Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 19, 2015 |
Entity Information [Line Items] | ||
Entity Registrant Name | UDR, Inc. | |
Entity Central Index Key | 74208 | |
Document Type | 10-K | |
Document Period End Date | 31-Dec-14 | |
Amendment Flag | FALSE | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Public Float | $3 | |
Entity Common Stock, Shares Outstanding | 258,765,713 | |
United Dominion Reality L.P. | ||
Entity Information [Line Items] | ||
Entity Registrant Name | United Dominion Realty L.P. | |
Entity Central Index Key | 1018254 | |
Document Period End Date | 31-Dec-14 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Public Float | ||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Real estate owned: | ||
Real estate held for investment | $8,205,627 | $7,723,844 |
Less: accumulated depreciation | -2,434,772 | -2,200,815 |
Real estate held for investment, net | 5,770,855 | 5,523,029 |
Real estate under development (net of accumulated depreciation of $0 and $1,411, respectively) | 177,632 | 466,002 |
Real estate sold or held for sale (net of accumulated depreciation of $0 and $6,568, respectively) | 0 | 10,152 |
Total real estate owned, net of accumulated depreciation | 5,948,487 | 5,999,183 |
Cash and cash equivalents | 15,224 | 30,249 |
Restricted Cash and Investments, Current | 22,340 | 22,796 |
Deferred financing costs, net | 22,686 | 26,924 |
Notes receivable, net | 14,369 | 83,033 |
Investment in and advances to unconsolidated joint ventures, net | 718,226 | 507,655 |
Other assets | 105,202 | 137,882 |
Total assets | 6,846,534 | 6,807,722 |
Liabilities: | ||
Secured debt | 1,361,529 | 1,442,077 |
Unsecured debt | 2,221,576 | 2,081,626 |
Real estate taxes payable | 15,978 | 13,847 |
Accrued interest payable | 34,215 | 32,279 |
Security deposits and prepaid rent | 34,064 | 27,203 |
Distributions payable | 69,460 | 61,907 |
Accounts payable, accrued expenses, and other liabilities | 91,282 | 118,682 |
Total liabilities | 3,828,104 | 3,777,621 |
Redeemable non-controlling interests in operating partnership | 282,480 | 217,597 |
Equity | ||
Preferred stock, no par value; 50,000,000 shares authorized | 46,571 | 46,571 |
Common stock, $0.01 par value; 350,000,000 shares authorized 255,114,603 and 250,749,665 shares issued and outstanding December 31, 2014 and 2013, respectively | 2,551 | 2,507 |
Additional paid-in capital | 4,223,747 | 4,109,765 |
Distributions in excess of net income | -1,528,917 | -1,342,070 |
Accumulated other comprehensive income/(loss), net | -8,855 | -5,125 |
Total stockholders' equity | 2,735,097 | 2,811,648 |
Non-controlling interest | 853 | 856 |
Total equity | 2,735,950 | 2,812,504 |
Total liabilities and equity | $6,846,534 | $6,807,722 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 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 |
Real estate held for sale, accumulated depreciation | $0 | $6,568 |
Preferred stock, par or state value per share | $0 | $0 |
Equity | ||
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 | 255,114,603 | 250,749,665 |
Common stock, shares outstanding | 255,114,603 | 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 |
6.75% Series G Cumulative Redeemable Preferred Stock | ||
Equity | ||
Preferred stock, shares outstanding | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
REVENUES | |||
Rental income | $805,002 | $746,484 | $704,701 |
Joint Venture Managment and Other Fees | 13,044 | 12,442 | 11,911 |
Total revenues | 818,046 | 758,926 | 716,612 |
Rental expenses: | |||
Property operating and maintenance | 149,428 | 144,319 | 139,784 |
Real estate taxes and insurance | 99,175 | 93,765 | 86,154 |
Property management | 22,138 | 20,528 | 19,378 |
Other operating expenses | 8,271 | 7,136 | 5,718 |
Real estate depreciation and amortization | 358,154 | 339,532 | 341,926 |
General and administrative | 47,800 | 42,238 | 43,792 |
Casualty-related (recoveries)/charges, net | -541 | 12,253 | -8,495 |
Other depreciation and amortization | 5,775 | 6,741 | 4,105 |
Total operating expenses | 691,282 | 642,006 | 649,352 |
Operating income | 126,764 | 116,920 | 67,260 |
Income/(loss) from unconsolidated entities | -7,006 | -415 | -8,579 |
Interest Expense | -130,454 | -126,083 | -138,792 |
Interest and other income/(expense), net | 11,858 | 4,619 | 3,524 |
Income/(loss) before income taxes, discontinued operations and gain/(loss) on sale of real estate owned | 1,162 | -4,959 | -76,587 |
Tax benefit/(provision), net | -25,994 | 8,281 | 21,076 |
Income/(loss) from continuing operations | 16,260 | 2,340 | -46,305 |
Income/(loss) from discontinued operations, net of tax | 10 | 43,942 | 266,608 |
Income (Loss) before Gain or Loss on Sale of Properties, and Extraordinary Items | 16,270 | 46,282 | 220,303 |
Gain/(loss) on sales of real estate owned, net of tax | 143,572 | 0 | 0 |
Net income/(loss) | 159,842 | 46,282 | 220,303 |
Net (income)/loss attributable to redeemable non-controlling interests in the Operating Partnership | -5,511 | -1,530 | -7,986 |
Net income/(loss) attributable to non-controlling interests | -3 | -60 | 140 |
Net income/(loss) attributable to Entity | 154,334 | 44,812 | 212,177 |
Premium on preferred stock redemption or repurchases, net | 0 | 0 | -2,791 |
Net income/(loss) attributable to common stockholders | 150,610 | 41,088 | 203,376 |
Earnings per weighted average common share - basic and diluted: | |||
Income/(loss) from continuing operations attributable to common stockholders | $0.60 | ($0.01) | ($0.22) |
Income/(loss) from discontinued operations attributable to common stockholders | $0 | $0.17 | $1.07 |
Net income/(loss) attributable to common stockholders | $0.60 | $0.16 | $0.85 |
Income/(loss) from continuing operations attributable to common stockholders | $0.59 | ($0.01) | ($0.22) |
Income/(loss) from discontinued operations attributable to common stockholders | $0 | $0.17 | $1.07 |
Net income(loss) attributable to common stockholders | $0.59 | $0.16 | $0.85 |
Weighted average number of common shares outstanding b basic | 251,528 | 249,969 | 238,851 |
Weighted average number of common shares outstanding b diluted | 253,445 | 249,969 | 238,851 |
8.00% Series E Cumulative Convertible Preferred Stock | |||
Rental expenses: | |||
Distributions to preferred stockholders | -3,724 | -3,724 | -3,724 |
6.75% Series G Cumulative Redeemable Preferred Stock | |||
Rental expenses: | |||
Distributions to preferred stockholders | 0 | 0 | -2,286 |
Continuing Operations [Member] | |||
Rental expenses: | |||
Tax benefit/(provision), net | $15,098 | $7,299 | $30,282 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income / (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net income/(loss) | $159,842 | $46,282 | $220,303 |
Other comprehensive income/(loss) - derivative instruments: | |||
Unrealized holding gain/(loss)loss | -8,695 | -469 | -4,924 |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | 4,834 | 6,851 | 7,649 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | -3,861 | 6,382 | 2,725 |
Comprehensive income/(loss) | 155,981 | 52,664 | 223,028 |
Comprehensive (income)/loss attributable to noncontrolling interests | -5,375 | -1,720 | -8,206 |
Comprehensive income/(loss) attributable to UDR, Inc. | $150,606 | $50,944 | $214,822 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Preferred Stock | Common Stock | Paid - in Capital | Distributions in Excess of Net Income | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest |
Beginning Balance at Dec. 31, 2011 | $2,318,784,000 | $128,180,000 | $2,197,000 | $3,340,470,000 | ($1,142,895,000) | ($13,902,000) | $4,734,000 |
Beginning Balance, Shares at Dec. 31, 2011 | 6,068,174 | 219,650,225 | |||||
Consolidated Statements of Changes in Equity | |||||||
Net income | 212,177,000 | 212,177,000 | |||||
Net income/(loss) attributable to non-controlling interests | 140,000 | 140,000 | |||||
Other comprehensive (loss)/income | 2,645,000 | 2,645,000 | |||||
Issuance/(forfeiture) of common and restricted shares, net, Shares | -22,224 | ||||||
Issuance/(forfeiture) of common and restricted shares, net | -742,000 | 0 | -742,000 | ||||
Issuance of common shares through public offering, Shares | 30,490,969 | ||||||
Issuance of common shares through public offering | 756,138,000 | 305,000 | 755,833,000 | ||||
Redemption of 6.75% Series G Cumulative Redeemable Shares, Shares | -3,264,362 | ||||||
Redemption of 6.75% Series G Cumulative Redeemable Shares | -81,609,000 | -81,609,000 | 2,791,000 | -2,791,000 | |||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 20,438 | ||||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership | 529,000 | -1,000 | 530,000 | ||||
Acquisition of non-controlling interest | -4,871,000 | 0 | 0 | 0 | 0 | -4,871,000 | |
Increase in non-controlling interest from business combination, net | 913,000 | 913,000 | |||||
Common stock distributions declared | -215,654,000 | -215,654,000 | 0 | ||||
Preferred stock distributions declared-Series E | -3,724,000 | -3,724,000 | 0 | ||||
Preferred stock distributions declared-Series G | -2,286,000 | -2,286,000 | 0 | ||||
Adjustment to reflect redemption value of redeemable non-controlling interests | 11,392,000 | 11,392,000 | 0 | ||||
Ending Balance at Dec. 31, 2012 | 2,993,832,000 | 46,571,000 | 2,501,000 | 4,098,882,000 | -1,143,781,000 | -11,257,000 | 916,000 |
Ending Balance, Shares at Dec. 31, 2012 | 2,803,812 | 250,139,408 | |||||
Consolidated Statements of Changes in Equity | |||||||
Net income | 44,812,000 | 44,812,000 | |||||
Net income/(loss) attributable to non-controlling interests | -60,000 | -60,000 | |||||
Other comprehensive (loss)/income | 6,132,000 | 6,132,000 | |||||
Issuance/(forfeiture) of common and restricted shares, net, Shares | 533,966 | ||||||
Issuance/(forfeiture) of common and restricted shares, net | 9,072,000 | 5,000 | 9,067,000 | ||||
Issuance of common shares through public offering | 0 | ||||||
Redemption of 6.75% Series G Cumulative Redeemable Shares, Shares | |||||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 76,291 | ||||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership | 1,817,000 | 1,000 | 1,816,000 | ||||
Acquisition of non-controlling interest | -4,900,000 | ||||||
Common stock distributions declared | -235,721,000 | -235,721,000 | 0 | ||||
Preferred stock distributions declared-Series E | -3,724,000 | -3,724,000 | 0 | ||||
Adjustment to reflect redemption value of redeemable non-controlling interests | -3,656,000 | -3,656,000 | 0 | ||||
Ending Balance at Dec. 31, 2013 | 2,812,504,000 | 46,571,000 | 2,507,000 | 4,109,765,000 | -1,342,070,000 | -5,125,000 | 856,000 |
Ending Balance, Shares at Dec. 31, 2013 | 2,803,812 | 250,749,665 | |||||
Consolidated Statements of Changes in Equity | |||||||
Net income | 154,334,000 | 154,334,000 | |||||
Net income/(loss) attributable to non-controlling interests | -3,000 | -3,000 | |||||
Other comprehensive (loss)/income | -3,730,000 | -3,730,000 | |||||
Issuance/(forfeiture) of common and restricted shares, net, Shares | 801,054 | ||||||
Issuance/(forfeiture) of common and restricted shares, net | 9,805,000 | 8,000 | 9,797,000 | ||||
Issuance of common shares through public offering, Shares | 3,410,433 | ||||||
Issuance of common shares through public offering | 99,849,000 | 34,000 | 99,815,000 | ||||
Redemption of 6.75% Series G Cumulative Redeemable Shares, Shares | 0 | ||||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 153,451 | 153,451 | |||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership | 4,372,000 | 2,000 | 4,370,000 | ||||
Common stock distributions declared | -263,503,000 | -263,503,000 | |||||
Preferred stock distributions declared-Series E | -3,724,000 | -3,724,000 | |||||
Adjustment to reflect redemption value of redeemable non-controlling interests | -73,954,000 | -73,954,000 | |||||
Ending Balance at Dec. 31, 2014 | $2,735,950,000 | $46,571,000 | $2,551,000 | $4,223,747,000 | ($1,528,917,000) | ($8,855,000) | $853,000 |
Ending Balance, Shares at Dec. 31, 2014 | 2,803,812 | 255,114,603 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common distributions declared per share | $1.04 | $0.94 | $0.88 |
Preferred Stock | |||
Redemption of 6.75% Series G Cumulative Redeemable Shares, Shares | 0 | 3,264,362 | |
6.75% Series G Cumulative Redeemable Preferred Stock | |||
Preferred stock distributions declared | $0 | $0 | $0.57 |
Redemption of 6.75% Series G Cumulative Redeemable Shares, Shares | 3,264,362 | ||
8.00% Series E Cumulative Convertible Preferred Stock | |||
Preferred stock distributions declared | $1.33 | $1.33 | $1.33 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities | |||
Net income/(loss) | $159,842 | $46,282 | $220,303 |
Deprecation and Amortization, Including Discontinued Operations | 363,929 | 348,231 | 354,505 |
Gain Loss on the Sale of Real Estate, Including Discontinued Operations | 143,647 | 41,919 | 251,554 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Impairment loss, net of tax | 0 | 1,470 | 0 |
Tax benefit/(provision), net | -15,136 | -7,299 | -30,282 |
Loss from unconsolidated entities | 7,006 | 415 | 8,579 |
Casualty-related (recoveries)/charges, net | 541 | -270 | 8,495 |
Other | 26,517 | 24,826 | 26,009 |
Changes in operating assets and liabilities: | |||
Increase/(decrease) in operating assets | -1,074 | -15,135 | 12,647 |
Increase/(decrease) in operating liabilites | -5,618 | -16,699 | -21,515 |
Net cash provided by operating activities | 392,360 | 339,902 | 327,187 |
Investing Activities | |||
Acquisition of real estate assets (net of liabilities assumed) and initial capital expenditures | -228,810 | 0 | -108,215 |
Proceeds from sales of real estate investments, net | 383,886 | 250,043 | 593,167 |
Development of real estate assets | -251,493 | -280,603 | -246,923 |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | -96,679 | -153,676 | -144,877 |
Capital expenditures - non-real estate assets | -5,497 | -7,639 | -7,947 |
Investment in unconsolidated joint ventures | -222,930 | -43,291 | -283,369 |
Distributions received from unconsolidated joint venture | 59,199 | 130,984 | 50,580 |
(Issuance)/repayment of notes receivable | 68,664 | -19,027 | -63,998 |
Net cash provided by/(used in) investing activities | -293,660 | -123,209 | -211,582 |
Financing Activities | |||
Payments on secured debt | -80,961 | -46,564 | -491,885 |
Proceeds from the issuance of secured debt | 5,502 | 0 | 250 |
Payments on unsecured debt | -312,500 | -122,500 | -100,000 |
Proceeds from the issuance of unsecured debt | 298,956 | 299,943 | 396,400 |
Net (repayment)/borrowings of revolving bank debt | 152,500 | -76,000 | -345,000 |
Proceeds from the issuance of common shares through public offering, net | 99,849 | 0 | 756,138 |
Payments from the repurchase of Series G preferred stock, net | 0 | 0 | -81,609 |
Distributions paid to non-controlling interests | -9,929 | -9,348 | -9,033 |
Acquisition of nonredeemable noncontrolling interests | 0 | 0 | -4,871 |
Distributions paid to preferred stockholders | -3,724 | -3,724 | -6,954 |
Distributions paid to common stockholders | -256,100 | -231,822 | -207,470 |
Other | -7,318 | -8,544 | -21,959 |
Net cash (used in)/provided by financing activities | -113,725 | -198,559 | -115,993 |
Net increase in cash and cash equivalents | -15,025 | 18,134 | -388 |
Cash and cash equivalents, beginning of period | 30,249 | 12,115 | 12,503 |
Cash and cash equivalents, end of period | 15,224 | 30,249 | 12,115 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 131,815 | 127,877 | 133,133 |
Non-cash transactions: | |||
Real estate acquired in asset exchange or upon consolidation of joint ventures | 0 | 129,437 | 0 |
Transfer of real estate owned to investment in and advances to unconsolidated ventures | 54,938 | 175,951 | |
Secured debt assumed in the acquisitions of properties, including asset exchange | 0 | 63,595 | 34,412 |
Fair market value adjustment of secured debt assumed in acquisitions of properties, including asset exchange | 0 | 0 | 2,617 |
Development costs and capital expenditures incurred but not yet paid | 34,746 | 37,220 | 24,551 |
Contribution of purchase deposit made in 2011 to unconsolidated joint venture | 0 | 0 | 80,397 |
Conversion of operating partnership non-controlling interests to common stock (18,440 shares in 2012 and 4,453 shares in 2011) | 4,372 | 1,817 | 529 |
Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Loss from unconsolidated entities | 4,068 | 2,851 | 0 |
Non-cash transactions: | |||
Transfer of real estate owned to investment in and advances to unconsolidated ventures | $0 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Non-cash transactions: | |||
Number of shares of common stock converted from operating partnership non-controlling interests | 153,451 | 76,291 | 20,438 |
Consolidated_Balance_Sheets_UN
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Real estate owned: | ||
Real estate held for investment | $8,205,627,000 | $7,723,844,000 |
Less: accumulated depreciation | -2,434,772,000 | -2,200,815,000 |
Real estate held for investment, net | 5,770,855,000 | 5,523,029,000 |
Real estate under development (net of accumulated depreciation of $0) | 177,632,000 | 466,002,000 |
Total real estate owned, net of accumulated depreciation | 5,948,487,000 | 5,999,183,000 |
Cash and cash equivalents | 15,224,000 | 30,249,000 |
Restricted Cash and Investments, Current | 22,340,000 | 22,796,000 |
Deferred financing costs, net | 22,686,000 | 26,924,000 |
Other assets | 105,202,000 | 137,882,000 |
Total assets | 6,846,534,000 | 6,807,722,000 |
LIABILITIES AND CAPITAL | ||
Secured debt | 1,361,529,000 | 1,442,077,000 |
Real estate taxes payable | 15,978,000 | 13,847,000 |
Accrued interest payable | 34,215,000 | 32,279,000 |
Security deposits and prepaid rent | 34,064,000 | 27,203,000 |
Distributions payable | 69,460,000 | 61,907,000 |
Deferred gains on the sale of depreciable property | 24,683,000 | 25,400,000 |
Accounts payable, accrued expenses, and other liabilities | 91,282,000 | 118,682,000 |
Total liabilities | 3,828,104,000 | 3,777,621,000 |
Partners' Capital: | ||
Accumulated other comprehensive loss | -8,855,000 | -5,125,000 |
Total liabilities and equity | 6,846,534,000 | 6,807,722,000 |
United Dominion Reality L.P. | ||
Real estate owned: | ||
Real estate held for investment | 4,238,770,000 | 4,108,417,000 |
Less: accumulated depreciation | -1,403,303,000 | -1,241,574,000 |
Real estate held for investment, net | 2,835,467,000 | 2,866,843,000 |
Real estate under development (net of accumulated depreciation of $0) | 0 | 80,063,000 |
Total real estate owned, net of accumulated depreciation | 2,835,467,000 | 2,946,906,000 |
Cash and cash equivalents | 502,000 | 1,897,000 |
Restricted Cash and Investments, Current | 13,811,000 | 13,526,000 |
Deferred financing costs, net | 4,475,000 | 5,848,000 |
Other assets | 24,029,000 | 25,064,000 |
Total assets | 2,878,284,000 | 2,993,241,000 |
LIABILITIES AND CAPITAL | ||
Secured debt | 931,959,000 | 934,865,000 |
Notes payable due to General Partner | 88,696,000 | 88,696,000 |
Real estate taxes payable | 7,061,000 | 6,228,000 |
Accrued interest payable | 3,284,000 | 3,323,000 |
Security deposits and prepaid rent | 18,387,000 | 14,172,000 |
Distributions payable | 47,788,000 | 43,253,000 |
Deferred gains on the sale of depreciable property | 24,622,000 | 63,838,000 |
Accounts payable, accrued expenses, and other liabilities | 22,436,000 | 35,769,000 |
Total liabilities | 1,144,233,000 | 1,190,144,000 |
Partners' Capital: | ||
General partner: 110,883 OP units outstanding at December 31, 2014 and 2013 | 1,105,000 | 1,163,000 |
Limited partners: 183,167,815 OP Units outstanding at December 31, 2014 and 2013 | 1,702,971,000 | 1,797,836,000 |
Accumulated other comprehensive loss | -1,075,000 | -3,065,000 |
Total partners' capital | 1,703,001,000 | 1,795,934,000 |
Advances to/(from) General Partner | 13,624,000 | -9,916,000 |
Non-controlling interest | 17,426,000 | 17,079,000 |
Total capital | 1,734,051,000 | 1,803,097,000 |
Total liabilities and equity | $2,878,284,000 | $2,993,241,000 |
Consolidated_Balance_Sheets_UN1
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Real estate under development, accumulated depreciation | $0 | $1,411 |
Real estate owned: | ||
Real estate held for sale, accumulated depreciation | 0 | 6,568 |
Partners' Capital: | ||
OP units outstanding related to limited partner | 183,278,698 | 183,278,698 |
United Dominion Reality L.P. | ||
Real estate under development, accumulated depreciation | 0 | 0 |
Real estate owned: | ||
Real estate held for sale, 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_Ope1
Consolidated Statements of Operations (UNITED DOMINION REALTY, L.P) (USD $) | 12 Months Ended | ||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Rental expenses: | |||
Property operating and maintenance | $149,428,000 | $144,319,000 | $139,784,000 |
Real estate taxes and insurance | -99,175,000 | -93,765,000 | -86,154,000 |
Property management | -22,138,000 | -20,528,000 | -19,378,000 |
Other operating expenses | -8,271,000 | -7,136,000 | -5,718,000 |
Real estate depreciation and amortization | -358,154,000 | -339,532,000 | -341,926,000 |
General and administrative | -47,800,000 | -42,238,000 | -43,792,000 |
Casualty-related (recoveries)/charges, net | 541,000 | -12,253,000 | 8,495,000 |
Total operating expenses | 691,282,000 | 642,006,000 | 649,352,000 |
Operating Income (Loss) | 126,764,000 | 116,920,000 | 67,260,000 |
Income/(loss) from continuing operations | 16,260,000 | 2,340,000 | -46,305,000 |
Income/(loss) from discontinued operations | 10,000 | 43,942,000 | 266,608,000 |
Gain/(loss) on sales of real estate owned | 143,572,000 | 0 | 0 |
Net income/(loss) | 159,842,000 | 46,282,000 | 220,303,000 |
Net (income)/loss attributable to non-controlling interests | -5,375,000 | -1,720,000 | -8,206,000 |
Net income/(loss) attributable to Entity | 154,334,000 | 44,812,000 | 212,177,000 |
United Dominion Reality L.P. | |||
REVENUES | |||
Rental income | 422,634,000 | 401,853,000 | 384,946,000 |
Rental expenses: | |||
Property operating and maintenance | 75,211,000 | 75,019,000 | 72,843,000 |
Real estate taxes and insurance | -47,110,000 | -45,139,000 | -40,866,000 |
Property management | -11,622,000 | -11,051,000 | -10,587,000 |
Other operating expenses | -5,172,000 | -5,728,000 | -5,272,000 |
Real estate depreciation and amortization | -179,176,000 | -179,367,000 | -191,731,000 |
General and administrative | -28,541,000 | -24,808,000 | -26,204,000 |
Casualty-related (recoveries)/charges, net | 541,000 | -8,083,000 | 5,518,000 |
Total operating expenses | 347,373,000 | 333,029,000 | 353,021,000 |
Operating Income (Loss) | 75,261,000 | 68,824,000 | 31,925,000 |
Interest expense | 37,114,000 | 34,989,000 | 43,277,000 |
Interest expense on note payable due to General Partner | 4,603,000 | 1,069,000 | 1,957,000 |
Income/(loss) from continuing operations | 33,544,000 | 32,766,000 | -13,309,000 |
Income/(loss) from discontinued operations | 0 | 45,176,000 | 57,643,000 |
Income/(loss) before gain/(loss) on sale of real estate owned | 33,544,000 | 77,942,000 | 44,334,000 |
Gain/(loss) on sales of real estate owned | 63,635,000 | 0 | 0 |
Net income/(loss) | 97,179,000 | 77,942,000 | 44,334,000 |
Net (income)/loss attributable to non-controlling interests | -952,000 | -4,566,000 | -352,000 |
Net income/(loss) attributable to Entity | $96,227,000 | $73,376,000 | $43,982,000 |
Income/(loss) per OP unit- basic and diluted: | |||
Income/(loss) from continuing operations attributable to OP unitholders | $0.53 | $0.16 | ($0.07) |
Income/(loss) from discontinued operations attributable to OP unitholders | $0 | $0.24 | $0.31 |
Net income/(loss) attributable to OP unitholders | $0.53 | $0.40 | $0.24 |
Weighted average OP units outstanding - basic and diluted | 183,279 | 184,196 | 184,281 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income / (Loss) (UNITED DOMINION REALTY, L.P.) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income/(loss) | $159,842 | $46,282 | $220,303 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss)loss | -8,695 | -469 | -4,924 |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | 4,834 | 6,851 | 7,649 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | -3,861 | 6,382 | 2,725 |
Comprehensive income/(loss) | 155,981 | 52,664 | 223,028 |
Comprehensive (income)/loss attributable to noncontrolling interests | -5,375 | -1,720 | -8,206 |
Comprehensive income/(loss) attributable to UDR, Inc. | 150,606 | 50,944 | 214,822 |
United Dominion Reality L.P. | |||
Net income/(loss) | 97,179 | 77,942 | 44,334 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss)loss | -285 | -348 | -1,898 |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | 2,275 | 2,652 | 3,431 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 1,990 | 2,304 | 1,533 |
Comprehensive income/(loss) | 99,169 | 80,246 | 45,867 |
Comprehensive (income)/loss attributable to noncontrolling interests | -952 | -4,566 | -352 |
Comprehensive income/(loss) attributable to UDR, Inc. | $98,217 | $75,680 | $45,515 |
Consolidated_Statements_of_Cha2
Consolidated Statements of Changes in Capital (UNITED DOMINION REALTY, L.P) (Unaudited) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 |
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Other comprehensive income (loss) | ($3,861) | $6,382 | $2,725 | |
United Dominion Reality L.P. | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance | 1,803,097 | 1,918,756 | 1,853,369 | |
Distributions | -191,150 | -173,716 | -163,008 | |
Noncash Or Part Noncash Distribution, Issued Value | -23,329 | -77,041 | ||
OP Units issued for real estate | -77,041 | 0 | ||
Adjustment to reflect limited partners' capital at redemption value | 0 | |||
Net income (loss) | 97,179 | 77,942 | 44,334 | |
Other comprehensive income (loss) | 1,990 | 2,304 | 1,533 | |
Net change in receivable due from General Partner | 22,935 | 54,852 | 182,528 | |
Balance | 1,734,051 | 1,803,097 | 1,918,756 | 1,853,369 |
United Dominion Reality L.P. | Payable/(Receivable) due to/(from) General Partner [Member] [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance | -9,916 | |||
Net change in receivable due from General Partner | 23,540 | |||
United Dominion Reality L.P. | Accumulated Other Comprehensive Income/(Loss) | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance | -3,065 | -5,369 | -6,902 | |
Other comprehensive income (loss) | 1,990 | 2,304 | 1,533 | |
Balance | -1,075 | -3,065 | -5,369 | -6,902 |
United Dominion Reality L.P. | Total Partner's Capital | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance | 1,795,934 | 1,917,299 | 2,034,792 | |
Distributions | -191,150 | -173,716 | -163,008 | |
Noncash Or Part Noncash Distribution, Issued Value | 0 | -23,329 | 0 | |
OP Units issued for real estate | -23,329 | 0 | ||
Adjustment to reflect limited partners' capital at redemption value | 0 | |||
Net income (loss) | 96,227 | 73,376 | 43,982 | |
Other comprehensive income (loss) | 1,990 | 2,304 | 1,533 | |
Balance | 1,703,001 | 1,795,934 | 1,917,299 | 2,034,792 |
United Dominion Reality L.P. | Receivable Due From General Partner | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance | -11,056 | -193,584 | ||
Noncash Or Part Noncash Distribution, Issued Value | -53,712 | |||
Net change in receivable due from General Partner | 54,852 | 182,528 | ||
Balance | 13,624 | -11,056 | -193,584 | |
United Dominion Reality L.P. | Noncontrolling Interest | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance | 17,079 | 12,513 | 12,161 | |
Net income (loss) | 952 | 4,566 | 352 | |
Balance | 17,426 | 17,079 | 12,513 | 12,161 |
United Dominion Reality L.P. | Class A Limited Partner | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance | 40,902 | 41,656 | 43,967 | |
Distributions | -2,328 | -2,324 | -2,328 | |
Adjustment to reflect limited partners' capital at redemption value | 14,493 | 702 | -596 | |
Net income (loss) | 920 | 868 | 613 | |
Balance | 53,987 | 40,902 | 41,656 | 43,967 |
United Dominion Reality L.P. | Limited Partners | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance | 176,695 | 181,762 | 192,508 | |
Distributions | -7,789 | -7,118 | -6,738 | |
OP Unit Redemptions for common shares of UDR | -4,371 | -1,817 | -529 | |
OP Units issued for real estate | -133 | |||
Adjustment to reflect limited partners' capital at redemption value | 60,020 | 852 | -5,166 | |
Net income (loss) | 3,938 | 3,016 | 1,820 | |
Balance | 228,493 | 176,695 | 181,762 | 192,508 |
United Dominion Reality L.P. | Limited Partner [Member] | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance | 1,580,239 | 1,698,027 | 1,803,926 | |
Distributions | -180,917 | -164,170 | -153,846 | |
OP Unit Redemptions for common shares of UDR | 4,371 | 1,817 | 529 | |
Noncash Or Part Noncash Distribution, Issued Value | -23,329 | |||
OP Units issued for real estate | 133 | |||
Adjustment to reflect limited partners' capital at redemption value | -74,513 | -1,554 | 5,762 | |
Net income (loss) | 91,311 | 69,448 | 41,523 | |
Balance | 1,420,491 | 1,580,239 | 1,698,027 | 1,803,926 |
United Dominion Reality L.P. | General Partner | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
Balance | 1,163 | 1,223 | 1,293 | |
Distributions | -116 | -104 | -96 | |
Net income (loss) | 58 | 44 | 26 | |
Balance | 1,105 | 1,163 | 1,223 | 1,293 |
Receivable Due From General Partner [Member] | United Dominion Reality L.P. | ||||
Increase (Decrease) in Partners' Capital [Roll Forward] | ||||
OP Units issued for real estate | ($53,712) |
Consolidated_Statements_of_Cas2
Consolidated Statements of Cash Flows (UNITED DOMINION REALTY, L.P) (Unaudited) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Casualty-related (recoveries)/charges noncash income | ($541) | $270 | ($8,495) |
Document Period End Date | 31-Dec-14 | ||
Operating Activities | |||
Net income/(loss) | 159,842 | 46,282 | 220,303 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Other | 26,517 | 24,826 | 26,009 |
Changes in operating assets and liabilities: | |||
Increase/(decrease) in operating assets | -1,074 | -15,135 | 12,647 |
Increase/(decrease) in operating liabilites | -5,618 | -16,699 | -21,515 |
Net cash provided by operating activities | 392,360 | 339,902 | 327,187 |
Gain/(loss) on sales of real estate owned | 143,572 | 0 | 0 |
Investing Activities | |||
Development of real estate assets | -251,493 | -280,603 | -246,923 |
Payments for Capital Improvements | 96,679 | 153,676 | 144,877 |
Net cash provided by/(used in) investing activities | -293,660 | -123,209 | -211,582 |
Financing Activities | |||
Proceeds from the issuance of secured debt | 5,502 | 0 | 250 |
Payments on secured debt | -80,961 | -46,564 | -491,885 |
Net cash (used in)/provided by financing activities | -113,725 | -198,559 | -115,993 |
Net increase in cash and cash equivalents | -15,025 | 18,134 | -388 |
Cash and cash equivalents, beginning of period | 30,249 | 12,115 | 12,503 |
Cash and cash equivalents, end of period | 15,224 | 30,249 | 12,115 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 131,815 | 127,877 | 133,133 |
Properties acquired, including intangibles in asset exchange | 0 | 129,437 | 0 |
Properties disposed in asset exchange, net of accumulated depreciation | 54,938 | 175,951 | |
Secured debt assumed in the acquisitions of properties, including asset exchange | 0 | 63,595 | 34,412 |
Reallocation of Credit Facilities Debt from General Partner | 0 | 13,682 | 0 |
United Dominion Reality L.P. | |||
Casualty-related (recoveries)/charges noncash income | -541 | 270 | |
Document Period End Date | 31-Dec-14 | ||
Operating Activities | |||
Net income/(loss) | 97,179 | 77,942 | 44,334 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 179,176 | 181,302 | 195,051 |
Hurricane-related recovery noncash income | 5,518 | ||
Other | 1,956 | 2,097 | 3,624 |
Changes in operating assets and liabilities: | |||
Increase/(decrease) in operating assets | -1,756 | -11,685 | -1,543 |
Increase/(decrease) in operating liabilites | -5,429 | 478 | 5,205 |
Net cash provided by operating activities | 208,032 | 208,346 | 201,095 |
Gain/(loss) on sales of real estate owned | 63,635 | 0 | 0 |
Investing Activities | |||
Development of real estate assets | -47,220 | -66,407 | -36,804 |
Payments for Capital Improvements | 47,352 | 76,984 | |
Proceeds from sales of real estate investments, net | 47,922 | 79,437 | 113,175 |
Capital expenditures and other major improvements b real estate assets, net of escrow reimbursement | -72,098 | ||
Net cash provided by/(used in) investing activities | -46,650 | -63,954 | 4,273 |
Financing Activities | |||
Advances from General Partner, net | -153,751 | -92,537 | 29,391 |
Proceeds from the issuance of secured debt | 5,909 | 0 | 26,054 |
Payments on secured debt | -4,995 | -42,237 | -249,680 |
Distributions paid to partnership unitholders | -9,929 | -9,348 | -9,033 |
Payment of financing costs | -11 | -1,177 | 0 |
Net cash (used in)/provided by financing activities | -162,777 | -145,299 | -203,268 |
Net increase in cash and cash equivalents | -1,395 | -907 | 2,100 |
Cash and cash equivalents, beginning of period | 1,897 | 2,804 | |
Cash and cash equivalents, end of period | 502 | 1,897 | 2,804 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 44,629 | 42,506 | 48,545 |
Noncash Or Part Noncash Distribution, Issued Value | -23,329 | -77,041 | |
OP Units issued in partial consideration for property acquisition | 77,041 | 0 | |
Capital Expenditures Incurred but Not yet Paid | 7,254 | 6,371 | 7,440 |
UDR Pacific Los Alisos, LP [Member] | United Dominion Reality L.P. | |||
Supplemental Information: | |||
Properties disposed in asset exchange, net of accumulated depreciation | 0 | 74,586 | 0 |
Partnership Capital [Member] | United Dominion Reality L.P. | |||
Supplemental Information: | |||
Noncash Or Part Noncash Distribution, Issued Value | 0 | -23,329 | 0 |
OP Units issued in partial consideration for property acquisition | 23,329 | 0 | |
All [Member] | United Dominion Reality L.P. | |||
Changes in operating assets and liabilities: | |||
Gain/(loss) on sales of real estate owned | ($41,518) | $51,094 |
Consolidation_and_Basis_of_Pre
Consolidation and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATION AND BASIS OF PRESENTATION | CONSOLIDATION AND BASIS OF PRESENTATION |
Organization and Formation | |
UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities generally 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. At December 31, 2014, our consolidated apartment portfolio consisted of 139 consolidated communities located in 20 markets consisting of 39,851 apartment homes. In addition, the Company has an ownership interest in 10,055 apartment homes through unconsolidated joint ventures. | |
Basis of Presentation | |
The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see the “Consolidated Joint Ventures” section of Note 5, Joint Ventures and Partnerships, for further discussion). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. | |
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 December 31, 2014 and 2013, there were 183,278,698 units in the Operating Partnership outstanding, of which 174,113,225 or 95.0% and 173,959,774 or 94.9%, respectively, were owned by UDR and 9,165,473 or 5.0% and 9,318,924 or 5.1%, respectively, were owned by limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership. | |
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 8, Stockholders’ Equity. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Recent Accounting Pronouncements | |||||||||||
In April 2014, the Financial Accounting Standards Board (the “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 3, Discontinued Operations. 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. | |||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method, and the standard will be effective for the Company on January 1, 2017; early adoption is not permitted. The Company has not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | |||||||||||
Real Estate | |||||||||||
Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. | |||||||||||
Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. | |||||||||||
UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. | |||||||||||
Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future 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. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. | |||||||||||
For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. | |||||||||||
Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. | |||||||||||
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 years ended December 31, 2014, 2013, and 2012 were $9.0 million, $11.1 million and $10.0 million, respectively. During the years ended December 31, 2014, 2013, and 2012, total interest capitalized was $20.2 million, $29.4 million, and $26.4 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. | |||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. | |||||||||||
Restricted Cash | |||||||||||
Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. | |||||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||
Interest rate at December 31, 2014 | Balance Outstanding | ||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||
Note due June 2014 (a) | $ | — | $ | 40,800 | |||||||
Note due February 2017 (b) | 10 | % | 11,869 | 14,580 | |||||||
Note due July 2017 (c) | 8 | % | 2,500 | 1,400 | |||||||
Note due June 2022 (net of discount of $0 and $247, respectively) (d) | — | 26,253 | |||||||||
Total notes receivable, net | $ | 14,369 | $ | 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 June 2014, the note was paid in full. | |||||||||||
(b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $11.9 million, which bears an interest rate of 10.00% per annum. During the year ended December 31, 2014, the Company loaned an additional $1.2 million and received a payment of $3.9 million in the fourth quarter under this 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 year ended December 31, 2014, the Company loaned an additional $1.1 million 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 (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 bore 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. In July 2014, the Company received proceeds of $36.0 million from the repayment of this note, resulting in a net gain of approximately $8.4 million, which is included in Interest and other income/(expense), net on the Consolidated Statements of Operations. | |||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company recognized $3.4 million, $4.1 million and $2.7 million, respectively, of interest income from these notes receivable, of which $0, $765,000 and $281,000, respectively, were related party interest income. Interest income is included in Interest and other income/(expense), net on the Consolidated Statements of Operations. | |||||||||||
Investment in Joint Ventures and Partnerships | |||||||||||
We use the equity method to account for investments in joint ventures and partnerships that qualify as variable interest entities where we are not the primary beneficiary and entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. | |||||||||||
In determining whether a joint venture or partnership is a variable interest entity, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2014, the Company did not determine any of our joint ventures or partnerships to be variable interest entities. | |||||||||||
We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate 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. 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, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. | |||||||||||
Derivative Financial Instruments | |||||||||||
The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. | |||||||||||
Redeemable Noncontrolling Interests in the Operating Partnership | |||||||||||
Interests in the Operating Partnership held by limited partners are represented by Operating Partnership units (“OP Units”). The income is allocated to holders of OP Units based upon net income available 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 partnership agreement. | |||||||||||
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 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. | |||||||||||
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 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 December 31, 2014 and 2013, UDR’s net deferred tax asset of $7.0 million, which had no valuation allowance, and $32.3 million, net of a valuation allowance of $1.3 million, respectively, was included in Other assets on the Consolidated Balance Sheets. | |||||||||||
Prior to 2012, our TRS had a history of losses and, as a result, historically recognized a valuation allowance for net deferred tax assets. Each quarter, the Company evaluates the need to retain all or a portion of the valuation allowance on its net deferred tax assets. In 2012, the Company determined that it was more likely than not that the deferred tax assets, including any remaining net operating loss carry forward, would be realized. In making this determination, the Company analyzed, among other things, its recent history of earnings from sales of depreciable property, forecasts of future earnings and its cumulative earnings for the last twelve quarters. The reversal of the valuation allowance resulted in an income tax benefit of $44.4 million during the year ended December 31, 2012, $21.5 million of which is reported in continuing operations and included within Tax benefit/(provision), net in the Consolidated Statements of Operations, and $22.9 million of which is included within Income/(loss) from discontinued operations, net of tax in the Consolidated Statements of Operations. | |||||||||||
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. 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 December 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 income tax expense. | |||||||||||
Discontinued Operations | |||||||||||
Prior to the adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the results of operations for those properties sold during the year or classified as held for sale at the end of the current year are classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Company will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Company determines that the property no longer meets the criteria for held for sale, the Company will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). | |||||||||||
Stock-Based Employee Compensation Plans | |||||||||||
The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For performance based awards, the Company remeasures the fair value each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation. For further discussion, see Note 9, Employee Benefit Plans. | |||||||||||
Advertising Costs | |||||||||||
All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item General and administrative. During the years ended December 31, 2014, 2013, and 2012, total advertising expense was $6.0 million, $5.7 million, and $6.2 million, respectively. | |||||||||||
Cost of Raising Capital | |||||||||||
Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. | |||||||||||
Preferred Share Redemption and Repurchases | |||||||||||
During the year ended December 31, 2012, the Company completed the redemption of all outstanding shares of its 6.75% Series G Cumulative Redeemable Preferred Stock. A total of 3,264,362 shares of the Series G Preferred Stock was redeemed at a redemption price of $25 per share in cash, plus accrued and unpaid dividends to the redemption date for a total cost of $82.1 million. | |||||||||||
