Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 25, 2014 | |
Entity Registrant Name | 'UDR, Inc. | ' |
Entity Central Index Key | '0000074208 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 251,430,708 |
United Dominion Reality L.P. [Member] | ' | ' |
Entity Registrant Name | 'United Dominion Realty L.P. | ' |
Entity Central Index Key | '0001018254 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate owned: | ' | ' |
Real estate held for investment | $8,075,799 | $7,723,844 |
Less: accumulated depreciation | -2,273,360 | -2,200,815 |
Real estate held for investment, net | 5,802,439 | 5,523,029 |
Real estate under development (net of accumulated depreciation of $0 and $1,411, respectively) | 222,601 | 466,002 |
Real estate sold or held for disposition (net of accumulated depreciation $6,568 and $6,568, respectively) | 10,152 | 10,152 |
Total real estate owned, net of accumulated depreciation | 6,035,192 | 5,999,183 |
Cash and cash equivalents | 15,891 | 30,249 |
Restricted cash | 23,131 | 22,796 |
Deferred financing costs, net | 25,516 | 26,924 |
Notes receivable, net | 84,568 | 83,033 |
Investment in and advances to unconsolidated joint ventures, net | 517,927 | 507,655 |
Other assets | 131,798 | 137,882 |
Total assets | 6,834,023 | 6,807,722 |
Liabilities: | ' | ' |
Secured debt | 1,442,873 | 1,442,077 |
Unsecured debt | 2,185,373 | 2,081,626 |
Real estate taxes payable | 20,173 | 13,847 |
Accrued interest payable | 27,747 | 32,279 |
Security deposits and prepaid rent | 30,731 | 27,203 |
Distributions payable | 68,542 | 61,907 |
Accounts payable, accrued expenses, and other liabilities | 76,007 | 118,682 |
Total liabilities | 3,851,446 | 3,777,621 |
Commitments and contingencies (Note 12) | ' | ' |
Redeemable noncontrolling interests in the Operating Partnership | 240,708 | 217,597 |
Equity: | ' | ' |
Common stock, $0.01 par value; 350,000,000 shares authorized 251,430,708 shares issued and outstanding (250,749,665 shares at December 31, 2013) | 2,514 | 2,507 |
Additional paid-in capital | 4,110,625 | 4,109,765 |
Distributions in excess of net income | -1,414,997 | -1,342,070 |
Accumulated other comprehensive income/(loss), net | -3,704 | -5,125 |
Total stockholders' equity | 2,741,009 | 2,811,648 |
Noncontrolling interests | 860 | 856 |
Total equity | 2,741,869 | 2,812,504 |
Total liabilities and equity | 6,834,023 | 6,807,722 |
8.00% Series E Cumulative Convertible Preferred Stock | ' | ' |
Equity: | ' | ' |
2,803,812 shares of 8.00% Series E Cumulative Convertible issued and outstanding (2,803,812 shares at December 31, 2013) | $46,571 | $46,571 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Real estate owned: | ' | ' |
Real Estate Under Development Accumulated Depreciation | $0 | $1,411 |
Accumulated Depreciation of Assets of Disposal Group Including Discontinued Operations | $6,568 | $6,568 |
Equity: | ' | ' |
Preferred Stock, Par or Stated Value Per Share | $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 | 251,430,708 | 250,749,665 |
Common stock, shares outstanding | 251,430,708 | 250,749,665 |
8.00% Series E Cumulative Convertible Preferred Stock | ' | ' |
Equity: | ' | ' |
Preferred stock, shares issued | 2,803,812 | 2,803,812 |
Preferred stock, shares outstanding | 2,803,812 | 2,803,812 |
Consolidated_Balance_Sheets_UN
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate owned: | ' | ' |
Real estate held for investment | $8,075,799 | $7,723,844 |
Less: accumulated depreciation | -2,273,360 | -2,200,815 |
Real estate held for investment, net | 5,802,439 | 5,523,029 |
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 222,601 | 466,002 |
Real estate sold or held for disposition (net of accumulated depreciation $0 and $0, respectively) | 10,152 | 10,152 |
Total real estate owned, net of accumulated depreciation | 6,035,192 | 5,999,183 |
Cash and cash equivalents | 15,891 | 30,249 |
Restricted cash | 23,131 | 22,796 |
Deferred financing costs, net | 25,516 | 26,924 |
Other assets | 131,798 | 137,882 |
Total assets | 6,834,023 | 6,807,722 |
LIABILITIES AND CAPITAL | ' | ' |
Secured debt | 1,442,873 | 1,442,077 |
Real estate taxes payable | 20,173 | 13,847 |
Accrued interest payable | 27,747 | 32,279 |
Security deposits and prepaid rent | 30,731 | 27,203 |
Distributions payable | 68,542 | 61,907 |
Deferred gains on the sale of depreciable property | 25,619 | 25,400 |
Accounts payable, accrued expenses, and other liabilities | 76,007 | 118,682 |
Total liabilities | 3,851,446 | 3,777,621 |
Commitments and contingencies (Note 11) | ' | ' |
Partners' Capital: | ' | ' |
Accumulated other comprehensive income/(loss), net | -3,704 | -5,125 |
Total liabilities and equity | 6,834,023 | 6,807,722 |
United Dominion Reality L.P. [Member] | ' | ' |
Real estate owned: | ' | ' |
Real estate held for investment | 4,075,872 | 4,108,417 |
Less: accumulated depreciation | -1,268,617 | -1,241,574 |
Real estate held for investment, net | 2,807,255 | 2,866,843 |
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 89,838 | 80,063 |
Total real estate owned, net of accumulated depreciation | 2,897,093 | 2,946,906 |
Cash and cash equivalents | 853 | 1,897 |
Restricted cash | 13,155 | 13,526 |
Deferred financing costs, net | 5,491 | 5,848 |
Other assets | 23,446 | 25,064 |
Total assets | 2,940,038 | 2,993,241 |
LIABILITIES AND CAPITAL | ' | ' |
Secured debt | 932,636 | 934,865 |
Notes payable due to General Partner | 88,696 | 88,696 |
Real estate taxes payable | 9,001 | 6,228 |
Accrued interest payable | 3,278 | 3,323 |
Security deposits and prepaid rent | 15,952 | 14,172 |
Distributions payable | 47,788 | 43,253 |
Deferred gains on the sale of depreciable property | 63,838 | 63,838 |
Accounts payable, accrued expenses, and other liabilities | 26,225 | 35,769 |
Total liabilities | 1,187,414 | 1,190,144 |
Commitments and contingencies (Note 11) | ' | ' |
Partners' Capital: | ' | ' |
General partner: 110,883 OP Units outstanding at March 31, 2014 and December 31, 2013 | 1,153 | 1,163 |
Limited partners: 183,167,815 OP Units outstanding at March 31, 2014 and December 31, 2013 | 1,780,592 | 1,797,836 |
Accumulated other comprehensive income/(loss), net | -2,493 | -3,065 |
Total partners' capital | 1,779,252 | 1,795,934 |
Payable/(receivable) due to/(from) General Partner | -43,987 | -9,916 |
Noncontrolling interests | 17,359 | 17,079 |
Total capital | 1,752,624 | 1,803,097 |
Total liabilities and equity | $2,940,038 | $2,993,241 |
Consolidated_Balance_Sheets_UN1
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Real Estate Under Development Accumulated Depreciation | $0 | $1,411 |
Partners' Capital: | ' | ' |
OP units outstanding related to general partner | 173,959,774 | ' |
United Dominion Reality L.P. [Member] | ' | ' |
Real Estate Under Development Accumulated Depreciation | $0 | $0 |
Partners' Capital: | ' | ' |
OP units outstanding related to operating partnership | 183,278,698 | 183,278,698 |
OP units outstanding related to general partner | 110,883 | 110,883 |
OP units outstanding related to limited partner | 183,167,815 | 183,167,815 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES | ' | ' |
Rental income | $194,352 | $181,961 |
Joint venture management and other fees | 3,687 | 2,923 |
Total revenues | 198,039 | 184,884 |
OPERATING EXPENSES | ' | ' |
Property operating and maintenance | 36,720 | 34,821 |
Real estate taxes and insurance | 25,431 | 23,292 |
Property management | 5,345 | 5,004 |
Other operating expenses | 1,926 | 1,636 |
Real estate depreciation and amortization | 88,533 | 82,898 |
General and administrative expense | 11,994 | 9,476 |
Casualty (Recoveries)/Charges | 500 | -3,021 |
Other depreciation and amortization | 1,080 | 1,146 |
Total operating expenses | 171,529 | 155,252 |
Operating income | 26,510 | 29,632 |
Income/(loss) from unconsolidated entities | -3,565 | -2,802 |
Interest expense | -32,884 | -30,981 |
Interest and other income/(expense), net | 1,415 | 1,016 |
Income/(loss) before income taxes and discountinued operations | -8,524 | -3,135 |
Tax benefit, net | 3,329 | 1,973 |
Income/(loss) from continuing operations | -5,195 | -1,162 |
Income/(loss) from discontinued operations, net of tax | -87 | 853 |
Income/(loss) before gain/(loss) of real estate owned | -5,282 | -309 |
Gains (loss) on sales of real estate, net of tax | 24,294 | 0 |
Net income/(loss) | 19,012 | -309 |
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | -647 | 45 |
Net (income)/loss attributable to noncontrolling interests | -4 | -4 |
Net income/(loss) attributable to UDR, Inc. | 18,361 | -268 |
Net (loss)/income attributable to common stockholders | 17,430 | -1,199 |
Earnings per weighted average common share - basic and diluted: | ' | ' |
Income/(loss) from continuing operations attributable to common stockholders, per basic share | $0.07 | ($0.01) |
Income/(loss) from discontinued operations attributable to common stockholders, per basic share | $0 | $0 |
Net income/(loss) attributable to common stockholders | $0.07 | $0 |
Income/(loss) from continuing operations attributable to common stockholders, per diluted share | $0.07 | ($0.01) |
Income from discontinued operations attributable to common stockholders, per diluted share | $0 | $0 |
Net income/(loss) attributable to common stockholders | $0.07 | $0 |
Common distributions declared per share | $0.26 | $0.24 |
Weighted average number of common shares outstanding b basic | 250,177 | 249,917 |
Weighted average number of common shares outstanding b diluted | 251,822 | 249,917 |
Series E Preferred Stock [Member] | ' | ' |
OPERATING EXPENSES | ' | ' |
Distributions to preferred stockholders - Series E (Convertible) | ($931) | ($931) |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations (Unaudited) (UNITED DOMINION REALTY, L.P) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
REVENUES | ' | ' |
Rental income | $194,352 | $181,961 |
OPERATING EXPENSES | ' | ' |
Property operating and maintenance | 36,720 | 34,821 |
Real estate taxes and insurance | 25,431 | 23,292 |
Property management | 5,345 | 5,004 |
Other operating expenses | 1,926 | 1,636 |
Real estate depreciation and amortization | 88,533 | 82,898 |
General and administrative | 11,994 | 9,476 |
Casualty (Recoveries)/Charges | 500 | -3,021 |
Total operating expenses | 171,529 | 155,252 |
Operating income | 26,510 | 29,632 |
Interest expense on note payable due to General Partner | -1,200 | -300 |
Interest and other income/(expense), net | 1,415 | 1,016 |
Income/(loss) from continuing operations | -5,195 | -1,162 |
Income/(loss) from discontinued operations, net of tax | -87 | 853 |
Gains (loss) on sales of real estate owned | 24,294 | 0 |
Net income/(loss) | 19,012 | -309 |
Net (income)/loss attributable to noncontrolling interests | 707 | 46 |
Net (income)/loss attributable to noncontrolling interests | -4 | -4 |
Net income/(loss) attributable to OP unitholders | 18,361 | -268 |
United Dominion Reality L.P. [Member] | ' | ' |
REVENUES | ' | ' |
Rental income | 102,370 | 97,770 |
OPERATING EXPENSES | ' | ' |
Property operating and maintenance | 18,234 | 17,979 |
Real estate taxes and insurance | 11,719 | 11,173 |
Property management | 2,815 | 2,689 |
Other operating expenses | 1,436 | 1,386 |
Real estate depreciation and amortization | 44,271 | 44,856 |
General and administrative | 6,970 | 5,575 |
Casualty (Recoveries)/Charges | 500 | -2,019 |
Total operating expenses | 85,945 | 81,639 |
Operating income | 16,425 | 16,131 |
Interest expense | -8,863 | -8,995 |
Interest expense on note payable due to General Partner | -1,151 | -267 |
Income/(loss) from continuing operations | 6,411 | 6,869 |
Income/(loss) from discontinued operations, net of tax | 0 | 905 |
Income/(loss) before gain/(loss) of real estate owned | 6,411 | 7,774 |
Gains (loss) on sales of real estate owned | 24,402 | 0 |
Net income/(loss) | 30,813 | 7,774 |
Net (income)/loss attributable to noncontrolling interests | -280 | -45 |
Net income/(loss) attributable to OP unitholders | $30,533 | $7,729 |
Income/(loss) per OP unit- basic and diluted: | ' | ' |
Income/(loss) from continuing operations attributable to OP unitholders (in dollars per share) | $0.17 | $0.04 |
Income/(loss) from discontinued operations (in dollars per share) | $0 | $0 |
Net income/(loss) attributable to OP unitholders (in dollars per share) | $0.17 | $0.04 |
Weighted average OP units outstanding - basic and diluted | 183,279 | 184,281 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income / (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income/(loss) | $19,012 | ($309) |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | ' | ' |
Unrealized holding gain/(loss) | -55 | -92 |
(Gain)/loss reclassifed into earnings from other comprehensive income/(loss) | 1,532 | 1,937 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 1,477 | 1,845 |
Comprehensive income/(loss) | 20,489 | 1,536 |
Comprehensive (income)/loss attributable to noncontrolling interests | -707 | -46 |
Comprehensive income/(loss) attributable to UDR, Inc. | $19,782 | $1,490 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income / (Loss) (UNITED DOMINION REALTY, L.P.) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net income/(loss) | $19,012 | ($309) |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | ' | ' |
Unrealized holding gain/(loss) | -55 | -92 |
(Gain)/loss reclassifed into earnings from other comprehensive income/(loss) | 1,532 | 1,937 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 1,477 | 1,845 |
Comprehensive income/(loss) | 20,489 | 1,536 |
Comprehensive (income)/loss attributable to noncontrolling interests | 707 | 46 |
Comprehensive income/(loss) attributable to OP unitholders | 19,782 | 1,490 |
United Dominion Reality L.P. [Member] | ' | ' |
Net income/(loss) | 30,813 | 7,774 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | ' | ' |
Unrealized holding gain/(loss) | -51 | -54 |
(Gain)/loss reclassifed into earnings from other comprehensive income/(loss) | 623 | 869 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 572 | 815 |
Comprehensive income/(loss) | 31,385 | 8,589 |
Comprehensive (income)/loss attributable to noncontrolling interests | -280 | -45 |
Comprehensive income/(loss) attributable to OP unitholders | $31,105 | $8,544 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (Unaudited) (USD $) | Total | Preferred Stock [Member] | Common Stock [Member] | Paid - in Capital | Distributions in Excess of Net Income | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling interests |
In Thousands, except Share data, unless otherwise specified | |||||||
Beginning Balance at Dec. 31, 2013 | $2,812,504 | $46,571 | $2,507 | $4,109,765 | ($1,342,070) | ($5,125) | $856 |
Beginning Balance, Shares at Dec. 31, 2013 | ' | 2,803,812 | 250,749,665 | ' | ' | ' | ' |
Consolidted Statements of Changes in Equity | ' | ' | ' | ' | ' | ' | ' |
Net income/(loss) attributable to UDR, Inc. | 18,361 | ' | ' | ' | 18,361 | ' | ' |
Net income/(loss) attributable to noncontrolling interests | 4 | ' | ' | ' | ' | ' | 4 |
Other comprehensive income/(loss) | 1,421 | ' | ' | ' | ' | 1,421 | ' |
Issuance/(forfeiture) of common and restricted shares, net Shares | ' | ' | -681,043 | ' | ' | ' | ' |
Issuance/(forfeitures) of common and restricted shares, net | 867 | ' | 7 | 860 | ' | ' | ' |
Adjustment for conversion of noncontrolling interest of unitholders in Operating Partnership | 0 | ' | ' | ' | ' | ' | ' |
Common stock distributions declared ($0.26 per share) | -65,400 | ' | ' | ' | -65,400 | ' | ' |
Preferred stock distributions declared-Series E ($0.3322 per share) | -931 | ' | ' | ' | -931 | ' | ' |
Adjustment to reflect redemption value of redeemable noncontrolling interests | -24,957 | ' | ' | ' | -24,957 | ' | ' |
Ending Balance at Mar. 31, 2014 | $2,741,869 | $46,571 | $2,514 | $4,110,625 | ($1,414,997) | ($3,704) | $860 |
Ending Balance, Shares at Mar. 31, 2014 | ' | 2,803,812 | 251,430,708 | ' | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Common distributions declared per share | $0.26 |
Series E Preferred Stock [Member] | ' |
Preferred stock distributions declared | $0.33 |
Consolidated_Statements_of_Cha2
Consolidated Statements of Changes in Capital (UNITED DOMINION REALTY, L.P) (Unaudited) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Other comprehensive income (loss) | $1,477 |
United Dominion Reality L.P. [Member] | ' |
Balance, December 31, 2013 | 1,803,097 |
Net income/(loss) | 30,813 |
Distributions | -47,787 |
Adjustment to reflect limited partners' capital at redemption value | 0 |
Other comprehensive income (loss) | 572 |
Net change in amount due to/(from) General Partner | -34,071 |
Balance, March 31, 2014 | 1,752,624 |
Payable/(Receivable) due to/(from) General Partner [Member] [Member] | United Dominion Reality L.P. [Member] | ' |
Balance, December 31, 2013 | -9,916 |
Net change in amount due to/(from) General Partner | -34,071 |
Balance, March 31, 2014 | -43,987 |
Accumulated Other Comprehensive Income (Loss) [Member] | United Dominion Reality L.P. [Member] | ' |
Balance, December 31, 2013 | -3,065 |
Other comprehensive income (loss) | 572 |
Balance, March 31, 2014 | -2,493 |
Total Partner's Capital [Member] | United Dominion Reality L.P. [Member] | ' |
Balance, December 31, 2013 | 1,795,934 |
Net income/(loss) | 30,533 |
Distributions | -47,787 |
Adjustment to reflect limited partners' capital at redemption value | 0 |
Other comprehensive income (loss) | 572 |
Balance, March 31, 2014 | 1,779,252 |
Noncontrolling Interests [Member] | United Dominion Reality L.P. [Member] | ' |
Balance, December 31, 2013 | 17,079 |
Net income/(loss) | 280 |
Balance, March 31, 2014 | 17,359 |
Class A Limited Partner [Member] | United Dominion Reality L.P. [Member] | ' |
Balance, December 31, 2013 | 40,902 |
Net income/(loss) | 292 |
Distributions | -582 |
Adjustment to reflect limited partners' capital at redemption value | 4,634 |
Balance, March 31, 2014 | 45,246 |
Limited Partners [Member] | United Dominion Reality L.P. [Member] | ' |
Balance, December 31, 2013 | 176,695 |
Net income/(loss) | 1,261 |
Distributions | -1,967 |
Adjustment to reflect limited partners' capital at redemption value | 19,473 |
Balance, March 31, 2014 | 195,462 |
Limited Partner [Member] | United Dominion Reality L.P. [Member] | ' |
Balance, December 31, 2013 | 1,580,239 |
Net income/(loss) | 28,962 |
Distributions | -45,210 |
Adjustment to reflect limited partners' capital at redemption value | -24,107 |
Balance, March 31, 2014 | 1,539,884 |
General Partner [Member] | United Dominion Reality L.P. [Member] | ' |
Balance, December 31, 2013 | 1,163 |
Net income/(loss) | 18 |
Distributions | -28 |
Balance, March 31, 2014 | $1,153 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net income/(loss) | $19,012 | ($309) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 89,613 | 84,588 |
Gain on sale of real estate owned, net of tax | -24,294 | 0 |
Tax benefit, net | -3,329 | -1,973 |
Loss from unconsolidated entities | 3,565 | 2,802 |
Casualty-related (recoveries)/charges, net | 500 | -548 |
Other | 6,697 | 4,775 |
Changes in operating assets and liabilities: | ' | ' |
(Increase)/decrease in operating assets | 8,422 | -3,269 |
Increase/(decrease) in operating liabilities | -17,665 | -19,406 |
Net cash provided by operating activities | 82,521 | 66,660 |
Investing Activities | ' | ' |
Acquisition of real estate assets | 77,793 | 0 |
Proceeds from sales of real estate investments, net | 47,922 | 0 |
Development of real estate assets | -56,147 | -85,181 |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | -30,226 | -24,800 |
Capital expenditures - non-real estate assets | -1,115 | -2,313 |
Investment in unconsolidated joint ventures | -21,476 | -936 |
Distributions received from unconsolidated joint venture | 7,661 | 14,393 |
Purchase deposits on pending real estate acquisitions | -4,000 | 0 |
Issuance of notes receivable | -1,535 | -2,180 |
Net cash provided by/(used in) investing activities | -136,709 | -101,017 |
Financing Activities | ' | ' |
Payments on secured debt | -2,486 | -3,199 |
Proceeds from the issuance of secured debt | 4,553 | 0 |
Payments on unsecured debt | -184,000 | 0 |
Net proceeds/(repayment) of revolving bank debt | 287,500 | 94,000 |
Distributions paid to redeemable noncontrolling interests | -2,360 | -2,263 |
Distributions paid to preferred stockholders | -931 | -931 |
Distributions paid to common stockholders | -58,952 | -55,035 |
Other | -3,494 | -3,209 |
Net cash provided by/(used in) financing activities | 39,830 | 29,363 |
Net increase/(decrease) in cash and cash equivalents | -14,358 | -4,994 |
Cash and cash equivalents, beginning of period | 30,249 | 12,115 |
Cash and cash equivalents, end of period | 15,891 | 7,121 |
Supplemental Information: | ' | ' |
Interest paid during the period, net of amounts capitalized | 38,180 | 41,573 |
Non-cash transactions: | ' | ' |
Conversion of OP Units into common shares (69,237 shares in 2013) | $0 | $1,649 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Non-cash transactions: | ' | ' |
Conversion of OP Units into common shares | 0 | 69,237 |
Consolidated_Statements_of_Cas2
Consolidated Statements of Cash Flows (UNITED DOMINION REALTY, L.P) (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Operating Activities | ' | ' |
Net income/(loss) | $19,012 | ($309) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 89,613 | 84,588 |
Gain on sale of real estate owned | -24,294 | 0 |
Casualty-related (recoveries)/charges, net | 500 | -548 |
Other | 6,697 | 4,775 |
Changes in operating assets and liabilities: | ' | ' |
(Increase)/decrease in operating assets | 8,422 | -3,269 |
Increase/(decrease) in operating liabilities | -17,665 | -19,406 |
Net cash provided by operating activities | 82,521 | 66,660 |
Investing Activities | ' | ' |
Payments for (Proceeds from) Investments | 47,922 | 0 |
Development of real estate assets | -56,147 | -85,181 |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | -30,226 | -24,800 |
Net cash provided by/(used in) investing activities | -136,709 | -101,017 |
Financing Activities | ' | ' |
Proceeds from the issuance of secured debt | 4,553 | 0 |
Payments on secured debt | -2,486 | -3,199 |
Net cash provided by/(used in) financing activities | 39,830 | 29,363 |
Net increase/(decrease) in cash and cash equivalents | -14,358 | -4,994 |
Cash and cash equivalents, beginning of period | 30,249 | 12,115 |
Cash and cash equivalents, end of period | 15,891 | 7,121 |
Supplemental Information: | ' | ' |
Interest paid during the period, net of amounts capitalized | 38,180 | 41,573 |
United Dominion Reality L.P. [Member] | ' | ' |
Operating Activities | ' | ' |
Net income/(loss) | 30,813 | 7,774 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 44,271 | 45,393 |
Gain on sale of real estate owned | -24,402 | 0 |
Casualty-related (recoveries)/charges, net | 500 | -519 |
Other | 32 | 523 |
Changes in operating assets and liabilities: | ' | ' |
(Increase)/decrease in operating assets | 1,510 | -7,585 |
Increase/(decrease) in operating liabilities | -4,052 | -3,033 |
Net cash provided by operating activities | 48,672 | 42,553 |
Investing Activities | ' | ' |
Payments for (Proceeds from) Investments | 47,922 | 0 |
Development of real estate assets | -9,860 | -9,446 |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | -9,181 | -17,219 |
Net cash provided by/(used in) investing activities | 28,881 | -26,665 |
Financing Activities | ' | ' |
Advances from/(to) General Partner, net | -74,963 | -12,177 |
Payments on secured debt | -1,274 | -1,295 |
Distributions paid to partnership unitholders | -2,360 | -2,263 |
Payment of financing costs | 0 | -6 |
Net cash provided by/(used in) financing activities | -78,597 | -15,741 |
Net increase/(decrease) in cash and cash equivalents | -1,044 | 147 |
Cash and cash equivalents, beginning of period | 1,897 | 2,804 |
Cash and cash equivalents, end of period | 853 | 2,951 |
Supplemental Information: | ' | ' |
Interest paid during the period, net of amounts capitalized | $10,742 | $12,028 |
Consolidation_and_Basis_of_Pre
Consolidation and Basis of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
CONSOLIDATION AND BASIS OF PRESENTATION | ' |
CONSOLIDATION AND BASIS OF PRESENTATION | |
Consolidation and 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”). As of March 31, 2014, there were 183,278,698 units in the Operating Partnership outstanding, of which 173,959,774 units or 94.9% were owned by UDR and 9,318,924 units or 5.1% were owned by limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating 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, 2014, and results of operations for the three months ended March 31, 2014 and 2013 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, 2013 appearing in UDR’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 25, 2014. | |
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 mentioned in Note 5, Joint Ventures and Partnerships, and Note 6, Secured and Unsecured Debt. |
Consolidation_and_Basis_of_Pre1
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) | 3 Months Ended |
Mar. 31, 2014 | |
Entity Information [Line Items] | ' |
CONSOLIDATION AND BASIS OF PRESENTATION | ' |
CONSOLIDATION AND BASIS OF PRESENTATION | |
Consolidation and 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”). As of March 31, 2014, there were 183,278,698 units in the Operating Partnership outstanding, of which 173,959,774 units or 94.9% were owned by UDR and 9,318,924 units or 5.1% were owned by limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating 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, 2014, and results of operations for the three months ended March 31, 2014 and 2013 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, 2013 appearing in UDR’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 25, 2014. | |
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 mentioned in Note 5, Joint Ventures and Partnerships, and Note 6, Secured and Unsecured Debt. | |
United Dominion Reality L.P. [Member] | ' |
Entity Information [Line Items] | ' |
CONSOLIDATION AND BASIS OF PRESENTATION | ' |
CONSOLIDATION AND BASIS OF PRESENTATION | |
Consolidation and 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, 2014 and 2013, rental revenues of the Operating Partnership represented 53% and 54%, respectively, of the General Partner’s consolidated rental revenues (including those classified within discontinued operations). At March 31, 2014, the Operating Partnership’s apartment portfolio consisted of 67 communities located in 17 markets consisting of 20,482 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, 2014, there were 183,278,698 OP Units outstanding, of which, 173,959,774 or 94.9% were owned by UDR and affiliated entities and 9,318,924 or 5.1% 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, 2014, and results of operations for the three months ended March 31, 2014 and 2013 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, 2013 included in the Annual Report on Form 10-K filed by UDR and the Operating Partnership with the SEC on February 25, 2014. | |
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 recognized or non-recognized subsequent events were noted. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||
SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Recent Accounting Pronouncements | |||||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with the ASU, 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. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014 with early adoption permitted. The early adoption provision excludes components of an entity that were sold or classified as held for sale prior to the adoption of the standard. | |||||||||||
The Company elected to early adopt this standard effective January 1, 2014, which had a significant impact on the Company’s consolidated financial statements as further discussed in Note 4, Discontinued Operations and Assets Held for Sale. Subsequent to the Company’s adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard is included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. | |||||||||||
As of March 31, 2014 and December 31, 2013, the Company had one operating property that was classified as held for sale and was not subject to early adoption of the ASU. Therefore, as of March 31, 2014, this property was included in Real estate sold or held for disposition on the Consolidated Balance Sheets and Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. Upon the sale of this property, a gain/(loss) will be reported as discontinued operations. | |||||||||||
Revenue and Real Estate Sales Gain Recognition | |||||||||||
Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. | |||||||||||
For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. | |||||||||||
Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. | |||||||||||
Notes Receivable | |||||||||||
The following table summarizes our notes receivable, net as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||
Balance outstanding | |||||||||||
March 31, 2014 | December 31, 2013 | Interest rate | |||||||||
Note due June 2014 (a) | $ | 40,800 | $ | 40,800 | 3.91 | % | |||||
Note due February 2017 (b) | 15,008 | 14,580 | 10 | % | |||||||
Note due July 2017 (c) | 2,500 | 1,400 | 8 | % | |||||||
Note due June 2022 (net of discount of $240 and $247, respectively) (d) | 26,260 | 26,253 | 7 | % | |||||||
Total notes receivable, net | $ | 84,568 | $ | 83,033 | |||||||
(a) In the fourth quarter of 2013, in conjunction with the sale of its 95% interest in the Lodge at Stoughton, one of its unconsolidated joint ventures, the Company provided the buyer with a $40.8 million loan secured by the property at LIBOR plus a spread of 350 basis points with two three-month extension options at increased rates and a financing fee. In the first quarter of 2014, the buyer exercised its first option to extend the maturity date to June 15, 2014. | |||||||||||
(b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $15.0 million, which bears an interest rate of 10.00% per annum. During the three months ended March 31, 2014, the Company loaned an additional $428,000 under the note. 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 fifth anniversary of the date of the note (February 2017). | |||||||||||
(c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million, which bears an interest rate of 8.00% per annum. During the three months ended March 31, 2014, the Company loaned an additional $1.1 million. 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 fifth anniversary of the date of the note (July 2017). | |||||||||||
(d) In 2012, the Company purchased a "B" Note secured by a first mortgage on a class A community in West Los Angeles. The $26.5 million loan was purchased at a yield of 7.25% and bears a coupon rate of 7.00%. Interest payments are due monthly and the note is due June 2022. The discount is amortized using the effective interest method. | |||||||||||
During the three months ended March 31, 2014 and 2013, the Company recognized $1.2 million and $1.0 million of interest income, net of accretion, from these notes receivable, of which $0 and $181,000 was related party interest income, respectively. Interest income is included in Interest 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, 2014 and 2013, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) 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 redeemable 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, 2014 and 2013 was $56,000 and $87,000, 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”), primarily those engaged in development activities. | |||||||||||
Income taxes for our TRS, RE3, 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, 2014, UDR recorded a net income tax receivable of $991,000 and a net deferred tax asset of $35.9 million (net of a valuation allowance of $1.3 million), which are included in Other assets on the Consolidated Balance Sheets. | |||||||||||
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, 2014. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2010 through 2013 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 benefit, net on the Consolidated Statements of Operations. |
Significant_Accounting_Policie1
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Entity Information [Line Items] | ' | ||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||
SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Recent Accounting Pronouncements | |||||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with the ASU, 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. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014 with early adoption permitted. The early adoption provision excludes components of an entity that were sold or classified as held for sale prior to the adoption of the standard. | |||||||||||
The Company elected to early adopt this standard effective January 1, 2014, which had a significant impact on the Company’s consolidated financial statements as further discussed in Note 4, Discontinued Operations and Assets Held for Sale. Subsequent to the Company’s adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard is included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. | |||||||||||
As of March 31, 2014 and December 31, 2013, the Company had one operating property that was classified as held for sale and was not subject to early adoption of the ASU. Therefore, as of March 31, 2014, this property was included in Real estate sold or held for disposition on the Consolidated Balance Sheets and Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. Upon the sale of this property, a gain/(loss) will be reported as discontinued operations. | |||||||||||
Revenue and Real Estate Sales Gain Recognition | |||||||||||
Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. | |||||||||||
For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. | |||||||||||
Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. | |||||||||||
Notes Receivable | |||||||||||
The following table summarizes our notes receivable, net as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||
Balance outstanding | |||||||||||
March 31, 2014 | December 31, 2013 | Interest rate | |||||||||
Note due June 2014 (a) | $ | 40,800 | $ | 40,800 | 3.91 | % | |||||
Note due February 2017 (b) | 15,008 | 14,580 | 10 | % | |||||||
Note due July 2017 (c) | 2,500 | 1,400 | 8 | % | |||||||
Note due June 2022 (net of discount of $240 and $247, respectively) (d) | 26,260 | 26,253 | 7 | % | |||||||
Total notes receivable, net | $ | 84,568 | $ | 83,033 | |||||||
(a) In the fourth quarter of 2013, in conjunction with the sale of its 95% interest in the Lodge at Stoughton, one of its unconsolidated joint ventures, the Company provided the buyer with a $40.8 million loan secured by the property at LIBOR plus a spread of 350 basis points with two three-month extension options at increased rates and a financing fee. In the first quarter of 2014, the buyer exercised its first option to extend the maturity date to June 15, 2014. | |||||||||||
(b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $15.0 million, which bears an interest rate of 10.00% per annum. During the three months ended March 31, 2014, the Company loaned an additional $428,000 under the note. 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 fifth anniversary of the date of the note (February 2017). | |||||||||||
(c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million, which bears an interest rate of 8.00% per annum. During the three months ended March 31, 2014, the Company loaned an additional $1.1 million. 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 fifth anniversary of the date of the note (July 2017). | |||||||||||
(d) In 2012, the Company purchased a "B" Note secured by a first mortgage on a class A community in West Los Angeles. The $26.5 million loan was purchased at a yield of 7.25% and bears a coupon rate of 7.00%. Interest payments are due monthly and the note is due June 2022. The discount is amortized using the effective interest method. | |||||||||||
During the three months ended March 31, 2014 and 2013, the Company recognized $1.2 million and $1.0 million of interest income, net of accretion, from these notes receivable, of which $0 and $181,000 was related party interest income, respectively. Interest income is included in Interest 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, 2014 and 2013, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) 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 redeemable 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, 2014 and 2013 was $56,000 and $87,000, 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”), primarily those engaged in development activities. | |||||||||||
Income taxes for our TRS, RE3, 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, 2014, UDR recorded a net income tax receivable of $991,000 and a net deferred tax asset of $35.9 million (net of a valuation allowance of $1.3 million), which are included in Other assets on the Consolidated Balance Sheets. | |||||||||||
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, 2014. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2010 through 2013 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 benefit, net on the Consolidated Statements of Operations. | |||||||||||
United Dominion Reality L.P. [Member] | ' | ||||||||||
Entity Information [Line Items] | ' | ||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||
SIGNIFICANT ACCOUNTING POLICIES | |||||||||||
Recent Accounting Pronouncements | |||||||||||
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with the ASU, 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. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014 with early adoption permitted. The early adoption provision excludes components of an entity that were sold or classified as held for sale prior to the adoption of the standard. | |||||||||||
The Company elected to early adopt this standard effective January 1, 2014, which had a significant impact on the Company’s consolidated financial statements as further discussed in Note 4, Discontinued Operations and Assets Held for Sale. Subsequent to the Company’s adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard is included in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations. | |||||||||||
Revenue and Real Estate Sales Gain Recognition | |||||||||||
Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Operating Partnership recognizes interest income, management and other fees and incentives when earned, fixed and determinable. | |||||||||||
For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. | |||||||||||
Sales to entities in which we or our General Partner retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we or our General Partner retain. The Operating Partnership recognizes any deferred gain when the property is sold to a third party. In transactions accounted by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. | |||||||||||
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, 2014 and 2013, the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) 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 (2010 through 2013) 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. |
Real_Estate_Owned
Real Estate Owned | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
REAL ESTATE OWNED | ' | |||||||
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 sold or held for disposition properties. As of March 31, 2014, the Company owned and consolidated 143 communities in 10 states plus the District of Columbia totaling 41,455 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
Land and land improvements | $ | 1,966,204 | $ | 1,847,127 | ||||
Depreciable property — held and used: | ||||||||
Building, improvements, and furniture, fixtures and equipment | 6,109,595 | 5,876,717 | ||||||
Under development: | ||||||||
Land and land improvements | 47,038 | 110,769 | ||||||
Construction in progress | 175,563 | 356,644 | ||||||
Real estate sold or held for disposition: | ||||||||
Land and land improvements | 10,751 | 10,751 | ||||||
Building, improvements, and furniture, fixtures and equipment | 5,969 | 5,969 | ||||||
Real estate owned | 8,315,120 | 8,207,977 | ||||||
Accumulated depreciation | (2,279,928 | ) | (2,208,794 | ) | ||||
Real estate owned, net | $ | 6,035,192 | $ | 5,999,183 | ||||
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, 2014 and 2013, were $3.4 million and $3.0 million, respectively. During the three months ended March 31, 2014 and 2013, total interest capitalized was $5.3 million and $8.4 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 January 2014, the Company acquired a fully-entitled land parcel for future development located in Huntington Beach, California for approximately $78.0 million. | ||||||||
During the three months ended March 31, 2014, the Company sold one operating property and an adjacent parcel of land in San Diego, CA for gross proceeds of $48.7 million, resulting in net proceeds of $47.9 million. The Company recognized a $24.4 million gain, which is included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. There was no real estate sold during the three months ended March 31, 2013. | ||||||||
