentive plan. Two classes of LTIP Units are granted, Class 1 LTIP Units and Class 2 LTIP Units. Class 1 LTIP Units are generally granted to non-employee directors and vest after one year. Class 2 LTIP Units are granted to certain employees and vest over a period from one to three years subject to certain performance and market conditions being achieved. Vested LTIP Units may be converted into OP Units provided that such LTIP Units have been outstanding for at least two years from the date of grant. Allocation of Profits and Losses Profit of the Operating Partnership is allocated in the following order: (i) to the General Partner and the Limited Partners in proportion to and up to the amount of cash distributions made during the year, and (ii) to the General Partner and Limited Partners in accordance with their percentage interests. Losses and depreciation and amortization expenses, non-recourse liabilities are allocated to the General Partner and Limited Partners in accordance with their percentage interests. Losses allocated to the Limited Partners are capped to the extent that such an allocation would not cause a deficit in the Limited Partners’ capital account. Such losses are, therefore, allocated to the General Partner. If any Partner’s capital balance were to fall into a deficit, any income and gains are allocated to each Partner sufficient to eliminate its negative capital balance.

COMMITMENTS AND CONTINGENCIES76

COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.) Commitments and Contingencies (UNITED DOMINION REALTY, L.P.)	3 Months Ended
	Mar. 31, 2018
Entity information
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Under Development The following summarizes the Company’s real estate commitments at March 31, 2018 ( dollars in thousands ): Costs Expected Costs Average Number Incurred to Complete Ownership Properties to Date (a) (unaudited) Stake Wholly-owned — under development 2 $ 650,997 (b) $ 65,503 100 % Joint ventures: Unconsolidated joint ventures 2 172,040 9,734 (c) 50 % Preferred equity investments 5 97,044 (d) 41,293 (e) 49 % (f) Other investments 1 32,728 20,831 (g) — % Total $ 952,809 $ 137,361 (a) Represents 100% of project costs incurred as of March 31, 2018. (b) Costs incurred as of March 31, 2018 include $ 33.4 million of accrued fixed assets for development. (c) Represents UDR’s proportionate share of expected remaining costs to complete the developments. (d) Represents UDR’s investment in the West Coast Development Joint Ventures, 1532 Harrison and 1200 Broadway for the properties under development as of March 31, 2018. (e) Represents UDR’s remaining commitment for 1532 Harrison and 1200 Broadway. (f) Represents UDR’s average ownership stake in the West Coast Development Joint Ventures only and does not include UDR’s preferred equity interest in 1532 Harrison and 1200 Broadway. (g) Represents UDR’s remaining commitment for The Portals and other investment ventures. Purchase Commitments As described in Note 5, Joint Ventures and Partnerships , the Company anticipates acquiring one of the communities held by the West Coast Development Joint Ventures in 2019 for a contractual purchase price at 100% of approximately $130.1 million. As the Company currently holds a 49% ownership interest in the community, it expects to pay approximately $66.4 million for the remaining 51% ownership. The community will be consolidated upon closing of the acquisition. During the three months ended March 31, 2018, the Company entered into a contract to purchase a $13.2 million development land parcel located in Denver, Colorado. The Company made a $1.0 million deposit on the purchase which, as of March 31, 2018, is generally non-refundable other than due to a failure of closing conditions pursuant to the terms of the agreement. The acquisition is expected to close in the fourth quarter of 2018, subject to customary closing conditions. Contingencies Litigation and Legal Matters The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flow.
United Dominion Reality L.P.
Entity information
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Contingencies Litigation and Legal Matters The Operating Partnership is subject to various legal proceedings and claims arising in the ordinary course of business. The Operating Partnership cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The General Partner believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on the Operating Partnership’s financial condition, results of operations or cash flow.

REPORTABLE SEGMENTS (UNITED DOM

REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.)	3 Months Ended
	Mar. 31, 2018
Entity information
REPORTABLE SEGMENTS	13. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s chief operating decision maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. UDR’s chief operating decision maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other : · Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2017 and held as of March 31, 2018. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. · Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the three months ended March 31, 2018 and 2017. The following table details rental income and NOI for UDR’s reportable segments for the three months ended March 31, 2018 and 2017, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands) : March 31, (a) 2018 2017 Reportable apartment home segment rental income Same-Store Communities West Region $ 97,772 $ 93,943 Mid-Atlantic Region 57,982 56,688 Northeast Region 38,064 37,921 Southeast Region 30,036 28,657 Southwest Region 10,779 10,679 Non-Mature Communities/Other 15,850 13,383 Total segment and consolidated rental income $ 250,483 $ 241,271 Reportable apartment home segment NOI Same-Store Communities West Region $ 73,651 $ 70,249 Mid-Atlantic Region 39,819 39,619 Northeast Region 26,577 26,901 Southeast Region 21,047 19,661 Southwest Region 6,452 6,678 Non-Mature Communities/Other 9,068 8,375 Total segment and consolidated NOI 176,614 171,483 Reconciling items: Joint venture management and other fees 2,822 2,570 Property management (6,888) (6,635) Other operating expenses (2,009) (1,691) Real estate depreciation and amortization (108,136) (105,032) General and administrative (11,759) (13,075) Casualty-related (charges)/recoveries, net (940) (502) Other depreciation and amortization (1,691) (1,608) Income/(loss) from unconsolidated entities (1,677) 11,198 Interest expense (29,943) (30,539) Interest income and other income/(expense), net 2,759 427 Tax (provision)/benefit, net (227) (332) Gain/(loss) on sale of real estate owned, net of tax 70,300 2,132 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (7,390) (2,338) Net (income)/loss attributable to noncontrolling interests (79) (91) Net income/(loss) attributable to UDR, Inc. $ 81,756 $ 25,967 (a) Same-Store Community population consisted of 38,277 apartment homes. The following table details the assets of UDR’s reportable segments as of March 31, 2018 and December 31, 2017 (dollars in thousands) : March 31, December 31, 2018 2017 Reportable apartment home segment assets: Same-Store Communities: West Region $ 3,635,407 $ 3,630,164 Mid-Atlantic Region 2,453,299 2,449,286 Northeast Region 1,866,696 1,865,762 Southeast Region 764,893 762,102 Southwest Region 292,898 292,074 Non-Mature Communities/Other 1,196,548 1,177,818 Total segment assets 10,209,741 10,177,206 Accumulated depreciation (3,413,815) (3,330,166) Total segment assets — net book value 6,795,926 6,847,040 Reconciling items: Cash and cash equivalents 1,083 2,038 Restricted cash 19,770 19,792 Notes receivable, net 39,469 19,469 Investment in and advances to unconsolidated joint ventures, net 732,578 720,830 Other assets 120,222 124,104 Total consolidated assets $ 7,709,048 $ 7,733,273 Capital expenditures related to our Same-Store Communities totaled $12.7 million and $15.6 million for the three months ended March 31, 2018 and 2017, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $0.3 million and $0.5 million for the three months ended March 31, 2018 and 2017, respectively. Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Richmond and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Orlando, Tampa, Nashville and Other Florida v. Southwest Region — Dallas, Austin and Denver
United Dominion Reality L.P.
Entity information
REPORTABLE SEGMENTS	11. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. The Operating Partnership has the same chief operating decision maker as that of its parent, the General Partner. The chief operating decision maker consists of several members of UDR’s executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. The Operating Partnership owns and operates multifamily apartment communities throughout the United States that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures of the Operating Partnership’s apartment communities are rental income and net operating income (“NOI”), and are included in the chief operating decision maker’s assessment of the Operating Partnership’s performance on a consolidated basis. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as total revenues less direct property operating expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI are property management costs, which are the Operating Partnership’s allocable share of costs incurred by the General Partner for shared services of corporate level property management employees and related support functions and costs. The chief operating decision maker of the General Partner utilizes NOI as the key measure of segment profit or loss. The Operating Partnership’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other: · Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2017 and held as of March 31, 2018. A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. · Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management of the General Partner evaluates the performance of each of the Operating Partnership’s apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Operating Partnership’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of the Operating Partnership’s total revenues during the three months ended March 31, 2018 and 2017. The following table details rental income and NOI for the Operating Partnership’s reportable segments for the three months ended March 31, 2018 and 2017, and reconciles NOI to Net income/(loss) attributable to OP unitholders on the Consolidated Statements of Operations (dollars in thousands) : Three Months Ended March 31, (a) 2018 2017 Reportable apartment home segment rental income Same-Store Communities West Region $ 60,164 $ 57,458 Mid-Atlantic Region 15,027 14,748 Northeast Region 13,647 13,559 Southeast Region 12,729 12,271 Non-Mature Communities/Other 5,025 4,569 Total segment and consolidated rental income $ 106,592 $ 102,605 Reportable apartment home segment NOI Same-Store Communities West Region $ 45,829 $ 43,498 Mid-Atlantic Region 10,393 10,095 Northeast Region 10,117 10,131 Southeast Region 8,792 8,283 Non-Mature Communities/Other 3,158 3,056 Total segment and consolidated NOI 78,289 75,063 Reconciling items: Property management (2,931) (2,822) Other operating expenses (1,554) (1,548) Real estate depreciation and amortization (37,565) (36,879) General and administrative (4,309) (5,219) Casualty-related (charges)/recoveries, net (342) (553) Income/(loss) from unconsolidated entities (5,017) (5,424) Interest expense (5,026) (8,611) Gain/(loss) on sale of real estate owned 70,300 — Net (income)/loss attributable to noncontrolling interests (418) (350) Net income/(loss) attributable to OP unitholders $ 91,427 $ 13,657 (a) Same-Store Community population consisted of 16,216 apartment homes. The following table details the assets of the Operating Partnership’s reportable segments as of March 31, 2018 and December 31, 2017 (dollars in thousands) : March 31, December 31, 2018 2017 Reportable apartment home segment assets Same-Store Communities West Region $ 1,959,699 $ 1,955,962 Mid-Atlantic Region 656,861 655,850 Northeast Region 678,161 677,767 Southeast Region 335,819 334,811 Non-Mature Communities/Other 151,811 192,566 Total segment assets 3,782,351 3,816,956 Accumulated depreciation (1,557,445) (1,543,652) Total segment assets - net book value 2,224,906 2,273,304 Reconciling items: Cash and cash equivalents 74 293 Restricted cash 13,011 12,579 Investment in unconsolidated entities 67,546 76,907 Other assets 29,276 32,490 Total consolidated assets $ 2,334,813 $ 2,395,573 Capital expenditures related to the Operating Partnership’s Same-Store Communities totaled $6.1 million and $8.1 million for the three months ended March 31, 2018 and 2017, respectively. Capital expenditures related to the Operating Partnership’s Non-Mature Communities/Other totaled $0.1 million and $0.3 million for the three months ended March 31, 2018 and 2017, respectively. Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan, D.C. and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Nashville, Tampa and Other Florida v. Southwest Region — Denver