When redeeming or repurchasing preferred stock, the Company recognizes share issuance costs as a charge to the preferred stock on a pro rata basis to the total costs incurred for the preferred stock as well as any premium or discount on the redemption or repurchase. In connection with the redemption of the Series G Preferred Stock, the Company recognized a (decrease)/increase in net income/(loss) attributable to common stockholders of $(2.8) million for the year ended December 31, 2012, which is reported in Premium on preferred stock redemption or repurchases, 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 years ended December 31, 2014, 2013, and 2012, 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 and marketable securities 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 in the accompanying Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The (gain)/loss on marketable securities reclassified from other comprehensive income/(loss) is included in Interest and other income/(expense), net on the Consolidated Statements of Operations. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2014, 2013, and 2012 was $(133,000), $250,000, and $80,000, respectively. | |||||||||||
Use of Estimates | |||||||||||
The preparation of these financial statements in accordance with 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 financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. | |||||||||||
Market Concentration Risk | |||||||||||
The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2014, the Company held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; Metropolitan D.C.; and New York, New York markets. |
Real_Estate_Owned
Real Estate Owned | 12 Months Ended | |||||||
Dec. 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 sale properties. As of December 31, 2014, the Company owned and consolidated 139 communities in 10 states plus the District of Columbia totaling 39,851 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Land and land improvements | $ | 1,980,221 | $ | 1,847,127 | ||||
Depreciable property — held and used: | ||||||||
Building, improvements, and furniture, fixtures and equipment | 6,225,406 | 5,876,717 | ||||||
Under development: | ||||||||
Land | 24,584 | 110,769 | ||||||
Building, improvements, and furniture, fixtures and equipment | 153,048 | 356,644 | ||||||
Real estate held for disposition: | ||||||||
Land | — | 10,751 | ||||||
Building, improvements, and furniture, fixtures and equipment | — | 5,969 | ||||||
Real estate owned | 8,383,259 | 8,207,977 | ||||||
Accumulated depreciation | (2,434,772 | ) | (2,208,794 | ) | ||||
Real estate owned, net | $ | 5,948,487 | $ | 5,999,183 | ||||
During the year ended December 31, 2014, the Company sold nine communities consisting of a total of 2,500 apartment homes, an adjacent parcel of land, and one operating property for gross proceeds of $328.4 million, resulting in net proceeds of $324.4 million and a total gain, net of tax, of $138.6 million. A portion of the sale proceeds was designated for tax-deferred exchanges under Section 1031 of the Internal Revenue Code and was used to fund acquisitions of real estate as discussed below. | ||||||||
In December 2014, the Company sold a 49% interest in 13th and Market and a 50% interest in 3033 Wilshire to MetLife for approximately $54.2 million and $8.3 million, respectively, and recognized, net of tax, a gain of $7.2 million and a loss of $2.2 million, respectively. Subsequent to the sale, the two communities 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. See further discussion of this transaction in Note 5, Joint Ventures and Partnerships. The activity of the two communities prior to sale is classified as a component of continuing operations on the Consolidated Statements of Operations. | ||||||||
In 2014, the Company acquired a fully-entitled land parcel for future development located in Huntington Beach, California for $77.8 million, two communities, located in Seattle, Washington and Kirkland, Washington, with a total of 358 apartment homes for $45.5 million and $75.2 million, respectively, a land parcel for future development located in Boston, Massachusetts for $32.2 million. The four acquisitions during the year ended December 31, 2014 were accomplished through tax-deferred exchanges under Section 1031 of the Internal Revenue Code. | ||||||||
In June 2013, the Company sold a 50% interest in five partnerships (the “UDR/MetLife Vitruvian Park® Partnerships”) to MetLife for approximately $141.3 million, before transaction costs of $936,000. The properties held by the UDR/MetLife Vitruvian Park® Partnerships are located in Addison, Texas and consist of two operating communities with 739 apartment homes, one recently completed development community in lease-up with 391 apartment homes, and 28.4 acres of developable land parcels. The transaction resulted in a gain of approximately $436,000 which the Company has deferred until the terms of the construction completion guarantee have been met. The UDR/MetLife Vitruvian Park® Partnerships 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. See further discussion of this transaction in Note 5, Joint Ventures and Partnerships. | ||||||||
The operations of the UDR/MetLife Vitruvian Park® Partnerships' assets, prior to the sale of a 50% interest, have been classified as a component of continuing operations on the Consolidated Statements of Operations, as UDR has continuing involvement over the duration of the partnership. | ||||||||
In December 2013, the Company sold a 49% interest to MetLife in the Company’s fully-entitled 399 Fremont land parcel located in San Francisco, California for approximately $29.9 million. In conjunction with the sale, the Company formed a new unconsolidated joint venture, UDR/MetLife 399 Fremont, to develop a $318 million, 447-home, luxury high-rise tower on the site. As the Company recently acquired the 399 Fremont land parcel, the sale price was equivalent to the cost basis resulting in no gain or loss on the transaction. For more information on this transaction see Note 5, Joint Ventures and Partnerships. | ||||||||
In December 2013, the Company became the managing partner of two joint ventures resulting in consolidation of both and increasing the real estate owned by $129.4 million. See Note 5, Joint Ventures and Partnerships, for further details. | ||||||||
The Company incurred $373,000, $59,000 and $2.3 million of acquisition-related costs during the years ended December 31, 2014, 2013, and 2012, respectively. These expenses are reported within the line item General and Administrative on the Consolidated Statements of Operations. | ||||||||
In February 2015, the Company acquired an office building in Highlands Ranch, Colorado, for total consideration of approximately $24.0 million, which was comprised of assumed debt. The Company’s corporate offices, as well as other leased office space, are located in the acquired building. The building consists of approximately 120,000 square feet, of which UDR occupies approximately 44,000 square feet. All existing leases were assumed by the Company at the time of the acquisition. |
Joint_Ventures
Joint Ventures | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||
JOINT VENTURES | 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 partner 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 partner 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 in San Diego, California and Domain College Park in Metropolitan, D.C. The consolidation was due to the Company becoming the managing partner of each of the joint ventures pursuant to amendments to the LLC Agreements. 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 partner, 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 owed 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 were applied towards the total purchase price of approximately $24.7 million when the Company acquired 100% of the interest in the joint ventures in November 2014. | |||||||||||||||||||||||||||||
In December 2014, the Company sold a 49% interest in 13th and Market to MetLife for $54.2 million, resulting in a gain, net of tax, of $7.2 million. Additionally, the Company sold a 50% interest in a wholly owned land parcel to MetLife for $8.3 million, resulting in a loss, net of tax, of $2.2 million. As a result, the Company no longer controls these two joint ventures and they were deconsolidated by the Company in December 2014. | |||||||||||||||||||||||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Joint Venture | Location of Properties | Number of Properties | Number of Apartment Homes | Investment at | UDR’s Ownership Interest | ||||||||||||||||||||||||
2014 | 2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Operating and development: | |||||||||||||||||||||||||||||
UDR/MetLife I (a) | Various | 4 land parcels | — | $ | 13,306 | $ | 47,497 | 15.7 | % | 4.5 | % | ||||||||||||||||||
UDR/MetLife II (a) | Various | 21 operating communities | 4,642 | 431,277 | 327,926 | 50 | % | 50 | % | ||||||||||||||||||||
Other UDR/MetLife Joint Ventures (a) | Various | 1 operating community, 3 development communities (b), 2 land parcels | 1,282 | 134,939 | 36,313 | 50.6 | % | 35.8 | % | ||||||||||||||||||||
UDR/MetLife Vitruvian Park® (c) | Addison, TX | 3 operating communities, 6 land parcels | 1,394 | 80,302 | 79,318 | 50 | % | 50 | % | ||||||||||||||||||||
UDR/KFH (d) | Washington, D.C. | 3 operating communities | 660 | 21,596 | 25,919 | 30 | % | 30 | % | ||||||||||||||||||||
Texas (e) | Texas | 8 operating communities | 3,359 | (25,901 | ) | (23,591 | ) | 20 | % | 20 | % | ||||||||||||||||||
Investment in and advances to unconsolidated joint ventures, net, before participating loan investment | 655,519 | 493,382 | |||||||||||||||||||||||||||
Location | Preferred Return | Years To Maturity | Investment at | Income From Participating Loan Investment For The Year Ended | |||||||||||||||||||||||||
Participating loan investment: | 2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Steele Creek (f) | Denver, CO | 6.50% | 2.8 | 62,707 | 14,273 | $2,350 | $156 | $— | |||||||||||||||||||||
Total investment in and advances to unconsolidated joint ventures, net | $ | 718,226 | $ | 507,655 | |||||||||||||||||||||||||
(a) | In January 2012, the Company formed a joint venture with an unaffiliated third party to acquire 399 Fremont (land for future development) in San Francisco, California, which is included in Other UDR/MetLife Joint Ventures in the table above. At closing, UDR owned a noncontrolling interest of 92.5% in the joint venture. The Company’s total investment was $55.5 million, which consisted of its initial investment of $37.3 million and an option to exercise its right to acquire its partner’s 7.5% ownership interest in the joint venture. In October 2012, the Company exercised its option and paid $13.5 million. In January 2013, the Company subsequently acquired its partner’s 7.5% ownership interest for $4.7 million. In December 2013, the Company sold a 49% ownership interest to MetLife in the fully-entitled 399 Fremont land parcel for approximately $29.9 million. In conjunction with the sale, the Company formed a new unconsolidated real estate joint venture with MetLife, UDR/MetLife 399 Fremont, to develop a $318 million, 447-home, luxury high-rise tower on the site. Construction commenced in the first quarter 2014. As the Company recently acquired the 399 Fremont land parcel, the sale price was equivalent to the cost basis resulting in no gain or loss on the transaction. Under the terms of the partnership, the Company serves as the general partner with significant participating rights held by our partner, and has the ability to earn fees for development management, property management, asset management, and financing transactions. The UDR/MetLife 399 Fremont Joint Venture is accounted for under the equity method of accounting. Our initial investment was approximately $31.1 million. | ||||||||||||||||||||||||||||
In June 2013 and within UDR/MetLife I, the Company exchanged with MetLife its approximately 10% ownership interest in four operating communities and paid MetLife an additional $15.6 million in cash for an increased ownership interest of approximately 35% in two high-rise operating communities, bringing UDR's ownership interest in the two high-rise operating communities to 50% each. The two high-rise operating communities are located in Denver, Colorado and San Diego, California and were subsequently contributed to UDR/MetLife II. The four operating communities in which UDR exchanged its ownership interest are located in Washington D.C.; San Francisco, California; Dallas, Texas; and Charlotte, North Carolina. UDR continues to fee manage these four operating communities. | |||||||||||||||||||||||||||||
In March 2014, the Company sold its minority ownership interests in two operating communities located in Los Angeles, California to MetLife for cash proceeds of $3.0 million, which resulted in an immaterial gain. In April 2014, the Company increased its ownership interest in the remaining six operating communities in the UDR/MetLife I Joint Venture from 12% to 50%, and MetLife and the Company contributed the communities to the UDR/MetLife II Joint Venture. The Company paid MetLife $82.5 million for the additional ownership interests. The Company continues to fee 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. | |||||||||||||||||||||||||||||
In July 2014, the Company increased the ownership interest in two land sites in UDR/Metlife I to 50.1% and formed individual asset joint ventures, which are included in Other UDR/MetLife Joint Ventures in the table above. The remaining 49.9% continues to be held by our joint venture partner MetLife. The Company paid MetLife approximately $21.5 million for the additional ownership interests. | |||||||||||||||||||||||||||||
In December 2014, the Company increased its ownership interest in one land site in the UDR/MetLife I Joint Venture to 50%. Additionally, the Company increased its ownership interest in another land site to 50.1%, which MetLife and the Company contributed to a separate joint venture and is included in Other UDR/MetLife Joint Ventures in the table above. The Company paid MetLife approximately $15.3 million for the additional ownership interests. As of December 31, 2014, the remaining assets in the UDR/MetLife I Joint Venture were comprised of three potential development land sites in which the Company has an average ownership interest of approximately 5% and one fully entitled land parcel in which the Company owns 50%. | |||||||||||||||||||||||||||||
In December 2014, the Company sold a 49% interest in 13th and Market located in San Diego, California to MetLife for gross proceeds of $54.2 million, resulting in a gain, net of tax, of $7.2 million and a 50% interest in 3033 Wilshire in Los Angeles, California, also to MetLife for gross proceeds of $8.3 million, resulting in a loss, net of tax, of $2.2 million. | |||||||||||||||||||||||||||||
(b) | 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 December 31, 2014, no apartment homes had been completed in Other UDR/MetLife Development Joint Ventures. | ||||||||||||||||||||||||||||
(c) | In June 2013, the Company sold a 50% interest in five partnerships (the “UDR/MetLife Vitruvian Park® Partnerships”) to MetLife for approximately $141.3 million. The transaction resulted in a gain of approximately $436,000 which the Company has deferred until the terms of the construction completion guarantee have been met. Under the terms of the UDR/MetLife Vitruvian Park® Partnerships, the Company serves as the general partner with significant participating rights held by our partner, and earns fees for property management, asset management, and financing transactions. The UDR/MetLife Vitruvian Park® Partnerships are accounted for under the equity method of accounting. Our initial investment was approximately $80.2 million, which consisted of approximately $140.0 million (50% of our net book value of the real estate at the time of the transaction) reduced by our share of the net proceeds received upon encumbering the assets of approximately $58.7 million and other operating adjustments. | ||||||||||||||||||||||||||||
At closing, a total of $118.3 million of secured debt was placed on the two operating communities and the community under development. The debt on the two operating communities carries an interest rate of 4.0% with a term of ten years and the non-recourse construction loan on the community under development carries an interest rate of LIBOR plus 175 basis points with a term of two years and two one-year extension options. The Company has guaranteed the completion of the construction of the development. Proceeds from the construction loan will be used for completion of construction of the development. Upon completion, at its 50% ownership, the Company's pro-rata share of the undepreciated book value of the UDR/MetLife Vitruvian Park® Partnerships' real estate assets and outstanding debt will be approximately $145.0 million and $62.8 million, respectively. | |||||||||||||||||||||||||||||
(d) UDR is a partner with an unaffiliated third party, which formed a joint venture for the investment of up to $450 million in multifamily properties located in key, high barrier to entry markets. The partners will contribute equity of $180 million of which the Company’s maximum equity will be 30% or $54 million when fully invested. | |||||||||||||||||||||||||||||
(e) In November 2007, UDR and an unaffiliated third party formed a joint venture to own and operate 10 communities located in Texas. UDR contributed cash and property equal to 20% of the fair value of the joint venture. During the year ended December 31, 2012, the Company acquired the remaining 80% ownership interests in two communities in Austin, Texas for $11.7 million. The Company’s investment in the joint venture at December 31, 2014 and 2013 was net of deferred profits on the sale of depreciable properties to the joint venture of $23.9 million and $24.0 million, respectively. | |||||||||||||||||||||||||||||
In January 2015, the eight communities held by the Texas joint venture were sold, generating net proceeds to UDR of $43.5 million. The Company recorded promote and fee income of $9.6 million and a gain of $59.1 million (including $24.2 million of previously deferred gains) in connection with the sale. | |||||||||||||||||||||||||||||
(f) In October 2013, the Company entered into a participating debt financing arrangement with a third party that is developing a $108 million, 218-home, high-rise luxury community located adjacent to the Cherry Creek Mall in Denver, Colorado. Under the agreement, UDR will finance up to 85%, or approximately $92.0 million, of the development cost at an interest rate of 6.5% per annum on the outstanding debt balance. In addition, the Company has the option to purchase the community upon completion of construction and has a 50% participating interest in the profit upon the acquisition of the community or sale to a third party. The Company accounts for the arrangement consistent with an investment in real estate under the equity method of accounting. | |||||||||||||||||||||||||||||
As of December 31, 2014, and 2013, our participating loan investment was $62.7 million and $14.3 million, respectively, which was included in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. We also recognized $2.4 million and $156,000 of income included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
As of December 31, 2014 and 2013, the Company had deferred fees and deferred profit from the sale of properties to joint ventures or partnerships of $24.7 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 $11.3 million, $11.2 million, and $11.8 million of management fees during the years ended December 31, 2014, 2013, and 2012, 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 decrease in the value of its other investments in unconsolidated joint ventures or partnerships during the years ended December 31, 2014, 2013, and 2012. | |||||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | |||||||||||||||||||||||||||||
As of and For the Year Ended | UDR/MetLife I | UDR/MetLife II | UDR/MetLife Vitruvian Park® | Texas | UDR/KFH | Other joint ventures | Total | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Condensed Statements of Operations: | |||||||||||||||||||||||||||||
Total revenues | $ | 727 | $ | 152,047 | $ | 19,376 | $ | — | $ | 19,724 | $ | 1,579 | $ | 193,453 | |||||||||||||||
Property operating expenses | 618 | 52,150 | 10,711 | — | 7,498 | 1,122 | 72,099 | ||||||||||||||||||||||
Real estate depreciation and amortization | 2,130 | 41,504 | 7,380 | — | 14,426 | 3,959 | 69,399 | ||||||||||||||||||||||
Operating income/(loss) | (2,021 | ) | 58,393 | 1,285 | — | (2,200 | ) | (3,502 | ) | 51,955 | |||||||||||||||||||
Interest expense | — | (48,493 | ) | (4,131 | ) | — | (5,873 | ) | (94 | ) | (58,591 | ) | |||||||||||||||||
Other income/(expense) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Gain/(loss) on sale of real estate | — | — | — | — | — | — | — | ||||||||||||||||||||||
Income/(loss) from discontinued operations | (31,802 | ) | — | — | (4,229 | ) | — | — | (36,031 | ) | |||||||||||||||||||
Net income/(loss) | $ | (33,823 | ) | $ | 9,900 | $ | (2,846 | ) | $ | (4,229 | ) | $ | (8,073 | ) | $ | (3,596 | ) | $ | (42,667 | ) | |||||||||
UDR recorded income (loss) from unconsolidated entities | $ | (2,955 | ) | $ | 2,814 | $ | (4,068 | ) | $ | (772 | ) | $ | (2,601 | ) | $ | 576 | $ | (7,006 | ) | ||||||||||
Condensed Balance Sheets: | |||||||||||||||||||||||||||||
Total real estate, net | $ | 89,482 | $ | 1,986,237 | $ | 278,600 | $ | — | $ | 235,623 | $ | 351,861 | $ | 2,941,803 | |||||||||||||||
Assets held for sale | 1,978 | — | — | 214,218 | — | — | 216,196 | ||||||||||||||||||||||
Cash and cash equivalents | 1,983 | 15,245 | 6,570 | — | 2,507 | 6,239 | 32,544 | ||||||||||||||||||||||
Other assets | (146 | ) | 19,589 | 3,933 | — | 1,128 | 4,203 | 28,707 | |||||||||||||||||||||
Total assets | 93,297 | 2,021,071 | 289,103 | 214,218 | 239,258 | 362,303 | 3,219,250 | ||||||||||||||||||||||
Amount due/(from) to UDR | 107 | (444 | ) | 1,960 | — | 531 | 843 | 2,997 | |||||||||||||||||||||
Third party debt | — | 1,147,109 | 123,649 | — | 165,209 | 68,510 | 1,504,477 | ||||||||||||||||||||||
Liabilities held for sale | 5,110 | — | — | 224,596 | — | — | 229,706 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | 749 | 17,573 | 6,766 | — | 1,396 | 17,851 | 44,335 | ||||||||||||||||||||||
Total liabilities | 5,966 | 1,164,238 | 132,375 | 224,596 | 167,136 | 87,204 | 1,781,515 | ||||||||||||||||||||||
Total equity | $ | 87,331 | $ | 856,833 | $ | 156,728 | $ | (10,378 | ) | $ | 72,122 | $ | 275,099 | $ | 1,437,735 | ||||||||||||||
UDR’s investment in unconsolidated joint ventures | $ | 13,306 | $ | 431,277 | $ | 80,302 | $ | (25,901 | ) | $ | 21,596 | $ | 197,646 | $ | 718,226 | ||||||||||||||
As of and For the Year Ended | UDR/MetLife I | UDR/MetLife II | UDR/MetLife Vitruvian Park® | Texas | UDR/KFH | Other joint ventures | Total | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Condensed Statements of Operations: | |||||||||||||||||||||||||||||
Total revenues | $ | 691 | $ | 109,926 | $ | 7,680 | $ | — | $ | 19,221 | $ | 5,324 | $ | 142,842 | |||||||||||||||
Property operating expenses | 621 | 33,809 | 4,633 | — | 7,035 | 3,292 | 49,390 | ||||||||||||||||||||||
Real estate depreciation and amortization | 115 | 30,122 | 3,830 | — | 14,199 | 3,564 | 51,830 | ||||||||||||||||||||||
Operating income/(loss) | (45 | ) | 45,995 | (783 | ) | — | (2,013 | ) | (1,532 | ) | 41,622 | ||||||||||||||||||
Interest expense | — | (37,055 | ) | (1,886 | ) | — | (5,872 | ) | (913 | ) | (45,726 | ) | |||||||||||||||||
Other income/(expense) | — | 1 | — | — | — | — | 1 | ||||||||||||||||||||||
Income/(loss) from discontinued operations | (22,388 | ) | — | — | (9,584 | ) | — | — | (31,972 | ) | |||||||||||||||||||
Net income/(loss) | $ | (22,433 | ) | $ | 8,941 | $ | (2,669 | ) | $ | (9,584 | ) | $ | (7,885 | ) | $ | (2,445 | ) | $ | (36,075 | ) | |||||||||
UDR recorded income/(loss) from unconsolidated entities | $ | (4,675 | ) | $ | 4,471 | $ | (2,851 | ) | $ | (1,218 | ) | $ | (2,366 | ) | $ | 6,224 | $ | (415 | ) | ||||||||||
Condensed Balance Sheets: | |||||||||||||||||||||||||||||
Total real estate, net | $ | 90,971 | $ | 1,476,588 | $ | 283,878 | $ | — | $ | 249,097 | $ | 65,133 | $ | 2,165,667 | |||||||||||||||
Assets held for sale | 753,427 | — | — | 231,981 | — | — | 985,408 | ||||||||||||||||||||||
Cash and cash equivalents | 305 | 16,454 | 3,498 | — | 2,289 | — | 22,546 | ||||||||||||||||||||||
Other assets | 4,782 | 16,666 | 1,578 | — | 1,474 | 83 | 24,583 | ||||||||||||||||||||||
Total assets | 849,485 | 1,509,708 | 288,954 | 231,981 | 252,860 | 65,216 | 3,198,204 | ||||||||||||||||||||||
Amount due to UDR | 4,520 | 2,275 | 1,352 | — | 420 | 1,136 | 9,703 | ||||||||||||||||||||||
Third party debt | — | 877,799 | 120,999 | — | 165,209 | — | 1,164,007 | ||||||||||||||||||||||
Liabilities held for sale | 346,810 | — | — | 230,393 | — | — | 577,203 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | 89 | 14,508 | 7,152 | — | 1,234 | 2,813 | 25,796 | ||||||||||||||||||||||
Total liabilities | 351,419 | 894,582 | 129,503 | 230,393 | 166,863 | 3,949 | 1,776,709 | ||||||||||||||||||||||
Total equity | $ | 498,066 | $ | 615,126 | $ | 159,451 | $ | 1,588 | $ | 85,997 | $ | 61,267 | $ | 1,421,495 | |||||||||||||||
UDR’s investment in unconsolidated joint ventures | $ | 47,497 | $ | 327,926 | $ | 79,318 | $ | (23,591 | ) | $ | 25,919 | $ | 50,586 | $ | 507,655 | ||||||||||||||
For the Year Ended December 31, 2012 | UDR/MetLife I | UDR/MetLife II | UDR/MetLife Vitruvian Park® | Texas | UDR/KFH | Other joint ventures | Total | ||||||||||||||||||||||
Condensed Statements of Operations: | |||||||||||||||||||||||||||||
Total revenues | $ | 632 | $ | 87,386 | $ | — | $ | — | $ | 18,670 | $ | 2,724 | $ | 109,412 | |||||||||||||||
Property operating expenses | 252 | 25,737 | — | — | 6,831 | 1,368 | 34,188 | ||||||||||||||||||||||
Real estate depreciation and amortization | 124 | 32,553 | — | — | 16,546 | 1,897 | 51,120 | ||||||||||||||||||||||
Operating income/(loss) | 256 | 29,096 | — | — | (4,707 | ) | (541 | ) | 24,104 | ||||||||||||||||||||
Interest expense | — | (29,170 | ) | — | — | (5,890 | ) | (561 | ) | (35,621 | ) | ||||||||||||||||||
Other income/(expense) | — | (9 | ) | — | — | — | — | (9 | ) | ||||||||||||||||||||
Income/(loss) from discontinued operations | 8,609 | — | — | (1,040 | ) | — | — | 7,569 | |||||||||||||||||||||
Net income/(loss) | $ | 8,865 | $ | (83 | ) | $ | — | $ | (1,040 | ) | $ | (10,597 | ) | $ | (1,102 | ) | $ | (3,957 | ) | ||||||||||
UDR recorded income/(loss) from unconsolidated entities | $ | (1,750 | ) | $ | 15 | $ | — | $ | (2,399 | ) | $ | (3,221 | ) | $ | (1,224 | ) | $ | (8,579 | ) | ||||||||||
Secured_Debt_and_Unsecured_Deb
Secured Debt and Unsecured Debt | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
SECURED DEBT AND UNSECURED DEBT | SECURED AND UNSECURED DEBT | ||||||||||||||||||||
The following is a summary of our secured and unsecured debt at December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||
Principal Outstanding | For the Year Ended December 31, 2014 | ||||||||||||||||||||
Weighted Average | Weighted Average | Number of Communities | |||||||||||||||||||
December 31, | Interest Rate | Years to Maturity | Encumbered | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Secured Debt: | |||||||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable (a) | $ | 401,210 | $ | 445,706 | 5.46 | % | 1.6 | 6 | |||||||||||||
Fannie Mae credit facilities (b) | 568,086 | 626,667 | 5.12 | % | 4 | 22 | |||||||||||||||
Total fixed rate secured debt | 969,296 | 1,072,373 | 5.26 | % | 3 | 28 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Mortgage notes payable | 31,337 | 63,595 | 1.94 | % | 2.1 | 1 | |||||||||||||||
Tax-exempt secured notes payable (c) | 94,700 | 94,700 | 0.83 | % | 8.2 | 2 | |||||||||||||||
Fannie Mae credit facilities (b) | 266,196 | 211,409 | 1.6 | % | 5.2 | 7 | |||||||||||||||
Total variable rate secured debt | 392,233 | 369,704 | 1.44 | % | 5.7 | 10 | |||||||||||||||
Total Secured Debt | 1,361,529 | 1,442,077 | 4.16 | % | 3.8 | 38 | |||||||||||||||
Unsecured Debt: | |||||||||||||||||||||
Commercial Banks | |||||||||||||||||||||
Borrowings outstanding under an unsecured credit facility due December 2017 (d) (h) | 152,500 | — | 1.09 | % | 2.9 | ||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||
5.13% Medium-Term Notes due January 2014 (e) | — | 184,000 | — | % | — | ||||||||||||||||
5.50% Medium-Term Notes due April 2014 (net of discount of $20) (e) | — | 128,480 | — | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2015 (net of discounts of $6 and $134, respectively) (f) | 325,169 | 325,041 | 5.25 | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2016 | 83,260 | 83,260 | 5.25 | % | 1 | ||||||||||||||||
4.25% Medium-Term Notes due June 2018 (net of discounts of $1,465 and $1,893, respectively) (h) | 298,535 | 298,107 | 4.25 | % | 3.4 | ||||||||||||||||
2.17% Term Notes due June 2018 (h) | 215,000 | 250,000 | 2.17 | % | 3.4 | ||||||||||||||||
1.53% Term Notes due June 2018 (h) | 100,000 | 65,000 | 1.53 | % | 3.4 | ||||||||||||||||
1.31% Term Notes due June 2018 (h) | 35,000 | 35,000 | 1.31 | % | 3.4 | ||||||||||||||||
3.70% Medium-Term Notes due October 2020 (net of discounts of $46 and $54, respectively) (h) | 299,954 | 299,946 | 3.7 | % | 5.8 | ||||||||||||||||
4.63% Medium-Term Notes due January 2022 (net of discounts of $2,523 and $2,882, respectively) (h) | 397,477 | 397,118 | 4.63 | % | 7 | ||||||||||||||||
3.75% Medium-Term Notes due July 2024 (net of discount of $990) (g) (h) | 299,010 | — | 3.75 | % | 9.5 | ||||||||||||||||
8.50% Debentures due September 2024 | 15,644 | 15,644 | 8.5 | % | 9.7 | ||||||||||||||||
Other | 27 | 30 | N/A | N/A | |||||||||||||||||
Total Unsecured Debt | 2,221,576 | 2,081,626 | 3.81 | % | 4.6 | ||||||||||||||||
Total Debt | $ | 3,583,105 | $ | 3,523,703 | 3.94 | % | 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. As of December 31, 2014, secured debt encumbered $2.2 billion or 26.6% of UDR’s total real estate owned based upon gross book value ($6.2 billion or 73.4% of UDR’s real estate owned based on gross book value is unencumbered). | |||||||||||||||||||||
(a) At December 31, 2014, 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%. | |||||||||||||||||||||
The Company will 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. During the years ended December 31, 2014, 2013, and 2012, the Company had $5.1 million, $5.1 million, and $4.9 million, respectively, of amortization expense on the fair market adjustment of debt assumed in acquisition of properties, which was included in Interest expense on the Consolidated Statements of Operations. The unamortized fair market adjustment was a net premium of $6.7 million and $11.8 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
(b) UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $834.3 million at December 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 December 31, 2014, we have $568.1 million of the outstanding balance is fixed at a weighted average interest rate of 5.12% and the remaining balance of $266.2 million on these facilities is currently at a weighted average variable interest rate of 1.60%. | |||||||||||||||||||||
Further information related to these credit facilities is as follows (dollars in thousands): | |||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||
Borrowings outstanding | $ | 834,282 | $ | 838,076 | |||||||||||||||||
Weighted average borrowings during the period ended | 835,873 | 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 | % | 4.1 | % | |||||||||||||||||
(c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature on August 2019 and March 2032. Interest on these notes is payable in monthly installments. The variable mortgage notes have interest rates of 0.78% and 0.93%, respectively, as of December 31, 2014. | |||||||||||||||||||||
(d) The Company has a $900 million unsecured revolving credit facility with a maturity date to December 2017, a six month extension option, and an accordion feature that allows the Company 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 100 basis points and a facility fee of 15 basis points. As of December 31, 2014, the Company had a balance of $152.5 million outstanding under the revolving credit facility. | |||||||||||||||||||||
The following is a summary of short-term bank borrowings under UDR’s bank credit facility at December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Total revolving credit facility | $ | 900,000 | $ | 900,000 | |||||||||||||||||
Borrowings outstanding at end of period (1) | 152,500 | — | |||||||||||||||||||
Weighted average daily borrowings during the period ended | 291,761 | 169,844 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 625,000 | 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 $1.9 million and $2.2 million of letters of credit at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
(e) Paid off at maturity with borrowings under the Company’s $900 million unsecured revolving credit facility. | |||||||||||||||||||||
(f) | In January 2015, we paid off $325.2 million of 5.25% medium-term notes due January 2015 with borrowings under the Company’s $900 million unsecured revolving credit facility. | ||||||||||||||||||||
(g) In June 2014, the Company issued $300 million of 3.750% senior unsecured medium-term notes due July 1, 2024. Interest is payable semi-annually beginning on January 1, 2015. These notes were issued at 99.652% of the principal amount and had a discount of $1.0 million at December 31, 2014. The Company used the net proceeds to pay down borrowings outstanding on our $900 million unsecured credit facility and for general corporate purposes. | |||||||||||||||||||||
(h) The Operating Partnership is a guarantor at December 31, 2014 and 2013. | |||||||||||||||||||||
The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next five years subsequent to December 31, 2014 are as follows (dollars in thousands): | |||||||||||||||||||||
Year | Secured Fixed Rate Debt | Secured Variable Rate Debt | Total Secured Debt | Total Unsecured Debt (a) | Total Debt | ||||||||||||||||
2015 | $ | 196,648 | $ | — | $ | 196,648 | $ | 324,286 | $ | 520,934 | |||||||||||
2016 | 135,167 | 31,337 | 166,504 | 82,377 | 248,881 | ||||||||||||||||
2017 | 177,774 | 65,000 | 242,774 | 152,500 | 395,274 | ||||||||||||||||
2018 | 120,969 | 104,787 | 225,756 | 648,443 | 874,199 | ||||||||||||||||
2019 | 248,738 | 67,700 | 316,438 | — | 316,438 | ||||||||||||||||
Thereafter | 90,000 | 123,409 | 213,409 | 1,013,970 | 1,227,379 | ||||||||||||||||
Total | $ | 969,296 | $ | 392,233 | $ | 1,361,529 | $ | 2,221,576 | $ | 3,583,105 | |||||||||||
(a) With the exception of the 1.31% Term Notes due June 2018 and 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 December 31, 2014. |
IncomeLoss_Per_Share_Notes
Income/(Loss) Per Share (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share [Text Block] | INCOME/(LOSS) PER SHARE | |||||||||||
The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator for income/(loss) per share: | ||||||||||||
Income/(loss) from continuing operations | $ | 16,260 | $ | 2,340 | $ | (46,305 | ) | |||||
Gain/(loss) on sale of real estate owned, net of tax | 143,572 | — | — | |||||||||
(Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership | (5,511 | ) | 48 | 2,089 | ||||||||
(Income)/loss from continuing operations attributable to noncontrolling interests | 3 | 60 | (140 | ) | ||||||||
Income/(loss) from continuing operations attributable to UDR, Inc. | 154,324 | 2,448 | (44,356 | ) | ||||||||
Distributions to preferred stockholders - Series E (Convertible) | (3,724 | ) | (3,724 | ) | (3,724 | ) | ||||||
Distributions to preferred stockholders - Series G | — | — | (2,286 | ) | ||||||||
Premium on preferred stock redemption or repurchases, net | — | — | (2,791 | ) | ||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 150,600 | $ | (1,276 | ) | $ | (53,157 | ) | ||||
Income/(loss) from discontinued operations, net of tax | $ | 10 | $ | 43,942 | $ | 266,608 | ||||||
(Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership | — | (1,578 | ) | (10,075 | ) | |||||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | 10 | $ | 42,364 | $ | 256,533 | ||||||
Net income/(loss) attributable to common stockholders | $ | 150,610 | $ | 41,088 | $ | 203,376 | ||||||
Denominator for income/(loss) per share - basic and diluted: | ||||||||||||
Weighted average common shares outstanding | 252,707 | 250,684 | 239,482 | |||||||||
Non-vested restricted stock awards | (1,179 | ) | (715 | ) | (631 | ) | ||||||
Denominator for income/(loss) per share - basic | 251,528 | 249,969 | 238,851 | |||||||||
Incremental shares issuable from assumed conversion of: | 1,917 | — | — | |||||||||
Stock options and unvested resticted stock | ||||||||||||
Denominator for income/(loss) per share - diluted | 253,445 | 249,969 | 238,851 | |||||||||
Income/(loss) per weighted average common share - basic: | ||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.6 | $ | (0.01 | ) | $ | (0.22 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | — | 0.17 | 1.07 | |||||||||
Net income/(loss) attributable to common stockholders | $ | 0.6 | $ | 0.16 | $ | 0.85 | ||||||
Income/(loss) per weighted average common share - diluted: | ||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.59 | $ | (0.01 | ) | $ | (0.22 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | — | 0.17 | 1.07 | |||||||||
Net income/(loss) attributable to common stockholders | $ | 0.59 | $ | 0.16 | $ | 0.85 | ||||||
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 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 years ended December 31, 2013 and 2012, the effect of the conversion of the OP Units, convertible preferred stock, stock options and restricted stock is not dilutive, and is 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 years ended December 31, 2014, 2013, and 2012 (shares in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
OP Units | 9,247 | 9,337 | 9,411 | |||||||||
Preferred Stock | 3,036 | 3,036 | 3,036 | |||||||||
Stock options and unvested restricted stock | 1,917 | 1,584 | 1,361 | |||||||||
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |
Dec. 31, 2014 | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
STOCKHOLDERSb EQUITY | STOCKHOLDERS’ EQUITY | |
UDR has an effective registration statement that allows the Company to sell an undetermined number of debt and equity securities as defined in the prospectus. The Company has the ability to issue 350,000,000 shares of common stock and 50,000,000 shares of preferred shares as of December 31, 2014. | ||
The company has an equity distribution agreement which allows it from time to time, through its sales agents, to offer and sell up to 20,000,000 shares of its common stock. Sales of such shares will be made by means of ordinary brokers’ transactions on the NYSE at market prices. As of December 31, 2014, 16,518,567 shares were available for sale under the continuous equity program. | ||
During the year ended December 31, 2014, the Company entered into the following equity transactions for our common stock: | ||
• | Sold 3,410,433 shares of common stock through the Company’s equity distribution agreement at a weighted average price per share of $29.95, for aggregate gross proceeds of approximately $102.1 million; | |
• | Issued 860,811 shares of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”), net of forfeitures of 12,199; and | |
• | Converted 153,451 OP Units into Company common stock. | |
In 2015, through February 24, 2015, we sold 3,432,936 shares of common stock through the Company’s equity distribution agreement at a weighted average price per share of $32.28, for aggregate gross proceeds of approximately $110.8 million. | ||
Distributions are subject to the approval of the Board of Directors and are dependent upon our strategy, financial condition and operating results. UDR’s common distributions for the years ended December 31, 2014, 2013, and 2012 totaled $1.04, $0.94, and $0.88 per share, respectively. For taxable years ending on or before December 31, 2014, the Internal Revenue Service (“IRS”) allowed REITs to distribute up to 90% of total distributions in common shares with the residual distributed in cash as a means of enhancing liquidity. | ||
Preferred Stock | ||
The Series E Cumulative Convertible Preferred Stock (“Series E”) has no stated par value and a liquidation preference of $16.61 per share. Subject to certain adjustments and conditions, each share of the Series E is convertible at any time and from time to time at the holder’s option into one share of our common stock prior to a “Special Dividend” declared in 2008 (1.083 shares after the Special Dividend). The holders of the Series E are entitled to vote on an as-converted basis as a single class in combination with the holders of common stock at any meeting of our stockholders for the election of directors or for any other purpose on which the holders of common stock are entitled to vote. The Series E has no stated maturity and is not subject to any sinking fund or any mandatory redemption. | ||
Distributions declared on the Series E for the years ended December 31, 2014, 2013, and 2012 were $1.33 per share. The Series E is not listed on any exchange. At December 31, 2014 and 2013, a total of 2,803,812 shares of the Series E were outstanding. | ||
UDR is authorized to issue up to 20,000,000 shares of the Series F Preferred Stock (“Series F”). The Series F may be purchased by holders of UDR’s operating partnership units, or OP Units, at a purchase price of $0.0001 per share. OP Unitholders are entitled to subscribe for and purchase one share of UDR’s Series F for each OP Unit held. At December 31, 2014 and 2013, a total of 2,464,183 shares of the Series F were outstanding with an aggregate purchase value of $246. Holders of the Series F are entitled to one vote for each share of the Series F they hold, voting together with the holders of our common stock, on each matter submitted to a vote of security holders at a meeting of our stockholders. The Series F does not entitle its holders to any other rights, privileges or preferences. | ||
In May 2007, UDR issued 5,400,000 shares of the 6.75% Series G Cumulative Redeemable Preferred Stock (“Series G”). On May 31, 2012, the Company completed the redemption of all outstanding shares of its Series G. A total of 3,264,362 shares of the Series G was redeemed at a redemption price of $25 per share in cash, plus accrued and unpaid dividends to the redemption date for a total cost of $82.1 million. As a result of this redemption, the write off of additional paid in capital of $2.8 million related to the issuance of the Series G is recognized as a decrease to our net income/(loss) attributable to common stockholders. | ||
Distributions declared on the Series G for the years ended December 31, 2014, 2013, and 2012 were $0.00, $0.00 and $0.57 per share, respectively. At December 31, 2014 and 2013, there were no shares of the Series G outstanding. | ||
Distribution Reinvestment and Stock Purchase Plan | ||
UDR’s Distribution Reinvestment and Stock Purchase Plan (the “Stock Purchase Plan”) allows common and preferred stockholders the opportunity to purchase, through the reinvestment of cash dividends, additional shares of UDR’s common stock. From inception through December 31, 2008, shareholders have elected to utilize the Stock Purchase Plan to reinvest their distribution for the equivalent of 9,957,233 shares of Company common stock. Shares in the amount of 10,963,730 were reserved for issuance under the Stock Purchase Plan as of December 31, 2014. During the year ended December 31, 2014, UDR acquired all shares issued through the open market. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS | ||||||||||||||||||||