In October 2012, Hurricane Sandy hit the East Coast, affecting three of the Company’s operating communities located in New York City. The properties suffered some physical damage, and were closed to residents for a period following the hurricane. The Company had insurance policies that provided coverage for property damage and business interruption, subject to applicable retentions. | ||||||||
During the three months ended March 31, 2013, the Company recorded $3.0 million of insurance recovery related to the business interruption losses associated with Hurricane Sandy. This recovery was included in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations for the three months ended March 31, 2013. | ||||||||
During the three months ended March 31, 2014, we recorded a $500,000 casualty-related loss for one property damaged during an earthquake in California. |
Real_Estate_Owned_UNITED_DOMIN
Real Estate Owned (UNITED DOMINION REALTY, L.P.) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Entity Information [Line Items] | ' | |||||||
REAL ESTATE OWNED | ' | |||||||
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 sold or held for disposition properties. As of March 31, 2014, the Company owned and consolidated 143 communities in 10 states plus the District of Columbia totaling 41,455 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
Land and land improvements | $ | 1,966,204 | $ | 1,847,127 | ||||
Depreciable property — held and used: | ||||||||
Building, improvements, and furniture, fixtures and equipment | 6,109,595 | 5,876,717 | ||||||
Under development: | ||||||||
Land and land improvements | 47,038 | 110,769 | ||||||
Construction in progress | 175,563 | 356,644 | ||||||
Real estate sold or held for disposition: | ||||||||
Land and land improvements | 10,751 | 10,751 | ||||||
Building, improvements, and furniture, fixtures and equipment | 5,969 | 5,969 | ||||||
Real estate owned | 8,315,120 | 8,207,977 | ||||||
Accumulated depreciation | (2,279,928 | ) | (2,208,794 | ) | ||||
Real estate owned, net | $ | 6,035,192 | $ | 5,999,183 | ||||
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, 2014 and 2013, were $3.4 million and $3.0 million, respectively. During the three months ended March 31, 2014 and 2013, total interest capitalized was $5.3 million and $8.4 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 January 2014, the Company acquired a fully-entitled land parcel for future development located in Huntington Beach, California for approximately $78.0 million. | ||||||||
During the three months ended March 31, 2014, the Company sold one operating property and an adjacent parcel of land in San Diego, CA for gross proceeds of $48.7 million, resulting in net proceeds of $47.9 million. The Company recognized a $24.4 million gain, which is included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. There was no real estate sold during the three months ended March 31, 2013. | ||||||||
In October 2012, Hurricane Sandy hit the East Coast, affecting three of the Company’s operating communities located in New York City. The properties suffered some physical damage, and were closed to residents for a period following the hurricane. The Company had insurance policies that provided coverage for property damage and business interruption, subject to applicable retentions. | ||||||||
During the three months ended March 31, 2013, the Company recorded $3.0 million of insurance recovery related to the business interruption losses associated with Hurricane Sandy. This recovery was included in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations for the three months ended March 31, 2013. | ||||||||
During the three months ended March 31, 2014, we recorded a $500,000 casualty-related loss for one property damaged during an earthquake in California. | ||||||||
United Dominion Reality L.P. [Member] | ' | |||||||
Entity Information [Line Items] | ' | |||||||
REAL ESTATE OWNED | ' | |||||||
REAL ESTATE OWNED | ||||||||
Real estate assets owned by the Operating Partnership consists of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties. At March 31, 2014, the Operating Partnership owned and consolidated 67 communities in nine states plus the District of Columbia totaling 20,482 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of March 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
Land | $ | 996,448 | $ | 1,004,447 | ||||
Depreciable property — held and used: | ||||||||
Buildings, improvements, and furniture, fixture and equipment | 3,079,424 | 3,103,970 | ||||||
Under development: | ||||||||
Land | 9,447 | 9,447 | ||||||
Construction in progress | 80,391 | 70,616 | ||||||
Real estate owned | 4,165,710 | 4,188,480 | ||||||
Accumulated depreciation | (1,268,617 | ) | (1,241,574 | ) | ||||
Real estate owned, net | $ | 2,897,093 | $ | 2,946,906 | ||||
The Operating Partnership did not have any acquisitions during the three months ended March 31, 2014 and 2013, respectively. | ||||||||
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, 2014 and 2013 were $755,000 and $673,000, respectively. During the three months ended March 31, 2014 and 2013, total interest capitalized was $1.0 million and $1.3 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. | ||||||||
During the three months ended March 31, 2014, the Operating Partnership sold one operating property and an adjacent parcel of land in San Diego, CA for gross proceeds of $48.7 million, resulting in net proceeds of $47.9 million. The Operating Partnership recognized a $24.4 million gain, which is included in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations. There was no real estate sold during the three months ended March 31, 2013. | ||||||||
In October 2012, Hurricane Sandy hit the East Coast, affecting two of the Operating Partnership’s operating communities located in New York City. The properties suffered some physical damage, and were closed to residents for a period following the hurricane. The Operating Partnership had insurance policies that provided coverage for property damage and business interruption, subject to applicable retentions. | ||||||||
During the three months ended March 31, 2013, the Operating Partnership recorded $2.0 million of insurance recovery related to the business interruption losses associated with Hurricane Sandy This recovery was included in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations for the three months ended March 31, 2013. | ||||||||
During the three months ended March 31, 2014, we recorded a $500,000 casualty-related loss for one property damaged during an earthquake in California. |
Discontinued_Operations
Discontinued Operations | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
DISCONTINUED OPERATIONS | ' | |||||||
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | ||||||||
Effective January 1, 2014, UDR prospectively adopted ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. The standard had a material impact on the Company’s consolidated financial statements. As a result of adopting the ASU, a $23.3 million gain from disposition of real estate, excluding a $1.1 million gain related to the sale of land, during the three months ended March 31, 2014 was included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations rather than in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. | ||||||||
Prior to the prospective adoption of ASU 2014-08, FASB ASC Subtopic 205.20, required, among other things, that the primary assets and liabilities and the results of operations of UDR’s real properties that have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR’s Consolidated Statements of Operations and Consolidated Balance Sheets. Consequently, the primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition prior to January 1, 2014 are accounted for as discontinued operations for all periods presented. This presentation does not have an impact on net income available to common stockholders, it only results in the reclassification of the operating results within the Consolidated Statements of Operations for the periods ended March 31, 2014 and 2013, and the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013. | ||||||||
As of March 31, 2014 and December 31, 2013, the Company had one operating property that was classified as held for sale and was not subject to early adoption. Therefore, as of March 31, 2014, this property was included in Real estate sold or held for disposition on the Consolidated Balance Sheets, and its operating results for the three months ended March 31, 2014 and 2013 are included in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. Upon the sale of this property, a gain/(loss) will be reported as discontinued operations. | ||||||||
In December 2013, the Company sold two communities with 914 apartments in the Sacramento market. The operating results related to these communities for the three months ended March 31, 2013 are included in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. | ||||||||
The following is a summary of income/(loss) from discontinued operations, net of tax for the three months ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Rental income | $ | 48 | $ | 2,340 | ||||
Rental expenses | 125 | 872 | ||||||
Property management | 1 | 64 | ||||||
Real estate depreciation | — | 544 | ||||||
Other operating expenses | 9 | 7 | ||||||
Income/(loss) from discontinued operations, net of tax | $ | (87 | ) | $ | 853 | |||
Income/(loss) from discontinued operations attributable to UDR, Inc. | $ | (84 | ) | $ | 823 | |||
Discontinued_Operations_UNITED
Discontinued Operations (UNITED DOMINION REALTY, L.P.) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Entity Information [Line Items] | ' | |||||||
DISCONTINUED OPERATIONS | ' | |||||||
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | ||||||||
Effective January 1, 2014, UDR prospectively adopted ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. The standard had a material impact on the Company’s consolidated financial statements. As a result of adopting the ASU, a $23.3 million gain from disposition of real estate, excluding a $1.1 million gain related to the sale of land, during the three months ended March 31, 2014 was included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations rather than in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. | ||||||||
Prior to the prospective adoption of ASU 2014-08, FASB ASC Subtopic 205.20, required, among other things, that the primary assets and liabilities and the results of operations of UDR’s real properties that have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR’s Consolidated Statements of Operations and Consolidated Balance Sheets. Consequently, the primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition prior to January 1, 2014 are accounted for as discontinued operations for all periods presented. This presentation does not have an impact on net income available to common stockholders, it only results in the reclassification of the operating results within the Consolidated Statements of Operations for the periods ended March 31, 2014 and 2013, and the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013. | ||||||||
As of March 31, 2014 and December 31, 2013, the Company had one operating property that was classified as held for sale and was not subject to early adoption. Therefore, as of March 31, 2014, this property was included in Real estate sold or held for disposition on the Consolidated Balance Sheets, and its operating results for the three months ended March 31, 2014 and 2013 are included in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. Upon the sale of this property, a gain/(loss) will be reported as discontinued operations. | ||||||||
In December 2013, the Company sold two communities with 914 apartments in the Sacramento market. The operating results related to these communities for the three months ended March 31, 2013 are included in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. | ||||||||
The following is a summary of income/(loss) from discontinued operations, net of tax for the three months ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Rental income | $ | 48 | $ | 2,340 | ||||
Rental expenses | 125 | 872 | ||||||
Property management | 1 | 64 | ||||||
Real estate depreciation | — | 544 | ||||||
Other operating expenses | 9 | 7 | ||||||
Income/(loss) from discontinued operations, net of tax | $ | (87 | ) | $ | 853 | |||
Income/(loss) from discontinued operations attributable to UDR, Inc. | $ | (84 | ) | $ | 823 | |||
United Dominion Reality L.P. [Member] | ' | |||||||
Entity Information [Line Items] | ' | |||||||
DISCONTINUED OPERATIONS | ' | |||||||
DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | ||||||||
Effective January 1, 2014, UDR prospectively adopted ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, for all communities not previously sold or classified as held for sale. The standard had a material impact on the Company’s consolidated financial statements. As a result of adopting the ASU, a $23.3 million gain from disposition of real estate, excluding a $1.1 million gain related to the sale of land, during the three months ended March 31, 2014 was included in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations rather than in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. | ||||||||
Prior to the prospective adoption of ASU 2014-08, FASB ASC Subtopic 205.20, required, among other things, that the primary assets and liabilities and the results of operations of UDR’s real properties that have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR’s Consolidated Statements of Operations and Consolidated Balance Sheets. Consequently, the primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition prior to January 1, 2014 are accounted for as discontinued operations for all periods presented. This presentation does not have an impact on net income available to common stockholders, it only results in the reclassification of the operating results within the Consolidated Statements of Operations for the periods ended March 31, 2014 and 2013, and the reclassification of the assets and liabilities within the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013. | ||||||||
In 2013, the Company sold two communities with 914 apartments in the Sacramento market. The operating results related to these communities for the three months ended March 31, 2013 are included in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. | ||||||||
The following is a summary of income/(loss) from discontinued operations for the three months ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Rental income | $ | — | $ | 2,290 | ||||
Rental expenses | — | 785 | ||||||
Property management | — | 63 | ||||||
Real estate depreciation | — | 537 | ||||||
Income/(loss) from discontinued operations | $ | — | $ | 905 | ||||
Income/(loss) from discontinued operations attributable to UDR, Inc. | $ | — | $ | 905 | ||||
Joint_Ventures
Joint Ventures | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | |||||||||||||||||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | |||||||||||||||||||||||||
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. In addition, the Company consolidates any joint venture or partnership in which we are the general partner or managing member and the third party does not have the ability to substantively participate in the decision-making process nor the ability to remove us as general partner or managing member without cause. | ||||||||||||||||||||||||||
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. | ||||||||||||||||||||||||||
Consolidated Joint Ventures | ||||||||||||||||||||||||||
In December 2013, the Company consolidated its 95%/5% development joint ventures 13th and Market JV in San Diego, CA and Domain College Park JV in Metropolitan, D.C. The consolidation was due to the Company becoming the managing member of each of the joint ventures pursuant to amendments to the limited liability company agreement for each joint venture. In connection with the amendments, our partner received equity distributions reducing its capital account balances to zero, the Company replaced our partner as the managing member, and our partner no longer has the ability to substantively participate in the decision-making process, with only protective rights remaining. We accounted for the consolidations as asset acquisitions since the joint ventures were under development and not complete at the time of consolidation resulting in no gain or loss upon consolidation and increasing our real estate owned by $129.4 million and our debt by $63.6 million. In addition pursuant to the amendments, the Company paid a non-refundable deposit to our partner in January 2014 of $2.0 million for each joint venture, or $4.0 million in total, for the right to exercise options in 2014 to acquire our partner’s upside participation in the joint ventures. The non-refundable deposits will be applied towards the future purchase price, which will be equivalent to our partner’s right to receive certain upside participation from the developments. | ||||||||||||||||||||||||||
Unconsolidated 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, 2014 and December 31, 2013 (dollars in thousands): | ||||||||||||||||||||||||||
Joint Venture | Location of Properties | Number of Properties | Number of Apartment Homes | Investment at | UDR’s Ownership Interest | |||||||||||||||||||||
2014 | 2014 | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||||||||||||
Operating and development: | ||||||||||||||||||||||||||
UDR/MetLife I (a) | Various | 6 operating communities | 1,523 | $ | 41,866 | $ | 47,497 | 13.9 | % | 13.2 | % | |||||||||||||||
7 land parcels | N/A | 4 | % | 4 | % | |||||||||||||||||||||
UDR/MetLife II (a) | Various | 15 operating communities | 3,119 | 325,025 | 327,926 | 50 | % | 50 | % | |||||||||||||||||
UDR/MetLife Vitruvian Park® | Addison, TX | 2 operating communities | 739 | 80,338 | 79,318 | 50 | % | 50 | % | |||||||||||||||||
1 non-stabilized community | 391 | |||||||||||||||||||||||||
6 land parcels | N/A | |||||||||||||||||||||||||
UDR/MetLife 399 Fremont | San Francisco, CA | 1 development community (*) | 447 | 46,862 | 36,313 | 51 | % | 51 | % | |||||||||||||||||
UDR/KFH | Washington, D.C. | 3 operating communities | 660 | 24,854 | 25,919 | 30 | % | 30 | % | |||||||||||||||||
Texas | Texas | 8 operating communities | 3,359 | (24,217 | ) | (23,591 | ) | 20 | % | 20 | % | |||||||||||||||
Investment in and advances to unconsolidated joint ventures, net, before participating loan investment | 494,728 | 493,382 | ||||||||||||||||||||||||
Location | Interest Rate | Years To Maturity | Investment at | Income From Participating Loan Investment For The Three Months Ended March 31, | ||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | 2014 | 2013 | |||||||||||||||||||||||
Participating loan investment: | ||||||||||||||||||||||||||
Steele Creek | Denver, CO | 6.50% | 3.6 | 23,199 | 14,273 | $321 | $— | |||||||||||||||||||
Participating loan investment | 23,199 | 14,273 | ||||||||||||||||||||||||
Total investment in and advances to unconsolidated joint ventures, net | $ | 517,927 | $ | 507,655 | ||||||||||||||||||||||
(*) | The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes. As of March 31, 2014, no apartment homes had been completed at UDR/MetLife 399 Fremont. | |||||||||||||||||||||||||
(a) On March 31, 2014, the Company sold its minority ownership interests in two small operating communities located in Los Angeles, CA to MetLife for cash proceeds of approximately $3 million. An immaterial gain upon the sale of the two operating communities was recognized in connection with the transaction. On April 21, 2014, the Company increased its ownership interest in the remaining six operating communities in the UDR/MetLife I Joint Venture from 12 percent to 50 percent and MetLife and the Company contributed the communities to the UDR/MetLife II Joint Venture. The Company paid MetLife approximately $82 million for the additional ownership interests. The remaining assets in the UDR/MetLife I Joint Venture are comprised of seven potential development land sites in which the Company owns approximately four percent. The Company will continue to manage the operating communities that were contributed to the UDR/MetLife II Joint Venture as well as the two operating communities in which it sold its minority ownership interests. | ||||||||||||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company had deferred fees and deferred profit from the sale of properties to joint ventures or partnerships of $25.6 million and $25.4 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 $3.3 million and $2.7 million of management fees during the three months ended March 31, 2014 and 2013, respectively, for our management of 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 decreases in the value of its investments in unconsolidated joint ventures or partnerships during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||
Combined summary balance sheets relating to all of the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of March 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Total real estate, net | $ | 3,009,685 | $ | 3,124,178 | ||||||||||||||||||||||
Cash and cash equivalents | 36,783 | 41,792 | ||||||||||||||||||||||||
Other assets | 31,902 | 32,234 | ||||||||||||||||||||||||
Total assets | 3,078,370 | 3,198,204 | ||||||||||||||||||||||||
Amount due to UDR | 6,756 | 12,187 | ||||||||||||||||||||||||
Third party debt | 1,667,821 | 1,722,960 | ||||||||||||||||||||||||
Accounts payable and accrued liabilities | 34,614 | 41,562 | ||||||||||||||||||||||||
Total liabilities | 1,709,191 | 1,776,709 | ||||||||||||||||||||||||
Total equity | $ | 1,369,179 | $ | 1,421,495 | ||||||||||||||||||||||
UDR’s investment in unconsolidated joint ventures | $ | 517,927 | $ | 507,655 | ||||||||||||||||||||||
Combined summary financial information relating to all of the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the three months ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Total revenues | $ | 62,098 | $ | 52,127 | ||||||||||||||||||||||
Property operating expenses | (25,137 | ) | (20,737 | ) | ||||||||||||||||||||||
Real estate depreciation and amortization | (24,604 | ) | (18,981 | ) | ||||||||||||||||||||||
Operating income/(loss) | 12,357 | 12,409 | ||||||||||||||||||||||||
Interest expense | (19,029 | ) | (16,738 | ) | ||||||||||||||||||||||
Other income/(expense) | (190 | ) | — | |||||||||||||||||||||||
Gain/(loss) on sale of real estate | $ | (25,379 | ) | $ | — | |||||||||||||||||||||
Income/(loss) from discontinued operations | — | 661 | ||||||||||||||||||||||||
Net income/(loss) | $ | (32,241 | ) | $ | (3,668 | ) | ||||||||||||||||||||
UDR income/(loss) from unconsolidated entities | $ | (3,565 | ) | $ | (2,802 | ) |
Secured_and_Unsecured_Debt
Secured and Unsecured Debt | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||||||
SECURED AND UNSECURED DEBT | |||||||||||||||||||||
The following is a summary of our secured and unsecured debt at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
Principal Outstanding | For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Weighted Average | Weighted Average | Number of Communities | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | Interest Rate | Years to Maturity | Encumbered | |||||||||||||||||
Secured Debt: | |||||||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable (a) | $ | 443,187 | $ | 445,706 | 5.45 | % | 2.3 | 8 | |||||||||||||
Fannie Mae credit facilities (b) | 625,428 | 626,667 | 4.99 | % | 4.8 | 22 | |||||||||||||||
Total fixed rate secured debt | 1,068,615 | 1,072,373 | 5.18 | % | 3.7 | 30 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Mortgage notes payable | 68,149 | 63,595 | 2.34 | % | 1.9 | 2 | |||||||||||||||
Tax-exempt secured notes payable (c) | 94,700 | 94,700 | 0.79 | % | 8.9 | 2 | |||||||||||||||
Fannie Mae credit facilities (b) | 211,409 | 211,409 | 1.59 | % | 6.3 | 7 | |||||||||||||||
Total variable rate secured debt | 374,258 | 369,704 | 1.52 | % | 6.1 | 11 | |||||||||||||||
Total Secured Debt | 1,442,873 | 1,442,077 | 4.23 | % | 4.4 | 41 | |||||||||||||||
Unsecured Debt: | |||||||||||||||||||||
Commercial Banks | |||||||||||||||||||||
Borrowings outstanding under an unsecured credit facility due December 2017 (d), (e) | 287,500 | — | 1.1 | % | 3.7 | ||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||
3.70% Medium-Term Notes due October 2020 (net of discount of $52 and $54) (e) | 299,948 | 299,946 | 3.7 | % | 6.5 | ||||||||||||||||
4.63% Medium-Term Notes due January 2022 (net of discount of $2,792 and $2,882) (e) | 397,208 | 397,118 | 4.63 | % | 7.8 | ||||||||||||||||
1.41% Term Notes due June 2018 (e) | 35,000 | 35,000 | 1.41 | % | 4.2 | ||||||||||||||||
1.63% Term Notes due June 2018 (e) | 100,000 | 65,000 | 1.63 | % | 4.2 | ||||||||||||||||
5.13% Medium-Term Notes due January 2014 | — | 184,000 | — | % | — | ||||||||||||||||
5.50% Medium-Term Notes due April 2014 (net of discount of $3 and $20) (f) | 128,497 | 128,480 | 5.5 | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2015 (net of discount of $102 and $134) | 325,073 | 325,041 | 5.25 | % | 0.8 | ||||||||||||||||
5.25% Medium-Term Notes due January 2016 | 83,260 | 83,260 | 5.25 | % | 1.8 | ||||||||||||||||
2.27% Term Notes due June 2018 (e) | 215,000 | 250,000 | 2.27 | % | 4.2 | ||||||||||||||||
8.50% Debentures due September 2024 | 15,644 | 15,644 | 8.5 | % | 10.5 | ||||||||||||||||
4.25% Medium-Term Notes due June 2018 (net of discount of $1786 and $1,893) (e) | 298,214 | 298,107 | 4.25 | % | 4.2 | ||||||||||||||||
Other | 29 | 30 | N/A | N/A | |||||||||||||||||
Total Unsecured Debt | 2,185,373 | 2,081,626 | 3.77 | % | 4.3 | ||||||||||||||||
Total Debt | $ | 3,628,246 | $ | 3,523,703 | 3.95 | % | 4.3 | ||||||||||||||
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 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. Secured debt encumbers $2.3 billion or 27.7% of UDR’s total real estate owned based upon gross book value ($6.0 billion or 72.3% of UDR’s real estate owned based on gross book value is unencumbered) as of March 31, 2014. | |||||||||||||||||||||
(a) At March 31, 2014, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from December 2014 through May 2019 and carry interest rates ranging from 3.43% to 5.94%. | |||||||||||||||||||||
The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records 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. During the three months ended March 31, 2014 and 2013, the Company had $1.3 million of a reduction to interest expense based on the amortization of the fair market adjustment of debt assumed in the acquisition of properties, respectively. The unamortized fair market adjustment was a net premium of $10.6 million and $11.8 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
(b) UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $836.8 million at March 31, 2014. The Fannie Mae credit facilities are for terms of seven to ten years (maturing at various dates from May 2017 through July 2023) and bear interest at floating and fixed rates. At March 31, 2014, we have $625.4 million of the outstanding balance fixed at a weighted average interest rate of 4.99% and the remaining balance of $211.4 million on these facilities is currently at a weighted average variable interest rate of 1.59%. | |||||||||||||||||||||
Further information related to these credit facilities is as follows (dollars in thousands): | |||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Borrowings outstanding | $ | 836,837 | $ | 838,076 | |||||||||||||||||
Weighted average borrowings during the period ended | 837,194 | 839,597 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 837,564 | 841,494 | |||||||||||||||||||
Weighted average interest rate during the period ended | 4.1 | % | 4.2 | % | |||||||||||||||||
Weighted average interest rate at the end of the period | 4.1 | % | 4.1 | % | |||||||||||||||||
(c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature on August 2019 and March 2032, respectively. Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates of 0.78% and 0.82%, respectively, as of March 31, 2014. | |||||||||||||||||||||
(d) As of March 31, 2014, the Company has a $900 million unsecured revolving credit facility that matures in December 2017. The credit facility has a six month extension option and contains an accordion feature that allows us to increase the facility to $1.45 billion. Based on the Company’s current credit rating, the credit facility carries an interest rate equal to LIBOR plus a spread of 110 basis points and a facility fee of 20 basis points. | |||||||||||||||||||||
The following is a summary of short-term bank borrowings under UDR’s bank credit facility at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Total revolving credit facility | $ | 900,000 | $ | 900,000 | |||||||||||||||||
Borrowings outstanding at end of period (1) | 287,500 | — | |||||||||||||||||||
Weighted average daily borrowings during the period ended | 232,750 | 169,844 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 303,000 | 372,000 | |||||||||||||||||||
Weighted average interest rate during the period ended | 1.2 | % | 1.2 | % | |||||||||||||||||
Interest rate at end of the period | 1.1 | % | 1.3 | % | |||||||||||||||||
(1) Excludes $2.2 million and $2.2 million of letters of credit at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
(e) The Operating Partnership is a guarantor at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||
(f) In April 2014, we paid off $128.5 million of 5.50% medium-term notes due April 2014 with borrowings under the Company’s $900 million unsecured revolving credit facility. | |||||||||||||||||||||
The aggregate maturities, including amortizing principal payments of unsecured and secured debt, of total debt for the next five calendar years subsequent to March 31, 2014 are as follows (dollars in thousands): | |||||||||||||||||||||
Year | Total Fixed Secured Debt | Total Variable Secured Debt | Total Secured Debt | Total Unsecured Debt (a) | Total Debt | ||||||||||||||||
2014 | $ | 43,147 | $ | — | $ | 43,147 | $ | 127,820 | $ | 170,967 | |||||||||||
2015 | 196,539 | — | 196,539 | 324,383 | 520,922 | ||||||||||||||||
2016 | 138,222 | 68,149 | 206,371 | 82,478 | 288,849 | ||||||||||||||||
2017 | 177,941 | 65,000 | 242,941 | 287,500 | 530,441 | ||||||||||||||||
2018 | 176,382 | 50,000 | 226,382 | 648,646 | 875,028 | ||||||||||||||||
Thereafter | 336,384 | 191,109 | 527,493 | 714,546 | 1,242,039 | ||||||||||||||||
Total | $ | 1,068,615 | $ | 374,258 | $ | 1,442,873 | $ | 2,185,373 | $ | 3,628,246 | |||||||||||
(a) With the exception of the 1.41% Term Notes due June 2018 and the revolving credit facility which carry a variable interest rate, all unsecured debt carries fixed interest rates. | |||||||||||||||||||||
We were in compliance with the covenants of our debt instruments at March 31, 2014. |
Debt_UNITED_DOMINION_REALTY_LP
Debt (UNITED DOMINION REALTY, L.P.) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||
DEBT | ' | ||||||||||||||||||||
SECURED AND UNSECURED DEBT | |||||||||||||||||||||
The following is a summary of our secured and unsecured debt at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
Principal Outstanding | For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Weighted Average | Weighted Average | Number of Communities | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | Interest Rate | Years to Maturity | Encumbered | |||||||||||||||||
Secured Debt: | |||||||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable (a) | $ | 443,187 | $ | 445,706 | 5.45 | % | 2.3 | 8 | |||||||||||||
Fannie Mae credit facilities (b) | 625,428 | 626,667 | 4.99 | % | 4.8 | 22 | |||||||||||||||
Total fixed rate secured debt | 1,068,615 | 1,072,373 | 5.18 | % | 3.7 | 30 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Mortgage notes payable | 68,149 | 63,595 | 2.34 | % | 1.9 | 2 | |||||||||||||||
Tax-exempt secured notes payable (c) | 94,700 | 94,700 | 0.79 | % | 8.9 | 2 | |||||||||||||||
Fannie Mae credit facilities (b) | 211,409 | 211,409 | 1.59 | % | 6.3 | 7 | |||||||||||||||
Total variable rate secured debt | 374,258 | 369,704 | 1.52 | % | 6.1 | 11 | |||||||||||||||
Total Secured Debt | 1,442,873 | 1,442,077 | 4.23 | % | 4.4 | 41 | |||||||||||||||
Unsecured Debt: | |||||||||||||||||||||
Commercial Banks | |||||||||||||||||||||
Borrowings outstanding under an unsecured credit facility due December 2017 (d), (e) | 287,500 | — | 1.1 | % | 3.7 | ||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||
3.70% Medium-Term Notes due October 2020 (net of discount of $52 and $54) (e) | 299,948 | 299,946 | 3.7 | % | 6.5 | ||||||||||||||||
4.63% Medium-Term Notes due January 2022 (net of discount of $2,792 and $2,882) (e) | 397,208 | 397,118 | 4.63 | % | 7.8 | ||||||||||||||||
1.41% Term Notes due June 2018 (e) | 35,000 | 35,000 | 1.41 | % | 4.2 | ||||||||||||||||
1.63% Term Notes due June 2018 (e) | 100,000 | 65,000 | 1.63 | % | 4.2 | ||||||||||||||||
5.13% Medium-Term Notes due January 2014 | — | 184,000 | — | % | — | ||||||||||||||||
5.50% Medium-Term Notes due April 2014 (net of discount of $3 and $20) (f) | 128,497 | 128,480 | 5.5 | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2015 (net of discount of $102 and $134) | 325,073 | 325,041 | 5.25 | % | 0.8 | ||||||||||||||||
5.25% Medium-Term Notes due January 2016 | 83,260 | 83,260 | 5.25 | % | 1.8 | ||||||||||||||||
2.27% Term Notes due June 2018 (e) | 215,000 | 250,000 | 2.27 | % | 4.2 | ||||||||||||||||
8.50% Debentures due September 2024 | 15,644 | 15,644 | 8.5 | % | 10.5 | ||||||||||||||||
4.25% Medium-Term Notes due June 2018 (net of discount of $1786 and $1,893) (e) | 298,214 | 298,107 | 4.25 | % | 4.2 | ||||||||||||||||
Other | 29 | 30 | N/A | N/A | |||||||||||||||||
Total Unsecured Debt | 2,185,373 | 2,081,626 | 3.77 | % | 4.3 | ||||||||||||||||
Total Debt | $ | 3,628,246 | $ | 3,523,703 | 3.95 | % | 4.3 | ||||||||||||||
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 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. Secured debt encumbers $2.3 billion or 27.7% of UDR’s total real estate owned based upon gross book value ($6.0 billion or 72.3% of UDR’s real estate owned based on gross book value is unencumbered) as of March 31, 2014. | |||||||||||||||||||||
(a) At March 31, 2014, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from December 2014 through May 2019 and carry interest rates ranging from 3.43% to 5.94%. | |||||||||||||||||||||
The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records 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. During the three months ended March 31, 2014 and 2013, the Company had $1.3 million of a reduction to interest expense based on the amortization of the fair market adjustment of debt assumed in the acquisition of properties, respectively. The unamortized fair market adjustment was a net premium of $10.6 million and $11.8 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
(b) UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $836.8 million at March 31, 2014. The Fannie Mae credit facilities are for terms of seven to ten years (maturing at various dates from May 2017 through July 2023) and bear interest at floating and fixed rates. At March 31, 2014, we have $625.4 million of the outstanding balance fixed at a weighted average interest rate of 4.99% and the remaining balance of $211.4 million on these facilities is currently at a weighted average variable interest rate of 1.59%. | |||||||||||||||||||||
Further information related to these credit facilities is as follows (dollars in thousands): | |||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Borrowings outstanding | $ | 836,837 | $ | 838,076 | |||||||||||||||||
Weighted average borrowings during the period ended | 837,194 | 839,597 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 837,564 | 841,494 | |||||||||||||||||||
Weighted average interest rate during the period ended | 4.1 | % | 4.2 | % | |||||||||||||||||
Weighted average interest rate at the end of the period | 4.1 | % | 4.1 | % | |||||||||||||||||
(c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature on August 2019 and March 2032, respectively. Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates of 0.78% and 0.82%, respectively, as of March 31, 2014. | |||||||||||||||||||||
(d) As of March 31, 2014, the Company has a $900 million unsecured revolving credit facility that matures in December 2017. The credit facility has a six month extension option and contains an accordion feature that allows us to increase the facility to $1.45 billion. Based on the Company’s current credit rating, the credit facility carries an interest rate equal to LIBOR plus a spread of 110 basis points and a facility fee of 20 basis points. | |||||||||||||||||||||
The following is a summary of short-term bank borrowings under UDR’s bank credit facility at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Total revolving credit facility | $ | 900,000 | $ | 900,000 | |||||||||||||||||
Borrowings outstanding at end of period (1) | 287,500 | — | |||||||||||||||||||
Weighted average daily borrowings during the period ended | 232,750 | 169,844 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 303,000 | 372,000 | |||||||||||||||||||
Weighted average interest rate during the period ended | 1.2 | % | 1.2 | % | |||||||||||||||||
Interest rate at end of the period | 1.1 | % | 1.3 | % | |||||||||||||||||
(1) Excludes $2.2 million and $2.2 million of letters of credit at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
(e) The Operating Partnership is a guarantor at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||
(f) In April 2014, we paid off $128.5 million of 5.50% medium-term notes due April 2014 with borrowings under the Company’s $900 million unsecured revolving credit facility. | |||||||||||||||||||||
The aggregate maturities, including amortizing principal payments of unsecured and secured debt, of total debt for the next five calendar years subsequent to March 31, 2014 are as follows (dollars in thousands): | |||||||||||||||||||||
Year | Total Fixed Secured Debt | Total Variable Secured Debt | Total Secured Debt | Total Unsecured Debt (a) | Total Debt | ||||||||||||||||
2014 | $ | 43,147 | $ | — | $ | 43,147 | $ | 127,820 | $ | 170,967 | |||||||||||
2015 | 196,539 | — | 196,539 | 324,383 | 520,922 | ||||||||||||||||
2016 | 138,222 | 68,149 | 206,371 | 82,478 | 288,849 | ||||||||||||||||
2017 | 177,941 | 65,000 | 242,941 | 287,500 | 530,441 | ||||||||||||||||
2018 | 176,382 | 50,000 | 226,382 | 648,646 | 875,028 | ||||||||||||||||
Thereafter | 336,384 | 191,109 | 527,493 | 714,546 | 1,242,039 | ||||||||||||||||
Total | $ | 1,068,615 | $ | 374,258 | $ | 1,442,873 | $ | 2,185,373 | $ | 3,628,246 | |||||||||||
(a) With the exception of the 1.41% Term Notes due June 2018 and the revolving credit facility which carry a variable interest rate, all unsecured debt carries fixed interest rates. | |||||||||||||||||||||
We were in compliance with the covenants of our debt instruments at March 31, 2014. | |||||||||||||||||||||
United Dominion Reality L.P. [Member] | ' | ||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||
DEBT | ' | ||||||||||||||||||||
DEBT | |||||||||||||||||||||
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, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
Principal Outstanding | As of March 31, 2014 | ||||||||||||||||||||
March 31, | December 31, 2013 | Weighted Average | Weighted Average | Number of Communities | |||||||||||||||||
2014 | Interest Rate | Years to Maturity | Encumbered | ||||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable | $ | 384,699 | $ | 386,803 | 5.44 | % | 2.3 | 5 | |||||||||||||
Fannie Mae credit facilities | 378,878 | 379,003 | 4.71 | % | 5.2 | 10 | |||||||||||||||
Total fixed rate secured debt | 763,577 | 765,806 | 5.08 | % | 3.8 | 15 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Tax-exempt secured note payable | 27,000 | 27,000 | 0.82 | % | 18 | 1 | |||||||||||||||
Fannie Mae credit facilities | 142,059 | 142,059 | 1.88 | % | 7.5 | 5 | |||||||||||||||
Total variable rate secured debt | 169,059 | 169,059 | 1.71 | % | 9.2 | 6 | |||||||||||||||
Total Secured Debt | $ | 932,636 | $ | 934,865 | 4.47 | % | 4.7 | 21 | |||||||||||||
As of March 31, 2014, the General Partner had secured credit facilities with Fannie Mae with an aggregate commitment of $836.8 million with $836.8 million outstanding. The Fannie Mae credit facilities are for an initial term of seven to 10 years and bear interest at floating and fixed rates. At March 31, 2014, $625.4 million of the outstanding balance was fixed at a weighted average interest rate of 4.99% and the remaining balance of $211.4 million on these facilities had a weighted average variable interest rate of 1.59%. | |||||||||||||||||||||
The following information relates to the credit facilities allocated to the Operating Partnership (dollars in thousands): | |||||||||||||||||||||
March 31, | December 31, 2013 | ||||||||||||||||||||