SIGNIFICANT ACCOUNTING POLICI78

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) (Policies)	3 Months Ended
	Mar. 31, 2018
Entity information
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.
Discontinued Operations	Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations.
Revenue	Revenue On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of retained earnings is made to recognize any required adjustments. As a result of the adoption, the Company did not make an adjustment to retained earnings because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents and tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Company has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Company to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned. Joint venture management and other fees The Joint venture management and other fees revenue consists of management fees charged to our equity method joint ventures per the terms of contractual agreements and other fees. Joint venture fee revenue is recognized monthly as the management services are provided and the fees are earned or upon a transaction whereby the Company earns a fee.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed.
Disaggregation of Revenue	Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) . Joint venture management and other fees are not included in the tables as they are not allocable to a specific reportable segment or segments. Lease Reimbursements Other Total For the three months ended March 31, 2018 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 90,874 $ 4,198 $ 2,700 $ 97,772 Mid-Atlantic Region 53,417 2,616 1,949 57,982 Northeast Region 36,710 637 717 38,064 Southeast Region 26,672 1,666 1,698 30,036 Southwest Region 9,754 558 467 10,779 Non-Mature Communities/Other 13,611 1,784 455 15,850 Total segment and consolidated revenues $ 231,038 $ 11,459 $ 7,986 $ 250,483 Lease Reimbursements Other Total For the three months ended March 31, 2017 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 87,170 $ 3,993 $ 2,780 $ 93,943 Mid-Atlantic Region 52,289 2,602 1,797 56,688 Northeast Region 36,447 715 759 37,921 Southeast Region 25,516 1,610 1,531 28,657 Southwest Region 9,649 504 526 10,679 Non-Mature Communities/Other 11,575 1,462 346 13,383 Total segment and consolidated revenues $ 222,646 $ 10,886 $ 7,739 $ 241,271 (a) Lease Revenue is subject to recognition under ASC 840, Leases .
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three months ended March 31, 2018 and 2017, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 10, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the three months ended March 31, 2018 and 2017, was $0.1 million and $0.1 million, respectively.
Income taxes	Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of March 31, 2018 and December 31, 2017, UDR’s net deferred tax asset was $0.1 million and $0.1 million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at March 31, 2018. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2017 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net on the Consolidated Statements of Operations. As of December 31, 2017 , management of the Company had completed its review of the effects of the Tax Cuts and Jobs Act, under which it recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable.
United Dominion Reality L.P.
Entity information
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Operating Partnership on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Operating Partnership early adopted the guidance on January 1, 2018, however, the updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. In January 2017, the FASB issued ASU 2017‑01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard was effective for the Operating Partnership on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after adoption. The Operating Partnership expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016‑18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard was effective for the Operating Partnership on January 1, 2018, and was applied retrospectively to all periods presented. The updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. As a result of the adoption of ASU 2016-18, for the three months ended March 31, 2017, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Three months ended March 31, 2017 (Increase)/decrease in operating assets $ Net cash provided by /(used in) operating activities $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement $ Net cash provided by /(used in) investing activities $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ In June 2016, the FASB issued ASU 2016‑13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Operating Partnership on January 1, 2020; however, early adoption of the ASU is permitted on January 1, 2019. The Operating Partnership is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016‑02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Operating Partnership on January 1, 2019; however, early adoption of the ASU is permitted. While the Operating Partnership is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method. The updated standard was effective for the Operating Partnership on January 1, 2018, at which time the Operating Partnership adopted it using the modified retrospective approach. However, as the majority of the Operating Partnership’s revenue is from rental income related to leases, the ASU did not have a material impact on the consolidated financial statements. Related disclosures are provided and/or updated pursuant to the requirements of the ASU.
Principles of Consolidation	Principles of Consolidation The Operating Partnership accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the amended consolidation guidance. The Operating Partnership first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Operating Partnership consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Operating Partnership consolidates an entity when it controls the entity through ownership of a majority voting interest.
Discontinued Operations	Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations.
Income/(Loss) Per Operating Partnership Unit	Income/(Loss) Per Operating Partnership Unit Basic income/(loss) per OP Unit is computed by dividing net income/(loss) attributable to the general and limited partner unitholders by the weighted average number of general and limited partner units outstanding during the year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership.
Revenue	Revenue On January 1, 2018, the Operating Partnership adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of partners’ capital is made to recognize any required adjustments. As a result of the adoption, the Operating Partnership did not make an adjustment to partners’ capital because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Operating Partnership recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Operating Partnership generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents and tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Operating Partership has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Operating Partnership to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Operating Partnership generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Operating Partnership will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Operating Partnership sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Operating Partnership will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Operating Partnership will record a full gain or loss in the period the property is contributed.
Disaggregation of Revenue	Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) : Lease Reimbursements Other Total For the three months ended March 31, 2018 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 55,506 $ 2,834 $ 1,824 $ 60,164 Mid-Atlantic Region 13,906 626 495 15,027 Northeast Region 12,991 401 255 13,647 Southeast Region 11,226 753 750 12,729 Non-Mature Communities/Other 4,334 592 99 5,025 Total segment and consolidated revenues $ 97,963 $ 5,206 $ 3,423 $ 106,592 Lease Reimbursements Other Total For the three months ended March 31, 2017 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 52,964 $ 2,682 $ 1,812 $ 57,458 Mid-Atlantic Region 13,688 596 464 14,748 Northeast Region 12,804 490 265 13,559 Southeast Region 10,848 744 679 12,271 Non-Mature Communities/Other 4,059 439 71 4,569 Total segment and consolidated revenues $ 94,363 $ 4,951 $ 3,291 $ 102,605 (a) Lease Revenue is subject to recognition under ASC 840, Leases .
Comprehensive Income/(Loss)	Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three months ended March 31, 2018 and 2017, the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 8, Derivatives and Hedging Activity, for further discussion.
Income taxes	Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years (2014 through 2017) of tax jurisdictions and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. As of December 31, 2017 , management of the Operating Partnership had completed its review of the effects of the Tax Cuts and Jobs Act and it determined there was no material impact.

SIGNIFICANT ACCOUNTING POLICI79

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) (Tables)	3 Months Ended
	Mar. 31, 2018
New accounting pronouncements
Schedule of disaggregation of revenue	Lease Reimbursements Other Total For the three months ended March 31, 2018 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 90,874 $ 4,198 $ 2,700 $ 97,772 Mid-Atlantic Region 53,417 2,616 1,949 57,982 Northeast Region 36,710 637 717 38,064 Southeast Region 26,672 1,666 1,698 30,036 Southwest Region 9,754 558 467 10,779 Non-Mature Communities/Other 13,611 1,784 455 15,850 Total segment and consolidated revenues $ 231,038 $ 11,459 $ 7,986 $ 250,483 Lease Reimbursements Other Total For the three months ended March 31, 2017 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 87,170 $ 3,993 $ 2,780 $ 93,943 Mid-Atlantic Region 52,289 2,602 1,797 56,688 Northeast Region 36,447 715 759 37,921 Southeast Region 25,516 1,610 1,531 28,657 Southwest Region 9,649 504 526 10,679 Non-Mature Communities/Other 11,575 1,462 346 13,383 Total segment and consolidated revenues $ 222,646 $ 10,886 $ 7,739 $ 241,271 (a) Lease Revenue is subject to recognition under ASC 840, Leases .
Adjustment | ASU 2016-18
New accounting pronouncements
Schedule of reclassification on the Consolidated Statements of Cash Flows	As a result of the adoption of ASU 2016-18, for the three months ended March 31, 2017, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Three months ended March 31, 2017 (Increase)/decrease in operating assets $ Net cash provided by /(used in) operating activities $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement $ Net cash provided by /(used in) investing activities $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $
United Dominion Reality L.P.
New accounting pronouncements
Schedule of disaggregation of revenue	Lease Reimbursements Other Total For the three months ended March 31, 2018 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 55,506 $ 2,834 $ 1,824 $ 60,164 Mid-Atlantic Region 13,906 626 495 15,027 Northeast Region 12,991 401 255 13,647 Southeast Region 11,226 753 750 12,729 Non-Mature Communities/Other 4,334 592 99 5,025 Total segment and consolidated revenues $ 97,963 $ 5,206 $ 3,423 $ 106,592 Lease Reimbursements Other Total For the three months ended March 31, 2017 Revenue (a) Revenue Revenue Revenue Same-Store Communities West Region $ 52,964 $ 2,682 $ 1,812 $ 57,458 Mid-Atlantic Region 13,688 596 464 14,748 Northeast Region 12,804 490 265 13,559 Southeast Region 10,848 744 679 12,271 Non-Mature Communities/Other 4,059 439 71 4,569 Total segment and consolidated revenues $ 94,363 $ 4,951 $ 3,291 $ 102,605 (a) Lease Revenue is subject to recognition under ASC 840, Leases .
United Dominion Reality L.P. | Adjustment | ASU 2016-18
New accounting pronouncements
Schedule of reclassification on the Consolidated Statements of Cash Flows	As a result of the adoption of ASU 2016-18, for the three months ended March 31, 2017, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Three months ended March 31, 2017 (Increase)/decrease in operating assets $ Net cash provided by /(used in) operating activities $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement $ Net cash provided by /(used in) investing activities $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $

REAL ESTATE OWNED (UNITED DOM80

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) (Tables)	3 Months Ended
	Mar. 31, 2018
Entity information
Summary of carrying amounts for real estate owned (at cost)	The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2018 and December 31, 2017 (dollars in thousands): March 31, December 31, 2018 2017 Land $ 1,773,402 $ 1,780,229 Depreciable property — held and used: Land improvements 190,177 189,919 Building, improvements, and furniture, fixtures and equipment 7,595,165 7,614,568 Under development: Land and land improvements 109,122 109,468 Building, improvements, and furniture, fixtures and equipment 541,875 483,022 Real estate owned 10,209,741 10,177,206 Accumulated depreciation (3,413,815) (3,330,166) Real estate owned, net $ 6,795,926 $ 6,847,040
United Dominion Reality L.P.
Entity information
Summary of carrying amounts for real estate owned (at cost)	The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2018 and December 31, 2017 (dollars in thousands) : March 31, December 31, 2018 2017 Land $ 712,588 $ 719,410 Depreciable property — held and used: Land improvements 88,697 89,331 Buildings, improvements, and furniture, fixtures and equipment 2,981,066 3,008,215 Real estate owned 3,782,351 3,816,956 Accumulated depreciation (1,557,445) (1,543,652) Real estate owned, net $ 2,224,906 $ 2,273,304

UNCONSOLIDATED ENTITIES (UNIT81

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Tables)	3 Months Ended
	Mar. 31, 2018
Unconsolidated entities
Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships	Combined summary balance sheets relating to the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): March 31, December 31, 2018 2017 Total real estate, net $ 3,256,696 $ 3,236,180 Cash and cash equivalents 46,009 36,411 Other assets 53,470 48,706 Total assets $ 3,356,175 $ 3,321,297 Amount due to/(from) UDR $ 3,574 $ (1,452) Third party debt, net 2,042,830 2,005,566 Accounts payable and accrued liabilities 78,440 85,643 Total liabilities $ 2,124,844 $ 2,089,757 Total equity $ 1,231,331 $ 1,231,540
Summarized Income Statement Relating to Unconsolidated Joint Ventures [Table Text Block]	Combined summary financial information relating to the unconsolidated joint ventures ’ and partnerships ’ operations (not just our proportionate share) is presented below for the three months ended March 31, 2018 and 2017 ( dollars in thousands ) : Three Months Ended March 31, 2018 2017 Total revenues $ 67,957 $ 65,731 Property operating expenses 26,937 25,483 Real estate depreciation and amortization 26,848 26,357 Operating income/(loss) 14,172 13,891 Interest expense (19,406) (20,536) Net (income)/loss attributable to noncontrolling interest (5) 48 Net income/(loss) $ (5,239) $ (6,597)
United Dominion Reality L.P.
Unconsolidated entities
Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships	Combined summary balance sheets relating to all of the DownREIT Partnership (not just our proportionate share) are presented below as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): March 31, December 31, 2018 2017 Total real estate, net $ 1,341,132 $ 1,359,170 Cash and cash equivalents 31 39 Note receivable from the General Partner 126,500 126,500 Other assets 4,762 4,937 Total assets $ 1,472,425 $ 1,490,646 Secured debt, net $ 435,952 $ 437,510 Other liabilities 23,623 27,574 Total liabilities 459,575 465,084 Total capital 1,012,850 1,025,562 Total liabilities and capital $ 1,472,425 $ 1,490,646
Summarized Income Statement Relating to Unconsolidated Joint Ventures [Table Text Block]	Combined summary financial information relating to all of the DownREIT Partnership (not just our proportionate share) is presented below for the three months ended March 31, 2018 and 2017 ( dollars in thousands ) : Three Months Ended March 31, 2018 2017 Rental income $ 34,012 $ 33,298 Property operating expenses (14,487) (13,976) Real estate depreciation and amortization (21,495) (20,608) Operating income/(loss) (1,970) (1,286) Interest expense (3,574) (3,860) Interest income on note receivable from the General Partner 1,196 1,166 Net income/(loss) $ (4,348) $ (3,980)

DEBT, NET (UNITED DOMINION RE82

DEBT, NET (UNITED DOMINION REALTY, L.P.) (Tables)	3 Months Ended
	Mar. 31, 2018
Entity information
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at March 31, 2018 and December 31, 2017 ( dollars in thousands ): Principal Outstanding As of March 31, 2018 Weighted Weighted Average Average Number of March 31, December 31, Interest Years to Communities 2018 2017 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 393,702 $ 395,611 4.04 % 5.1 7 Fannie Mae credit facilities (b) 285,836 285,836 4.86 % 1.8 8 Deferred financing costs (1,539) (1,670) Total fixed rate secured debt, net 677,999 679,777 4.39 % 3.7 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 4.9 2 Fannie Mae credit facilities (b) 29,034 29,034 3.22 % 0.7 1 Deferred financing costs (210) (242) Total variable rate secured debt, net 123,524 123,492 2.21 % 3.9 3 Total Secured Debt, net 801,523 803,269 4.05 % 3.7 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (h) — — — % 1.8 Borrowings outstanding under unsecured commercial paper program due April 2018 (e) (h) 275,000 300,000 2.27 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2021 (f) 57,707 21,767 2.78 % 2.8 Term Loan Facility due January 2021 (d) (h) 35,000 35,000 2.61 % 2.8 Fixed Rate Debt 3.70% Medium-Term Notes due October 2020 (net of discounts of $20 and $22, respectively) (h) 299,980 299,978 3.70 % 2.5 1.98% Term Loan Facility due January 2021 (d) (h) 315,000 315,000 1.98 % 2.8 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,356 and $1,446, respectively) (h) 398,644 398,554 4.63 % 3.8 3.75% Medium-Term Notes due July 2024 (net of discounts of $652 and $678, respectively) (h) 299,348 299,322 3.75 % 6.3 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.5 4.00% Medium-Term Notes due October 2025 (net of discounts of $516 and $534, respectively) (g) (h) 299,484 299,466 4.00 % 7.5 2.95% Medium-Term Notes due September 2026 (h) 300,000 300,000 2.95 % 8.4 3.50% Medium-Term Notes due July 2027 (net of discounts of $653 and $670, respectively) (h) 299,347 299,330 3.50 % 9.3 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,161 and $1,191, respectively) (h) 298,839 298,809 3.50 % 9.8 Other 18 19 Deferred financing costs (14,861) (14,495) Total Unsecured Debt, net 2,879,150 2,868,394 3.47 % 5.5 Total Debt, net $ 3,680,673 $ 3,671,663 3.66 % 5.1
Secured credit facilities	Further information related to these credit facilities is as follows (dollars in thousands) : March 31, December 31, 2018 2017 Borrowings outstanding $ 314,870 $ 314,870 Weighted average borrowings during the period ended 314,870 416,653 Maximum daily borrowings during the period ended 314,870 636,782 Weighted average interest rate during the period ended 4.7 % 4.3 % Weighted average interest rate at the end of the period 4.7 % 4.7 %
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt	The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to March 31, 2018 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 3,464 $ 29,034 $ 32,498 $ 275,000 $ 307,498 2019 249,395 67,700 317,095 — 317,095 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 407,707 408,824 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 672,054 123,734 795,788 2,898,351 3,694,139 Non-cash (a) 5,945 (210) 5,735 (19,201) (13,466) Total $ 677,999 $ 123,524 $ 801,523 $ 2,879,150 $ 3,680,673 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs . For the three months ended March 31, 2018 and 2017, the Company amortized $ 1.0 million and $ 1.1 million, respectively, of deferred financing costs into Interest expense.
United Dominion Reality L.P.
Entity information
Schedule of debt instruments	Secured debt consists of the following as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): Principal Outstanding As of March 31, 2018 Weighted Weighted Average March 31, December 31, Average Years to Communities 2018 2017 Interest Rate Maturity Encumbered Fixed Rate Debt Fannie Mae credit facilities $ 133,205 $ 133,205 5.28 % 1.6 4 Deferred financing costs (243) (282) Total fixed rate secured debt, net 132,962 132,923 5.28 % 1.6 4 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 1.80 % 14.0 1 Deferred financing costs (77) (78) Total variable rate secured debt, net 26,923 26,922 1.80 % 14.0 1 Total Secured Debt, Net $ 159,885 $ 159,845 4.80 % 3.7 5
Secured credit facilities	The following information relates to the credit facilities owed by the Operating Partnership (dollars in thousands) : March 31, December 31, 2018 2017 Borrowings outstanding $ 133,205 $ 133,205 Weighted average borrowings during the period ended 133,205 223,347 Maximum daily borrowings during the period ended 133,205 408,549 Weighted average interest rate during the period ended 5.3 % 4.6 % Interest rate at the end of the period 5.3 % 5.3 %
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt	The aggregate maturities of the Operating Partnership’s secured debt due during each of the next ten calendar years subsequent to March 31, 2018 are as follows (dollars in thousands): Fixed Variable Tax-Exempt Secured Credit Secured Notes Year Facilities Payable Total 2018 $ — $ — $ — 2019 133,205 — 133,205 2020 — — — 2021 — — — 2022 — — — 2023 — — — 2024 — — — 2025 — — — 2026 — — — 2027 — — — Thereafter — 27,000 27,000 Subtotal 133,205 27,000 160,205 Non-cash (a) (243) (77) (320) Total $ 132,962 $ 26,923 $ 159,885 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the three months ended March 31, 2018 and 2017, the Operating Partnership amortized less than $0.1 million and $0. 1 million, respectively, of deferred financing costs into Interest expense .