In May 2001, the stockholders of UDR approved the long term incentive plan (“LTIP”), which supersedes the 1985 Stock Option Plan. The LTIP authorizes the granting of awards which may take the form of options to purchase shares of common stock, stock appreciation rights, restricted stock, dividend equivalents, other stock-based awards, and any other right or interest relating to common stock or cash incentive awards to Company directors, employees and outside trustees to promote the success of the Company by linking individual’s compensation via grants of share based payment. During the year ended December 31, 2014, the stockholders of UDR voted to amend and restate the LTIP to increase the number of shares reserved from 16,000,000 shares to 19,000,000 shares on an unadjusted basis for issuance upon the grant or exercise of awards under the LTIP. As of December 31, 2014, there were 10,067,371 common shares available for issuance under the LTIP. | |||||||||||||||||||||
The LTIP contains change of control provisions allowing for the immediate vesting of an award upon certain events such as a merger where UDR is not the surviving entity. Upon the death or disability of an award recipient all outstanding instruments will vest and all restrictions will lapse. Unless otherwise specified in the agreement, upon the retirement of an award recipient, all outstanding instruments will vest and all restrictions will lapse. The LTIP specifies that in the event of a capital transaction, which includes but is not limited to stock dividends, stock splits, extraordinary cash dividends and spin-offs, the number of shares available for grant in totality or to a single individual is to be adjusted proportionately. The LTIP specifies that when a capital transaction occurs that would dilute the holder of the stock award, prior grants are to be adjusted such that the recipient is no worse as a result of the capital transaction. | |||||||||||||||||||||
A summary of UDR’s stock option and restricted stock activities during the year ended December 31, 2014 is as follows: | |||||||||||||||||||||
Option Outstanding | Option Exercisable | Restricted Stock | |||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number | Weighted | ||||||||||||||||
Options | Average | Options | Average | of shares | Average Fair | ||||||||||||||||
Exercise | Exercise | Value Per | |||||||||||||||||||
Price | Price | Restricted Stock | |||||||||||||||||||
Balance, December 31, 2013 | 2,430,127 | $ | 12.63 | 2,430,127 | $ | 12.63 | 758,745 | $ | 23.89 | ||||||||||||
Granted | — | — | — | — | 873,010 | 23.14 | |||||||||||||||
Exercised | (164,285 | ) | 10.06 | (164,285 | ) | 10.06 | — | — | |||||||||||||
Vested | — | — | — | — | (619,578 | ) | 22.7 | ||||||||||||||
Forfeited | — | — | — | — | (12,199 | ) | 23.74 | ||||||||||||||
Balance, December 31, 2014 | 2,265,842 | $ | 12.82 | 2,265,842 | $ | 12.82 | 999,978 | $ | 23.98 | ||||||||||||
As of December 31, 2014, the Company had issued 4,517,514 shares of restricted stock under the LTIP. | |||||||||||||||||||||
Stock Option Plan | |||||||||||||||||||||
UDR has granted stock options to our employees, subject to certain conditions. Each stock option is exercisable into one common share. | |||||||||||||||||||||
There is no remaining compensation cost related to unvested stock options as of December 31, 2014. | |||||||||||||||||||||
During the year ended December 31, 2014, stock options with a fair value of $4.8 million were exercised. | |||||||||||||||||||||
The weighted average remaining contractual life on all options outstanding as of December 31, 2014 is 3.4 years. 1,830,672 of share options had exercise prices at $10.06; 404,291 of share options had exercise prices at $24.38; and 30,879 of share options had exercise prices at $25.10. | |||||||||||||||||||||
During the years ended December 31, 2014, 2013, and 2012, respectively, we recognized $0.0, $0.0, and $95,000 of net compensation expense related to outstanding stock options. | |||||||||||||||||||||
Restricted Stock Awards | |||||||||||||||||||||
Restricted stock awards are granted to Company employees, officers, and directors. The restricted stock awards are valued based upon the closing sales price of UDR common stock on the date of grant. Compensation expense is recorded under the straight-line method over the vesting period, which is generally three to four years. Restricted stock awards earn dividends payable in cash. Some of the restricted stock grants are based on the Company’s performance and are subject to adjustment during the initial one year performance period. For the years ended December 31, 2014, 2013, and 2012, we recognized $4.2 million, $3.6 million, and $3.7 million of compensation expense related to the amortization of restricted stock awards, respectively. The total remaining compensation cost on unvested restricted stock awards was $2.5 million and had a weighted average remaining contractual life of 1.1 years as of December 31, 2014. | |||||||||||||||||||||
Long-Term Incentive Compensation | |||||||||||||||||||||
In February 2014, certain officers of the Company were awarded a restricted stock grant under the 2014 Long-Term Incentive Program (“2014 LTI”). Fifty percent of the 2014 LTI award is based upon FFO as Adjusted and fifty percent is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs. The actual amount that vests was determined in February 2015 based upon the actual achievement of the metrics. Each award vests pro rata over three years commencing with the establishment of the award and continuing for two years following determination of the amount of the award at the end of the annual performance period. The portion of the restricted stock grant based upon FFO as Adjusted was valued based upon the closing sales price of UDR common stock on the date of grant. The portion of the restricted stock grant based upon TSR was valued at $21.15 per share on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 23.8%. | |||||||||||||||||||||
In February 2013, certain officers of the Company were awarded a restricted stock grant under the 2013 Long-Term Incentive Program (“2013 LTI”). Fifty percent of the 2013 LTI award is based upon FFO and fifty percent is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs. The actual amount that vests was determined in February 2014 based upon the actual achievement of the metrics. Each award vests pro rata over three years commencing with the establishment of the award and continuing for two years following determination of the amount of the award at the end of the annual performance period. The portion of the restricted stock grant based upon FFO was valued based upon the closing sales price of UDR common stock on the date of grant. The portion of the restricted stock grant based upon TSR was valued at $21.97 per share on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 15.8%. | |||||||||||||||||||||
Compensation expense is recorded under the accelerated method over the vesting period for the 2014 LTI and 2013 LTI. For the year ended December 31, 2014 and 2013, we recognized $9.8 million and $5.9 million, respectively, of compensation expense related to the amortization of the awards. The total remaining compensation cost on unvested 2014 LTI and 2013 LTI awards was $5.8 million and had a weighted average remaining contractual life of 1.8 years as of December 31, 2014. | |||||||||||||||||||||
During 2010, certain officers of the Company were awarded a restricted stock grant under the 2010-2012 Long-Term Incentive Program (“2010-2012 LTI”). The actual amount of the awards that vested in 2012 was determined based upon the Company’s achievement of the specified performance metrics during the three-year performance period. The grants were valued on the grant date based upon the market price of UDR common stock on the date of grant. Compensation expense was recorded pro rata over the three-year performance period. For the year ended December 31, 2012, we recognized $4.9 million of compensation expense related to the amortization of the awards. | |||||||||||||||||||||
Profit Sharing Plan | |||||||||||||||||||||
Our profit sharing plan (the “Plan”) is a defined contribution plan covering all eligible full-time employees. Under the Plan, UDR makes discretionary profit sharing and matching contributions to the Plan as determined by the Compensation Committee of the Board of Directors. Aggregate provisions for contributions, both matching and discretionary, which are included in UDR’s Consolidated Statements of Operations for the years ended December 31, 2014, 2013, and 2012, was $854,000, $919,000, and $631,000, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
INCOME TAXES | INCOME TAXES | |||||||||||
For 2014, 2013, and 2012, UDR believes that we have complied with the REIT requirements specified in the Code. As such, the REIT would generally not be subject to federal income taxes. | ||||||||||||
For income tax purposes, distributions paid to common stockholders may consist of ordinary income, qualified dividends, capital gains, unrecaptured section 1250 gains, return of capital, or a combination thereof. Distributions that exceed our current and accumulated earnings and profits constitute a return of capital rather than taxable income and reduce the stockholder’s basis in their common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholder’s basis in the common shares, it generally will be treated as a gain from the sale or exchange of that stockholder’s common shares. Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Ordinary income | $ | 0.695 | $ | 0.744 | $ | 0.174 | ||||||
Qualified ordinary income | 0.139 | — | — | |||||||||
Long-term capital gain | 0.105 | 0.114 | 0.186 | |||||||||
Unrecaptured section 1250 gain | 0.076 | 0.067 | 0.515 | |||||||||
Total | $ | 1.015 | $ | 0.925 | $ | 0.875 | ||||||
We have a TRS that is subject to federal and state income taxes. A TRS is a C-corporation which has not elected REIT status and as such is subject to United States federal and state income tax. The components of the provision for income taxes are as follows for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income tax (benefit)/expense | ||||||||||||
Current | ||||||||||||
Federal | $ | 147 | $ | (1,030 | ) | $ | 1,961 | |||||
State | 550 | 846 | 1,463 | |||||||||
Total current | 697 | (184 | ) | 3,424 | ||||||||
Deferred | ||||||||||||
Federal | 20,138 | (6,907 | ) | (21,479 | ) | |||||||
State | 5,159 | (1,190 | ) | (3,021 | ) | |||||||
Total deferred | 25,297 | (8,097 | ) | (24,500 | ) | |||||||
Total income tax (benefit)/expense | $ | 25,994 | $ | (8,281 | ) | $ | (21,076 | ) | ||||
Classification of income tax (benefit)/expense | ||||||||||||
Continuing operations | $ | (15,098 | ) | $ | (7,299 | ) | $ | (30,717 | ) | |||
Gain/(loss) on sale of real estate owned | 41,087 | — | — | |||||||||
Discontinued operations | 5 | (982 | ) | 9,641 | ||||||||
Deferred income taxes are provided for the change in temporary differences between the basis of certain assets and liabilities for financial reporting purposes and income tax reporting purposes. The expected future tax rates are based upon enacted tax laws. The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Federal and state tax attributes | $ | — | $ | 13,069 | $ | 1,464 | ||||||
Book/tax depreciation | 6,692 | 19,354 | 12,345 | |||||||||
Construction capitalization differences | 75 | — | 6,635 | |||||||||
Investment in partnerships | — | — | 3,112 | |||||||||
Debt and interest deductions | — | 10,311 | — | |||||||||
Other | 401 | — | 2,009 | |||||||||
Total deferred tax assets | 7,168 | 42,734 | 25,565 | |||||||||
Valuation allowance | — | (1,310 | ) | (1,390 | ) | |||||||
Net deferred tax assets | 7,168 | 41,424 | 24,175 | |||||||||
Deferred tax liabilities: | ||||||||||||
Construction capitalization differences | — | (3,766 | ) | — | ||||||||
Investment in partnerships | — | (5,080 | ) | — | ||||||||
Other | (192 | ) | (305 | ) | — | |||||||
Total deferred tax liabilities | (192 | ) | (9,151 | ) | — | |||||||
Net deferred tax asset | $ | 6,976 | $ | 32,273 | $ | 24,175 | ||||||
Income tax benefit/(expense), net differed from the amounts computed by applying the U.S. statutory rate of 35% to pretax income/(loss) for the years ended December 31, 2014, 2013, and 2012 as follows (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income tax (benefit)/expense | ||||||||||||
U.S. federal income tax (benefit)/expense | $ | 28,819 | $ | (8,493 | ) | $ | 21,853 | |||||
State income tax provision | 2,678 | 46 | 2,497 | |||||||||
Other items | (137 | ) | 246 | (1,682 | ) | |||||||
Conversion of certain TRS entities to REITs | (5,770 | ) | — | — | ||||||||
Valuation allowance | 404 | (80 | ) | (43,744 | ) | |||||||
Total income tax (benefit)/expense | $ | 25,994 | $ | (8,281 | ) | $ | (21,076 | ) | ||||
As of December 31, 2014, the Company, through our TRS, had federal net operating loss carryovers (“NOL”) of $19.5 million expiring in 2032 through 2033. As of December 31, 2014, the TRS had state NOLs of approximately $57.8 million expiring in 2020 through 2031. Prior to the conversion adjustment, as of December 31, 2014, the Company had a valuation allowance of $1.7 million against its state NOL. During the year ended December 31, 2014, the Company had a net change of $400,000 in the valuation allowance. These attributes are still available to the new REITs, but are carried at a zero effective tax rate. | ||||||||||||
For the year ended December 31, 2014, the Tax benefit/(provision), net increased $7.8 million as compared to 2013. The increase was primarily a result of the Company recognizing a one-time tax benefit of $5.8 million in 2014 related to the conversion of certain taxable REIT subsidiary entities into REITs. Additionally, Gain/(loss) on sale of real estate owned, net of tax included approximately $41.1 million of tax. | ||||||||||||
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. The financial statements reflect expected future tax consequences of income tax positions presuming the taxing authorities’ full knowledge of the tax position and all relevant facts, but without considering time values. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. | ||||||||||||
The Company evaluates our tax position using a two-step process. First, we determine 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. The Company will then determine the amount of benefit to recognize and record the amount of the benefit that is more likely than not to be realized upon ultimate settlement. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in income tax expense. As of December 31, 2014 and 2013, UDR has no material unrecognized income tax benefits/(provisions). | ||||||||||||
The Company files income tax returns in federal and various state and local jurisdictions. With few exceptions, the Company is no longer subject to federal, state and local income tax examination by tax authorities for years prior to 2010. The tax years 2010 through 2013 remain open to examination by the major taxing jurisdictions to which the Company is subject. |
Noncontrolling_Interests
Noncontrolling Interests | 12 Months Ended | |||||||||||
Dec. 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 partner 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 years ended December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Redeemable noncontrolling interests in the Operating Partnership, beginning of year | $ | 217,597 | $ | 223,418 | ||||||||
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership | 73,954 | 3,656 | ||||||||||
Conversion of OP Units to Common Stock | (4,372 | ) | (1,817 | ) | ||||||||
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership | 5,511 | 1,530 | ||||||||||
Distributions to redeemable noncontrolling interests in the Operating Partnership | (10,077 | ) | (9,440 | ) | ||||||||
Allocation of other comprehensive income/(loss) | (133 | ) | 250 | |||||||||
Redeemable noncontrolling interests in the Operating Partnership, end of year | $ | 282,480 | $ | 217,597 | ||||||||
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): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income/(loss) attributable to common stockholders | $ | 150,610 | $ | 41,088 | $ | 203,376 | ||||||
Conversion of OP units to UDR Common Stock | 4,372 | 1,817 | 529 | |||||||||
Change in equity from net income/(loss) attributable to common stockholders and conversion of OP units to UDR Common Stock | $ | 154,982 | $ | 42,905 | $ | 203,905 | ||||||
Noncontrolling Interests | ||||||||||||
Noncontrolling interests represent interests of unrelated partners in certain consolidated affiliates, and is presented as part of equity in the Consolidated Balance Sheets since these interests are not redeemable. During the years ended December 31, 2014, 2013, and 2012, net (income)/loss attributable to noncontrolling interests was $3,000, $60,000, and $(140,000), respectively. | ||||||||||||
During the year ended December 31, 2012, the Company acquired all of the noncontrolling interests in two consolidated affiliates for $4.9 million, one of which owns a 434 apartment home community for $4.0 million and the other is a development project for $900,000. See the “Consolidated Joint Ventures” section of Note 5, Unconsolidated Joint Ventures and Partnerships, for additional information on the consolidated development joint venture. |
Fair_Value_of_Derivatives_and_
Fair Value of Derivatives and Financial Instruments | 12 Months Ended | |||||||||||||||||||
Dec. 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 December 31, 2014 and 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||
Fair Value at December 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at December 31, 2014 | Fair Value Estimate at December 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) | $ | 14,369 | $ | 14,808 | $ | — | $ | — | $ | 14,808 | ||||||||||
Derivatives - Interest rate contracts (b) | 88 | 88 | — | 88 | — | |||||||||||||||
Total assets | $ | 14,457 | $ | 14,896 | $ | — | $ | 88 | $ | 14,808 | ||||||||||
Derivatives - Interest rate contracts (b) | $ | 10,368 | $ | 10,368 | $ | — | $ | 10,368 | $ | — | ||||||||||
Secured debt instruments - fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 401,210 | 415,663 | — | — | 415,663 | |||||||||||||||
Fannie Mae credit facilities | 568,086 | 606,623 | — | — | 606,623 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 31,337 | 31,337 | — | — | 31,337 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 266,196 | 266,196 | — | — | 266,196 | |||||||||||||||
Unsecured debt instruments (c): | ||||||||||||||||||||
Commercial banks | 152,500 | 152,500 | — | — | 152,500 | |||||||||||||||
Senior unsecured notes | 2,069,076 | 2,144,125 | — | — | 2,144,125 | |||||||||||||||
Total liabilities | $ | 3,593,473 | $ | 3,721,512 | $ | — | $ | 10,368 | $ | 3,711,144 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 282,480 | $ | 282,480 | $ | — | $ | 282,480 | $ | — | ||||||||||
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 (Level 3) | ||||||||||||||||||
Assets or | Inputs (Level 2) | |||||||||||||||||||
Liabilities (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 13, Derivatives and Hedging Activity. | |||||||||||||||||||
(c) | See Note 6, Secured Debt and Unsecured Debt. | |||||||||||||||||||
(d) | See Note 11, 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 December 31, 2014 and 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 December 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 years ended December 31, 2014, 2013, and 2012. | ||||||||||||||||||||
After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activity | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt and forecasted issuances of fixed-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2014 the Company recorded a gain of approximately $3,000 from ineffectiveness in earnings attributable to a timing mismatch between the derivative and the hedged item. During the years ended December 31, 2013, and 2012, the Company recorded less than $1,000 of loss from ineffectiveness in earnings attributable to reset date and index mismatches between the derivative and the hedged item, and interest rate swaps with a fair value other than zero at inception of the hedging relationship. | |||||||||||||||||||||||||||||||||||||
Amounts reported in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets relate to derivatives that will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through December 31, 2015, the Company estimates that an additional $5.0 million will be reclassified as an increase to interest expense. | |||||||||||||||||||||||||||||||||||||
As of December 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 | 14 | $ | 365,000 | ||||||||||||||||||||||||||||||||||
Interest rate caps | 3 | $ | 243,079 | ||||||||||||||||||||||||||||||||||
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 $(4,000), $271,000, and $290,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
As of December 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 | 1 | $ | 96,409 | ||||||||||||||||||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||||||||||||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||
(included in Other assets) | (included in Other liabilities) | ||||||||||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 86 | $ | — | $ | 10,368 | $ | 4,965 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 2 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Unrealized holding gain/(loss) Recognized in OCI | Gain/(Loss) Reclassified from Accumulated OCI into | Gain/(Loss) Recognized in Interest expense | ||||||||||||||||||||||||||||||||||
(Effective Portion) | Interest expense | (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Interest rate products | $ | (8,695 | ) | $ | (469 | ) | $ | (4,924 | ) | $ | (4,834 | ) | $ | (6,851 | ) | $ | (7,649 | ) | $ | 3 | $ | — | $ | — | |||||||||||||
Gain/(Loss) Recognized in | |||||||||||||||||||||||||||||||||||||
Interest and other income/(expense), net | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Interest rate products | $ | (4 | ) | $ | 271 | $ | 290 | ||||||||||||||||||||||||||||||
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. At December 31, 2014 and 2013, no cash collateral was posted or required to be posted by the Company or by a counterparty. | |||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||
The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative 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 December 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 $10.6 million. If the Company had breached any of these provisions at December 31, 2014, it would have been required to settle its obligations under the agreements at their termination value of $10.6 million. | |||||||||||||||||||||||||||||||||||||
The 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 December 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 88 | $ | — | $ | 88 | $ | (27 | ) | $ | — | $ | 61 | ||||||||||||||||||||||||
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 of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a) | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Posted | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 10,368 | $ | — | $ | 10,368 | $ | (27 | ) | $ | — | $ | 10,341 | ||||||||||||||||||||||||
December 31, 2013 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | $ | — | $ | 4,965 | |||||||||||||||||||||||||
(a) 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
Commitments and Contingencies | 12 Months Ended | ||||||||||||
Dec. 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 December 31, 2014 (dollars in thousands): | |||||||||||||
Number of | Costs Incurred | Expected Costs | Average Ownership | ||||||||||
Properties | to Date (a) | to Complete (unaudited) | Stake | ||||||||||
Wholly-owned — under development | 1 | $ | 177,632 | (b) | $ | 40,068 | 100 | % | |||||
Wholly-owned — redevelopment | 1 | 83,778 | (b) | 14,222 | 100 | % | |||||||
Joint ventures: | |||||||||||||
Unconsolidated joint ventures | 3 | 225,013 | 172,155 | (c) | Various | ||||||||
Participating loan investments | 1 | 62,707 | (d) | 29,302 | (e) | 0 | % | ||||||
Total | $ | 549,130 | $ | 255,747 | |||||||||
(a) Represents 100% of project costs incurred to date. | |||||||||||||
(b) Costs incurred to date include $14.7 million and $1.8 million of accrued fixed assets for development and redevelopment, respectively. | |||||||||||||
(c) Represents UDR’s contributed and remaining equity commitment in unconsolidated joint ventures. | |||||||||||||
(d) Represents the participating loan balance funded as of December 31, 2014. | |||||||||||||
(e) Represents UDR’s remaining participating loan commitment for Steele Creek. | |||||||||||||
Ground and Other Leases | |||||||||||||
UDR owns six communities which are subject to ground leases expiring between 2019 and 2103. In addition, UDR is a lessee to various operating leases related to office space rented by the Company with expiration dates through 2016. Future minimum lease payments as of December 31, 2014 are as follows (dollars in thousands): | |||||||||||||
Ground | Office Space | ||||||||||||
Leases (a) | |||||||||||||
2015 | $ | 5,412 | $ | 709 | |||||||||
2016 | 5,412 | 124 | |||||||||||
2017 | 5,412 | 76 | |||||||||||
2018 | 5,412 | 76 | |||||||||||
2019 | 5,412 | 76 | |||||||||||
Thereafter | 313,735 | 109 | |||||||||||
Total | $ | 340,795 | $ | 1,170 | |||||||||
(a) | For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. | ||||||||||||
UDR incurred $5.4 million, $5.2 million, $5.1 million of ground rent expense for the years ended December 31, 2014, 2013, and 2012, respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $1.3 million, $1.3 million, $1.1 million of rent expense related to office space for the years ended December 31, 2014, 2013, and 2012, respectively. These costs are included in General and Administrative on the Consolidated Statements of Operations. In February 2015, the Company acquired the office building in Highlands Ranch, Colorado, which housed its corporate offices it had previously leased. See Note 4, Real Estate Owned, for additional details. | |||||||||||||
Contingencies | |||||||||||||
Litigation and Legal Matters | |||||||||||||
The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flow. |
Reportable_Segments
Reportable Segments | 12 Months Ended | |||||||||||
Dec. 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 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 December 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 year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. | |||||||||||
• | Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities, including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. | |||||||||||
Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. | ||||||||||||
All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the years ended December 31, 2014, 2013, and 2012, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reportable apartment home segment rental income | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 245,803 | $ | 231,156 | $ | 218,268 | ||||||
Mid-Atlantic Region | 161,566 | 160,208 | 155,777 | |||||||||
Southeast Region | 107,991 | 102,988 | 97,699 | |||||||||
Northeast Region | 60,796 | 58,075 | 54,461 | |||||||||
Southwest Region | 54,810 | 52,302 | 46,800 | |||||||||
Non-Mature Communities/Other | 174,183 | 150,907 | 171,239 | |||||||||
Total segment and consolidated rental income | $ | 805,149 | $ | 755,636 | $ | 744,244 | ||||||
Reportable apartment home segment NOI | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 178,926 | $ | 166,033 | $ | 154,205 | ||||||
Mid-Atlantic Region | 111,762 | 111,643 | 108,490 | |||||||||
Southeast Region | 71,528 | 67,264 | 63,122 | |||||||||
Northeast Region | 44,897 | 42,350 | 39,377 | |||||||||
Southwest Region | 33,725 | 31,927 | 27,878 | |||||||||
Non-Mature Communities/Other | 115,483 | 94,824 | 111,128 | |||||||||
Total segment and consolidated NOI | 556,321 | 514,041 | 504,200 | |||||||||
Reconciling items: | ||||||||||||
Joint venture management and other fees | 13,044 | 12,442 | 11,911 | |||||||||
Property management | (22,142 | ) | (20,780 | ) | (20,465 | ) | ||||||
Other operating expenses | (8,271 | ) | (7,136 | ) | (5,718 | ) | ||||||
Real estate depreciation and amortization | (358,154 | ) | (341,490 | ) | (350,401 | ) | ||||||
General and administrative | (47,800 | ) | (42,238 | ) | (43,792 | ) | ||||||
Casualty-related recoveries/(charges), net | (541 | ) | 12,253 | (8,495 | ) | |||||||
Other depreciation and amortization | (5,775 | ) | (6,741 | ) | (4,105 | ) | ||||||
Income/(loss) from unconsolidated entities | (7,006 | ) | (415 | ) | (8,579 | ) | ||||||
Interest expense | (130,454 | ) | (126,083 | ) | (138,792 | ) | ||||||
Interest and other income/(expense), net | 11,837 | 4,681 | 2,703 | |||||||||
Tax benefit/(provision), net | 15,136 | 7,299 | 30,282 | |||||||||
Gain/(loss) on sale of real estate owned, net of tax | 143,647 | 40,449 | 251,554 | |||||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | (5,511 | ) | (1,530 | ) | (7,986 | ) | ||||||
Net (income)/loss attributable to noncontrolling interests | 3 | 60 | (140 | ) | ||||||||
Net income/(loss) attributable to UDR, Inc. | $ | 154,334 | $ | 44,812 | $ | 212,177 | ||||||
The following table details the assets of UDR’s reportable segments as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Reportable apartment home segment assets: | ||||||||||||
Same-Store communities: | ||||||||||||
West Region | $ | 2,358,444 | $ | 2,337,980 | ||||||||
Mid-Atlantic Region | 1,410,156 | 1,395,772 | ||||||||||
Southeast Region | 786,438 | 785,134 | ||||||||||
Northeast Region | 746,550 | 738,805 | ||||||||||
Southwest Region | 440,721 | 434,875 | ||||||||||
Non-mature Communities/Other | 2,640,950 | 2,515,411 | ||||||||||
Total segment assets | 8,383,259 | 8,207,977 | ||||||||||
Accumulated depreciation | (2,434,772 | ) | (2,208,794 | ) | ||||||||
Total segment assets — net book value | 5,948,487 | 5,999,183 | ||||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 15,224 | 30,249 | ||||||||||
Restricted cash | 22,340 | 22,796 | ||||||||||
Deferred financing costs, net | 22,686 | 26,924 | ||||||||||
Notes receivable, net | 14,369 | 83,033 | ||||||||||
Investment in and advances to unconsolidated joint ventures, net | 718,226 | 507,655 | ||||||||||
Other assets | 105,202 | 137,882 | ||||||||||
Total consolidated assets | $ | 6,846,534 | $ | 6,807,722 | ||||||||
Capital expenditures related to our Same-Store Communities totaled $55.3 million, $47.5 million, and $46.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $8.1 million, $8.3 million, and $8.7 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||
Markets included in the above geographic segments are as follows: | ||||||||||||
i. | West Region — Orange County, San Francisco, 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. | Southeast Region — Tampa, Orlando, Nashville, and Other Florida | |||||||||||
iv. | Northeast Region — New York and Boston | |||||||||||
v. | Southwest Region — Dallas and Austin |
Hurricane_Related_Charges
Hurricane Related Charges | 12 Months Ended |
Dec. 31, 2014 | |
Hurricane Related Charges [Abstract] | |
Hurricane Related Charges | -RELATED (RECOVERIES)/CHARGES |
In October 2012, Hurricane Sandy hit the East Coast, affecting three of the Company’s operating communities (1,706 apartment homes) located in New York City. The properties suffered some physical damage, and were closed to residents for a period following the hurricane. The Company has insurance policies that provide coverage for property damage and business interruption, subject to applicable retention. | |
Based on the claims filed and management’s estimates, the Company recognized a $9.0 million impairment charge for the damaged assets’ net book value and incurred $10.4 million of repair and cleanup costs during the year ended December 31, 2012. The impairment charge and the repair and cleanup costs incurred were reduced as of December 31, 2012 by $14.5 million of estimated insurance recovery, and were classified in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations. During the year ended December 31, 2013, no material adjustments to the impairment charge and the repair and cleanup costs incurred were recognized. With the exception of one of the properties that is under redevelopment at December 31, 2013, the rehabilitation of the remaining two properties was substantially completed as of December 31, 2013 and was completed during 2014. | |
As of December 31, 2013, the Company had settled the Hurricane Sandy claims and received insurance proceeds in excess of the $14.5 million estimated insurance recovery receivable related to the impairment charge and the repair and cleanup costs incurred. As a result, the Company recognized a Casualty-related recovery of approximately $4.8 million and a casualty gain of approximately $654,000 for the year ended December 31, 2013. Both the recovery and casualty gain were classified in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations. | |
Based on the claims filed and management’s estimates, the Company recognized $4.4 million of business interruption losses for the year ended December 31, 2012, of which $3.6 million were related to rent concession rebates provided to residents during the period the properties were uninhabitable and were classified in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations, and $767,000 were related to rent that was not contractually receivable and were classified as a reduction to Rental income on the Consolidated Statements of Operations. As noted below, the Company recovered from the insurance carrier approximately $4.2 million of the $4.4 million of 2012 business interruption losses. The Company estimates that it incurred an additional $3.4 million of business interruption losses for the year ended December 31, 2013. As noted below, the Company recovered from the insurance carrier approximately $2.6 million of the $3.4 million of 2013 business interruption losses. | |
During the year ended December 31, 2013, the Company received approximately $6.8 million of insurance proceeds for recovery of business interruption losses. Of the $6.8 million of insurance proceeds received in 2013, $4.2 million related to recovery of business interruption losses incurred in 2012 and the remaining $2.6 million related to recovery of business interruption losses incurred in 2013. The $6.8 million of recovery was classified in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations as of December 31, 2013. | |
During the year ended December 31, 2014, the Company recorded $541,000 of casualty-related losses due to property damage incurred during an earthquake and a storm in California, all of which are included in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations. |
Unaudited_Summarized_Consolida
Unaudited Summarized Consolidated Quarterly Financial Data | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | |||||||||||||||
Selected consolidated quarterly financial data for the three and twelve months ended December 31, 2014 and 2013 is summarized in the table below (dollars in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2014 | ||||||||||||||||
Rental income (a) | $ | 194,352 | $ | 200,959 | $ | 203,587 | $ | 206,104 | ||||||||
Income/(loss) from continuing operations | (5,195 | ) | 4,359 | 10,611 | 6,485 | |||||||||||
Income/(loss) from discontinued operations, net of tax | (87 | ) | 18 | 79 | — | |||||||||||
Net income/(loss) attributable to common stockholders | 17,430 | 29,076 | 39,618 | 64,486 | ||||||||||||
Income/(loss) attributable to common stockholders per weighted average common share (b): | ||||||||||||||||
Basic and diluted | $ | 0.07 | $ | 0.12 | $ | 0.16 | $ | 0.25 | ||||||||
Weighted average number of shares outstanding | ||||||||||||||||
Basic | 250,177 | 250,255 | 251,655 | 253,983 | ||||||||||||
Diluted | 251,822 | 252,191 | 253,732 | 256,000 | ||||||||||||
2013 | ||||||||||||||||
Rental income (a) | $ | 181,961 | $ | 186,285 | $ | 187,917 | $ | 190,321 | ||||||||
Income/(loss) from continuing operations | (1,162 | ) | 4,525 | 2,351 | (3,374 | ) | ||||||||||
Income/(loss) from discontinued operations, net of tax | 853 | 829 | 884 | 41,376 | ||||||||||||
Net income/(loss) attributable to common stockholders | (1,199 | ) | 4,261 | 2,257 | 35,769 | |||||||||||
Income/(loss) attributable to common stockholders per weighted average common share (b): | ||||||||||||||||
Basic and diluted | $ | (0.00 | ) | $ | 0.02 | $ | 0.01 | $ | 0.14 | |||||||
Weighted average number of shares outstanding | ||||||||||||||||
Basic | 249,917 | 249,985 | 249,985 | 249,987 | ||||||||||||
Diluted | 249,917 | 251,406 | 251,454 | 249,987 | ||||||||||||
(a) | Represents rental income from continuing operations, excluding amounts classified as discontinued operations. | |||||||||||||||
(b) | Quarterly income/(loss) per share amounts may not total to the annual amounts. |
Consolidation_and_Basis_of_Pre1
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2014 | |
Entity Information [Line Items] | |
CONSOLIDATION AND BASIS OF PRESENTATION | CONSOLIDATION AND BASIS OF PRESENTATION |
Organization and Formation | |
UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities generally 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. At December 31, 2014, our consolidated apartment portfolio consisted of 139 consolidated communities located in 20 markets consisting of 39,851 apartment homes. In addition, the Company has an ownership interest in 10,055 apartment homes through unconsolidated joint ventures. | |
Basis of Presentation | |
The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see the “Consolidated Joint Ventures” section of Note 5, Joint Ventures and Partnerships, for further discussion). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. | |
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 December 31, 2014 and 2013, there were 183,278,698 units in the Operating Partnership outstanding, of which 174,113,225 or 95.0% and 173,959,774 or 94.9%, respectively, were owned by UDR and 9,165,473 or 5.0% and 9,318,924 or 5.1%, respectively, were owned by limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership. | |
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 8, Stockholders’ Equity. | |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
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 years ended December 31, 2014, 2013, and 2012, rental revenues of the Operating Partnership represented 52%, 54%, 54%, respectively, of the General Partner’s consolidated rental revenues (including those classified within discontinued operations). At December 31, 2014, the Operating Partnership’s apartment portfolio consisted of 68 communities located in 17 markets consisting of 20,814 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 December 31, 2014, there were 183,278,698 OP Units outstanding, of which 174,113,225 or 95.0% were owned by UDR and affiliated entities and 9,165,473 or 5.0% were owned by non-affiliated limited partners. There were 183,278,698 OP Units in the Operating Partnership outstanding as of December 31, 2013, 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. | |
As sole general partner of the Operating Partnership, UDR owned 110,883 general partnership interest units or 0.06% of the total OP Units outstanding as of December 31, 2014 and 2013. At December 31, 2014 and 2013, there were 183,167,815 OP Units outstanding, of which 1,873,332 were Class A Limited Partnership OP Units. UDR owned 174,002,342 or 95.0% and 173,848,891 or 94.9% at December 31, 2014 and 2013, respectively. The remaining 9,165,473 or 5.0% and 9,318,924 or 5.1% OP Units outstanding of limited partnership interest were held by non-affiliated partners at December 31, 2014 and 2013, respectively, of which 1,751,671 were Class A Limited Partnership units. See Note 9, Capital Structure. | |
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_Policie1
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Entity Information [Line Items] | |||||||||||
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Recent Accounting Pronouncements | |||||||||||
In April 2014, the Financial Accounting Standards Board (the “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 3, Discontinued Operations. 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. | |||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method, and the standard will be effective for the Company on January 1, 2017; early adoption is not permitted. The Company has not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | |||||||||||
Real Estate | |||||||||||
Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. | |||||||||||
Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. | |||||||||||
UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. | |||||||||||
Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future 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. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. | |||||||||||
For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. | |||||||||||
Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. | |||||||||||
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 years ended December 31, 2014, 2013, and 2012 were $9.0 million, $11.1 million and $10.0 million, respectively. During the years ended December 31, 2014, 2013, and 2012, total interest capitalized was $20.2 million, $29.4 million, and $26.4 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. | |||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. | |||||||||||
Restricted Cash | |||||||||||
Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. | |||||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||
Interest rate at December 31, 2014 | Balance Outstanding | ||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||
Note due June 2014 (a) | $ | — | $ | 40,800 | |||||||
Note due February 2017 (b) | 10 | % | 11,869 | 14,580 | |||||||
Note due July 2017 (c) | 8 | % | 2,500 | 1,400 | |||||||
Note due June 2022 (net of discount of $0 and $247, respectively) (d) | — | 26,253 | |||||||||
Total notes receivable, net | $ | 14,369 | $ | 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 June 2014, the note was paid in full. | |||||||||||
(b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $11.9 million, which bears an interest rate of 10.00% per annum. During the year ended December 31, 2014, the Company loaned an additional $1.2 million and received a payment of $3.9 million in the fourth quarter under this 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 year ended December 31, 2014, the Company loaned an additional $1.1 million 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 (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 bore 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. In July 2014, the Company received proceeds of $36.0 million from the repayment of this note, resulting in a net gain of approximately $8.4 million, which is included in Interest and other income/(expense), net on the Consolidated Statements of Operations. | |||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company recognized $3.4 million, $4.1 million and $2.7 million, respectively, of interest income from these notes receivable, of which $0, $765,000 and $281,000, respectively, were related party interest income. Interest income is included in Interest and other income/(expense), net on the Consolidated Statements of Operations. | |||||||||||
Investment in Joint Ventures and Partnerships | |||||||||||
We use the equity method to account for investments in joint ventures and partnerships that qualify as variable interest entities where we are not the primary beneficiary and entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. | |||||||||||
In determining whether a joint venture or partnership is a variable interest entity, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2014, the Company did not determine any of our joint ventures or partnerships to be variable interest entities. | |||||||||||