2014 | |||||||||||||||||||||
Borrowings outstanding | $ | 520,937 | $ | 521,062 | |||||||||||||||||
Weighted average borrowings during the period ended | 521,159 | 522,007 | |||||||||||||||||||
Maximum daily borrowings during the period | 521,389 | 523,187 | |||||||||||||||||||
Weighted average interest rate during the period ended | 4.1 | % | 4.2 | % | |||||||||||||||||
Interest rate at the end of the period | 4.1 | % | 4.1 | % | |||||||||||||||||
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 unamortized fair value adjustment of the fixed rate debt instruments on the Operating Partnership’s properties was a net premium of $9.0 million and $10.0 million at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable. Fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from December 2015 through May 2019 and carry interest rates ranging from 3.43% to 5.94%. | |||||||||||||||||||||
Secured credit facilities. At March 31, 2014, the General Partner had borrowings against its fixed rate facilities of $625.4 million, of which $378.9 million was allocated to the Operating Partnership based on the ownership of the assets securing the debt. As of March 31, 2014, the fixed rate Fannie Mae credit facilities allocated to the Operating Partnership had a weighted average fixed interest rate of 4.71%. | |||||||||||||||||||||
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 0.82% as of March 31, 2014. | |||||||||||||||||||||
Secured credit facilities. At March 31, 2014, the General Partner had borrowings against its variable rate facilities of $211.4 million of which $142.1 million was allocated to the Operating Partnership based on the ownership of the assets securing the debt. As of March 31, 2014, the variable rate borrowings under the Fannie Mae credit facilities allocated to the Operating Partnership had a weighted average floating interest rate of 1.88%. | |||||||||||||||||||||
The aggregate maturities of the Operating Partnership’s secured debt due during each of the next five calendar years subsequent to March 31, 2014 are as follows (dollars in thousands): | |||||||||||||||||||||
Fixed | Variable | ||||||||||||||||||||
Year | Mortgage | Credit | Tax Exempt | Credit | Total | ||||||||||||||||
Notes | Facilities | Notes Payable | Facilities | ||||||||||||||||||
2014 | $ | 5,441 | $ | 258 | $ | — | $ | — | $ | 5,699 | |||||||||||
2015 | 191,893 | 366 | — | — | 192,259 | ||||||||||||||||
2016 | 133,798 | 385 | — | — | 134,183 | ||||||||||||||||
2017 | 1,442 | 15,640 | — | 6,566 | 23,648 | ||||||||||||||||
2018 | 1,577 | 161,754 | — | 46,272 | 209,603 | ||||||||||||||||
Thereafter | 50,548 | 200,475 | 27,000 | 89,221 | 367,244 | ||||||||||||||||
Total | $ | 384,699 | $ | 378,878 | $ | 27,000 | $ | 142,059 | $ | 932,636 | |||||||||||
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 $900 million, $250 million of term notes due June 2018, $100 million of term notes due June 2018, $300 million of medium-term notes due June 2018, $300 million of medium-term notes due October 2020, and $400 million of medium-term notes due January 2022. As of March 31, 2014, the outstanding balance under the unsecured revolving credit facility was $287.5 million. As of December 31, 2013, there were no outstanding borrowings under the unsecured revolving credit facility. |
IncomeLoss_Per_Share
Income/(Loss) Per Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
EARNINGS/(LOSS) PER SHARE | ' | |||||||
/(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, | ||||||||
2014 | 2013 | |||||||
Numerator for income/(loss) per share: | ||||||||
Income/(loss) from continuing operations | $ | (5,195 | ) | $ | (1,162 | ) | ||
Gain/(loss) on sale of real estate owned, net of tax | 24,294 | — | ||||||
(Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership | (650 | ) | 75 | |||||
(Income)/loss from continuing operations attributable to noncontrolling interests | (4 | ) | (4 | ) | ||||
Income/(loss) from continuing operations attributable to UDR, Inc. | 18,445 | (1,091 | ) | |||||
Distributions to preferred stockholders - Series E (Convertible) | (931 | ) | (931 | ) | ||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 17,514 | $ | (2,022 | ) | |||
Income/(loss) from discontinued operations, net of tax | $ | (87 | ) | $ | 853 | |||
(Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership | 3 | (30 | ) | |||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | (84 | ) | $ | 823 | |||
Net income/(loss) attributable to common stockholders | $ | 17,430 | $ | (1,199 | ) | |||
Denominator for income/(loss) per share: | ||||||||
Weighted average common shares outstanding | 251,213 | 250,500 | ||||||
Non-vested restricted stock awards | (1,036 | ) | (583 | ) | ||||
Denominator for basic income/(loss) per share | 250,177 | 249,917 | ||||||
Incremental shares issuable from assumed conversion of: | 1,645 | — | ||||||
Stock options and unvested restricted stock | ||||||||
Denominator for diluted income/(loss) per share | 251,822 | 249,917 | ||||||
Income/(loss) per weighted average common share-basic: | ||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.07 | $ | (0.01 | ) | |||
Income/(loss) from discontinued operations attributable to common stockholders | $ | (0.00 | ) | $ | 0 | |||
Net income/(loss) attributable to common stockholders | $ | 0.07 | $ | 0 | ||||
Income/(loss) per weighted average common share-diluted: | ||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.07 | $ | (0.01 | ) | |||
Income/(loss) from discontinued operations attributable to common stockholders | $ | 0 | $ | 0 | ||||
Net income/(loss) attributable to common stockholders | $ | 0.07 | $ | 0 | ||||
Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per 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, convertible preferred stock, stock options, and restricted stock. 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. | ||||||||
During the three months ended March 31, 2013, the effect of the conversion of the OP Units, convertible preferred stock, stock options and restricted stock was not dilutive, and was therefore not included in the above calculations as the Company reported a loss from continuing operations attributable to common stockholders. | ||||||||
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, 2014 and 2013 (shares in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
OP Units | 9,319 | 9,381 | ||||||
Preferred stock | 3,036 | 3,036 | ||||||
Stock options and unvested restricted stock | 1,645 | 1,293 | ||||||
IncomeLoss_Per_Operating_Partn
Income/(Loss) Per Operating Partnership Unit (UNITED DOMINION REALTY, L.P.) Income/(Loss) Per Operating Partnership Unit | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
/(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, | |||||||||
2014 | 2013 | ||||||||
Numerator for income/(loss) per share: | |||||||||
Income/(loss) from continuing operations | $ | (5,195 | ) | $ | (1,162 | ) | |||
Gain/(loss) on sale of real estate owned, net of tax | 24,294 | — | |||||||
(Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership | (650 | ) | 75 | ||||||
(Income)/loss from continuing operations attributable to noncontrolling interests | (4 | ) | (4 | ) | |||||
Income/(loss) from continuing operations attributable to UDR, Inc. | 18,445 | (1,091 | ) | ||||||
Distributions to preferred stockholders - Series E (Convertible) | (931 | ) | (931 | ) | |||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 17,514 | $ | (2,022 | ) | ||||
Income/(loss) from discontinued operations, net of tax | $ | (87 | ) | $ | 853 | ||||
(Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership | 3 | (30 | ) | ||||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | (84 | ) | $ | 823 | ||||
Net income/(loss) attributable to common stockholders | $ | 17,430 | $ | (1,199 | ) | ||||
Denominator for income/(loss) per share: | |||||||||
Weighted average common shares outstanding | 251,213 | 250,500 | |||||||
Non-vested restricted stock awards | (1,036 | ) | (583 | ) | |||||
Denominator for basic income/(loss) per share | 250,177 | 249,917 | |||||||
Incremental shares issuable from assumed conversion of: | 1,645 | — | |||||||
Stock options and unvested restricted stock | |||||||||
Denominator for diluted income/(loss) per share | 251,822 | 249,917 | |||||||
Income/(loss) per weighted average common share-basic: | |||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.07 | $ | (0.01 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | (0.00 | ) | $ | 0 | ||||
Net income/(loss) attributable to common stockholders | $ | 0.07 | $ | 0 | |||||
Income/(loss) per weighted average common share-diluted: | |||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.07 | $ | (0.01 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | 0 | $ | 0 | |||||
Net income/(loss) attributable to common stockholders | $ | 0.07 | $ | 0 | |||||
Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per 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, convertible preferred stock, stock options, and restricted stock. 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. | |||||||||
During the three months ended March 31, 2013, the effect of the conversion of the OP Units, convertible preferred stock, stock options and restricted stock was not dilutive, and was therefore not included in the above calculations as the Company reported a loss from continuing operations attributable to common stockholders. | |||||||||
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, 2014 and 2013 (shares in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
OP Units | 9,319 | 9,381 | |||||||
Preferred stock | 3,036 | 3,036 | |||||||
Stock options and unvested restricted stock | 1,645 | 1,293 | |||||||
United Dominion Reality L.P. [Member] | ' | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
/(LOSS) PER OPERATING PARTNERSHIP UNIT | |||||||||
Basic income/(loss) per OP Unit is computed by dividing net income/(loss) attributable to general and limited partner unitholders by the weighted average number of general and limited partner units (including redeemable OP Units) outstanding during the period. 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. For the three months ended March 31, 2014 and 2013, there were no dilutive instruments outstanding, and therefore, diluted income/(loss) per OP Unit and basic income/(loss) per OP Unit are the same. See note 9, Capital Structure, for further discussion on redemption rights of OP Units. | |||||||||
The following table sets forth the computation of basic and diluted income/(loss) per OP Unit for the periods presented (dollars in thousands, except per OP Unit data): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator for income/(loss) per OP Unit — basic and diluted: | |||||||||
Income/(loss) from continuing operations | $ | 6,411 | $ | 6,869 | |||||
Gain/(loss) on sale of real estate owned | 24,402 | — | |||||||
(Income)/loss from continuing operations attributable to noncontrolling interests | (280 | ) | (45 | ) | |||||
Income/(loss) from continuing operations attributable to OP unitholders | $ | 30,533 | $ | 6,824 | |||||
Income/(loss) from discontinued operations | $ | — | $ | 905 | |||||
(Income)/loss from discontinued operations attributable to noncontrolling interests | — | — | |||||||
Income/(loss) from discontinued operations attributable to OP unitholders | $ | — | $ | 905 | |||||
Net income/(loss) | $ | 30,813 | $ | 7,774 | |||||
Net (income)/loss attributable to noncontrolling interests | (280 | ) | (45 | ) | |||||
Net income/(loss) attributable to OP unitholders | $ | 30,533 | $ | 7,729 | |||||
Denominator for income/(loss) per OP Unit — basic and diluted: | |||||||||
Weighted average OP Units outstanding — basic and diluted | 183,279 | 184,281 | |||||||
Income/(loss) per weighted average OP Unit — basic and diluted: | |||||||||
Income/(loss) from continuing operations attributable to OP unitholders | $ | 0.17 | $ | 0.04 | |||||
Income/(loss) from discontinued operations attributable to OP unitholders | $ | — | $ | 0 | |||||
Net income/(loss) attributable to OP unitholders | $ | 0.17 | $ | 0.04 | |||||
Noncontrolling_Interests
Noncontrolling Interests | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||
NONCONTROLLING INTERESTS | ' | ||||||||
NONCONTROLLING INTERESTS | |||||||||
Redeemable Noncontrolling Interests in the Operating Partnership | |||||||||
Interests in the Operating Partnership held by limited partners are represented by OP Units. The income is allocated to holders of OP Units based upon net income attributable to common stockholders and the weighted average number of OP Units outstanding to total common shares plus OP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the individual partnership agreements. | |||||||||
Limited partners have the right to require the Operating Partnership to redeem all or a portion of the OP Units held by the limited partners at a redemption price equal to and in the form of the Cash Amount as defined in the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Operating Partnership Agreement”), provided that such OP Units have been outstanding for at least one year. UDR, as the 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 the Company for each OP Unit), as defined in the Operating Partnership Agreement. Accordingly, the Company records the OP Units outside of permanent equity and reports the OP 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 for the following period (dollars in thousands): | |||||||||
Redeemable noncontrolling interests in the Operating Partnership, December 31, 2013 | $ | 217,597 | |||||||
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership | 24,957 | ||||||||
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership | 647 | ||||||||
Distributions to redeemable noncontrolling interests in the Operating Partnership | (2,549 | ) | |||||||
Allocation of other comprehensive income/(loss) | 56 | ||||||||
Redeemable noncontrolling interests in the Operating Partnership, March 31, 2014 | $ | 240,708 | |||||||
The following sets forth net income/(loss) attributable to common stockholders and transfers from redeemable noncontrolling interests in the Operating Partnership for the following periods (dollars in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Net income/(loss) attributable to common stockholders | $ | 17,430 | $ | (1,199 | ) | ||||
Conversion of OP Units to UDR Common stock | — | 1,649 | |||||||
Change in equity from net income/(loss) attributable to common stockholders and conversion of OP Units to UDR Common Stock | $ | 17,430 | $ | 450 | |||||
Noncontrolling Interests | |||||||||
Noncontrolling interests represent interests of unrelated partners in certain consolidated affiliates, and are presented as part of equity in the Consolidated Balance Sheets since these interests are not redeemable. During the three months ended March 31, 2014 and 2013, net (income)/loss attributable to noncontrolling interests was $(4,000) |
Related_Party_Transactions_UNI
Related Party Transactions (UNITED DOMINION REALTY, L.P.) (United Dominion Reality L.P. [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
United Dominion Reality L.P. [Member] | ' |
Entity Information [Line Items] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
Payable/(Receivable) Due 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 receivable balance of $44.0 million and $9.9 million at March 31, 2014 and December 31, 2013, respectively, which is reflected as a reduction of capital, respectively, on the Consolidated Balance Sheets. | |
Allocation of General and Administrative Expenses | |
The General Partner provides various general and administrative and other overhead services for the Operating Partnership including legal assistance, acquisitions analysis, marketing and advertising, and allocates these expenses to the Operating Partnership first on the basis of direct usage when identifiable, with the remainder allocated based on its pro-rata portion of UDR’s total apartment homes. During the three months ended March 31, 2014 and 2013, the general and administrative expenses allocated to the Operating Partnership by UDR were $6.7 million and $5.3 million, 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, 2014 and 2013, the Operating Partnership incurred $3.1 million and $3.0 million, respectively, of related party management fees related to a management agreement entered into in 2011with wholly- owned subsidiaries of RE3. (See further discussion in paragraph below.) These related party management fees are initially recorded in General and administrative on the Consolidated Statements of Operations, and a portion related to management fees charged by the Taxable REIT Subsidiary (“TRS”) of the General Partner is reclassified to Property management on the Consolidated Statements of Operations. (See further discussion below.) | |
Management Fee | |
In 2011, the Operating Partnership entered into a management agreement with wholly owned subsidiaries of RE3. Under the management agreement, the Operating Partnership is charged a management fee equal to 2.75% of gross rental revenues, which is classified in Property Management on the Consolidated Statements of Operations. | |
Notes Payable to General Partner | |
As of March 31, 2014 and December 31, 2013, the Operating Partnership had $88.7 million of unsecured notes payable to the General Partner at annual interest rates between 5.18% and 5.337%. Certain limited partners of the Operating Partnership have provided guarantees 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 and December 31, 2023 and interest payments are made monthly. The Operating Partnership recognized $1.2 million and $267,000 of interest expense on the notes payable during the three months ended March 31, 2014 and 2013, respectively. |
Fair_Value_of_Derivatives_and_
Fair Value of Derivatives and Financial Instruments | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||
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, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||
Fair Value at March 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at March 31, 2014 | Fair Value Estimate at March 31, 2014 | Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Notes receivable (a) | $ | 84,568 | $ | 85,344 | $ | — | $ | — | $ | 85,344 | ||||||||||
Derivatives- Interest rate contracts (b) | 274 | 274 | — | 274 | — | |||||||||||||||
Total assets | $ | 84,842 | $ | 85,618 | $ | — | $ | 274 | $ | 85,344 | ||||||||||
Derivatives- Interest rate contracts (b) | $ | 3,812 | $ | 3,812 | $ | — | $ | 3,812 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 443,187 | 460,635 | — | — | 460,635 | |||||||||||||||
Fannie Mae credit facilities | 625,428 | 659,923 | — | — | 659,923 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 68,149 | 68,149 | — | — | 68,149 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 211,409 | 211,409 | — | — | 211,409 | |||||||||||||||
Unsecured debt instruments: (c) | ||||||||||||||||||||
Commercial bank | 287,500 | 287,500 | — | — | 287,500 | |||||||||||||||
Senior unsecured notes | 1,897,873 | 1,974,858 | — | — | 1,974,858 | |||||||||||||||
Total liabilities | $ | 3,632,058 | $ | 3,760,986 | $ | — | $ | 3,812 | $ | 3,757,174 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 240,708 | $ | 240,708 | $ | — | $ | 240,708 | $ | — | ||||||||||
Fair Value at December 31, 2013, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at December 31, 2013 | Fair Value Estimate at December 31, 2013 | Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Notes receivable (a) | $ | 83,033 | $ | 83,833 | $ | — | $ | — | $ | 83,833 | ||||||||||
Total assets | $ | 83,033 | $ | 83,833 | $ | — | $ | — | $ | 83,833 | ||||||||||
Derivatives- Interest rate contracts (b) | $ | 4,965 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 445,706 | 466,375 | — | — | 466,375 | |||||||||||||||
Fannie Mae credit facilities | 626,667 | 661,094 | — | — | 661,094 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 63,595 | 63,595 | — | — | 63,595 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 211,409 | 211,409 | — | — | 211,409 | |||||||||||||||
Unsecured debt instruments: (c) | ||||||||||||||||||||
Senior unsecured notes | 2,081,626 | 2,149,003 | — | — | 2,149,003 | |||||||||||||||
Total liabilities | $ | 3,528,668 | $ | 3,651,141 | $ | — | $ | 4,965 | $ | 3,646,176 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 217,597 | $ | 217,597 | $ | — | 217,597 | $ | — | |||||||||||
(a) | See Note 2, Significant Accounting Policies. | |||||||||||||||||||
(b) | See Note 10, Derivatives and Hedging Activity. | |||||||||||||||||||
(c) | See Note 6, Secured and Unsecured Debt. | |||||||||||||||||||
(d) | See Note 8, Noncontrolling Interests. | |||||||||||||||||||
There were no transfers into or out of each of the levels of the fair value hierarchy. | ||||||||||||||||||||
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, 2014 and December 31, 2013, 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 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 are classified as Level 2. | ||||||||||||||||||||
Financial Instruments Not Carried at Fair Value | ||||||||||||||||||||
At March 31, 2014, 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 were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. | ||||||||||||||||||||
We estimate the fair value of our notes receivable and debt instruments by discounting the remaining cash flows of the debt instrument at a discount rate equal to the replacement market credit spread plus the corresponding treasury yields. Factors considered in determining a replacement market credit spread include general market conditions, borrower specific credit spreads, time remaining to maturity, loan-to-value ratios and collateral quality, where applicable (Level 3). | ||||||||||||||||||||
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 decrease in the value of its investments in unconsolidated joint ventures during the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||
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. |
Fair_Value_of_Derivatives_and_1
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||||||||
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||
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, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||
Fair Value at March 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at March 31, 2014 | Fair Value Estimate at March 31, 2014 | Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Notes receivable (a) | $ | 84,568 | $ | 85,344 | $ | — | $ | — | $ | 85,344 | ||||||||||
Derivatives- Interest rate contracts (b) | 274 | 274 | — | 274 | — | |||||||||||||||
Total assets | $ | 84,842 | $ | 85,618 | $ | — | $ | 274 | $ | 85,344 | ||||||||||
Derivatives- Interest rate contracts (b) | $ | 3,812 | $ | 3,812 | $ | — | $ | 3,812 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 443,187 | 460,635 | — | — | 460,635 | |||||||||||||||
Fannie Mae credit facilities | 625,428 | 659,923 | — | — | 659,923 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 68,149 | 68,149 | — | — | 68,149 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 211,409 | 211,409 | — | — | 211,409 | |||||||||||||||
Unsecured debt instruments: (c) | ||||||||||||||||||||
Commercial bank | 287,500 | 287,500 | — | — | 287,500 | |||||||||||||||
Senior unsecured notes | 1,897,873 | 1,974,858 | — | — | 1,974,858 | |||||||||||||||
Total liabilities | $ | 3,632,058 | $ | 3,760,986 | $ | — | $ | 3,812 | $ | 3,757,174 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 240,708 | $ | 240,708 | $ | — | $ | 240,708 | $ | — | ||||||||||
Fair Value at December 31, 2013, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at December 31, 2013 | Fair Value Estimate at December 31, 2013 | Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Notes receivable (a) | $ | 83,033 | $ | 83,833 | $ | — | $ | — | $ | 83,833 | ||||||||||
Total assets | $ | 83,033 | $ | 83,833 | $ | — | $ | — | $ | 83,833 | ||||||||||
Derivatives- Interest rate contracts (b) | $ | 4,965 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 445,706 | 466,375 | — | — | 466,375 | |||||||||||||||
Fannie Mae credit facilities | 626,667 | 661,094 | — | — | 661,094 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 63,595 | 63,595 | — | — | 63,595 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 211,409 | 211,409 | — | — | 211,409 | |||||||||||||||
Unsecured debt instruments: (c) | ||||||||||||||||||||
Senior unsecured notes | 2,081,626 | 2,149,003 | — | — | 2,149,003 | |||||||||||||||
Total liabilities | $ | 3,528,668 | $ | 3,651,141 | $ | — | $ | 4,965 | $ | 3,646,176 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 217,597 | $ | 217,597 | $ | — | 217,597 | $ | — | |||||||||||
(a) | See Note 2, Significant Accounting Policies. | |||||||||||||||||||
(b) | See Note 10, Derivatives and Hedging Activity. | |||||||||||||||||||
(c) | See Note 6, Secured and Unsecured Debt. | |||||||||||||||||||
(d) | See Note 8, Noncontrolling Interests. | |||||||||||||||||||
There were no transfers into or out of each of the levels of the fair value hierarchy. | ||||||||||||||||||||
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, 2014 and December 31, 2013, 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 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 are classified as Level 2. | ||||||||||||||||||||
Financial Instruments Not Carried at Fair Value | ||||||||||||||||||||
At March 31, 2014, 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 were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. | ||||||||||||||||||||
We estimate the fair value of our notes receivable and debt instruments by discounting the remaining cash flows of the debt instrument at a discount rate equal to the replacement market credit spread plus the corresponding treasury yields. Factors considered in determining a replacement market credit spread include general market conditions, borrower specific credit spreads, time remaining to maturity, loan-to-value ratios and collateral quality, where applicable (Level 3). | ||||||||||||||||||||
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 decrease in the value of its investments in unconsolidated joint ventures during the three months ended March 31, 2014 and 2013, respectively. | ||||||||||||||||||||
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. [Member] | ' | |||||||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||||||||
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||
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, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||
Fair Value at March 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position on March 31, 2014 | Fair Value Estimate at March 31, 2014 | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||||||
Assets or | (Level 2) | (Level 3) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Derivatives- Interest rate contracts (a) | $ | 2,302 | $ | 2,302 | $ | — | $ | 2,302 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (b) | ||||||||||||||||||||
Mortgage notes payable | 384,699 | 401,086 | — | — | 401,086 | |||||||||||||||
Fannie Mae credit facilities | 378,878 | 395,919 | — | — | 395,919 | |||||||||||||||
Secured debt instruments- variable rate: (b) | ||||||||||||||||||||
Tax-exempt secured notes payable | 27,000 | 27,000 | — | — | 27,000 | |||||||||||||||
Fannie Mae credit facilities | 142,059 | 142,059 | — | — | 142,059 | |||||||||||||||
Total liabilities | $ | 934,938 | $ | 968,366 | $ | — | $ | 2,302 | $ | 966,064 | ||||||||||
Fair Value at December 31, 2013, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position on December 31, 2013 | Fair Value Estimate at December 31, 2013 | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||||||
Assets or | (Level 2) | (Level 3) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Derivatives- Interest rate contracts (a) | $ | 2,731 | $ | 2,731 | $ | — | $ | 2,731 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (b) | ||||||||||||||||||||
Mortgage notes payable | 386,803 | 403,695 | — | — | 403,695 | |||||||||||||||
Fannie Mae credit facilities | 379,003 | 394,239 | — | — | 394,239 | |||||||||||||||
Secured debt instruments- variable rate: (b) | ||||||||||||||||||||
Tax-exempt secured notes payable | 27,000 | 27,000 | — | — | 27,000 | |||||||||||||||
Fannie Mae credit facilities | 142,059 | 142,059 | — | — | 142,059 | |||||||||||||||
Total liabilities | $ | 937,596 | $ | 969,724 | $ | — | $ | 2,731 | $ | 966,993 | ||||||||||
(a) | See Note 8, Derivatives and Hedging Activity. | |||||||||||||||||||
(b) | See Note 5, Debt. | |||||||||||||||||||
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, 2014 and December 31, 2013, 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 | ||||||||||||||||||||
At March 31, 2014, 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 were determined by the Operating Partnership using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Operating Partnership would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. | ||||||||||||||||||||
Fair value of our debt instruments is estimated by discounting the remaining cash flows of the debt instrument at a discount rate equal to the replacement market credit spread plus the corresponding treasury yields. Factors considered in determining a replacement market credit spread include general market conditions, borrower specific credit spreads, time remaining to maturity, loan-to-value ratios and collateral quality (Level 3). | ||||||||||||||||||||
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. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activity | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Derivatives and Hedging Activity [Abstract] | ' | ||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||
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 effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income(loss), net in 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, 2014 and 2013, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2014 and 2013, the Company recorded no ineffectiveness and less than a $1,000 loss from ineffectiveness in earnings attributable to an index mismatch between the derivative and the hedged item, respectively. | |||||||||||||||||||||||||||||
Amounts reported in Accumulated other comprehensive income (loss), net in the Consolidated Balance Sheets related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through March 31, 2015, the Company estimates that an additional $3.7 million will be reclassified as an increase to interest expense. | |||||||||||||||||||||||||||||
As of March 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate swaps | 11 | $ | 419,787 | ||||||||||||||||||||||||||
Interest rate caps | 6 | $ | 274,291 | ||||||||||||||||||||||||||
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 gain/(loss) of $0 and $(2,000) for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
As of March 31, 2014, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): | |||||||||||||||||||||||||||||
Product | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate caps | 2 | $ | 155,197 | ||||||||||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||||||||||||||||||
The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||
Balance | March 31, | December 31, | Balance | March 31, | December 31, | ||||||||||||||||||||||||
Sheet Location | 2014 | 2013 | Sheet Location | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | 274 | $ | — | Other liabilities | $ | 3,812 | $ | 4,965 | |||||||||||||||||||
Total | $ | 274 | $ | — | $ | 3,812 | $ | 4,965 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | — | $ | — | Other liabilities | $ | — | $ | — | |||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
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, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | $ | (55 | ) | $ | (92 | ) | Interest expense | $ | (1,532 | ) | $ | (1,937 | ) | Interest expense | $ | — | $ | — | |||||||||||
Total | $ | (55 | ) | $ | (92 | ) | $ | (1,532 | ) | $ | (1,937 | ) | $ | — | $ | — | |||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | Interest and other income, net | $ | — | $ | (2 | ) | |||||||||||||||||||||||
Total | $ | — | $ | (2 | ) | ||||||||||||||||||||||||
Credit-risk-related Contingent Features | |||||||||||||||||||||||||||||
The Company has agreements with some of its derivative counterparties that contain a provision where (1) if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations; or (2) 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. | |||||||||||||||||||||||||||||
Certain of the Company’s agreements with its derivative counterparties contain provisions where if there is a change in the Company’s financial condition that materially changes the Company’s creditworthiness in an adverse manner, the Company may be required to fully collateralize its obligations under the derivative instrument. | |||||||||||||||||||||||||||||
The Company also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. | |||||||||||||||||||||||||||||
As of March 31, 2014, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $4.0 million. As of March 31, 2014, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2014, it may have been required to settle its obligations under the agreements at their termination value of $4.0 million. | |||||||||||||||||||||||||||||
Tabular Disclosure of Offsetting Derivatives | |||||||||||||||||||||||||||||
Company has elected not to offset derivative positions in 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, 2014 and December 31, 2013 (dollar in thousands): | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 274 | $ | — | $ | 274 | $ | (92 | ) | $ | — | $ | 182 | ||||||||||||||||
December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
(a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. | |||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 3,812 | $ | — | $ | 3,812 | $ | (92 | ) | $ | — | $ | 3,720 | ||||||||||||||||
December 31, 2013 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | $ | — | $ | 4,965 | |||||||||||||||||
(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITY | ' | ||||||||||||||||||||||||||||
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 effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income(loss), net in 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, 2014 and 2013, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2014 and 2013, the Company recorded no ineffectiveness and less than a $1,000 loss from ineffectiveness in earnings attributable to an index mismatch between the derivative and the hedged item, respectively. | |||||||||||||||||||||||||||||
Amounts reported in Accumulated other comprehensive income (loss), net in the Consolidated Balance Sheets related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through March 31, 2015, the Company estimates that an additional $3.7 million will be reclassified as an increase to interest expense. | |||||||||||||||||||||||||||||
As of March 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate swaps | 11 | $ | 419,787 | ||||||||||||||||||||||||||
Interest rate caps | 6 | $ | 274,291 | ||||||||||||||||||||||||||
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 gain/(loss) of $0 and $(2,000) for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
As of March 31, 2014, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): | |||||||||||||||||||||||||||||
Product | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate caps | 2 | $ | 155,197 | ||||||||||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||||||||||||||||||
The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||
Balance | March 31, | December 31, | Balance | March 31, | December 31, | ||||||||||||||||||||||||
Sheet Location | 2014 | 2013 | Sheet Location | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | 274 | $ | — | Other liabilities | $ | 3,812 | $ | 4,965 | |||||||||||||||||||
Total | $ | 274 | $ | — | $ | 3,812 | $ | 4,965 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | — | $ | — | Other liabilities | $ | — | $ | — | |||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
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, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | $ | (55 | ) | $ | (92 | ) | Interest expense | $ | (1,532 | ) | $ | (1,937 | ) | Interest expense | $ | — | $ | — | |||||||||||
Total | $ | (55 | ) | $ | (92 | ) | $ | (1,532 | ) | $ | (1,937 | ) | $ | — | $ | — | |||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | Interest and other income, net | $ | — | $ | (2 | ) | |||||||||||||||||||||||
Total | $ | — | $ | (2 | ) | ||||||||||||||||||||||||
Credit-risk-related Contingent Features | |||||||||||||||||||||||||||||
The Company has agreements with some of its derivative counterparties that contain a provision where (1) if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations; or (2) 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. | |||||||||||||||||||||||||||||
Certain of the Company’s agreements with its derivative counterparties contain provisions where if there is a change in the Company’s financial condition that materially changes the Company’s creditworthiness in an adverse manner, the Company may be required to fully collateralize its obligations under the derivative instrument. | |||||||||||||||||||||||||||||
The Company also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. | |||||||||||||||||||||||||||||
As of March 31, 2014, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $4.0 million. As of March 31, 2014, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at March 31, 2014, it may have been required to settle its obligations under the agreements at their termination value of $4.0 million. | |||||||||||||||||||||||||||||
Tabular Disclosure of Offsetting Derivatives | |||||||||||||||||||||||||||||
Company has elected not to offset derivative positions in 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, 2014 and December 31, 2013 (dollar in thousands): | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 274 | $ | — | $ | 274 | $ | (92 | ) | $ | — | $ | 182 | ||||||||||||||||
December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
(a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. | |||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 3,812 | $ | — | $ | 3,812 | $ | (92 | ) | $ | — | $ | 3,720 | ||||||||||||||||
December 31, 2013 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | $ | — | $ | 4,965 | |||||||||||||||||
(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. | |||||||||||||||||||||||||||||
United Dominion Reality L.P. [Member] | ' | ||||||||||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITY | ' | ||||||||||||||||||||||||||||
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 have been allocated to the Operating Partnership based on the General Partner’s underlying debt instruments allocated to the Operating Partnership. (See Note 5, Debt.) | |||||||||||||||||||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net in 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, 2014 and 2013, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three months ended March 31, 2014 and 2013, the Operating Partnership recorded no ineffectiveness and less than $1,000 loss from ineffectiveness in earnings attributable to an index mismatch between the derivative and the hedged item, respectively. | |||||||||||||||||||||||||||||
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 allocated to the Operating Partnership. During the next twelve months through March 31, 2015, we estimate that an additional $1.9 million will be reclassified as an increase to interest expense. | |||||||||||||||||||||||||||||
As of March 31, 2014, the Operating Partnership had the following outstanding interest rate derivatives designated as cash flow hedges of interest rate risk (dollars in thousands): | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate swaps | 2 | $ | 96,974 | ||||||||||||||||||||||||||
Interest rate caps | 6 | $ | 255,561 | ||||||||||||||||||||||||||
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 losses of $0 and $2,000 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
As of March 31, 2014, we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): | |||||||||||||||||||||||||||||
Product | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate caps | 1 | $ | 83,289 | ||||||||||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||||||||||||||||||
The table below presents the fair value of the Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||
Balance | March 31, | December 31, | Balance | March 31, | December 31, | ||||||||||||||||||||||||
Sheet Location | 2014 | 2013 | Sheet Location | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | 97 | $ | — | Other liabilities | $ | 2,302 | $ | 2,731 | |||||||||||||||||||
Total | $ | 97 | $ | — | $ | 2,302 | $ | 2,731 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | — | $ | — | Other liabilities | $ | — | $ | — | |||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