FAIR VALUE OF DERIVATIVES AND83

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.) (Tables)	3 Months Ended
	Mar. 31, 2018
Entity information
Schedule of estimated fair values	The estimated fair values of the Company’s financial instruments either recorded or disclosed on a recurring basis as of March 31, 2018 and December 31, 2017, are summarized as follows (dollars in thousands) : Fair Value at March 31, 2018, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable March 31, March 31, Liabilities Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 39,469 $ 40,167 $ — $ — $ 40,167 Derivatives - Interest rate contracts (b) 7,004 7,004 — 7,004 — Total assets $ 46,473 $ 47,171 $ — $ 7,004 $ 40,167 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 393,702 $ 391,230 $ — $ — $ 391,230 Fannie Mae credit facilities 285,836 290,173 — — 290,173 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 57,707 57,707 — — 57,707 Commercial paper program 275,000 275,000 — — 275,000 Unsecured notes 2,561,304 2,542,106 — — 2,542,106 Total liabilities $ 3,697,283 $ 3,679,950 $ — $ — $ 3,679,950 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 876,120 $ 876,120 $ — $ 876,120 $ — Fair Value at December 31, 2017, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 10, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 8, Noncontrolling Interests.
United Dominion Reality L.P.
Entity information
Schedule of estimated fair values	The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of March 31, 2018 and December 31, 2017 are summarized as follows (dollars in thousands) : Fair Value at March 31, 2018, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable March 31, March 31, Liabilities Inputs Inputs 2018 2018 (Level 1) (Level 2) (Level 3) Description: Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 133,205 $ 136,126 $ — $ — $ 136,126 Secured debt instruments - variable rate: (a) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Total liabilities $ 160,205 $ 163,126 $ — $ — $ 163,126 Fair Value at December 31, 2017, Using Quoted Total Prices in Carrying Active Amount in Markets Statement of for Identical Significant Financial Fair Value Assets Other Significant Position at Estimate at or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 133,205 $ 137,150 $ — $ — $ 137,150 Secured debt instruments - variable rate: (a) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Total liabilities $ 160,205 $ 164,150 $ — $ — $ 164,150 (a) See Note 5, Debt, Net.

DERIVATIVES AND HEDGING ACTIV84

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) (Tables)	3 Months Ended
	Mar. 31, 2018
Entity information
Schedule of outstanding interest rate derivatives	As of March 31, 2018, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Number of Product Instruments Notional Interest rate swaps 4 $ 315,000 Interest rate caps 1 $ 65,197 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the three months ended March 31, 2018 and 2017. As of March 31, 2018, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2018 and December 31, 2017 ( dollars in thousands ): Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: March 31, December 31, March 31, December 31, 2018 2017 2018 2017 Derivatives designated as hedging instruments: Interest rate products $ 7,004 $ 5,743 $ — $ —
Effect of Company's derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2018 2017 2018 2017 2018 2017 Three Months Ended March 31, Interest rate products $ 1,710 $ 632 $ 172 $ (764) $ — $ (54)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	Three Months Ended March 31, 2018 2017 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 29,943 $ 30,539 Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2018 2017 Three Months Ended March 31, Interest rate products $ — $ (1)
Offsetting of Derivative Assets	The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of March 31, 2018 and December 31, 2017 (dollars in thousands): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount March 31, 2018 $ 7,004 $ — $ 7,004 $ — $ — $ 7,004 December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
Offsetting of Derivative Liabilities	Gross Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount March 31, 2018 $ — $ — $ — $ — $ — $ — December 31, 2017 $ — $ — $ — $ — $ — $ — (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote.
United Dominion Reality L.P.
Entity information
Schedule of outstanding interest rate derivatives	As of March 31, 2018, we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 1 $ 19,880
Effect of Company's derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2018 and 2017 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2018 2017 2018 2017 2018 2017 Interest rate products $ — $ — $ — $ — $ — $ (54)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	Three Months Ended March 31, 2018 2017 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 1,973 $ 5,558 Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2018 2017 Three Months Ended March 31, Interest rate products $ — $ (1)

CAPITAL STRUCTURE (UNITED DOM85

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) Capital Structure (UNITED DOMINION REALTY, L.P.) (Tables)	3 Months Ended
	Mar. 31, 2018
United Dominion Reality L.P.
Entity information
Schedule of Limited Partners' Capital Account by Class [Table Text Block]	The following table shows OP Units outstanding and OP Unit activity as of and for the three months ended March 31, 2018: UDR, Inc. Class A Class A Limited Limited Limited Limited General Partners Partners Partner Partner Partner Total Ending balance at December 31, 2017 1,751,671 7,361,565 174,005,144 121,661 110,883 183,350,924 Vesting of LTIP Units — 285,619 — — — 285,619 OP redemptions for UDR stock — (8,311) 8,311 — — — Ending balance at March 31, 2018 1,751,671 7,638,873 174,013,455 121,661 110,883 183,636,543

REPORTABLE SEGMENTS (UNITED D86

REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) (Tables)	3 Months Ended
	Mar. 31, 2018
Entity information
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)	The following table details rental income and NOI for UDR’s reportable segments for the three months ended March 31, 2018 and 2017, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands) : March 31, (a) 2018 2017 Reportable apartment home segment rental income Same-Store Communities West Region $ 97,772 $ 93,943 Mid-Atlantic Region 57,982 56,688 Northeast Region 38,064 37,921 Southeast Region 30,036 28,657 Southwest Region 10,779 10,679 Non-Mature Communities/Other 15,850 13,383 Total segment and consolidated rental income $ 250,483 $ 241,271 Reportable apartment home segment NOI Same-Store Communities West Region $ 73,651 $ 70,249 Mid-Atlantic Region 39,819 39,619 Northeast Region 26,577 26,901 Southeast Region 21,047 19,661 Southwest Region 6,452 6,678 Non-Mature Communities/Other 9,068 8,375 Total segment and consolidated NOI 176,614 171,483 Reconciling items: Joint venture management and other fees 2,822 2,570 Property management (6,888) (6,635) Other operating expenses (2,009) (1,691) Real estate depreciation and amortization (108,136) (105,032) General and administrative (11,759) (13,075) Casualty-related (charges)/recoveries, net (940) (502) Other depreciation and amortization (1,691) (1,608) Income/(loss) from unconsolidated entities (1,677) 11,198 Interest expense (29,943) (30,539) Interest income and other income/(expense), net 2,759 427 Tax (provision)/benefit, net (227) (332) Gain/(loss) on sale of real estate owned, net of tax 70,300 2,132 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (7,390) (2,338) Net (income)/loss attributable to noncontrolling interests (79) (91) Net income/(loss) attributable to UDR, Inc. $ 81,756 $ 25,967 (a) Same-Store Community population consisted of 38,277 apartment homes.
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of March 31, 2018 and December 31, 2017 (dollars in thousands) : March 31, December 31, 2018 2017 Reportable apartment home segment assets: Same-Store Communities: West Region $ 3,635,407 $ 3,630,164 Mid-Atlantic Region 2,453,299 2,449,286 Northeast Region 1,866,696 1,865,762 Southeast Region 764,893 762,102 Southwest Region 292,898 292,074 Non-Mature Communities/Other 1,196,548 1,177,818 Total segment assets 10,209,741 10,177,206 Accumulated depreciation (3,413,815) (3,330,166) Total segment assets — net book value 6,795,926 6,847,040 Reconciling items: Cash and cash equivalents 1,083 2,038 Restricted cash 19,770 19,792 Notes receivable, net 39,469 19,469 Investment in and advances to unconsolidated joint ventures, net 732,578 720,830 Other assets 120,222 124,104 Total consolidated assets $ 7,709,048 $ 7,733,273
United Dominion Reality L.P.
Entity information
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)	The following table details rental income and NOI for the Operating Partnership’s reportable segments for the three months ended March 31, 2018 and 2017, and reconciles NOI to Net income/(loss) attributable to OP unitholders on the Consolidated Statements of Operations (dollars in thousands) : Three Months Ended March 31, (a) 2018 2017 Reportable apartment home segment rental income Same-Store Communities West Region $ 60,164 $ 57,458 Mid-Atlantic Region 15,027 14,748 Northeast Region 13,647 13,559 Southeast Region 12,729 12,271 Non-Mature Communities/Other 5,025 4,569 Total segment and consolidated rental income $ 106,592 $ 102,605 Reportable apartment home segment NOI Same-Store Communities West Region $ 45,829 $ 43,498 Mid-Atlantic Region 10,393 10,095 Northeast Region 10,117 10,131 Southeast Region 8,792 8,283 Non-Mature Communities/Other 3,158 3,056 Total segment and consolidated NOI 78,289 75,063 Reconciling items: Property management (2,931) (2,822) Other operating expenses (1,554) (1,548) Real estate depreciation and amortization (37,565) (36,879) General and administrative (4,309) (5,219) Casualty-related (charges)/recoveries, net (342) (553) Income/(loss) from unconsolidated entities (5,017) (5,424) Interest expense (5,026) (8,611) Gain/(loss) on sale of real estate owned 70,300 — Net (income)/loss attributable to noncontrolling interests (418) (350) Net income/(loss) attributable to OP unitholders $ 91,427 $ 13,657 (a) Same-Store Community population consisted of 16,216 apartment homes.
Details of assets of UDR's reportable segments	The following table details the assets of the Operating Partnership’s reportable segments as of March 31, 2018 and December 31, 2017 (dollars in thousands) : March 31, December 31, 2018 2017 Reportable apartment home segment assets Same-Store Communities West Region $ 1,959,699 $ 1,955,962 Mid-Atlantic Region 656,861 655,850 Northeast Region 678,161 677,767 Southeast Region 335,819 334,811 Non-Mature Communities/Other 151,811 192,566 Total segment assets 3,782,351 3,816,956 Accumulated depreciation (1,557,445) (1,543,652) Total segment assets - net book value 2,224,906 2,273,304 Reconciling items: Cash and cash equivalents 74 293 Restricted cash 13,011 12,579 Investment in unconsolidated entities 67,546 76,907 Other assets 29,276 32,490 Total consolidated assets $ 2,334,813 $ 2,395,573