We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate 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. 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, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. | |||||||||||
Derivative Financial Instruments | |||||||||||
The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. | |||||||||||
Redeemable Noncontrolling Interests in the Operating Partnership | |||||||||||
Interests in the Operating Partnership held by limited partners are represented by Operating Partnership units (“OP Units”). The income is allocated to holders of OP Units based upon net income available 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 partnership agreement. | |||||||||||
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 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. | |||||||||||
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 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 December 31, 2014 and 2013, UDR’s net deferred tax asset of $7.0 million, which had no valuation allowance, and $32.3 million, net of a valuation allowance of $1.3 million, respectively, was included in Other assets on the Consolidated Balance Sheets. | |||||||||||
Prior to 2012, our TRS had a history of losses and, as a result, historically recognized a valuation allowance for net deferred tax assets. Each quarter, the Company evaluates the need to retain all or a portion of the valuation allowance on its net deferred tax assets. In 2012, the Company determined that it was more likely than not that the deferred tax assets, including any remaining net operating loss carry forward, would be realized. In making this determination, the Company analyzed, among other things, its recent history of earnings from sales of depreciable property, forecasts of future earnings and its cumulative earnings for the last twelve quarters. The reversal of the valuation allowance resulted in an income tax benefit of $44.4 million during the year ended December 31, 2012, $21.5 million of which is reported in continuing operations and included within Tax benefit/(provision), net in the Consolidated Statements of Operations, and $22.9 million of which is included within Income/(loss) from discontinued operations, net of tax in the Consolidated Statements of Operations. | |||||||||||
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. 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 December 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 income tax expense. | |||||||||||
Discontinued Operations | |||||||||||
Prior to the adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the results of operations for those properties sold during the year or classified as held for sale at the end of the current year are classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Company will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Company determines that the property no longer meets the criteria for held for sale, the Company will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). | |||||||||||
Stock-Based Employee Compensation Plans | |||||||||||
The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For performance based awards, the Company remeasures the fair value each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation. For further discussion, see Note 9, Employee Benefit Plans. | |||||||||||
Advertising Costs | |||||||||||
All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item General and administrative. During the years ended December 31, 2014, 2013, and 2012, total advertising expense was $6.0 million, $5.7 million, and $6.2 million, respectively. | |||||||||||
Cost of Raising Capital | |||||||||||
Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. | |||||||||||
Preferred Share Redemption and Repurchases | |||||||||||
During the year ended December 31, 2012, the Company completed the redemption of all outstanding shares of its 6.75% Series G Cumulative Redeemable Preferred Stock. A total of 3,264,362 shares of the Series G Preferred Stock was redeemed at a redemption price of $25 per share in cash, plus accrued and unpaid dividends to the redemption date for a total cost of $82.1 million. | |||||||||||
When redeeming or repurchasing preferred stock, the Company recognizes share issuance costs as a charge to the preferred stock on a pro rata basis to the total costs incurred for the preferred stock as well as any premium or discount on the redemption or repurchase. In connection with the redemption of the Series G Preferred Stock, the Company recognized a (decrease)/increase in net income/(loss) attributable to common stockholders of $(2.8) million for the year ended December 31, 2012, which is reported in Premium on preferred stock redemption or repurchases, 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 years ended December 31, 2014, 2013, and 2012, 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 and marketable securities 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 in the accompanying Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The (gain)/loss on marketable securities reclassified from other comprehensive income/(loss) is included in Interest and other income/(expense), net on the Consolidated Statements of Operations. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2014, 2013, and 2012 was $(133,000), $250,000, and $80,000, respectively. | |||||||||||
Use of Estimates | |||||||||||
The preparation of these financial statements in accordance with 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 financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. | |||||||||||
Market Concentration Risk | |||||||||||
The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2014, the Company held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; Metropolitan D.C.; and New York, New York markets. | |||||||||||
United Dominion Reality L.P. | |||||||||||
Entity Information [Line Items] | |||||||||||
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Recent Accounting Pronouncements | |||||||||||
In April 2014, the FASB issued 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 Operating Partnership elected to early adopt this standard effective January 1, 2014, which had a significant impact on the Operating Partnership’s consolidated financial statements as further discussed in Note 3, Discontinued Operations. Subsequent to the Operating Partnership’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. | |||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method, and the standard will be effective for the Operating Partnership on January 1, 2017; early adoption is not permitted. The Operating Partnership has not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | |||||||||||
Real Estate | |||||||||||
Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. | |||||||||||
Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. | |||||||||||
The Operating Partnership purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Operating Partnership estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. | |||||||||||
Quarterly or when changes in circumstances warrant, the Operating Partnership will assess our real estate properties for indicators of impairment. In determining whether the Operating Partnership has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future 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. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates and capitalization rates, industry trends and reference to market rates and transactions. | |||||||||||
For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. | |||||||||||
Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. | |||||||||||
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 years ended December 31, 2014, 2013, and 2012 were $2.0 million, $2.5 million, and $2.1 million, respectively. During the years ended December 31, 2014, 2013, and 2012, total interest capitalized was $2.9 million, $5.9 million, $3.7 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Operating Partnership ceases capitalization on the related portion and depreciation commences over the estimated useful life. | |||||||||||
Cash and Cash Equivalents | |||||||||||
Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Operating Partnership’s cash and cash equivalents are held at major commercial banks. | |||||||||||
Restricted Cash | |||||||||||
Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. | |||||||||||
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. | |||||||||||
Derivative Financial Instruments | |||||||||||
The General Partner utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments associated with the Operating Partnership’s allocation of the General Partner’s debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partner’s cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. | |||||||||||
Noncontrolling Interests | |||||||||||
The noncontrolling interests represent the General Partner’s interests in certain consolidated subsidiaries and are presented in the capital section of the Consolidated Balance Sheets since these interests are not convertible or redeemable into any other ownership interests of the Operating Partnership. | |||||||||||
During the year ended December 31, 2013, the Operating Partnership corrected an error in the General Partner’s ownership interest in one of the consolidated subsidiaries. The correction increased the General Partner’s ownership interest resulting in a cumulative adjustment increasing Net (income)/loss attributable to noncontrolling interests by $3.3 million on the Consolidated Statements of Operations with a corresponding increase to Noncontrolling interests on the Consolidated Balance Sheets. Management believes the impact of the cumulative adjustment in 2013 is immaterial to the financial statements taken as a whole. | |||||||||||
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 follows the accounting guidance within GAAP, with respect to how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The guidance requires 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) and major 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. | |||||||||||
Discontinued Operations | |||||||||||
Under GAAP, the results of operations for those properties sold during the year or classified as held for sale at the end of the current year are classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Operating Partnership or related parties will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Operating Partnership determines that the property no longer meets the criteria for held for sale, the Operating Partnership will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). | |||||||||||
Allocation of General and Administrative Expenses | |||||||||||
The Operating Partnership is charged directly for general and administrative expenses it incurs. The Operating Partnership is also charged with other general and administrative expenses that have been allocated by the General Partner to each of its subsidiaries, including the Operating Partnership, based on each subsidiary’s pro-rata portion of UDR’s total apartment homes. (See Note 6, Related Party Transactions.) | |||||||||||
Advertising Costs | |||||||||||
All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item General and administrative. During the years ended December 31, 2014, 2013, and 2012, total advertising expense from continuing and discontinued operations was $2.5 million, $2.5 million, and $2.4 million, respectively. | |||||||||||
Comprehensive Income/(Loss) | |||||||||||
Comprehensive income/(loss), which is defined as the change in capital during each period from transactions and other events and circumstances from nonowner sources, including all changes in capital during a period except for those resulting from investments by or distributions to partners, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2014, 2013, and 2012, 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. | |||||||||||
Use of Estimates | |||||||||||
The preparation of these financial statements in accordance with 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 financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. | |||||||||||
Market Concentration Risk | |||||||||||
The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2014, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; San Francisco, California; Metropolitan D.C.; and New York, New York markets. |
Real_Estate_Owned_UNITED_DOMIN
Real Estate Owned (UNITED DOMINION REALTY, L.P.) | 12 Months Ended | |||||||
Dec. 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 sale properties. As of December 31, 2014, the Company owned and consolidated 139 communities in 10 states plus the District of Columbia totaling 39,851 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Land and land improvements | $ | 1,980,221 | $ | 1,847,127 | ||||
Depreciable property — held and used: | ||||||||
Building, improvements, and furniture, fixtures and equipment | 6,225,406 | 5,876,717 | ||||||
Under development: | ||||||||
Land | 24,584 | 110,769 | ||||||
Building, improvements, and furniture, fixtures and equipment | 153,048 | 356,644 | ||||||
Real estate held for disposition: | ||||||||
Land | — | 10,751 | ||||||
Building, improvements, and furniture, fixtures and equipment | — | 5,969 | ||||||
Real estate owned | 8,383,259 | 8,207,977 | ||||||
Accumulated depreciation | (2,434,772 | ) | (2,208,794 | ) | ||||
Real estate owned, net | $ | 5,948,487 | $ | 5,999,183 | ||||
During the year ended December 31, 2014, the Company sold nine communities consisting of a total of 2,500 apartment homes, an adjacent parcel of land, and one operating property for gross proceeds of $328.4 million, resulting in net proceeds of $324.4 million and a total gain, net of tax, of $138.6 million. A portion of the sale proceeds was designated for tax-deferred exchanges under Section 1031 of the Internal Revenue Code and was used to fund acquisitions of real estate as discussed below. | ||||||||
In December 2014, the Company sold a 49% interest in 13th and Market and a 50% interest in 3033 Wilshire to MetLife for approximately $54.2 million and $8.3 million, respectively, and recognized, net of tax, a gain of $7.2 million and a loss of $2.2 million, respectively. Subsequent to the sale, the two communities 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. See further discussion of this transaction in Note 5, Joint Ventures and Partnerships. The activity of the two communities prior to sale is classified as a component of continuing operations on the Consolidated Statements of Operations. | ||||||||
In 2014, the Company acquired a fully-entitled land parcel for future development located in Huntington Beach, California for $77.8 million, two communities, located in Seattle, Washington and Kirkland, Washington, with a total of 358 apartment homes for $45.5 million and $75.2 million, respectively, a land parcel for future development located in Boston, Massachusetts for $32.2 million. The four acquisitions during the year ended December 31, 2014 were accomplished through tax-deferred exchanges under Section 1031 of the Internal Revenue Code. | ||||||||
In June 2013, the Company sold a 50% interest in five partnerships (the “UDR/MetLife Vitruvian Park® Partnerships”) to MetLife for approximately $141.3 million, before transaction costs of $936,000. The properties held by the UDR/MetLife Vitruvian Park® Partnerships are located in Addison, Texas and consist of two operating communities with 739 apartment homes, one recently completed development community in lease-up with 391 apartment homes, and 28.4 acres of developable land parcels. The transaction resulted in a gain of approximately $436,000 which the Company has deferred until the terms of the construction completion guarantee have been met. The UDR/MetLife Vitruvian Park® Partnerships 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. See further discussion of this transaction in Note 5, Joint Ventures and Partnerships. | ||||||||
The operations of the UDR/MetLife Vitruvian Park® Partnerships' assets, prior to the sale of a 50% interest, have been classified as a component of continuing operations on the Consolidated Statements of Operations, as UDR has continuing involvement over the duration of the partnership. | ||||||||
In December 2013, the Company sold a 49% interest to MetLife in the Company’s fully-entitled 399 Fremont land parcel located in San Francisco, California for approximately $29.9 million. In conjunction with the sale, the Company formed a new unconsolidated joint venture, UDR/MetLife 399 Fremont, to develop a $318 million, 447-home, luxury high-rise tower on the site. As the Company recently acquired the 399 Fremont land parcel, the sale price was equivalent to the cost basis resulting in no gain or loss on the transaction. For more information on this transaction see Note 5, Joint Ventures and Partnerships. | ||||||||
In December 2013, the Company became the managing partner of two joint ventures resulting in consolidation of both and increasing the real estate owned by $129.4 million. See Note 5, Joint Ventures and Partnerships, for further details. | ||||||||
The Company incurred $373,000, $59,000 and $2.3 million of acquisition-related costs during the years ended December 31, 2014, 2013, and 2012, respectively. These expenses are reported within the line item General and Administrative on the Consolidated Statements of Operations. | ||||||||
In February 2015, the Company acquired an office building in Highlands Ranch, Colorado, for total consideration of approximately $24.0 million, which was comprised of assumed debt. The Company’s corporate offices, as well as other leased office space, are located in the acquired building. The building consists of approximately 120,000 square feet, of which UDR occupies approximately 44,000 square feet. All existing leases were assumed by the Company at the time of the acquisition. | ||||||||
United Dominion Reality L.P. | ||||||||
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 sale properties. At December 31, 2014, the Operating Partnership owned and consolidated 68 communities in nine states plus the District of Columbia totaling 20,814 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Land | $ | 1,008,014 | $ | 1,004,447 | ||||
Depreciable property — held and used: | ||||||||
Buildings, improvements, and furniture, fixtures and equipment | 3,230,756 | 3,103,970 | ||||||
Under development: | ||||||||
Land | — | 9,447 | ||||||
Construction in progress | — | 70,616 | ||||||
Real estate owned | 4,238,770 | 4,188,480 | ||||||
Accumulated depreciation | (1,403,303 | ) | (1,241,574 | ) | ||||
Real estate owned, net | $ | 2,835,467 | $ | 2,946,906 | ||||
The Operating Partnership had no acquisitions during the years ended December 31, 2014, 2013 and 2012. | ||||||||
During the year ended December 31, 2014, the Operating Partnership sold one community and an adjacent parcel of land in San Diego, California for gross proceeds of $48.7 million, resulting in a $24.4 million gain and net proceeds of $47.9 million. The Operating Partnership also recorded a gain of $39.2 million in connection with the sale of two communities, one in Tampa, Florida and one in Los Angeles, California, which was previously deferred. The total gains of $63.6 million were included in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations. | ||||||||
In November 2013, the Operating Partnership distributed the development property Los Alisos to the General Partner. See Note 6, Related Party Transactions, for more details. |
Discontinued_Operations_UNITED
Discontinued Operations (UNITED DOMINION REALTY, L.P.) (United Dominion Reality L.P.) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
United Dominion Reality L.P. | ||||||||||||
Entity Information [Line Items] | ||||||||||||
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE | |||||||||||
Effective January 1, 2014, UDR, L.P. 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 Operating Partnership’s consolidated financial statements. As a result of adopting the ASU, during the year ended December 31, 2014, gains, net of tax, of $62.5 million from disposition of real estate, excluding a $1.1 million gain related to the sale of land, are 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 Accounting Standards Codification ("ASC") Subtopic 205-20 required, among other things, that the primary assets and liabilities and the results of operations of the Operating Partnership’s real properties that have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR, L.P.’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 December 31, 2014, 2013, and 2012. | ||||||||||||
During the year ended December 31, 2013, the Operating Partnership sold two communities in the Sacramento market with 914 apartment homes for gross proceeds of $81.1 million. During the year ended December 31, 2012, the Operating Partnership sold four communities with 1,314 apartment homes. At December 31, 2014 and 2013, the Operating Partnership had no communities that met the criteria to be classified as held for sale and included in Income/(loss) from discontinued operations on the Consolidated Statements of Operations. | ||||||||||||
During the years ended December 31, 2014, 2013, and 2012, the Operating Partnership recognized net gain/(loss) on the sale of depreciable properties of $0, $41.5 million, and $51.1 million, respectively, in Income/(loss) from discontinued operations on the Consolidated Statements of Operations. | ||||||||||||
The following is a summary of income from discontinued operations for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Rental income | $ | — | $ | 8,989 | $ | 15,745 | ||||||
Rental expenses | — | 3,149 | 5,444 | |||||||||
Property management | — | 247 | 432 | |||||||||
Real estate depreciation | — | 1,935 | 3,320 | |||||||||
Income/(loss) attributable to disposed properties | — | 3,658 | 6,549 | |||||||||
Net gain/(loss) on the sale of depreciable properties | — | 41,518 | 51,094 | |||||||||
Income/(loss) from discontinued operations | $ | — | $ | 45,176 | $ | 57,643 | ||||||
Debt_UNITED_DOMINION_REALTY_LP
Debt (UNITED DOMINION REALTY, L.P.) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||||||
DEBT | SECURED AND UNSECURED DEBT | ||||||||||||||||||||
The following is a summary of our secured and unsecured debt at December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||
Principal Outstanding | For the Year Ended December 31, 2014 | ||||||||||||||||||||
Weighted Average | Weighted Average | Number of Communities | |||||||||||||||||||
December 31, | Interest Rate | Years to Maturity | Encumbered | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Secured Debt: | |||||||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable (a) | $ | 401,210 | $ | 445,706 | 5.46 | % | 1.6 | 6 | |||||||||||||
Fannie Mae credit facilities (b) | 568,086 | 626,667 | 5.12 | % | 4 | 22 | |||||||||||||||
Total fixed rate secured debt | 969,296 | 1,072,373 | 5.26 | % | 3 | 28 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Mortgage notes payable | 31,337 | 63,595 | 1.94 | % | 2.1 | 1 | |||||||||||||||
Tax-exempt secured notes payable (c) | 94,700 | 94,700 | 0.83 | % | 8.2 | 2 | |||||||||||||||
Fannie Mae credit facilities (b) | 266,196 | 211,409 | 1.6 | % | 5.2 | 7 | |||||||||||||||
Total variable rate secured debt | 392,233 | 369,704 | 1.44 | % | 5.7 | 10 | |||||||||||||||
Total Secured Debt | 1,361,529 | 1,442,077 | 4.16 | % | 3.8 | 38 | |||||||||||||||
Unsecured Debt: | |||||||||||||||||||||
Commercial Banks | |||||||||||||||||||||
Borrowings outstanding under an unsecured credit facility due December 2017 (d) (h) | 152,500 | — | 1.09 | % | 2.9 | ||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||
5.13% Medium-Term Notes due January 2014 (e) | — | 184,000 | — | % | — | ||||||||||||||||
5.50% Medium-Term Notes due April 2014 (net of discount of $20) (e) | — | 128,480 | — | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2015 (net of discounts of $6 and $134, respectively) (f) | 325,169 | 325,041 | 5.25 | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2016 | 83,260 | 83,260 | 5.25 | % | 1 | ||||||||||||||||
4.25% Medium-Term Notes due June 2018 (net of discounts of $1,465 and $1,893, respectively) (h) | 298,535 | 298,107 | 4.25 | % | 3.4 | ||||||||||||||||
2.17% Term Notes due June 2018 (h) | 215,000 | 250,000 | 2.17 | % | 3.4 | ||||||||||||||||
1.53% Term Notes due June 2018 (h) | 100,000 | 65,000 | 1.53 | % | 3.4 | ||||||||||||||||
1.31% Term Notes due June 2018 (h) | 35,000 | 35,000 | 1.31 | % | 3.4 | ||||||||||||||||
3.70% Medium-Term Notes due October 2020 (net of discounts of $46 and $54, respectively) (h) | 299,954 | 299,946 | 3.7 | % | 5.8 | ||||||||||||||||
4.63% Medium-Term Notes due January 2022 (net of discounts of $2,523 and $2,882, respectively) (h) | 397,477 | 397,118 | 4.63 | % | 7 | ||||||||||||||||
3.75% Medium-Term Notes due July 2024 (net of discount of $990) (g) (h) | 299,010 | — | 3.75 | % | 9.5 | ||||||||||||||||
8.50% Debentures due September 2024 | 15,644 | 15,644 | 8.5 | % | 9.7 | ||||||||||||||||
Other | 27 | 30 | N/A | N/A | |||||||||||||||||
Total Unsecured Debt | 2,221,576 | 2,081,626 | 3.81 | % | 4.6 | ||||||||||||||||
Total Debt | $ | 3,583,105 | $ | 3,523,703 | 3.94 | % | 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. As of December 31, 2014, secured debt encumbered $2.2 billion or 26.6% of UDR’s total real estate owned based upon gross book value ($6.2 billion or 73.4% of UDR’s real estate owned based on gross book value is unencumbered). | |||||||||||||||||||||
(a) At December 31, 2014, 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%. | |||||||||||||||||||||
The Company will 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. During the years ended December 31, 2014, 2013, and 2012, the Company had $5.1 million, $5.1 million, and $4.9 million, respectively, of amortization expense on the fair market adjustment of debt assumed in acquisition of properties, which was included in Interest expense on the Consolidated Statements of Operations. The unamortized fair market adjustment was a net premium of $6.7 million and $11.8 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
(b) UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $834.3 million at December 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 December 31, 2014, we have $568.1 million of the outstanding balance is fixed at a weighted average interest rate of 5.12% and the remaining balance of $266.2 million on these facilities is currently at a weighted average variable interest rate of 1.60%. | |||||||||||||||||||||
Further information related to these credit facilities is as follows (dollars in thousands): | |||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||
Borrowings outstanding | $ | 834,282 | $ | 838,076 | |||||||||||||||||
Weighted average borrowings during the period ended | 835,873 | 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 | % | 4.1 | % | |||||||||||||||||
(c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature on August 2019 and March 2032. Interest on these notes is payable in monthly installments. The variable mortgage notes have interest rates of 0.78% and 0.93%, respectively, as of December 31, 2014. | |||||||||||||||||||||
(d) The Company has a $900 million unsecured revolving credit facility with a maturity date to December 2017, a six month extension option, and an accordion feature that allows the Company 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 100 basis points and a facility fee of 15 basis points. As of December 31, 2014, the Company had a balance of $152.5 million outstanding under the revolving credit facility. | |||||||||||||||||||||
The following is a summary of short-term bank borrowings under UDR’s bank credit facility at December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Total revolving credit facility | $ | 900,000 | $ | 900,000 | |||||||||||||||||
Borrowings outstanding at end of period (1) | 152,500 | — | |||||||||||||||||||
Weighted average daily borrowings during the period ended | 291,761 | 169,844 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 625,000 | 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 $1.9 million and $2.2 million of letters of credit at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
(e) Paid off at maturity with borrowings under the Company’s $900 million unsecured revolving credit facility. | |||||||||||||||||||||
(f) | In January 2015, we paid off $325.2 million of 5.25% medium-term notes due January 2015 with borrowings under the Company’s $900 million unsecured revolving credit facility. | ||||||||||||||||||||
(g) In June 2014, the Company issued $300 million of 3.750% senior unsecured medium-term notes due July 1, 2024. Interest is payable semi-annually beginning on January 1, 2015. These notes were issued at 99.652% of the principal amount and had a discount of $1.0 million at December 31, 2014. The Company used the net proceeds to pay down borrowings outstanding on our $900 million unsecured credit facility and for general corporate purposes. | |||||||||||||||||||||
(h) The Operating Partnership is a guarantor at December 31, 2014 and 2013. | |||||||||||||||||||||
The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next five years subsequent to December 31, 2014 are as follows (dollars in thousands): | |||||||||||||||||||||
Year | Secured Fixed Rate Debt | Secured Variable Rate Debt | Total Secured Debt | Total Unsecured Debt (a) | Total Debt | ||||||||||||||||
2015 | $ | 196,648 | $ | — | $ | 196,648 | $ | 324,286 | $ | 520,934 | |||||||||||
2016 | 135,167 | 31,337 | 166,504 | 82,377 | 248,881 | ||||||||||||||||
2017 | 177,774 | 65,000 | 242,774 | 152,500 | 395,274 | ||||||||||||||||
2018 | 120,969 | 104,787 | 225,756 | 648,443 | 874,199 | ||||||||||||||||
2019 | 248,738 | 67,700 | 316,438 | — | 316,438 | ||||||||||||||||
Thereafter | 90,000 | 123,409 | 213,409 | 1,013,970 | 1,227,379 | ||||||||||||||||
Total | $ | 969,296 | $ | 392,233 | $ | 1,361,529 | $ | 2,221,576 | $ | 3,583,105 | |||||||||||
(a) With the exception of the 1.31% Term Notes due June 2018 and 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 December 31, 2014. | |||||||||||||||||||||
United Dominion Reality L.P. | |||||||||||||||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||
Principal Outstanding | For the Year Ended December 31, 2014 | ||||||||||||||||||||
December 31, | Weighted Average | Weighted Average | Number of Communities | ||||||||||||||||||
2014 | 2013 | Interest Rate | Years to Maturity | Encumbered | |||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable | $ | 378,371 | $ | 386,803 | 5.47 | % | 1.6 | 5 | |||||||||||||
Fannie Mae credit facilities | 333,828 | 379,003 | 4.9 | % | 4.6 | 10 | |||||||||||||||
Total fixed rate secured debt | 712,199 | 765,806 | 5.2 | % | 3 | 15 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Tax-exempt secured note payable | 27,000 | 27,000 | 0.93 | % | 17.2 | 1 | |||||||||||||||
Fannie Mae credit facilities | 192,760 | 142,059 | 1.83 | % | 6 | 5 | |||||||||||||||
Total variable rate secured debt | 219,760 | 169,059 | 1.72 | % | 7.4 | 6 | |||||||||||||||
Total secured debt | $ | 931,959 | $ | 934,865 | 4.38 | % | 4 | 21 | |||||||||||||
As of December 31, 2014, an aggregate commitment of $526.6 million of the General Partner's secured credit facilities with Fannie Mae was allocated to the Operating Partnership based on the ownership of the assets securing the debt. The entire commitment was outstanding at December 31, 2014. The Fannie Mae credit facilities mature at various dates from May 2017 through July 2023 and bear interest at floating and fixed rates. At December 31, 2014, $333.8 million of the outstanding balance was fixed at a weighted average interest rate of 4.90% and the remaining balance of $192.8 million on these facilities had a weighted average variable interest rate of 1.83%. During 2013, the General Partner reallocated an additional $13.7 million of the Fannie Mae credit facilities to the Operating Partnership. The following is information related to the credit facilities allocated to the Operating Partnership (dollars in thousands): | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Borrowings outstanding | $ | 526,588 | $ | 521,062 | |||||||||||||||||
Weighted average borrowings during the period ended | 527,592 | 522,007 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 528,659 | 523,187 | |||||||||||||||||||
Weighted average interest rate during the period ended | 4.1 | % | 4.2 | % | |||||||||||||||||
Interest rate at the end of the period | 4 | % | 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 $6.2 million and $10.0 million at December 31, 2014 and 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 December 31, 2014, the General Partner had borrowings against its fixed rate facilities of $568.1 million, of which $333.8 million was allocated to the Operating Partnership based on the ownership of the assets securing the debt. As of December 31, 2014, the fixed rate Fannie Mae credit facilities allocated to the Operating Partnership had a weighted average fixed interest rate of 4.90%. | |||||||||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Tax-exempt secured note payable. The variable rate mortgage note payable that secures tax-exempt housing bond issues matures in March 2032. Interest on this note is payable in monthly installments. The mortgage note payable has an interest rate of 0.93% as of December 31, 2014. | |||||||||||||||||||||
Secured credit facilities. At December 31, 2014, the General Partner had borrowings against its variable rate facilities of $266.2 million, of which $192.8 million was allocated to the Operating Partnership based on the ownership of the assets securing the debt. As of December 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 1.83%. | |||||||||||||||||||||
The aggregate maturities of the Operating Partnership’s secured debt due during each of the next five calendar years subsequent to December 31, 2014 are as follows (dollars in thousands): | |||||||||||||||||||||
Fixed | Variable | ||||||||||||||||||||
Mortgage | Secured Credit | Tax-Exempt | Secured Credit | Total | |||||||||||||||||
Notes Payable | Facilities | Secured Notes Payable | Facilities | ||||||||||||||||||
2015 | $ | 192,637 | $ | 366 | $ | — | $ | — | $ | 193,003 | |||||||||||
2016 | 130,951 | 385 | — | — | 131,336 | ||||||||||||||||
2017 | 913 | 15,640 | — | 6,566 | 23,119 | ||||||||||||||||
2018 | 968 | 111,052 | — | 96,974 | 208,994 | ||||||||||||||||
2019 | 52,902 | 123,096 | — | — | 175,998 | ||||||||||||||||
Thereafter | — | 83,289 | 27,000 | 89,220 | 199,509 | ||||||||||||||||
Total | $ | 378,371 | $ | 333,828 | $ | 27,000 | $ | 192,760 | $ | 931,959 | |||||||||||
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, $400 million of medium-term notes due January 2022, and $300 million of medium-term notes due July 2024. As of December 31, 2014, there were $152.5 million outstanding borrowings under the unsecured credit facility. As of December 31, 2013, there was no outstanding balance under the unsecured credit facility. |
Related_Party_Transactions_UNI
Related Party Transactions (UNITED DOMINION REALTY, L.P.) (United Dominion Reality L.P.) | 12 Months Ended |
Dec. 31, 2014 | |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS |
Advances (To)/From the General Partner | |
The Operating Partnership participates in the General Partner’s central cash management program, wherein all the Operating Partnership’s cash receipts are remitted to the General Partner and all cash disbursements are funded by the General Partner. In addition, other miscellaneous costs such as administrative expenses are incurred by the General Partner on behalf of the Operating Partnership. As a result of these various transactions between the Operating Partnership and the General Partner, the Operating Partnership had net advances (to)/from the General Partner of $13.6 million and $(9.9) million at December 31, 2014 and 2013, respectively, which is reflected as an increase/(reduction) of capital 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 years ended December 31, 2014, 2013, and 2012, the general and administrative expenses allocated to the Operating Partnership by UDR were $27.4 million, $23.5 million, and $25.2 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 years ended December 31, 2014, 2013, and 2012, the Operating Partnership incurred $12.7 million, $12.3 million, and $11.9 million, respectively, of related party management fees related to a management agreement entered into in 2011 with wholly-owned subsidiaries of our TRS. (See further discussion in paragraph below.) These related party management fees are initially recorded within the line item General and administrative on the Consolidated Statements of Operations, and a portion related to management fees charged by the 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 our TRS. Under the management agreement, the Operating Partnership is charged a management fee equal to 2.75% of gross rental revenues, which is reported in Property management on the Consolidated Statements of Operations. | |
Guaranties by the General Partner | |
The Operating Partnership provided a “bottom dollar” guaranty to certain limited partners as part of their original contribution to the Operating Partnership. The guaranty protects the tax basis of the underlying contribution and is reflected on the OP unitholder’s Schedule K-1 tax form. The guaranty was made in the form of a note payable issued by the Operating Partnership to the General Partner at an annual interest rate of 5.18% for the years ended December 31, 2014 and 2013, respectively. On December 31, 2013, the note was renewed at an annual interest rate of 5.18%. Interest payments are made monthly and the renewed note is due December 31, 2023. At December 31, 2014 and 2013, the note payable due to the General Partner was $83.2 million, respectively. | |
In 2011, the Operating Partnership also provided a “bottom dollar” guaranty in conjunction with 1,802,239 OP Units issued in partial consideration to the seller for the acquisition of an operating community. The guaranty was made in the form of a note payable issued by the Operating Partnership to the General Partner at an annual interest rate of 5.34%. Interest payments are due monthly and the note matures on August 31, 2021. At December 31, 2014 and 2013, the note payable due to the General Partner was $5.5 million. | |
In November 2013, the Operating Partnership distributed the development property Los Alisos to the General Partner as a capital distribution. Upon the distribution of the property, the Operating Partnership redeemed 1,002,556 limited partnership units owned by UDR and affiliated entities and reduced its receivable from the General Partner by $53.7 million, resulting in a net capital reduction of $77.0 million. |
Fair_Value_of_Derivatives_and_1
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) | 12 Months Ended | |||||||||||||||||||
Dec. 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 December 31, 2014 and 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||
Fair Value at December 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at December 31, 2014 | Fair Value Estimate at December 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) | $ | 14,369 | $ | 14,808 | $ | — | $ | — | $ | 14,808 | ||||||||||
Derivatives - Interest rate contracts (b) | 88 | 88 | — | 88 | — | |||||||||||||||
Total assets | $ | 14,457 | $ | 14,896 | $ | — | $ | 88 | $ | 14,808 | ||||||||||
Derivatives - Interest rate contracts (b) | $ | 10,368 | $ | 10,368 | $ | — | $ | 10,368 | $ | — | ||||||||||
Secured debt instruments - fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 401,210 | 415,663 | — | — | 415,663 | |||||||||||||||
Fannie Mae credit facilities | 568,086 | 606,623 | — | — | 606,623 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 31,337 | 31,337 | — | — | 31,337 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 266,196 | 266,196 | — | — | 266,196 | |||||||||||||||
Unsecured debt instruments (c): | ||||||||||||||||||||
Commercial banks | 152,500 | 152,500 | — | — | 152,500 | |||||||||||||||
Senior unsecured notes | 2,069,076 | 2,144,125 | — | — | 2,144,125 | |||||||||||||||
Total liabilities | $ | 3,593,473 | $ | 3,721,512 | $ | — | $ | 10,368 | $ | 3,711,144 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 282,480 | $ | 282,480 | $ | — | $ | 282,480 | $ | — | ||||||||||
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 (Level 3) | ||||||||||||||||||
Assets or | Inputs (Level 2) | |||||||||||||||||||
Liabilities (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 13, Derivatives and Hedging Activity. | |||||||||||||||||||
(c) | See Note 6, Secured Debt and Unsecured Debt. | |||||||||||||||||||
(d) | See Note 11, 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 December 31, 2014 and 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 December 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 years ended December 31, 2014, 2013, and 2012. | ||||||||||||||||||||
After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates. | ||||||||||||||||||||
United Dominion Reality L.P. | ||||||||||||||||||||
Entity Information [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 December 31, 2014 and 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||
Fair Value at December 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at | Fair Value Estimate at | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||||||
Assets or | (Level 2) | (Level 3) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
December 31, 2014 | December 31, 2014 | (Level 1) | ||||||||||||||||||
Description: | ||||||||||||||||||||
Derivatives- Interest rate contracts (a) | $ | 39 | $ | 39 | $ | — | $ | 39 | $ | — | ||||||||||
Total assets | $ | 39 | $ | 39 | $ | — | $ | 39 | $ | — | ||||||||||
Derivatives - Interest rate contracts (a) | $ | 918 | $ | 918 | $ | — | $ | 918 | $ | — | ||||||||||
Secured debt instruments - fixed rate: (b) | ||||||||||||||||||||
Mortgage notes payable | 378,371 | 391,835 | — | — | 391,835 | |||||||||||||||
Fannie Mae credit facilities | 333,828 | 355,470 | — | — | 355,470 | |||||||||||||||
Secured debt instruments - variable rate: (b) | ||||||||||||||||||||
Tax-exempt secured notes payable | 27,000 | 27,000 | — | — | 27,000 | |||||||||||||||
Fannie Mae credit facilities | 192,760 | 192,760 | — | — | 192,760 | |||||||||||||||
Total liabilities | $ | 932,877 | $ | 967,983 | $ | — | $ | 918 | $ | 967,065 | ||||||||||
Fair Value at December 31, 2013, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at | Fair Value Estimate at | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||||||
Assets or | (Level 2) | (Level 3) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
December 31, 2013 | December 31, 2013 | (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. | |||||||||||||||||||
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 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 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 December 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 December 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. | ||||||||||||||||||||
The General Partner estimates the fair value of our 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 (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_Activi1