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, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | $ | (51 | ) | $ | (54 | ) | Interest expense | $ | (623 | ) | $ | (869 | ) | ||||||||||||||||
Total | $ | (51 | ) | $ | (54 | ) | $ | (623 | ) | $ | (869 | ) | |||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | Other operating expenses | $ | — | $ | (2 | ) | |||||||||||||||||||||||
Total | $ | — | $ | (2 | ) | ||||||||||||||||||||||||
Credit-risk-related Contingent Features | |||||||||||||||||||||||||||||
The General Partner has agreements with some of its derivative counterparties that contain a provision where (1) if the General Partner defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the General Partner could also be declared in default on its derivative obligations; or (2) 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. | |||||||||||||||||||||||||||||
Certain of the General Partner’s agreements with its derivative counterparties contain provisions where if there is a change in the General Partner’s financial condition that materially changes the General Partner’s creditworthiness in an adverse manner, the General Partner may be required to fully collateralize its obligations under the derivative instrument. At March 31, 2014 and December 31, 2013, no cash collateral was posted or required to be posted by the General Partner or by a counterparty. | |||||||||||||||||||||||||||||
The General Partner also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the General Partner’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the General Partner being in default on any derivative instrument obligations covered by the agreement. | |||||||||||||||||||||||||||||
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 contract, 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, 2014, the fair value of derivatives in a net liability position that were allocated to the Operating Partnership, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $2.5 million. As of March 31, 2014, the General Partner has not posted any collateral related to these agreements. If the General Partner had breached any of these provisions at March 31, 2014, it would have been required to settle its obligations under the agreements at their termination value of $2.5 million. | |||||||||||||||||||||||||||||
The General Partner has elected not to offset derivative positions in the consolidated financial statements. The table below presents the effect on the Operating Partnership’s financial position had the General Partner made the election to offset its derivative positions as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 97 | $ | — | $ | 97 | $ | — | $ | — | $ | 97 | |||||||||||||||||
December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
(a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. | |||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 2,302 | $ | — | $ | 2,302 | $ | — | $ | — | $ | 2,302 | |||||||||||||||||
December 31, 2013 | $ | 2,731 | $ | — | $ | 2,731 | $ | — | $ | — | $ | 2,731 | |||||||||||||||||
(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
Stock_Based_Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
STOCK BASED COMPENSATION | ' |
STOCK BASED COMPENSATION | |
During the three months ended March 31, 2014 and 2013, we recognized $3.7 million and $1.9 million, respectively, as stock based compensation expense, which is inclusive of awards granted to our independent directors. |
Capital_Structure_UNITED_DOMIN
Capital Structure (UNITED DOMINION REALTY, L.P.) (United Dominion Reality L.P. [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
United Dominion Reality L.P. [Member] | ' |
Entity Information [Line Items] | ' |
CAPITAL STRUCTURE | ' |
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 Partnership Units. There were 110,883 General Partnership units outstanding at March 31, 2014 and December 31, 2013, all of which were held by UDR. | |
Limited Partnership Units | |
At March 31, 2014 and December 31, 2013, there were 183,167,815 limited partnership units outstanding, of which 1,873,332 were Class A Limited Partnership Units. UDR owned 173,848,891 or 94.9% at March 31, 2014 and December 31, 2013, of which 121,661 were Class A Limited Partnership Units. The remaining 9,318,924 or 5.1% OP Units outstanding, were held by non-affiliated partners at March 31, 2014 and December 31, 2013, of which 1,751,671 were Class A Limited Partnership Units. | |
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 $240.7 million and $217.6 million as of March 31, 2014 and December 31, 2013, 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 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 Partnership Unit. | |
Holders of the Class A Partnership Units exclusively possess certain voting rights. The Operating Partnership may not do the following without approval of the holders of the Class A Partnership Units: (i) increase the authorized or issued amount of Class A Partnership Units, (ii) reclassify any other partnership interest into Class A Partnership Units, (iii) create, authorize or issue any obligations or security convertible into or the right to purchase any Class Partnership units, (iv) enter into a merger or acquisition, or (v) amend or modify the Agreement of Limited Partnership of the Operating Partnership in a manner that adversely affects the relative rights, preferences or privileges of the Class A Partnership Units. | |
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_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||||
Commitments | |||||||||||||
Real Estate Under Development | |||||||||||||
The following summarizes the Company’s real estate commitments at March 31, 2014 (dollars in thousands): | |||||||||||||
Number of | Costs Incurred | Expected Costs | Average Ownership | ||||||||||
Properties | to Date | to Complete | Stake | ||||||||||
Wholly-owned — under development | 3 | $ | 222,601 | (a) | $ | 177,799 | 100 | % | |||||
Wholly-owned — redevelopment | 2 | 145,589 | (a) | 32,394 | 100 | % | |||||||
Joint ventures: | |||||||||||||
Unconsolidated joint ventures | 1 | 79,703 | 120,004 | (b) | 51 | % | |||||||
Participating loan investments | 1 | 23,199 | 68,810 | (c) | 0 | % | |||||||
$ | 471,092 | $ | 399,007 | ||||||||||
(a) | Costs incurred to date include $23.6 million and $4.0 million of accrued fixed assets for development and redevelopment, respectively. | ||||||||||||
(b) | Represents UDR’s remaining equity commitment in unconsolidated joint ventures. | ||||||||||||
(c) | Represents UDR’s remaining participating loan commitment for Steele Creek. | ||||||||||||
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. |
Commitments_and_Contingencies_
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Entity Information [Line Items] | ' | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||||
Commitments | |||||||||||||
Real Estate Under Development | |||||||||||||
The following summarizes the Company’s real estate commitments at March 31, 2014 (dollars in thousands): | |||||||||||||
Number of | Costs Incurred | Expected Costs | Average Ownership | ||||||||||
Properties | to Date | to Complete | Stake | ||||||||||
Wholly-owned — under development | 3 | $ | 222,601 | (a) | $ | 177,799 | 100 | % | |||||
Wholly-owned — redevelopment | 2 | 145,589 | (a) | 32,394 | 100 | % | |||||||
Joint ventures: | |||||||||||||
Unconsolidated joint ventures | 1 | 79,703 | 120,004 | (b) | 51 | % | |||||||
Participating loan investments | 1 | 23,199 | 68,810 | (c) | 0 | % | |||||||
$ | 471,092 | $ | 399,007 | ||||||||||
(a) | Costs incurred to date include $23.6 million and $4.0 million of accrued fixed assets for development and redevelopment, respectively. | ||||||||||||
(b) | Represents UDR’s remaining equity commitment in unconsolidated joint ventures. | ||||||||||||
(c) | Represents UDR’s remaining participating loan commitment for Steele Creek. | ||||||||||||
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. [Member] | ' | ||||||||||||
Entity Information [Line Items] | ' | ||||||||||||
COMMITMENTS AND CONTINGENCIES | ' | ||||||||||||
COMMITMENTS AND CONTINGENCIES | |||||||||||||
Commitments | |||||||||||||
Real Estate Under Development | |||||||||||||
The following summarizes the Operating Partnership’s real estate commitments at March 31, 2014 (dollars in thousands): | |||||||||||||
Number of | Costs Incurred | Expected Costs | |||||||||||
Properties | to Date (a) | to Complete (unaudited) | |||||||||||
Real estate communities — under development | 1 | $ | 89,838 | $ | 42,162 | ||||||||
Real estate communities — redevelopment | 1 | 76,083 | 3,900 | ||||||||||
$ | 165,921 | $ | 46,062 | ||||||||||
(a) Includes $9.0 million and $1.0 million of accrued fixed assets for development and redevelopment, respectively. | |||||||||||||
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
Reportable Segments | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
REPORTABLE SEGMENTS | ' | |||||||
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, 2013 and held as of March 31, 2014. 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, redeveloped, 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, 2014 and 2013. | ||||||||
The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the three months ended March 31, 2014 and 2013, and reconciles NOI to Net Income/(Loss) Attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Reportable apartment home segment rental income | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 61,536 | $ | 57,746 | ||||
Mid-Atlantic Region | 41,820 | 41,351 | ||||||
Southeast Region | 29,866 | 28,544 | ||||||
Northeast Region | 14,779 | 14,099 | ||||||
Southwest Region | 13,467 | 12,773 | ||||||
Non-Mature Communities/Other | 32,932 | 29,788 | ||||||
Total consolidated rental income | $ | 194,400 | $ | 184,301 | ||||
Reportable apartment home segment NOI | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 44,376 | $ | 41,048 | ||||
Mid-Atlantic Region | 28,674 | 28,762 | ||||||
Southeast Region | 20,062 | 18,705 | ||||||
Northeast Region | 10,730 | 10,071 | ||||||
Southwest Region | 8,358 | 7,701 | ||||||
Non-Mature Communities/Other | 19,924 | 19,029 | ||||||
Total consolidated NOI | 132,124 | 125,316 | ||||||
Reconciling items: | ||||||||
Joint venture management and other fees | 3,687 | 2,923 | ||||||
Property management | (5,346 | ) | (5,068 | ) | ||||
Other operating expenses | (1,935 | ) | (1,643 | ) | ||||
Real estate depreciation and amortization | (88,533 | ) | (83,442 | ) | ||||
General and administrative | (11,994 | ) | (9,476 | ) | ||||
Casualty-related recoveries/(charges), net | (500 | ) | 3,021 | |||||
Other depreciation and amortization | (1,080 | ) | (1,146 | ) | ||||
Income/(loss) from unconsolidated entities | (3,565 | ) | (2,802 | ) | ||||
Interest expense | (32,884 | ) | (30,981 | ) | ||||
Interest and other income/(expense), net | 1,415 | 1,016 | ||||||
Tax benefit, net | 3,329 | 1,973 | ||||||
Gain/(loss) on sale of real estate owned, net of tax | 24,294 | — | ||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | (647 | ) | 45 | |||||
Net (income)/loss attributable to noncontrolling interests | (4 | ) | (4 | ) | ||||
Net income/(loss) attributable to UDR, Inc. | $ | 18,361 | $ | (268 | ) | |||
The following table details the assets of UDR’s reportable segments as of March 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Reportable apartment home segment assets: | ||||||||
Same-Store Communities: | ||||||||
West Region | $ | 2,394,571 | $ | 2,392,681 | ||||
Mid-Atlantic Region | 1,433,658 | 1,431,590 | ||||||
Southeast Region | 892,739 | 889,753 | ||||||
Northeast Region | 740,235 | 738,805 | ||||||
Southwest Region | 436,008 | 435,009 | ||||||
Non-Mature Communities/Other | 2,417,909 | 2,320,139 | ||||||
Total assets | 8,315,120 | 8,207,977 | ||||||
Accumulated depreciation | (2,279,928 | ) | (2,208,794 | ) | ||||
Total assets — net book value | 6,035,192 | 5,999,183 | ||||||
Reconciling items: | ||||||||
Cash and cash equivalents | 15,891 | 30,249 | ||||||
Restricted cash | 23,131 | 22,796 | ||||||
Deferred financing costs, net | 25,516 | 26,924 | ||||||
Notes receivable, net | 84,568 | 83,033 | ||||||
Investment in and advances to unconsolidated joint ventures, net | 517,927 | 507,655 | ||||||
Other assets | 131,798 | 137,882 | ||||||
Total consolidated assets | $ | 6,834,023 | $ | 6,807,722 | ||||
Capital expenditures related to our Same-Store Communities totaled $8.0 million and $6.8 million for the three months ended March 31, 2014 and 2013, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $1.8 million and $526,000 for the three months ended March 31, 2014 and 2013, respectively. | ||||||||
Markets included in the above geographic segments are as follows: | ||||||||
i. | West Region — San Francisco, Orange County, Seattle, Monterey Peninsula, Los Angeles, Other Southern California, and Portland | |||||||
ii. | Mid-Atlantic Region — Metropolitan D.C., Baltimore, Richmond, Norfolk, and Other Mid-Atlantic | |||||||
iii. | Northeast Region — New York and Boston | |||||||
iv. | Southeast Region — Tampa, Orlando, Nashville, and Other Florida | |||||||
v. | Southwest Region — Dallas and Austin |
Reportable_Segments_UNITED_DOM
Reportable Segments (UNITED DOMINION REALTY, L.P.) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Entity Information [Line Items] | ' | |||||||
REPORTABLE SEGMENTS | ' | |||||||
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, 2013 and held as of March 31, 2014. 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, redeveloped, 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, 2014 and 2013. | ||||||||
The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the three months ended March 31, 2014 and 2013, and reconciles NOI to Net Income/(Loss) Attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Reportable apartment home segment rental income | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 61,536 | $ | 57,746 | ||||
Mid-Atlantic Region | 41,820 | 41,351 | ||||||
Southeast Region | 29,866 | 28,544 | ||||||
Northeast Region | 14,779 | 14,099 | ||||||
Southwest Region | 13,467 | 12,773 | ||||||
Non-Mature Communities/Other | 32,932 | 29,788 | ||||||
Total consolidated rental income | $ | 194,400 | $ | 184,301 | ||||
Reportable apartment home segment NOI | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 44,376 | $ | 41,048 | ||||
Mid-Atlantic Region | 28,674 | 28,762 | ||||||
Southeast Region | 20,062 | 18,705 | ||||||
Northeast Region | 10,730 | 10,071 | ||||||
Southwest Region | 8,358 | 7,701 | ||||||
Non-Mature Communities/Other | 19,924 | 19,029 | ||||||
Total consolidated NOI | 132,124 | 125,316 | ||||||
Reconciling items: | ||||||||
Joint venture management and other fees | 3,687 | 2,923 | ||||||
Property management | (5,346 | ) | (5,068 | ) | ||||
Other operating expenses | (1,935 | ) | (1,643 | ) | ||||
Real estate depreciation and amortization | (88,533 | ) | (83,442 | ) | ||||
General and administrative | (11,994 | ) | (9,476 | ) | ||||
Casualty-related recoveries/(charges), net | (500 | ) | 3,021 | |||||
Other depreciation and amortization | (1,080 | ) | (1,146 | ) | ||||
Income/(loss) from unconsolidated entities | (3,565 | ) | (2,802 | ) | ||||
Interest expense | (32,884 | ) | (30,981 | ) | ||||
Interest and other income/(expense), net | 1,415 | 1,016 | ||||||
Tax benefit, net | 3,329 | 1,973 | ||||||
Gain/(loss) on sale of real estate owned, net of tax | 24,294 | — | ||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | (647 | ) | 45 | |||||
Net (income)/loss attributable to noncontrolling interests | (4 | ) | (4 | ) | ||||
Net income/(loss) attributable to UDR, Inc. | $ | 18,361 | $ | (268 | ) | |||
The following table details the assets of UDR’s reportable segments as of March 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Reportable apartment home segment assets: | ||||||||
Same-Store Communities: | ||||||||
West Region | $ | 2,394,571 | $ | 2,392,681 | ||||
Mid-Atlantic Region | 1,433,658 | 1,431,590 | ||||||
Southeast Region | 892,739 | 889,753 | ||||||
Northeast Region | 740,235 | 738,805 | ||||||
Southwest Region | 436,008 | 435,009 | ||||||
Non-Mature Communities/Other | 2,417,909 | 2,320,139 | ||||||
Total assets | 8,315,120 | 8,207,977 | ||||||
Accumulated depreciation | (2,279,928 | ) | (2,208,794 | ) | ||||
Total assets — net book value | 6,035,192 | 5,999,183 | ||||||
Reconciling items: | ||||||||
Cash and cash equivalents | 15,891 | 30,249 | ||||||
Restricted cash | 23,131 | 22,796 | ||||||
Deferred financing costs, net | 25,516 | 26,924 | ||||||
Notes receivable, net | 84,568 | 83,033 | ||||||
Investment in and advances to unconsolidated joint ventures, net | 517,927 | 507,655 | ||||||
Other assets | 131,798 | 137,882 | ||||||
Total consolidated assets | $ | 6,834,023 | $ | 6,807,722 | ||||
Capital expenditures related to our Same-Store Communities totaled $8.0 million and $6.8 million for the three months ended March 31, 2014 and 2013, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $1.8 million and $526,000 for the three months ended March 31, 2014 and 2013, respectively. | ||||||||
Markets included in the above geographic segments are as follows: | ||||||||
i. | West Region — San Francisco, Orange County, Seattle, Monterey Peninsula, Los Angeles, Other Southern California, and Portland | |||||||
ii. | Mid-Atlantic Region — Metropolitan D.C., Baltimore, Richmond, Norfolk, and Other Mid-Atlantic | |||||||
iii. | Northeast Region — New York and Boston | |||||||
iv. | Southeast Region — Tampa, Orlando, Nashville, and Other Florida | |||||||
v. | Southwest Region — Dallas and Austin | |||||||
United Dominion Reality L.P. [Member] | ' | |||||||
Entity Information [Line Items] | ' | |||||||
REPORTABLE SEGMENTS | ' | |||||||
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 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. 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, 2013 and held as of March 31, 2014. 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, redeveloped, 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 of Topic 280 as each of the 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, 2014 and 2013. | ||||||||
The following table details rental income and NOI from continuing and discontinued operations for the Operating Partnership’s reportable segments for the three months ended March 31, 2014 and 2013, and reconciles NOI to Net Income/(Loss) Attributable to OP Unitholders in the Consolidated Statements of Operations (dollars in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Reportable apartment home segment rental income | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 46,856 | $ | 43,822 | ||||
Mid-Atlantic Region | 17,246 | 16,911 | ||||||
Southeast Region | 11,131 | 10,586 | ||||||
Northeast Region | 9,246 | 8,906 | ||||||
Southwest Region | 6,553 | 6,221 | ||||||
Non-Mature Communities/Other | 11,338 | 13,614 | ||||||
Total consolidated rental income | $ | 102,370 | $ | 100,060 | ||||
Reportable apartment home segment NOI | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 34,238 | $ | 31,433 | ||||
Mid-Atlantic Region | 11,565 | 11,533 | ||||||
Southeast Region | 7,457 | 7,005 | ||||||
Northeast Region | 6,824 | 6,475 | ||||||
Southwest Region | 4,217 | 3,843 | ||||||
Non-Mature Communities/Other | 8,116 | 9,834 | ||||||
Total consolidated NOI | 72,417 | 70,123 | ||||||
Reconciling items: | ||||||||
Property management | (2,815 | ) | (2,752 | ) | ||||
Other operating expenses | (1,436 | ) | (1,386 | ) | ||||
Real estate depreciation and amortization | (44,271 | ) | (45,393 | ) | ||||
General and administrative | (6,970 | ) | (5,575 | ) | ||||
Casualty-related recoveries/(charges), net | (500 | ) | 2,019 | |||||
Interest expense | (10,014 | ) | (9,262 | ) | ||||
Gain/(loss) on sale of real estate owned | 24,402 | — | ||||||
Net (income)/loss attributable to noncontrolling interests | (280 | ) | (45 | ) | ||||
Net income/(loss) attributable to OP unitholders | $ | 30,533 | $ | 7,729 | ||||
The following table details the assets of the Operating Partnership’s reportable segments as of March 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
Reportable apartment home segment assets | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 1,734,393 | $ | 1,733,144 | ||||
Mid-Atlantic Region | 707,198 | 706,447 | ||||||
Southeast Region | 329,163 | 328,150 | ||||||
Northeast Region | 444,242 | 443,483 | ||||||
Southwest Region | 226,531 | 226,252 | ||||||
Non-Mature Communities/Other | 724,183 | 751,004 | ||||||
Total assets | 4,165,710 | 4,188,480 | ||||||
Accumulated depreciation | (1,268,617 | ) | (1,241,574 | ) | ||||
Total assets - net book value | 2,897,093 | 2,946,906 | ||||||
Reconciling items: | ||||||||
Cash and cash equivalents | 853 | 1,897 | ||||||
Restricted cash | 13,155 | 13,526 | ||||||
Deferred financing costs, net | 5,491 | 5,848 | ||||||
Other assets | 23,446 | 25,064 | ||||||
Total consolidated assets | $ | 2,940,038 | $ | 2,993,241 | ||||
Capital expenditures related to the Operating Partnership’s Same-Store Communities totaled $3.9 million and $3.7 million for the three months ended March 31, 2014 and 2013, respectively. Capital expenditures related to the Operating Partnership’s Non-Mature Communities/Other totaled $280,000 and $325,000 for the three months ended March 31, 2014 and 2013, respectively. | ||||||||
Markets included in the above geographic segments are as follows: | ||||||||
i. | West Region — San Francisco, Orange County, Seattle, Monterey Peninsula, Los Angeles, 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 — Dallas |
Significant_Accounting_Policie2
Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||||
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, 2014 and 2013, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) 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 redeemable 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, 2014 and 2013 was $56,000 and $87,000, respectively. | |||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||
Recent Accounting Pronouncements | |||||||||||
Revenue and real estate sales gain recognition | ' | ||||||||||
Revenue and Real Estate Sales Gain Recognition | |||||||||||
Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. | |||||||||||
For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. | |||||||||||
Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. | |||||||||||
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”), primarily those engaged in development activities. | |||||||||||
Income taxes for our TRS, RE3, 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, 2014, UDR recorded a net income tax receivable of $991,000 and a net deferred tax asset of $35.9 million (net of a valuation allowance of $1.3 million), which are included in Other assets on the Consolidated Balance Sheets. | |||||||||||
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, 2014. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2010 through 2013 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 benefit, net on the Consolidated Statements of Operations. | |||||||||||
Policy Loans Receivable, Policy [Policy Text Block] | ' | ||||||||||
Notes Receivable | |||||||||||
The following table summarizes our notes receivable, net as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||
Balance outstanding | |||||||||||
March 31, 2014 | December 31, 2013 | Interest rate | |||||||||
Note due June 2014 (a) | $ | 40,800 | $ | 40,800 | 3.91 | % | |||||
Note due February 2017 (b) | 15,008 | 14,580 | 10 | % | |||||||
Note due July 2017 (c) | 2,500 | 1,400 | 8 | % | |||||||
Note due June 2022 (net of discount of $240 and $247, respectively) (d) | 26,260 | 26,253 | 7 | % | |||||||
Total notes receivable, net | $ | 84,568 | $ | 83,033 | |||||||
(a) In the fourth quarter of 2013, in conjunction with the sale of its 95% interest in the Lodge at Stoughton, one of its unconsolidated joint ventures, the Company provided the buyer with a $40.8 million loan secured by the property at LIBOR plus a spread of 350 basis points with two three-month extension options at increased rates and a financing fee. In the first quarter of 2014, the buyer exercised its first option to extend the maturity date to June 15, 2014. | |||||||||||
(b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $15.0 million, which bears an interest rate of 10.00% per annum. During the three months ended March 31, 2014, the Company loaned an additional $428,000 under the note. 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 fifth anniversary of the date of the note (February 2017). | |||||||||||
(c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million, which bears an interest rate of 8.00% per annum. During the three months ended March 31, 2014, the Company loaned an additional $1.1 million. 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 fifth anniversary of the date of the note (July 2017). | |||||||||||
(d) In 2012, the Company purchased a "B" Note secured by a first mortgage on a class A community in West Los Angeles. The $26.5 million loan was purchased at a yield of 7.25% and bears a coupon rate of 7.00%. Interest payments are due monthly and the note is due June 2022. The discount is amortized using the effective interest method. | |||||||||||
During the three months ended March 31, 2014 and 2013, the Company recognized $1.2 million and $1.0 million of interest income, net of accretion, from these notes receivable, of which $0 and $181,000 was related party interest income, respectively. Interest income is included in Interest and other income/(expense), net on the Consolidated Statements of Operations. |
Significant_Accounting_Policie3
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Entity Information [Line Items] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
Revenue and real estate sales gain recognition | ' |
Revenue and Real Estate Sales Gain Recognition | |
Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. | |
For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. | |
Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. | |
Comprehensive Income, Policy [Policy Text Block] | ' |
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, 2014 and 2013, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) 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 redeemable 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, 2014 and 2013 was $56,000 and $87,000, 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”), primarily those engaged in development activities. | |
Income taxes for our TRS, RE3, 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, 2014, UDR recorded a net income tax receivable of $991,000 and a net deferred tax asset of $35.9 million (net of a valuation allowance of $1.3 million), which are included in Other assets on the Consolidated Balance Sheets. | |
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, 2014. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2010 through 2013 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 benefit, net on the Consolidated Statements of Operations. | |
United Dominion Reality L.P. [Member] | ' |
Entity Information [Line Items] | ' |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
Recent Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with the ASU, 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. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014 with early adoption permitted. The early adoption provision excludes components of an entity that were sold or classified as held for sale prior to the adoption of the standard. | |
The Company elected to early adopt this standard effective January 1, 2014, which had a significant impact on the Company’s consolidated financial statements as further discussed in Note 4, Discontinued Operations and Assets Held for Sale. Subsequent to the Company’s adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard is included in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations. | |
Revenue and real estate sales gain recognition | ' |
Revenue and Real Estate Sales Gain Recognition | |
Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Operating Partnership recognizes interest income, management and other fees and incentives when earned, fixed and determinable. | |
For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. | |
Sales to entities in which we or our General Partner retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we or our General Partner retain. The Operating Partnership recognizes any deferred gain when the property is sold to a third party. In transactions accounted by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. | |
Comprehensive Income, Policy [Policy Text Block] | ' |
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, 2014 and 2013, the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) 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 (2010 through 2013) 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. | |
Earnings per OP unit | ' |
. | |
Basic income/(loss) per OP Unit is computed by dividing net income/(loss) attributable to general and limited partner unitholders by the weighted average number of general and limited partner units (including redeemable OP Units) outstanding during the period. 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. For the three months ended March 31, 2014 and 2013, there were no dilutive instruments outstanding, and therefore, diluted income/(loss) per OP Unit and basic income/(loss) per OP Unit are the same. |
Significant_Accounting_Policie4
Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | ' | ||||||||||
Notes receivable | ' | ||||||||||
The following table summarizes our notes receivable, net as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||
Balance outstanding | |||||||||||
March 31, 2014 | December 31, 2013 | Interest rate | |||||||||
Note due June 2014 (a) | $ | 40,800 | $ | 40,800 | 3.91 | % | |||||
Note due February 2017 (b) | 15,008 | 14,580 | 10 | % | |||||||
Note due July 2017 (c) | 2,500 | 1,400 | 8 | % | |||||||
Note due June 2022 (net of discount of $240 and $247, respectively) (d) | 26,260 | 26,253 | 7 | % | |||||||
Total notes receivable, net | $ | 84,568 | $ | 83,033 | |||||||
Real_Estate_Owned_Tables
Real Estate Owned (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
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, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
Land and land improvements | $ | 1,966,204 | $ | 1,847,127 | ||||
Depreciable property — held and used: | ||||||||
Building, improvements, and furniture, fixtures and equipment | 6,109,595 | 5,876,717 | ||||||
Under development: | ||||||||
Land and land improvements | 47,038 | 110,769 | ||||||
Construction in progress | 175,563 | 356,644 | ||||||
Real estate sold or held for disposition: | ||||||||
Land and land improvements | 10,751 | 10,751 | ||||||
Building, improvements, and furniture, fixtures and equipment | 5,969 | 5,969 | ||||||
Real estate owned | 8,315,120 | 8,207,977 | ||||||
Accumulated depreciation | (2,279,928 | ) | (2,208,794 | ) | ||||
Real estate owned, net | $ | 6,035,192 | $ | 5,999,183 | ||||
Real_Estate_Owned_UNITED_DOMIN1
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Entity Information [Line Items] | ' | |||||||
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, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
Land and land improvements | $ | 1,966,204 | $ | 1,847,127 | ||||
Depreciable property — held and used: | ||||||||
Building, improvements, and furniture, fixtures and equipment | 6,109,595 | 5,876,717 | ||||||
Under development: | ||||||||
Land and land improvements | 47,038 | 110,769 | ||||||
Construction in progress | 175,563 | 356,644 | ||||||
Real estate sold or held for disposition: | ||||||||
Land and land improvements | 10,751 | 10,751 | ||||||
Building, improvements, and furniture, fixtures and equipment | 5,969 | 5,969 | ||||||
Real estate owned | 8,315,120 | 8,207,977 | ||||||
Accumulated depreciation | (2,279,928 | ) | (2,208,794 | ) | ||||
Real estate owned, net | $ | 6,035,192 | $ | 5,999,183 | ||||
United Dominion Reality L.P. [Member] | ' | |||||||
Entity Information [Line Items] | ' | |||||||
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, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
Land | $ | 996,448 | $ | 1,004,447 | ||||
Depreciable property — held and used: | ||||||||
Buildings, improvements, and furniture, fixture and equipment | 3,079,424 | 3,103,970 | ||||||
Under development: | ||||||||
Land | 9,447 | 9,447 | ||||||
Construction in progress | 80,391 | 70,616 | ||||||
Real estate owned | 4,165,710 | 4,188,480 | ||||||
Accumulated depreciation | (1,268,617 | ) | (1,241,574 | ) | ||||
Real estate owned, net | $ | 2,897,093 | $ | 2,946,906 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||
Summary of income from discontinued operations | ' | |||||||
The following is a summary of income/(loss) from discontinued operations, net of tax for the three months ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Rental income | $ | 48 | $ | 2,340 | ||||
Rental expenses | 125 | 872 | ||||||
Property management | 1 | 64 | ||||||
Real estate depreciation | — | 544 | ||||||
Other operating expenses | 9 | 7 | ||||||
Income/(loss) from discontinued operations, net of tax | $ | (87 | ) | $ | 853 | |||
Income/(loss) from discontinued operations attributable to UDR, Inc. | $ | (84 | ) | $ | 823 | |||
Discontinued_Operations_UNITED1
Discontinued Operations (UNITED DOMINION REALTY, L.P.) (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Entity Information [Line Items] | ' | |||||||
Summary of income from discontinued operations | ' | |||||||
The following is a summary of income/(loss) from discontinued operations, net of tax for the three months ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Rental income | $ | 48 | $ | 2,340 | ||||
Rental expenses | 125 | 872 | ||||||
Property management | 1 | 64 | ||||||
Real estate depreciation | — | 544 | ||||||
Other operating expenses | 9 | 7 | ||||||
Income/(loss) from discontinued operations, net of tax | $ | (87 | ) | $ | 853 | |||
Income/(loss) from discontinued operations attributable to UDR, Inc. | $ | (84 | ) | $ | 823 | |||
United Dominion Reality L.P. [Member] | ' | |||||||
Entity Information [Line Items] | ' | |||||||
Summary of income from discontinued operations | ' | |||||||
The following is a summary of income/(loss) from discontinued operations for the three months ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Rental income | $ | — | $ | 2,290 | ||||
Rental expenses | — | 785 | ||||||
Property management | — | 63 | ||||||
Real estate depreciation | — | 537 | ||||||
Income/(loss) from discontinued operations | $ | — | $ | 905 | ||||
Income/(loss) from discontinued operations attributable to UDR, Inc. | $ | — | $ | 905 | ||||
Joint_Ventures_Tables
Joint Ventures (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||||||||||||||||
Schedule of Equity Method Investments [Table Text Block] | ' | |||||||||||||||||||||||||
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, 2014 and December 31, 2013 (dollars in thousands): | ||||||||||||||||||||||||||
Joint Venture | Location of Properties | Number of Properties | Number of Apartment Homes | Investment at | UDR’s Ownership Interest | |||||||||||||||||||||
2014 | 2014 | March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | |||||||||||||||||||||
Operating and development: | ||||||||||||||||||||||||||
UDR/MetLife I (a) | Various | 6 operating communities | 1,523 | $ | 41,866 | $ | 47,497 | 13.9 | % | 13.2 | % | |||||||||||||||
7 land parcels | N/A | 4 | % | 4 | % | |||||||||||||||||||||
UDR/MetLife II (a) | Various | 15 operating communities | 3,119 | 325,025 | 327,926 | 50 | % | 50 | % | |||||||||||||||||
UDR/MetLife Vitruvian Park® | Addison, TX | 2 operating communities | 739 | 80,338 | 79,318 | 50 | % | 50 | % | |||||||||||||||||
1 non-stabilized community | 391 | |||||||||||||||||||||||||
6 land parcels | N/A | |||||||||||||||||||||||||
UDR/MetLife 399 Fremont | San Francisco, CA | 1 development community (*) | 447 | 46,862 | 36,313 | 51 | % | 51 | % | |||||||||||||||||
UDR/KFH | Washington, D.C. | 3 operating communities | 660 | 24,854 | 25,919 | 30 | % | 30 | % | |||||||||||||||||
Texas | Texas | 8 operating communities | 3,359 | (24,217 | ) | (23,591 | ) | 20 | % | 20 | % | |||||||||||||||
Investment in and advances to unconsolidated joint ventures, net, before participating loan investment | 494,728 | 493,382 | ||||||||||||||||||||||||
Location | Interest Rate | Years To Maturity | Investment at | Income From Participating Loan Investment For The Three Months Ended March 31, | ||||||||||||||||||||||
31-Mar-14 | 31-Dec-13 | 2014 | 2013 | |||||||||||||||||||||||
Participating loan investment: | ||||||||||||||||||||||||||
Steele Creek | Denver, CO | 6.50% | 3.6 | 23,199 | 14,273 | $321 | $— | |||||||||||||||||||
Participating loan investment | 23,199 | 14,273 | ||||||||||||||||||||||||
Total investment in and advances to unconsolidated joint ventures, net | $ | 517,927 | $ | 507,655 | ||||||||||||||||||||||
Financial information relating to unconsolidated joint ventures operations | ' | |||||||||||||||||||||||||
Combined summary financial information relating to all of the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the three months ended March 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||
Total revenues | $ | 62,098 | $ | 52,127 | ||||||||||||||||||||||
Property operating expenses | (25,137 | ) | (20,737 | ) | ||||||||||||||||||||||
Real estate depreciation and amortization | (24,604 | ) | (18,981 | ) | ||||||||||||||||||||||
Operating income/(loss) | 12,357 | 12,409 | ||||||||||||||||||||||||
Interest expense | (19,029 | ) | (16,738 | ) | ||||||||||||||||||||||
Other income/(expense) | (190 | ) | — | |||||||||||||||||||||||
Gain/(loss) on sale of real estate | $ | (25,379 | ) | $ | — | |||||||||||||||||||||
Income/(loss) from discontinued operations | — | 661 | ||||||||||||||||||||||||
Net income/(loss) | $ | (32,241 | ) | $ | (3,668 | ) | ||||||||||||||||||||
UDR income/(loss) from unconsolidated entities | $ | (3,565 | ) | $ | (2,802 | ) | ||||||||||||||||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ' | |||||||||||||||||||||||||
Combined summary balance sheets relating to all of the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of March 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||||
Total real estate, net | $ | 3,009,685 | $ | 3,124,178 | ||||||||||||||||||||||
Cash and cash equivalents | 36,783 | 41,792 | ||||||||||||||||||||||||
Other assets | 31,902 | 32,234 | ||||||||||||||||||||||||
Total assets | 3,078,370 | 3,198,204 | ||||||||||||||||||||||||
Amount due to UDR | 6,756 | 12,187 | ||||||||||||||||||||||||
Third party debt | 1,667,821 | 1,722,960 | ||||||||||||||||||||||||
Accounts payable and accrued liabilities | 34,614 | 41,562 | ||||||||||||||||||||||||
Total liabilities | 1,709,191 | 1,776,709 | ||||||||||||||||||||||||
Total equity | $ | 1,369,179 | $ | 1,421,495 | ||||||||||||||||||||||
UDR’s investment in unconsolidated joint ventures | $ | 517,927 | $ | 507,655 | ||||||||||||||||||||||
Secured_and_Unsecured_Debt_Tab
Secured and Unsecured Debt (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Secured debt instruments | ' | ||||||||||||||||||||
The following is a summary of our secured and unsecured debt at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
Principal Outstanding | For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Weighted Average | Weighted Average | Number of Communities | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | Interest Rate | Years to Maturity | Encumbered | |||||||||||||||||
Secured Debt: | |||||||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable (a) | $ | 443,187 | $ | 445,706 | 5.45 | % | 2.3 | 8 | |||||||||||||
Fannie Mae credit facilities (b) | 625,428 | 626,667 | 4.99 | % | 4.8 | 22 | |||||||||||||||
Total fixed rate secured debt | 1,068,615 | 1,072,373 | 5.18 | % | 3.7 | 30 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Mortgage notes payable | 68,149 | 63,595 | 2.34 | % | 1.9 | 2 | |||||||||||||||
Tax-exempt secured notes payable (c) | 94,700 | 94,700 | 0.79 | % | 8.9 | 2 | |||||||||||||||
Fannie Mae credit facilities (b) | 211,409 | 211,409 | 1.59 | % | 6.3 | 7 | |||||||||||||||
Total variable rate secured debt | 374,258 | 369,704 | 1.52 | % | 6.1 | 11 | |||||||||||||||
Total Secured Debt | 1,442,873 | 1,442,077 | 4.23 | % | 4.4 | 41 | |||||||||||||||
Unsecured Debt: | |||||||||||||||||||||
Commercial Banks | |||||||||||||||||||||
Borrowings outstanding under an unsecured credit facility due December 2017 (d), (e) | 287,500 | — | 1.1 | % | 3.7 | ||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||
3.70% Medium-Term Notes due October 2020 (net of discount of $52 and $54) (e) | 299,948 | 299,946 | 3.7 | % | 6.5 | ||||||||||||||||
4.63% Medium-Term Notes due January 2022 (net of discount of $2,792 and $2,882) (e) | 397,208 | 397,118 | 4.63 | % | 7.8 | ||||||||||||||||
1.41% Term Notes due June 2018 (e) | 35,000 | 35,000 | 1.41 | % | 4.2 | ||||||||||||||||
1.63% Term Notes due June 2018 (e) | 100,000 | 65,000 | 1.63 | % | 4.2 | ||||||||||||||||