CONSOLIDATION AND BASIS OF PR87

CONSOLIDATION AND BASIS OF PRESENTATION - GP Units (UNITED DOMINION REALTY, L.P.) (Details)	3 Months Ended
	Mar. 31, 2018communityitemshares	Dec. 31, 2017shares
Basis of presentation
Number of real estate properties | community	126
Number of apartments owned (in apartments homes) | item	39,834
OP units outstanding related to limited partner	183,636,543	183,350,924
United Dominion Reality L.P.
Basis of presentation
Rental revenues percent of General Partner's consolidated rental revenues	43.00%
General Partners Capital Account Units Owned Percentage	94.90%
OP units outstanding related to limited partner	174,245,999
United Dominion Reality L.P.
Basis of presentation
Number of real estate properties | community	52
Number of markets operating within (in markets) | item	15
Number of apartments owned (in apartments homes) | item	16,434
Operating Partnership outstanding units	183,636,543	183,350,924
OP units outstanding related to general partner	110,883	110,883
OP units outstanding related to limited partner	183,525,660	183,240,041
UDR, Inc.
Basis of presentation
OP units outstanding related to limited partner	174,135,116	174,126,805
Percentage of units outstanding in Heritage OP	94.90%	95.00%
UDR, Inc. | United Dominion Reality L.P.
Basis of presentation
General Partners Capital Account Units Owned Percentage	94.90%
Operating Partnership outstanding units		174,237,688
OP units outstanding related to general partner	174,245,999
Percentage of units outstanding in Heritage OP		95.00%
Non-affiliated Partners | United Dominion Reality L.P.
Basis of presentation
Operating Partnership outstanding units		9,113,236
OP units outstanding related to limited partner	9,390,544
Percentage of units outstanding in Heritage OP	5.10%	5.00%
Class A Limited Partner | United Dominion Reality L.P.
Basis of presentation
OP units outstanding related to limited partner	1,873,332	1,873,332
Class A Limited Partner | UDR, Inc.
Basis of presentation
OP units outstanding related to limited partner	121,661	121,661
Limited Partner
Basis of presentation
OP units outstanding related to limited partner	7,638,873	7,361,565
Limited Partner | UDR, Inc.
Basis of presentation
OP units outstanding related to limited partner	174,013,455	174,005,144
General Partner | UDR, Inc.
Basis of presentation
OP units outstanding related to limited partner	110,883	110,883
Non-affiliated Partners | United Dominion Reality L.P.
Basis of presentation
OP units outstanding related to limited partner	9,390,544	9,113,236
Percentage of units outstanding in Heritage OP	5.10%	5.00%
Non-affiliated Partners | Class A Limited Partner
Basis of presentation
OP units outstanding related to limited partner	1,751,671	1,751,671

SIGNIFICANT ACCOUNTING POLICI88

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) - Revenue Recognition (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)item	Mar. 31, 2017USD ($)
Revenue Recognition
Increase (Decrease) in Operating Assets	$ (3,560)	$ (4,034)
Net cash provided by/(used in) operating activities	132,256	120,261
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement	14,765	21,955
Net cash provided by/(used in) investing activities	(24,586)	(162,823)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	$ (977)	111
Number of Investment | item	1
ASU 2016-18 | Adjustment
Revenue Recognition
Increase (Decrease) in Operating Assets		(203)
Net cash provided by/(used in) operating activities		(203)
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement		(34)
Net cash provided by/(used in) investing activities		(34)
Net increase/(decrease) in cash, cash equivalents, and restricted cash		(237)
United Dominion Reality L.P.
Revenue Recognition
Increase (Decrease) in Operating Assets	$ (2,091)	(2,636)
Net cash provided by/(used in) operating activities	70,849	64,324
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement	7,402	12,126
Net cash provided by/(used in) investing activities	86,375	(7,950)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	$ 213	555
United Dominion Reality L.P. | ASU 2016-18 | Adjustment
Revenue Recognition
Increase (Decrease) in Operating Assets		424
Net cash provided by/(used in) operating activities		424
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement		23
Net cash provided by/(used in) investing activities		23
Net increase/(decrease) in cash, cash equivalents, and restricted cash		$ 447

SIGNIFICANT ACCOUNTING POLICI89

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) - Disaggregation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Lease Revenue	$ 231,038	$ 222,646
Total revenues	250,483	241,271
Same Store Communities West Region
Disaggregation of Revenue [Line Items]
Lease Revenue	90,874	87,170
Total revenues	97,772	93,943
Same Store Communities Mid-Atlantic Region
Disaggregation of Revenue [Line Items]
Lease Revenue	53,417	52,289
Total revenues	57,982	56,688
Same Store Communities Northeast Region
Disaggregation of Revenue [Line Items]
Lease Revenue	36,710	36,447
Total revenues	38,064	37,921
Same Store Communities Southeast Region
Disaggregation of Revenue [Line Items]
Lease Revenue	26,672	25,516
Total revenues	30,036	28,657
Same Store Communities Southwest Region
Disaggregation of Revenue [Line Items]
Lease Revenue	9,754	9,649
Total revenues	10,779	10,679
Non-Mature communities/Other
Disaggregation of Revenue [Line Items]
Lease Revenue	13,611	11,575
Total revenues	15,850	13,383
United Dominion Reality L.P.
Disaggregation of Revenue [Line Items]
Lease Revenue	97,963	94,363
Total revenues	106,592	102,605
United Dominion Reality L.P. | Same Store Communities West Region
Disaggregation of Revenue [Line Items]
Lease Revenue	55,506	52,964
Total revenues	60,164	57,458
United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Disaggregation of Revenue [Line Items]
Lease Revenue	13,906	13,688
Total revenues	15,027	14,748
United Dominion Reality L.P. | Same Store Communities Northeast Region
Disaggregation of Revenue [Line Items]
Lease Revenue	12,991	12,804
Total revenues	13,647	13,559
United Dominion Reality L.P. | Same Store Communities Southeast Region
Disaggregation of Revenue [Line Items]
Lease Revenue	11,226	10,848
Total revenues	12,729	12,271
United Dominion Reality L.P. | Non-Mature communities/Other
Disaggregation of Revenue [Line Items]
Lease Revenue	4,334	4,059
Total revenues	5,025	4,569
Reimbursements Revenue
Disaggregation of Revenue [Line Items]
Disaggregated income	11,459	10,886
Reimbursements Revenue | Same Store Communities West Region
Disaggregation of Revenue [Line Items]
Disaggregated income	4,198	3,993
Reimbursements Revenue | Same Store Communities Mid-Atlantic Region
Disaggregation of Revenue [Line Items]
Disaggregated income	2,616	2,602
Reimbursements Revenue | Same Store Communities Northeast Region
Disaggregation of Revenue [Line Items]
Disaggregated income	637	715
Reimbursements Revenue | Same Store Communities Southeast Region
Disaggregation of Revenue [Line Items]
Disaggregated income	1,666	1,610
Reimbursements Revenue | Same Store Communities Southwest Region
Disaggregation of Revenue [Line Items]
Disaggregated income	558	504
Reimbursements Revenue | Non-Mature communities/Other
Disaggregation of Revenue [Line Items]
Disaggregated income	1,784	1,462
Reimbursements Revenue | United Dominion Reality L.P.
Disaggregation of Revenue [Line Items]
Disaggregated income	5,206	4,951
Reimbursements Revenue | United Dominion Reality L.P. | Same Store Communities West Region
Disaggregation of Revenue [Line Items]
Disaggregated income	2,834	2,682
Reimbursements Revenue | United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Disaggregation of Revenue [Line Items]
Disaggregated income	626	596
Reimbursements Revenue | United Dominion Reality L.P. | Same Store Communities Northeast Region
Disaggregation of Revenue [Line Items]
Disaggregated income	401	490
Reimbursements Revenue | United Dominion Reality L.P. | Same Store Communities Southeast Region
Disaggregation of Revenue [Line Items]
Disaggregated income	753	744
Reimbursements Revenue | United Dominion Reality L.P. | Non-Mature communities/Other
Disaggregation of Revenue [Line Items]
Disaggregated income	592	439
Other Revenue
Disaggregation of Revenue [Line Items]
Disaggregated income	7,986	7,739
Other Revenue | Same Store Communities West Region
Disaggregation of Revenue [Line Items]
Disaggregated income	2,700	2,780
Other Revenue | Same Store Communities Mid-Atlantic Region
Disaggregation of Revenue [Line Items]
Disaggregated income	1,949	1,797
Other Revenue | Same Store Communities Northeast Region
Disaggregation of Revenue [Line Items]
Disaggregated income	717	759
Other Revenue | Same Store Communities Southeast Region
Disaggregation of Revenue [Line Items]
Disaggregated income	1,698	1,531
Other Revenue | Same Store Communities Southwest Region
Disaggregation of Revenue [Line Items]
Disaggregated income	467	526
Other Revenue | Non-Mature communities/Other
Disaggregation of Revenue [Line Items]
Disaggregated income	455	346
Other Revenue | United Dominion Reality L.P.
Disaggregation of Revenue [Line Items]
Disaggregated income	3,423	3,291
Other Revenue | United Dominion Reality L.P. | Same Store Communities West Region
Disaggregation of Revenue [Line Items]
Disaggregated income	1,824	1,812
Other Revenue | United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Disaggregation of Revenue [Line Items]
Disaggregated income	495	464
Other Revenue | United Dominion Reality L.P. | Same Store Communities Northeast Region
Disaggregation of Revenue [Line Items]
Disaggregated income	255	265
Other Revenue | United Dominion Reality L.P. | Same Store Communities Southeast Region
Disaggregation of Revenue [Line Items]
Disaggregated income	750	679
Other Revenue | United Dominion Reality L.P. | Non-Mature communities/Other
Disaggregation of Revenue [Line Items]
Disaggregated income	$ 99	$ 71