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 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 years ended December 31, 2014, 2013, and 2012, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt and forecasted issuances of fixed-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2014 the Company recorded a gain of approximately $3,000 from ineffectiveness in earnings attributable to a timing mismatch between the derivative and the hedged item. During the years ended December 31, 2013, and 2012, the Company recorded less than $1,000 of loss from ineffectiveness in earnings attributable to reset date and index mismatches between the derivative and the hedged item, and interest rate swaps with a fair value other than zero at inception of the hedging relationship. | |||||||||||||||||||||||||||||||||||||
Amounts reported in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets relate to derivatives that will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through December 31, 2015, the Company estimates that an additional $5.0 million will be reclassified as an increase to interest expense. | |||||||||||||||||||||||||||||||||||||
As of December 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 | 14 | $ | 365,000 | ||||||||||||||||||||||||||||||||||
Interest rate caps | 3 | $ | 243,079 | ||||||||||||||||||||||||||||||||||
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 $(4,000), $271,000, and $290,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
As of December 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 | 1 | $ | 96,409 | ||||||||||||||||||||||||||||||||||
Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet | |||||||||||||||||||||||||||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||
(included in Other assets) | (included in Other liabilities) | ||||||||||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 86 | $ | — | $ | 10,368 | $ | 4,965 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 2 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Unrealized holding gain/(loss) Recognized in OCI | Gain/(Loss) Reclassified from Accumulated OCI into | Gain/(Loss) Recognized in Interest expense | ||||||||||||||||||||||||||||||||||
(Effective Portion) | Interest expense | (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Interest rate products | $ | (8,695 | ) | $ | (469 | ) | $ | (4,924 | ) | $ | (4,834 | ) | $ | (6,851 | ) | $ | (7,649 | ) | $ | 3 | $ | — | $ | — | |||||||||||||
Gain/(Loss) Recognized in | |||||||||||||||||||||||||||||||||||||
Interest and other income/(expense), net | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Interest rate products | $ | (4 | ) | $ | 271 | $ | 290 | ||||||||||||||||||||||||||||||
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. At December 31, 2014 and 2013, no cash collateral was posted or required to be posted by the Company or by a counterparty. | |||||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||||
The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative 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 December 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 $10.6 million. If the Company had breached any of these provisions at December 31, 2014, it would have been required to settle its obligations under the agreements at their termination value of $10.6 million. | |||||||||||||||||||||||||||||||||||||
The 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 December 31, 2014 and December 31, 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 88 | $ | — | $ | 88 | $ | (27 | ) | $ | — | $ | 61 | ||||||||||||||||||||||||
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 of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a) | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Posted | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 10,368 | $ | — | $ | 10,368 | $ | (27 | ) | $ | — | $ | 10,341 | ||||||||||||||||||||||||
December 31, 2013 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | $ | — | $ | 4,965 | |||||||||||||||||||||||||
(a) 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. | |||||||||||||||||||||||||||||||||||||
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 loss in the Consolidated Balance Sheets, and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2014, 2013, and 2012, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt and forecasted issuances of fixed-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the years ended December 31, 2014, 2013, and 2012, the Operating Partnership recorded less than $1,000 of ineffectiveness in earnings attributable to reset date and index mismatches between the derivative and the hedged item. | |||||||||||||||||||||||||||||||||||||
Amounts reported in Accumulated other comprehensive loss 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 December 31, 2015, we estimate that an additional $946,000 will be reclassified as an increase to interest expense. | |||||||||||||||||||||||||||||||||||||
As of December 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 | 1 | $ | 46,272 | ||||||||||||||||||||||||||||||||||
Interest rate caps | 2 | $ | 166,341 | ||||||||||||||||||||||||||||||||||
Derivatives not designated as hedges are not speculative and are used to manage the Operating Partnership’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in losses of $3,000, $9,000, and $9,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
As of December 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 | $ | 89,220 | ||||||||||||||||||||||||||||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||
(included in Other assets) | (Included in Other liabilities) | ||||||||||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 37 | $ | — | $ | 918 | $ | 2,731 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 2 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | |||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Unrealized holding gain/(loss) Recognized in OCI | Gain/(Loss) Reclassified from Accumulated OCI into | |||||||||||||||||||||||||||||||||||
(Effective Portion) | Interest expense | ||||||||||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Interest rate products | $ | (285 | ) | $ | (348 | ) | ($1,898) | $ | (2,275 | ) | $ | (2,652 | ) | $ | (3,431 | ) | |||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Gain/(Loss) Recognized in | ||||||||||||||||||||||||||||||||||||
Interest and other income/(expense), net | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Interest rate products | $ | (3 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||||||||||||||||||
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 December 31, 2014 and 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. | |||||||||||||||||||||||||||||||||||||
As of December 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 $969,000. If the General Partner had breached any of these provisions at December 31, 2014, it would have been required to settle its obligations under the agreements at their termination value of $969,000. | |||||||||||||||||||||||||||||||||||||
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 December 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 | ||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 39 | $ | — | $ | 39 | $ | — | $ | — | $ | 39 | |||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 918 | $ | — | $ | 918 | $ | — | $ | — | $ | 918 | |||||||||||||||||||||||||
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. |
Capital_Structure_UNITED_DOMIN
Capital Structure (UNITED DOMINION REALTY, L.P.) (United Dominion Reality L.P.) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
United Dominion Reality L.P. | |||||||||||||||
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 Limited Partnership Units. There were 110,883 General Partnership units outstanding at December 31, 2014 and 2013, all of which were held by UDR. | |||||||||||||||
Limited Partnership Units | |||||||||||||||
At December 31, 2014 and 2013, there were 183,167,815 limited partnership units outstanding, of which 1,873,332 were Class A Limited Partnership Units. UDR owned 174,002,342 limited partnership units or 95.0% and 173,848,891 limited partnership units or 94.9% at December 31, 2014 and 2013, respectively. The remaining 9,165,473 or 5.0% and 9,318,924 or 5.1% OP Units outstanding were held by non-affiliated partners at December 31, 2014 and 2013, respectively, 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 $282.5 million and $217.6 million as of December 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 Limited Partnership Units have a cumulative, annual, non-compounded preferred return, which is equal to 8% based on a value of $16.61 per Class A Limited Partnership Unit. | |||||||||||||||
Holders of the Class A Limited Partnership Units exclusively possess certain voting rights. The Operating Partnership may not do the following without approval of the holders of the Class A Limited Partnership Units: (i) increase the authorized or issued amount of Class A Limited Partnership Units, (ii) reclassify any other partnership interest into Class A Limited Partnership Units, (iii) create, authorize or issue any obligations or security convertible into or the right to purchase any Class of Limited Partnership units, without the approval of the holders of the Class A Limited 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 Limited Partnership Units. | |||||||||||||||
The following table shows OP Units outstanding and OP Unit activity as of and for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||
UDR, Inc. | |||||||||||||||
Class A Limited | Limited | Limited | General | Total | |||||||||||
Partner | Partners | Partner | Partner | ||||||||||||
Ending balance at December 31, 2011 | 1,751,671 | 7,669,632 | 174,749,068 | 110,883 | 184,281,254 | ||||||||||
OP redemptions for cash | — | (5,646 | ) | 5,646 | — | — | |||||||||
OP redemptions for UDR stock | — | (20,438 | ) | 20,438 | — | — | |||||||||
Ending balance at December 31, 2012 | 1,751,671 | 7,643,548 | 174,775,152 | 110,883 | 184,281,254 | ||||||||||
OP Units redeemed for the distribution of real estate to the General partner (a) | — | — | (1,002,556 | ) | — | (1,002,556 | ) | ||||||||
OP redemptions for UDR stock | — | (76,295 | ) | 76,295 | — | — | |||||||||
Ending balance at December 31, 2013 | 1,751,671 | 7,567,253 | 173,848,891 | 110,883 | 183,278,698 | ||||||||||
OP redemptions for UDR stock | — | (153,451 | ) | 153,451 | — | — | |||||||||
Ending balance at December 31, 2014 | 1,751,671 | 7,413,802 | 174,002,342 | 110,883 | 183,278,698 | ||||||||||
(a) In November 2013, the Operating Partnership distributed the development property Los Alisos to the General Partner as a capital distribution. Upon the distribution of the property, the Operating Partnership redeemed 1,002,556 limited partnership units owned by UDR and affiliated entities, resulting in a capital reduction of $23.3 million. | |||||||||||||||
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 (UNITED DOMINION REALTY, L.P.) | 12 Months Ended | ||||||||||||
Dec. 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 December 31, 2014 (dollars in thousands): | |||||||||||||
Number of | Costs Incurred | Expected Costs | Average Ownership | ||||||||||
Properties | to Date (a) | to Complete (unaudited) | Stake | ||||||||||
Wholly-owned — under development | 1 | $ | 177,632 | (b) | $ | 40,068 | 100 | % | |||||
Wholly-owned — redevelopment | 1 | 83,778 | (b) | 14,222 | 100 | % | |||||||
Joint ventures: | |||||||||||||
Unconsolidated joint ventures | 3 | 225,013 | 172,155 | (c) | Various | ||||||||
Participating loan investments | 1 | 62,707 | (d) | 29,302 | (e) | 0 | % | ||||||
Total | $ | 549,130 | $ | 255,747 | |||||||||
(a) Represents 100% of project costs incurred to date. | |||||||||||||
(b) Costs incurred to date include $14.7 million and $1.8 million of accrued fixed assets for development and redevelopment, respectively. | |||||||||||||
(c) Represents UDR’s contributed and remaining equity commitment in unconsolidated joint ventures. | |||||||||||||
(d) Represents the participating loan balance funded as of December 31, 2014. | |||||||||||||
(e) Represents UDR’s remaining participating loan commitment for Steele Creek. | |||||||||||||
Ground and Other Leases | |||||||||||||
UDR owns six communities which are subject to ground leases expiring between 2019 and 2103. In addition, UDR is a lessee to various operating leases related to office space rented by the Company with expiration dates through 2016. Future minimum lease payments as of December 31, 2014 are as follows (dollars in thousands): | |||||||||||||
Ground | Office Space | ||||||||||||
Leases (a) | |||||||||||||
2015 | $ | 5,412 | $ | 709 | |||||||||
2016 | 5,412 | 124 | |||||||||||
2017 | 5,412 | 76 | |||||||||||
2018 | 5,412 | 76 | |||||||||||
2019 | 5,412 | 76 | |||||||||||
Thereafter | 313,735 | 109 | |||||||||||
Total | $ | 340,795 | $ | 1,170 | |||||||||
(a) | For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. | ||||||||||||
UDR incurred $5.4 million, $5.2 million, $5.1 million of ground rent expense for the years ended December 31, 2014, 2013, and 2012, respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $1.3 million, $1.3 million, $1.1 million of rent expense related to office space for the years ended December 31, 2014, 2013, and 2012, respectively. These costs are included in General and Administrative on the Consolidated Statements of Operations. In February 2015, the Company acquired the office building in Highlands Ranch, Colorado, which housed its corporate offices it had previously leased. See Note 4, Real Estate Owned, for additional details. | |||||||||||||
Contingencies | |||||||||||||
Litigation and Legal Matters | |||||||||||||
The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flow. | |||||||||||||
United Dominion Reality L.P. | |||||||||||||
Entity Information [Line Items] | |||||||||||||
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES | ||||||||||||
Commitments | |||||||||||||
Ground Leases | |||||||||||||
The Operating Partnership owns five communities, which are subject to ground leases expiring between 2019 and 2103. Future minimum lease payments as of December 31, 2014 are $5.3 million for each of the years ending December 31, 2014 to 2018, and a total of $313.6 million for years thereafter. For purposes of our ground lease contracts, the Operating Partnership uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Operating Partnership uses the current rent over the remainder of the lease term. | |||||||||||||
The Operating Partnership incurred $5.3 million, $5.1 million, and $5.0 million of ground rent expense for the years ended December 31, 2014, 2013, and 2012, 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_UNITED_DOM
Reportable Segments (UNITED DOMINION REALTY, L.P.) | 12 Months Ended | |||||||||||
Dec. 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 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 December 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 year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. | |||||||||||
• | Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities, including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. | |||||||||||
Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. | ||||||||||||
All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the years ended December 31, 2014, 2013, and 2012, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reportable apartment home segment rental income | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 245,803 | $ | 231,156 | $ | 218,268 | ||||||
Mid-Atlantic Region | 161,566 | 160,208 | 155,777 | |||||||||
Southeast Region | 107,991 | 102,988 | 97,699 | |||||||||
Northeast Region | 60,796 | 58,075 | 54,461 | |||||||||
Southwest Region | 54,810 | 52,302 | 46,800 | |||||||||
Non-Mature Communities/Other | 174,183 | 150,907 | 171,239 | |||||||||
Total segment and consolidated rental income | $ | 805,149 | $ | 755,636 | $ | 744,244 | ||||||
Reportable apartment home segment NOI | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 178,926 | $ | 166,033 | $ | 154,205 | ||||||
Mid-Atlantic Region | 111,762 | 111,643 | 108,490 | |||||||||
Southeast Region | 71,528 | 67,264 | 63,122 | |||||||||
Northeast Region | 44,897 | 42,350 | 39,377 | |||||||||
Southwest Region | 33,725 | 31,927 | 27,878 | |||||||||
Non-Mature Communities/Other | 115,483 | 94,824 | 111,128 | |||||||||
Total segment and consolidated NOI | 556,321 | 514,041 | 504,200 | |||||||||
Reconciling items: | ||||||||||||
Joint venture management and other fees | 13,044 | 12,442 | 11,911 | |||||||||
Property management | (22,142 | ) | (20,780 | ) | (20,465 | ) | ||||||
Other operating expenses | (8,271 | ) | (7,136 | ) | (5,718 | ) | ||||||
Real estate depreciation and amortization | (358,154 | ) | (341,490 | ) | (350,401 | ) | ||||||
General and administrative | (47,800 | ) | (42,238 | ) | (43,792 | ) | ||||||
Casualty-related recoveries/(charges), net | (541 | ) | 12,253 | (8,495 | ) | |||||||
Other depreciation and amortization | (5,775 | ) | (6,741 | ) | (4,105 | ) | ||||||
Income/(loss) from unconsolidated entities | (7,006 | ) | (415 | ) | (8,579 | ) | ||||||
Interest expense | (130,454 | ) | (126,083 | ) | (138,792 | ) | ||||||
Interest and other income/(expense), net | 11,837 | 4,681 | 2,703 | |||||||||
Tax benefit/(provision), net | 15,136 | 7,299 | 30,282 | |||||||||
Gain/(loss) on sale of real estate owned, net of tax | 143,647 | 40,449 | 251,554 | |||||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | (5,511 | ) | (1,530 | ) | (7,986 | ) | ||||||
Net (income)/loss attributable to noncontrolling interests | 3 | 60 | (140 | ) | ||||||||
Net income/(loss) attributable to UDR, Inc. | $ | 154,334 | $ | 44,812 | $ | 212,177 | ||||||
The following table details the assets of UDR’s reportable segments as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Reportable apartment home segment assets: | ||||||||||||
Same-Store communities: | ||||||||||||
West Region | $ | 2,358,444 | $ | 2,337,980 | ||||||||
Mid-Atlantic Region | 1,410,156 | 1,395,772 | ||||||||||
Southeast Region | 786,438 | 785,134 | ||||||||||
Northeast Region | 746,550 | 738,805 | ||||||||||
Southwest Region | 440,721 | 434,875 | ||||||||||
Non-mature Communities/Other | 2,640,950 | 2,515,411 | ||||||||||
Total segment assets | 8,383,259 | 8,207,977 | ||||||||||
Accumulated depreciation | (2,434,772 | ) | (2,208,794 | ) | ||||||||
Total segment assets — net book value | 5,948,487 | 5,999,183 | ||||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 15,224 | 30,249 | ||||||||||
Restricted cash | 22,340 | 22,796 | ||||||||||
Deferred financing costs, net | 22,686 | 26,924 | ||||||||||
Notes receivable, net | 14,369 | 83,033 | ||||||||||
Investment in and advances to unconsolidated joint ventures, net | 718,226 | 507,655 | ||||||||||
Other assets | 105,202 | 137,882 | ||||||||||
Total consolidated assets | $ | 6,846,534 | $ | 6,807,722 | ||||||||
Capital expenditures related to our Same-Store Communities totaled $55.3 million, $47.5 million, and $46.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $8.1 million, $8.3 million, and $8.7 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||
Markets included in the above geographic segments are as follows: | ||||||||||||
i. | West Region — Orange County, San Francisco, 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. | Southeast Region — Tampa, Orlando, Nashville, and Other Florida | |||||||||||
iv. | Northeast Region — New York and Boston | |||||||||||
v. | Southwest Region — Dallas and Austin | |||||||||||
United Dominion Reality L.P. | ||||||||||||
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 NOI, and are included in the chief operating decision maker’s assessment of UDR’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/Other communities: | ||||||||||||
• | Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2013 and held as of December 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 year, there is no plan to conduct substantial redevelopment activities, and the communities are not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. | |||||||||||
• | Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities, including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. | |||||||||||
Management of the General Partner evaluates the performance of each of the Operating Partnership's apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Operating Partnership’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. | ||||||||||||
All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of the Operating Partnership’s total revenues during the years ended December 31, 2014, 2013, and 2012. | ||||||||||||
The following table details rental income and NOI from continuing and discontinued operations for the Operating Partnership’s reportable segments for the years ended December 31, 2014, 2013, and 2012, and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reportable apartment home segment rental income | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 194,105 | $ | 181,935 | $ | 172,096 | ||||||
Mid-Atlantic Region | 68,822 | 68,205 | 66,487 | |||||||||
Northeast Region | 38,087 | 36,623 | 34,579 | |||||||||
Southeast Region | 45,224 | 43,208 | 40,771 | |||||||||
Southwest Region | 26,580 | 25,614 | 23,980 | |||||||||
Non-Mature Communities/Other | 49,816 | 55,257 | 62,778 | |||||||||
Total segment and consolidated rental income | $ | 422,634 | $ | 410,842 | $ | 400,691 | ||||||
Reportable apartment home segment NOI | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 142,388 | $ | 131,276 | $ | 122,477 | ||||||
Mid-Atlantic Region | 46,639 | 46,770 | 45,801 | |||||||||
Northeast Region | 28,930 | 27,149 | 25,653 | |||||||||
Southeast Region | 29,815 | 28,105 | 26,510 | |||||||||
Southwest Region | 16,821 | 16,057 | 14,738 | |||||||||
Non-Mature Communities/Other | 35,720 | 38,178 | 46,359 | |||||||||
Total segment and consolidated NOI | 300,313 | 287,535 | 281,538 | |||||||||
Reconciling items: | ||||||||||||
Property management | (11,622 | ) | (11,298 | ) | (11,019 | ) | ||||||
Other operating expenses | (5,172 | ) | (5,728 | ) | (5,272 | ) | ||||||
Real estate depreciation and amortization | (179,176 | ) | (181,302 | ) | (195,051 | ) | ||||||
General and administrative | (28,541 | ) | (24,808 | ) | (26,204 | ) | ||||||
Casualty-related recoveries/(charges), net | (541 | ) | 8,083 | (5,518 | ) | |||||||
Interest expense | (41,717 | ) | (36,058 | ) | (45,234 | ) | ||||||
Gain/(loss) on sale of real estate owned, net of tax | 63,635 | 41,518 | 51,094 | |||||||||
Net income/(loss) attributable to noncontrolling interests | (952 | ) | (4,566 | ) | (352 | ) | ||||||
Net income/(loss) attributable to OP unitholders | $ | 96,227 | $ | 73,376 | $ | 43,982 | ||||||
The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||
December 31, | December 31, 2013 | |||||||||||
2014 | ||||||||||||
Reportable apartment home segment assets | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 1,749,494 | $ | 1,733,144 | ||||||||
Mid-Atlantic Region | 713,093 | 706,447 | ||||||||||
Northeast Region | 447,269 | 443,483 | ||||||||||
Southeast Region | 333,428 | 328,150 | ||||||||||
Southwest Region | 228,996 | 226,252 | ||||||||||
Non-Mature Communities/Other | 766,490 | 751,004 | ||||||||||
Total segment assets | 4,238,770 | 4,188,480 | ||||||||||
Accumulated depreciation | (1,403,303 | ) | (1,241,574 | ) | ||||||||
Total segment assets - net book value | 2,835,467 | 2,946,906 | ||||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 502 | 1,897 | ||||||||||
Restricted cash | 13,811 | 13,526 | ||||||||||
Deferred financing costs, net | 4,475 | 5,848 | ||||||||||
Other assets | 24,029 | 25,064 | ||||||||||
Total consolidated assets | $ | 2,878,284 | $ | 2,993,241 | ||||||||
Capital expenditures related to the Operating Partnership’s Same-Store Communities totaled $32.8 million and $25.8 million for the years ended December 31, 2014 and 2013, respectively. Capital expenditures related to the Operating Partnership’s Non-Mature Communities/Other totaled $1.0 million and $2.0 million for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||
Markets included in the above geographic segments are as follows: | ||||||||||||
i. | West Region — Orange County, San Francisco, Monterey Peninsula, Los Angeles, Seattle, Inland Empire, Portland, and San Diego | |||||||||||
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 |
Hurricane_Related_Charges_UNIT
Hurricane Related Charges (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2014 | |
Entity Information [Line Items] | |
Hurricane Related Charges | -RELATED (RECOVERIES)/CHARGES |
In October 2012, Hurricane Sandy hit the East Coast, affecting three of the Company’s operating communities (1,706 apartment homes) located in New York City. The properties suffered some physical damage, and were closed to residents for a period following the hurricane. The Company has insurance policies that provide coverage for property damage and business interruption, subject to applicable retention. | |
Based on the claims filed and management’s estimates, the Company recognized a $9.0 million impairment charge for the damaged assets’ net book value and incurred $10.4 million of repair and cleanup costs during the year ended December 31, 2012. The impairment charge and the repair and cleanup costs incurred were reduced as of December 31, 2012 by $14.5 million of estimated insurance recovery, and were classified in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations. During the year ended December 31, 2013, no material adjustments to the impairment charge and the repair and cleanup costs incurred were recognized. With the exception of one of the properties that is under redevelopment at December 31, 2013, the rehabilitation of the remaining two properties was substantially completed as of December 31, 2013 and was completed during 2014. | |
As of December 31, 2013, the Company had settled the Hurricane Sandy claims and received insurance proceeds in excess of the $14.5 million estimated insurance recovery receivable related to the impairment charge and the repair and cleanup costs incurred. As a result, the Company recognized a Casualty-related recovery of approximately $4.8 million and a casualty gain of approximately $654,000 for the year ended December 31, 2013. Both the recovery and casualty gain were classified in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations. | |
Based on the claims filed and management’s estimates, the Company recognized $4.4 million of business interruption losses for the year ended December 31, 2012, of which $3.6 million were related to rent concession rebates provided to residents during the period the properties were uninhabitable and were classified in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations, and $767,000 were related to rent that was not contractually receivable and were classified as a reduction to Rental income on the Consolidated Statements of Operations. As noted below, the Company recovered from the insurance carrier approximately $4.2 million of the $4.4 million of 2012 business interruption losses. The Company estimates that it incurred an additional $3.4 million of business interruption losses for the year ended December 31, 2013. As noted below, the Company recovered from the insurance carrier approximately $2.6 million of the $3.4 million of 2013 business interruption losses. | |
During the year ended December 31, 2013, the Company received approximately $6.8 million of insurance proceeds for recovery of business interruption losses. Of the $6.8 million of insurance proceeds received in 2013, $4.2 million related to recovery of business interruption losses incurred in 2012 and the remaining $2.6 million related to recovery of business interruption losses incurred in 2013. The $6.8 million of recovery was classified in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations as of December 31, 2013. | |
During the year ended December 31, 2014, the Company recorded $541,000 of casualty-related losses due to property damage incurred during an earthquake and a storm in California, all of which are included in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations. | |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Hurricane Related Charges | -RELATED (RECOVERIES)/CHARGES |
In October 2012, Hurricane Sandy hit the East Coast, affecting two of the Operating Partnership’s operating communities (1,001 apartment homes) 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 has insurance policies that provide coverage for property damage and business interruption, subject to applicable retention. | |
Based on the claims filed and management’s estimates, the Operating Partnership recognized a $7.1 million impairment charge for the damaged assets’ net book value and incurred $7.0 million of repair and cleanup costs during the year ended December 31, 2012. The impairment charge and the repair and cleanup costs incurred were reduced as of December 31, 2012 by $10.8 million of estimated insurance recovery, and were classified in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations. During the year ended December 31, 2013, no material adjustments to the impairment charge and the repair and cleanup costs incurred were recognized. The rehabilitation of these two properties was substantially completed as of December 31, 2013. | |
As of December 31, 2013, the Operating Partnership had settled the Hurricane Sandy claims and received insurance proceeds in excess of the $10.8 million estimated insurance recovery receivable related to the impairment charge and the repair and cleanup costs incurred. As a result, the Operating Partnership recognized a Casualty-related recovery of approximately $3.3 million and a casualty gain of approximately $582,000 for the year ended December 31, 2013. Both the recovery and casualty gain were classified in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations. | |
Based on the claims filed and management’s estimates, the Operating Partnership recognized $2.2 million of business interruption losses for the year ended December 31, 2012, of which $1.8 million were related to rent concession rebates provided to residents during the period the properties were uninhabitable and were classified in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations, and $400,000 were related to rent that was not contractually receivable and were classified as a reduction to Rental income on the Consolidated Statements of Operations. The Operating Partnership estimates that it incurred an additional $2.1 million of business interruption losses for the year ended December 31, 2013. As noted, the Operating Partnership settled the Hurricane Sandy claims as of December 31, 2013. | |
During the year ended December 31, 2013, the Operating Partnership received approximately $4.2 million of insurance proceeds for recovery of business interruption losses. Of the $4.2 million of insurance proceeds received during the year ended December 31, 2013, $2.1 million related to recovery of business interruption losses incurred in 2012 and the remaining $2.1 million related to recovery of business interruption losses incurred in 2013. The $4.2 million of recovery was included in Casualty-related (recoveries)/charges, net on the Consolidated Statements of Operations. |
Unaudited_Summarized_Consolida1
Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | |||||||||||||||
Selected consolidated quarterly financial data for the three and twelve months ended December 31, 2014 and 2013 is summarized in the table below (dollars in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2014 | ||||||||||||||||
Rental income (a) | $ | 194,352 | $ | 200,959 | $ | 203,587 | $ | 206,104 | ||||||||
Income/(loss) from continuing operations | (5,195 | ) | 4,359 | 10,611 | 6,485 | |||||||||||
Income/(loss) from discontinued operations, net of tax | (87 | ) | 18 | 79 | — | |||||||||||
Net income/(loss) attributable to common stockholders | 17,430 | 29,076 | 39,618 | 64,486 | ||||||||||||
Income/(loss) attributable to common stockholders per weighted average common share (b): | ||||||||||||||||
Basic and diluted | $ | 0.07 | $ | 0.12 | $ | 0.16 | $ | 0.25 | ||||||||
Weighted average number of shares outstanding | ||||||||||||||||
Basic | 250,177 | 250,255 | 251,655 | 253,983 | ||||||||||||
Diluted | 251,822 | 252,191 | 253,732 | 256,000 | ||||||||||||
2013 | ||||||||||||||||
Rental income (a) | $ | 181,961 | $ | 186,285 | $ | 187,917 | $ | 190,321 | ||||||||
Income/(loss) from continuing operations | (1,162 | ) | 4,525 | 2,351 | (3,374 | ) | ||||||||||
Income/(loss) from discontinued operations, net of tax | 853 | 829 | 884 | 41,376 | ||||||||||||
Net income/(loss) attributable to common stockholders | (1,199 | ) | 4,261 | 2,257 | 35,769 | |||||||||||
Income/(loss) attributable to common stockholders per weighted average common share (b): | ||||||||||||||||
Basic and diluted | $ | (0.00 | ) | $ | 0.02 | $ | 0.01 | $ | 0.14 | |||||||
Weighted average number of shares outstanding | ||||||||||||||||
Basic | 249,917 | 249,985 | 249,985 | 249,987 | ||||||||||||
Diluted | 249,917 | 251,406 | 251,454 | 249,987 | ||||||||||||
(a) | Represents rental income from continuing operations, excluding amounts classified as discontinued operations. | |||||||||||||||
(b) | Quarterly income/(loss) per share amounts may not total to the annual amounts. | |||||||||||||||
United Dominion Reality L.P. | ||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | |||||||||||||||
Selected consolidated quarterly financial data for the years ended December 31, 2014 and 2013 is summarized in the table blow (dollars in thousands, except per share amounts): | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2014 | ||||||||||||||||
Rental income (a) | $ | 102,370 | $ | 104,842 | $ | 107,444 | $ | 107,978 | ||||||||
Income/(loss) from continuing operations | 6,411 | 8,319 | 8,875 | 9,939 | ||||||||||||
Income/(loss) attributable to OP unitholders | 30,533 | 24,426 | 8,637 | 32,631 | ||||||||||||
Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (b) | $ | 0.17 | $ | 0.13 | $ | 0.05 | $ | 0.18 | ||||||||
2013 | ||||||||||||||||
Rental income (a) | $ | 97,770 | $ | 100,421 | $ | 101,558 | $ | 102,104 | ||||||||
Income/(loss) from continuing operations | 6,870 | 9,339 | 10,069 | 6,488 | ||||||||||||
Income/(loss) from discontinued operations | 905 | 882 | 982 | 42,407 | ||||||||||||
Income/(loss) attributable to OP unitholders | 7,729 | 10,154 | 11,011 | 44,482 | ||||||||||||
Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (b) | $ | 0.04 | $ | 0.06 | $ | 0.06 | $ | 0.24 | ||||||||
(a) | Represents rental income from continuing operations, excluding amounts classified as discontinued operations. | |||||||||||||||
(b) | Quarterly income/(loss) per OP Unit amounts may not total to the annual amounts. |
Schedule_III_Real_Estate_Owned
Schedule - III Real Estate Owned | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate Owned | ||||||||||||||||||||||||||||||||||||||||
Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Encumbrances | Land and | Buildings | Total Initial | Costs of Improvements Capitalized | Land and | Buildings & | Total | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||
Land | and | Acquisition | Subsequent | Land | Buildings | Carrying | Depreciation | Construction(a) | Acquired | |||||||||||||||||||||||||||||||
Improvements | Improvements | Costs | to Acquisition Costs | Improvements | Improvements | Value | ||||||||||||||||||||||||||||||||||
WEST REGION | ||||||||||||||||||||||||||||||||||||||||
Harbor at Mesa Verde | $ | 50,358 | $ | 20,476 | $ | 28,538 | $ | 49,014 | $ | 12,949 | $ | 21,058 | $ | 40,905 | $ | 61,963 | $ | 26,242 | 2003 | 3-Jun | ||||||||||||||||||||
27 Seventy Five Mesa Verde | 30,660 | 99,329 | 110,644 | 209,973 | 91,693 | 112,333 | 189,333 | 301,666 | 72,689 | 1972/2013 | 4-Oct | |||||||||||||||||||||||||||||
Pacific Shores | 34,112 | 7,345 | 22,624 | 29,969 | 9,150 | 7,759 | 31,360 | 39,119 | 19,665 | 2003 | 3-Jun | |||||||||||||||||||||||||||||
Huntington Vista | 27,972 | 8,055 | 22,486 | 30,541 | 7,637 | 8,438 | 29,740 | 38,178 | 18,655 | 1970 | 3-Jun | |||||||||||||||||||||||||||||
Missions at Back Bay | — | 229 | 14,129 | 14,358 | 2,133 | 10,802 | 5,689 | 16,491 | 3,994 | 1969 | 3-Dec | |||||||||||||||||||||||||||||
Coronado at Newport — North | — | 62,516 | 46,082 | 108,598 | 24,693 | 66,756 | 66,535 | 133,291 | 41,982 | 2000 | 4-Oct | |||||||||||||||||||||||||||||
Huntington Villas | 50,771 | 61,535 | 18,017 | 79,552 | 7,132 | 62,223 | 24,461 | 86,684 | 16,061 | 1972 | 4-Sep | |||||||||||||||||||||||||||||
Vista Del Rey | — | 10,670 | 7,080 | 17,750 | 2,062 | 10,830 | 8,982 | 19,812 | 5,769 | 1969 | 4-Sep | |||||||||||||||||||||||||||||
Foxborough | — | 12,071 | 6,187 | 18,258 | 2,749 | 12,366 | 8,641 | 21,007 | 5,119 | 1969 | 4-Sep | |||||||||||||||||||||||||||||
Coronado South | — | 58,785 | 50,067 | 108,852 | 17,875 | 59,277 | 67,450 | 126,727 | 40,783 | 2000 | 5-Mar | |||||||||||||||||||||||||||||
1818 Platinum Triangle | — | 16,663 | 51,905 | 68,568 | 470 | 16,693 | 52,345 | 69,038 | 13,682 | 2009 | 10-Aug | |||||||||||||||||||||||||||||
Beach & Ocean | — | 12,878 | — | 12,878 | 38,160 | 13,007 | 38,031 | 51,038 | 347 | 2014 | 11-Aug | |||||||||||||||||||||||||||||
The Residences at Bella Terra | — | 25,000 | — | 25,000 | 125,801 | 25,080 | 125,721 | 150,801 | 11,032 | 2013 | 11-Oct | |||||||||||||||||||||||||||||
Los Alisos at Mission Viejo | — | 17,298 | — | 17,298 | 69,882 | 16,386 | 70,794 | 87,180 | 4,449 | 2014 | 4-Jun | |||||||||||||||||||||||||||||
ORANGE COUNTY, CA | 193,873 | 412,850 | 377,759 | 790,609 | 412,386 | 443,008 | 759,987 | 1,202,995 | 280,469 | |||||||||||||||||||||||||||||||
2000 Post Street | — | 9,861 | 44,578 | 54,439 | 8,965 | 10,241 | 53,163 | 63,404 | 24,289 | 1987 | Dec-98 | |||||||||||||||||||||||||||||
Birch Creek | — | 4,365 | 16,696 | 21,061 | 6,544 | 5,068 | 22,537 | 27,605 | 12,889 | 1968 | Dec-98 | |||||||||||||||||||||||||||||
Highlands Of Marin | — | 5,996 | 24,868 | 30,864 | 25,720 | 7,127 | 49,457 | 56,584 | 26,904 | 2010 | Dec-98 | |||||||||||||||||||||||||||||
Marina Playa | — | 6,224 | 23,916 | 30,140 | 9,482 | 6,908 | 32,714 | 39,622 | 18,351 | 1971 | Dec-98 | |||||||||||||||||||||||||||||
River Terrace | 39,310 | 22,161 | 40,137 | 62,298 | 3,315 | 22,359 | 43,254 | 65,613 | 23,857 | 2005 | 5-Aug | |||||||||||||||||||||||||||||
CitySouth | — | 14,031 | 30,537 | 44,568 | 35,190 | 16,261 | 63,497 | 79,758 | 30,810 | 2012 | 5-Nov | |||||||||||||||||||||||||||||
Bay Terrace | — | 8,545 | 14,458 | 23,003 | 4,571 | 11,424 | 16,150 | 27,574 | 8,710 | 1962 | 5-Oct | |||||||||||||||||||||||||||||
Highlands of Marin Phase II | — | 5,353 | 18,559 | 23,912 | 11,059 | 5,753 | 29,218 | 34,971 | 13,438 | 2010 | 7-Oct | |||||||||||||||||||||||||||||
Edgewater | — | 30,657 | 83,872 | 114,529 | 3,261 | 30,687 | 87,103 | 117,790 | 34,141 | 2007 | 8-Mar | |||||||||||||||||||||||||||||
Almaden Lake Village | 27,000 | 594 | 42,515 | 43,109 | 4,838 | 741 | 47,206 | 47,947 | 18,420 | 1999 | 8-Jul | |||||||||||||||||||||||||||||
388 Beale | — | 14,253 | 74,104 | 88,357 | 4,511 | 14,276 | 78,592 | 92,868 | 16,399 | 1999 | 11-Apr | |||||||||||||||||||||||||||||
Channel @ Mission Bay | — | 23,625 | — | 23,625 | 125,275 | 23,657 | 125,243 | 148,900 | 7,463 | 2014 | 10-Sep | |||||||||||||||||||||||||||||
2000 Post III | — | 1,756 | 7,753 | 9,509 | 3,008 | 3,291 | 9,226 | 12,517 | 5,535 | 2006 | Dec-98 | |||||||||||||||||||||||||||||
SAN FRANCISCO, CA | 66,310 | 147,421 | 421,993 | 569,414 | 245,739 | 157,793 | 657,360 | 815,153 | 241,206 | |||||||||||||||||||||||||||||||
Rosebeach | — | 8,414 | 17,449 | 25,863 | 2,945 | 8,584 | 20,224 | 28,808 | 11,880 | 1970 | 4-Sep | |||||||||||||||||||||||||||||
Tierra Del Rey | 32,635 | 39,586 | 36,679 | 76,265 | 3,008 | 39,647 | 39,626 | 79,273 | 16,561 | 1999 | 7-Dec | |||||||||||||||||||||||||||||
The Westerly | 67,700 | 48,182 | 102,364 | 150,546 | 36,334 | 50,662 | 136,218 | 186,880 | 35,540 | 2013 | 10-Sep | |||||||||||||||||||||||||||||
Jefferson at Marina del Rey | — | 55,651 | — | 55,651 | 89,717 | 61,262 | 84,106 | 145,368 | 27,682 | 2008 | 7-Sep | |||||||||||||||||||||||||||||
LOS ANGELES, CA | 100,335 | 151,833 | 156,492 | 308,325 | 132,004 | 160,155 | 280,174 | 440,329 | 91,663 | |||||||||||||||||||||||||||||||
Crowne Pointe | — | 2,486 | 6,437 | 8,923 | 5,074 | 2,822 | 11,175 | 13,997 | 7,069 | 1987 | Dec-98 | |||||||||||||||||||||||||||||
Hilltop | — | 2,174 | 7,408 | 9,582 | 3,722 | 2,668 | 10,636 | 13,304 | 6,431 | 1985 | Dec-98 | |||||||||||||||||||||||||||||
The Hawthorne | 35,500 | 6,474 | 30,226 | 36,700 | 3,187 | 6,575 | 33,312 | 39,887 | 18,512 | 2003 | 5-Jul | |||||||||||||||||||||||||||||
The Kennedy | — | 6,179 | 22,307 | 28,486 | 1,742 | 6,242 | 23,986 | 30,228 | 12,640 | 2005 | 5-Nov | |||||||||||||||||||||||||||||
Hearthstone at Merrill Creek | 22,957 | 6,848 | 30,922 | 37,770 | 3,180 | 6,984 | 33,966 | 40,950 | 13,370 | 2000 | 8-May | |||||||||||||||||||||||||||||
Island Square | — | 21,284 | 89,389 | 110,673 | 4,086 | 21,413 | 93,346 | 114,759 | 34,577 | 2007 | 8-Jul | |||||||||||||||||||||||||||||
Borgata | — | 6,379 | 24,569 | 30,948 | 722 | 6,404 | 25,287 | 31,691 | 11,013 | 2001 | 7-May | |||||||||||||||||||||||||||||
elements too | — | 27,468 | 72,036 | 99,504 | 14,258 | 30,100 | 83,662 | 113,762 | 33,927 | 2010 | 10-Feb | |||||||||||||||||||||||||||||
989elements | — | 8,541 | 45,990 | 54,531 | 1,592 | 8,552 | 47,571 | 56,123 | 13,663 | 2006 | 9-Dec | |||||||||||||||||||||||||||||
Lightbox | — | 6,449 | 38,884 | 45,333 | 55 | 6,449 | 38,939 | 45,388 | 854 | 2014 | 14-Aug | |||||||||||||||||||||||||||||
Waterscape | — | 9,693 | 65,176 | 74,869 | 50 | 9,693 | 65,226 | 74,919 | 1,028 | 2014 | 14-Sep | |||||||||||||||||||||||||||||
SEATTLE, WA | 58,457 | 103,975 | 433,344 | 537,319 | 37,668 | 107,902 | 467,106 | 575,008 | 153,084 | |||||||||||||||||||||||||||||||
Boronda Manor | — | 1,946 | 8,982 | 10,928 | 9,398 | 3,169 | 17,136 | 20,305 | 8,611 | 1979 | Dec-98 | |||||||||||||||||||||||||||||
Garden Court | — | 888 | 4,188 | 5,076 | 5,304 | 1,552 | 8,828 | 10,380 | 4,603 | 1973 | Dec-98 | |||||||||||||||||||||||||||||
Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Encumbrances | Land and | Buildings | Total Initial | Costs of Improvements Capitalized | Land and | Buildings & | Total | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||
Land | and | Acquisition | Subsequent | Land | Buildings | Carrying | Depreciation | Construction(a) | Acquired | |||||||||||||||||||||||||||||||
Improvements | Improvements | Costs | to Acquisition Costs | Improvements | Improvements | Value | ||||||||||||||||||||||||||||||||||
Cambridge Court | — | 3,039 | 12,883 | 15,922 | 14,266 | 5,274 | 24,914 | 30,188 | 13,065 | 1974 | Dec-98 | |||||||||||||||||||||||||||||
Laurel Tree | — | 1,304 | 5,115 | 6,419 | 5,872 | 2,139 | 10,152 | 12,291 | 5,264 | 1977 | Dec-98 | |||||||||||||||||||||||||||||
The Pointe At Harden Ranch | — | 6,388 | 23,854 | 30,242 | 25,703 | 9,848 | 46,097 | 55,945 | 23,292 | 1986 | Dec-98 | |||||||||||||||||||||||||||||
The Pointe At Northridge | — | 2,044 | 8,028 | 10,072 | 9,582 | 3,269 | 16,385 | 19,654 | 8,761 | 1979 | Dec-98 | |||||||||||||||||||||||||||||
The Pointe At Westlake | — | 1,329 | 5,334 | 6,663 | 6,207 | 2,154 | 10,716 | 12,870 | 5,276 | 1975 | Dec-98 | |||||||||||||||||||||||||||||
MONTEREY PENINSULA, CA | — | 16,938 | 68,384 | 85,322 | 76,332 | 27,405 | 134,228 | 161,633 | 68,872 | |||||||||||||||||||||||||||||||
Verano at Rancho Cucamonga Town Square | 46,471 | 13,557 | 3,645 | 17,202 | 53,385 | 23,066 | 47,521 | 70,587 | 31,638 | 2006 | 2-Oct | |||||||||||||||||||||||||||||
Windemere at Sycamore Highland | — | 5,810 | 23,450 | 29,260 | 2,656 | 6,100 | 25,816 | 31,916 | 16,798 | 2001 | 2-Nov | |||||||||||||||||||||||||||||
Villas at Carlsbad | — | 6,517 | 10,718 | 17,235 | 2,181 | 6,763 | 12,653 | 19,416 | 7,330 | 1966 | 4-Oct | |||||||||||||||||||||||||||||
Ocean Villas | — | 5,135 | 12,789 | 17,924 | 1,817 | 5,326 | 14,415 | 19,741 | 8,442 | 1965 | 4-Oct | |||||||||||||||||||||||||||||
OTHER SOUTHERN, CA | 46,471 | 31,019 | 50,602 | 81,621 | 60,039 | 41,255 | 100,405 | 141,660 | 64,208 | |||||||||||||||||||||||||||||||