5.13% Medium-Term Notes due January 2014 | — | 184,000 | — | % | — | ||||||||||||||||
5.50% Medium-Term Notes due April 2014 (net of discount of $3 and $20) (f) | 128,497 | 128,480 | 5.5 | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2015 (net of discount of $102 and $134) | 325,073 | 325,041 | 5.25 | % | 0.8 | ||||||||||||||||
5.25% Medium-Term Notes due January 2016 | 83,260 | 83,260 | 5.25 | % | 1.8 | ||||||||||||||||
2.27% Term Notes due June 2018 (e) | 215,000 | 250,000 | 2.27 | % | 4.2 | ||||||||||||||||
8.50% Debentures due September 2024 | 15,644 | 15,644 | 8.5 | % | 10.5 | ||||||||||||||||
4.25% Medium-Term Notes due June 2018 (net of discount of $1786 and $1,893) (e) | 298,214 | 298,107 | 4.25 | % | 4.2 | ||||||||||||||||
Other | 29 | 30 | N/A | N/A | |||||||||||||||||
Total Unsecured Debt | 2,185,373 | 2,081,626 | 3.77 | % | 4.3 | ||||||||||||||||
Total Debt | $ | 3,628,246 | $ | 3,523,703 | 3.95 | % | 4.3 | ||||||||||||||
Secured credit facilities | ' | ||||||||||||||||||||
Further information related to these credit facilities is as follows (dollars in thousands): | |||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Borrowings outstanding | $ | 836,837 | $ | 838,076 | |||||||||||||||||
Weighted average borrowings during the period ended | 837,194 | 839,597 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 837,564 | 841,494 | |||||||||||||||||||
Weighted average interest rate during the period ended | 4.1 | % | 4.2 | % | |||||||||||||||||
Weighted average interest rate at the end of the period | 4.1 | % | 4.1 | % | |||||||||||||||||
Summary of short-term bank borrowings under bank credit facility | ' | ||||||||||||||||||||
The following is a summary of short-term bank borrowings under UDR’s bank credit facility at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Total revolving credit facility | $ | 900,000 | $ | 900,000 | |||||||||||||||||
Borrowings outstanding at end of period (1) | 287,500 | — | |||||||||||||||||||
Weighted average daily borrowings during the period ended | 232,750 | 169,844 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 303,000 | 372,000 | |||||||||||||||||||
Weighted average interest rate during the period ended | 1.2 | % | 1.2 | % | |||||||||||||||||
Interest rate at end of the period | 1.1 | % | 1.3 | % | |||||||||||||||||
(1) Excludes $2.2 million and $2.2 million of letters of credit at March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||
(e) The Operating Partnership is a guarantor at March 31, 2014 and December 31, 2013. | |||||||||||||||||||||
(f) | |||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||||||||||
The aggregate maturities, including amortizing principal payments of unsecured and secured debt, of total debt for the next five calendar years subsequent to March 31, 2014 are as follows (dollars in thousands): | |||||||||||||||||||||
Year | Total Fixed Secured Debt | Total Variable Secured Debt | Total Secured Debt | Total Unsecured Debt (a) | Total Debt | ||||||||||||||||
2014 | $ | 43,147 | $ | — | $ | 43,147 | $ | 127,820 | $ | 170,967 | |||||||||||
2015 | 196,539 | — | 196,539 | 324,383 | 520,922 | ||||||||||||||||
2016 | 138,222 | 68,149 | 206,371 | 82,478 | 288,849 | ||||||||||||||||
2017 | 177,941 | 65,000 | 242,941 | 287,500 | 530,441 | ||||||||||||||||
2018 | 176,382 | 50,000 | 226,382 | 648,646 | 875,028 | ||||||||||||||||
Thereafter | 336,384 | 191,109 | 527,493 | 714,546 | 1,242,039 | ||||||||||||||||
Total | $ | 1,068,615 | $ | 374,258 | $ | 1,442,873 | $ | 2,185,373 | $ | 3,628,246 | |||||||||||
(a) With the exception of the 1.41% Term Notes due June 2018 and the revolving credit facility which carry a variable interest rate, all unsecured debt carries fixed interest rates. |
Debt_UNITED_DOMINION_REALTY_LP1
Debt (UNITED DOMINION REALTY, L.P.) (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||
Secured debt instruments | ' | ||||||||||||||||||||
The following is a summary of our secured and unsecured debt at March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
Principal Outstanding | For the Three Months Ended March 31, 2014 | ||||||||||||||||||||
Weighted Average | Weighted Average | Number of Communities | |||||||||||||||||||
March 31, 2014 | December 31, 2013 | Interest Rate | Years to Maturity | Encumbered | |||||||||||||||||
Secured Debt: | |||||||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable (a) | $ | 443,187 | $ | 445,706 | 5.45 | % | 2.3 | 8 | |||||||||||||
Fannie Mae credit facilities (b) | 625,428 | 626,667 | 4.99 | % | 4.8 | 22 | |||||||||||||||
Total fixed rate secured debt | 1,068,615 | 1,072,373 | 5.18 | % | 3.7 | 30 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Mortgage notes payable | 68,149 | 63,595 | 2.34 | % | 1.9 | 2 | |||||||||||||||
Tax-exempt secured notes payable (c) | 94,700 | 94,700 | 0.79 | % | 8.9 | 2 | |||||||||||||||
Fannie Mae credit facilities (b) | 211,409 | 211,409 | 1.59 | % | 6.3 | 7 | |||||||||||||||
Total variable rate secured debt | 374,258 | 369,704 | 1.52 | % | 6.1 | 11 | |||||||||||||||
Total Secured Debt | 1,442,873 | 1,442,077 | 4.23 | % | 4.4 | 41 | |||||||||||||||
Unsecured Debt: | |||||||||||||||||||||
Commercial Banks | |||||||||||||||||||||
Borrowings outstanding under an unsecured credit facility due December 2017 (d), (e) | 287,500 | — | 1.1 | % | 3.7 | ||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||
3.70% Medium-Term Notes due October 2020 (net of discount of $52 and $54) (e) | 299,948 | 299,946 | 3.7 | % | 6.5 | ||||||||||||||||
4.63% Medium-Term Notes due January 2022 (net of discount of $2,792 and $2,882) (e) | 397,208 | 397,118 | 4.63 | % | 7.8 | ||||||||||||||||
1.41% Term Notes due June 2018 (e) | 35,000 | 35,000 | 1.41 | % | 4.2 | ||||||||||||||||
1.63% Term Notes due June 2018 (e) | 100,000 | 65,000 | 1.63 | % | 4.2 | ||||||||||||||||
5.13% Medium-Term Notes due January 2014 | — | 184,000 | — | % | — | ||||||||||||||||
5.50% Medium-Term Notes due April 2014 (net of discount of $3 and $20) (f) | 128,497 | 128,480 | 5.5 | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2015 (net of discount of $102 and $134) | 325,073 | 325,041 | 5.25 | % | 0.8 | ||||||||||||||||
5.25% Medium-Term Notes due January 2016 | 83,260 | 83,260 | 5.25 | % | 1.8 | ||||||||||||||||
2.27% Term Notes due June 2018 (e) | 215,000 | 250,000 | 2.27 | % | 4.2 | ||||||||||||||||
8.50% Debentures due September 2024 | 15,644 | 15,644 | 8.5 | % | 10.5 | ||||||||||||||||
4.25% Medium-Term Notes due June 2018 (net of discount of $1786 and $1,893) (e) | 298,214 | 298,107 | 4.25 | % | 4.2 | ||||||||||||||||
Other | 29 | 30 | N/A | N/A | |||||||||||||||||
Total Unsecured Debt | 2,185,373 | 2,081,626 | 3.77 | % | 4.3 | ||||||||||||||||
Total Debt | $ | 3,628,246 | $ | 3,523,703 | 3.95 | % | 4.3 | ||||||||||||||
Secured credit facilities | ' | ||||||||||||||||||||
Further information related to these credit facilities is as follows (dollars in thousands): | |||||||||||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Borrowings outstanding | $ | 836,837 | $ | 838,076 | |||||||||||||||||
Weighted average borrowings during the period ended | 837,194 | 839,597 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 837,564 | 841,494 | |||||||||||||||||||
Weighted average interest rate during the period ended | 4.1 | % | 4.2 | % | |||||||||||||||||
Weighted average interest rate at the end of the period | 4.1 | % | 4.1 | % | |||||||||||||||||
Aggregate maturities of secured debt | ' | ||||||||||||||||||||
The aggregate maturities, including amortizing principal payments of unsecured and secured debt, of total debt for the next five calendar years subsequent to March 31, 2014 are as follows (dollars in thousands): | |||||||||||||||||||||
Year | Total Fixed Secured Debt | Total Variable Secured Debt | Total Secured Debt | Total Unsecured Debt (a) | Total Debt | ||||||||||||||||
2014 | $ | 43,147 | $ | — | $ | 43,147 | $ | 127,820 | $ | 170,967 | |||||||||||
2015 | 196,539 | — | 196,539 | 324,383 | 520,922 | ||||||||||||||||
2016 | 138,222 | 68,149 | 206,371 | 82,478 | 288,849 | ||||||||||||||||
2017 | 177,941 | 65,000 | 242,941 | 287,500 | 530,441 | ||||||||||||||||
2018 | 176,382 | 50,000 | 226,382 | 648,646 | 875,028 | ||||||||||||||||
Thereafter | 336,384 | 191,109 | 527,493 | 714,546 | 1,242,039 | ||||||||||||||||
Total | $ | 1,068,615 | $ | 374,258 | $ | 1,442,873 | $ | 2,185,373 | $ | 3,628,246 | |||||||||||
(a) With the exception of the 1.41% Term Notes due June 2018 and the revolving credit facility which carry a variable interest rate, all unsecured debt carries fixed interest rates. | |||||||||||||||||||||
United Dominion Reality L.P. [Member] | ' | ||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||
Secured debt instruments | ' | ||||||||||||||||||||
Secured debt consists of the following as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||
Principal Outstanding | As of March 31, 2014 | ||||||||||||||||||||
March 31, | December 31, 2013 | Weighted Average | Weighted Average | Number of Communities | |||||||||||||||||
2014 | Interest Rate | Years to Maturity | Encumbered | ||||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable | $ | 384,699 | $ | 386,803 | 5.44 | % | 2.3 | 5 | |||||||||||||
Fannie Mae credit facilities | 378,878 | 379,003 | 4.71 | % | 5.2 | 10 | |||||||||||||||
Total fixed rate secured debt | 763,577 | 765,806 | 5.08 | % | 3.8 | 15 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Tax-exempt secured note payable | 27,000 | 27,000 | 0.82 | % | 18 | 1 | |||||||||||||||
Fannie Mae credit facilities | 142,059 | 142,059 | 1.88 | % | 7.5 | 5 | |||||||||||||||
Total variable rate secured debt | 169,059 | 169,059 | 1.71 | % | 9.2 | 6 | |||||||||||||||
Total Secured Debt | $ | 932,636 | $ | 934,865 | 4.47 | % | 4.7 | 21 | |||||||||||||
Secured credit facilities | ' | ||||||||||||||||||||
ollowing information relates to the credit facilities allocated to the Operating Partnership (dollars in thousands): | |||||||||||||||||||||
March 31, | December 31, 2013 | ||||||||||||||||||||
2014 | |||||||||||||||||||||
Borrowings outstanding | $ | 520,937 | $ | 521,062 | |||||||||||||||||
Weighted average borrowings during the period ended | 521,159 | 522,007 | |||||||||||||||||||
Maximum daily borrowings during the period | 521,389 | 523,187 | |||||||||||||||||||
Weighted average interest rate during the period ended | 4.1 | % | 4.2 | % | |||||||||||||||||
Interest rate at the end of the period | 4.1 | % | 4.1 | % | |||||||||||||||||
Aggregate maturities of secured debt | ' | ||||||||||||||||||||
The aggregate maturities of the Operating Partnership’s secured debt due during each of the next five calendar years subsequent to March 31, 2014 are as follows (dollars in thousands): | |||||||||||||||||||||
Fixed | Variable | ||||||||||||||||||||
Year | Mortgage | Credit | Tax Exempt | Credit | Total | ||||||||||||||||
Notes | Facilities | Notes Payable | Facilities | ||||||||||||||||||
2014 | $ | 5,441 | $ | 258 | $ | — | $ | — | $ | 5,699 | |||||||||||
2015 | 191,893 | 366 | — | — | 192,259 | ||||||||||||||||
2016 | 133,798 | 385 | — | — | 134,183 | ||||||||||||||||
2017 | 1,442 | 15,640 | — | 6,566 | 23,648 | ||||||||||||||||
2018 | 1,577 | 161,754 | — | 46,272 | 209,603 | ||||||||||||||||
Thereafter | 50,548 | 200,475 | 27,000 | 89,221 | 367,244 | ||||||||||||||||
Total | $ | 384,699 | $ | 378,878 | $ | 27,000 | $ | 142,059 | $ | 932,636 | |||||||||||
IncomeLoss_Per_Share_Tables
Income/(Loss) Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | |||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | ' | |||||||
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, 2014 and 2013 (shares in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
OP Units | 9,319 | 9,381 | ||||||
Preferred stock | 3,036 | 3,036 | ||||||
Stock options and unvested restricted stock | 1,645 | 1,293 | ||||||
(Loss)/earnings 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, | ||||||||
2014 | 2013 | |||||||
Numerator for income/(loss) per share: | ||||||||
Income/(loss) from continuing operations | $ | (5,195 | ) | $ | (1,162 | ) | ||
Gain/(loss) on sale of real estate owned, net of tax | 24,294 | — | ||||||
(Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership | (650 | ) | 75 | |||||
(Income)/loss from continuing operations attributable to noncontrolling interests | (4 | ) | (4 | ) | ||||
Income/(loss) from continuing operations attributable to UDR, Inc. | 18,445 | (1,091 | ) | |||||
Distributions to preferred stockholders - Series E (Convertible) | (931 | ) | (931 | ) | ||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 17,514 | $ | (2,022 | ) | |||
Income/(loss) from discontinued operations, net of tax | $ | (87 | ) | $ | 853 | |||
(Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership | 3 | (30 | ) | |||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | (84 | ) | $ | 823 | |||
Net income/(loss) attributable to common stockholders | $ | 17,430 | $ | (1,199 | ) | |||
Denominator for income/(loss) per share: | ||||||||
Weighted average common shares outstanding | 251,213 | 250,500 | ||||||
Non-vested restricted stock awards | (1,036 | ) | (583 | ) | ||||
Denominator for basic income/(loss) per share | 250,177 | 249,917 | ||||||
Incremental shares issuable from assumed conversion of: | 1,645 | — | ||||||
Stock options and unvested restricted stock | ||||||||
Denominator for diluted income/(loss) per share | 251,822 | 249,917 | ||||||
Income/(loss) per weighted average common share-basic: | ||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.07 | $ | (0.01 | ) | |||
Income/(loss) from discontinued operations attributable to common stockholders | $ | (0.00 | ) | $ | 0 | |||
Net income/(loss) attributable to common stockholders | $ | 0.07 | $ | 0 | ||||
Income/(loss) per weighted average common share-diluted: | ||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.07 | $ | (0.01 | ) | |||
Income/(loss) from discontinued operations attributable to common stockholders | $ | 0 | $ | 0 | ||||
Net income/(loss) attributable to common stockholders | $ | 0.07 | $ | 0 | ||||
IncomeLoss_Per_Operating_Partn1
Income/(Loss) Per Operating Partnership Unit (UNITED DOMINION REALTY, L.P.) Income/(Loss) Per Operating Partnership Unit (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ||||||||
Earnings/(loss) per operating partnership unit | ' | ||||||||
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, | |||||||||
2014 | 2013 | ||||||||
Numerator for income/(loss) per share: | |||||||||
Income/(loss) from continuing operations | $ | (5,195 | ) | $ | (1,162 | ) | |||
Gain/(loss) on sale of real estate owned, net of tax | 24,294 | — | |||||||
(Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership | (650 | ) | 75 | ||||||
(Income)/loss from continuing operations attributable to noncontrolling interests | (4 | ) | (4 | ) | |||||
Income/(loss) from continuing operations attributable to UDR, Inc. | 18,445 | (1,091 | ) | ||||||
Distributions to preferred stockholders - Series E (Convertible) | (931 | ) | (931 | ) | |||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 17,514 | $ | (2,022 | ) | ||||
Income/(loss) from discontinued operations, net of tax | $ | (87 | ) | $ | 853 | ||||
(Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership | 3 | (30 | ) | ||||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | (84 | ) | $ | 823 | ||||
Net income/(loss) attributable to common stockholders | $ | 17,430 | $ | (1,199 | ) | ||||
Denominator for income/(loss) per share: | |||||||||
Weighted average common shares outstanding | 251,213 | 250,500 | |||||||
Non-vested restricted stock awards | (1,036 | ) | (583 | ) | |||||
Denominator for basic income/(loss) per share | 250,177 | 249,917 | |||||||
Incremental shares issuable from assumed conversion of: | 1,645 | — | |||||||
Stock options and unvested restricted stock | |||||||||
Denominator for diluted income/(loss) per share | 251,822 | 249,917 | |||||||
Income/(loss) per weighted average common share-basic: | |||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.07 | $ | (0.01 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | (0.00 | ) | $ | 0 | ||||
Net income/(loss) attributable to common stockholders | $ | 0.07 | $ | 0 | |||||
Income/(loss) per weighted average common share-diluted: | |||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.07 | $ | (0.01 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | 0 | $ | 0 | |||||
Net income/(loss) attributable to common stockholders | $ | 0.07 | $ | 0 | |||||
United Dominion Reality L.P. [Member] | ' | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ||||||||
Earnings/(loss) per operating partnership unit | ' | ||||||||
The following table sets forth the computation of basic and diluted income/(loss) per OP Unit for the periods presented (dollars in thousands, except per OP Unit data): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Numerator for income/(loss) per OP Unit — basic and diluted: | |||||||||
Income/(loss) from continuing operations | $ | 6,411 | $ | 6,869 | |||||
Gain/(loss) on sale of real estate owned | 24,402 | — | |||||||
(Income)/loss from continuing operations attributable to noncontrolling interests | (280 | ) | (45 | ) | |||||
Income/(loss) from continuing operations attributable to OP unitholders | $ | 30,533 | $ | 6,824 | |||||
Income/(loss) from discontinued operations | $ | — | $ | 905 | |||||
(Income)/loss from discontinued operations attributable to noncontrolling interests | — | — | |||||||
Income/(loss) from discontinued operations attributable to OP unitholders | $ | — | $ | 905 | |||||
Net income/(loss) | $ | 30,813 | $ | 7,774 | |||||
Net (income)/loss attributable to noncontrolling interests | (280 | ) | (45 | ) | |||||
Net income/(loss) attributable to OP unitholders | $ | 30,533 | $ | 7,729 | |||||
Denominator for income/(loss) per OP Unit — basic and diluted: | |||||||||
Weighted average OP Units outstanding — basic and diluted | 183,279 | 184,281 | |||||||
Income/(loss) per weighted average OP Unit — basic and diluted: | |||||||||
Income/(loss) from continuing operations attributable to OP unitholders | $ | 0.17 | $ | 0.04 | |||||
Income/(loss) from discontinued operations attributable to OP unitholders | $ | — | $ | 0 | |||||
Net income/(loss) attributable to OP unitholders | $ | 0.17 | $ | 0.04 | |||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Noncontrolling Interest [Abstract] | ' | ||||||||
Redeemable noncontrolling interests in the Operating Partnership | ' | ||||||||
The following table sets forth redeemable noncontrolling interests in the Operating Partnership for the following period (dollars in thousands): | |||||||||
Redeemable noncontrolling interests in the Operating Partnership, December 31, 2013 | $ | 217,597 | |||||||
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership | 24,957 | ||||||||
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership | 647 | ||||||||
Distributions to redeemable noncontrolling interests in the Operating Partnership | (2,549 | ) | |||||||
Allocation of other comprehensive income/(loss) | 56 | ||||||||
Redeemable noncontrolling interests in the Operating Partnership, March 31, 2014 | $ | 240,708 | |||||||
The following sets forth net income/(loss) attributable to common stockholders and transfers from redeemable noncontrolling interests in the Operating Partnership for the following periods (dollars in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Net income/(loss) attributable to common stockholders | $ | 17,430 | $ | (1,199 | ) | ||||
Conversion of OP Units to UDR Common stock | — | 1,649 | |||||||
Change in equity from net income/(loss) attributable to common stockholders and conversion of OP Units to UDR Common Stock | $ | 17,430 | $ | 450 | |||||
Fair_Value_of_Derivatives_and_2
Fair Value of Derivatives and Financial Instruments (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
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, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||
Fair Value at March 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at March 31, 2014 | Fair Value Estimate at March 31, 2014 | Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Notes receivable (a) | $ | 84,568 | $ | 85,344 | $ | — | $ | — | $ | 85,344 | ||||||||||
Derivatives- Interest rate contracts (b) | 274 | 274 | — | 274 | — | |||||||||||||||
Total assets | $ | 84,842 | $ | 85,618 | $ | — | $ | 274 | $ | 85,344 | ||||||||||
Derivatives- Interest rate contracts (b) | $ | 3,812 | $ | 3,812 | $ | — | $ | 3,812 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 443,187 | 460,635 | — | — | 460,635 | |||||||||||||||
Fannie Mae credit facilities | 625,428 | 659,923 | — | — | 659,923 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 68,149 | 68,149 | — | — | 68,149 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 211,409 | 211,409 | — | — | 211,409 | |||||||||||||||
Unsecured debt instruments: (c) | ||||||||||||||||||||
Commercial bank | 287,500 | 287,500 | — | — | 287,500 | |||||||||||||||
Senior unsecured notes | 1,897,873 | 1,974,858 | — | — | 1,974,858 | |||||||||||||||
Total liabilities | $ | 3,632,058 | $ | 3,760,986 | $ | — | $ | 3,812 | $ | 3,757,174 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 240,708 | $ | 240,708 | $ | — | $ | 240,708 | $ | — | ||||||||||
Fair Value at December 31, 2013, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at December 31, 2013 | Fair Value Estimate at December 31, 2013 | Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Notes receivable (a) | $ | 83,033 | $ | 83,833 | $ | — | $ | — | $ | 83,833 | ||||||||||
Total assets | $ | 83,033 | $ | 83,833 | $ | — | $ | — | $ | 83,833 | ||||||||||
Derivatives- Interest rate contracts (b) | $ | 4,965 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 445,706 | 466,375 | — | — | 466,375 | |||||||||||||||
Fannie Mae credit facilities | 626,667 | 661,094 | — | — | 661,094 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 63,595 | 63,595 | — | — | 63,595 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 211,409 | 211,409 | — | — | 211,409 | |||||||||||||||
Unsecured debt instruments: (c) | ||||||||||||||||||||
Senior unsecured notes | 2,081,626 | 2,149,003 | — | — | 2,149,003 | |||||||||||||||
Total liabilities | $ | 3,528,668 | $ | 3,651,141 | $ | — | $ | 4,965 | $ | 3,646,176 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 217,597 | $ | 217,597 | $ | — | 217,597 | $ | — | |||||||||||
(a) | See Note 2, Significant Accounting Policies. | |||||||||||||||||||
(b) | See Note 10, Derivatives and Hedging Activity. | |||||||||||||||||||
(c) | See Note 6, Secured and Unsecured Debt. | |||||||||||||||||||
(d) | See Note 8, Noncontrolling Interests |
Fair_Value_of_Derivatives_and_3
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||||||||
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, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||
Fair Value at March 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at March 31, 2014 | Fair Value Estimate at March 31, 2014 | Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Notes receivable (a) | $ | 84,568 | $ | 85,344 | $ | — | $ | — | $ | 85,344 | ||||||||||
Derivatives- Interest rate contracts (b) | 274 | 274 | — | 274 | — | |||||||||||||||
Total assets | $ | 84,842 | $ | 85,618 | $ | — | $ | 274 | $ | 85,344 | ||||||||||
Derivatives- Interest rate contracts (b) | $ | 3,812 | $ | 3,812 | $ | — | $ | 3,812 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 443,187 | 460,635 | — | — | 460,635 | |||||||||||||||
Fannie Mae credit facilities | 625,428 | 659,923 | — | — | 659,923 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 68,149 | 68,149 | — | — | 68,149 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 211,409 | 211,409 | — | — | 211,409 | |||||||||||||||
Unsecured debt instruments: (c) | ||||||||||||||||||||
Commercial bank | 287,500 | 287,500 | — | — | 287,500 | |||||||||||||||
Senior unsecured notes | 1,897,873 | 1,974,858 | — | — | 1,974,858 | |||||||||||||||
Total liabilities | $ | 3,632,058 | $ | 3,760,986 | $ | — | $ | 3,812 | $ | 3,757,174 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 240,708 | $ | 240,708 | $ | — | $ | 240,708 | $ | — | ||||||||||
Fair Value at December 31, 2013, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at December 31, 2013 | Fair Value Estimate at December 31, 2013 | Quoted Prices in | Significant | Significant | ||||||||||||||||
Active Markets | Other | Unobservable | ||||||||||||||||||
for Identical | Observable | Inputs | ||||||||||||||||||
Assets or | Inputs | (Level 3) | ||||||||||||||||||
Liabilities | (Level 2) | |||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Notes receivable (a) | $ | 83,033 | $ | 83,833 | $ | — | $ | — | $ | 83,833 | ||||||||||
Total assets | $ | 83,033 | $ | 83,833 | $ | — | $ | — | $ | 83,833 | ||||||||||
Derivatives- Interest rate contracts (b) | $ | 4,965 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 445,706 | 466,375 | — | — | 466,375 | |||||||||||||||
Fannie Mae credit facilities | 626,667 | 661,094 | — | — | 661,094 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 63,595 | 63,595 | — | — | 63,595 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 211,409 | 211,409 | — | — | 211,409 | |||||||||||||||
Unsecured debt instruments: (c) | ||||||||||||||||||||
Senior unsecured notes | 2,081,626 | 2,149,003 | — | — | 2,149,003 | |||||||||||||||
Total liabilities | $ | 3,528,668 | $ | 3,651,141 | $ | — | $ | 4,965 | $ | 3,646,176 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 217,597 | $ | 217,597 | $ | — | 217,597 | $ | — | |||||||||||
(a) | See Note 2, Significant Accounting Policies. | |||||||||||||||||||
(b) | See Note 10, Derivatives and Hedging Activity. | |||||||||||||||||||
(c) | See Note 6, Secured and Unsecured Debt. | |||||||||||||||||||
(d) | See Note 8, Noncontrolling Interests | |||||||||||||||||||
United Dominion Reality L.P. [Member] | ' | |||||||||||||||||||
Entity Information [Line Items] | ' | |||||||||||||||||||
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, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||
Fair Value at March 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position on March 31, 2014 | Fair Value Estimate at March 31, 2014 | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||||||
Assets or | (Level 2) | (Level 3) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Derivatives- Interest rate contracts (a) | $ | 2,302 | $ | 2,302 | $ | — | $ | 2,302 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (b) | ||||||||||||||||||||
Mortgage notes payable | 384,699 | 401,086 | — | — | 401,086 | |||||||||||||||
Fannie Mae credit facilities | 378,878 | 395,919 | — | — | 395,919 | |||||||||||||||
Secured debt instruments- variable rate: (b) | ||||||||||||||||||||
Tax-exempt secured notes payable | 27,000 | 27,000 | — | — | 27,000 | |||||||||||||||
Fannie Mae credit facilities | 142,059 | 142,059 | — | — | 142,059 | |||||||||||||||
Total liabilities | $ | 934,938 | $ | 968,366 | $ | — | $ | 2,302 | $ | 966,064 | ||||||||||
Fair Value at December 31, 2013, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position on December 31, 2013 | Fair Value Estimate at December 31, 2013 | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||||||
Assets or | (Level 2) | (Level 3) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
(Level 1) | ||||||||||||||||||||
Description: | ||||||||||||||||||||
Derivatives- Interest rate contracts (a) | $ | 2,731 | $ | 2,731 | $ | — | $ | 2,731 | $ | — | ||||||||||
Secured debt instruments- fixed rate: (b) | ||||||||||||||||||||
Mortgage notes payable | 386,803 | 403,695 | — | — | 403,695 | |||||||||||||||
Fannie Mae credit facilities | 379,003 | 394,239 | — | — | 394,239 | |||||||||||||||
Secured debt instruments- variable rate: (b) | ||||||||||||||||||||
Tax-exempt secured notes payable | 27,000 | 27,000 | — | — | 27,000 | |||||||||||||||
Fannie Mae credit facilities | 142,059 | 142,059 | — | — | 142,059 | |||||||||||||||
Total liabilities | $ | 937,596 | $ | 969,724 | $ | — | $ | 2,731 | $ | 966,993 | ||||||||||
(a) | See Note 8, Derivatives and Hedging Activity. | |||||||||||||||||||
(b) | See Note 5, Debt |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activity (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||
Outstanding interest rate derivatives | ' | ||||||||||||||||||||||||||||
As of March 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate swaps | 11 | $ | 419,787 | ||||||||||||||||||||||||||
Interest rate caps | 6 | $ | 274,291 | ||||||||||||||||||||||||||
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 gain/(loss) of $0 and $(2,000) for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
As of March 31, 2014, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): | |||||||||||||||||||||||||||||
Product | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate caps | 2 | $ | 155,197 | ||||||||||||||||||||||||||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||
The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||
Balance | March 31, | December 31, | Balance | March 31, | December 31, | ||||||||||||||||||||||||
Sheet Location | 2014 | 2013 | Sheet Location | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | 274 | $ | — | Other liabilities | $ | 3,812 | $ | 4,965 | |||||||||||||||||||
Total | $ | 274 | $ | — | $ | 3,812 | $ | 4,965 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | — | $ | — | Other liabilities | $ | — | $ | — | |||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Effect of Company's derivative financial instruments on Consolidated Statements of Operation | ' | ||||||||||||||||||||||||||||
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, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | $ | (55 | ) | $ | (92 | ) | Interest expense | $ | (1,532 | ) | $ | (1,937 | ) | Interest expense | $ | — | $ | — | |||||||||||
Total | $ | (55 | ) | $ | (92 | ) | $ | (1,532 | ) | $ | (1,937 | ) | $ | — | $ | — | |||||||||||||
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | ' | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | Interest and other income, net | $ | — | $ | (2 | ) | |||||||||||||||||||||||
Total | $ | — | $ | (2 | ) | ||||||||||||||||||||||||
Offsetting Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 274 | $ | — | $ | 274 | $ | (92 | ) | $ | — | $ | 182 | ||||||||||||||||
December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
(a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. | |||||||||||||||||||||||||||||
Offsetting Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 3,812 | $ | — | $ | 3,812 | $ | (92 | ) | $ | — | $ | 3,720 | ||||||||||||||||
December 31, 2013 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | $ | — | $ | 4,965 | |||||||||||||||||
(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||||||||||
Outstanding interest rate derivatives | ' | ||||||||||||||||||||||||||||
As of March 31, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate swaps | 11 | $ | 419,787 | ||||||||||||||||||||||||||
Interest rate caps | 6 | $ | 274,291 | ||||||||||||||||||||||||||
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 gain/(loss) of $0 and $(2,000) for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
As of March 31, 2014, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): | |||||||||||||||||||||||||||||
Product | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate caps | 2 | $ | 155,197 | ||||||||||||||||||||||||||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||
The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||
Balance | March 31, | December 31, | Balance | March 31, | December 31, | ||||||||||||||||||||||||
Sheet Location | 2014 | 2013 | Sheet Location | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | 274 | $ | — | Other liabilities | $ | 3,812 | $ | 4,965 | |||||||||||||||||||
Total | $ | 274 | $ | — | $ | 3,812 | $ | 4,965 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | — | $ | — | Other liabilities | $ | — | $ | — | |||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Effect of Company's derivative financial instruments on Consolidated Statements of Operation | ' | ||||||||||||||||||||||||||||
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, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | $ | (55 | ) | $ | (92 | ) | Interest expense | $ | (1,532 | ) | $ | (1,937 | ) | Interest expense | $ | — | $ | — | |||||||||||
Total | $ | (55 | ) | $ | (92 | ) | $ | (1,532 | ) | $ | (1,937 | ) | $ | — | $ | — | |||||||||||||
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | ' | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Amount of Gain or (Loss) Recognized in Income on Derivative | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | Interest and other income, net | $ | — | $ | (2 | ) | |||||||||||||||||||||||
Total | $ | — | $ | (2 | ) | ||||||||||||||||||||||||
Offsetting Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 274 | $ | — | $ | 274 | $ | (92 | ) | $ | — | $ | 182 | ||||||||||||||||
December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
(a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. | |||||||||||||||||||||||||||||
Offsetting Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 3,812 | $ | — | $ | 3,812 | $ | (92 | ) | $ | — | $ | 3,720 | ||||||||||||||||
December 31, 2013 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | $ | — | $ | 4,965 | |||||||||||||||||
(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. | |||||||||||||||||||||||||||||
United Dominion Reality L.P. [Member] | ' | ||||||||||||||||||||||||||||
Entity Information [Line Items] | ' | ||||||||||||||||||||||||||||
Outstanding interest rate derivatives | ' | ||||||||||||||||||||||||||||
As of March 31, 2014, the Operating Partnership had the following outstanding interest rate derivatives designated as cash flow hedges of interest rate risk (dollars in thousands): | |||||||||||||||||||||||||||||
Interest Rate Derivative | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate swaps | 2 | $ | 96,974 | ||||||||||||||||||||||||||
Interest rate caps | 6 | $ | 255,561 | ||||||||||||||||||||||||||
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 losses of $0 and $2,000 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
As of March 31, 2014, we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): | |||||||||||||||||||||||||||||
Product | Number of Instruments | Notional | |||||||||||||||||||||||||||
Interest rate caps | 1 | $ | 83,289 | ||||||||||||||||||||||||||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ' | ||||||||||||||||||||||||||||
The table below presents the fair value of the Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||
Balance | March 31, | December 31, | Balance | March 31, | December 31, | ||||||||||||||||||||||||
Sheet Location | 2014 | 2013 | Sheet Location | 2014 | 2013 | ||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | 97 | $ | — | Other liabilities | $ | 2,302 | $ | 2,731 | |||||||||||||||||||
Total | $ | 97 | $ | — | $ | 2,302 | $ | 2,731 | |||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||
Interest rate products | Other assets | $ | — | $ | — | Other liabilities | $ | — | $ | — | |||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||
Effect of Company's derivative financial instruments on Consolidated Statements of Operation | ' | ||||||||||||||||||||||||||||
The tables below present the effect of the derivative financial instruments on the Consolidated Statements of Operations for the three months ended March 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Amount of Gain or (Loss) Recognized in OCI on Derivatives (Effective Portion) | Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | $ | (51 | ) | $ | (54 | ) | Interest expense | $ | (623 | ) | $ | (869 | ) | ||||||||||||||||
Total | $ | (51 | ) | $ | (54 | ) | $ | (623 | ) | $ | (869 | ) | |||||||||||||||||
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | ' | ||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivatives | Amount of Gain or (Loss) Recognized in Income on Derivatives | |||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
For the Three Months Ended March 31, | |||||||||||||||||||||||||||||
Interest rate products | Other operating expenses | $ | — | $ | (2 | ) | |||||||||||||||||||||||
Total | $ | — | $ | (2 | ) | ||||||||||||||||||||||||
Offsetting Assets [Table Text Block] | ' | ||||||||||||||||||||||||||||
The General Partner has elected not to offset derivative positions in the consolidated financial statements. The table below presents the effect on the Operating Partnership’s financial position had the General Partner made the election to offset its derivative positions as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | Financial Instruments | Cash Collateral Received | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 97 | $ | — | $ | 97 | $ | — | $ | — | $ | 97 | |||||||||||||||||
December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
(a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. | |||||||||||||||||||||||||||||
Offsetting Liabilities [Table Text Block] | ' | ||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | Financial Instruments | Cash Collateral Posted | Net Amount | ||||||||||||||||||||||||
March 31, 2014 | $ | 2,302 | $ | — | $ | 2,302 | $ | — | $ | — | $ | 2,302 | |||||||||||||||||
December 31, 2013 | $ | 2,731 | $ | — | $ | 2,731 | $ | — | $ | — | $ | 2,731 | |||||||||||||||||
(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||||||||||
Real estate commitments | ' | ||||||||||||
The following summarizes the Company’s real estate commitments at March 31, 2014 (dollars in thousands): | |||||||||||||
Number of | Costs Incurred | Expected Costs | Average Ownership | ||||||||||
Properties | to Date | to Complete | Stake | ||||||||||
Wholly-owned — under development | 3 | $ | 222,601 | (a) | $ | 177,799 | 100 | % | |||||
Wholly-owned — redevelopment | 2 | 145,589 | (a) | 32,394 | 100 | % | |||||||
Joint ventures: | |||||||||||||
Unconsolidated joint ventures | 1 | 79,703 | 120,004 | (b) | 51 | % | |||||||
Participating loan investments | 1 | 23,199 | 68,810 | (c) | 0 | % | |||||||
$ | 471,092 | $ | 399,007 | ||||||||||
(a) | Costs incurred to date include $23.6 million and $4.0 million of accrued fixed assets for development and redevelopment, respectively. | ||||||||||||
(b) | Represents UDR’s remaining equity commitment in unconsolidated joint ventures. | ||||||||||||
(c) | Represents UDR’s remaining participating loan commitment for Steele Creek. |
Reportable_Segment_Tables
Reportable Segment (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ' | |||||||
The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the three months ended March 31, 2014 and 2013, and reconciles NOI to Net Income/(Loss) Attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Reportable apartment home segment rental income | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 61,536 | $ | 57,746 | ||||
Mid-Atlantic Region | 41,820 | 41,351 | ||||||
Southeast Region | 29,866 | 28,544 | ||||||
Northeast Region | 14,779 | 14,099 | ||||||
Southwest Region | 13,467 | 12,773 | ||||||
Non-Mature Communities/Other | 32,932 | 29,788 | ||||||
Total consolidated rental income | $ | 194,400 | $ | 184,301 | ||||
Reportable apartment home segment NOI | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 44,376 | $ | 41,048 | ||||
Mid-Atlantic Region | 28,674 | 28,762 | ||||||
Southeast Region | 20,062 | 18,705 | ||||||
Northeast Region | 10,730 | 10,071 | ||||||
Southwest Region | 8,358 | 7,701 | ||||||
Non-Mature Communities/Other | 19,924 | 19,029 | ||||||
Total consolidated NOI | 132,124 | 125,316 | ||||||
Reconciling items: | ||||||||
Joint venture management and other fees | 3,687 | 2,923 | ||||||
Property management | (5,346 | ) | (5,068 | ) | ||||
Other operating expenses | (1,935 | ) | (1,643 | ) | ||||
Real estate depreciation and amortization | (88,533 | ) | (83,442 | ) | ||||
General and administrative | (11,994 | ) | (9,476 | ) | ||||
Casualty-related recoveries/(charges), net | (500 | ) | 3,021 | |||||
Other depreciation and amortization | (1,080 | ) | (1,146 | ) | ||||
Income/(loss) from unconsolidated entities | (3,565 | ) | (2,802 | ) | ||||
Interest expense | (32,884 | ) | (30,981 | ) | ||||
Interest and other income/(expense), net | 1,415 | 1,016 | ||||||
Tax benefit, net | 3,329 | 1,973 | ||||||
Gain/(loss) on sale of real estate owned, net of tax | 24,294 | — | ||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | (647 | ) | 45 | |||||
Net (income)/loss attributable to noncontrolling interests | (4 | ) | (4 | ) | ||||
Net income/(loss) attributable to UDR, Inc. | $ | 18,361 | $ | (268 | ) | |||
Details of assets of UDR's reportable segments | ' | |||||||
The following table details the assets of UDR’s reportable segments as of March 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Reportable apartment home segment assets: | ||||||||
Same-Store Communities: | ||||||||
West Region | $ | 2,394,571 | $ | 2,392,681 | ||||
Mid-Atlantic Region | 1,433,658 | 1,431,590 | ||||||
Southeast Region | 892,739 | 889,753 | ||||||
Northeast Region | 740,235 | 738,805 | ||||||
Southwest Region | 436,008 | 435,009 | ||||||
Non-Mature Communities/Other | 2,417,909 | 2,320,139 | ||||||