REAL ESTATE OWNED (UNITED DOM90

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) - Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)item	Dec. 31, 2017USD ($)
Property, Plant and Equipment [Line Items]
Land	$ 1,773,402	$ 1,780,229
Depreciable property - held and used:
Land improvements	190,177	189,919
Building, improvements, and furniture, fixtures and equipment	7,595,165	7,614,568
Under development:
Real estate under development (net of accumulated depreciation of $6,790 and $3,854, respectively)	644,207	588,636
Real estate owned	10,209,741	10,177,206
Accumulated depreciation	(3,413,815)	(3,330,166)
Total real estate owned, net of accumulated depreciation	$ 6,795,926	6,847,040
ORANGE COUNTY, CA
Under development:
Apartment Homes Sold | item	264
Gross proceeds from sale of properties	$ 90,500
Gain/(loss) on sales of real estate owned, net of tax	70,300
United Dominion Reality L.P.
Property, Plant and Equipment [Line Items]
Land	712,588	719,410
Depreciable property - held and used:
Land improvements	88,697	89,331
Building, improvements, and furniture, fixtures and equipment	2,981,066	3,008,215
Under development:
Real estate owned	3,782,351	3,816,956
Accumulated depreciation	(1,557,445)	(1,543,652)
Total real estate owned, net of accumulated depreciation	$ 2,224,906	$ 2,273,304
United Dominion Reality L.P. | ORANGE COUNTY, CA
Under development:
Apartment Homes Sold | item	264
Gross proceeds from sale of properties	$ 90,500
Gain/(loss) on sales of real estate owned, net of tax	$ 70,300

REAL ESTATE OWNED (UNITED DOM91

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) - Acquisitions and Dispositions (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)statecommunityitem	Mar. 31, 2017USD ($)
Real Estate Owned Disclosure
Number of communities owned (in communities) | community	126
Number of states in which there are owned and consolidated communities | state	11
Development costs excluding direct costs and capitalized interest	$ 3,400	$ 2,800
Number of apartments owned (in apartments homes) | item	39,834
Interest capitalized during period	$ 4,600	4,700
Other Cost and Expense, Operating	$ 2,009	1,691
United Dominion Reality L.P.
Real Estate Owned Disclosure
Number of communities owned (in communities) | community	52
Number of states in which there are owned and consolidated communities | state	9
Number of apartments owned (in apartments homes) | item	16,434
Other Cost and Expense, Operating	$ 1,554	1,548
United Dominion Reality L.P. | Maximum
Real Estate Owned Disclosure
Development costs excluding direct costs and capitalized interest	100	300
Interest capitalized during period	$ 100	$ 100

UNCONSOLIDATED ENTITIES (UNIT92

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) - Summary Financial Information (Details) - UDR Lighthouse DownREIT L.P. - United Dominion Reality L.P. - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Equity Method Investment Summarized Financial Information Real Estate, Net	$ 1,341,132		$ 1,359,170
Equity Method Investment Summarized Financial Information Cash and cash equivalents	31		39
Equity Method Investment Summarized Financial Instrument, Note Receivable	126,500		126,500
Equity Method Investment Summarized Financial Information Other assets	4,762		4,937
Equity Method Investment, Summarized Financial Information, Assets	1,472,425		1,490,646
Equity Method Investment Summarized Financial Information, Secured Debt, Net	435,952		437,510
Equity Method Investment, Summarized Financial Information, Other Liabilities	23,623		27,574
Equity Method Investment, Summarized Financial Information, Liabilities	459,575		465,084
Equity Method Investment Summarized Financial Information, Equity	1,012,850		1,025,562
Equity Method Investment, Summarized Financial Information, Liabilities and Equity, Total	1,472,425		$ 1,490,646
Equity Method Investment, Summarized Financial Information, Revenue	34,012	$ 33,298
Equity Method Investment Summarized Financial Information Property Operating Expense	(14,487)	(13,976)
Equity Method Investment Summarized Financial Information Depreciation Amortization	(21,495)	(20,608)
Equity Method of Investment Summarized Financial Information Operating income/(loss)	(1,970)	(1,286)
Equity Method Investment Summarized Financial Information Interest expense	(3,574)	(3,860)
Equity Method Investment Summarized Financial Information Other income/(expense)	1,196	1,166
Net income /(loss)	$ (4,348)	$ (3,980)

UNCONSOLIDATED ENTITIES (UNIT93

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) - Additional Information (Details) $ in Thousands	Mar. 31, 2018USD ($)communityitem	Dec. 31, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | community	126
Number of apartment homes owned and consolidated | item	39,834
Equity Method Investments | $	$ 732,578	$ 720,830
United Dominion Reality L.P.
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | community	52
Number of apartment homes owned and consolidated | item	16,434
Equity Method Investments | $	$ 67,546	76,907
United Dominion Reality L.P. | UDR Lighthouse DownREIT L.P.
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | community	13
Number of apartment homes owned and consolidated | item	6,261
Equity Method Investments | $	$ 67,500	$ 76,900

DEBT, NET (UNITED DOMINION RE94

DEBT, NET (UNITED DOMINION REALTY, L.P.) - Summary (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)community	Dec. 31, 2017USD ($)
Debt Instrument [Line Items]
Weighted Average Interest Rate	3.66%
Debt Instrument Weighted Average Years to Maturity	5 years 1 month 6 days
Fixed Rate Debt | Mortgages Notes Payable
Debt Instrument [Line Items]
Principal outstanding	$ 393,702	$ 395,611
Weighted Average Interest Rate	4.04%
Debt Instrument Weighted Average Years to Maturity	5 years 1 month 6 days
Number of Communities Encumbered (in communities) | community	7
Fixed Rate Debt | Fannie Mae credit facilities
Debt Instrument [Line Items]
Principal outstanding	$ 285,836	285,836
Weighted Average Interest Rate	4.86%
Debt Instrument Weighted Average Years to Maturity	1 year 9 months 18 days
Number of Communities Encumbered (in communities) | community	8
Variable Rate Debt | Fannie Mae credit facilities
Debt Instrument [Line Items]
Principal outstanding	$ 29,034	29,034
Weighted Average Interest Rate	3.22%
Debt Instrument Weighted Average Years to Maturity	8 months 12 days
Number of Communities Encumbered (in communities) | community	1
Variable Rate Debt | Tax-exempt secured notes payable
Debt Instrument [Line Items]
Principal outstanding	$ 94,700	94,700
Weighted Average Interest Rate	1.90%
Debt Instrument Weighted Average Years to Maturity	4 years 10 months 24 days
Number of Communities Encumbered (in communities) | community	2
United Dominion Reality L.P.
Debt Instrument [Line Items]
Principal outstanding	$ 159,885	159,845
Weighted Average Interest Rate	4.80%
Debt Instrument Weighted Average Years to Maturity	3 years 8 months 12 days
Number of Communities Encumbered (in communities) | community	5
United Dominion Reality L.P. | Fixed Rate Debt
Debt Instrument [Line Items]
Principal outstanding	$ 132,962	132,923
Weighted Average Interest Rate	5.28%
Debt Instrument Weighted Average Years to Maturity	1 year 7 months 6 days
Number of Communities Encumbered (in communities) | community	4
Deferred finance costs, net	$ (243)	(282)
United Dominion Reality L.P. | Fixed Rate Debt | Fannie Mae credit facilities
Debt Instrument [Line Items]
Principal outstanding	$ 133,205	133,205
Weighted Average Interest Rate	5.28%
Debt Instrument Weighted Average Years to Maturity	1 year 7 months 6 days
Number of Communities Encumbered (in communities) | community	4
United Dominion Reality L.P. | Variable Rate Debt
Debt Instrument [Line Items]
Principal outstanding	$ 26,923	26,922
Weighted Average Interest Rate	1.80%
Debt Instrument Weighted Average Years to Maturity	14 years
Number of Communities Encumbered (in communities) | community	1
Deferred finance costs, net	$ (77)	(78)
United Dominion Reality L.P. | Variable Rate Debt | Tax-exempt secured notes payable
Debt Instrument [Line Items]
Principal outstanding	$ 27,000	$ 27,000
Weighted Average Interest Rate	1.80%
Debt Instrument Weighted Average Years to Maturity	14 years
Number of Communities Encumbered (in communities) | community	1

DEBT, NET (UNITED DOMINION RE95

DEBT, NET (UNITED DOMINION REALTY, L.P.) - Credit Facilities .(Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Borrowings outstanding	$ 3,300	$ 3,300
Fannie Mae
Debt Instrument [Line Items]
Borrowings outstanding	314,870	314,870
Weighted average borrowings during the period ended	314,870	416,653
Maximum daily borrowings during the period ended	$ 314,870	$ 636,782
Weighted average interest rate during the period ended	4.70%	4.30%
Interest rate at the end of the period	4.70%	4.70%
United Dominion Reality L.P.
Debt Instrument [Line Items]
Borrowings outstanding	$ 133,205	$ 133,205
Weighted average borrowings during the period ended	133,205	223,347
Maximum daily borrowings during the period ended	$ 133,205	$ 408,549
Weighted average interest rate during the period ended	5.30%	4.60%
Interest rate at the end of the period	5.30%	5.30%
United Dominion Reality L.P. | Fannie Mae credit facilities
Debt Instrument [Line Items]
Borrowings outstanding	$ 133,200
Fixed Rate Debt | United Dominion Reality L.P. | General Partner
Debt Instrument [Line Items]
Borrowings outstanding	285,800
Fixed Rate Debt | United Dominion Reality L.P. | Operating Partnership
Debt Instrument [Line Items]
Borrowings outstanding	$ 133,200
Fixed Rate Debt | United Dominion Reality L.P. | Fannie Mae credit facilities
Debt Instrument [Line Items]
Weighted average interest rate during the period ended	5.28%
Fixed Rate Debt | United Dominion Reality L.P. | Fannie Mae credit facilities | Operating Partnership
Debt Instrument [Line Items]
Weighted average interest rate during the period ended	5.28%
Variable Rate Debt | United Dominion Reality L.P. | General Partner
Debt Instrument [Line Items]
Borrowings outstanding	$ 29,000
Variable Rate Debt | United Dominion Reality L.P. | Operating Partnership
Debt Instrument [Line Items]
Borrowings outstanding	$ 0
Variable Rate Debt | United Dominion Reality L.P. | Mortgages Notes Payable | Operating Partnership
Debt Instrument [Line Items]
Interest rate at the end of the period	1.80%