Tualatin Heights | — | 3,273 | 9,134 | 12,407 | 6,517 | 3,839 | 15,085 | 18,924 | 9,653 | 1989 | Dec-98 | |||||||||||||||||||||||||||||
Andover Park | 16,818 | 2,916 | 16,995 | 19,911 | 8,174 | 3,210 | 24,875 | 28,085 | 16,127 | 1989 | 4-Sep | |||||||||||||||||||||||||||||
Hunt Club | 18,323 | 6,014 | 14,870 | 20,884 | 5,918 | 6,364 | 20,438 | 26,802 | 13,604 | 1985 | 4-Sep | |||||||||||||||||||||||||||||
PORTLAND, OR | 35,141 | 12,203 | 40,999 | 53,202 | 20,609 | 13,413 | 60,398 | 73,811 | 39,384 | |||||||||||||||||||||||||||||||
TOTAL WEST REGION | 500,587 | 876,239 | 1,549,573 | 2,425,812 | 984,777 | 950,931 | 2,459,658 | 3,410,589 | 938,886 | |||||||||||||||||||||||||||||||
MID-ATLANTIC REGION | ||||||||||||||||||||||||||||||||||||||||
Dominion Middle Ridge | 29,820 | 3,311 | 13,283 | 16,594 | 6,738 | 3,823 | 19,509 | 23,332 | 13,634 | 1990 | Jun-96 | |||||||||||||||||||||||||||||
Dominion Lake Ridge | 20,372 | 2,366 | 8,387 | 10,753 | 6,207 | 2,865 | 14,095 | 16,960 | 9,879 | 1987 | Feb-96 | |||||||||||||||||||||||||||||
Presidential Greens | — | 11,238 | 18,790 | 30,028 | 9,111 | 11,640 | 27,499 | 39,139 | 18,907 | 1938 | 2-May | |||||||||||||||||||||||||||||
The Whitmore | — | 6,418 | 13,411 | 19,829 | 20,350 | 7,493 | 32,686 | 40,179 | 21,571 | 2008 | 2-Apr | |||||||||||||||||||||||||||||
Ridgewood | — | 5,612 | 20,086 | 25,698 | 8,108 | 6,012 | 27,794 | 33,806 | 19,540 | 1988 | 2-Aug | |||||||||||||||||||||||||||||
DelRay Tower | — | 297 | 12,786 | 13,083 | 111,790 | 9,447 | 115,426 | 124,873 | 2,382 | 2014 | 8-Jan | |||||||||||||||||||||||||||||
Waterside Towers | — | 1,139 | 49,657 | 50,796 | 15,246 | 36,028 | 30,014 | 66,042 | 19,530 | 1971 | 3-Dec | |||||||||||||||||||||||||||||
Wellington Place at Olde Town | 32,037 | 13,753 | 36,059 | 49,812 | 17,071 | 14,650 | 52,233 | 66,883 | 32,364 | 2008 | 5-Sep | |||||||||||||||||||||||||||||
Andover House | — | 14,357 | 51,577 | 65,934 | 3,173 | 14,373 | 54,669 | 69,042 | 24,673 | 2004 | 7-Mar | |||||||||||||||||||||||||||||
Sullivan Place | — | 1,137 | 103,676 | 104,813 | 5,604 | 1,373 | 109,044 | 110,417 | 44,942 | 2007 | 7-Dec | |||||||||||||||||||||||||||||
Circle Towers | 70,606 | 32,815 | 107,051 | 139,866 | 10,812 | 33,105 | 117,573 | 150,678 | 45,360 | 1972 | 8-Mar | |||||||||||||||||||||||||||||
Delancey at Shirlington | — | 21,606 | 66,765 | 88,371 | 1,770 | 21,632 | 68,509 | 90,141 | 26,624 | 2006/2007 | 8-Mar | |||||||||||||||||||||||||||||
View 14 | — | 5,710 | 97,941 | 103,651 | 2,407 | 5,721 | 100,337 | 106,058 | 20,042 | 2009 | 11-Jun | |||||||||||||||||||||||||||||
Signal Hill | — | 13,290 | — | 13,290 | 69,526 | 25,399 | 57,417 | 82,816 | 20,799 | 2010 | 7-Mar | |||||||||||||||||||||||||||||
Capitol View on 14th | — | 31,393 | — | 31,393 | 94,301 | 31,394 | 94,300 | 125,694 | 11,374 | 2013 | 7-Sep | |||||||||||||||||||||||||||||
Domain College Park | 31,337 | 7,300 | — | 7,300 | 57,935 | 7,306 | 57,929 | 65,235 | 4,247 | 2014 | 11-Jun | |||||||||||||||||||||||||||||
METROPOLITAN, D.C. | 184,172 | 171,742 | 599,469 | 771,211 | 440,149 | 232,261 | 979,034 | 1,211,295 | 335,868 | |||||||||||||||||||||||||||||||
Dominion Kings Place | 14,525 | 1,565 | 7,007 | 8,572 | 4,199 | 1,808 | 10,963 | 12,771 | 8,117 | 1983 | Dec-92 | |||||||||||||||||||||||||||||
Dominion At Eden Brook | — | 2,361 | 9,384 | 11,745 | 6,515 | 2,952 | 15,308 | 18,260 | 11,890 | 1984 | Dec-92 | |||||||||||||||||||||||||||||
Ellicott Grove | — | 2,920 | 9,099 | 12,019 | 23,075 | 5,306 | 29,788 | 35,094 | 22,140 | 2008 | Jul-94 | |||||||||||||||||||||||||||||
Dominion Constant Freindship | 8,783 | 903 | 4,669 | 5,572 | 3,941 | 1,277 | 8,236 | 9,513 | 5,965 | 1990 | May-95 | |||||||||||||||||||||||||||||
Lakeside Mill | 12,569 | 2,666 | 10,109 | 12,775 | 4,581 | 2,985 | 14,371 | 17,356 | 10,818 | 1989 | Dec-99 | |||||||||||||||||||||||||||||
Tamar Meadow | — | 4,145 | 17,150 | 21,295 | 5,089 | 4,577 | 21,807 | 26,384 | 14,882 | 1990 | 2-Nov | |||||||||||||||||||||||||||||
Calvert’s Walk | — | 4,408 | 24,692 | 29,100 | 6,766 | 4,726 | 31,140 | 35,866 | 19,763 | 1988 | 4-Mar | |||||||||||||||||||||||||||||
Arborview Apartments | — | 4,653 | 23,952 | 28,605 | 7,731 | 5,209 | 31,127 | 36,336 | 20,296 | 1992 | 4-Mar | |||||||||||||||||||||||||||||
Liriope Apartments | — | 1,620 | 6,791 | 8,411 | 1,250 | 1,646 | 8,015 | 9,661 | 5,090 | 1997 | 4-Mar | |||||||||||||||||||||||||||||
20 Lambourne | 30,834 | 11,750 | 45,590 | 57,340 | 5,433 | 12,018 | 50,755 | 62,773 | 21,218 | 2003 | 8-Mar | |||||||||||||||||||||||||||||
Domain Brewers Hill | — | 4,669 | 40,630 | 45,299 | 581 | 4,678 | 41,202 | 45,880 | 10,343 | 2009 | 10-Aug | |||||||||||||||||||||||||||||
BALTIMORE, MD | 66,711 | 41,660 | 199,073 | 240,733 | 69,161 | 47,182 | 262,712 | 309,894 | 150,522 | |||||||||||||||||||||||||||||||
Dominion English Hills | — | 1,979 | 11,524 | 13,503 | 8,224 | 2,873 | 18,854 | 21,727 | 11,134 | 1969/1976 | Dec-91 | |||||||||||||||||||||||||||||
Gayton Pointe Townhomes | — | 826 | 5,148 | 5,974 | 29,434 | 3,420 | 31,988 | 35,408 | 25,999 | 2007 | Sep-95 | |||||||||||||||||||||||||||||
Waterside At Ironbridge | — | 1,844 | 13,239 | 15,083 | 7,335 | 2,299 | 20,119 | 22,418 | 13,123 | 1987 | Sep-97 | |||||||||||||||||||||||||||||
Carriage Homes at Wyndham | — | 474 | 30,997 | 31,471 | 7,560 | 3,801 | 35,230 | 39,031 | 23,205 | 1998 | 3-Nov | |||||||||||||||||||||||||||||
Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Encumbrances | Land and | Buildings | Total Initial | Costs of Improvements Capitalized | Land and | Buildings & | Total | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||
Land | and | Acquisition | Subsequent | Land | Buildings | Carrying | Depreciation | Construction(a) | Acquired | |||||||||||||||||||||||||||||||
Improvements | Improvements | Costs | to Acquisition Costs | Improvements | Improvements | Value | ||||||||||||||||||||||||||||||||||
Legacy at Mayland | 34,567 | — | — | — | 20,954 | 1,975 | 18,979 | 20,954 | 18,906 | 2007 | Dec-91 | |||||||||||||||||||||||||||||
RICHMOND, VA | 34,567 | 5,123 | 60,908 | 66,031 | 73,507 | 14,368 | 125,170 | 139,538 | 92,367 | |||||||||||||||||||||||||||||||
Eastwind | — | 155 | 5,317 | 5,472 | 6,374 | 659 | 11,187 | 11,846 | 9,145 | 1970 | Apr-88 | |||||||||||||||||||||||||||||
Dominion Waterside At Lynnhaven | — | 1,824 | 4,107 | 5,931 | 6,369 | 2,337 | 9,963 | 12,300 | 7,634 | 1966 | Aug-96 | |||||||||||||||||||||||||||||
Heather Lake | — | 617 | 3,400 | 4,017 | 10,120 | 1,205 | 12,932 | 14,137 | 12,126 | 1972/1974 | Mar-80 | |||||||||||||||||||||||||||||
Dominion Yorkshire Downs | — | 1,089 | 8,582 | 9,671 | 6,123 | 1,594 | 14,200 | 15,794 | 9,290 | 1987 | Dec-97 | |||||||||||||||||||||||||||||
NORFOLK, VA | — | 3,685 | 21,406 | 25,091 | 28,986 | 5,795 | 48,282 | 54,077 | 38,195 | |||||||||||||||||||||||||||||||
Greens At Schumaker Pond | — | 710 | 6,118 | 6,828 | 6,143 | 1,043 | 11,928 | 12,971 | 8,541 | 1988 | May-95 | |||||||||||||||||||||||||||||
OTHER MID-ATLANTIC | — | 710 | 6,118 | 6,828 | 6,143 | 1,043 | 11,928 | 12,971 | 8,541 | |||||||||||||||||||||||||||||||
TOTAL MID-ATLANTIC REGION | 285,450 | 222,920 | 886,974 | 1,109,894 | 617,946 | 300,649 | 1,427,126 | 1,727,775 | 625,493 | |||||||||||||||||||||||||||||||
SOUTHEAST REGION | ||||||||||||||||||||||||||||||||||||||||
Summit West | — | 2,176 | 4,710 | 6,886 | 8,513 | 3,236 | 12,163 | 15,399 | 10,443 | 1972 | Dec-92 | |||||||||||||||||||||||||||||
The Breyley | — | 1,780 | 2,458 | 4,238 | 17,167 | 3,346 | 18,059 | 21,405 | 16,232 | 2007 | Sep-93 | |||||||||||||||||||||||||||||
Lakewood Place | 18,526 | 1,395 | 10,647 | 12,042 | 8,972 | 2,329 | 18,685 | 21,014 | 13,790 | 1986 | Mar-94 | |||||||||||||||||||||||||||||
Bay Meadow | — | 2,893 | 9,254 | 12,147 | 10,416 | 4,277 | 18,286 | 22,563 | 13,550 | 2004 | Dec-96 | |||||||||||||||||||||||||||||
Cambridge Woods | 12,713 | 1,791 | 7,166 | 8,957 | 8,655 | 2,613 | 14,999 | 17,612 | 10,681 | 1985 | Jun-97 | |||||||||||||||||||||||||||||
Sugar Mill Creek | — | 2,242 | 7,553 | 9,795 | 6,846 | 2,734 | 13,907 | 16,641 | 8,998 | 1988 | Dec-98 | |||||||||||||||||||||||||||||
Inlet Bay | — | 7,702 | 23,150 | 30,852 | 14,657 | 9,211 | 36,298 | 45,509 | 25,585 | 1988/1989 | 3-Jun | |||||||||||||||||||||||||||||
MacAlpine Place | — | 10,869 | 36,858 | 47,727 | 7,384 | 11,408 | 43,703 | 55,111 | 27,162 | 2001 | 4-Dec | |||||||||||||||||||||||||||||
The Vintage Lofts at West End | — | 6,611 | 37,663 | 44,274 | 15,827 | 15,120 | 44,981 | 60,101 | 19,020 | 2009 | 9-Jul | |||||||||||||||||||||||||||||
TAMPA, FL | 31,239 | 37,459 | 139,459 | 176,918 | 98,437 | 54,274 | 221,081 | 275,355 | 145,461 | |||||||||||||||||||||||||||||||
Seabrook | — | 1,846 | 4,155 | 6,001 | 8,052 | 2,681 | 11,372 | 14,053 | 9,077 | 2004 | Feb-96 | |||||||||||||||||||||||||||||
The Canopy Apartment Villas | — | 2,895 | 6,456 | 9,351 | 21,457 | 5,470 | 25,338 | 30,808 | 22,904 | 2008 | Mar-93 | |||||||||||||||||||||||||||||
Altamira Place | — | 1,533 | 11,076 | 12,609 | 20,241 | 3,450 | 29,400 | 32,850 | 24,329 | 2007 | Apr-94 | |||||||||||||||||||||||||||||
Regatta Shore | — | 757 | 6,608 | 7,365 | 15,549 | 2,018 | 20,896 | 22,914 | 16,423 | 2007 | Jun-94 | |||||||||||||||||||||||||||||
Alafaya Woods | 18,064 | 1,653 | 9,042 | 10,695 | 8,911 | 2,522 | 17,084 | 19,606 | 12,624 | 2006 | Oct-94 | |||||||||||||||||||||||||||||
Los Altos | 21,942 | 2,804 | 12,349 | 15,153 | 10,494 | 4,020 | 21,627 | 25,647 | 14,273 | 2004 | Oct-96 | |||||||||||||||||||||||||||||
Lotus Landing | — | 2,185 | 8,639 | 10,824 | 9,569 | 2,841 | 17,552 | 20,393 | 11,184 | 2006 | Jul-97 | |||||||||||||||||||||||||||||
Seville On The Green | — | 1,282 | 6,498 | 7,780 | 6,722 | 1,705 | 12,797 | 14,502 | 8,546 | 2004 | Oct-97 | |||||||||||||||||||||||||||||
Ashton @ Waterford | 23,388 | 3,872 | 17,538 | 21,410 | 4,049 | 4,179 | 21,280 | 25,459 | 12,963 | 2000 | May-98 | |||||||||||||||||||||||||||||
Arbors at Lee Vista | — | 6,692 | 12,860 | 19,552 | 12,591 | 7,220 | 24,923 | 32,143 | 18,328 | 2007 | 6-Aug | |||||||||||||||||||||||||||||
ORLANDO, FL | 63,394 | 25,519 | 95,221 | 120,740 | 117,635 | 36,106 | 202,269 | 238,375 | 150,651 | |||||||||||||||||||||||||||||||
Legacy Hill | — | 1,148 | 5,867 | 7,015 | 8,636 | 1,762 | 13,889 | 15,651 | 10,830 | 1977 | Nov-95 | |||||||||||||||||||||||||||||
Hickory Run | — | 1,469 | 11,584 | 13,053 | 9,761 | 2,139 | 20,675 | 22,814 | 13,482 | 1989 | Dec-95 | |||||||||||||||||||||||||||||
Carrington Hills | — | 2,117 | — | 2,117 | 33,846 | 4,462 | 31,501 | 35,963 | 20,064 | 1999 | Dec-95 | |||||||||||||||||||||||||||||
Brookridge | — | 708 | 5,461 | 6,169 | 4,500 | 1,143 | 9,526 | 10,669 | 6,641 | 1986 | Mar-96 | |||||||||||||||||||||||||||||
Breckenridge | — | 766 | 7,714 | 8,480 | 4,357 | 1,258 | 11,579 | 12,837 | 7,704 | 1986 | Mar-97 | |||||||||||||||||||||||||||||
Colonnade | 16,677 | 1,460 | 16,015 | 17,475 | 4,934 | 1,946 | 20,463 | 22,409 | 11,461 | 1998 | Jan-99 | |||||||||||||||||||||||||||||
The Preserve at Brentwood | 22,157 | 3,182 | 24,674 | 27,856 | 6,276 | 3,508 | 30,624 | 34,132 | 19,951 | 1998 | 4-Jun | |||||||||||||||||||||||||||||
Polo Park | — | 4,583 | 16,293 | 20,876 | 16,042 | 5,643 | 31,275 | 36,918 | 20,471 | 2008 | 6-May | |||||||||||||||||||||||||||||
NASHVILLE, TN | 38,834 | 15,433 | 87,608 | 103,041 | 88,352 | 21,861 | 169,532 | 191,393 | 110,604 | |||||||||||||||||||||||||||||||
The Reserve and Park at Riverbridge | 39,179 | 15,968 | 56,401 | 72,369 | 8,947 | 16,536 | 64,780 | 81,316 | 38,317 | 1999/2001 | 4-Dec | |||||||||||||||||||||||||||||
OTHER FLORIDA | 39,179 | 15,968 | 56,401 | 72,369 | 8,947 | 16,536 | 64,780 | 81,316 | 38,317 | |||||||||||||||||||||||||||||||
TOTAL SOUTHEAST REGION | 172,646 | 94,379 | 378,689 | 473,068 | 313,371 | 128,777 | 657,662 | 786,439 | 445,033 | |||||||||||||||||||||||||||||||
NORTHEAST REGION | ||||||||||||||||||||||||||||||||||||||||
Garrison Square | — | 5,591 | 91,027 | 96,618 | 6,048 | 5,631 | 97,035 | 102,666 | 23,767 | 1887/1990 | 10-Sep | |||||||||||||||||||||||||||||
Ridge at Blue Hills | 22,839 | 6,039 | 34,869 | 40,908 | 1,238 | 6,102 | 36,044 | 42,146 | 9,052 | 2007 | 10-Sep | |||||||||||||||||||||||||||||
Inwood West | 56,447 | 20,778 | 88,096 | 108,874 | 3,034 | 19,309 | 92,599 | 111,908 | 20,102 | 2006 | 11-Apr | |||||||||||||||||||||||||||||
14 North | — | 10,961 | 51,175 | 62,136 | 4,563 | 10,999 | 55,700 | 66,699 | 12,750 | 2005 | 11-Apr | |||||||||||||||||||||||||||||
BOSTON, MA | 79,286 | 43,369 | 265,167 | 308,536 | 14,883 | 42,041 | 281,378 | 323,419 | 65,671 | |||||||||||||||||||||||||||||||
Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Encumbrances | Land and | Buildings | Total Initial | Costs of Improvements Capitalized | Land and | Buildings & | Total | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||
Land | and | Acquisition | Subsequent | Land | Buildings | Carrying | Depreciation | Construction(a) | Acquired | |||||||||||||||||||||||||||||||
Improvements | Improvements | Costs | to Acquisition Costs | Improvements | Improvements | Value | ||||||||||||||||||||||||||||||||||
10 Hanover Square | 190,462 | 41,432 | 218,983 | 260,415 | 8,396 | 41,481 | 227,330 | 268,811 | 42,678 | 2005 | 11-Apr | |||||||||||||||||||||||||||||
21 Chelsea | — | 36,399 | 107,154 | 143,553 | 10,915 | 36,399 | 118,069 | 154,468 | 20,910 | 2001 | 11-Aug | |||||||||||||||||||||||||||||
View 34 | — | 114,410 | 324,920 | 439,330 | 85,635 | 115,024 | 409,941 | 524,965 | 72,318 | 1985/2013 | 11-Jul | |||||||||||||||||||||||||||||
95 Wall Street | — | 57,637 | 266,255 | 323,892 | 6,296 | 57,736 | 272,452 | 330,188 | 54,973 | 2008 | 11-Aug | |||||||||||||||||||||||||||||
NEW YORK, NY | 190,462 | 249,878 | 917,312 | 1,167,190 | 111,242 | 250,640 | 1,027,792 | 1,278,432 | 190,879 | |||||||||||||||||||||||||||||||
TOTAL NORTHEAST REGION | 269,748 | 293,247 | 1,182,479 | 1,475,726 | 126,125 | 292,681 | 1,309,170 | 1,601,851 | 256,550 | |||||||||||||||||||||||||||||||
SOUTHWEST REGION | ||||||||||||||||||||||||||||||||||||||||
THIRTY377 | 30,023 | 24,036 | 32,951 | 56,987 | 8,162 | 24,311 | 40,838 | 65,149 | 21,663 | 2007 | 6-Aug | |||||||||||||||||||||||||||||
Legacy Village | 72,415 | 16,882 | 100,102 | 116,984 | 7,325 | 17,280 | 107,029 | 124,309 | 44,321 | 6/7/05 | 8-Mar | |||||||||||||||||||||||||||||
Garden Oaks | — | 2,132 | 5,367 | 7,499 | 1,631 | 6,936 | 2,194 | 9,130 | 1,842 | 1979 | 7-Mar | |||||||||||||||||||||||||||||
Glenwood | — | 7,903 | 554 | 8,457 | 1,897 | 8,159 | 2,195 | 10,354 | 1,366 | 1970 | 7-May | |||||||||||||||||||||||||||||
Talisker of Addison | — | 10,440 | 634 | 11,074 | 1,917 | 10,841 | 2,150 | 12,991 | 1,836 | 1975 | 7-May | |||||||||||||||||||||||||||||
Springhaven | — | 6,688 | 3,354 | 10,042 | 1,289 | 8,350 | 2,981 | 11,331 | 2,231 | 1977 | 7-Apr | |||||||||||||||||||||||||||||
Clipper Pointe | — | 13,221 | 2,507 | 15,728 | 2,398 | 14,948 | 3,178 | 18,126 | 2,618 | 1978 | 7-May | |||||||||||||||||||||||||||||
Highlands of Preston | — | 2,151 | 8,168 | 10,319 | 31,139 | 5,989 | 35,469 | 41,458 | 24,269 | 2008 | Mar-98 | |||||||||||||||||||||||||||||
DALLAS, TX | 102,438 | 83,453 | 153,637 | 237,090 | 55,758 | 96,814 | 196,034 | 292,848 | 100,146 | |||||||||||||||||||||||||||||||
Barton Creek Landing | — | 3,151 | 14,269 | 17,420 | 22,118 | 4,807 | 34,731 | 39,538 | 20,260 | 2010 | 2-Mar | |||||||||||||||||||||||||||||
Residences at the Domain | 30,661 | 4,034 | 55,256 | 59,290 | 2,608 | 4,200 | 57,698 | 61,898 | 21,988 | 2007 | 8-Aug | |||||||||||||||||||||||||||||
Red Stone Ranch | — | 5,084 | 17,646 | 22,730 | 1,625 | 5,115 | 19,240 | 24,355 | 3,687 | 2000 | 12-Apr | |||||||||||||||||||||||||||||
Lakeline Villas | — | 4,148 | 16,869 | 21,017 | 1,065 | 4,159 | 17,923 | 22,082 | 3,370 | 2004 | 12-Apr | |||||||||||||||||||||||||||||
AUSTIN, TX | 30,661 | 16,417 | 104,040 | 120,457 | 27,416 | 18,281 | 129,592 | 147,873 | 49,305 | |||||||||||||||||||||||||||||||
TOTAL SOUTHWEST REGION | 133,099 | 99,870 | 257,677 | 357,547 | 83,174 | 115,095 | 325,626 | 440,721 | 149,451 | |||||||||||||||||||||||||||||||
TOTAL OPERATING COMMUNITIES | 1,361,530 | 1,586,655 | 4,255,392 | 5,842,047 | 2,125,393 | 1,788,133 | 6,179,242 | 7,967,375 | 2,415,413 | |||||||||||||||||||||||||||||||
REAL ESTATE UNDER DEVELOPMENT | ||||||||||||||||||||||||||||||||||||||||
Pier 4 | — | 24,584 | — | 24,584 | 153,048 | 24,584 | 153,048 | 177,632 | — | |||||||||||||||||||||||||||||||
TOTAL REAL ESTATE UNDER DEVELOPMENT | — | 24,584 | — | 24,584 | 153,048 | 24,584 | 153,048 | 177,632 | — | |||||||||||||||||||||||||||||||
LAND | ||||||||||||||||||||||||||||||||||||||||
7 Harcourt | — | 884 | — | 884 | 4,734 | 804 | 4,814 | 5,618 | 614 | |||||||||||||||||||||||||||||||
Vitruvian | — | 4,325 | 1,360 | 5,685 | 7,965 | 11,244 | 2,406 | 13,650 | 2,023 | |||||||||||||||||||||||||||||||
Pacific City | — | 78,085 | — | 78,085 | 7,962 | 78,085 | 7,962 | 86,047 | — | |||||||||||||||||||||||||||||||
Graybar | — | 32,938 | — | 32,938 | 283 | 32,938 | 283 | 33,221 | — | |||||||||||||||||||||||||||||||
3032 Wilshire | — | 9,963 | 788 | 10,751 | 1,642 | 9,963 | 2,430 | 12,393 | 788 | |||||||||||||||||||||||||||||||
2919 Wilshire | — | 6,773 | 527 | 7,300 | 880 | 6,773 | 1,407 | 8,180 | 527 | |||||||||||||||||||||||||||||||
Waterside | — | 11,862 | 93 | 11,955 | 189 | 12,084 | 60 | 12,144 | 263 | |||||||||||||||||||||||||||||||
TOTAL LAND | — | 144,830 | 2,768 | 147,598 | 23,655 | 151,891 | 19,362 | 171,253 | 4,215 | |||||||||||||||||||||||||||||||
COMMERCIAL | ||||||||||||||||||||||||||||||||||||||||
Hanover Village | — | 1,624 | — | 1,624 | — | 1,104 | 520 | 1,624 | 553 | |||||||||||||||||||||||||||||||
Circle Towers Office Bldg | — | 1,407 | 4,498 | 5,905 | 1,516 | 1,380 | 6,041 | 7,421 | 2,232 | |||||||||||||||||||||||||||||||
Brookhaven Shopping Center | — | 4,943 | 7,093 | 12,036 | 9,537 | 7,793 | 13,780 | 21,573 | 11,676 | |||||||||||||||||||||||||||||||
Bellevue Plaza retail | — | 24,377 | 7,517 | 31,894 | 306 | 29,920 | 2,280 | 32,200 | 636 | |||||||||||||||||||||||||||||||
TOTAL COMMERCIAL | — | 32,351 | 19,108 | 51,459 | 11,359 | 40,197 | 22,621 | 62,818 | 15,097 | |||||||||||||||||||||||||||||||
Other (b) | — | — | — | — | 4,181 | — | 4,181 | 4,181 | 47 | |||||||||||||||||||||||||||||||
TOTAL CORPORATE | — | — | — | — | 4,181 | — | 4,181 | 4,181 | 47 | |||||||||||||||||||||||||||||||
TOTAL COMMERCIAL & CORPORATE | — | 32,351 | 19,108 | 51,459 | 15,540 | 40,197 | 26,802 | 66,999 | 15,144 | |||||||||||||||||||||||||||||||
TOTAL REAL ESTATE OWNED | $ | 1,361,530 | $ | 1,788,420 | $ | 4,277,268 | $ | 6,065,688 | $ | 2,317,636 | $ | 2,004,805 | $ | 6,378,454 | $ | 8,383,259 | $ | 2,434,772 | ||||||||||||||||||||||
(a) | Date of construction or date of last major renovation. | |||||||||||||||||||||||||||||||||||||||
(b) | Includes unallocated accruals and capital expenditures. | |||||||||||||||||||||||||||||||||||||||
The aggregate cost for federal income tax purposes was approximately $7.7 billion at December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. | ||||||||||||||||||||||||||||||||||||||||
3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||
The following is a reconciliation of the carrying amount of total real estate owned at December 31, (in thousands): | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of the year | $ | 8,207,977 | $ | 8,055,828 | $ | 8,074,471 | ||||||||||||||||||||||||||||||||||
Real estate acquired | 231,225 | — | 141,648 | |||||||||||||||||||||||||||||||||||||
Capital expenditures and development | 326,461 | 452,057 | 422,480 | |||||||||||||||||||||||||||||||||||||
Real estate sold | (269,681 | ) | (70,687 | ) | (559,154 | ) | ||||||||||||||||||||||||||||||||||
Real estate contributed to joint ventures | (112,344 | ) | (356,303 | ) | — | |||||||||||||||||||||||||||||||||||
Consolidation of joint venture assets | — | 129,437 | — | |||||||||||||||||||||||||||||||||||||
Retirement of fully depreciated assets | — | — | (13,945 | ) | ||||||||||||||||||||||||||||||||||||
Impairment of assets, including casualty-related impairments | (379 | ) | (2,355 | ) | (9,672 | ) | ||||||||||||||||||||||||||||||||||
Real estate acquired through JV consolidation | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at end of the year | $ | 8,383,259 | $ | 8,207,977 | $ | 8,055,828 | ||||||||||||||||||||||||||||||||||
The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, (in thousands): | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of the year | $ | 2,208,794 | $ | 1,924,682 | $ | 1,831,727 | ||||||||||||||||||||||||||||||||||
Depreciation expense for the year | 356,673 | 339,326 | 340,800 | |||||||||||||||||||||||||||||||||||||
Accumulated depreciation on sales | (126,151 | ) | (34,794 | ) | (233,207 | ) | ||||||||||||||||||||||||||||||||||
Accumulated depreciation on real estate contributed to joint ventures | (4,228 | ) | (20,662 | ) | — | |||||||||||||||||||||||||||||||||||
Accumulated depreciation on assets of consolidated joint ventures | — | 1,374 | — | |||||||||||||||||||||||||||||||||||||
Accumulated depreciation on retirements of fully depreciated assets | — | (1,132 | ) | (13,945 | ) | |||||||||||||||||||||||||||||||||||
Write off of accumulated depreciation on casualty-related impaired assets | (316 | ) | — | (693 | ) | |||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 2,434,772 | $ | 2,208,794 | $ | 1,924,682 | ||||||||||||||||||||||||||||||||||
Schedule_III_Real_Estate_Owned1
Schedule III - Real Estate Owned (UNITED DOMINION REALTY, L.P.) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate Owned | ||||||||||||||||||||||||||||||||||||||||
Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Encumbrances | Land and | Buildings | Total Initial | Costs of Improvements Capitalized | Land and | Buildings & | Total | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||
Land | and | Acquisition | Subsequent | Land | Buildings | Carrying | Depreciation | Construction(a) | Acquired | |||||||||||||||||||||||||||||||
Improvements | Improvements | Costs | to Acquisition Costs | Improvements | Improvements | Value | ||||||||||||||||||||||||||||||||||
WEST REGION | ||||||||||||||||||||||||||||||||||||||||
Harbor at Mesa Verde | $ | 50,358 | $ | 20,476 | $ | 28,538 | $ | 49,014 | $ | 12,949 | $ | 21,058 | $ | 40,905 | $ | 61,963 | $ | 26,242 | 2003 | 3-Jun | ||||||||||||||||||||
27 Seventy Five Mesa Verde | 30,660 | 99,329 | 110,644 | 209,973 | 91,693 | 112,333 | 189,333 | 301,666 | 72,689 | 1972/2013 | 4-Oct | |||||||||||||||||||||||||||||
Pacific Shores | 34,112 | 7,345 | 22,624 | 29,969 | 9,150 | 7,759 | 31,360 | 39,119 | 19,665 | 2003 | 3-Jun | |||||||||||||||||||||||||||||
Huntington Vista | 27,972 | 8,055 | 22,486 | 30,541 | 7,637 | 8,438 | 29,740 | 38,178 | 18,655 | 1970 | 3-Jun | |||||||||||||||||||||||||||||
Missions at Back Bay | — | 229 | 14,129 | 14,358 | 2,133 | 10,802 | 5,689 | 16,491 | 3,994 | 1969 | 3-Dec | |||||||||||||||||||||||||||||
Coronado at Newport — North | — | 62,516 | 46,082 | 108,598 | 24,693 | 66,756 | 66,535 | 133,291 | 41,982 | 2000 | 4-Oct | |||||||||||||||||||||||||||||
Huntington Villas | 50,771 | 61,535 | 18,017 | 79,552 | 7,132 | 62,223 | 24,461 | 86,684 | 16,061 | 1972 | 4-Sep | |||||||||||||||||||||||||||||
Vista Del Rey | — | 10,670 | 7,080 | 17,750 | 2,062 | 10,830 | 8,982 | 19,812 | 5,769 | 1969 | 4-Sep | |||||||||||||||||||||||||||||
Foxborough | — | 12,071 | 6,187 | 18,258 | 2,749 | 12,366 | 8,641 | 21,007 | 5,119 | 1969 | 4-Sep | |||||||||||||||||||||||||||||
Coronado South | — | 58,785 | 50,067 | 108,852 | 17,875 | 59,277 | 67,450 | 126,727 | 40,783 | 2000 | 5-Mar | |||||||||||||||||||||||||||||
1818 Platinum Triangle | — | 16,663 | 51,905 | 68,568 | 470 | 16,693 | 52,345 | 69,038 | 13,682 | 2009 | 10-Aug | |||||||||||||||||||||||||||||
Beach & Ocean | — | 12,878 | — | 12,878 | 38,160 | 13,007 | 38,031 | 51,038 | 347 | 2014 | 11-Aug | |||||||||||||||||||||||||||||
The Residences at Bella Terra | — | 25,000 | — | 25,000 | 125,801 | 25,080 | 125,721 | 150,801 | 11,032 | 2013 | 11-Oct | |||||||||||||||||||||||||||||
Los Alisos at Mission Viejo | — | 17,298 | — | 17,298 | 69,882 | 16,386 | 70,794 | 87,180 | 4,449 | 2014 | 4-Jun | |||||||||||||||||||||||||||||
ORANGE COUNTY, CA | 193,873 | 412,850 | 377,759 | 790,609 | 412,386 | 443,008 | 759,987 | 1,202,995 | 280,469 | |||||||||||||||||||||||||||||||
2000 Post Street | — | 9,861 | 44,578 | 54,439 | 8,965 | 10,241 | 53,163 | 63,404 | 24,289 | 1987 | Dec-98 | |||||||||||||||||||||||||||||
Birch Creek | — | 4,365 | 16,696 | 21,061 | 6,544 | 5,068 | 22,537 | 27,605 | 12,889 | 1968 | Dec-98 | |||||||||||||||||||||||||||||
Highlands Of Marin | — | 5,996 | 24,868 | 30,864 | 25,720 | 7,127 | 49,457 | 56,584 | 26,904 | 2010 | Dec-98 | |||||||||||||||||||||||||||||
Marina Playa | — | 6,224 | 23,916 | 30,140 | 9,482 | 6,908 | 32,714 | 39,622 | 18,351 | 1971 | Dec-98 | |||||||||||||||||||||||||||||
River Terrace | 39,310 | 22,161 | 40,137 | 62,298 | 3,315 | 22,359 | 43,254 | 65,613 | 23,857 | 2005 | 5-Aug | |||||||||||||||||||||||||||||
CitySouth | — | 14,031 | 30,537 | 44,568 | 35,190 | 16,261 | 63,497 | 79,758 | 30,810 | 2012 | 5-Nov | |||||||||||||||||||||||||||||
Bay Terrace | — | 8,545 | 14,458 | 23,003 | 4,571 | 11,424 | 16,150 | 27,574 | 8,710 | 1962 | 5-Oct | |||||||||||||||||||||||||||||
Highlands of Marin Phase II | — | 5,353 | 18,559 | 23,912 | 11,059 | 5,753 | 29,218 | 34,971 | 13,438 | 2010 | 7-Oct | |||||||||||||||||||||||||||||
Edgewater | — | 30,657 | 83,872 | 114,529 | 3,261 | 30,687 | 87,103 | 117,790 | 34,141 | 2007 | 8-Mar | |||||||||||||||||||||||||||||
Almaden Lake Village | 27,000 | 594 | 42,515 | 43,109 | 4,838 | 741 | 47,206 | 47,947 | 18,420 | 1999 | 8-Jul | |||||||||||||||||||||||||||||
388 Beale | — | 14,253 | 74,104 | 88,357 | 4,511 | 14,276 | 78,592 | 92,868 | 16,399 | 1999 | 11-Apr | |||||||||||||||||||||||||||||
Channel @ Mission Bay | — | 23,625 | — | 23,625 | 125,275 | 23,657 | 125,243 | 148,900 | 7,463 | 2014 | 10-Sep | |||||||||||||||||||||||||||||
2000 Post III | — | 1,756 | 7,753 | 9,509 | 3,008 | 3,291 | 9,226 | 12,517 | 5,535 | 2006 | Dec-98 | |||||||||||||||||||||||||||||
SAN FRANCISCO, CA | 66,310 | 147,421 | 421,993 | 569,414 | 245,739 | 157,793 | 657,360 | 815,153 | 241,206 | |||||||||||||||||||||||||||||||
Rosebeach | — | 8,414 | 17,449 | 25,863 | 2,945 | 8,584 | 20,224 | 28,808 | 11,880 | 1970 | 4-Sep | |||||||||||||||||||||||||||||
Tierra Del Rey | 32,635 | 39,586 | 36,679 | 76,265 | 3,008 | 39,647 | 39,626 | 79,273 | 16,561 | 1999 | 7-Dec | |||||||||||||||||||||||||||||
The Westerly | 67,700 | 48,182 | 102,364 | 150,546 | 36,334 | 50,662 | 136,218 | 186,880 | 35,540 | 2013 | 10-Sep | |||||||||||||||||||||||||||||
Jefferson at Marina del Rey | — | 55,651 | — | 55,651 | 89,717 | 61,262 | 84,106 | 145,368 | 27,682 | 2008 | 7-Sep | |||||||||||||||||||||||||||||
LOS ANGELES, CA | 100,335 | 151,833 | 156,492 | 308,325 | 132,004 | 160,155 | 280,174 | 440,329 | 91,663 | |||||||||||||||||||||||||||||||
Crowne Pointe | — | 2,486 | 6,437 | 8,923 | 5,074 | 2,822 | 11,175 | 13,997 | 7,069 | 1987 | Dec-98 | |||||||||||||||||||||||||||||
Hilltop | — | 2,174 | 7,408 | 9,582 | 3,722 | 2,668 | 10,636 | 13,304 | 6,431 | 1985 | Dec-98 | |||||||||||||||||||||||||||||
The Hawthorne | 35,500 | 6,474 | 30,226 | 36,700 | 3,187 | 6,575 | 33,312 | 39,887 | 18,512 | 2003 | 5-Jul | |||||||||||||||||||||||||||||
The Kennedy | — | 6,179 | 22,307 | 28,486 | 1,742 | 6,242 | 23,986 | 30,228 | 12,640 | 2005 | 5-Nov | |||||||||||||||||||||||||||||
Hearthstone at Merrill Creek | 22,957 | 6,848 | 30,922 | 37,770 | 3,180 | 6,984 | 33,966 | 40,950 | 13,370 | 2000 | 8-May | |||||||||||||||||||||||||||||
Island Square | — | 21,284 | 89,389 | 110,673 | 4,086 | 21,413 | 93,346 | 114,759 | 34,577 | 2007 | 8-Jul | |||||||||||||||||||||||||||||
Borgata | — | 6,379 | 24,569 | 30,948 | 722 | 6,404 | 25,287 | 31,691 | 11,013 | 2001 | 7-May | |||||||||||||||||||||||||||||
elements too | — | 27,468 | 72,036 | 99,504 | 14,258 | 30,100 | 83,662 | 113,762 | 33,927 | 2010 | 10-Feb | |||||||||||||||||||||||||||||
989elements | — | 8,541 | 45,990 | 54,531 | 1,592 | 8,552 | 47,571 | 56,123 | 13,663 | 2006 | 9-Dec | |||||||||||||||||||||||||||||
Lightbox | — | 6,449 | 38,884 | 45,333 | 55 | 6,449 | 38,939 | 45,388 | 854 | 2014 | 14-Aug | |||||||||||||||||||||||||||||
Waterscape | — | 9,693 | 65,176 | 74,869 | 50 | 9,693 | 65,226 | 74,919 | 1,028 | 2014 | 14-Sep | |||||||||||||||||||||||||||||
SEATTLE, WA | 58,457 | 103,975 | 433,344 | 537,319 | 37,668 | 107,902 | 467,106 | 575,008 | 153,084 | |||||||||||||||||||||||||||||||
Boronda Manor | — | 1,946 | 8,982 | 10,928 | 9,398 | 3,169 | 17,136 | 20,305 | 8,611 | 1979 | Dec-98 | |||||||||||||||||||||||||||||
Garden Court | — | 888 | 4,188 | 5,076 | 5,304 | 1,552 | 8,828 | 10,380 | 4,603 | 1973 | Dec-98 | |||||||||||||||||||||||||||||
Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Encumbrances | Land and | Buildings | Total Initial | Costs of Improvements Capitalized | Land and | Buildings & | Total | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||
Land | and | Acquisition | Subsequent | Land | Buildings | Carrying | Depreciation | Construction(a) | Acquired | |||||||||||||||||||||||||||||||
Improvements | Improvements | Costs | to Acquisition Costs | Improvements | Improvements | Value | ||||||||||||||||||||||||||||||||||
Cambridge Court | — | 3,039 | 12,883 | 15,922 | 14,266 | 5,274 | 24,914 | 30,188 | 13,065 | 1974 | Dec-98 | |||||||||||||||||||||||||||||
Laurel Tree | — | 1,304 | 5,115 | 6,419 | 5,872 | 2,139 | 10,152 | 12,291 | 5,264 | 1977 | Dec-98 | |||||||||||||||||||||||||||||
The Pointe At Harden Ranch | — | 6,388 | 23,854 | 30,242 | 25,703 | 9,848 | 46,097 | 55,945 | 23,292 | 1986 | Dec-98 | |||||||||||||||||||||||||||||
The Pointe At Northridge | — | 2,044 | 8,028 | 10,072 | 9,582 | 3,269 | 16,385 | 19,654 | 8,761 | 1979 | Dec-98 | |||||||||||||||||||||||||||||
The Pointe At Westlake | — | 1,329 | 5,334 | 6,663 | 6,207 | 2,154 | 10,716 | 12,870 | 5,276 | 1975 | Dec-98 | |||||||||||||||||||||||||||||
MONTEREY PENINSULA, CA | — | 16,938 | 68,384 | 85,322 | 76,332 | 27,405 | 134,228 | 161,633 | 68,872 | |||||||||||||||||||||||||||||||
Verano at Rancho Cucamonga Town Square | 46,471 | 13,557 | 3,645 | 17,202 | 53,385 | 23,066 | 47,521 | 70,587 | 31,638 | 2006 | 2-Oct | |||||||||||||||||||||||||||||
Windemere at Sycamore Highland | — | 5,810 | 23,450 | 29,260 | 2,656 | 6,100 | 25,816 | 31,916 | 16,798 | 2001 | 2-Nov | |||||||||||||||||||||||||||||
Villas at Carlsbad | — | 6,517 | 10,718 | 17,235 | 2,181 | 6,763 | 12,653 | 19,416 | 7,330 | 1966 | 4-Oct | |||||||||||||||||||||||||||||
Ocean Villas | — | 5,135 | 12,789 | 17,924 | 1,817 | 5,326 | 14,415 | 19,741 | 8,442 | 1965 | 4-Oct | |||||||||||||||||||||||||||||
OTHER SOUTHERN, CA | 46,471 | 31,019 | 50,602 | 81,621 | 60,039 | 41,255 | 100,405 | 141,660 | 64,208 | |||||||||||||||||||||||||||||||
Tualatin Heights | — | 3,273 | 9,134 | 12,407 | 6,517 | 3,839 | 15,085 | 18,924 | 9,653 | 1989 | Dec-98 | |||||||||||||||||||||||||||||
Andover Park | 16,818 | 2,916 | 16,995 | 19,911 | 8,174 | 3,210 | 24,875 | 28,085 | 16,127 | 1989 | 4-Sep | |||||||||||||||||||||||||||||
Hunt Club | 18,323 | 6,014 | 14,870 | 20,884 | 5,918 | 6,364 | 20,438 | 26,802 | 13,604 | 1985 | 4-Sep | |||||||||||||||||||||||||||||
PORTLAND, OR | 35,141 | 12,203 | 40,999 | 53,202 | 20,609 | 13,413 | 60,398 | 73,811 | 39,384 | |||||||||||||||||||||||||||||||
TOTAL WEST REGION | 500,587 | 876,239 | 1,549,573 | 2,425,812 | 984,777 | 950,931 | 2,459,658 | 3,410,589 | 938,886 | |||||||||||||||||||||||||||||||
MID-ATLANTIC REGION | ||||||||||||||||||||||||||||||||||||||||
Dominion Middle Ridge | 29,820 | 3,311 | 13,283 | 16,594 | 6,738 | 3,823 | 19,509 | 23,332 | 13,634 | 1990 | Jun-96 | |||||||||||||||||||||||||||||
Dominion Lake Ridge | 20,372 | 2,366 | 8,387 | 10,753 | 6,207 | 2,865 | 14,095 | 16,960 | 9,879 | 1987 | Feb-96 | |||||||||||||||||||||||||||||
Presidential Greens | — | 11,238 | 18,790 | 30,028 | 9,111 | 11,640 | 27,499 | 39,139 | 18,907 | 1938 | 2-May | |||||||||||||||||||||||||||||
The Whitmore | — | 6,418 | 13,411 | 19,829 | 20,350 | 7,493 | 32,686 | 40,179 | 21,571 | 2008 | 2-Apr | |||||||||||||||||||||||||||||
Ridgewood | — | 5,612 | 20,086 | 25,698 | 8,108 | 6,012 | 27,794 | 33,806 | 19,540 | 1988 | 2-Aug | |||||||||||||||||||||||||||||
DelRay Tower | — | 297 | 12,786 | 13,083 | 111,790 | 9,447 | 115,426 | 124,873 | 2,382 | 2014 | 8-Jan | |||||||||||||||||||||||||||||
Waterside Towers | — | 1,139 | 49,657 | 50,796 | 15,246 | 36,028 | 30,014 | 66,042 | 19,530 | 1971 | 3-Dec | |||||||||||||||||||||||||||||
Wellington Place at Olde Town | 32,037 | 13,753 | 36,059 | 49,812 | 17,071 | 14,650 | 52,233 | 66,883 | 32,364 | 2008 | 5-Sep | |||||||||||||||||||||||||||||
Andover House | — | 14,357 | 51,577 | 65,934 | 3,173 | 14,373 | 54,669 | 69,042 | 24,673 | 2004 | 7-Mar | |||||||||||||||||||||||||||||
Sullivan Place | — | 1,137 | 103,676 | 104,813 | 5,604 | 1,373 | 109,044 | 110,417 | 44,942 | 2007 | 7-Dec | |||||||||||||||||||||||||||||
Circle Towers | 70,606 | 32,815 | 107,051 | 139,866 | 10,812 | 33,105 | 117,573 | 150,678 | 45,360 | 1972 | 8-Mar | |||||||||||||||||||||||||||||
Delancey at Shirlington | — | 21,606 | 66,765 | 88,371 | 1,770 | 21,632 | 68,509 | 90,141 | 26,624 | 2006/2007 | 8-Mar | |||||||||||||||||||||||||||||
View 14 | — | 5,710 | 97,941 | 103,651 | 2,407 | 5,721 | 100,337 | 106,058 | 20,042 | 2009 | 11-Jun | |||||||||||||||||||||||||||||
Signal Hill | — | 13,290 | — | 13,290 | 69,526 | 25,399 | 57,417 | 82,816 | 20,799 | 2010 | 7-Mar | |||||||||||||||||||||||||||||
Capitol View on 14th | — | 31,393 | — | 31,393 | 94,301 | 31,394 | 94,300 | 125,694 | 11,374 | 2013 | 7-Sep | |||||||||||||||||||||||||||||
Domain College Park | 31,337 | 7,300 | — | 7,300 | 57,935 | 7,306 | 57,929 | 65,235 | 4,247 | 2014 | 11-Jun | |||||||||||||||||||||||||||||
METROPOLITAN, D.C. | 184,172 | 171,742 | 599,469 | 771,211 | 440,149 | 232,261 | 979,034 | 1,211,295 | 335,868 | |||||||||||||||||||||||||||||||
Dominion Kings Place | 14,525 | 1,565 | 7,007 | 8,572 | 4,199 | 1,808 | 10,963 | 12,771 | 8,117 | 1983 | Dec-92 | |||||||||||||||||||||||||||||
Dominion At Eden Brook | — | 2,361 | 9,384 | 11,745 | 6,515 | 2,952 | 15,308 | 18,260 | 11,890 | 1984 | Dec-92 | |||||||||||||||||||||||||||||
Ellicott Grove | — | 2,920 | 9,099 | 12,019 | 23,075 | 5,306 | 29,788 | 35,094 | 22,140 | 2008 | Jul-94 | |||||||||||||||||||||||||||||
Dominion Constant Freindship | 8,783 | 903 | 4,669 | 5,572 | 3,941 | 1,277 | 8,236 | 9,513 | 5,965 | 1990 | May-95 | |||||||||||||||||||||||||||||
Lakeside Mill | 12,569 | 2,666 | 10,109 | 12,775 | 4,581 | 2,985 | 14,371 | 17,356 | 10,818 | 1989 | Dec-99 | |||||||||||||||||||||||||||||
Tamar Meadow | — | 4,145 | 17,150 | 21,295 | 5,089 | 4,577 | 21,807 | 26,384 | 14,882 | 1990 | 2-Nov | |||||||||||||||||||||||||||||
Calvert’s Walk | — | 4,408 | 24,692 | 29,100 | 6,766 | 4,726 | 31,140 | 35,866 | 19,763 | 1988 | 4-Mar | |||||||||||||||||||||||||||||
Arborview Apartments | — | 4,653 | 23,952 | 28,605 | 7,731 | 5,209 | 31,127 | 36,336 | 20,296 | 1992 | 4-Mar | |||||||||||||||||||||||||||||
Liriope Apartments | — | 1,620 | 6,791 | 8,411 | 1,250 | 1,646 | 8,015 | 9,661 | 5,090 | 1997 | 4-Mar | |||||||||||||||||||||||||||||
20 Lambourne | 30,834 | 11,750 | 45,590 | 57,340 | 5,433 | 12,018 | 50,755 | 62,773 | 21,218 | 2003 | 8-Mar | |||||||||||||||||||||||||||||
Domain Brewers Hill | — | 4,669 | 40,630 | 45,299 | 581 | 4,678 | 41,202 | 45,880 | 10,343 | 2009 | 10-Aug | |||||||||||||||||||||||||||||
BALTIMORE, MD | 66,711 | 41,660 | 199,073 | 240,733 | 69,161 | 47,182 | 262,712 | 309,894 | 150,522 | |||||||||||||||||||||||||||||||
Dominion English Hills | — | 1,979 | 11,524 | 13,503 | 8,224 | 2,873 | 18,854 | 21,727 | 11,134 | 1969/1976 | Dec-91 | |||||||||||||||||||||||||||||
Gayton Pointe Townhomes | — | 826 | 5,148 | 5,974 | 29,434 | 3,420 | 31,988 | 35,408 | 25,999 | 2007 | Sep-95 | |||||||||||||||||||||||||||||
Waterside At Ironbridge | — | 1,844 | 13,239 | 15,083 | 7,335 | 2,299 | 20,119 | 22,418 | 13,123 | 1987 | Sep-97 | |||||||||||||||||||||||||||||
Carriage Homes at Wyndham | — | 474 | 30,997 | 31,471 | 7,560 | 3,801 | 35,230 | 39,031 | 23,205 | 1998 | 3-Nov | |||||||||||||||||||||||||||||
Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Encumbrances | Land and | Buildings | Total Initial | Costs of Improvements Capitalized | Land and | Buildings & | Total | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||
Land | and | Acquisition | Subsequent | Land | Buildings | Carrying | Depreciation | Construction(a) | Acquired | |||||||||||||||||||||||||||||||
Improvements | Improvements | Costs | to Acquisition Costs | Improvements | Improvements | Value | ||||||||||||||||||||||||||||||||||
Legacy at Mayland | 34,567 | — | — | — | 20,954 | 1,975 | 18,979 | 20,954 | 18,906 | 2007 | Dec-91 | |||||||||||||||||||||||||||||
RICHMOND, VA | 34,567 | 5,123 | 60,908 | 66,031 | 73,507 | 14,368 | 125,170 | 139,538 | 92,367 | |||||||||||||||||||||||||||||||
Eastwind | — | 155 | 5,317 | 5,472 | 6,374 | 659 | 11,187 | 11,846 | 9,145 | 1970 | Apr-88 | |||||||||||||||||||||||||||||
Dominion Waterside At Lynnhaven | — | 1,824 | 4,107 | 5,931 | 6,369 | 2,337 | 9,963 | 12,300 | 7,634 | 1966 | Aug-96 | |||||||||||||||||||||||||||||
Heather Lake | — | 617 | 3,400 | 4,017 | 10,120 | 1,205 | 12,932 | 14,137 | 12,126 | 1972/1974 | Mar-80 | |||||||||||||||||||||||||||||
Dominion Yorkshire Downs | — | 1,089 | 8,582 | 9,671 | 6,123 | 1,594 | 14,200 | 15,794 | 9,290 | 1987 | Dec-97 | |||||||||||||||||||||||||||||
NORFOLK, VA | — | 3,685 | 21,406 | 25,091 | 28,986 | 5,795 | 48,282 | 54,077 | 38,195 | |||||||||||||||||||||||||||||||
Greens At Schumaker Pond | — | 710 | 6,118 | 6,828 | 6,143 | 1,043 | 11,928 | 12,971 | 8,541 | 1988 | May-95 | |||||||||||||||||||||||||||||
OTHER MID-ATLANTIC | — | 710 | 6,118 | 6,828 | 6,143 | 1,043 | 11,928 | 12,971 | 8,541 | |||||||||||||||||||||||||||||||
TOTAL MID-ATLANTIC REGION | 285,450 | 222,920 | 886,974 | 1,109,894 | 617,946 | 300,649 | 1,427,126 | 1,727,775 | 625,493 | |||||||||||||||||||||||||||||||
SOUTHEAST REGION | ||||||||||||||||||||||||||||||||||||||||
Summit West | — | 2,176 | 4,710 | 6,886 | 8,513 | 3,236 | 12,163 | 15,399 | 10,443 | 1972 | Dec-92 | |||||||||||||||||||||||||||||
The Breyley | — | 1,780 | 2,458 | 4,238 | 17,167 | 3,346 | 18,059 | 21,405 | 16,232 | 2007 | Sep-93 | |||||||||||||||||||||||||||||
Lakewood Place | 18,526 | 1,395 | 10,647 | 12,042 | 8,972 | 2,329 | 18,685 | 21,014 | 13,790 | 1986 | Mar-94 | |||||||||||||||||||||||||||||
Bay Meadow | — | 2,893 | 9,254 | 12,147 | 10,416 | 4,277 | 18,286 | 22,563 | 13,550 | 2004 | Dec-96 | |||||||||||||||||||||||||||||
Cambridge Woods | 12,713 | 1,791 | 7,166 | 8,957 | 8,655 | 2,613 | 14,999 | 17,612 | 10,681 | 1985 | Jun-97 | |||||||||||||||||||||||||||||
Sugar Mill Creek | — | 2,242 | 7,553 | 9,795 | 6,846 | 2,734 | 13,907 | 16,641 | 8,998 | 1988 | Dec-98 | |||||||||||||||||||||||||||||
Inlet Bay | — | 7,702 | 23,150 | 30,852 | 14,657 | 9,211 | 36,298 | 45,509 | 25,585 | 1988/1989 | 3-Jun | |||||||||||||||||||||||||||||
MacAlpine Place | — | 10,869 | 36,858 | 47,727 | 7,384 | 11,408 | 43,703 | 55,111 | 27,162 | 2001 | 4-Dec | |||||||||||||||||||||||||||||
The Vintage Lofts at West End | — | 6,611 | 37,663 | 44,274 | 15,827 | 15,120 | 44,981 | 60,101 | 19,020 | 2009 | 9-Jul | |||||||||||||||||||||||||||||
TAMPA, FL | 31,239 | 37,459 | 139,459 | 176,918 | 98,437 | 54,274 | 221,081 | 275,355 | 145,461 | |||||||||||||||||||||||||||||||
Seabrook | — | 1,846 | 4,155 | 6,001 | 8,052 | 2,681 | 11,372 | 14,053 | 9,077 | 2004 | Feb-96 | |||||||||||||||||||||||||||||
The Canopy Apartment Villas | — | 2,895 | 6,456 | 9,351 | 21,457 | 5,470 | 25,338 | 30,808 | 22,904 | 2008 | Mar-93 | |||||||||||||||||||||||||||||
Altamira Place | — | 1,533 | 11,076 | 12,609 | 20,241 | 3,450 | 29,400 | 32,850 | 24,329 | 2007 | Apr-94 | |||||||||||||||||||||||||||||
Regatta Shore | — | 757 | 6,608 | 7,365 | 15,549 | 2,018 | 20,896 | 22,914 | 16,423 | 2007 | Jun-94 | |||||||||||||||||||||||||||||
Alafaya Woods | 18,064 | 1,653 | 9,042 | 10,695 | 8,911 | 2,522 | 17,084 | 19,606 | 12,624 | 2006 | Oct-94 | |||||||||||||||||||||||||||||
Los Altos | 21,942 | 2,804 | 12,349 | 15,153 | 10,494 | 4,020 | 21,627 | 25,647 | 14,273 | 2004 | Oct-96 | |||||||||||||||||||||||||||||
Lotus Landing | — | 2,185 | 8,639 | 10,824 | 9,569 | 2,841 | 17,552 | 20,393 | 11,184 | 2006 | Jul-97 | |||||||||||||||||||||||||||||
Seville On The Green | — | 1,282 | 6,498 | 7,780 | 6,722 | 1,705 | 12,797 | 14,502 | 8,546 | 2004 | Oct-97 | |||||||||||||||||||||||||||||
Ashton @ Waterford | 23,388 | 3,872 | 17,538 | 21,410 | 4,049 | 4,179 | 21,280 | 25,459 | 12,963 | 2000 | May-98 | |||||||||||||||||||||||||||||
Arbors at Lee Vista | — | 6,692 | 12,860 | 19,552 | 12,591 | 7,220 | 24,923 | 32,143 | 18,328 | 2007 | 6-Aug | |||||||||||||||||||||||||||||
ORLANDO, FL | 63,394 | 25,519 | 95,221 | 120,740 | 117,635 | 36,106 | 202,269 | 238,375 | 150,651 | |||||||||||||||||||||||||||||||
Legacy Hill | — | 1,148 | 5,867 | 7,015 | 8,636 | 1,762 | 13,889 | 15,651 | 10,830 | 1977 | Nov-95 | |||||||||||||||||||||||||||||
Hickory Run | — | 1,469 | 11,584 | 13,053 | 9,761 | 2,139 | 20,675 | 22,814 | 13,482 | 1989 | Dec-95 | |||||||||||||||||||||||||||||
Carrington Hills | — | 2,117 | — | 2,117 | 33,846 | 4,462 | 31,501 | 35,963 | 20,064 | 1999 | Dec-95 | |||||||||||||||||||||||||||||
Brookridge | — | 708 | 5,461 | 6,169 | 4,500 | 1,143 | 9,526 | 10,669 | 6,641 | 1986 | Mar-96 | |||||||||||||||||||||||||||||
Breckenridge | — | 766 | 7,714 | 8,480 | 4,357 | 1,258 | 11,579 | 12,837 | 7,704 | 1986 | Mar-97 | |||||||||||||||||||||||||||||
Colonnade | 16,677 | 1,460 | 16,015 | 17,475 | 4,934 | 1,946 | 20,463 | 22,409 | 11,461 | 1998 | Jan-99 | |||||||||||||||||||||||||||||
The Preserve at Brentwood | 22,157 | 3,182 | 24,674 | 27,856 | 6,276 | 3,508 | 30,624 | 34,132 | 19,951 | 1998 | 4-Jun | |||||||||||||||||||||||||||||
Polo Park | — | 4,583 | 16,293 | 20,876 | 16,042 | 5,643 | 31,275 | 36,918 | 20,471 | 2008 | 6-May | |||||||||||||||||||||||||||||
NASHVILLE, TN | 38,834 | 15,433 | 87,608 | 103,041 | 88,352 | 21,861 | 169,532 | 191,393 | 110,604 | |||||||||||||||||||||||||||||||
The Reserve and Park at Riverbridge | 39,179 | 15,968 | 56,401 | 72,369 | 8,947 | 16,536 | 64,780 | 81,316 | 38,317 | 1999/2001 | 4-Dec | |||||||||||||||||||||||||||||
OTHER FLORIDA | 39,179 | 15,968 | 56,401 | 72,369 | 8,947 | 16,536 | 64,780 | 81,316 | 38,317 | |||||||||||||||||||||||||||||||
TOTAL SOUTHEAST REGION | 172,646 | 94,379 | 378,689 | 473,068 | 313,371 | 128,777 | 657,662 | 786,439 | 445,033 | |||||||||||||||||||||||||||||||
NORTHEAST REGION | ||||||||||||||||||||||||||||||||||||||||
Garrison Square | — | 5,591 | 91,027 | 96,618 | 6,048 | 5,631 | 97,035 | 102,666 | 23,767 | 1887/1990 | 10-Sep | |||||||||||||||||||||||||||||
Ridge at Blue Hills | 22,839 | 6,039 | 34,869 | 40,908 | 1,238 | 6,102 | 36,044 | 42,146 | 9,052 | 2007 | 10-Sep | |||||||||||||||||||||||||||||
Inwood West | 56,447 | 20,778 | 88,096 | 108,874 | 3,034 | 19,309 | 92,599 | 111,908 | 20,102 | 2006 | 11-Apr | |||||||||||||||||||||||||||||
14 North | — | 10,961 | 51,175 | 62,136 | 4,563 | 10,999 | 55,700 | 66,699 | 12,750 | 2005 | 11-Apr | |||||||||||||||||||||||||||||
BOSTON, MA | 79,286 | 43,369 | 265,167 | 308,536 | 14,883 | 42,041 | 281,378 | 323,419 | 65,671 | |||||||||||||||||||||||||||||||
Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Encumbrances | Land and | Buildings | Total Initial | Costs of Improvements Capitalized | Land and | Buildings & | Total | Accumulated | Date of | Date | ||||||||||||||||||||||||||||||
Land | and | Acquisition | Subsequent | Land | Buildings | Carrying | Depreciation | Construction(a) | Acquired | |||||||||||||||||||||||||||||||
Improvements | Improvements | Costs | to Acquisition Costs | Improvements | Improvements | Value | ||||||||||||||||||||||||||||||||||
10 Hanover Square | 190,462 | 41,432 | 218,983 | 260,415 | 8,396 | 41,481 | 227,330 | 268,811 | 42,678 | 2005 | 11-Apr | |||||||||||||||||||||||||||||
21 Chelsea | — | 36,399 | 107,154 | 143,553 | 10,915 | 36,399 | 118,069 | 154,468 | 20,910 | 2001 | 11-Aug | |||||||||||||||||||||||||||||