Total assets | 8,315,120 | 8,207,977 | ||||||
Accumulated depreciation | (2,279,928 | ) | (2,208,794 | ) | ||||
Total assets — net book value | 6,035,192 | 5,999,183 | ||||||
Reconciling items: | ||||||||
Cash and cash equivalents | 15,891 | 30,249 | ||||||
Restricted cash | 23,131 | 22,796 | ||||||
Deferred financing costs, net | 25,516 | 26,924 | ||||||
Notes receivable, net | 84,568 | 83,033 | ||||||
Investment in and advances to unconsolidated joint ventures, net | 517,927 | 507,655 | ||||||
Other assets | 131,798 | 137,882 | ||||||
Total consolidated assets | $ | 6,834,023 | $ | 6,807,722 | ||||
Reportable_Segments_UNITED_DOM1
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Tables) (United Dominion Reality L.P. [Member]) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
United Dominion Reality L.P. [Member] | ' | |||||||
Entity Information [Line Items] | ' | |||||||
Reportable segments information | ' | |||||||
The following table details rental income and NOI from continuing and discontinued operations for the Operating Partnership’s reportable segments for the three months ended March 31, 2014 and 2013, and reconciles NOI to Net Income/(Loss) Attributable to OP Unitholders in the Consolidated Statements of Operations (dollars in thousands): | ||||||||
Three Months Ended March 31, | ||||||||
2014 | 2013 | |||||||
Reportable apartment home segment rental income | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 46,856 | $ | 43,822 | ||||
Mid-Atlantic Region | 17,246 | 16,911 | ||||||
Southeast Region | 11,131 | 10,586 | ||||||
Northeast Region | 9,246 | 8,906 | ||||||
Southwest Region | 6,553 | 6,221 | ||||||
Non-Mature Communities/Other | 11,338 | 13,614 | ||||||
Total consolidated rental income | $ | 102,370 | $ | 100,060 | ||||
Reportable apartment home segment NOI | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 34,238 | $ | 31,433 | ||||
Mid-Atlantic Region | 11,565 | 11,533 | ||||||
Southeast Region | 7,457 | 7,005 | ||||||
Northeast Region | 6,824 | 6,475 | ||||||
Southwest Region | 4,217 | 3,843 | ||||||
Non-Mature Communities/Other | 8,116 | 9,834 | ||||||
Total consolidated NOI | 72,417 | 70,123 | ||||||
Reconciling items: | ||||||||
Property management | (2,815 | ) | (2,752 | ) | ||||
Other operating expenses | (1,436 | ) | (1,386 | ) | ||||
Real estate depreciation and amortization | (44,271 | ) | (45,393 | ) | ||||
General and administrative | (6,970 | ) | (5,575 | ) | ||||
Casualty-related recoveries/(charges), net | (500 | ) | 2,019 | |||||
Interest expense | (10,014 | ) | (9,262 | ) | ||||
Gain/(loss) on sale of real estate owned | 24,402 | — | ||||||
Net (income)/loss attributable to noncontrolling interests | (280 | ) | (45 | ) | ||||
Net income/(loss) attributable to OP unitholders | $ | 30,533 | $ | 7,729 | ||||
The following table details the assets of the Operating Partnership’s reportable segments as of March 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||
March 31, | December 31, 2013 | |||||||
2014 | ||||||||
Reportable apartment home segment assets | ||||||||
Same-Store Communities | ||||||||
West Region | $ | 1,734,393 | $ | 1,733,144 | ||||
Mid-Atlantic Region | 707,198 | 706,447 | ||||||
Southeast Region | 329,163 | 328,150 | ||||||
Northeast Region | 444,242 | 443,483 | ||||||
Southwest Region | 226,531 | 226,252 | ||||||
Non-Mature Communities/Other | 724,183 | 751,004 | ||||||
Total assets | 4,165,710 | 4,188,480 | ||||||
Accumulated depreciation | (1,268,617 | ) | (1,241,574 | ) | ||||
Total assets - net book value | 2,897,093 | 2,946,906 | ||||||
Reconciling items: | ||||||||
Cash and cash equivalents | 853 | 1,897 | ||||||
Restricted cash | 13,155 | 13,526 | ||||||
Deferred financing costs, net | 5,491 | 5,848 | ||||||
Other assets | 23,446 | 25,064 | ||||||
Total consolidated assets | $ | 2,940,038 | $ | 2,993,241 | ||||
Consolidation_and_Basis_of_Pre2
Consolidation and Basis of Presentation (Details) (USD $) | Mar. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Deferred Tax Assets, Net | $35,899 |
Consolidation And Basis Of Presentation (Textual) [Abstract] | ' |
Operating Partnership outstanding units | 183,278,698 |
OP units outstanding related to general partner | 173,959,774 |
Percentage of units owned by UDR | 94.90% |
Consolidation_and_Basis_of_Pre3
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | |
Communities | |||
Markets | |||
Apartment_Homes | |||
Entity Information [Line Items] | ' | ' | ' |
Number of communities owned (in communities) | 143 | ' | ' |
Number of apartments owned (in apartments homes) | 41,455 | ' | ' |
Operating Partnership outstanding units | 183,278,698 | ' | ' |
OP units outstanding related to general partner | 173,959,774 | ' | ' |
Percentage of units owned by UDR | 94.90% | ' | ' |
United Dominion Reality L.P. [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Rental revenues percent of General Partner's consolidated rental revenues | 53.00% | 54.00% | ' |
Number of communities owned (in communities) | 67 | ' | ' |
Number of markets operating within (in markets) | 17 | ' | ' |
Number of apartments owned (in apartments homes) | 20,482 | ' | ' |
OP units outstanding related to general partner | 110,883 | ' | 110,883 |
OP units outstanding related to limited partner | 183,167,815 | ' | 183,167,815 |
Significant_Accounting_Policie5
Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Current Income Tax Expense (Benefit) | $0 | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Notes receivable | 84,568,000 | ' | ' | 83,033,000 |
Note maturity public capital threshold | 5,000,000 | ' | ' | ' |
Note receivable interest income | ' | 1,245,000 | 1,000,000 | ' |
Net tax liability | -1,000,000 | ' | ' | ' |
Net of a valuation allowance | 1,310,000 | ' | ' | ' |
Tax benefit, net | -3,329,000 | -1,973,000 | ' | ' |
Recognition and evaluation of tax position, whether a tax position is more likely | 'not (greater than 50 percent probability) | ' | ' | ' |
Unrecognized tax benefit, accrued interest or penalties due to examination | 0 | ' | ' | ' |
Interest Income, Related Party | ' | 0 | 181,000 | ' |
Note Due March 2014 Related Party [Domain] | ' | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Basis spread on variable rate | 35000.00% | ' | ' | ' |
Note due October 2014 - related party [Member] | ' | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Notes receivable | 40,800,000 | ' | ' | 40,800,000 |
Notes receivable interest rate | 3.91% | ' | ' | ' |
Note due February 2017 [Member] | ' | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Notes receivable | ' | ' | ' | 14,580,000 |
Notes receivable interest rate | 10.00% | ' | ' | ' |
Aggregate Commitment on Note Receivable | 15,008,000 | ' | ' | ' |
Issuance of notes receivable | 428,000 | ' | ' | ' |
Note due June 2022 [Member] | ' | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Notes receivable | 26,260,000 | ' | ' | 26,253,000 |
Notes receivable interest rate | 7.00% | ' | ' | ' |
Note receivable, unamortized discount | 240,000 | ' | ' | 247,000 |
Loan amount | 26,500,000 | ' | ' | ' |
Discount rate on note receivable | 7.25% | ' | ' | ' |
Other [Member] | ' | ' | ' | ' |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Notes receivable | 2,500,000 | ' | ' | 1,400,000 |
Notes receivable interest rate | 8.00% | ' | ' | ' |
Aggregate Commitment on Note Receivable | 2,500,000 | ' | ' | ' |
Issuance of notes receivable | 1,100,000 | ' | ' | ' |
RedeemableNoncontrollingInterest [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Comprehensive (loss)/income attributable to non-controlling interests | 56,000 | ' | 87,000 | ' |
Unconsolidated Joint Venture Two Stoughton Massachusetts [Member] | ' | ' | ' | ' |
Accounting Policies [Line Items] | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | 95.00% |
Significant Accounting Policies (Textual) [Abstract] | ' | ' | ' | ' |
Joint Venture Number of Operating Communities Owned | 1 | ' | ' | ' |
Bridge Loan | $40,800,000 | ' | ' | ' |
Number of extension options on loan | 2 | ' | ' | ' |
Extension period of option on loan | '3 months | ' | ' | ' |
Real_Estate_Owned_Details
Real Estate Owned (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of carrying amounts for real estate owned (at cost) | ' | ' |
Land | $1,966,204 | $1,847,127 |
Depreciable property - held and used: | ' | ' |
Building, Improvements, and Furniture, Fixtures and Equipment | 6,109,595 | 5,876,717 |
Under development: | ' | ' |
Under development | 222,601 | 466,002 |
Real estate owned | 8,315,120 | 8,207,977 |
Accumulated depreciation | -2,279,928 | -2,208,794 |
Real estate owned, net | 6,035,192 | 5,999,183 |
Land [Member] | ' | ' |
Depreciable property - held and used: | ' | ' |
Real Estate Held-for-sale | 10,751 | 10,751 |
Under development: | ' | ' |
Under development | 47,038 | 110,769 |
Building and Building Improvements [Member] | ' | ' |
Depreciable property - held and used: | ' | ' |
Real Estate Held-for-sale | 5,969 | 5,969 |
Construction in progress [Member] | ' | ' |
Under development: | ' | ' |
Under development | $175,563 | $356,644 |
Real_Estate_Owned_Details_Text
Real Estate Owned (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Apartment_Homes | ||||
States | ||||
Communities | ||||
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Number of owned and consolidated community by the Company | 143 | ' | ' | ' |
Number of states in which there are owned and consolidated communities | 10 | ' | ' | ' |
Number of apartment homes owned and consolidated by the Company | 41,455 | ' | ' | ' |
Development costs excluding direct costs and capitlized interest | $3,362,000 | ' | ' | $3,000,000 |
Interest capitalized during period | 5,300,000 | ' | ' | 8,400,000 |
Other Cost and Expense, Operating | 1,926,000 | 1,636,000 | ' | ' |
Property, Plant and Equipment, Additions | 129,400,000 | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | 48,700,000 | ' | ' | ' |
Payments for (Proceeds from) Investments | -47,922,000 | 0 | ' | ' |
Gains (loss) on sales of real estate, net of tax | 24,294,000 | 0 | ' | ' |
Communities Sold | 1 | 0 | 2 | ' |
Casualty (Recoveries)/Charges | 500,000 | -3,021,000 | ' | -3,021,000 |
New York Properties [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 0 | ' | ' | ' |
United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Number of owned and consolidated community by the Company | 67 | ' | ' | ' |
Number of states in which there are owned and consolidated communities | 9 | ' | ' | ' |
Number of apartment homes owned and consolidated by the Company | 20,482 | ' | ' | ' |
Development costs excluding direct costs and capitlized interest | 755,000 | ' | ' | 673,000 |
Interest capitalized during period | 1,000,000 | ' | ' | 1,300,000 |
Other Cost and Expense, Operating | 1,436,000 | 1,386,000 | ' | ' |
Payments for (Proceeds from) Investments | -47,922,000 | 0 | ' | ' |
Gains (loss) on sales of real estate, net of tax | 24,402,000 | 0 | ' | ' |
Communities Sold | 0 | 0 | 2 | ' |
Casualty (Recoveries)/Charges | 500,000 | -2,019,000 | ' | -2,019,000 |
United Dominion Reality L.P. [Member] | New York Properties [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 0 | ' | ' | ' |
Operating Community [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 23,300,000 | ' | ' | ' |
Operating Community [Member] | Unconsolidated Joint Venture Four Texas [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | 8 | ' | ' | ' |
Operating Community [Member] | United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 23,300,000 | ' | ' | ' |
Development Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | 1 | ' | ' | ' |
Land [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 1,100,000 | ' | ' | ' |
Land [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | 6 | ' | ' | ' |
Land [Member] | United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 1,100,000 | ' | ' | ' |
Land [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Property, Plant and Equipment, Additions | 78,000,000 | ' | ' | ' |
Business Interruption [Member] | Hurricane Sandy [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Proceeds from Insurance Settlement, Operating Activities | ' | 3,000,000 | ' | ' |
Business Interruption [Member] | United Dominion Reality L.P. [Member] | Hurricane Sandy [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Proceeds from Insurance Settlement, Operating Activities | ' | $2,000,000 | ' | ' |
Real_Estate_Owned_UNITED_DOMIN2
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Summary of carrying amounts for real estate owned (at cost) | ' | ' |
Land | $1,966,204 | $1,847,127 |
Under development: | ' | ' |
Under development | 222,601 | 466,002 |
Real estate owned | 8,315,120 | 8,207,977 |
Accumulated depreciation | -2,279,928 | -2,208,794 |
Real estate owned, net | 6,035,192 | 5,999,183 |
Land [Member] | ' | ' |
Under development: | ' | ' |
Under development | 47,038 | 110,769 |
Construction in progress [Member] | ' | ' |
Under development: | ' | ' |
Under development | 175,563 | 356,644 |
United Dominion Reality L.P. [Member] | ' | ' |
Summary of carrying amounts for real estate owned (at cost) | ' | ' |
Land | 996,448 | 1,004,447 |
Depreciable property - held and used: | ' | ' |
Building, improvements, and furniture, fixture and equipment | 3,079,424 | 3,103,970 |
Under development: | ' | ' |
Under development | 89,838 | 80,063 |
Real estate owned | 4,165,710 | 4,188,480 |
Accumulated depreciation | -1,268,617 | -1,241,574 |
Real estate owned, net | 2,897,093 | 2,946,906 |
United Dominion Reality L.P. [Member] | Land [Member] | ' | ' |
Under development: | ' | ' |
Under development | 9,447 | 9,447 |
United Dominion Reality L.P. [Member] | Construction in progress [Member] | ' | ' |
Under development: | ' | ' |
Under development | $80,391 | $70,616 |
Real_Estate_Owned_UNITED_DOMIN3
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Communities | Communities | Communities | ||
Apartment_Homes | ||||
States | ||||
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Number of communities owned (in communities) | 143 | ' | ' | ' |
Number of states operating within (in states) | 10 | ' | ' | ' |
Number of apartments owned (in apartments homes) | 41,455 | ' | ' | ' |
Number of communities acquired apartment homes are within | 0 | 0 | ' | 0 |
Number of apartment homes acquired | 0 | ' | ' | ' |
Development costs excluding direct costs and capitlized interest | $3,362,000 | ' | ' | $3,000,000 |
Interest capitalized during period | 5,300,000 | ' | ' | 8,400,000 |
Other Cost and Expense, Operating | 1,926,000 | 1,636,000 | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | 48,700,000 | ' | ' | ' |
Gains (loss) on sales of real estate, net of tax | 24,294,000 | 0 | ' | ' |
Communities Sold | 1 | 0 | 2 | ' |
Casualty (Recoveries)/Charges | 500,000 | -3,021,000 | ' | -3,021,000 |
United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Number of communities owned (in communities) | 67 | ' | ' | ' |
Number of states operating within (in states) | 9 | ' | ' | ' |
Number of apartments owned (in apartments homes) | 20,482 | ' | ' | ' |
Development costs excluding direct costs and capitlized interest | 755,000 | ' | ' | 673,000 |
Interest capitalized during period | 1,000,000 | ' | ' | 1,300,000 |
Other Cost and Expense, Operating | 1,436,000 | 1,386,000 | ' | ' |
Gains (loss) on sales of real estate, net of tax | 24,402,000 | 0 | ' | ' |
Communities Sold | 0 | 0 | 2 | ' |
Casualty (Recoveries)/Charges | 500,000 | -2,019,000 | ' | -2,019,000 |
New York Properties [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 0 | ' | ' | ' |
New York Properties [Member] | United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 0 | ' | ' | ' |
Business Interruption [Member] | Hurricane Sandy [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Proceeds from Insurance Settlement, Operating Activities | ' | 3,000,000 | ' | ' |
Business Interruption [Member] | Hurricane Sandy [Member] | United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Real Estate Owned (Textual) [Abstract] | ' | ' | ' | ' |
Proceeds from Insurance Settlement, Operating Activities | ' | $2,000,000 | ' | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disposal Group, Including Discontinued Operation, Operating Expense | $9,000 | $7,000 | ' | ' |
Discontinued Operations (Textual) [Abstract] | ' | ' | ' | ' |
Communities sold (in communities) | 1 | 0 | 2 | ' |
Apartment homes sold (in apartment homes) | ' | ' | 914 | ' |
Communities held for sale (in communities) | 1 | ' | ' | ' |
Summary of income from discontinued operations | ' | ' | ' | ' |
Rental income | 48,000 | 2,340,000 | ' | ' |
Rental expenses | 125,000 | 872,000 | ' | ' |
Property management | 1,000 | 64,000 | ' | ' |
Real estate depreciation | 0 | 544,000 | ' | ' |
Income/(loss) from discontinued operations, net of tax | -87,000 | 853,000 | ' | 853,000 |
Income/(loss) from discontinued operations attributable to common stockholders | -84,000 | 823,000 | ' | ' |
Operating Community [Member] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 23,300,000 | ' | ' | ' |
Land [Member] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 1,100,000 | ' | ' | ' |
United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Discontinued Operations (Textual) [Abstract] | ' | ' | ' | ' |
Communities sold (in communities) | 0 | 0 | 2 | ' |
Apartment homes sold (in apartment homes) | ' | ' | 914 | ' |
Discontinued operations, apartment homes sold (in apartment homes) | ' | 0 | ' | ' |
Summary of income from discontinued operations | ' | ' | ' | ' |
Rental income | 0 | 2,290,000 | ' | ' |
Rental expenses | 0 | 785,000 | ' | ' |
Property management | 0 | 63,000 | ' | ' |
Real estate depreciation | 0 | 537,000 | ' | ' |
Income/(loss) from discontinued operations, net of tax | 0 | 905,000 | ' | ' |
Income/(loss) from discontinued operations attributable to common stockholders | 0 | 905,000 | ' | ' |
United Dominion Reality L.P. [Member] | Operating Community [Member] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 23,300,000 | ' | ' | ' |
United Dominion Reality L.P. [Member] | Land [Member] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | $1,100,000 | ' | ' | ' |
Discontinued_Operations_UNITED2
Discontinued Operations (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Discontinued Operations (Textual) [Abstract] | ' | ' | ' | ' |
Communities sold (in communities) | 1 | 0 | 2 | ' |
Communities held for sale (in communities) | 1 | ' | ' | ' |
Summary of income from discontinued operations | ' | ' | ' | ' |
Rental income | $48,000 | $2,340,000 | ' | ' |
Rental expenses | 125,000 | 872,000 | ' | ' |
Property management | 1,000 | 64,000 | ' | ' |
Real estate depreciation | 0 | 544,000 | ' | ' |
Income/(loss) from discontinued operations | -87,000 | 853,000 | ' | 853,000 |
Income (loss) from discontinued operations attributable to OP unitholders | -84,000 | 823,000 | ' | ' |
Apartment Homes Sold | ' | ' | 914 | ' |
United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Discontinued Operations (Textual) [Abstract] | ' | ' | ' | ' |
Communities sold (in communities) | 0 | 0 | 2 | ' |
Summary of income from discontinued operations | ' | ' | ' | ' |
Rental income | 0 | 2,290,000 | ' | ' |
Rental expenses | 0 | 785,000 | ' | ' |
Property management | 0 | 63,000 | ' | ' |
Real estate depreciation | 0 | 537,000 | ' | ' |
Income/(loss) from discontinued operations | 0 | 905,000 | ' | ' |
Income (loss) from discontinued operations attributable to OP unitholders | 0 | 905,000 | ' | ' |
Discontinued operations, apartment homes sold (in apartment homes) | ' | 0 | ' | ' |
Apartment Homes Sold | ' | ' | 914 | ' |
Operating Community [Member] | ' | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 23,300,000 | ' | ' | ' |
Operating Community [Member] | United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 23,300,000 | ' | ' | ' |
Land [Member] | ' | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | 1,100,000 | ' | ' | ' |
Land [Member] | United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' | ' |
Gain (Loss) on Disposition of Property Plant Equipment | $1,100,000 | ' | ' | ' |
Joint_Ventures_Details
Joint Ventures (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Unconsolidated Joint Ventures [Member] | Unconsolidated Joint Ventures [Member] | Unconsolidated Joint Ventures [Member] | Unconsolidated Joint Venture Two Stoughton Massachusetts [Member] | Participating Loan Investment Steele Creek Denver Colorado [Member] | Participating Loan Investment Steele Creek Denver Colorado [Member] | Operating Community [Member] | Operating Community [Member] | Operating Community [Member] | Operating Community [Member] | Operating Community [Member] | Operating Community [Member] | Operating Community [Member] | Operating Community [Member] | Operating Community [Member] | Operating Community [Member] | Development Community [Member] | Development Community [Member] | Development Community [Member] | Development Community [Member] | Development Community [Member] | Development Community [Member] | Land [Member] | Land [Member] | Land [Member] | |||||
Unconsolidated Joint Venture UDR Met Life I Partnership [Member] | Unconsolidated Joint Venture UDR Met Life I Partnership [Member] | Unconsolidated Joint Venture UDR MetLife II Partnership [Member] | Unconsolidated Joint Venture UDR MetLife II Partnership [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | Unconsolidated Joint Venture Three [Member] | Unconsolidated Joint Venture Three [Member] | Unconsolidated Joint Venture Four Texas [Member] | Unconsolidated Joint Venture Four Texas [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | Unconsolidated Joint Venture 399 Fremont [Member] | Unconsolidated Joint Venture 399 Fremont [Member] | Participating Loan Investment Steele Creek Denver Colorado [Member] | Participating Loan Investment Steele Creek Denver Colorado [Member] | Participating Loan Investment Steele Creek Denver Colorado [Member] | Unconsolidated Joint Venture UDR Met Life I Partnership [Member] | Unconsolidated Joint Venture UDR Met Life I Partnership [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||||||||||
Communities | Apartment_Homes | Apartment_Homes | Communities | Communities | Communities | Apartment_Homes | Land_Parcels | ||||||||||||||||||||||
Apartment_Homes | Communities | Apartment_Homes | Apartment_Homes | Apartment_Homes | Communities | ||||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | ' | ' | ' | ' | ($25,379) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment Summarized Financial Information Income/(loss) from discontinued operations | ' | ' | ' | ' | 0 | 661 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial information relating to unconsolidated joint ventures operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | 62,098 | ' | 52,127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment Summarized Financial Information Property Operating Expense | ' | ' | ' | ' | -25,137 | -20,737 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Real estate depreciation and amortization | ' | ' | ' | ' | -24,604 | ' | -18,981 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income /(loss) | ' | ' | ' | ' | -32,241 | ' | -3,668 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
UDR income/(loss) from unconsolidated entities | -3,565 | -2,802 | -2,802 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Combined summary of balance sheets relating to unconsolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total real estate, net | ' | ' | ' | ' | 3,009,685 | 3,124,178 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment Summarized Financial Information Cash and cash equivalents | ' | ' | ' | ' | 36,783 | 41,792 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment Summarized Financial Information Other assets | ' | ' | ' | ' | 31,902 | 32,234 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | ' | ' | ' | ' | 3,078,370 | 3,198,204 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount due to UDR | ' | ' | ' | ' | 6,756 | 12,187 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third party debt | ' | ' | ' | ' | 1,667,821 | 1,722,960 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | ' | ' | ' | ' | 34,614 | 41,562 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities | ' | ' | ' | ' | 1,709,191 | 1,776,709 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total equity | ' | ' | ' | ' | 1,369,179 | 1,421,495 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in and advances to unconsolidated joint ventures, net | 517,927 | ' | ' | 507,655 | 494,728 | 493,382 | ' | ' | 23,199 | 14,273 | 41,866 | 47,497 | 325,025 | 327,926 | 80,338 | 79,318 | 24,854 | 25,919 | -24,217 | -23,591 | ' | 46,862 | 36,313 | 23,199 | ' | 14,273 | ' | ' | ' |
Income from Participating Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 321 | 0 | ' | ' | ' | ' |
Deferred gains on the sale of depreciable property | 25,619 | ' | ' | 25,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage, equity method investment | ' | ' | ' | ' | ' | ' | ' | 95.00% | ' | ' | 13.90% | 13.20% | 50.00% | 50.00% | 50.00% | 50.00% | 30.00% | 30.00% | 20.00% | 20.00% | ' | 51.00% | 51.00% | ' | ' | ' | 4.00% | 4.00% | ' |
Number of apartment homes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,523 | ' | 3,119 | ' | 739 | ' | 660 | ' | 3,359 | ' | 391 | 447 | ' | ' | ' | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | 15 | ' | ' | ' | 3 | ' | 8 | ' | 1 | 1 | ' | ' | ' | ' | 7 | ' | 6 |
Participating Loan, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' |
Participating Loan Years to Maturity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 7 months 6 days | ' | ' | ' | ' | ' |
Equity Method of Investment Summarized Financial Information Operating income/(loss) | ' | ' | ' | ' | 12,357 | 12,409 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment Summarized Financial Information Interest expense | ' | ' | ' | ' | -19,029 | -16,738 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment Summarized Financial Information Other income/(expense) | ' | ' | ' | ' | ($190) | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Joint_Ventures_Details_Textual
Joint Ventures (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Communities Sold | 1 | 0 | 2 | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | $48,700,000 | ' | ' | ' | ' |
Secured Debt | 1,442,873,000 | ' | 1,442,077,000 | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Real Estate Owned Gross | 8,315,120,000 | ' | 8,207,977,000 | ' | ' |
Unamortized discount | 10,600,000 | ' | 11,800,000 | ' | ' |
First installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | 170,967,000 | ' | ' | ' | ' |
Second installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | 520,922,000 | ' | ' | ' | ' |
Interest expense incurred during period | -32,884,000 | -30,981,000 | ' | -30,981,000 | ' |
Company's equity investment in joint venture | 517,927,000 | ' | 507,655,000 | ' | ' |
Deferred profit from the sale of properties | 25,619,000 | ' | 25,400,000 | ' | ' |
Management fees for our involvement in the joint ventures | ' | 3,300,000 | ' | 2,700,000 | ' |
Property, Plant and Equipment, Additions | 129,400,000 | ' | ' | ' | ' |
Debt associated with Real estate acquired | 63,600,000 | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | 4,000,000 |
Unconsolidated Joint Venture Two Stoughton Massachusetts [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Number of extension options on loan | 2 | ' | ' | ' | ' |
Extension period of option on loan | '3 months | ' | ' | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Ownership percentage, equity method investment | ' | ' | 95.00% | ' | ' |
Unconsolidated Joint Venture Five San Diego California [Member] | ' | ' | ' | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Ownership interest in joint venture | 0.00% | ' | 5.00% | ' | ' |
Non-controlling interest held in joint venture | 95.00% | ' | ' | ' | ' |
13th & Market [Member] | ' | ' | ' | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | 2,000,000 |
Unconsolidated Joint Venture 399 Fremont [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Number of apartments of development community | ' | ' | 0 | ' | ' |
MetLife Swap [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Communities Sold | 2 | ' | ' | ' | ' |
Proceeds from Sale of Property, Plant, and Equipment | 3,000,000 | ' | ' | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Ownership percentage, equity method investment | 50.00% | ' | 12.00% | ' | ' |
Cash Paid in Equity Method Investment Exchange | 82,000,000 | ' | ' | ' | ' |
Land [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | 6 | ' | ' | ' | ' |
Land [Member] | Unconsolidated Joint Venture UDR Met Life I Partnership [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | 7 | ' | ' | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Ownership percentage, equity method investment | 4.00% | ' | 4.00% | ' | ' |
Operating Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ' | ' | ' | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Ownership percentage, equity method investment | 50.00% | ' | 50.00% | ' | ' |
Company's equity investment in joint venture | 80,338,000 | ' | 79,318,000 | ' | ' |
Operating Community [Member] | Unconsolidated Joint Venture UDR Met Life I Partnership [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | 6 | ' | ' | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Ownership percentage, equity method investment | 13.90% | ' | 13.20% | ' | ' |
Company's equity investment in joint venture | 41,866,000 | ' | 47,497,000 | ' | ' |
Operating Community [Member] | Unconsolidated Joint Venture UDR MetLife II Partnership [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | 15 | ' | ' | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Ownership percentage, equity method investment | 50.00% | ' | 50.00% | ' | ' |
Company's equity investment in joint venture | 325,025,000 | ' | 327,926,000 | ' | ' |
Operating Community [Member] | Unconsolidated Joint Venture Three Washington DC [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | 3 | ' | ' | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Ownership percentage, equity method investment | 30.00% | ' | 30.00% | ' | ' |
Company's equity investment in joint venture | 24,854,000 | ' | 25,919,000 | ' | ' |
Operating Community [Member] | Unconsolidated Joint Venture Four Texas [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | 8 | ' | ' | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Ownership percentage, equity method investment | 20.00% | ' | 20.00% | ' | ' |
Company's equity investment in joint venture | -24,217,000 | ' | -23,591,000 | ' | ' |
Development Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | 1 | ' | ' | ' | ' |
Development Community [Member] | Unconsolidated Joint Venture 399 Fremont [Member] | ' | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' |
Joint Venture and Partnership Number of Operating Communities Owned | 1 | ' | ' | ' | ' |
Joint Ventures | ' | ' | ' | ' | ' |
Ownership percentage, equity method investment | 51.00% | ' | 51.00% | ' | ' |
Company's equity investment in joint venture | $46,862,000 | ' | $36,313,000 | ' | ' |
Secured_and_Unsecured_Debt_Det
Secured and Unsecured Debt (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Secured debt instruments | ' | ' |
Weighted average interest rate | 3.95% | ' |
Long-term Debt | $3,628,246 | $3,523,703 |
Unsecured Debt | 2,185,373 | 2,081,626 |
Weighted Average Years to Maturity | '4 years 3 months 25 days | ' |
Line of Credit Facility, Amount Outstanding | 836,800 | ' |
Fixed Rate Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Principal outstanding | 1,068,615 | 1,072,373 |
Weighted average interest rate | 5.18% | ' |
Weighted Average Years to Maturity | '3 years 7 months 27 days | ' |
Number of Communities Encumbered | 30 | ' |
Variable Rate Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Principal outstanding | 374,258 | 369,704 |
Weighted average interest rate | 1.52% | ' |
Weighted Average Years to Maturity | '6 years 0 months 20 days | ' |
Number of Communities Encumbered | 11 | ' |
Mortgages Notes Payable [Member] | Fixed Rate Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Principal outstanding | 443,187 | 445,706 |
Weighted average interest rate | 5.45% | ' |
Weighted Average Years to Maturity | '2 years 3 months 3 days | ' |
Number of Communities Encumbered | 8 | ' |
Mortgages Notes Payable [Member] | Variable Rate Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Principal outstanding | 68,149 | 63,595 |
Weighted average interest rate | 2.34% | ' |
Weighted Average Years to Maturity | '1 year 10 months 6 days | ' |
Number of Communities Encumbered | 2 | ' |
Tax-exempt secured notes payable [Member] | Variable Rate Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Principal outstanding | 94,700 | 94,700 |
Weighted average interest rate | 0.79% | ' |
Weighted Average Years to Maturity | '8 years 11 months 8 days | ' |
Number of Communities Encumbered | 2 | ' |
Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Principal outstanding | ' | 626,667 |
Debt, Weighted Average Interest Rate | 4.99% | ' |
Weighted Average Years to Maturity | '4 years 9 months 7 days | ' |
Number of Communities Encumbered | 22 | ' |
Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Principal outstanding | 211,409 | 211,409 |
Debt Instrument, Interest Rate at Period End | 1.59% | ' |
Weighted Average Years to Maturity | '6 years 3 months 7 days | ' |
Number of Communities Encumbered | 7 | ' |
Secured Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Principal outstanding | 1,442,873 | 1,442,077 |
Weighted average interest rate | 4.23% | ' |
Long-term Debt | 1,442,873 | ' |
Weighted Average Years to Maturity | '4 years 4 months 6 days | ' |
Number of Communities Encumbered | 41 | ' |
Secured Debt [Member] | Fixed Rate Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Long-term Debt | 1,068,615 | ' |
Secured Debt [Member] | Variable Rate Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Long-term Debt | 374,258 | ' |
Unsecured Revolving Credit Facility due October 2015 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 1.10% | ' |
Weighted Average Years to Maturity | '3 years 8 months 4 days | ' |
Line of Credit Facility, Amount Outstanding | 287,500 | 0 |
ThreePointSevenTermNotesDueOctober2020 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 3.70% | ' |
Senior Notes | 299,948 | 299,946 |
Weighted Average Years to Maturity | '6 years 6 months | ' |
Four Point Six Three Percent Term Medium Notes Due January Two Thousand Twenty-Two [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 4.63% | ' |
Senior Notes | 397,208 | 397,118 |
Weighted Average Years to Maturity | '7 years 9 months 10 days | ' |
1.67% Term Notes due December 2016 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 1.41% | ' |
Senior Notes | 35,000 | 35,000 |
Weighted Average Years to Maturity | '4 years 2 months 4 days | ' |
2.68% Term Notes due December 2016 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 1.63% | ' |
Senior Notes | 100,000 | 65,000 |
Weighted Average Years to Maturity | '4 years 2 months 4 days | ' |
Six Point Zero Five Percent, Medium Term Notes, Due June 2013 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted Average Years to Maturity | '0 months 0 days | ' |
Five Point One Three Percent, Medium Term Notes, Due January 2014 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 0.00% | ' |
Senior Notes | 0 | 184,000 |
Weighted Average Years to Maturity | '1 day | ' |
Five Point Five Zero Percent, Medium Term Notes, Due April 2014 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 5.50% | ' |
Senior Notes | 128,497 | 128,480 |
Weighted Average Years to Maturity | '0 months | ' |
Five Point Two Five Percent, Medium Term Notes, Due January 2015 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 5.25% | ' |
Senior Notes | 325,073 | 325,041 |
Weighted Average Years to Maturity | '9 months 14 days | ' |
Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 5.25% | ' |
Senior Notes | 83,260 | 83,260 |
Weighted Average Years to Maturity | '1 year 9 months 14 days | ' |
2.90% Term Notes due January 2016 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 2.27% | ' |
Senior Notes | 215,000 | 250,000 |
Weighted Average Years to Maturity | '4 years 2 months 4 days | ' |
Eight Point Five Zero Percent, Debentures, Due September 2024 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 8.50% | ' |
Senior Notes | 15,644 | 15,644 |
Weighted Average Years to Maturity | '10 years 5 months 15 days | ' |
Four Point Two Five Percentage Medium-Term Notes due June 2018 [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 4.25% | ' |
Senior Notes | 298,214 | 298,107 |
Weighted Average Years to Maturity | '4 years 2 months 1 day | ' |
Other [Member] | ' | ' |
Secured debt instruments | ' | ' |
Senior Notes | 29 | 30 |
Unsecured Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Weighted average interest rate | 3.77% | ' |
Long-term Debt | 2,185,373 | ' |
Unsecured Debt | 2,185,373 | 2,081,626 |
Weighted Average Years to Maturity | '4 years 3 months 18 days | ' |
Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgages Notes Payable [Member] | Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Principal outstanding | 625,428 | ' |
Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Line of Credit [Member] | Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | ' | ' |
Secured debt instruments | ' | ' |
Principal outstanding | $211,409 | ' |
Secured_and_Unsecured_Debt_Det1
Secured and Unsecured Debt (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Secured credit facilities | ' | ' | ' |
Borrowings outstanding | $836,800 | ' | ' |
Fannie Mae [Member] | ' | ' | ' |
Secured credit facilities | ' | ' | ' |
Borrowings outstanding | 836,837 | ' | 838,076 |
Weighted average daily borrowings during the period ended | 837,194 | 839,597 | ' |
Maximum daily borrowings during the period ended | $837,564 | $841,494 | ' |
Weighted average interest rate during the period ended | 4.10% | 4.20% | ' |
Interest rate at the end of the period | 4.10% | ' | 4.10% |
Secured_and_Unsecured_Debt_Det2
Secured and Unsecured Debt (Details 2) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' |
Secured Debt, Encumbers Real Estate Owned, Amount | 2,300,000,000 | ' | ' |
Secured Debt, Encumbers Real Estate Owned, Percent | 27.70% | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '4 years 3 months 25 days | ' | ' |
Unamortized discount | 10,600,000 | 11,800,000 | ' |
Aggregate maturities of secured debt | ' | ' | ' |
2014 | 170,967,000 | ' | ' |
2015 | 520,922,000 | ' | ' |
2016 | 288,849,000 | ' | ' |
2017 | 530,441,000 | ' | ' |
2018 | 875,028,000 | ' | ' |
Thereafter | 1,242,039,000 | ' | ' |
Total | 1,442,873,000 | 1,442,077,000 | ' |
Secured Debt, Unencumbered Real Estate Owned, Amount | 6,000,000,000 | ' | ' |
Secured Debt, Unencumbered Real Estate Owned, Percent | 72.30% | ' | ' |
Fixed Rate Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '3 years 7 months 27 days | ' | ' |
Variable Rate Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '6 years 0 months 20 days | ' | ' |
ThreePointSevenTermNotesDueOctober2020 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '6 years 6 months | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | 0.00% | 3.70% |
2.68% Term Notes due December 2016 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '4 years 2 months 4 days | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 2.50% | 2.68% | ' |
Four Point Six Three Percent Term Medium Notes Due January Two Thousand Twenty-Two [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '7 years 9 months 10 days | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 4.63% | 4.63% | ' |
Unamortized discount | 2,792,000 | 2,882,000 | ' |
Mortgages Notes Payable [Member] | Fixed Rate Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '2 years 3 months 3 days | ' | ' |
Mortgages Notes Payable [Member] | Variable Rate Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '1 year 10 months 6 days | ' | ' |
Tax Exempt Notes Payable [Member] | Variable Rate Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '8 years 11 months 8 days | ' | ' |
Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '4 years 9 months 7 days | ' | ' |
Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '6 years 3 months 7 days | ' | ' |
UDR Bank Credit Facility [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ' | ' |
Debt Instrument Facility Fee, Basis Spread on Variable Rate | 0.20% | ' | ' |
Secured_and_Unsecured_Debt_Det3
Secured and Unsecured Debt (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Summary of unsecured debt | ' | ' | ' |
Borrowings outstanding at end of period | $836,800 | ' | ' |
Unsecured Debt, Total | 2,185,373 | 2,081,626 | ' |
Unamortized discount | 10,600 | 11,800 | ' |
Borrowings outstanding under an unsecured credit facility due October 2015 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Borrowings outstanding at end of period | 287,500 | 0 | ' |
4.63% Medium-Term Notes due January 2022 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Senior Unsecured Notes | 397,208 | 397,118 | ' |