DEBT, NET (UNITED DOMINION RE96

DEBT, NET (UNITED DOMINION REALTY, L.P.) - Maturities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fixed and variable rate debt
2,018	$ 307,498
2,019	317,095
2,020	498,076
2,020	408,824
2,021	401,157
2,023	41,245
2,024	315,644
2,025	427,600
2,026	350,000
2,027	300,000
Thereafter	327,000
Long-term Debt	3,694,139
Non-cash (a)	(13,466)
Total	801,523		$ 803,269
United Dominion Reality L.P.
Fixed and variable rate debt
2,019	133,205
Thereafter	27,000
Long-term Debt	160,205
Non-cash (a)	(320)
Total	159,885		$ 159,845
Amortization of deferred financing costs	100	$ 100
United Dominion Reality L.P. | Fixed Rate Debt
Fixed and variable rate debt
2,019	133,205
Long-term Debt	133,205
Non-cash (a)	(243)
Total	132,962
United Dominion Reality L.P. | Tax-exempt secured notes payable
Fixed and variable rate debt
Thereafter	27,000
Long-term Debt	27,000
Non-cash (a)	(77)
Total	$ 26,923

DEBT, NET (UNITED DOMINION RE97

DEBT, NET (UNITED DOMINION REALTY, L.P.) - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Apr. 30, 2018	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Fixed and variable rate debt
Amortization of Financing Costs		$ 1,000	$ 1,100
Long-term Commercial Paper		500,000
Borrowings outstanding at end of period		3,300		$ 3,300
Unsecured Commercial Bank Credit Facility
Fixed and variable rate debt
Total revolving credit facility		2,000,000
Commercial Paper
Fixed and variable rate debt
Commercial paper program		275,000		300,000
United Dominion Reality L.P.
Fixed and variable rate debt
Borrowings outstanding at end of period		133,205		133,205
United Dominion Reality L.P. | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity		1,100,000
United Dominion Reality L.P. | Unsecured Commercial Bank Credit Facility
Fixed and variable rate debt
Long-term Commercial Paper		500,000
United Dominion Reality L.P. | Fannie Mae credit facilities
Fixed and variable rate debt
Borrowings outstanding at end of period		133,200
United Dominion Reality L.P. | Unsecured Commercial Paper
Fixed and variable rate debt
Borrowings outstanding at end of period		275,000		$ 300,000
United Dominion Reality L.P. | 3.70% Term Notes Due October 2020
Fixed and variable rate debt
Guarantor borrowing capacity		300,000
United Dominion Reality L.P. | 2.23% Term Loan Facility due January 2021
Fixed and variable rate debt
Guarantor borrowing capacity		350,000
United Dominion Reality L.P. | 4.63% Medium-Term Notes due January 2022
Fixed and variable rate debt
Guarantor borrowing capacity		400,000
United Dominion Reality L.P. | 3.75% Medium-Term Notes Due July 2024
Fixed and variable rate debt
Guarantor borrowing capacity		300,000
United Dominion Reality L.P. | 4.00% Medium-Term Note due October 2025
Fixed and variable rate debt
Guarantor borrowing capacity		300,000
United Dominion Reality L.P. | 2.95% Medium-Term Note due September 2026
Fixed and variable rate debt
Guarantor borrowing capacity		300,000
United Dominion Reality L.P. | 3.50 Medium-Term Note due July 2027
Fixed and variable rate debt
Guarantor borrowing capacity		$ 300,000
Subsequent Event | Commercial Paper
Fixed and variable rate debt
Repayments of outstanding borrowing	$ 275,000
Commercial paper program	320,000
Subsequent Event | United Dominion Reality L.P. | Commercial Paper
Fixed and variable rate debt
Repayments of outstanding borrowing	275,000
Commercial paper program	$ 320,000

RELATED PARTY TRANSACTIONS (U98

RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.) (Details) - United Dominion Reality L.P. - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Related party transactions
Related Party Transaction, Advance from (to) Related Party,	$ 290,800		$ 397,900
Notes payable due to the General Partner	273,334		273,334
Interest expense, related party	3,053	$ 3,053
UDR, Inc.
Related party transactions
General and administrative expenses allocated to the Operating Partnership by UDR	3,500	4,500
Related party management fees	3,700	$ 3,600
UDR, Inc. | Bottom Dollar guaranty
Related party transactions
Notes payable due to the General Partner	$ 273,300		$ 273,300
Note for 83.2 million | UDR, Inc. | Guaranty related to community acquisition
Related party transactions
Related party guaranty note payable interest rate	4.12%
Debt instrument, maturity date range, end	Aug. 31, 2021
Note for 5 million | UDR, Inc. | Guaranty related to community acquisition
Related party transactions
Related party guaranty note payable interest rate	5.34%
Debt instrument, maturity date range, end	Dec. 31, 2023
Note for 184.6 million | UDR, Inc. | Guaranty related to community acquisition
Related party transactions
Debt instrument, maturity date range, end	Apr. 1, 2026

FAIR VALUE OF DERIVATIVES AND99

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Secured debt instruments - variable rate
Transfer between the levels	$ 0
Fair Value, Measurements, Recurring | Carrying Amount
Secured debt instruments - variable rate
Total liabilities	3,697,283	$ 3,688,070
Fair Value, Measurements, Recurring | Fair Value
Secured debt instruments - variable rate
Total liabilities	3,679,950	3,746,572
Level 3 | Fair Value, Measurements, Recurring | Fair Value
Secured debt instruments - variable rate
Total liabilities	3,679,950	3,746,572
United Dominion Reality L.P. | Fair Value, Measurements, Recurring | Carrying Amount
Secured debt instruments - variable rate
Total liabilities	160,205	160,205
United Dominion Reality L.P. | Fair Value, Measurements, Recurring | Fair Value
Secured debt instruments - variable rate
Total liabilities	163,126	164,150
United Dominion Reality L.P. | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Carrying Amount
Secured debt instruments - variable rate
Secured debt instruments - variable rate	27,000	27,000
United Dominion Reality L.P. | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Fair Value
Secured debt instruments - variable rate
Secured debt instruments - variable rate	27,000	27,000
United Dominion Reality L.P. | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | Carrying Amount
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	133,205	133,205
United Dominion Reality L.P. | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | Fair Value
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	136,126	137,150
United Dominion Reality L.P. | Level 3 | Fair Value, Measurements, Recurring | Fair Value
Secured debt instruments - variable rate
Total liabilities	163,126	164,150
United Dominion Reality L.P. | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Fair Value
Secured debt instruments - variable rate
Secured debt instruments - variable rate	27,000	27,000
United Dominion Reality L.P. | Level 3 | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | Fair Value
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	136,126	137,150
Fannie Mae credit facilities | Fixed Rate Debt | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | Fair Value
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	290,173	292,227
Fannie Mae credit facilities | Fixed Rate Debt | Level 3 | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | Fair Value
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	$ 290,173	$ 292,227

DERIVATIVES AND HEDGING ACTI100

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)instrument	Mar. 31, 2017USD ($)
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ (2,400)
Payment required to pay for contract termination	7,200
Maximum
Derivatives
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 0	$ (100)
Interest rate swaps | Designated as Hedging Instrument
Outstanding interest rate derivatives not designated as hedging instrument
Number instruments | instrument	4
Notional	$ 315,000
Interest rate caps | Designated as Hedging Instrument
Outstanding interest rate derivatives not designated as hedging instrument
Number instruments | instrument	1
Notional	$ 65,197
Interest rate caps | Not Designated as Hedging Instrument
Outstanding interest rate derivatives not designated as hedging instrument
Number instruments | instrument	3
Notional	$ 271,076
United Dominion Reality L.P.
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	0
United Dominion Reality L.P. | Designated as Hedging Instrument | Cash Flow Hedging
Derivatives
Derivatives	0
United Dominion Reality L.P. | Interest rate contracts | Cash Flow Hedging | Maximum
Derivatives
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 0	$ (100)
United Dominion Reality L.P. | Interest rate caps | Not Designated as Hedging Instrument
Outstanding interest rate derivatives not designated as hedging instrument
Number instruments | instrument	1
Notional	$ 19,880