View 34 | — | 114,410 | 324,920 | 439,330 | 85,635 | 115,024 | 409,941 | 524,965 | 72,318 | 1985/2013 | 11-Jul | |||||||||||||||||||||||||||||
95 Wall Street | — | 57,637 | 266,255 | 323,892 | 6,296 | 57,736 | 272,452 | 330,188 | 54,973 | 2008 | 11-Aug | |||||||||||||||||||||||||||||
NEW YORK, NY | 190,462 | 249,878 | 917,312 | 1,167,190 | 111,242 | 250,640 | 1,027,792 | 1,278,432 | 190,879 | |||||||||||||||||||||||||||||||
TOTAL NORTHEAST REGION | 269,748 | 293,247 | 1,182,479 | 1,475,726 | 126,125 | 292,681 | 1,309,170 | 1,601,851 | 256,550 | |||||||||||||||||||||||||||||||
SOUTHWEST REGION | ||||||||||||||||||||||||||||||||||||||||
THIRTY377 | 30,023 | 24,036 | 32,951 | 56,987 | 8,162 | 24,311 | 40,838 | 65,149 | 21,663 | 2007 | 6-Aug | |||||||||||||||||||||||||||||
Legacy Village | 72,415 | 16,882 | 100,102 | 116,984 | 7,325 | 17,280 | 107,029 | 124,309 | 44,321 | 6/7/05 | 8-Mar | |||||||||||||||||||||||||||||
Garden Oaks | — | 2,132 | 5,367 | 7,499 | 1,631 | 6,936 | 2,194 | 9,130 | 1,842 | 1979 | 7-Mar | |||||||||||||||||||||||||||||
Glenwood | — | 7,903 | 554 | 8,457 | 1,897 | 8,159 | 2,195 | 10,354 | 1,366 | 1970 | 7-May | |||||||||||||||||||||||||||||
Talisker of Addison | — | 10,440 | 634 | 11,074 | 1,917 | 10,841 | 2,150 | 12,991 | 1,836 | 1975 | 7-May | |||||||||||||||||||||||||||||
Springhaven | — | 6,688 | 3,354 | 10,042 | 1,289 | 8,350 | 2,981 | 11,331 | 2,231 | 1977 | 7-Apr | |||||||||||||||||||||||||||||
Clipper Pointe | — | 13,221 | 2,507 | 15,728 | 2,398 | 14,948 | 3,178 | 18,126 | 2,618 | 1978 | 7-May | |||||||||||||||||||||||||||||
Highlands of Preston | — | 2,151 | 8,168 | 10,319 | 31,139 | 5,989 | 35,469 | 41,458 | 24,269 | 2008 | Mar-98 | |||||||||||||||||||||||||||||
DALLAS, TX | 102,438 | 83,453 | 153,637 | 237,090 | 55,758 | 96,814 | 196,034 | 292,848 | 100,146 | |||||||||||||||||||||||||||||||
Barton Creek Landing | — | 3,151 | 14,269 | 17,420 | 22,118 | 4,807 | 34,731 | 39,538 | 20,260 | 2010 | 2-Mar | |||||||||||||||||||||||||||||
Residences at the Domain | 30,661 | 4,034 | 55,256 | 59,290 | 2,608 | 4,200 | 57,698 | 61,898 | 21,988 | 2007 | 8-Aug | |||||||||||||||||||||||||||||
Red Stone Ranch | — | 5,084 | 17,646 | 22,730 | 1,625 | 5,115 | 19,240 | 24,355 | 3,687 | 2000 | 12-Apr | |||||||||||||||||||||||||||||
Lakeline Villas | — | 4,148 | 16,869 | 21,017 | 1,065 | 4,159 | 17,923 | 22,082 | 3,370 | 2004 | 12-Apr | |||||||||||||||||||||||||||||
AUSTIN, TX | 30,661 | 16,417 | 104,040 | 120,457 | 27,416 | 18,281 | 129,592 | 147,873 | 49,305 | |||||||||||||||||||||||||||||||
TOTAL SOUTHWEST REGION | 133,099 | 99,870 | 257,677 | 357,547 | 83,174 | 115,095 | 325,626 | 440,721 | 149,451 | |||||||||||||||||||||||||||||||
TOTAL OPERATING COMMUNITIES | 1,361,530 | 1,586,655 | 4,255,392 | 5,842,047 | 2,125,393 | 1,788,133 | 6,179,242 | 7,967,375 | 2,415,413 | |||||||||||||||||||||||||||||||
REAL ESTATE UNDER DEVELOPMENT | ||||||||||||||||||||||||||||||||||||||||
Pier 4 | — | 24,584 | — | 24,584 | 153,048 | 24,584 | 153,048 | 177,632 | — | |||||||||||||||||||||||||||||||
TOTAL REAL ESTATE UNDER DEVELOPMENT | — | 24,584 | — | 24,584 | 153,048 | 24,584 | 153,048 | 177,632 | — | |||||||||||||||||||||||||||||||
LAND | ||||||||||||||||||||||||||||||||||||||||
7 Harcourt | — | 884 | — | 884 | 4,734 | 804 | 4,814 | 5,618 | 614 | |||||||||||||||||||||||||||||||
Vitruvian | — | 4,325 | 1,360 | 5,685 | 7,965 | 11,244 | 2,406 | 13,650 | 2,023 | |||||||||||||||||||||||||||||||
Pacific City | — | 78,085 | — | 78,085 | 7,962 | 78,085 | 7,962 | 86,047 | — | |||||||||||||||||||||||||||||||
Graybar | — | 32,938 | — | 32,938 | 283 | 32,938 | 283 | 33,221 | — | |||||||||||||||||||||||||||||||
3032 Wilshire | — | 9,963 | 788 | 10,751 | 1,642 | 9,963 | 2,430 | 12,393 | 788 | |||||||||||||||||||||||||||||||
2919 Wilshire | — | 6,773 | 527 | 7,300 | 880 | 6,773 | 1,407 | 8,180 | 527 | |||||||||||||||||||||||||||||||
Waterside | — | 11,862 | 93 | 11,955 | 189 | 12,084 | 60 | 12,144 | 263 | |||||||||||||||||||||||||||||||
TOTAL LAND | — | 144,830 | 2,768 | 147,598 | 23,655 | 151,891 | 19,362 | 171,253 | 4,215 | |||||||||||||||||||||||||||||||
COMMERCIAL | ||||||||||||||||||||||||||||||||||||||||
Hanover Village | — | 1,624 | — | 1,624 | — | 1,104 | 520 | 1,624 | 553 | |||||||||||||||||||||||||||||||
Circle Towers Office Bldg | — | 1,407 | 4,498 | 5,905 | 1,516 | 1,380 | 6,041 | 7,421 | 2,232 | |||||||||||||||||||||||||||||||
Brookhaven Shopping Center | — | 4,943 | 7,093 | 12,036 | 9,537 | 7,793 | 13,780 | 21,573 | 11,676 | |||||||||||||||||||||||||||||||
Bellevue Plaza retail | — | 24,377 | 7,517 | 31,894 | 306 | 29,920 | 2,280 | 32,200 | 636 | |||||||||||||||||||||||||||||||
TOTAL COMMERCIAL | — | 32,351 | 19,108 | 51,459 | 11,359 | 40,197 | 22,621 | 62,818 | 15,097 | |||||||||||||||||||||||||||||||
Other (b) | — | — | — | — | 4,181 | — | 4,181 | 4,181 | 47 | |||||||||||||||||||||||||||||||
TOTAL CORPORATE | — | — | — | — | 4,181 | — | 4,181 | 4,181 | 47 | |||||||||||||||||||||||||||||||
TOTAL COMMERCIAL & CORPORATE | — | 32,351 | 19,108 | 51,459 | 15,540 | 40,197 | 26,802 | 66,999 | 15,144 | |||||||||||||||||||||||||||||||
TOTAL REAL ESTATE OWNED | $ | 1,361,530 | $ | 1,788,420 | $ | 4,277,268 | $ | 6,065,688 | $ | 2,317,636 | $ | 2,004,805 | $ | 6,378,454 | $ | 8,383,259 | $ | 2,434,772 | ||||||||||||||||||||||
(a) | Date of construction or date of last major renovation. | |||||||||||||||||||||||||||||||||||||||
(b) | Includes unallocated accruals and capital expenditures. | |||||||||||||||||||||||||||||||||||||||
The aggregate cost for federal income tax purposes was approximately $7.7 billion at December 31, 2014. | ||||||||||||||||||||||||||||||||||||||||
The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. | ||||||||||||||||||||||||||||||||||||||||
3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||
The following is a reconciliation of the carrying amount of total real estate owned at December 31, (in thousands): | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of the year | $ | 8,207,977 | $ | 8,055,828 | $ | 8,074,471 | ||||||||||||||||||||||||||||||||||
Real estate acquired | 231,225 | — | 141,648 | |||||||||||||||||||||||||||||||||||||
Capital expenditures and development | 326,461 | 452,057 | 422,480 | |||||||||||||||||||||||||||||||||||||
Real estate sold | (269,681 | ) | (70,687 | ) | (559,154 | ) | ||||||||||||||||||||||||||||||||||
Real estate contributed to joint ventures | (112,344 | ) | (356,303 | ) | — | |||||||||||||||||||||||||||||||||||
Consolidation of joint venture assets | — | 129,437 | — | |||||||||||||||||||||||||||||||||||||
Retirement of fully depreciated assets | — | — | (13,945 | ) | ||||||||||||||||||||||||||||||||||||
Impairment of assets, including casualty-related impairments | (379 | ) | (2,355 | ) | (9,672 | ) | ||||||||||||||||||||||||||||||||||
Real estate acquired through JV consolidation | — | — | — | |||||||||||||||||||||||||||||||||||||
Balance at end of the year | $ | 8,383,259 | $ | 8,207,977 | $ | 8,055,828 | ||||||||||||||||||||||||||||||||||
The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, (in thousands): | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of the year | $ | 2,208,794 | $ | 1,924,682 | $ | 1,831,727 | ||||||||||||||||||||||||||||||||||
Depreciation expense for the year | 356,673 | 339,326 | 340,800 | |||||||||||||||||||||||||||||||||||||
Accumulated depreciation on sales | (126,151 | ) | (34,794 | ) | (233,207 | ) | ||||||||||||||||||||||||||||||||||
Accumulated depreciation on real estate contributed to joint ventures | (4,228 | ) | (20,662 | ) | — | |||||||||||||||||||||||||||||||||||
Accumulated depreciation on assets of consolidated joint ventures | — | 1,374 | — | |||||||||||||||||||||||||||||||||||||
Accumulated depreciation on retirements of fully depreciated assets | — | (1,132 | ) | (13,945 | ) | |||||||||||||||||||||||||||||||||||
Write off of accumulated depreciation on casualty-related impaired assets | (316 | ) | — | (693 | ) | |||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 2,434,772 | $ | 2,208,794 | $ | 1,924,682 | ||||||||||||||||||||||||||||||||||
United Dominion Reality L.P. | ||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate Owned | ||||||||||||||||||||||||||||||||||||||||
Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Encumbrances | Land and Land Improvements | Building and Improvements | Total Initial Acquisition Costs | Cost of Improvements Capitalized Subsequent to Acquisition Costs | Land and Land Improvements | Buildings & Buildings Improvements | Total Carrying Value | Accumulated Depreciation | Date of Construction (a) | Date Acquired | ||||||||||||||||||||||||||||||
WEST REGION | ||||||||||||||||||||||||||||||||||||||||
Harbor at Mesa Verde | $ | 50,358 | $ | 20,476 | $ | 28,538 | $ | 49,014 | $ | 12,949 | $ | 21,058 | $ | 40,905 | $ | 61,963 | $ | 26,242 | 2003 | 3-Jun | ||||||||||||||||||||
27 Seventy Five Mesa Verde | 30,660 | 99,329 | 110,644 | 209,973 | 91,693 | 112,333 | 189,333 | 301,666 | 72,689 | 1972/2013 | 4-Oct | |||||||||||||||||||||||||||||
Pacific Shores | 34,112 | 7,345 | 22,624 | 29,969 | 9,150 | 7,759 | 31,360 | 39,119 | 19,665 | 2003 | 3-Jun | |||||||||||||||||||||||||||||
Huntington Vista | 27,972 | 8,055 | 22,486 | 30,541 | 7,637 | 8,438 | 29,740 | 38,178 | 18,655 | 1970 | 3-Jun | |||||||||||||||||||||||||||||
Missions at Back Bay | — | 229 | 14,129 | 14,358 | 2,133 | 10,802 | 5,689 | 16,491 | 3,994 | 1969 | 3-Dec | |||||||||||||||||||||||||||||
Coronado at Newport — North | — | 62,516 | 46,082 | 108,598 | 24,693 | 66,756 | 66,535 | 133,291 | 41,982 | 2000 | 4-Oct | |||||||||||||||||||||||||||||
Huntington Villas | 50,771 | 61,535 | 18,017 | 79,552 | 7,132 | 62,223 | 24,461 | 86,684 | 16,061 | 1972 | 4-Sep | |||||||||||||||||||||||||||||
Vista Del Rey | — | 10,670 | 7,080 | 17,750 | 2,062 | 10,830 | 8,982 | 19,812 | 5,769 | 1969 | 4-Sep | |||||||||||||||||||||||||||||
Coronado South | — | 58,785 | 50,067 | 108,852 | 17,875 | 59,277 | 67,450 | 126,727 | 40,783 | 2000 | 5-Mar | |||||||||||||||||||||||||||||
ORANGE COUNTY, CA | 193,873 | 328,940 | 319,667 | 648,607 | 175,324 | 359,476 | 464,455 | 823,931 | 245,840 | |||||||||||||||||||||||||||||||
2000 Post Street | — | 9,861 | 44,578 | 54,439 | 8,965 | 10,241 | 53,163 | 63,404 | 24,289 | 1987 | Dec-98 | |||||||||||||||||||||||||||||
Birch Creek | — | 4,365 | 16,696 | 21,061 | 6,544 | 5,068 | 22,537 | 27,605 | 12,889 | 1968 | Dec-98 | |||||||||||||||||||||||||||||
Highlands Of Marin | — | 5,996 | 24,868 | 30,864 | 25,720 | 7,127 | 49,457 | 56,584 | 26,904 | 2010 | Dec-98 | |||||||||||||||||||||||||||||
Marina Playa | — | 6,224 | 23,916 | 30,140 | 9,482 | 6,908 | 32,714 | 39,622 | 18,351 | 1971 | Dec-98 | |||||||||||||||||||||||||||||
River Terrace | 39,310 | 22,161 | 40,137 | 62,298 | 3,315 | 22,359 | 43,254 | 65,613 | 23,857 | 2005 | 5-Aug | |||||||||||||||||||||||||||||
CitySouth | — | 14,031 | 30,537 | 44,568 | 35,190 | 16,261 | 63,497 | 79,758 | 30,810 | 2012 | 5-Nov | |||||||||||||||||||||||||||||
Bay Terrace | — | 8,545 | 14,458 | 23,003 | 4,571 | 11,424 | 16,150 | 27,574 | 8,710 | 1962 | 5-Oct | |||||||||||||||||||||||||||||
Highlands of Marin Phase II | — | 5,353 | 18,559 | 23,912 | 11,059 | 5,753 | 29,218 | 34,971 | 13,438 | 2010 | 7-Oct | |||||||||||||||||||||||||||||
Edgewater | — | 30,657 | 83,872 | 114,529 | 3,261 | 30,687 | 87,103 | 117,790 | 34,141 | 2007 | 8-Mar | |||||||||||||||||||||||||||||
Almaden Lake Village | 27,000 | 594 | 42,515 | 43,109 | 4,838 | 741 | 47,206 | 47,947 | 18,420 | 1999 | 8-Jul | |||||||||||||||||||||||||||||
SAN FRANCISCO, CA | 66,310 | 107,787 | 340,136 | 447,923 | 112,945 | 116,569 | 444,299 | 560,868 | 211,809 | |||||||||||||||||||||||||||||||
Rosebeach | — | 8,414 | 17,449 | 25,863 | 2,945 | 8,584 | 20,224 | 28,808 | 11,880 | 1970 | 4-Sep | |||||||||||||||||||||||||||||
Tierra Del Rey | 32,635 | 39,586 | 36,679 | 76,265 | 3,008 | 39,647 | 39,626 | 79,273 | 16,561 | 1999 | 7-Dec | |||||||||||||||||||||||||||||
LOS ANGELES, CA | 32,635 | 48,000 | 54,128 | 102,128 | 5,953 | 48,231 | 59,850 | 108,081 | 28,441 | |||||||||||||||||||||||||||||||
Crowne Pointe | — | 2,486 | 6,437 | 8,923 | 5,074 | 2,822 | 11,175 | 13,997 | 7,069 | 1987 | Dec-98 | |||||||||||||||||||||||||||||
Hilltop | — | 2,174 | 7,408 | 9,582 | 3,722 | 2,668 | 10,636 | 13,304 | 6,431 | 1985 | Dec-98 | |||||||||||||||||||||||||||||
The Kennedy | — | 6,179 | 22,307 | 28,486 | 1,742 | 6,242 | 23,986 | 30,228 | 12,640 | 2005 | 5-Nov | |||||||||||||||||||||||||||||
Hearthstone at Merrill Creek | 22,957 | 6,848 | 30,922 | 37,770 | 3,180 | 6,984 | 33,966 | 40,950 | 13,370 | 2000 | 8-May | |||||||||||||||||||||||||||||
Island Square | — | 21,284 | 89,389 | 110,673 | 4,086 | 21,413 | 93,346 | 114,759 | 34,577 | 2007 | 8-Jul | |||||||||||||||||||||||||||||
SEATTLE, WA | 22,957 | 38,971 | 156,463 | 195,434 | 17,804 | 40,129 | 173,109 | 213,238 | 74,087 | |||||||||||||||||||||||||||||||
Boronda Manor | — | 1,946 | 8,982 | 10,928 | 9,377 | 3,169 | 17,136 | 20,305 | 8,611 | 1979 | Dec-98 | |||||||||||||||||||||||||||||
Garden Court | — | 888 | 4,188 | 5,076 | 5,304 | 1,552 | 8,828 | 10,380 | 4,603 | 1973 | Dec-98 | |||||||||||||||||||||||||||||
Cambridge Court | — | 3,039 | 12,883 | 15,922 | 14,266 | 5,274 | 24,914 | 30,188 | 13,065 | 1974 | Dec-98 | |||||||||||||||||||||||||||||
Laurel Tree | — | 1,304 | 5,115 | 6,419 | 5,872 | 2,139 | 10,152 | 12,291 | 5,264 | 1977 | Dec-98 | |||||||||||||||||||||||||||||
The Pointe At Harden Ranch | — | 6,388 | 23,854 | 30,242 | 25,703 | 9,848 | 46,097 | 55,945 | 23,292 | 1986 | Dec-98 | |||||||||||||||||||||||||||||
The Pointe At Northridge | — | 2,044 | 8,028 | 10,072 | 9,582 | 3,269 | 16,385 | 19,654 | 8,761 | 1979 | Dec-98 | |||||||||||||||||||||||||||||
The Pointe At Westlake | — | 1,329 | 5,334 | 6,663 | 6,207 | 2,154 | 10,716 | 12,870 | 5,276 | 1975 | Dec-98 | |||||||||||||||||||||||||||||
MONTEREY PENINSULA, CA | — | 16,938 | 68,384 | 85,322 | 76,311 | 27,405 | 134,228 | 161,633 | 68,872 | |||||||||||||||||||||||||||||||
Verano at Rancho Cucamonga Town Square | 46,471 | 13,557 | 3,645 | 17,202 | 53,385 | 23,066 | 47,521 | 70,587 | 31,638 | 2006 | 2-Oct | |||||||||||||||||||||||||||||
Villas at Carlsbad | — | 6,517 | 10,718 | 17,235 | 2,181 | 6,763 | 12,653 | 19,416 | 7,330 | 1966 | 4-Oct | |||||||||||||||||||||||||||||
Ocean Villas | — | 5,135 | 12,789 | 17,924 | 1,817 | 5,326 | 14,415 | 19,741 | 8,442 | 1965 | 4-Oct | |||||||||||||||||||||||||||||
OTHER SOUTHERN, CA | 46,471 | 25,209 | 27,152 | 52,361 | 57,383 | 35,155 | 74,589 | 109,744 | 47,410 | |||||||||||||||||||||||||||||||
Tualatin Heights | — | 3,273 | 9,134 | 12,407 | 6,517 | 3,839 | 15,085 | 18,924 | 9,653 | 1989 | Dec-98 | |||||||||||||||||||||||||||||
Andover Park | 16,818 | 2,916 | 16,995 | 19,911 | 8,174 | 3,210 | 24,875 | 28,085 | 16,127 | 1989 | 4-Sep | |||||||||||||||||||||||||||||
Hunt Club | 18,323 | 6,014 | 14,870 | 20,884 | 5,918 | 6,364 | 20,438 | 26,802 | 13,604 | 1985 | 4-Sep | |||||||||||||||||||||||||||||
PORTLAND, OR | 35,141 | 12,203 | 40,999 | 53,202 | 20,609 | 13,413 | 60,398 | 73,811 | 39,384 | |||||||||||||||||||||||||||||||
TOTAL WEST REGION | 397,387 | 578,048 | 1,006,929 | 1,584,977 | 466,329 | 640,378 | 1,410,928 | 2,051,306 | 715,843 | |||||||||||||||||||||||||||||||
Initial Costs | Gross Amount at Which Carried at Close of Period | |||||||||||||||||||||||||||||||||||||||
Encumbrances | Land and Land Improvements | Building and Improvements | Total Initial Acquisition Costs | Cost of Improvements Capitalized Subsequent to Acquisition Costs | Land and Land Improvements | Buildings & Buildings Improvements | Total Carrying Value | Accumulated Depreciation | Date of Construction (a) | Date Acquired | ||||||||||||||||||||||||||||||
MID-ATLANTIC REGION | ||||||||||||||||||||||||||||||||||||||||
The Whitmore | — | 6,418 | 13,411 | 19,829 | 20,350 | 7,493 | 32,686 | 40,179 | 21,571 | 2008 | 2-Apr | |||||||||||||||||||||||||||||
Ridgewood | — | 5,612 | 20,086 | 25,698 | 8,108 | 6,012 | 27,794 | 33,806 | 19,540 | 1988 | 2-Aug | |||||||||||||||||||||||||||||
DelRey Tower | — | 297 | 12,786 | 13,083 | 111,790 | 9,447 | 115,426 | 124,873 | 2,382 | 2014 | 8-Jan | |||||||||||||||||||||||||||||
Wellington Place at Olde Town | 32,037 | 13,753 | 36,059 | 49,812 | 17,071 | 14,650 | 52,233 | 66,883 | 32,364 | 2008 | 5-Sep | |||||||||||||||||||||||||||||
Andover House | — | 14,357 | 51,577 | 65,934 | 3,108 | 14,373 | 54,669 | 69,042 | 24,673 | 2004 | 7-Mar | |||||||||||||||||||||||||||||
Sullivan Place | — | 1,137 | 103,676 | 104,813 | 5,604 | 1,373 | 109,044 | 110,417 | 44,942 | 2007 | 7-Dec | |||||||||||||||||||||||||||||
Circle Towers | 70,606 | 32,815 | 107,051 | 139,866 | 10,812 | 33,105 | 117,573 | 150,678 | 45,360 | 1972 | 8-Mar | |||||||||||||||||||||||||||||
Delancey at Shirlington | — | 21,606 | 66,765 | 88,371 | 1,770 | 21,632 | 68,509 | 90,141 | 26,624 | 2006/2007 | 8-Mar | |||||||||||||||||||||||||||||
METROPOLITAN D.C. | 102,643 | 95,995 | 411,411 | 507,406 | 178,613 | 108,085 | 577,934 | 686,019 | 217,456 | |||||||||||||||||||||||||||||||
Lakeside Mill | 12,569 | 2,666 | 10,109 | 12,775 | 4,581 | 2,985 | 14,371 | 17,356 | 10,818 | 1989 | Dec-99 | |||||||||||||||||||||||||||||
Tamar Meadow | — | 4,145 | 17,150 | 21,295 | 5,089 | 4,577 | 21,807 | 26,384 | 14,882 | 1990 | 2-Nov | |||||||||||||||||||||||||||||
Calvert’s Walk | — | 4,408 | 24,692 | 29,100 | 6,766 | 4,726 | 31,140 | 35,866 | 19,763 | 1988 | 4-Mar | |||||||||||||||||||||||||||||
Liriope Apartments | — | 1,620 | 6,791 | 8,411 | 1,250 | 1,646 | 8,015 | 9,661 | 5,090 | 1997 | 4-Mar | |||||||||||||||||||||||||||||
20 Lambourne | 30,834 | 11,750 | 45,590 | 57,340 | 5,433 | 12,018 | 50,755 | 62,773 | 21,218 | 2003 | 8-Mar | |||||||||||||||||||||||||||||
BALTIMORE, MD | 43,403 | 24,589 | 104,332 | 128,921 | 23,119 | 25,952 | 126,088 | 152,040 | 71,771 | |||||||||||||||||||||||||||||||
TOTAL MID-ATLANTIC REGION | 146,046 | 120,584 | 515,743 | 636,327 | 201,732 | 134,037 | 704,022 | 838,059 | 289,227 | |||||||||||||||||||||||||||||||
SOUTHEAST REGION | ||||||||||||||||||||||||||||||||||||||||
Sugar Mill Creek | — | 2,242 | 7,553 | 9,795 | 6,846 | 2,734 | 13,907 | 16,641 | 8,998 | 1988 | Dec-98 | |||||||||||||||||||||||||||||
Inlet Bay | — | 7,702 | 23,150 | 30,852 | 14,657 | 9,211 | 36,298 | 45,509 | 25,585 | 1988/1989 | 3-Jun | |||||||||||||||||||||||||||||
MacAlpine Place | — | 10,869 | 36,858 | 47,727 | 7,384 | 11,408 | 43,703 | 55,111 | 27,162 | 2001 | 4-Dec | |||||||||||||||||||||||||||||
TAMPA, FL | — | 20,813 | 67,561 | 88,374 | 28,887 | 23,353 | 93,908 | 117,261 | 61,745 | |||||||||||||||||||||||||||||||
Legacy Hill | — | 1,148 | 5,867 | 7,015 | 8,636 | 1,762 | 13,889 | 15,651 | 10,830 | 1977 | Nov-95 | |||||||||||||||||||||||||||||
Hickory Run | — | 1,469 | 11,584 | 13,053 | 9,761 | 2,139 | 20,675 | 22,814 | 13,482 | 1989 | Dec-95 | |||||||||||||||||||||||||||||
Carrington Hills | — | 2,117 | — | 2,117 | 33,846 | 4,462 | 31,501 | 35,963 | 20,064 | 1999 | Dec-95 | |||||||||||||||||||||||||||||
Brookridge | — | 708 | 5,461 | 6,169 | 4,500 | 1,143 | 9,526 | 10,669 | 6,641 | 1986 | Mar-96 | |||||||||||||||||||||||||||||
Breckenridge | — | 766 | 7,714 | 8,480 | 4,357 | 1,258 | 11,579 | 12,837 | 7,704 | 1986 | Mar-97 | |||||||||||||||||||||||||||||
Polo Park | — | 4,583 | 16,293 | 20,876 | 16,042 | 5,643 | 31,275 | 36,918 | 20,471 | 2008 | 6-May | |||||||||||||||||||||||||||||
NASHVILLE, TN | — | 10,791 | 46,919 | 57,710 | 77,142 | 16,407 | 118,445 | 134,852 | 79,192 | |||||||||||||||||||||||||||||||
The Reserve and Park at Riverbridge | 39,179 | 15,968 | 56,401 | 72,369 | 8,947 | 16,536 | 64,780 | 81,316 | 38,317 | 1999/2001 | 4-Dec | |||||||||||||||||||||||||||||
OTHER FLORIDA | 39,179 | 15,968 | 56,401 | 72,369 | 8,947 | 16,536 | 64,780 | 81,316 | 38,317 | |||||||||||||||||||||||||||||||
TOTAL SOUTHEAST REGION | 39,179 | 47,572 | 170,881 | 218,453 | 114,976 | 56,296 | 277,133 | 333,429 | 179,254 | |||||||||||||||||||||||||||||||
NORTHEAST REGION | ||||||||||||||||||||||||||||||||||||||||
Inwood West | 56,447 | 20,778 | 88,096 | 108,874 | 3,034 | 19,309 | 92,599 | 111,908 | 20,102 | 2006 | 11-Apr | |||||||||||||||||||||||||||||
14 North | — | 10,961 | 51,175 | 62,136 | 4,563 | 10,999 | 55,700 | 66,699 | 12,750 | 2005 | 11-Apr | |||||||||||||||||||||||||||||
BOSTON, MA | 56,447 | 31,739 | 139,271 | 171,010 | 7,597 | 30,308 | 148,299 | 178,607 | 32,852 | |||||||||||||||||||||||||||||||
10 Hanover Square | 190,462 | 41,432 | 218,983 | 260,415 | 8,396 | 41,481 | 227,330 | 268,811 | 42,678 | 2005 | 11-Apr | |||||||||||||||||||||||||||||
95 Wall Street | — | 57,637 | 266,255 | 323,892 | 6,296 | 57,736 | 272,452 | 330,188 | 54,973 | 2008 | 11-Aug | |||||||||||||||||||||||||||||
NEW YORK, NY | 190,462 | 99,069 | 485,238 | 584,307 | 14,692 | 99,217 | 499,782 | 598,999 | 97,651 | |||||||||||||||||||||||||||||||
TOTAL NORTHEAST REGION | 246,909 | 130,808 | 624,509 | 755,317 | 22,289 | 129,525 | 648,081 | 777,606 | 130,503 | |||||||||||||||||||||||||||||||
SOUTHWEST REGION | ||||||||||||||||||||||||||||||||||||||||
THIRTY377 | 30,023 | 24,036 | 32,951 | 56,987 | 8,162 | 24,311 | 40,838 | 65,149 | 21,663 | 2007 | 6-Aug | |||||||||||||||||||||||||||||
Legacy Village | 72,415 | 16,882 | 100,102 | 116,984 | 7,325 | 17,280 | 107,029 | 124,309 | 44,321 | 6/7/05 | 8-Mar | |||||||||||||||||||||||||||||
DALLAS, TX | 102,438 | 40,918 | 133,053 | 173,971 | 15,487 | 41,591 | 147,867 | 189,458 | 65,984 | |||||||||||||||||||||||||||||||
Barton Creek Landing | — | 3,151 | 14,269 | 17,420 | 22,118 | 4,807 | 34,731 | 39,538 | 20,260 | 2010 | 2-Mar | |||||||||||||||||||||||||||||
AUSTIN, TX | — | 3,151 | 14,269 | 17,420 | 22,118 | 4,807 | 34,731 | 39,538 | 20,260 | |||||||||||||||||||||||||||||||
TOTAL SOUTHWEST REGION | 102,438 | 44,069 | 147,322 | 191,391 | 37,605 | 46,398 | 182,598 | 228,996 | 86,244 | |||||||||||||||||||||||||||||||
TOTAL OPERATING COMMUNITIES | 931,959 | 921,081 | 2,465,384 | 3,386,465 | 842,931 | 1,006,634 | 3,222,762 | 4,229,396 | 1,401,071 | |||||||||||||||||||||||||||||||
COMMERCIAL | ||||||||||||||||||||||||||||||||||||||||
Circle Towers Office Bldg | — | 1,407 | 4,498 | 5,905 | 1,516 | 1,380 | 6,041 | 7,421 | 2,232 | |||||||||||||||||||||||||||||||
TOTAL COMMERCIAL | — | 1,407 | 4,498 | 5,905 | 1,516 | 1,380 | 6,041 | 7,421 | 2,232 | |||||||||||||||||||||||||||||||
Other (b) | — | — | — | — | 1,953 | — | 1,953 | 1,953 | — | |||||||||||||||||||||||||||||||
TOTAL CORPORATE | — | — | — | — | 1,953 | — | 1,953 | 1,953 | — | |||||||||||||||||||||||||||||||
TOTAL COMMERCIAL & CORPORATE | — | 1,407 | 4,498 | 5,905 | 3,469 | 1,380 | 7,994 | 9,374 | 2,232 | |||||||||||||||||||||||||||||||
TOTAL REAL ESTATE OWNED | $ | 931,959 | $ | 922,488 | $ | 2,469,882 | $ | 3,392,370 | $ | 846,400 | $ | 1,008,014 | $ | 3,230,756 | $ | 4,238,770 | $ | 1,403,303 | ||||||||||||||||||||||
(a) | Date of construction or date of last major renovation. | |||||||||||||||||||||||||||||||||||||||
(b) | Includes unallocated accruals and capital expenditures. | |||||||||||||||||||||||||||||||||||||||
The aggregate cost for federal income tax purpose was approximately $3.6 billion at December 31, 2011. | ||||||||||||||||||||||||||||||||||||||||
The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. | ||||||||||||||||||||||||||||||||||||||||
3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||
The following is a reconciliation of the carrying amount of total real estate owned at December 31, (in thousands): | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of the year | $ | 4,188,480 | $ | 4,182,920 | $ | 4,205,298 | ||||||||||||||||||||||||||||||||||
Capital expenditures and development | 91,682 | 151,002 | 115,355 | |||||||||||||||||||||||||||||||||||||
Real estate sold | (41,013 | ) | (70,687 | ) | (116,166 | ) | ||||||||||||||||||||||||||||||||||
Real estate transferred to the General Partner | — | (74,755 | ) | — | ||||||||||||||||||||||||||||||||||||
Retirement of fully depreciated asset | — | — | (13,945 | ) | ||||||||||||||||||||||||||||||||||||
Casualty-related impairment of assets | (379 | ) | — | (7,622 | ) | |||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 4,238,770 | $ | 4,188,480 | $ | 4,182,920 | ||||||||||||||||||||||||||||||||||
The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, (in thousands): | ||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
Balance at beginning of the year | $ | 1,241,574 | $ | 1,097,133 | $ | 976,358 | ||||||||||||||||||||||||||||||||||
Depreciation expense for the year | 178,719 | 179,404 | 189,362 | |||||||||||||||||||||||||||||||||||||
Accumulated depreciation on sales | (16,674 | ) | (34,794 | ) | (54,085 | ) | ||||||||||||||||||||||||||||||||||
Accumulated depreciation on retirements of fully depreciated asset | — | — | (13,945 | ) | ||||||||||||||||||||||||||||||||||||
Accumulated depreciation on property transferred to the General Partner | — | (169 | ) | — | ||||||||||||||||||||||||||||||||||||
Write off of accumulated depreciation on casualty-related impaired assets | (316 | ) | — | (557 | ) | |||||||||||||||||||||||||||||||||||
Balance at end of year | $ | 1,403,303 | $ | 1,241,574 | $ | 1,097,133 | ||||||||||||||||||||||||||||||||||
IncomeLoss_Per_Share_UNITED_DO
Income/(Loss) Per Share (UNITED DOMINION REALTY, L.P.) (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Text Block] | INCOME/(LOSS) PER SHARE | |||||||||||
The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator for income/(loss) per share: | ||||||||||||
Income/(loss) from continuing operations | $ | 16,260 | $ | 2,340 | $ | (46,305 | ) | |||||
Gain/(loss) on sale of real estate owned, net of tax | 143,572 | — | — | |||||||||
(Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership | (5,511 | ) | 48 | 2,089 | ||||||||
(Income)/loss from continuing operations attributable to noncontrolling interests | 3 | 60 | (140 | ) | ||||||||
Income/(loss) from continuing operations attributable to UDR, Inc. | 154,324 | 2,448 | (44,356 | ) | ||||||||
Distributions to preferred stockholders - Series E (Convertible) | (3,724 | ) | (3,724 | ) | (3,724 | ) | ||||||
Distributions to preferred stockholders - Series G | — | — | (2,286 | ) | ||||||||
Premium on preferred stock redemption or repurchases, net | — | — | (2,791 | ) | ||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 150,600 | $ | (1,276 | ) | $ | (53,157 | ) | ||||
Income/(loss) from discontinued operations, net of tax | $ | 10 | $ | 43,942 | $ | 266,608 | ||||||
(Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership | — | (1,578 | ) | (10,075 | ) | |||||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | 10 | $ | 42,364 | $ | 256,533 | ||||||
Net income/(loss) attributable to common stockholders | $ | 150,610 | $ | 41,088 | $ | 203,376 | ||||||
Denominator for income/(loss) per share - basic and diluted: | ||||||||||||
Weighted average common shares outstanding | 252,707 | 250,684 | 239,482 | |||||||||
Non-vested restricted stock awards | (1,179 | ) | (715 | ) | (631 | ) | ||||||
Denominator for income/(loss) per share - basic | 251,528 | 249,969 | 238,851 | |||||||||
Incremental shares issuable from assumed conversion of: | 1,917 | — | — | |||||||||
Stock options and unvested resticted stock | ||||||||||||
Denominator for income/(loss) per share - diluted | 253,445 | 249,969 | 238,851 | |||||||||
Income/(loss) per weighted average common share - basic: | ||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.6 | $ | (0.01 | ) | $ | (0.22 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | — | 0.17 | 1.07 | |||||||||
Net income/(loss) attributable to common stockholders | $ | 0.6 | $ | 0.16 | $ | 0.85 | ||||||
Income/(loss) per weighted average common share - diluted: | ||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.59 | $ | (0.01 | ) | $ | (0.22 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | — | 0.17 | 1.07 | |||||||||
Net income/(loss) attributable to common stockholders | $ | 0.59 | $ | 0.16 | $ | 0.85 | ||||||
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 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 years ended December 31, 2013 and 2012, the effect of the conversion of the OP Units, convertible preferred stock, stock options and restricted stock is not dilutive, and is 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 years ended December 31, 2014, 2013, and 2012 (shares in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
OP Units | 9,247 | 9,337 | 9,411 | |||||||||
Preferred Stock | 3,036 | 3,036 | 3,036 | |||||||||
Stock options and unvested restricted stock | 1,917 | 1,584 | 1,361 | |||||||||
United Dominion Reality L P [Member] | ||||||||||||
Earnings Per Share [Text Block] | INCOME/(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 year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership. For the years ended December 31, 2014, 2013, and 2012, there were no dilutive instruments, 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): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator for income/(loss) per OP Unit — basic and diluted: | ||||||||||||
Income/(loss) from continuing operations | $ | 33,544 | $ | 32,766 | $ | (13,309 | ) | |||||
Gain/(loss) on sale of real estate owned | 63,635 | — | — | |||||||||
(Income)/loss from continuing operations attributable to noncontrolling interests | (952 | ) | (4,114 | ) | (100 | ) | ||||||
Income/(loss) from continuing operations attributable to OP unitholders | $ | 96,227 | $ | 28,652 | $ | (13,409 | ) | |||||
Income/(loss) from discontinued operations | $ | — | $ | 45,176 | $ | 57,643 | ||||||
(Income)/loss from discontinued operations attributable to noncontrolling interests | — | (452 | ) | (252 | ) | |||||||
Income/(loss) from discontinued operations attributable to OP unitholders | $ | — | $ | 44,724 | $ | 57,391 | ||||||
Net income/(loss) | $ | 97,179 | $ | 77,942 | $ | 44,334 | ||||||
Net (income)/loss attributable to noncontrolling interests | (952 | ) | (4,566 | ) | (352 | ) | ||||||
Net income/(loss) attributable to OP unitholders | $ | 96,227 | $ | 73,376 | $ | 43,982 | ||||||
Denominator for income/(loss) per OP Unit — basic and diluted: | ||||||||||||
Weighted average OP Units outstanding — basic and diluted | 183,279 | 184,196 | 184,281 | |||||||||
Income/(loss) per weighted average OP Unit — basic and diluted: | ||||||||||||
Income/(loss) from continuing operations attributable to OP unitholders | $ | 0.53 | $ | 0.16 | $ | (0.07 | ) | |||||
Income/(loss) from discontinued operations attributable to OP unitholders | — | 0.24 | 0.31 | |||||||||
Net income/(loss) attributable to OP unitholders | $ | 0.53 | $ | 0.4 | $ | 0.24 | ||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Accounting Policies [Abstract] | |||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||
In April 2014, the Financial Accounting Standards Board (the “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 3, Discontinued Operations. 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. | |||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method, and the standard will be effective for the Company on January 1, 2017; early adoption is not permitted. The Company has not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | |||||||||||
Real estate | Real Estate | ||||||||||
Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. | |||||||||||
Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. | |||||||||||
UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. | |||||||||||
Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future 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. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. | |||||||||||
For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. | |||||||||||
Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. | |||||||||||
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 years ended December 31, 2014, 2013, and 2012 were $9.0 million, $11.1 million and $10.0 million, respectively. During the years ended December 31, 2014, 2013, and 2012, total interest capitalized was $20.2 million, $29.4 million, and $26.4 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. | |||||||||||
Cash and cash equivalents | Cash and Cash Equivalents | ||||||||||
Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. | |||||||||||
Restricted cash | Restricted Cash | ||||||||||
Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. | |||||||||||
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. | |||||||||||
Notes Receivable | Notes Receivable | ||||||||||
The following table summarizes our notes receivable, net as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||
Interest rate at December 31, 2014 | Balance Outstanding | ||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||
Note due June 2014 (a) | $ | — | $ | 40,800 | |||||||
Note due February 2017 (b) | 10 | % | 11,869 | 14,580 | |||||||
Note due July 2017 (c) | 8 | % | 2,500 | 1,400 | |||||||
Note due June 2022 (net of discount of $0 and $247, respectively) (d) | — | 26,253 | |||||||||
Total notes receivable, net | $ | 14,369 | $ | 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 June 2014, the note was paid in full. | |||||||||||
(b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $11.9 million, which bears an interest rate of 10.00% per annum. During the year ended December 31, 2014, the Company loaned an additional $1.2 million and received a payment of $3.9 million in the fourth quarter under this 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 year ended December 31, 2014, the Company loaned an additional $1.1 million 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 (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 bore 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. In July 2014, the Company received proceeds of $36.0 million from the repayment of this note, resulting in a net gain of approximately $8.4 million, which is included in Interest and other income/(expense), net on the Consolidated Statements of Operations. | |||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company recognized $3.4 million, $4.1 million and $2.7 million, respectively, of interest income from these notes receivable, of which $0, $765,000 and $281,000, respectively, were related party interest income. Interest income is included in Interest and other income/(expense), net on the Consolidated Statements of Operations. | |||||||||||
Marketable Securities | |||||||||||
Investment in joint ventures | Investment in Joint Ventures and Partnerships | ||||||||||
We use the equity method to account for investments in joint ventures and partnerships that qualify as variable interest entities where we are not the primary beneficiary and entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. | |||||||||||
In determining whether a joint venture or partnership is a variable interest entity, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2014, the Company did not determine any of our joint ventures or partnerships to be variable interest entities. | |||||||||||
We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate 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. 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, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. | |||||||||||
Derivative financial instruments | Derivative Financial Instruments | ||||||||||
The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. | |||||||||||
Redeemable noncontrolling interests in the Operating Partnership | Redeemable Noncontrolling Interests in the Operating Partnership | ||||||||||
Interests in the Operating Partnership held by limited partners are represented by Operating Partnership units (“OP Units”). The income is allocated to holders of OP Units based upon net income available 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 partnership agreement. | |||||||||||
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 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. | |||||||||||
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 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 December 31, 2014 and 2013, UDR’s net deferred tax asset of $7.0 million, which had no valuation allowance, and $32.3 million, net of a valuation allowance of $1.3 million, respectively, was included in Other assets on the Consolidated Balance Sheets. | |||||||||||
Prior to 2012, our TRS had a history of losses and, as a result, historically recognized a valuation allowance for net deferred tax assets. Each quarter, the Company evaluates the need to retain all or a portion of the valuation allowance on its net deferred tax assets. In 2012, the Company determined that it was more likely than not that the deferred tax assets, including any remaining net operating loss carry forward, would be realized. In making this determination, the Company analyzed, among other things, its recent history of earnings from sales of depreciable property, forecasts of future earnings and its cumulative earnings for the last twelve quarters. The reversal of the valuation allowance resulted in an income tax benefit of $44.4 million during the year ended December 31, 2012, $21.5 million of which is reported in continuing operations and included within Tax benefit/(provision), net in the Consolidated Statements of Operations, and $22.9 million of which is included within Income/(loss) from discontinued operations, net of tax in the Consolidated Statements of Operations. | |||||||||||
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. 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 December 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 income tax expense. | |||||||||||
Discontinued operations | Discontinued Operations | ||||||||||
Prior to the adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the results of operations for those properties sold during the year or classified as held for sale at the end of the current year are classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Company will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Company determines that the property no longer meets the criteria for held for sale, the Company will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). | |||||||||||
Stock-based employee compensation plans | Stock-Based Employee Compensation Plans | ||||||||||
The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For performance based awards, the Company remeasures the fair value each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. | |||||||||||
Advertising costs | Advertising Costs | ||||||||||
All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item | |||||||||||
Cost of raising capital | Cost of Raising Capital | ||||||||||
Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. | |||||||||||
Preferred Share Redemption and Repurchases | Preferred Share Redemption and Repurchases | ||||||||||
During the year ended December 31, 2012, the Company completed the redemption of all outstanding shares of its 6.75% Series G Cumulative Redeemable Preferred Stock. A total of 3,264,362 shares of the Series G Preferred Stock was redeemed at a redemption price of $25 per share in cash, plus accrued and unpaid dividends to the redemption date for a total cost of $82.1 million. | |||||||||||
When redeeming or repurchasing preferred stock, the Company recognizes share issuance costs as a charge to the preferred stock on a pro rata basis to the total costs incurred for the preferred stock as well as any premium or discount on the redemption or repurchase. In connection with the redemption of the Series G Preferred Stock, the Company recognized a (decrease)/increase in net income/(loss) attributable to common stockholders of $(2.8) million for the year ended December 31, 2012, which is reported in Premium on preferred stock redemption or repurchases, net on the Consolidated Statements of Operations. | |||||||||||
Comprehensive income | 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 years ended December 31, 2014, 2013, and 2012, 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 and marketable securities 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 in the accompanying Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The (gain)/loss on marketable securities reclassified from other comprehensive income/(loss) is included in Interest and other income/(expense), net on the Consolidated Statements of Operations. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2014, 2013, and 2012 was $(133,000), $250,000, and $80,000, respectively. | |||||||||||
Use of estimates | Use of Estimates | ||||||||||
The preparation of these financial statements in accordance with 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 financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. | |||||||||||
Market concentration risk | Market Concentration Risk | ||||||||||
The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2014, the Company held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; Metropolitan D.C.; and New York, New York markets. |
Significant_Accounting_Policie3
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Entity Information [Line Items] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In April 2014, the Financial Accounting Standards Board (the “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 3, Discontinued Operations. 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. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method, and the standard will be effective for the Company on January 1, 2017; early adoption is not permitted. The Company has not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. | |
Real estate | Real Estate |
Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. | |
Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. | |
UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. | |
Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future 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. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. | |
For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. | |
Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. | |
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 years ended December 31, 2014, 2013, and 2012 were $9.0 million, $11.1 million and $10.0 million, respectively. During the years ended December 31, 2014, 2013, and 2012, total interest capitalized was $20.2 million, $29.4 million, and $26.4 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. | |
Cash and cash equivalents | Cash and Cash Equivalents |
Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. | |
Derivative financial instruments | Derivative Financial Instruments |
The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. | |
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. | |
Discontinued operations | Discontinued Operations |
Prior to the adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, the results of operations for those properties sold during the year or classified as held for sale at the end of the current year are classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Company will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Company determines that the property no longer meets the criteria for held for sale, the Company will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). | |
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 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 December 31, 2014 and 2013, UDR’s net deferred tax asset of $7.0 million, which had no valuation allowance, and $32.3 million, net of a valuation allowance of $1.3 million, respectively, was included in Other assets on the Consolidated Balance Sheets. | |