Fixed interest rate | 4.63% | 4.63% | ' |
Unamortized discount | 2,792 | 2,882 | ' |
1.67% Term Notes due December 2016 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Senior Unsecured Notes | 35,000 | 35,000 | ' |
Fixed interest rate | 1.41% | ' | 1.65% |
2.68% Term Notes due December 2016 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Senior Unsecured Notes | 100,000 | 65,000 | ' |
Fixed interest rate | 2.50% | 2.68% | ' |
6.05% Medium-Term Notes due June 2013 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Fixed interest rate | 6.05% | ' | 6.05% |
5.13% Medium-Term Notes due January 2014 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Senior Unsecured Notes | 0 | 184,000 | ' |
Fixed interest rate | 5.13% | ' | 5.13% |
5.50% Medium-Term Notes due April 2014 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Senior Unsecured Notes | 128,497 | 128,480 | ' |
Fixed interest rate | 5.50% | ' | 5.50% |
Unamortized discount | 3 | 20 | ' |
5.25% Medium-Term Notes due January 2015 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Senior Unsecured Notes | 325,073 | 325,041 | ' |
Fixed interest rate | 5.25% | ' | 5.25% |
Unamortized discount | 102 | 134 | ' |
5.25% Medium-Term Notes due January 2016 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Senior Unsecured Notes | 83,260 | 83,260 | ' |
Fixed interest rate | 5.25% | ' | 5.25% |
2.90% Term Notes due January 2016 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Senior Unsecured Notes | 215,000 | 250,000 | ' |
Fixed interest rate | 2.73% | ' | 2.90% |
8.50% Debentures due September 2024 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Senior Unsecured Notes | 15,644 | 15,644 | ' |
Fixed interest rate | 8.50% | ' | 8.50% |
4.25% Medium-Term Notes due June 2018 [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Senior Unsecured Notes | 298,214 | 298,107 | ' |
Fixed interest rate | 4.25% | ' | 4.25% |
Unamortized discount | 1,786 | 1,893 | ' |
Other [Member] | ' | ' | ' |
Summary of unsecured debt | ' | ' | ' |
Senior Unsecured Notes | $29 | $30 | ' |
Secured_and_Unsecured_Debt_Det4
Secured and Unsecured Debt (Details 4) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ' | ' | ' |
Borrowings outstanding at end of period | $836,800 | ' | ' |
Unsecured Commercial Bank Credit Facility [Member] | ' | ' | ' |
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ' | ' | ' |
Total revolving credit facility | 900,000 | ' | 900,000 |
Borrowings outstanding at end of period | 287,500 | ' | 0 |
Weighted average daily borrowings during the period ended | 232,750 | 169,844 | ' |
Maximum daily borrowings during the period ended | $303,000 | $372,000 | ' |
Weighted average interest rate during the period ended | 1.20% | 1.20% | ' |
Interest rate at the end of the period | 1.10% | ' | 1.30% |
Secured_and_Unsecured_Debt_Det5
Secured and Unsecured Debt (Details 5) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Aggregate maturities of unsecured debt | ' | ' |
2014 | $170,967 | ' |
2015 | 520,922 | ' |
2016 | 288,849 | ' |
2017 | 530,441 | ' |
2018 | 875,028 | ' |
Thereafter | 1,242,039 | ' |
Unsecured Debt, Total | 2,185,373 | 2,081,626 |
Long-term Debt | 3,628,246 | 3,523,703 |
Secured Debt [Member] | ' | ' |
Aggregate maturities of unsecured debt | ' | ' |
2014 | 43,147 | ' |
2015 | 196,539 | ' |
2016 | 206,371 | ' |
2017 | 242,941 | ' |
2018 | 226,382 | ' |
Thereafter | 527,493 | ' |
Long-term Debt | 1,442,873 | ' |
Unsecured Debt [Member] | ' | ' |
Aggregate maturities of unsecured debt | ' | ' |
2014 | 127,820 | ' |
2015 | 324,383 | ' |
2016 | 82,478 | ' |
2017 | 287,500 | ' |
2018 | 648,646 | ' |
Thereafter | 714,546 | ' |
Unsecured Debt, Total | 2,185,373 | 2,081,626 |
Long-term Debt | 2,185,373 | ' |
Fixed Rate Debt [Member] | Secured Debt [Member] | ' | ' |
Aggregate maturities of unsecured debt | ' | ' |
2014 | 43,147 | ' |
2015 | 196,539 | ' |
2016 | 138,222 | ' |
2017 | 177,941 | ' |
2018 | 176,382 | ' |
Thereafter | 336,384 | ' |
Long-term Debt | 1,068,615 | ' |
Variable Rate Debt [Member] | Secured Debt [Member] | ' | ' |
Aggregate maturities of unsecured debt | ' | ' |
2014 | 0 | ' |
2015 | 0 | ' |
2016 | 68,149 | ' |
2017 | 65,000 | ' |
2018 | 50,000 | ' |
Thereafter | 191,109 | ' |
Long-term Debt | $374,258 | ' |
Secured_and_Unsecured_Debt_Det6
Secured and Unsecured Debt (Details Textual) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2012 | |
Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Mortgages Notes Payable [Member] | Mortgages Notes Payable [Member] | Mortgages Notes Payable [Member] | Mortgages Notes Payable [Member] | Debt Assumed As Part of Acquisition [Member] | Tax Exempt Notes Payable [Member] | Tax Exempt Notes Payable [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Tax Exempt Secured Notes Payable [Member] | UDR Bank Credit Facility [Member] | UDR Bank Credit Facility [Member] | Line of Credit [Member] | Mortgages Notes Payable [Member] | End of range of inital term of debt [Member] | End of range of inital term of debt [Member] | |||
Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | ||||||||||
credit_facility | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||||
Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | |||||||||||||||||||||||
Variable Rate Debt [Member] | Fixed Rate Debt [Member] | |||||||||||||||||||||||
Secured Debt (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debt amount which encumbers real estate owned based upon book value | $2,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of secured debt which encumbers real estate owned based upon book value | 27.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured debt amount of real estate owned which is unencumbered | 6,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of secured debt of real estate owned which is unencumbered | 72.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of secured credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facilities with aggregate commitment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 836,800,000 | ' | ' | ' | ' | 900,000,000 | 900,000,000 | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | '10 years |
Secured debt including debt on real estate held for sale | ' | ' | 1,068,615,000 | 1,072,373,000 | 374,258,000 | 369,704,000 | 443,187,000 | 445,706,000 | 68,149,000 | 63,595,000 | ' | 94,700,000 | 94,700,000 | ' | 626,667,000 | 211,409,000 | 211,409,000 | ' | ' | ' | 211,409,000 | 625,428,000 | ' | ' |
Weighted average interest rate | 3.95% | ' | 5.18% | ' | 1.52% | ' | 5.45% | ' | 2.34% | ' | ' | 0.79% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized fair market adjustment | 10,600,000 | 11,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date Range, Start | ' | ' | ' | ' | ' | ' | 1-Dec-14 | ' | ' | ' | ' | ' | ' | 1-May-17 | ' | ' | ' | 1-Aug-19 | ' | ' | ' | ' | ' | ' |
Debt instrument, maturity date range, end | ' | ' | ' | ' | ' | ' | 1-May-19 | ' | ' | ' | ' | ' | ' | 1-Jul-23 | ' | ' | ' | 20-Mar-32 | ' | ' | ' | ' | ' | ' |
Notes payable minimum interest rates range | ' | ' | ' | ' | ' | ' | 3.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.78% | ' | ' | ' | ' | ' | ' |
Notes payable maximum interest rates range | ' | ' | ' | ' | ' | ' | 5.94% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.82% | ' | ' | ' | ' | ' | ' |
Amortization of Debt Discount (Premium) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured_and_Unsecured_Debt_Det7
Secured and Unsecured Debt (Details Textual 1) (USD $) | 1 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||||||||
Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 | Sep. 26, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 06, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | |
Five Point Five Zero Percent, Medium Term Notes, Due April 2014 [Member] | Five Point Five Zero Percent, Medium Term Notes, Due April 2014 [Member] | Five Point Five Zero Percent, Medium Term Notes, Due April 2014 [Member] | ThreePointSevenTermNotesDueOctober2020 [Member] | ThreePointSevenTermNotesDueOctober2020 [Member] | ThreePointSevenTermNotesDueOctober2020 [Member] | ThreePointSevenTermNotesDueOctober2020 [Member] | 1.67% Term Notes due December 2016 [Member] | 1.67% Term Notes due December 2016 [Member] | 1.67% Term Notes due December 2016 [Member] | 1.67% Term Notes due December 2016 [Member] | 2.90% Term Notes due January 2016 [Member] | 2.90% Term Notes due January 2016 [Member] | 2.90% Term Notes due January 2016 [Member] | 4.63% Medium-Term Notes due January 2022 [Member] | 4.63% Medium-Term Notes due January 2022 [Member] | 2.68% Term Notes due December 2016 [Member] | 2.68% Term Notes due December 2016 [Member] | UDR Bank Credit Facility [Member] | UDR Bank Credit Facility [Member] | UDR Bank Credit Facility [Member] | Beginning of range of initial term of debt [Member] | Fannie Mae [Member] | ||||
Line of Credit [Member] | ||||||||||||||||||||||||||
Unsecured Debt (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000,000 | $900,000,000 | ' | ' | ' |
Increase in maximum borrowing capacity of unsecured revolving credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,450,000,000 | ' | ' |
Credit facility interest rate | '110 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Commitment Fee Description | '20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | 5.50% | ' | 5.50% | ' | ' | 0.00% | 3.70% | 1.41% | ' | ' | 1.65% | 2.73% | ' | 2.90% | 4.63% | 4.63% | 2.50% | 2.68% | ' | ' | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | 1.30% | ' | ' | ' |
Line of credit | ' | 2,200,000 | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | 31-Oct-20 | ' | ' | ' | ' | 1-Jun-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized discount | ' | 10,600,000 | 11,800,000 | 3,000 | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,792,000 | 2,882,000 | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | 128,497,000 | 128,480,000 | ' | ' | 299,948,000 | 299,946,000 | ' | 35,000,000 | ' | 35,000,000 | ' | 215,000,000 | 250,000,000 | ' | 397,208,000 | 397,118,000 | 100,000,000 | 65,000,000 | ' | ' | ' | ' | ' |
Debt Instrument, Interest Rate During Period | ' | 3.95% | ' | 5.50% | ' | ' | ' | 3.70% | ' | ' | 1.41% | ' | ' | ' | 2.27% | ' | ' | 4.63% | ' | 1.63% | ' | ' | ' | ' | ' | ' |
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '10 years |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_UNITED_DOMINION_REALTY_LP2
Debt (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Communities | ||
Debt Instrument [Line Items] | ' | ' |
Weighted average interest rate | 3.95% | ' |
Fixed Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | $1,068,615 | $1,072,373 |
Weighted average interest rate | 5.18% | ' |
Number of Communities Encumbered (in communities) | 30 | ' |
Fixed Rate Debt [Member] | Mortgages Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 443,187 | 445,706 |
Weighted average interest rate | 5.45% | ' |
Number of Communities Encumbered (in communities) | 8 | ' |
Fixed Rate Debt [Member] | Fannie Mae credit facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | ' | 626,667 |
Number of Communities Encumbered (in communities) | 22 | ' |
Debt, Weighted Average Interest Rate | 4.99% | ' |
Variable Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 374,258 | 369,704 |
Weighted average interest rate | 1.52% | ' |
Number of Communities Encumbered (in communities) | 11 | ' |
Variable Rate Debt [Member] | Mortgages Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 68,149 | 63,595 |
Weighted average interest rate | 2.34% | ' |
Number of Communities Encumbered (in communities) | 2 | ' |
Variable Rate Debt [Member] | Fannie Mae credit facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 211,409 | 211,409 |
Number of Communities Encumbered (in communities) | 7 | ' |
Debt Instrument, Interest Rate at Period End | 1.59% | ' |
Variable Rate Debt [Member] | Tax Exempt Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 94,700 | 94,700 |
Weighted average interest rate | 0.79% | ' |
Number of Communities Encumbered (in communities) | 2 | ' |
United Dominion Reality L.P. [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 932,636 | 934,865 |
Weighted average interest rate | 4.47% | ' |
Number of Communities Encumbered (in communities) | 21 | ' |
United Dominion Reality L.P. [Member] | Fixed Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 763,577 | 765,806 |
Weighted average interest rate | 5.08% | ' |
Number of Communities Encumbered (in communities) | 15 | ' |
United Dominion Reality L.P. [Member] | Fixed Rate Debt [Member] | Mortgages Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 384,699 | 386,803 |
Weighted average interest rate | 5.44% | ' |
Number of Communities Encumbered (in communities) | 5 | ' |
United Dominion Reality L.P. [Member] | Fixed Rate Debt [Member] | Fannie Mae credit facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Number of Communities Encumbered (in communities) | 10 | ' |
Debt, Weighted Average Interest Rate | 4.71% | ' |
United Dominion Reality L.P. [Member] | Variable Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 169,059 | 169,059 |
Weighted average interest rate | 1.71% | ' |
Number of Communities Encumbered (in communities) | 6 | ' |
United Dominion Reality L.P. [Member] | Variable Rate Debt [Member] | Fannie Mae credit facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Number of Communities Encumbered (in communities) | 5 | ' |
Debt, Weighted Average Interest Rate | 1.88% | ' |
United Dominion Reality L.P. [Member] | Variable Rate Debt [Member] | Tax Exempt Notes Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 27,000 | 27,000 |
Number of Communities Encumbered (in communities) | 1 | ' |
Debt Instrument, Interest Rate at Period End | 0.82% | ' |
Line of Credit [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Variable Rate Debt [Member] | Fannie Mae credit facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 211,409 | ' |
Line of Credit [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | United Dominion Reality L.P. [Member] | Fixed Rate Debt [Member] | Fannie Mae credit facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | 378,878 | 379,003 |
Line of Credit [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | United Dominion Reality L.P. [Member] | Variable Rate Debt [Member] | Fannie Mae credit facilities [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Principal outstanding | $142,059 | $142,059 |
Debt_UNITED_DOMINION_REALTY_LP3
Debt (UNITED DOMINION REALTY, L.P.) (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '4 years 3 months 25 days | ' | ' |
Borrowings outstanding | $836,800 | ' | ' |
Fannie Mae [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings outstanding | 836,837 | ' | 838,076 |
Weighted average daily borrowings during the period ended | 837,194 | 839,597 | ' |
Maximum daily borrowings during the period ended | 837,564 | 841,494 | ' |
Weighted average interest rate during the period ended | 4.10% | 4.20% | ' |
Interest rate at the end of the period | 4.10% | ' | 4.10% |
United Dominion Reality L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '4 years 8 months 4 days | ' | ' |
United Dominion Reality L.P. [Member] | Fannie Mae [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Borrowings outstanding | 520,937 | ' | 521,062 |
Weighted average daily borrowings during the period ended | 521,159 | 522,007 | ' |
Maximum daily borrowings during the period ended | $521,389 | $523,187 | ' |
Weighted average interest rate during the period ended | ' | 4.20% | ' |
Interest rate at the end of the period | ' | ' | 4.10% |
Fixed Rate Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '3 years 7 months 27 days | ' | ' |
Fixed Rate Debt [Member] | Mortgages [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '2 years 3 months 3 days | ' | ' |
Fixed Rate Debt [Member] | Line of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '4 years 9 months 7 days | ' | ' |
Fixed Rate Debt [Member] | United Dominion Reality L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '3 years 10 months 2 days | ' | ' |
Fixed Rate Debt [Member] | United Dominion Reality L.P. [Member] | Mortgages [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '2 years 3 months 21 days | ' | ' |
Fixed Rate Debt [Member] | United Dominion Reality L.P. [Member] | Line of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '5 years 2 months 26 days | ' | ' |
Variable Rate Debt [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '6 years 0 months 20 days | ' | ' |
Variable Rate Debt [Member] | Mortgages [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '1 year 10 months 6 days | ' | ' |
Variable Rate Debt [Member] | Tax Exempt Notes Payable [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '8 years 11 months 8 days | ' | ' |
Variable Rate Debt [Member] | Line of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '6 years 3 months 7 days | ' | ' |
Variable Rate Debt [Member] | United Dominion Reality L.P. [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '9 years 2 months 3 days | ' | ' |
Variable Rate Debt [Member] | United Dominion Reality L.P. [Member] | Mortgages [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '0 days | ' | ' |
Variable Rate Debt [Member] | United Dominion Reality L.P. [Member] | Tax Exempt Notes Payable [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '17 years 11 months 19 days | ' | ' |
Variable Rate Debt [Member] | United Dominion Reality L.P. [Member] | Line of Credit [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument Weighted Average Years to Maturity | '7 years 5 months 19 days | ' | ' |
Debt_UNITED_DOMINION_REALTY_LP4
Debt (UNITED DOMINION REALTY, L.P.) (Details 2) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
2014 | $170,967 | ' |
2015 | 520,922 | ' |
2016 | 288,849 | ' |
2017 | 530,441 | ' |
2018 | 875,028 | ' |
Thereafter | 1,242,039 | ' |
Total | 1,442,873 | 1,442,077 |
United Dominion Reality L.P. [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 5,699 | ' |
2015 | 192,259 | ' |
2016 | 134,183 | ' |
2017 | 23,648 | ' |
2018 | 209,603 | ' |
Thereafter | 367,244 | ' |
Total | 932,636 | 934,865 |
United Dominion Reality L.P. [Member] | Mortgages Notes Payable [Member] | Fixed Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 5,441 | ' |
2015 | 191,893 | ' |
2016 | 133,798 | ' |
2017 | 1,442 | ' |
2018 | 1,577 | ' |
Thereafter | 50,548 | ' |
Total | 384,699 | ' |
United Dominion Reality L.P. [Member] | Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 258 | ' |
2015 | 366 | ' |
2016 | 385 | ' |
2017 | 15,640 | ' |
2018 | 161,754 | ' |
Thereafter | 200,475 | ' |
Total | 378,878 | ' |
United Dominion Reality L.P. [Member] | Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 0 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 6,566 | ' |
2018 | 46,272 | ' |
Thereafter | 89,221 | ' |
Total | 142,059 | ' |
United Dominion Reality L.P. [Member] | Tax Exempt Notes Payable [Member] | Variable Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
2014 | 0 | ' |
2015 | 0 | ' |
2016 | 0 | ' |
2017 | 0 | ' |
2018 | 0 | ' |
Thereafter | 27,000 | ' |
Total | $27,000 | ' |
Debt_UNITED_DOMINION_REALTY_LP5
Debt (UNITED DOMINION REALTY, L.P.) (Details Textual) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 26, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2012 | |||||||||
UDR Bank Credit Facility [Member] | UDR Bank Credit Facility [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Fannie Mae [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Tax Exempt Notes Payable [Member] | Tax Exempt Notes Payable [Member] | Unsecured Revolving Credit Facility due October 2015 [Member] | Unsecured Revolving Credit Facility due October 2015 [Member] | 2.90% Term Notes due January 2016 [Member] | Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | 4.25% Medium-Term Notes due June 2018 [Member] | 4.25% Medium-Term Notes due June 2018 [Member] | ThreePointSevenTermNotesDueOctober2020 [Member] | ThreePointSevenTermNotesDueOctober2020 [Member] | ThreePointSevenTermNotesDueOctober2020 [Member] | 4.63% Medium-Term Notes due January 2022 [Member] | 4.63% Medium-Term Notes due January 2022 [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Line of Credit [Member] | Beginning of range of initial term of debt [Member] | End of range of inital term of debt [Member] | End of range of inital term of debt [Member] | |||||||||||
Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | UDR Bank Credit Facility [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Mortgages [Member] | Mortgages [Member] | Tax Exempt Notes Payable [Member] | Tax Exempt Notes Payable [Member] | 2.90% Term Notes due January 2016 [Member] | 2.90% Term Notes due January 2016 [Member] | 1.68% Term Notes due December 2016 [Member] | Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | 4.25% Medium-Term Notes due June 2018 [Member] | 4.25% Medium-Term Notes due June 2018 [Member] | 4.63% Medium-Term Notes due January 2022 [Member] | 4.63% Medium-Term Notes due January 2022 [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | |||||||||||||||||||||||||||||||
Financial Guarantee [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | Financial Guarantee [Member] | Financial Guarantee [Member] | Financial Guarantee [Member] | Financial Guarantee [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fannie Mae credit facilities [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | Fannie Mae credit facilities [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Variable Rate Debt [Member] | Variable Rate Debt [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt Instrument, Unamortized Premium | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,000,000 | $10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Variable Rate Secured Debt Instruments Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,149,000 | [1] | 63,595,000 | [1] | ' | ' | 68,149,000 | 63,595,000 | ' | ' | ' | 211,409,000 | [1] | 211,409,000 | [1] | 142,059,000 | [2] | 142,059,000 | [2] | 211,409,000 | 211,409,000 | ' | 142,059,000 | 142,059,000 | ' | ' | ' | ' | ' | ' | ' | ||
Debt Instrument, Maturity Date Range, Start | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-May-17 | ' | ' | ' | 1-Dec-14 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Dec-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Total revolving credit facility | ' | ' | 900,000,000 | 900,000,000 | ' | ' | ' | ' | ' | 836,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Borrowings outstanding | 836,800,000 | ' | 287,500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 287,500,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt Instrument, Term | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years | '10 years | '10 years | ||||||||
Secured debt including debt on real estate held for sale | ' | ' | ' | ' | 1,068,615,000 | 1,072,373,000 | ' | 374,258,000 | 369,704,000 | ' | 626,667,000 | 211,409,000 | 211,409,000 | 443,187,000 | 445,706,000 | 68,149,000 | 63,595,000 | 94,700,000 | 94,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 932,636,000 | 934,865,000 | ' | 763,577,000 | 765,806,000 | 169,059,000 | 169,059,000 | ' | ' | 384,699,000 | 386,803,000 | 27,000,000 | 27,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 625,428,000 | ' | ' | ' | ' | ' | ' | ' | ' | 211,409,000 | ' | ' | 378,878,000 | 379,003,000 | 142,059,000 | 142,059,000 | ' | ' | ' | ||||||||
Weighted average interest rate | 3.95% | ' | ' | ' | 5.18% | ' | ' | 1.52% | ' | ' | ' | ' | ' | 5.45% | ' | 2.34% | ' | 0.79% | ' | 1.10% | ' | 2.27% | 5.25% | 4.25% | ' | ' | 3.70% | ' | 4.63% | ' | 4.47% | ' | ' | 5.08% | ' | 1.71% | ' | ' | ' | 5.44% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Unamortized fair market adjustment | 10,600,000 | 11,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,786,000 | 1,893,000 | ' | ' | ' | 2,792,000 | 2,882,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Notes payable minimum interest rates range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Notes payable maximum interest rates range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.94% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.94% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Guarantor borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000,000 | 100,000,000 | ' | ' | 300,000,000 | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt Instrument, Maturity Date Range, End | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Jul-23 | ' | ' | ' | 1-May-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-May-19 | ' | 20-Mar-32 | ' | 6-Jun-18 | ' | ' | 6-Jun-18 | 1-Jun-18 | ' | 1-Jan-22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Oct-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Debt Instrument, Interest Rate at Period End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.59% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.82% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fixed Rate Secured Debt Instruments Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $460,635,000 | [1] | $466,375,000 | [1] | $401,086,000 | [2] | $403,695,000 | [2] | $443,187,000 | $445,706,000 | ' | $384,699,000 | $386,803,000 | $659,923,000 | [1] | $661,094,000 | [1] | $395,919,000 | [2] | $394,239,000 | [2] | $625,428,000 | $626,667,000 | ' | $378,878,000 | $379,003,000 | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.99% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.71% | 1.88% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
[1] | See Note 2, Significant Accounting Policies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | See Note 8, Derivatives and Hedging Activity |
IncomeLoss_Per_Share_Details
Income/(Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Income/(loss) from continuing operations | ($5,195) | ($1,162) | ' |
Gains (loss) on sales of real estate, net of tax | 24,294 | 0 | ' |
(Income)/loss from continuing operations attributable to noncontrolling interest | -650 | ' | ' |
Income/(loss) from continuing operations attributable to UDR, Inc. | 18,445 | ' | -1,091 |
Income/(loss) from continuing operations operations attributable to common stockholders | 17,514 | ' | -2,022 |
Income/(loss) from discontinued operations, net of tax | -87 | 853 | 853 |
(Income)/loss from discontinued operations attributable to redeemable noncontrolling interest in the Operating Partnership | 3 | ' | -30 |
Income/(loss) from discontinued operations attributable to common stockholders | -84 | 823 | ' |
Net income/(loss) | 19,012 | -309 | ' |
Net (income)/loss attributable to noncontrolling interests | -4 | -4 | ' |
Net (income)/loss attributable to redeemable non-controlling interests in Operating Partnership | 647 | -45 | -45 |
Net (loss)/income attributable to common stockholders | 17,430 | -1,199 | -1,199 |
Denominator for earnings per share - basic and diluted: | ' | ' | ' |
Weighted average common shares outstanding | 251,213,000 | ' | 250,500,000 |
Non-vested restricted stock rewards | -1,036 | ' | -583 |
Denominator for basic and diluted earnings per share | 250,177,000 | ' | 249,917,000 |
Incremental shares issuable for assumed conversion of: Stock options and unvested restricted stock | -1,645,000 | ' | 0 |
Weighted average number of common shares outstanding b diluted | 251,822,000 | 249,917,000 | 249,917,000 |
Income/(loss) from continuing operations attributable to common stockholders, per basic share | $0.07 | ($0.01) | ' |
Net income/(loss) attributable to common stockholders | $0.07 | $0 | ' |
Income/(loss) from discontinued operations attributable to common stockholders, per basic share | $0 | $0 | ' |
Income/(loss) from continuing operations attributable to common stockholders, per diluted share | $0.07 | ($0.01) | ' |
Income from discontinued operations attributable to common stockholders, per diluted share | $0 | $0 | ' |
Net income/(loss) attributable to common stockholders | $0.07 | $0 | ' |
OP Units [Member] | ' | ' | ' |
Denominator for earnings per share - basic and diluted: | ' | ' | ' |
Antidilutive securities | 9,318,924 | ' | 9,381,025 |
Convertible preferred stock [Member] | ' | ' | ' |
Denominator for earnings per share - basic and diluted: | ' | ' | ' |
Antidilutive securities | 3,035,548 | ' | 3,035,548 |
Stock options and unvested restricted stock [Member] | ' | ' | ' |
Denominator for earnings per share - basic and diluted: | ' | ' | ' |
Antidilutive securities | 1,645,001 | ' | 1,293,358 |
Series E Preferred Stock [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Distributions to preferred stockholders - Series E (Convertible) | -931 | -931 | ' |
Noncontrolling Interests [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
(Income)/loss from continuing operations attributable to noncontrolling interest | -4 | ' | -4 |
RedeemableNoncontrollingInterest [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
(Income)/loss from continuing operations attributable to noncontrolling interest | ' | ' | $75 |
IncomeLoss_Per_Operating_Partn2
Income/(Loss) Per Operating Partnership Unit (UNITED DOMINION REALTY, L.P.) Income/(Loss) Per Operating Partnership Unit (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 |
instruments | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Number of Dilutive Instruments | 0 | ' | ' |
Numerator for earnings per OP unit - basic and diluted: | ' | ' | ' |
Income/(loss) from continuing operations | ($5,195) | ($1,162) | ' |
Gains (loss) on sales of real estate, net of tax | 24,294 | 0 | ' |
(Income)/loss from continuing operations attributable to noncontrolling interest | -650 | ' | ' |
Income/(loss) from continuing operations attributable to OP unitholders | 18,445 | ' | -1,091 |
Income/(loss) from discontinued operations, net of tax | -87 | 853 | 853 |
(Income)/loss from discontinued operations attributable to noncontrolling interest | 3 | ' | -30 |
Income (loss) from discontinued operations attributable to OP unitholders | -84 | 823 | ' |
Net income/(loss) | 19,012 | -309 | ' |
Net (income)/loss attributable to noncontrolling interests | 707 | 46 | ' |
Net income/(loss) attributable to OP unitholders | 18,361 | -268 | -268 |
United Dominion Reality L.P. [Member] | ' | ' | ' |
Numerator for earnings per OP unit - basic and diluted: | ' | ' | ' |
Income/(loss) from continuing operations | 6,411 | 6,869 | ' |
Gains (loss) on sales of real estate, net of tax | 24,402 | 0 | ' |
(Income)/loss from continuing operations attributable to noncontrolling interest | -280 | -45 | ' |
Income/(loss) from continuing operations attributable to OP unitholders | 30,533 | 6,824 | ' |
Income/(loss) from discontinued operations, net of tax | 0 | 905 | ' |
(Income)/loss from discontinued operations attributable to noncontrolling interest | 0 | 0 | ' |
Income (loss) from discontinued operations attributable to OP unitholders | 0 | 905 | ' |
Net income/(loss) | 30,813 | 7,774 | ' |
Net (income)/loss attributable to noncontrolling interests | -280 | -45 | ' |
Net income/(loss) attributable to OP unitholders | $30,533 | $7,729 | $7,729 |
Denominator for earnings per OP unit - basic and diluted | ' | ' | ' |
Weighted average OP units outstanding | 183,279 | 184,281 | ' |
Income/(loss) from continuing operations attributable to OP unitholders (in dollars per share) | $0.17 | $0.04 | ' |
Income/(loss) from discontinued operations (in dollars per share) | $0 | $0 | ' |
Net income/(loss) attributable to OP unitholders (in dollars per share) | $0.17 | $0.04 | ' |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Net Income (Loss) Available to Common Stockholders, Basic | $17,430 | ($1,199) | ($1,199) |
Change in equity from net income(loss) attributable to common stockholders and conversion of OP Units to UDR Common Stock | 17,430 | ' | 450 |
Redeemable noncontrolling interests in the Operating Partnership | ' | ' | ' |
Redeemable non-controlling interests in operating partnership | 217,597 | ' | ' |
Mark to market adjustment to redeemable noncontrolling interests in the Operating Partnership | 24,957 | ' | ' |
Conversion of OP Units to Common Stock | 0 | -1,649 | -1,649 |
Net (income)/loss attributable to redeemable non-controlling interests in Operating Partnership | 647 | -45 | -45 |
Distributions to redeemable noncontrolling interests in the Operating Partnership | -2,549 | ' | ' |
Redeemable non-controlling interests in operating partnership | 240,708 | ' | ' |
Net income attributable to non-controlling interests | $4 | $4 | ' |
Related_Party_Transactions_UNI1
Related Party Transactions (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2012 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | United Dominion Reality L.P. [Member] | Fixed Rate Debt [Member] | Bottom Dollar Guaranty [Member] | ||||
Taxable REIT Subsidiaries [Member] | Taxable REIT Subsidiaries [Member] | UDR, Inc. [Member] | UDR, Inc. [Member] | UDR, Inc. [Member] | UDR, Inc. [Member] | UDR, Inc. [Member] | United Dominion Reality L.P. [Member] | Fixed Rate Debt [Member] | |||||||
Bottom Dollar Guaranty [Member] | Bottom Dollar Guaranty [Member] | Guaranty Related To Community Acquisition [Member] | Guaranty Related To Community Acquisition [Member] | United Dominion Reality L.P. [Member] | |||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net receivable balances from General Partner | ' | ' | ' | ($43,987,000) | ' | ($9,916,000) | $43,987,000 | $9,916,000 | ' | ' | ' | ' | ' | ' | ' |
General and administrative expenses allocated to the Operating Partnership by UDR | ' | ' | ' | ' | ' | ' | ' | ' | 6,700,000 | 5,300,000 | ' | ' | ' | ' | ' |
Related Party Transaction, Management Fee Percentage | ' | ' | ' | 2.75% | ' | ' | 2.75% | ' | ' | ' | ' | ' | ' | ' | ' |
Related party management fees | 3,100,000 | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party guaranty note payable interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.18% | ' | 5.34% | ' | ' |
Debt Instrument, Maturity Date Range, End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31-Aug-21 | 31-Dec-23 |
Interest Expense, Related Party | 1,200,000 | 300,000 | ' | 1,151,000 | 267,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes payable due to General Partner | ' | ' | ' | $88,696,000 | ' | $88,696,000 | ' | ' | ' | ' | $88,700,000 | $88,700,000 | ' | ' | ' |
Fair_Value_of_Derivatives_and_4
Fair Value of Derivatives and Financial Instruments (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | $0 | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts | 274 | 0 | ||
Derivatives - Interest rate contracts (b) | 3,812 | 4,965 | ||
Unsecured debt instruments | ' | ' | ||
Redeemable noncontrolling interests in the Operating Partnership (d) | 240,708 | 217,597 | ||
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Notes receivable (a) | 85,344 | ' | ||
Total assets | 85,618 | ' | ||
Unsecured debt instruments | ' | ' | ||
Total liabilities | 3,760,986 | 3,651,141 | ||
Redeemable noncontrolling interests in the Operating Partnership (d) | 240,708 | 217,597 | ||
Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts | 274 | [1] | ' | |
Derivatives - Interest rate contracts (b) | 3,812 | [1] | 4,965 | [1] |
Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 460,635 | [2] | 466,375 | [2] |
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 68,149 | [2] | 63,595 | [2] |
Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 94,700 | [2] | 94,700 | [2] |
Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 659,923 | [2] | 661,094 | [2] |
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 211,409 | [2] | 211,409 | [2] |
Commercial bank [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Unsecured debt instruments | ' | ' | ||
Unsecured debt instruments (c) | 287,500 | [3] | ' | |
Senior Unsecured Notes [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Unsecured debt instruments | ' | ' | ||
Unsecured debt instruments (c) | 1,974,858 | [3] | 2,149,003 | [3] |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Notes receivable (a) | 0 | ' | ||
Total assets | 0 | ' | ||
Unsecured debt instruments | ' | ' | ||
Total liabilities | 0 | 0 | ||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Notes receivable (a) | 0 | ' | ||
Total assets | 274 | ' | ||
Unsecured debt instruments | ' | ' | ||
Total liabilities | 3,812 | 4,965 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Total assets | 85,344 | ' | ||
Unsecured debt instruments | ' | ' | ||
Total liabilities | 3,757,174 | 3,646,176 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Notes receivable (a) | 84,568 | 83,033 | ||
Total assets | 84,842 | 83,033 | ||
Unsecured debt instruments | ' | ' | ||
Total liabilities | 3,632,058 | 3,528,668 | ||
Redeemable noncontrolling interests in the Operating Partnership (d) | 240,708 | 217,597 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts (b) | 3,812 | 4,965 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 443,187 | 445,706 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 68,149 | 63,595 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 94,700 | 94,700 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 625,428 | 626,667 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 211,409 | 211,409 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Commercial bank [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Unsecured debt instruments | ' | ' | ||
Unsecured debt instruments (c) | 287,500 | ' | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Senior Unsecured Notes [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Unsecured debt instruments | ' | ' | ||
Unsecured debt instruments (c) | 1,897,873 | 2,081,626 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Notes receivable (a) | ' | 83,833 | ||
Total assets | ' | 83,833 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Notes receivable (a) | ' | 0 | ||
Total assets | ' | 0 | ||
Unsecured debt instruments | ' | ' | ||
Redeemable noncontrolling interests in the Operating Partnership (d) | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts | 0 | ' | ||
Derivatives - Interest rate contracts (b) | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Commercial bank [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Unsecured debt instruments | ' | ' | ||
Unsecured debt instruments (c) | 0 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Senior Unsecured Notes [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Unsecured debt instruments | ' | ' | ||
Unsecured debt instruments (c) | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Notes receivable (a) | ' | 0 | ||
Total assets | ' | 0 | ||
Unsecured debt instruments | ' | ' | ||
Redeemable noncontrolling interests in the Operating Partnership (d) | ' | 217,597 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts | 274 | ' | ||
Derivatives - Interest rate contracts (b) | 3,812 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Commercial bank [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Unsecured debt instruments | ' | ' | ||
Unsecured debt instruments (c) | 0 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Senior Unsecured Notes [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Unsecured debt instruments | ' | ' | ||
Unsecured debt instruments (c) | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Notes receivable (a) | 85,344 | 83,833 | ||
Total assets | ' | 83,833 | ||
Unsecured debt instruments | ' | ' | ||
Redeemable noncontrolling interests in the Operating Partnership (d) | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts | 0 | ' | ||
Derivatives - Interest rate contracts (b) | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 460,635 | 466,375 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 68,149 | 63,595 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 94,700 | 94,700 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 659,923 | 661,094 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 211,409 | 211,409 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Commercial bank [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Unsecured debt instruments | ' | ' | ||
Unsecured debt instruments (c) | 287,500 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Senior Unsecured Notes [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Unsecured debt instruments | ' | ' | ||
Unsecured debt instruments (c) | $1,974,858 | $2,149,003 | ||
[1] | See Note 6, Secured and Unsecured Debt | |||
[2] | See Note 2, Significant Accounting Policies | |||
[3] | See Note 10, Derivatives and Hedging Activity |
Fair_Value_of_Derivatives_and_5
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts | $274 | $0 | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 3,812 | 4,965 | ||
Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Total assets | 85,618 | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Total liabilities | 3,760,986 | 3,651,141 | ||
Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts | 274 | [1] | ' | |
Derivative Liability Designated as Hedging Instrument, Fair Value | 3,812 | [1] | 4,965 | [1] |
Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 460,635 | [2] | 466,375 | [2] |
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 68,149 | [2] | 63,595 | [2] |
Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 94,700 | [2] | 94,700 | [2] |
Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 659,923 | [2] | 661,094 | [2] |
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 211,409 | [2] | 211,409 | [2] |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Total assets | 0 | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Total liabilities | 0 | 0 | ||
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Total assets | 274 | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Total liabilities | 3,812 | 4,965 | ||
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Total assets | 85,344 | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Total liabilities | 3,757,174 | 3,646,176 | ||
United Dominion Reality L.P. [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts | 97 | 0 | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 2,302 | 2,731 | ||
United Dominion Reality L.P. [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Total liabilities | 968,366 | 969,724 | ||
United Dominion Reality L.P. [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 2,302 | [3] | 2,731 | [3] |
United Dominion Reality L.P. [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 401,086 | [4] | 403,695 | [4] |
United Dominion Reality L.P. [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 27,000 | [4] | 27,000 | [4] |
United Dominion Reality L.P. [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 395,919 | [4] | 394,239 | [4] |
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 142,059 | [4] | 142,059 | [4] |
United Dominion Reality L.P. [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Total liabilities | 0 | 0 | ||
United Dominion Reality L.P. [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Total liabilities | 2,302 | 2,731 | ||
United Dominion Reality L.P. [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Total liabilities | 966,064 | 966,993 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Total assets | ' | 83,833 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Total assets | ' | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts | 0 | ' | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Total assets | ' | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts | 274 | ' | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 3,812 | ' | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Total assets | ' | 83,833 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivatives - Interest rate contracts | 0 | ' | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 460,635 | 466,375 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 68,149 | 63,595 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 94,700 | 94,700 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 659,923 | 661,094 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 211,409 | 211,409 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 1 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 1 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 1 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 1 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 2 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 2,302 | 2,731 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 2 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 2 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 2 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 3 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 0 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 3 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 401,086 | 403,695 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 3 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 27,000 | 27,000 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 3 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 395,919 | 394,239 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 142,059 | 142,059 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Total assets | 84,842 | 83,033 | ||
Secured debt instruments - variable rate | ' | ' | ||
Total liabilities | 3,632,058 | 3,528,668 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 3,812 | 4,965 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 443,187 | 445,706 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 68,149 | 63,595 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 94,700 | 94,700 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 625,428 | 626,667 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 211,409 | 211,409 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Total liabilities | 934,938 | 937,596 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ' | ' | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 2,302 | 2,731 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 384,699 | 386,803 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | 27,000 | 27,000 | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' | ||
Secured debt instruments - fixed rate | ' | ' | ||
Secured debt instruments - fixed rate | 378,878 | 379,003 | ||
Secured debt instruments - variable rate | ' | ' | ||
Secured debt instruments - variable rate | $142,059 | $142,059 | ||
[1] | See Note 6, Secured and Unsecured Debt | |||
[2] | See Note 2, Significant Accounting Policies | |||
[3] | See Note 5, Debt | |||
[4] | See Note 8, Derivatives and Hedging Activity |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activity (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | instruments |
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ' |
Derivative [Line Items] | ' |
Number instruments | 11 |
Notional | $419,787 |
Designated as Hedging Instrument [Member] | Interest rate caps [Member] | ' |
Derivative [Line Items] | ' |
Number instruments | 6 |
Notional | 274,291 |
Not Designated as Hedging Instrument [Member] | Interest rate caps [Member] | ' |
Derivative [Line Items] | ' |
Number instruments | 2 |
Notional | $155,197 |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activity (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ' | ' |
Derivative Asset Designated as Hedging Instrument, Fair Value | $274 | $0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 3,812 | 4,965 |
Designated as Hedging Instrument [Member] | ' | ' |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ' | ' |
Derivative Asset Designated as Hedging Instrument, Fair Value | 274 | 0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 3,812 | 4,965 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ' | ' |
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
Derivative Liability Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
Interest Rate Products [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ' | ' |
Derivative Asset Designated as Hedging Instrument, Fair Value | 274 | 0 |
Interest Rate Products [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ' | ' |
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
Interest Rate Products [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ' | ' |
Derivative Liability Designated as Hedging Instrument, Fair Value | 3,812 | 4,965 |
Interest Rate Products [Member] | Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ' | ' |
Derivative Liability Not Designated as Hedging Instrument, Fair Value | $0 | $0 |
Derivatives_and_Hedging_Activi6
Derivatives and Hedging Activity (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 |
Effect of derivative instruments on the Consolidated Statements of Operations | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $1,532 | $1,937 | ' |
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | 0 | -2 |
Cash Flow Hedging [Member] | ' | ' | ' |
Effect of derivative instruments on the Consolidated Statements of Operations | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -55 | ' | -92 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -1,532 | ' | -1,937 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | ' | 0 |
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | ' | -2 |
Interest Rate Products [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Effect of derivative instruments on the Consolidated Statements of Operations | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -55 | ' | -92 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -1,532 | ' | -1,937 |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $0 | ' | $0 |
Derivatives_and_Hedging_Activi7
Derivatives and Hedging Activity (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Offsetting Derivative Assets [Abstract] | ' | ' | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | $274 | $0 | ||
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | 274 | [1] | 0 | [1] |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -92 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 | ||
Net Amount | 182 | 0 | ||
Offsetting Derivative Liabilities [Abstract] | ' | ' | ||
Derivatives - Interest rate contracts (b) | 3,812 | 4,965 | ||
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | 3,812 | [2] | 4,965 | [2] |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -92 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 | ||
Net Amount | $3,720 | $4,965 | ||
[1] | Amounts reconcile to the aggregate fair value of derivative assets in the bTabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheetb located in this footnote. | |||
[2] | Amounts reconcile to the aggregate fair value of derivative liabilities in the bTabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheetb located in this footnote. |
Derivatives_and_Hedging_Activi8
Derivatives and Hedging Activity (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' |
Derivative, Collateral, Obligation to Return Cash | $0 | ' | ' | $0 |
Derivatives And Hedging Activity (Textual) [Abstract] | ' | ' | ' | ' |
Cash flow hedge ineffectiveness in earnings materiality | 'less than a $1,000 | 'less than a B $1,000 | 'less than a B $1,000 | ' |
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | 3,700,000 | ' | ' | ' |
Derivative instruments not designated as hedging instruments, gain (loss), net | 0 | 0 | -2,000 | ' |
Fair value of derivatives in a net liability position | 4,000,000 | ' | ' | ' |
Payment required to pay for contract termination | $4,000,000 | ' | ' | ' |
Derivatives_and_Hedging_Activi9
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | instruments |
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ' |
Derivative [Line Items] | ' |
Number instruments | 11 |
Notional | $419,787 |
Designated as Hedging Instrument [Member] | Interest rate caps [Member] | ' |
Derivative [Line Items] | ' |
Number instruments | 6 |
Notional | 274,291 |
Not Designated as Hedging Instrument [Member] | Interest rate caps [Member] | ' |
Derivative [Line Items] | ' |
Number instruments | 2 |
Notional | 155,197 |
United Dominion Reality L.P. [Member] | Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ' |
Derivative [Line Items] | ' |
Number instruments | 2 |
Notional | 96,974 |
United Dominion Reality L.P. [Member] | Designated as Hedging Instrument [Member] | Interest rate caps [Member] | ' |
Derivative [Line Items] | ' |
Number instruments | 6 |
Notional | 255,561 |
United Dominion Reality L.P. [Member] | Not Designated as Hedging Instrument [Member] | Interest rate caps [Member] | ' |
Derivative [Line Items] | ' |
Number instruments | 1 |
Notional | $83,289 |
Recovered_Sheet1
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 1) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Asset Designated as Hedging Instrument, Fair Value | $274 | $0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 3,812 | 4,965 |
Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Asset Designated as Hedging Instrument, Fair Value | 274 | 0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 3,812 | 4,965 |
Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
Derivative Liability Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
Interest Rate Products [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Asset Designated as Hedging Instrument, Fair Value | 274 | 0 |
Interest Rate Products [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
Interest Rate Products [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Liability Designated as Hedging Instrument, Fair Value | 3,812 | 4,965 |
Interest Rate Products [Member] | Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Liability Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
United Dominion Reality L.P. [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Asset Designated as Hedging Instrument, Fair Value | 97 | 0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 2,302 | 2,731 |
United Dominion Reality L.P. [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Asset Designated as Hedging Instrument, Fair Value | 97 | 0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 2,302 | 2,731 |
United Dominion Reality L.P. [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
Derivative Liability Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
United Dominion Reality L.P. [Member] | Interest Rate Products [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Asset Designated as Hedging Instrument, Fair Value | 97 | 0 |
United Dominion Reality L.P. [Member] | Interest Rate Products [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
United Dominion Reality L.P. [Member] | Interest Rate Products [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Liability Designated as Hedging Instrument, Fair Value | 2,302 | 2,731 |
United Dominion Reality L.P. [Member] | Interest Rate Products [Member] | Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ' | ' |
Derivative Liability Not Designated as Hedging Instrument, Fair Value | $0 | $0 |
Recovered_Sheet2
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 2) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $1,532 | $1,937 | ' |
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | 0 | -2 |
Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -55 | ' | -92 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -1,532 | ' | -1,937 |
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | ' | -2 |
Interest Rate Products [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -55 | ' | -92 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -1,532 | ' | -1,937 |
United Dominion Reality L.P. [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 623 | 869 | ' |
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | ' | -2 |
United Dominion Reality L.P. [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -51 | ' | -54 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | -623 | ' | -869 |
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | ' | -2 |
United Dominion Reality L.P. [Member] | Interest Rate Products [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion) | -51 | ' | -54 |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | ($623) | ' | ($869) |
Recovered_Sheet3
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 3) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Offsetting Derivative Assets [Abstract] | ' | ' | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | $274 | $0 | ||
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | 274 | [1] | 0 | [1] |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -92 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 | ||
Net Amount | 182 | 0 | ||
Offsetting Derivative Liabilities [Abstract] | ' | ' | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 3,812 | 4,965 | ||
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | 3,812 | [2] | 4,965 | [2] |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | -92 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 | ||
Net Amount | 3,720 | 4,965 | ||
United Dominion Reality L.P. [Member] | ' | ' | ||
Offsetting Derivative Assets [Abstract] | ' | ' | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 97 | 0 | ||
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | 97 | [1] | 0 | [1] |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 | ||
Net Amount | 97 | 0 | ||
Offsetting Derivative Liabilities [Abstract] | ' | ' | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 2,302 | 2,731 | ||
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 | ||
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | 2,302 | [2] | 2,731 | [2] |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 0 | 0 | ||
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 | ||
Net Amount | $2,302 | $2,731 | ||
[1] | Amounts reconcile to the aggregate fair value of derivative assets in the bTabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheetb located in this footnote. | |||
[2] | Amounts reconcile to the aggregate fair value of derivative liabilities in the bTabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheetb located in this footnote. |
Recovered_Sheet4
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Entity Information [Line Items] | ' | ' | ' | ' |
Cash flow hedge ineffectiveness in earnings materiality | 'less than a $1,000 | 'less than a B $1,000 | 'less than a B $1,000 | ' |
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | $3,700,000 | ' | ' | ' |
Losses in the fair value of derivatives not designated in hedging relationships | 0 | 0 | 2,000 | ' |
Fair value of derivatives in a net liability position | 4,000,000 | ' | ' | ' |
Payment required to pay for contract termination | 4,000,000 | ' | ' | ' |
Derivative, Collateral, Obligation to Return Cash | 0 | ' | ' | 0 |
United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' | ' |
Cash flow hedge ineffectiveness in earnings materiality | 'less than $1,000 | 'less than a $1,000 loss | 'less than a $1,000 loss | ' |
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | 1,900,000 | ' | ' | ' |
Losses in the fair value of derivatives not designated in hedging relationships | 0 | ' | 2,000 | ' |
Fair value of derivatives in a net liability position | 2,500,000 | ' | ' | ' |
Payment required to pay for contract termination | 2,500,000 | ' | ' | ' |
Derivative, Collateral, Obligation to Return Cash | $0 | ' | ' | $0 |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2012 |
Stock Based Compensation (Textual) [Abstract] | ' | ' |
Stock based compensation expense | $3.70 | $1.90 |
Capital_Structure_UNITED_DOMIN1
Capital Structure (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Limited Partners' Capital Account [Line Items] | ' | ' |
General Partnership units outstanding | 173,959,774 | ' |
Redeemable noncontrolling interests in the Operating Partnership | 240,708 | 217,597 |
United Dominion Reality L.P. [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
General Partnership units outstanding | 110,883 | 110,883 |
Limited partnership units owned | 183,167,815 | 183,167,815 |
Limited Partners' Capital Account, Required Period To Be Outstanding Before Unit is Redeemable | '1 year | ' |
UDR, Inc. [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Limited partnership units owned | ' | 173,848,891 |
Percentage of units | ' | 94.90% |
Non-affiliated Partners [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Limited partnership units owned | 9,318,924 | 9,318,924 |
Percentage of units | 5.10% | 5.10% |
Class A Limited Partner [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Limited partnership units owned | ' | 1,751,671 |
Cumulative, annual, non-compounded preferred return on Class A Partnership units | 8.00% | ' |
Value of Class A Partnership units (in dollars per unit) | 16.61 | ' |
Class A Limited Partner [Member] | United Dominion Reality L.P. [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Limited partnership units owned | 1,873,332 | 1,751,671 |
Class A Limited Partner [Member] | UDR, Inc. [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Limited partnership units owned | 121,661 | ' |
Class A Limited Partner [Member] | Non-affiliated Partners [Member] | ' | ' |
Limited Partners' Capital Account [Line Items] | ' | ' |
Limited partnership units owned | 1,751,671 | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | ||
property | ||
Real Estate Properties [Line Items] | ' | |
Costs Incurred to Date | $471,092,000 | |
Expected Costs to Complete | 399,007,000 | [1] |
Wholly owned b under development [Member] | ' | |
Real Estate Properties [Line Items] | ' | |
Capital Expenditures Incurred but Not yet Paid | 23,600,000 | |
Number of properties | 3 | |
Costs Incurred to Date | 222,601,000 | |
Expected Costs to Complete | 177,799,000 | |
Average Ownership Stake | 100.00% | |
Wholly owned b redevelopment [Member] | ' | |
Real Estate Properties [Line Items] | ' | |
Capital Expenditures Incurred but Not yet Paid | 4,000,000 | |
Number of properties | 2 | |
Costs Incurred to Date | 145,589,000 | |
Expected Costs to Complete | 32,394,000 | |
Average Ownership Stake | 100.00% | |
Unconsolidated joint ventures [Member] | ' | |
Real Estate Properties [Line Items] | ' | |
Number of properties | 1 | |
Costs Incurred to Date | 79,703,000 | |
Expected Costs to Complete | 120,004,000 | |
Average Ownership Stake | 51.00% | |
Participating Loan Investment Steele Creek Denver Colorado [Member] | ' | |
Real Estate Properties [Line Items] | ' | |
Number of properties | 1 | |
Costs Incurred to Date | 23,199,000 | |
Expected Costs to Complete | $68,810,000 | |
Average Ownership Stake | 0.00% | |
[1] | Costs incurred to date include $23.6 million and $4.0 million of accrued fixed assets for development and redevelopment, respectively. |
Commitments_and_Contingencies_3
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) Commitments and Contingencies (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
property | |
Loss Contingencies [Line Items] | ' |
Cost Incurred to Date | $471,092,000 |
United Dominion Reality L.P. [Member] | ' |
Loss Contingencies [Line Items] | ' |
Cost Incurred to Date | 165,921,000 |
Expected Costs to Complete | 46,062,000 |
Wholly owned b redevelopment [Member] | ' |
Loss Contingencies [Line Items] | ' |
Capital Expenditures Incurred but Not yet Paid | 4,000,000 |
Number of properties | 2 |
Cost Incurred to Date | 145,589,000 |
Wholly owned b redevelopment [Member] | United Dominion Reality L.P. [Member] | ' |
Loss Contingencies [Line Items] | ' |
Capital Expenditures Incurred but Not yet Paid | 1,000,000 |
Number of properties | 1 |
Cost Incurred to Date | 76,083,000 |
Expected Costs to Complete | 3,900,000 |
Wholly owned b under development [Member] | ' |
Loss Contingencies [Line Items] | ' |
Capital Expenditures Incurred but Not yet Paid | 23,600,000 |
Number of properties | 3 |
Cost Incurred to Date | 222,601,000 |
Wholly owned b under development [Member] | United Dominion Reality L.P. [Member] | ' |
Loss Contingencies [Line Items] | ' |
Capital Expenditures Incurred but Not yet Paid | 9,000,000 |
Number of properties | 1 |
Cost Incurred to Date | 89,838,000 |
Expected Costs to Complete | $42,162,000 |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Segments | ||||
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 | $198,039 | $184,884 | ' | ' |
Reportable apartment home segment NOI | 132,124 | ' | 125,316 | ' |
Reconciling items: | ' | ' | ' | ' |
Joint venture management and other fees | 3,687 | 2,923 | 2,923 | ' |
Property management | -5,346 | ' | -5,068 | ' |
Other operating expenses | -1,935 | ' | -1,643 | ' |
Real estate depreciation and amortization | 88,533 | 82,898 | ' | ' |
General and administrative | -11,994 | ' | -9,476 | ' |
Casualty (Recoveries)/Charges | -500 | 3,021 | 3,021 | ' |
Other depreciation and amortization | -1,080 | -1,146 | -1,146 | ' |
Income/(loss) from unconsolidated entities | -3,565 | -2,802 | -2,802 | ' |
Interest expense | -32,884 | -30,981 | -30,981 | ' |
Interest and other income/(expense), net | 1,415 | ' | 1,016 | ' |
Gains (loss) on sales of real estate, net of tax | 24,294 | 0 | ' | ' |
Tax benefit, net | 3,329 | ' | 1,973 | ' |
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | -647 | 45 | 45 | ' |
Net (income)/loss attributable to noncontrolling interests | -4 | ' | -4 | ' |
Net income/(loss) attributable to UDR, Inc. | 18,361 | -268 | -268 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 8,315,120 | ' | ' | 8,207,977 |
Accumulated depreciation | -2,279,928 | ' | ' | -2,208,794 |
Total segment asset - net book value | 6,035,192 | ' | ' | 5,999,183 |
Reconciling items: | ' | ' | ' | ' |
Cash and cash equivalents | 15,891 | 7,121 | 12,115 | 30,249 |
Restricted cash | 23,131 | ' | ' | 22,796 |
Deferred financing costs, net | 25,516 | ' | ' | 26,924 |
Notes receivable, net | 84,568 | ' | ' | 83,033 |
Investment in and advances to unconsolidated joint ventures, net | -517,927 | ' | ' | -507,655 |
Other assets | 131,798 | ' | ' | 137,882 |
Total consolidated assets | 6,834,023 | ' | ' | 6,807,722 |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
Number of reportable segments | 2 | ' | ' | ' |
Condition for Community considered to have stabilized occupancy | '90% occupancy for at least three consecutive months | ' | ' | ' |
Number of Tenants or related group of tenants that contributed 10% or more of company total revenue | 0 | 0 | 0 | ' |
Same-Store [Member] | ' | ' | ' | ' |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Improvements | 8,000 | ' | 6,800 | ' |
Same Store Communities Western Region [Member] | ' | ' | ' | ' |
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 | 61,536 | ' | 57,746 | ' |
Reportable apartment home segment NOI | 44,376 | ' | 41,048 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 2,394,571 | ' | ' | 2,392,681 |
Same Store Communities Mid-Atlantic Region [Member] | ' | ' | ' | ' |
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 | 41,820 | ' | 41,351 | ' |
Reportable apartment home segment NOI | 28,674 | ' | 28,762 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 1,433,658 | ' | ' | 1,431,590 |
Same Store Communities Northeast Region [Member] | ' | ' | ' | ' |
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 | 14,779 | ' | 14,099 | ' |
Reportable apartment home segment NOI | 10,730 | ' | 10,071 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 740,235 | ' | ' | 738,805 |
Same Store Communities Southeastern Region [Member] | ' | ' | ' | ' |
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 | 29,866 | ' | 28,544 | ' |
Reportable apartment home segment NOI | 20,062 | ' | 18,705 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 892,739 | ' | ' | 889,753 |
Same Store Communities Southwestern Region [Member] | ' | ' | ' | ' |
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 | 13,467 | ' | 12,773 | ' |
Reportable apartment home segment NOI | 8,358 | ' | 7,701 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 436,008 | ' | ' | 435,009 |
Non-Mature communities/Other [Member] | ' | ' | ' | ' |
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 | 32,932 | ' | 29,788 | ' |
Reportable apartment home segment NOI | 19,924 | ' | 19,029 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 2,417,909 | ' | ' | 2,320,139 |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Improvements | 1,787 | ' | 500 | ' |
Total Communities [Member] | ' | ' | ' | ' |
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 | 194,400 | ' | 184,301 | ' |
United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ' | ' | ' | ' |
Reportable apartment home segment NOI | 72,417 | ' | 70,123 | ' |
Reconciling items: | ' | ' | ' | ' |
Property management | -2,815 | ' | -2,752 | ' |
Other operating expenses | -1,436 | ' | -1,386 | ' |
Real estate depreciation and amortization | 44,271 | 44,856 | ' | ' |
General and administrative | -6,970 | ' | -5,575 | ' |
Casualty (Recoveries)/Charges | -500 | 2,019 | 2,019 | ' |
Interest expense | 10,014 | ' | 9,262 | ' |
Gains (loss) on sales of real estate, net of tax | 24,402 | 0 | ' | ' |
Net (income)/loss attributable to noncontrolling interests | -280 | ' | -45 | ' |
Net income/(loss) attributable to UDR, Inc. | 30,533 | 7,729 | 7,729 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 4,165,710 | ' | ' | 4,188,480 |
Accumulated depreciation | -1,268,617 | ' | ' | -1,241,574 |
Total segment asset - net book value | 2,897,093 | ' | ' | 2,946,906 |
Reconciling items: | ' | ' | ' | ' |
Cash and cash equivalents | 853 | 2,951 | 2,804 | 1,897 |
Restricted cash | 13,155 | ' | ' | 13,526 |
Deferred financing costs, net | 5,491 | ' | ' | 5,848 |
Other assets | 23,446 | ' | ' | 25,064 |
Total consolidated assets | 2,940,038 | ' | ' | 2,993,241 |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
Related Party Transaction, Management Fee Percentage | 2.75% | ' | ' | ' |
Number of reportable segments | 2 | ' | ' | ' |
Number of Tenants or related group of tenants that contributed 10% or more of company total revenue | 0 | 0 | 0 | ' |
United Dominion Reality L.P. [Member] | Same-Store [Member] | ' | ' | ' | ' |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Improvements | 3,900 | ' | 3,700 | ' |
United Dominion Reality L.P. [Member] | Same Store Communities Western Region [Member] | ' | ' | ' | ' |
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 | 46,856 | ' | 43,822 | ' |
Reportable apartment home segment NOI | 34,238 | ' | 31,433 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 1,734,393 | ' | ' | 1,733,144 |
United Dominion Reality L.P. [Member] | Same Store Communities Mid-Atlantic Region [Member] | ' | ' | ' | ' |
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 | 17,246 | ' | 16,911 | ' |
Reportable apartment home segment NOI | 11,565 | ' | 11,533 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 707,198 | ' | ' | 706,447 |
United Dominion Reality L.P. [Member] | Same Store Communities Northeast Region [Member] | ' | ' | ' | ' |
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 | 9,246 | ' | 8,906 | ' |
Reportable apartment home segment NOI | 6,824 | ' | 6,475 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 444,242 | ' | ' | 443,483 |
United Dominion Reality L.P. [Member] | Same Store Communities Southeastern Region [Member] | ' | ' | ' | ' |
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 | 11,131 | ' | 10,586 | ' |
Reportable apartment home segment NOI | 7,457 | ' | 7,005 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 329,163 | ' | ' | 328,150 |
United Dominion Reality L.P. [Member] | Same Store Communities Southwestern Region [Member] | ' | ' | ' | ' |
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 | 6,553 | ' | 6,221 | ' |
Reportable apartment home segment NOI | 4,217 | ' | 3,843 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 226,531 | ' | ' | 226,252 |
United Dominion Reality L.P. [Member] | Non-Mature communities/Other [Member] | ' | ' | ' | ' |
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 | 11,338 | ' | 13,614 | ' |
Reportable apartment home segment NOI | 8,116 | ' | 9,834 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 724,183 | ' | ' | 751,004 |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Improvements | 280 | ' | 325 | ' |
United Dominion Reality L.P. [Member] | Total Communities [Member] | ' | ' | ' | ' |
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 | 102,370 | ' | 100,060 | ' |
Taxable REIT Subsidiaries [Member] | United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
Related Party Transaction, Management Fee Percentage | 2.75% | ' | ' | ' |
Segment Reconciling Items [Member] | ' | ' | ' | ' |
Reconciling items: | ' | ' | ' | ' |
Real estate depreciation and amortization | 88,533 | ' | 83,442 | ' |
Segment Reconciling Items [Member] | United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Reconciling items: | ' | ' | ' | ' |
Real estate depreciation and amortization | $44,271 | ' | $45,393 | ' |
Reportable_Segments_UNITED_DOM2
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Segments | ||||
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 | $198,039 | $184,884 | ' | ' |
Reportable apartment home segment NOI | 132,124 | ' | 125,316 | ' |
Reconciling items: | ' | ' | ' | ' |
Property management | -5,346 | ' | -5,068 | ' |
Other operating expenses | -1,935 | ' | -1,643 | ' |
Real estate depreciation and amortization | 88,533 | 82,898 | ' | ' |
General and administrative | -11,994 | ' | -9,476 | ' |
Casualty (Recoveries)/Charges | 500 | -3,021 | -3,021 | ' |
Interest Expense | 32,884 | 30,981 | 30,981 | ' |
Gains (loss) on sales of real estate owned | 24,294 | 0 | ' | ' |
Net (income)/loss attributable to noncontrolling interests | -4 | ' | -4 | ' |
Net income/(loss) attributable to OP unitholders | 18,361 | -268 | -268 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 8,315,120 | ' | ' | 8,207,977 |
Accumulated depreciation | -2,279,928 | ' | ' | -2,208,794 |
Total segment asset - net book value | 6,035,192 | ' | ' | 5,999,183 |
Reconciling items: | ' | ' | ' | ' |
Cash and cash equivalents | 15,891 | 7,121 | 12,115 | 30,249 |
Restricted cash | 23,131 | ' | ' | 22,796 |
Deferred financing costs, net | 25,516 | ' | ' | 26,924 |
Other assets | 131,798 | ' | ' | 137,882 |
Total consolidated assets | 6,834,023 | ' | ' | 6,807,722 |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
Number of reportable segments | 2 | ' | ' | ' |
Condition for Community considered to have stabilized occupancy | '90% occupancy for at least three consecutive months | ' | ' | ' |
Percent occupancy to be considered a community | 90.00% | ' | ' | ' |
Time to maintain percent occupancy to be considered a community | '3 months | ' | ' | ' |
Number of Tenants or related group of tenants that contributed 10% or more of company total revenue | 0 | 0 | 0 | ' |
Same-Store [Member] | ' | ' | ' | ' |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Improvements | 8,000 | ' | 6,800 | ' |
Same Store Communities Western Region [Member] | ' | ' | ' | ' |
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 | 61,536 | ' | 57,746 | ' |
Reportable apartment home segment NOI | 44,376 | ' | 41,048 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 2,394,571 | ' | ' | 2,392,681 |
Same Store Communities Mid-Atlantic Region [Member] | ' | ' | ' | ' |
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 | 41,820 | ' | 41,351 | ' |
Reportable apartment home segment NOI | 28,674 | ' | 28,762 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 1,433,658 | ' | ' | 1,431,590 |
Same Store Communities Northeast Region [Member] | ' | ' | ' | ' |
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 | 14,779 | ' | 14,099 | ' |
Reportable apartment home segment NOI | 10,730 | ' | 10,071 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 740,235 | ' | ' | 738,805 |
Same Store Communities Southeastern Region [Member] | ' | ' | ' | ' |
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 | 29,866 | ' | 28,544 | ' |
Reportable apartment home segment NOI | 20,062 | ' | 18,705 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 892,739 | ' | ' | 889,753 |
Same Store Communities Southwestern Region [Member] | ' | ' | ' | ' |
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 | 13,467 | ' | 12,773 | ' |
Reportable apartment home segment NOI | 8,358 | ' | 7,701 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 436,008 | ' | ' | 435,009 |
Non-Mature communities/Other [Member] | ' | ' | ' | ' |
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 | 32,932 | ' | 29,788 | ' |
Reportable apartment home segment NOI | 19,924 | ' | 19,029 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 2,417,909 | ' | ' | 2,320,139 |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Improvements | 1,787 | ' | 500 | ' |
Total Communities [Member] | ' | ' | ' | ' |
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 | 194,400 | ' | 184,301 | ' |
United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ' | ' | ' | ' |
Reportable apartment home segment NOI | 72,417 | ' | 70,123 | ' |
Reconciling items: | ' | ' | ' | ' |
Property management | -2,815 | ' | -2,752 | ' |
Other operating expenses | -1,436 | ' | -1,386 | ' |
Real estate depreciation and amortization | 44,271 | 44,856 | ' | ' |
General and administrative | -6,970 | ' | -5,575 | ' |
Casualty (Recoveries)/Charges | 500 | -2,019 | -2,019 | ' |
Interest Expense | -10,014 | ' | -9,262 | ' |
Gains (loss) on sales of real estate owned | 24,402 | 0 | ' | ' |
Net (income)/loss attributable to noncontrolling interests | -280 | ' | -45 | ' |
Net income/(loss) attributable to OP unitholders | 30,533 | 7,729 | 7,729 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 4,165,710 | ' | ' | 4,188,480 |
Accumulated depreciation | -1,268,617 | ' | ' | -1,241,574 |
Total segment asset - net book value | 2,897,093 | ' | ' | 2,946,906 |
Reconciling items: | ' | ' | ' | ' |
Cash and cash equivalents | 853 | 2,951 | 2,804 | 1,897 |
Restricted cash | 13,155 | ' | ' | 13,526 |
Deferred financing costs, net | 5,491 | ' | ' | 5,848 |
Other assets | 23,446 | ' | ' | 25,064 |
Total consolidated assets | 2,940,038 | ' | ' | 2,993,241 |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
Number of reportable segments | 2 | ' | ' | ' |
Number of Tenants or related group of tenants that contributed 10% or more of company total revenue | 0 | 0 | 0 | ' |
Related Party Transaction, Management Fee Percentage | 2.75% | ' | ' | ' |
United Dominion Reality L.P. [Member] | Same-Store [Member] | ' | ' | ' | ' |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Improvements | 3,900 | ' | 3,700 | ' |
United Dominion Reality L.P. [Member] | Same Store Communities Western Region [Member] | ' | ' | ' | ' |
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 | 46,856 | ' | 43,822 | ' |
Reportable apartment home segment NOI | 34,238 | ' | 31,433 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 1,734,393 | ' | ' | 1,733,144 |
United Dominion Reality L.P. [Member] | Same Store Communities Mid-Atlantic Region [Member] | ' | ' | ' | ' |
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 | 17,246 | ' | 16,911 | ' |
Reportable apartment home segment NOI | 11,565 | ' | 11,533 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 707,198 | ' | ' | 706,447 |
United Dominion Reality L.P. [Member] | Same Store Communities Northeast Region [Member] | ' | ' | ' | ' |
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 | 9,246 | ' | 8,906 | ' |
Reportable apartment home segment NOI | 6,824 | ' | 6,475 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 444,242 | ' | ' | 443,483 |
United Dominion Reality L.P. [Member] | Same Store Communities Southeastern Region [Member] | ' | ' | ' | ' |
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 | 11,131 | ' | 10,586 | ' |
Reportable apartment home segment NOI | 7,457 | ' | 7,005 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 329,163 | ' | ' | 328,150 |
United Dominion Reality L.P. [Member] | Same Store Communities Southwestern Region [Member] | ' | ' | ' | ' |
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 | 6,553 | ' | 6,221 | ' |
Reportable apartment home segment NOI | 4,217 | ' | 3,843 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 226,531 | ' | ' | 226,252 |
United Dominion Reality L.P. [Member] | Non-Mature communities/Other [Member] | ' | ' | ' | ' |
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 | 11,338 | ' | 13,614 | ' |
Reportable apartment home segment NOI | 8,116 | ' | 9,834 | ' |
Reportable apartment home segment assets: | ' | ' | ' | ' |
Total segment assets | 724,183 | ' | ' | 751,004 |
Reportable Segment (Textual) [Abstract] | ' | ' | ' | ' |
SEC Schedule III, Real Estate, Improvements | 280 | ' | 325 | ' |
United Dominion Reality L.P. [Member] | Total Communities [Member] | ' | ' | ' | ' |
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 | 102,370 | ' | 100,060 | ' |
Segment Reconciling Items [Member] | ' | ' | ' | ' |
Reconciling items: | ' | ' | ' | ' |
Real estate depreciation and amortization | 88,533 | ' | 83,442 | ' |
Segment Reconciling Items [Member] | United Dominion Reality L.P. [Member] | ' | ' | ' | ' |
Reconciling items: | ' | ' | ' | ' |
Real estate depreciation and amortization | $44,271 | ' | $45,393 | ' |
Hurricane_Related_RecoveriesCh
Hurricane Related (Recoveries)/Charges, Net (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Other Cost and Expense, Operating | $1,926,000 | $1,636,000 |
New York Properties [Member] | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 0 | ' |
Hurricane Sandy [Member] | Business Interruption [Member] | ' | ' |
Proceeds from Insurance Settlement, Operating Activities | ' | $3,000,000 |
Hurricane_Related_RecoveriesCh1
Hurricane Related (Recoveries)/Charges (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Other Cost and Expense, Operating | $1,926,000 | $1,636,000 |
New York Properties [Member] | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 0 | ' |
United Dominion Reality L.P. [Member] | ' | ' |
Other Cost and Expense, Operating | 1,436,000 | 1,386,000 |
United Dominion Reality L.P. [Member] | New York Properties [Member] | ' | ' |
Impairment of Long-Lived Assets Held-for-use | 0 | ' |
Business Interruption [Member] | Hurricane Sandy [Member] | ' | ' |
Proceeds from Insurance Settlement, Operating Activities | ' | 3,000,000 |
Business Interruption [Member] | Hurricane Sandy [Member] | United Dominion Reality L.P. [Member] | ' | ' |
Proceeds from Insurance Settlement, Operating Activities | ' | $2,000,000 |