DERIVATIVES AND HEDGING ACTI101

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) - Effectiveness (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Gains (losses)
Derivative Asset	$ 7,004		$ 5,743
Unrealized holding gain/(loss)	1,710	$ 632
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net		(1)
Total Amount of Interest Expense Presented in the Consolidated Statements of Operations	29,943	30,539
Maximum
Gains (losses)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	0	(100)
United Dominion Reality L.P.
Gains (losses)
Derivative Asset	0		0
Derivative Liability	0		$ 0
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	(100)	(100)
Total Amount of Interest Expense Presented in the Consolidated Statements of Operations	1,973	5,558
United Dominion Reality L.P. | Other income/(expense)
Gains (losses)
Total Amount of Interest Expense Presented in the Consolidated Statements of Operations	1,973	5,558
Interest rate contracts | Other income/(expense) | Maximum
Gains (losses)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	(100)	(100)
Interest rate contracts | Interest expense | Cash Flow Hedging
Gains (losses)
Unrealized holding gain/(loss)	1,710	632
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	172	(764)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		(54)
Interest rate contracts | United Dominion Reality L.P. | Cash Flow Hedging | Maximum
Gains (losses)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ 0	(100)
Interest rate contracts | United Dominion Reality L.P. | Other income/(expense)
Gains (losses)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net		(1)
Interest rate contracts | United Dominion Reality L.P. | Interest expense | Cash Flow Hedging
Gains (losses)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		$ (54)

CAPITAL STRUCTURE (UNITED DO102

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) - Units Rollforward (Details)	3 Months Ended
	Mar. 31, 2018shares
Capital structure
Balance	183,350,924
Vesting of LTIP Units	285,619
Balance	183,636,543
UDR, Inc.
Capital structure
Balance	174,126,805
Balance	174,135,116
Class A Limited Partner | UDR, Inc.
Capital structure
Balance	121,661
Balance	121,661
Non-affiliated Partners | Class A Limited Partner
Capital structure
Balance	1,751,671
Balance	1,751,671
Limited Partner
Capital structure
Balance	7,361,565
Vesting of LTIP Units	285,619
OP redemptions for UDR stock	8,311
Balance	7,638,873
Limited Partner | UDR, Inc.
Capital structure
Balance	174,005,144
OP redemptions for UDR stock	(8,311)
Balance	174,013,455
Class A Limited Partner | UDR, Inc.
Capital structure
Balance	121,661
Balance	121,661
General Partner | UDR, Inc.
Capital structure
Balance	110,883
Balance	110,883

CAPITAL STRUCTURE (UNITED DO103

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) - Ownership Interests (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)class$ / sharesshares	Dec. 31, 2017USD ($)shares
Capital structure
Limited partnership units owned	183,636,543	183,350,924
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | $	$ 876,120	$ 948,138
Number of classes of LTIP Units | class	2
United Dominion Reality L.P.
Capital structure
Limited partnership units owned	174,245,999
United Dominion Reality L.P.
Capital structure
General Partnership units outstanding	110,883	110,883
Limited partnership units owned	183,525,660	183,240,041
Limited Partners' Capital Account, Required Period To Be Outstanding Before Unit is Redeemable	1 year
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | $	$ 334,500	$ 351,000
UDR, Inc.
Capital structure
Limited partnership units owned	174,135,116	174,126,805
Percentage of units	94.90%	95.00%
UDR, Inc. | United Dominion Reality L.P.
Capital structure
General Partnership units outstanding	174,245,999
Percentage of units		95.00%
Non-affiliated Partners | United Dominion Reality L.P.
Capital structure
Limited partnership units owned	9,390,544
Percentage of units	5.10%	5.00%
Class A Limited Partner
Capital structure
Cumulative, annual, non-compounded preferred return on Class A Partnership units	8.00%
Value of Class A Partnership units (in dollars per share) | $ / shares	$ 16.61
Class A Limited Partner | United Dominion Reality L.P.
Capital structure
Limited partnership units owned	1,873,332	1,873,332
Class A Limited Partner | UDR, Inc.
Capital structure
Limited partnership units owned	121,661	121,661
Non-affiliated Partners | United Dominion Reality L.P.
Capital structure
Limited partnership units owned	9,390,544	9,113,236
Percentage of units	5.10%	5.00%
Non-affiliated Partners | Class A Limited Partner
Capital structure
Limited partnership units owned	1,751,671	1,751,671
Non-employee Director | LTIP Units One
Capital structure
Vesting period	1 year
Minimum | LTIP Units
Capital structure
Vesting period	1 year
Period of time LTIP units have been outstanding	2 years
Minimum | Employee Director | LTIP Units Two
Capital structure
Vesting period	1 year
Maximum | LTIP Units
Capital structure
Vesting period	3 years
Maximum | Employee Director | LTIP Units Two
Capital structure
Vesting period	3 years

REPORTABLE SEGMENTS (UNITED 104

REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)segmentitem	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segment Reporting Information [Line Items]
Equity Method Investments	$ 732,578		$ 720,830
Same Store Communities | item	38,277
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	$ 250,483	$ 241,271
Reconciling items:
Property management	(6,888)	(6,635)
Other operating expenses	(2,009)	(1,691)
Real estate depreciation and amortization	(108,136)	(105,032)
General and administrative	(11,759)	(13,075)
Casualty-related charges/(recoveries), net	(940)	(502)
Income/(loss) from unconsolidated entities	(1,677)	11,198
Interest expense	(29,943)	(30,539)
Gain/(loss) on sale of real estate owned	70,300	2,132
Net (income)/loss attributable to noncontrolling interests	(79)	(91)
Net income/(loss) attributable to OP unitholders	81,756	25,967
Reportable apartment home segment assets:
Total segment assets	10,209,741		10,177,206
Accumulated depreciation	3,407,025		3,326,312
Accumulated depreciation	(3,413,815)		(3,330,166)
Total real estate owned, net of accumulated depreciation	6,795,926		6,847,040
Total segment asset - net book value	6,795,926		6,847,040
Reconciling items:
Cash and cash equivalents	1,083	2,460	2,038	$ 2,112
Restricted cash	19,770	19,757	19,792	19,994
Investment in unconsolidated entities	732,578		720,830
Other assets	120,222		124,104
Total assets	$ 7,709,048		7,733,273
Reportable Segments
Number of reportable segments | segment	2
Condition for Community considered to have stabilized occupancy	90%
Time to maintain percent occupancy to be considered a community	3 months
Same Store Communities West Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	$ 97,772	93,943
Reportable apartment home segment NOI	73,651	70,249
Reportable apartment home segment assets:
Total segment assets	3,635,407		3,630,164
Same Store Communities Mid-Atlantic Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	57,982	56,688
Reportable apartment home segment NOI	39,819	39,619
Reportable apartment home segment assets:
Total segment assets	2,453,299		2,449,286
Same Store Communities Northeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	38,064	37,921
Reportable apartment home segment NOI	26,577	26,901
Reportable apartment home segment assets:
Total segment assets	1,866,696		1,865,762
Same Store Communities Southeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	30,036	28,657
Reportable apartment home segment NOI	21,047	19,661
Reportable apartment home segment assets:
Total segment assets	764,893		762,102
Same Store Communities Southwest Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	10,779	10,679
Reportable apartment home segment NOI	6,452	6,678
Reportable apartment home segment assets:
Total segment assets	292,898		292,074
Non-Mature communities/Other
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	15,850	13,383
Reportable apartment home segment NOI	9,068	8,375
Reportable apartment home segment assets:
Total segment assets	1,196,548		1,177,818
Reportable Segments
Capital expenditures and development	300	500
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	250,483	241,271
Reportable apartment home segment NOI	176,614	171,483
United Dominion Reality L.P.
Segment Reporting Information [Line Items]
Equity Method Investments	$ 67,546		76,907
Same Store Communities | item	16,216
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	$ 106,592	102,605
Reconciling items:
Property management	(2,931)	(2,822)
Other operating expenses	(1,554)	(1,548)
Real estate depreciation and amortization	(37,565)	(36,879)
General and administrative	(4,309)	(5,219)
Casualty-related charges/(recoveries), net	(342)	(553)
Income/(loss) from unconsolidated entities	(5,017)	(5,424)
Interest expense	(5,026)	(8,611)
Gain/(loss) on sale of real estate owned	70,300
Net (income)/loss attributable to noncontrolling interests	(418)	(350)
Net income/(loss) attributable to OP unitholders	91,427	13,657
Reportable apartment home segment assets:
Total segment assets	3,782,351		3,816,956
Accumulated depreciation	1,557,445		1,543,652
Accumulated depreciation	(1,557,445)		(1,543,652)
Total real estate owned, net of accumulated depreciation	2,224,906		2,273,304
Total segment asset - net book value	2,224,906		2,273,304
Reconciling items:
Cash and cash equivalents	74	864	293	756
Restricted cash	13,011	12,141	12,579	$ 11,694
Investment in unconsolidated entities	67,546		76,907
Other assets	29,276		32,490
Total assets	$ 2,334,813		2,395,573
Reportable Segments
Number of reportable segments | segment	2
Condition for Community considered to have stabilized occupancy	90%
Time to maintain percent occupancy to be considered a community	3 months
United Dominion Reality L.P. | Same-Store
Reportable Segments
Capital expenditures and development	$ 6,100	8,100
United Dominion Reality L.P. | Same Store Communities West Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	60,164	57,458
Reportable apartment home segment NOI	45,829	43,498
Reportable apartment home segment assets:
Total segment assets	1,959,699		1,955,962
United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	15,027	14,748
Reportable apartment home segment NOI	10,393	10,095
Reportable apartment home segment assets:
Total segment assets	656,861		655,850
United Dominion Reality L.P. | Same Store Communities Northeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	13,647	13,559
Reportable apartment home segment NOI	10,117	10,131
Reportable apartment home segment assets:
Total segment assets	678,161		677,767
United Dominion Reality L.P. | Same Store Communities Southeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	12,729	12,271
Reportable apartment home segment NOI	8,792	8,283
Reportable apartment home segment assets:
Total segment assets	335,819		334,811
United Dominion Reality L.P. | Non-Mature communities/Other
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	5,025	4,569
Reportable apartment home segment NOI	3,158	3,056
Reportable apartment home segment assets:
Total segment assets	151,811		$ 192,566
Reportable Segments
Capital expenditures and development	100	300
United Dominion Reality L.P. | Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Reportable apartment home segment rental income	106,592	102,605
Reportable apartment home segment NOI	$ 78,289	$ 75,063