Prior to 2012, our TRS had a history of losses and, as a result, historically recognized a valuation allowance for net deferred tax assets. Each quarter, the Company evaluates the need to retain all or a portion of the valuation allowance on its net deferred tax assets. In 2012, the Company determined that it was more likely than not that the deferred tax assets, including any remaining net operating loss carry forward, would be realized. In making this determination, the Company analyzed, among other things, its recent history of earnings from sales of depreciable property, forecasts of future earnings and its cumulative earnings for the last twelve quarters. The reversal of the valuation allowance resulted in an income tax benefit of $44.4 million during the year ended December 31, 2012, $21.5 million of which is reported in continuing operations and included within Tax benefit/(provision), net in the Consolidated Statements of Operations, and $22.9 million of which is included within Income/(loss) from discontinued operations, net of tax in the Consolidated Statements of Operations. | |
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. 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 December 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 income tax expense. | |
Advertising costs | Advertising Costs |
All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item | |
Comprehensive income | 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 years ended December 31, 2014, 2013, and 2012, 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 and marketable securities 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 in the accompanying Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The (gain)/loss on marketable securities reclassified from other comprehensive income/(loss) is included in Interest and other income/(expense), net on the Consolidated Statements of Operations. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2014, 2013, and 2012 was $(133,000), $250,000, and $80,000, respectively. | |
Use of estimates | Use of Estimates |
The preparation of these financial statements in accordance with 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 financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. | |
Market concentration risk | Market Concentration Risk |
The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2014, the Company held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; Metropolitan D.C.; and New York, New York markets. | |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Real estate | Real Estate |
Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. | |
Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. | |
The Operating Partnership purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Operating Partnership estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. | |
Quarterly or when changes in circumstances warrant, the Operating Partnership will assess our real estate properties for indicators of impairment. In determining whether the Operating Partnership has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future 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. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates and capitalization rates, industry trends and reference to market rates and transactions. | |
For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. | |
Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. | |
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 years ended December 31, 2014, 2013, and 2012 were $2.0 million, $2.5 million, and $2.1 million, respectively. During the years ended December 31, 2014, 2013, and 2012, total interest capitalized was $2.9 million, $5.9 million, $3.7 million, respectively. As each home in a capital project is completed and becomes available for lease-up, the Operating Partnership ceases capitalization on the related portion and depreciation commences over the estimated useful life. | |
Cash and cash equivalents | Cash and Cash Equivalents |
Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Operating Partnership’s cash and cash equivalents are held at major commercial banks. | |
Derivative financial instruments | Derivative Financial Instruments |
The General Partner utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments associated with the Operating Partnership’s allocation of the General Partner’s debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partner’s cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. | |
Non-controlling interests | Noncontrolling Interests |
The noncontrolling interests represent the General Partner’s interests in certain consolidated subsidiaries and are presented in the capital section of the Consolidated Balance Sheets since these interests are not convertible or redeemable into any other ownership interests of the Operating Partnership. | |
During the year ended December 31, 2013, the Operating Partnership corrected an error in the General Partner’s ownership interest in one of the consolidated subsidiaries. The correction increased the General Partner’s ownership interest resulting in a cumulative adjustment increasing Net (income)/loss attributable to noncontrolling interests by $3.3 million on the Consolidated Statements of Operations with a corresponding increase to Noncontrolling interests on the Consolidated Balance Sheets. Management believes the impact of the cumulative adjustment in 2013 is immaterial to the financial statements taken as a whole. | |
Income Tax | |
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. | |
Discontinued operations | Discontinued Operations |
Under GAAP, the results of operations for those properties sold during the year or classified as held for sale at the end of the current year are classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Operating Partnership or related parties will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Operating Partnership determines that the property no longer meets the criteria for held for sale, the Operating Partnership will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). | |
Earnings 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 year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership. For the years ended December 31, 2014, 2013, and 2012, there were no dilutive instruments, 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. |
Allocation of General and Administrative Expenses | Allocation of General and Administrative Expenses |
The Operating Partnership is charged directly for general and administrative expenses it incurs. The Operating Partnership is also charged with other general and administrative expenses that have been allocated by the General Partner to each of its subsidiaries, including the Operating Partnership, based on each subsidiary’s pro-rata portion of UDR’s total apartment homes. (See Note 6, Related Party Transactions.) | |
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 follows the accounting guidance within GAAP, with respect to how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The guidance requires 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) and major 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. | |
Advertising costs | Advertising Costs |
All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item General and administrative. During the years ended December 31, 2014, 2013, and 2012, total advertising expense from continuing and discontinued operations was $2.5 million, $2.5 million, and $2.4 million, respectively. | |
Comprehensive income | Comprehensive Income/(Loss) |
Comprehensive income/(loss), which is defined as the change in capital during each period from transactions and other events and circumstances from nonowner sources, including all changes in capital during a period except for those resulting from investments by or distributions to partners, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2014, 2013, and 2012, 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. | |
Use of estimates | Use of Estimates |
The preparation of these financial statements in accordance with 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 financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. | |
Market concentration risk | Market Concentration Risk |
The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2014, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; San Francisco, California; Metropolitan D.C.; and New York, New York markets. |
IncomeLoss_Per_Share_UNITED_DO1
Income/(Loss) Per Share (UNITED DOMINION REALTY, L.P.) Income/(Loss) Per Share (UNITED DOMNION REALTY, L.P.) (Policies) (United Dominion Reality L P [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
United Dominion Reality L P [Member] | |
Earnings Per Share [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | 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 year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership. For the years ended December 31, 2014, 2013, and 2012, there were no dilutive instruments, 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. |
Significant_Accounting_Policie4
Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Accounting Policies [Abstract] | ||||||||||||
Notes receivable | Notes Receivable | |||||||||||
The following table summarizes our notes receivable, net as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||
Interest rate at December 31, 2014 | Balance Outstanding | |||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Note due June 2014 (a) | $ | — | $ | 40,800 | ||||||||
Note due February 2017 (b) | 10 | % | 11,869 | 14,580 | ||||||||
Note due July 2017 (c) | 8 | % | 2,500 | 1,400 | ||||||||
Note due June 2022 (net of discount of $0 and $247, respectively) (d) | — | 26,253 | ||||||||||
Total notes receivable, net | $ | 14,369 | $ | 83,033 | ||||||||
Computation of basic and diluted earning 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): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator for income/(loss) per share: | ||||||||||||
Income/(loss) from continuing operations | $ | 16,260 | $ | 2,340 | $ | (46,305 | ) | |||||
Gain/(loss) on sale of real estate owned, net of tax | 143,572 | — | — | |||||||||
(Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership | (5,511 | ) | 48 | 2,089 | ||||||||
(Income)/loss from continuing operations attributable to noncontrolling interests | 3 | 60 | (140 | ) | ||||||||
Income/(loss) from continuing operations attributable to UDR, Inc. | 154,324 | 2,448 | (44,356 | ) | ||||||||
Distributions to preferred stockholders - Series E (Convertible) | (3,724 | ) | (3,724 | ) | (3,724 | ) | ||||||
Distributions to preferred stockholders - Series G | — | — | (2,286 | ) | ||||||||
Premium on preferred stock redemption or repurchases, net | — | — | (2,791 | ) | ||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 150,600 | $ | (1,276 | ) | $ | (53,157 | ) | ||||
Income/(loss) from discontinued operations, net of tax | $ | 10 | $ | 43,942 | $ | 266,608 | ||||||
(Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership | — | (1,578 | ) | (10,075 | ) | |||||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | 10 | $ | 42,364 | $ | 256,533 | ||||||
Net income/(loss) attributable to common stockholders | $ | 150,610 | $ | 41,088 | $ | 203,376 | ||||||
Denominator for income/(loss) per share - basic and diluted: | ||||||||||||
Weighted average common shares outstanding | 252,707 | 250,684 | 239,482 | |||||||||
Non-vested restricted stock awards | (1,179 | ) | (715 | ) | (631 | ) | ||||||
Denominator for income/(loss) per share - basic | 251,528 | 249,969 | 238,851 | |||||||||
Incremental shares issuable from assumed conversion of: | 1,917 | — | — | |||||||||
Stock options and unvested resticted stock | ||||||||||||
Denominator for income/(loss) per share - diluted | 253,445 | 249,969 | 238,851 | |||||||||
Income/(loss) per weighted average common share - basic: | ||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.6 | $ | (0.01 | ) | $ | (0.22 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | — | 0.17 | 1.07 | |||||||||
Net income/(loss) attributable to common stockholders | $ | 0.6 | $ | 0.16 | $ | 0.85 | ||||||
Income/(loss) per weighted average common share - diluted: | ||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.59 | $ | (0.01 | ) | $ | (0.22 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | — | 0.17 | 1.07 | |||||||||
Net income/(loss) attributable to common stockholders | $ | 0.59 | $ | 0.16 | $ | 0.85 | ||||||
Real_Estate_Owned_Tables
Real Estate Owned (Tables) | 12 Months Ended | |||||||
Dec. 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 December 31, 2014 and 2013 (dollars in thousands): | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Land and land improvements | $ | 1,980,221 | $ | 1,847,127 | ||||
Depreciable property — held and used: | ||||||||
Building, improvements, and furniture, fixtures and equipment | 6,225,406 | 5,876,717 | ||||||
Under development: | ||||||||
Land | 24,584 | 110,769 | ||||||
Building, improvements, and furniture, fixtures and equipment | 153,048 | 356,644 | ||||||
Real estate held for disposition: | ||||||||
Land | — | 10,751 | ||||||
Building, improvements, and furniture, fixtures and equipment | — | 5,969 | ||||||
Real estate owned | 8,383,259 | 8,207,977 | ||||||
Accumulated depreciation | (2,434,772 | ) | (2,208,794 | ) | ||||
Real estate owned, net | $ | 5,948,487 | $ | 5,999,183 | ||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||
Schedule of (loss)/income from discontinued operations | The following is a summary of Income/(loss) from discontinued operations, net of tax for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Rental income | $ | 147 | $ | 9,152 | $ | 39,543 | ||||||
Rental expenses | 225 | 3,511 | 14,106 | |||||||||
Property management | 4 | 252 | 1,087 | |||||||||
Real estate depreciation | — | 1,958 | 8,475 | |||||||||
Interest and other (income)/expense, net | 21 | (62 | ) | 821 | ||||||||
Income/(loss) attributable to disposed properties and assets held for sale | (103 | ) | 3,493 | 15,054 | ||||||||
Net gain/(loss) on the sale of depreciable property | 75 | 41,919 | 260,404 | |||||||||
Impairment charges | — | (2,355 | ) | — | ||||||||
Income tax benefit/(expense) | 38 | 885 | (8,850 | ) | ||||||||
Income/(loss) from discontinued operations, net of tax | $ | 10 | $ | 43,942 | $ | 266,608 | ||||||
Income/(loss) from discontinued operations attributable to UDR, Inc. | $ | 10 | $ | 42,364 | $ | 256,533 | ||||||
Joint_Ventures_Tables
Joint Ventures (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||
Summary of investments in unconsolidated joint ventures | 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 December 31, 2014 and 2013 (dollars in thousands): | |||||||||||||||||||||||||||||
Joint Venture | Location of Properties | Number of Properties | Number of Apartment Homes | Investment at | UDR’s Ownership Interest | ||||||||||||||||||||||||
2014 | 2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Operating and development: | |||||||||||||||||||||||||||||
UDR/MetLife I (a) | Various | 4 land parcels | — | $ | 13,306 | $ | 47,497 | 15.7 | % | 4.5 | % | ||||||||||||||||||
UDR/MetLife II (a) | Various | 21 operating communities | 4,642 | 431,277 | 327,926 | 50 | % | 50 | % | ||||||||||||||||||||
Other UDR/MetLife Joint Ventures (a) | Various | 1 operating community, 3 development communities (b), 2 land parcels | 1,282 | 134,939 | 36,313 | 50.6 | % | 35.8 | % | ||||||||||||||||||||
UDR/MetLife Vitruvian Park® (c) | Addison, TX | 3 operating communities, 6 land parcels | 1,394 | 80,302 | 79,318 | 50 | % | 50 | % | ||||||||||||||||||||
UDR/KFH (d) | Washington, D.C. | 3 operating communities | 660 | 21,596 | 25,919 | 30 | % | 30 | % | ||||||||||||||||||||
Texas (e) | Texas | 8 operating communities | 3,359 | (25,901 | ) | (23,591 | ) | 20 | % | 20 | % | ||||||||||||||||||
Investment in and advances to unconsolidated joint ventures, net, before participating loan investment | 655,519 | 493,382 | |||||||||||||||||||||||||||
Location | Preferred Return | Years To Maturity | Investment at | Income From Participating Loan Investment For The Year Ended | |||||||||||||||||||||||||
Participating loan investment: | 2014 | 2013 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Steele Creek (f) | Denver, CO | 6.50% | 2.8 | 62,707 | 14,273 | $2,350 | $156 | $— | |||||||||||||||||||||
Total investment in and advances to unconsolidated joint ventures, net | $ | 718,226 | $ | 507,655 | |||||||||||||||||||||||||
(a) | In January 2012, the Company formed a joint venture with an unaffiliated third party to acquire 399 Fremont (land for future development) in San Francisco, California, which is included in Other UDR/MetLife Joint Ventures in the table above. At closing, UDR owned a noncontrolling interest of 92.5% in the joint venture. The Company’s total investment was $55.5 million, which consisted of its initial investment of $37.3 million and an option to exercise its right to acquire its partner’s 7.5% ownership interest in the joint venture. In October 2012, the Company exercised its option and paid $13.5 million. In January 2013, the Company subsequently acquired its partner’s 7.5% ownership interest for $4.7 million. In December 2013, the Company sold a 49% ownership interest to MetLife in the fully-entitled 399 Fremont land parcel for approximately $29.9 million. In conjunction with the sale, the Company formed a new unconsolidated real estate joint venture with MetLife, UDR/MetLife 399 Fremont, to develop a $318 million, 447-home, luxury high-rise tower on the site. Construction commenced in the first quarter 2014. As the Company recently acquired the 399 Fremont land parcel, the sale price was equivalent to the cost basis resulting in no gain or loss on the transaction. Under the terms of the partnership, the Company serves as the general partner with significant participating rights held by our partner, and has the ability to earn fees for development management, property management, asset management, and financing transactions. The UDR/MetLife 399 Fremont Joint Venture is accounted for under the equity method of accounting. Our initial investment was approximately $31.1 million. | ||||||||||||||||||||||||||||
In June 2013 and within UDR/MetLife I, the Company exchanged with MetLife its approximately 10% ownership interest in four operating communities and paid MetLife an additional $15.6 million in cash for an increased ownership interest of approximately 35% in two high-rise operating communities, bringing UDR's ownership interest in the two high-rise operating communities to 50% each. The two high-rise operating communities are located in Denver, Colorado and San Diego, California and were subsequently contributed to UDR/MetLife II. The four operating communities in which UDR exchanged its ownership interest are located in Washington D.C.; San Francisco, California; Dallas, Texas; and Charlotte, North Carolina. UDR continues to fee manage these four operating communities. | |||||||||||||||||||||||||||||
In March 2014, the Company sold its minority ownership interests in two operating communities located in Los Angeles, California to MetLife for cash proceeds of $3.0 million, which resulted in an immaterial gain. In April 2014, the Company increased its ownership interest in the remaining six operating communities in the UDR/MetLife I Joint Venture from 12% to 50%, and MetLife and the Company contributed the communities to the UDR/MetLife II Joint Venture. The Company paid MetLife $82.5 million for the additional ownership interests. The Company continues to fee 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. | |||||||||||||||||||||||||||||
In July 2014, the Company increased the ownership interest in two land sites in UDR/Metlife I to 50.1% and formed individual asset joint ventures, which are included in Other UDR/MetLife Joint Ventures in the table above. The remaining 49.9% continues to be held by our joint venture partner MetLife. The Company paid MetLife approximately $21.5 million for the additional ownership interests. | |||||||||||||||||||||||||||||
In December 2014, the Company increased its ownership interest in one land site in the UDR/MetLife I Joint Venture to 50%. Additionally, the Company increased its ownership interest in another land site to 50.1%, which MetLife and the Company contributed to a separate joint venture and is included in Other UDR/MetLife Joint Ventures in the table above. The Company paid MetLife approximately $15.3 million for the additional ownership interests. As of December 31, 2014, the remaining assets in the UDR/MetLife I Joint Venture were comprised of three potential development land sites in which the Company has an average ownership interest of approximately 5% and one fully entitled land parcel in which the Company owns 50%. | |||||||||||||||||||||||||||||
In December 2014, the Company sold a 49% interest in 13th and Market located in San Diego, California to MetLife for gross proceeds of $54.2 million, resulting in a gain, net of tax, of $7.2 million and a 50% interest in 3033 Wilshire in Los Angeles, California, also to MetLife for gross proceeds of $8.3 million, resulting in a loss, net of tax, of $2.2 million. | |||||||||||||||||||||||||||||
(b) | 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 December 31, 2014, no apartment homes had been completed in Other UDR/MetLife Development Joint Ventures. | ||||||||||||||||||||||||||||
(c) | In June 2013, the Company sold a 50% interest in five partnerships (the “UDR/MetLife Vitruvian Park® Partnerships”) to MetLife for approximately $141.3 million. The transaction resulted in a gain of approximately $436,000 which the Company has deferred until the terms of the construction completion guarantee have been met. Under the terms of the UDR/MetLife Vitruvian Park® Partnerships, the Company serves as the general partner with significant participating rights held by our partner, and earns fees for property management, asset management, and financing transactions. The UDR/MetLife Vitruvian Park® Partnerships are accounted for under the equity method of accounting. Our initial investment was approximately $80.2 million, which consisted of approximately $140.0 million (50% of our net book value of the real estate at the time of the transaction) reduced by our share of the net proceeds received upon encumbering the assets of approximately $58.7 million and other operating adjustments. | ||||||||||||||||||||||||||||
At closing, a total of $118.3 million of secured debt was placed on the two operating communities and the community under development. The debt on the two operating communities carries an interest rate of 4.0% with a term of ten years and the non-recourse construction loan on the community under development carries an interest rate of LIBOR plus 175 basis points with a term of two years and two one-year extension options. The Company has guaranteed the completion of the construction of the development. Proceeds from the construction loan will be used for completion of construction of the development. Upon completion, at its 50% ownership, the Company's pro-rata share of the undepreciated book value of the UDR/MetLife Vitruvian Park® Partnerships' real estate assets and outstanding debt will be approximately $145.0 million and $62.8 million, respectively. | |||||||||||||||||||||||||||||
(d) UDR is a partner with an unaffiliated third party, which formed a joint venture for the investment of up to $450 million in multifamily properties located in key, high barrier to entry markets. The partners will contribute equity of $180 million of which the Company’s maximum equity will be 30% or $54 million when fully invested. | |||||||||||||||||||||||||||||
(e) In November 2007, UDR and an unaffiliated third party formed a joint venture to own and operate 10 communities located in Texas. UDR contributed cash and property equal to 20% of the fair value of the joint venture. During the year ended December 31, 2012, the Company acquired the remaining 80% ownership interests in two communities in Austin, Texas for $11.7 million. The Company’s investment in the joint venture at December 31, 2014 and 2013 was net of deferred profits on the sale of depreciable properties to the joint venture of $23.9 million and $24.0 million, respectively. | |||||||||||||||||||||||||||||
In January 2015, the eight communities held by the Texas joint venture were sold, generating net proceeds to UDR of $43.5 million. The Company recorded promote and fee income of $9.6 million and a gain of $59.1 million (including $24.2 million of previously deferred gains) in connection with the sale. | |||||||||||||||||||||||||||||
(f) In October 2013, the Company entered into a participating debt financing arrangement with a third party that is developing a $108 million, 218-home, high-rise luxury community located adjacent to the Cherry Creek Mall in Denver, Colorado. Under the agreement, UDR will finance up to 85%, or approximately $92.0 million, of the development cost at an interest rate of 6.5% per annum on the outstanding debt balance. In addition, the Company has the option to purchase the community upon completion of construction and has a 50% participating interest in the profit upon the acquisition of the community or sale to a third party. The Company accounts for the arrangement consistent with an investment in real estate under the equity method of accounting. | |||||||||||||||||||||||||||||
As of December 31, 2014, and 2013, our participating loan investment was $62.7 million and $14.3 million, respectively, which was included in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. We also recognized $2.4 million and $156,000 of income included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||
As of and For the Year Ended | UDR/MetLife I | UDR/MetLife II | UDR/MetLife Vitruvian Park® | Texas | UDR/KFH | Other joint ventures | Total | ||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Condensed Statements of Operations: | |||||||||||||||||||||||||||||
Total revenues | $ | 727 | $ | 152,047 | $ | 19,376 | $ | — | $ | 19,724 | $ | 1,579 | $ | 193,453 | |||||||||||||||
Property operating expenses | 618 | 52,150 | 10,711 | — | 7,498 | 1,122 | 72,099 | ||||||||||||||||||||||
Real estate depreciation and amortization | 2,130 | 41,504 | 7,380 | — | 14,426 | 3,959 | 69,399 | ||||||||||||||||||||||
Operating income/(loss) | (2,021 | ) | 58,393 | 1,285 | — | (2,200 | ) | (3,502 | ) | 51,955 | |||||||||||||||||||
Interest expense | — | (48,493 | ) | (4,131 | ) | — | (5,873 | ) | (94 | ) | (58,591 | ) | |||||||||||||||||
Other income/(expense) | — | — | — | — | — | — | — | ||||||||||||||||||||||
Gain/(loss) on sale of real estate | — | — | — | — | — | — | — | ||||||||||||||||||||||
Income/(loss) from discontinued operations | (31,802 | ) | — | — | (4,229 | ) | — | — | (36,031 | ) | |||||||||||||||||||
Net income/(loss) | $ | (33,823 | ) | $ | 9,900 | $ | (2,846 | ) | $ | (4,229 | ) | $ | (8,073 | ) | $ | (3,596 | ) | $ | (42,667 | ) | |||||||||
UDR recorded income (loss) from unconsolidated entities | $ | (2,955 | ) | $ | 2,814 | $ | (4,068 | ) | $ | (772 | ) | $ | (2,601 | ) | $ | 576 | $ | (7,006 | ) | ||||||||||
Condensed Balance Sheets: | |||||||||||||||||||||||||||||
Total real estate, net | $ | 89,482 | $ | 1,986,237 | $ | 278,600 | $ | — | $ | 235,623 | $ | 351,861 | $ | 2,941,803 | |||||||||||||||
Assets held for sale | 1,978 | — | — | 214,218 | — | — | 216,196 | ||||||||||||||||||||||
Cash and cash equivalents | 1,983 | 15,245 | 6,570 | — | 2,507 | 6,239 | 32,544 | ||||||||||||||||||||||
Other assets | (146 | ) | 19,589 | 3,933 | — | 1,128 | 4,203 | 28,707 | |||||||||||||||||||||
Total assets | 93,297 | 2,021,071 | 289,103 | 214,218 | 239,258 | 362,303 | 3,219,250 | ||||||||||||||||||||||
Amount due/(from) to UDR | 107 | (444 | ) | 1,960 | — | 531 | 843 | 2,997 | |||||||||||||||||||||
Third party debt | — | 1,147,109 | 123,649 | — | 165,209 | 68,510 | 1,504,477 | ||||||||||||||||||||||
Liabilities held for sale | 5,110 | — | — | 224,596 | — | — | 229,706 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | 749 | 17,573 | 6,766 | — | 1,396 | 17,851 | 44,335 | ||||||||||||||||||||||
Total liabilities | 5,966 | 1,164,238 | 132,375 | 224,596 | 167,136 | 87,204 | 1,781,515 | ||||||||||||||||||||||
Total equity | $ | 87,331 | $ | 856,833 | $ | 156,728 | $ | (10,378 | ) | $ | 72,122 | $ | 275,099 | $ | 1,437,735 | ||||||||||||||
UDR’s investment in unconsolidated joint ventures | $ | 13,306 | $ | 431,277 | $ | 80,302 | $ | (25,901 | ) | $ | 21,596 | $ | 197,646 | $ | 718,226 | ||||||||||||||
As of and For the Year Ended | UDR/MetLife I | UDR/MetLife II | UDR/MetLife Vitruvian Park® | Texas | UDR/KFH | Other joint ventures | Total | ||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Condensed Statements of Operations: | |||||||||||||||||||||||||||||
Total revenues | $ | 691 | $ | 109,926 | $ | 7,680 | $ | — | $ | 19,221 | $ | 5,324 | $ | 142,842 | |||||||||||||||
Property operating expenses | 621 | 33,809 | 4,633 | — | 7,035 | 3,292 | 49,390 | ||||||||||||||||||||||
Real estate depreciation and amortization | 115 | 30,122 | 3,830 | — | 14,199 | 3,564 | 51,830 | ||||||||||||||||||||||
Operating income/(loss) | (45 | ) | 45,995 | (783 | ) | — | (2,013 | ) | (1,532 | ) | 41,622 | ||||||||||||||||||
Interest expense | — | (37,055 | ) | (1,886 | ) | — | (5,872 | ) | (913 | ) | (45,726 | ) | |||||||||||||||||
Other income/(expense) | — | 1 | — | — | — | — | 1 | ||||||||||||||||||||||
Income/(loss) from discontinued operations | (22,388 | ) | — | — | (9,584 | ) | — | — | (31,972 | ) | |||||||||||||||||||
Net income/(loss) | $ | (22,433 | ) | $ | 8,941 | $ | (2,669 | ) | $ | (9,584 | ) | $ | (7,885 | ) | $ | (2,445 | ) | $ | (36,075 | ) | |||||||||
UDR recorded income/(loss) from unconsolidated entities | $ | (4,675 | ) | $ | 4,471 | $ | (2,851 | ) | $ | (1,218 | ) | $ | (2,366 | ) | $ | 6,224 | $ | (415 | ) | ||||||||||
Condensed Balance Sheets: | |||||||||||||||||||||||||||||
Total real estate, net | $ | 90,971 | $ | 1,476,588 | $ | 283,878 | $ | — | $ | 249,097 | $ | 65,133 | $ | 2,165,667 | |||||||||||||||
Assets held for sale | 753,427 | — | — | 231,981 | — | — | 985,408 | ||||||||||||||||||||||
Cash and cash equivalents | 305 | 16,454 | 3,498 | — | 2,289 | — | 22,546 | ||||||||||||||||||||||
Other assets | 4,782 | 16,666 | 1,578 | — | 1,474 | 83 | 24,583 | ||||||||||||||||||||||
Total assets | 849,485 | 1,509,708 | 288,954 | 231,981 | 252,860 | 65,216 | 3,198,204 | ||||||||||||||||||||||
Amount due to UDR | 4,520 | 2,275 | 1,352 | — | 420 | 1,136 | 9,703 | ||||||||||||||||||||||
Third party debt | — | 877,799 | 120,999 | — | 165,209 | — | 1,164,007 | ||||||||||||||||||||||
Liabilities held for sale | 346,810 | — | — | 230,393 | — | — | 577,203 | ||||||||||||||||||||||
Accounts payable and accrued liabilities | 89 | 14,508 | 7,152 | — | 1,234 | 2,813 | 25,796 | ||||||||||||||||||||||
Total liabilities | 351,419 | 894,582 | 129,503 | 230,393 | 166,863 | 3,949 | 1,776,709 | ||||||||||||||||||||||
Total equity | $ | 498,066 | $ | 615,126 | $ | 159,451 | $ | 1,588 | $ | 85,997 | $ | 61,267 | $ | 1,421,495 | |||||||||||||||
UDR’s investment in unconsolidated joint ventures | $ | 47,497 | $ | 327,926 | $ | 79,318 | $ | (23,591 | ) | $ | 25,919 | $ | 50,586 | $ | 507,655 | ||||||||||||||
For the Year Ended December 31, 2012 | UDR/MetLife I | UDR/MetLife II | UDR/MetLife Vitruvian Park® | Texas | UDR/KFH | Other joint ventures | Total | ||||||||||||||||||||||
Condensed Statements of Operations: | |||||||||||||||||||||||||||||
Total revenues | $ | 632 | $ | 87,386 | $ | — | $ | — | $ | 18,670 | $ | 2,724 | $ | 109,412 | |||||||||||||||
Property operating expenses | 252 | 25,737 | — | — | 6,831 | 1,368 | 34,188 | ||||||||||||||||||||||
Real estate depreciation and amortization | 124 | 32,553 | — | — | 16,546 | 1,897 | 51,120 | ||||||||||||||||||||||
Operating income/(loss) | 256 | 29,096 | — | — | (4,707 | ) | (541 | ) | 24,104 | ||||||||||||||||||||
Interest expense | — | (29,170 | ) | — | — | (5,890 | ) | (561 | ) | (35,621 | ) | ||||||||||||||||||
Other income/(expense) | — | (9 | ) | — | — | — | — | (9 | ) | ||||||||||||||||||||
Income/(loss) from discontinued operations | 8,609 | — | — | (1,040 | ) | — | — | 7,569 | |||||||||||||||||||||
Net income/(loss) | $ | 8,865 | $ | (83 | ) | $ | — | $ | (1,040 | ) | $ | (10,597 | ) | $ | (1,102 | ) | $ | (3,957 | ) | ||||||||||
UDR recorded income/(loss) from unconsolidated entities | $ | (1,750 | ) | $ | 15 | $ | — | $ | (2,399 | ) | $ | (3,221 | ) | $ | (1,224 | ) | $ | (8,579 | ) | ||||||||||
Secured_Debt_and_Unsecured_Deb1
Secured Debt and Unsecured Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||
Secured debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||
Principal Outstanding | For the Year Ended December 31, 2014 | ||||||||||||||||||||
Weighted Average | Weighted Average | Number of Communities | |||||||||||||||||||
December 31, | Interest Rate | Years to Maturity | Encumbered | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Secured Debt: | |||||||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable (a) | $ | 401,210 | $ | 445,706 | 5.46 | % | 1.6 | 6 | |||||||||||||
Fannie Mae credit facilities (b) | 568,086 | 626,667 | 5.12 | % | 4 | 22 | |||||||||||||||
Total fixed rate secured debt | 969,296 | 1,072,373 | 5.26 | % | 3 | 28 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Mortgage notes payable | 31,337 | 63,595 | 1.94 | % | 2.1 | 1 | |||||||||||||||
Tax-exempt secured notes payable (c) | 94,700 | 94,700 | 0.83 | % | 8.2 | 2 | |||||||||||||||
Fannie Mae credit facilities (b) | 266,196 | 211,409 | 1.6 | % | 5.2 | 7 | |||||||||||||||
Total variable rate secured debt | 392,233 | 369,704 | 1.44 | % | 5.7 | 10 | |||||||||||||||
Total Secured Debt | 1,361,529 | 1,442,077 | 4.16 | % | 3.8 | 38 | |||||||||||||||
Unsecured Debt: | |||||||||||||||||||||
Commercial Banks | |||||||||||||||||||||
Borrowings outstanding under an unsecured credit facility due December 2017 (d) (h) | 152,500 | — | 1.09 | % | 2.9 | ||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||
5.13% Medium-Term Notes due January 2014 (e) | — | 184,000 | — | % | — | ||||||||||||||||
5.50% Medium-Term Notes due April 2014 (net of discount of $20) (e) | — | 128,480 | — | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2015 (net of discounts of $6 and $134, respectively) (f) | 325,169 | 325,041 | 5.25 | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2016 | 83,260 | 83,260 | 5.25 | % | 1 | ||||||||||||||||
4.25% Medium-Term Notes due June 2018 (net of discounts of $1,465 and $1,893, respectively) (h) | 298,535 | 298,107 | 4.25 | % | 3.4 | ||||||||||||||||
2.17% Term Notes due June 2018 (h) | 215,000 | 250,000 | 2.17 | % | 3.4 | ||||||||||||||||
1.53% Term Notes due June 2018 (h) | 100,000 | 65,000 | 1.53 | % | 3.4 | ||||||||||||||||
1.31% Term Notes due June 2018 (h) | 35,000 | 35,000 | 1.31 | % | 3.4 | ||||||||||||||||
3.70% Medium-Term Notes due October 2020 (net of discounts of $46 and $54, respectively) (h) | 299,954 | 299,946 | 3.7 | % | 5.8 | ||||||||||||||||
4.63% Medium-Term Notes due January 2022 (net of discounts of $2,523 and $2,882, respectively) (h) | 397,477 | 397,118 | 4.63 | % | 7 | ||||||||||||||||
3.75% Medium-Term Notes due July 2024 (net of discount of $990) (g) (h) | 299,010 | — | 3.75 | % | 9.5 | ||||||||||||||||
8.50% Debentures due September 2024 | 15,644 | 15,644 | 8.5 | % | 9.7 | ||||||||||||||||
Other | 27 | 30 | N/A | N/A | |||||||||||||||||
Total Unsecured Debt | 2,221,576 | 2,081,626 | 3.81 | % | 4.6 | ||||||||||||||||
Total Debt | $ | 3,583,105 | $ | 3,523,703 | 3.94 | % | 4.3 | ||||||||||||||
Secured credit facilities | Further information related to these credit facilities is as follows (dollars in thousands): | ||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||
Borrowings outstanding | $ | 834,282 | $ | 838,076 | |||||||||||||||||
Weighted average borrowings during the period ended | 835,873 | 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 | % | 4.1 | % | |||||||||||||||||
Aggregate maturities of secured debt | The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next five years subsequent to December 31, 2014 are as follows (dollars in thousands): | ||||||||||||||||||||
Year | Secured Fixed Rate Debt | Secured Variable Rate Debt | Total Secured Debt | Total Unsecured Debt (a) | Total Debt | ||||||||||||||||
2015 | $ | 196,648 | $ | — | $ | 196,648 | $ | 324,286 | $ | 520,934 | |||||||||||
2016 | 135,167 | 31,337 | 166,504 | 82,377 | 248,881 | ||||||||||||||||
2017 | 177,774 | 65,000 | 242,774 | 152,500 | 395,274 | ||||||||||||||||
2018 | 120,969 | 104,787 | 225,756 | 648,443 | 874,199 | ||||||||||||||||
2019 | 248,738 | 67,700 | 316,438 | — | 316,438 | ||||||||||||||||
Thereafter | 90,000 | 123,409 | 213,409 | 1,013,970 | 1,227,379 | ||||||||||||||||
Total | $ | 969,296 | $ | 392,233 | $ | 1,361,529 | $ | 2,221,576 | $ | 3,583,105 | |||||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Total revolving credit facility | $ | 900,000 | $ | 900,000 | |||||||||||||||||
Borrowings outstanding at end of period (1) | 152,500 | — | |||||||||||||||||||
Weighted average daily borrowings during the period ended | 291,761 | 169,844 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 625,000 | 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 | % |
IncomeLoss_Per_Share_IncomeLos
Income/(Loss) Per Share Income/(Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 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): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator for income/(loss) per share: | ||||||||||||
Income/(loss) from continuing operations | $ | 16,260 | $ | 2,340 | $ | (46,305 | ) | |||||
Gain/(loss) on sale of real estate owned, net of tax | 143,572 | — | — | |||||||||
(Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership | (5,511 | ) | 48 | 2,089 | ||||||||
(Income)/loss from continuing operations attributable to noncontrolling interests | 3 | 60 | (140 | ) | ||||||||
Income/(loss) from continuing operations attributable to UDR, Inc. | 154,324 | 2,448 | (44,356 | ) | ||||||||
Distributions to preferred stockholders - Series E (Convertible) | (3,724 | ) | (3,724 | ) | (3,724 | ) | ||||||
Distributions to preferred stockholders - Series G | — | — | (2,286 | ) | ||||||||
Premium on preferred stock redemption or repurchases, net | — | — | (2,791 | ) | ||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 150,600 | $ | (1,276 | ) | $ | (53,157 | ) | ||||
Income/(loss) from discontinued operations, net of tax | $ | 10 | $ | 43,942 | $ | 266,608 | ||||||
(Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership | — | (1,578 | ) | (10,075 | ) | |||||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | 10 | $ | 42,364 | $ | 256,533 | ||||||
Net income/(loss) attributable to common stockholders | $ | 150,610 | $ | 41,088 | $ | 203,376 | ||||||
Denominator for income/(loss) per share - basic and diluted: | ||||||||||||
Weighted average common shares outstanding | 252,707 | 250,684 | 239,482 | |||||||||
Non-vested restricted stock awards | (1,179 | ) | (715 | ) | (631 | ) | ||||||
Denominator for income/(loss) per share - basic | 251,528 | 249,969 | 238,851 | |||||||||
Incremental shares issuable from assumed conversion of: | 1,917 | — | — | |||||||||
Stock options and unvested resticted stock | ||||||||||||
Denominator for income/(loss) per share - diluted | 253,445 | 249,969 | 238,851 | |||||||||
Income/(loss) per weighted average common share - basic: | ||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.6 | $ | (0.01 | ) | $ | (0.22 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | — | 0.17 | 1.07 | |||||||||
Net income/(loss) attributable to common stockholders | $ | 0.6 | $ | 0.16 | $ | 0.85 | ||||||
Income/(loss) per weighted average common share - diluted: | ||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.59 | $ | (0.01 | ) | $ | (0.22 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | — | 0.17 | 1.07 | |||||||||
Net income/(loss) attributable to common stockholders | $ | 0.59 | $ | 0.16 | $ | 0.85 | ||||||
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 years ended December 31, 2014, 2013, and 2012 (shares in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
OP Units | 9,247 | 9,337 | 9,411 | |||||||||
Preferred Stock | 3,036 | 3,036 | 3,036 | |||||||||
Stock options and unvested restricted stock | 1,917 | 1,584 | 1,361 | |||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Summary of Stock option and restricted stock activities | A summary of UDR’s stock option and restricted stock activities during the year ended December 31, 2014 is as follows: | ||||||||||||||||||||
Option Outstanding | Option Exercisable | Restricted Stock | |||||||||||||||||||
Number of | Weighted | Number of | Weighted | Number | Weighted | ||||||||||||||||
Options | Average | Options | Average | of shares | Average Fair | ||||||||||||||||
Exercise | Exercise | Value Per | |||||||||||||||||||
Price | Price | Restricted Stock | |||||||||||||||||||
Balance, December 31, 2013 | 2,430,127 | $ | 12.63 | 2,430,127 | $ | 12.63 | 758,745 | $ | 23.89 | ||||||||||||
Granted | — | — | — | — | 873,010 | 23.14 | |||||||||||||||
Exercised | (164,285 | ) | 10.06 | (164,285 | ) | 10.06 | — | — | |||||||||||||
Vested | — | — | — | — | (619,578 | ) | 22.7 | ||||||||||||||
Forfeited | — | — | — | — | (12,199 | ) | 23.74 | ||||||||||||||
Balance, December 31, 2014 | 2,265,842 | $ | 12.82 | 2,265,842 | $ | 12.82 | 999,978 | $ | 23.98 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of taxable distributions paid per common share | Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2014, 2013, and 2012: | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Ordinary income | $ | 0.695 | $ | 0.744 | $ | 0.174 | ||||||
Qualified ordinary income | 0.139 | — | — | |||||||||
Long-term capital gain | 0.105 | 0.114 | 0.186 | |||||||||
Unrecaptured section 1250 gain | 0.076 | 0.067 | 0.515 | |||||||||
Total | $ | 1.015 | $ | 0.925 | $ | 0.875 | ||||||
Schedule of components of the provision for income taxes | The components of the provision for income taxes are as follows for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income tax (benefit)/expense | ||||||||||||
Current | ||||||||||||
Federal | $ | 147 | $ | (1,030 | ) | $ | 1,961 | |||||
State | 550 | 846 | 1,463 | |||||||||
Total current | 697 | (184 | ) | 3,424 | ||||||||
Deferred | ||||||||||||
Federal | 20,138 | (6,907 | ) | (21,479 | ) | |||||||
State | 5,159 | (1,190 | ) | (3,021 | ) | |||||||
Total deferred | 25,297 | (8,097 | ) | (24,500 | ) | |||||||
Total income tax (benefit)/expense | $ | 25,994 | $ | (8,281 | ) | $ | (21,076 | ) | ||||
Classification of income tax (benefit)/expense | ||||||||||||
Continuing operations | $ | (15,098 | ) | $ | (7,299 | ) | $ | (30,717 | ) | |||
Gain/(loss) on sale of real estate owned | 41,087 | — | — | |||||||||
Discontinued operations | 5 | (982 | ) | 9,641 | ||||||||
Schedule of components of TRS deferred tax assets and liabilities | The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Deferred tax assets: | ||||||||||||
Federal and state tax attributes | $ | — | $ | 13,069 | $ | 1,464 | ||||||
Book/tax depreciation | 6,692 | 19,354 | 12,345 | |||||||||
Construction capitalization differences | 75 | — | 6,635 | |||||||||
Investment in partnerships | — | — | 3,112 | |||||||||
Debt and interest deductions | — | 10,311 | — | |||||||||
Other | 401 | — | 2,009 | |||||||||
Total deferred tax assets | 7,168 | 42,734 | 25,565 | |||||||||
Valuation allowance | — | (1,310 | ) | (1,390 | ) | |||||||
Net deferred tax assets | 7,168 | 41,424 | 24,175 | |||||||||
Deferred tax liabilities: | ||||||||||||
Construction capitalization differences | — | (3,766 | ) | — | ||||||||
Investment in partnerships | — | (5,080 | ) | — | ||||||||
Other | (192 | ) | (305 | ) | — | |||||||
Total deferred tax liabilities | (192 | ) | (9,151 | ) | — | |||||||
Net deferred tax asset | $ | 6,976 | $ | 32,273 | $ | 24,175 | ||||||
Schedule of effective income tax rate reconciliation | Income tax benefit/(expense), net differed from the amounts computed by applying the U.S. statutory rate of 35% to pretax income/(loss) for the years ended December 31, 2014, 2013, and 2012 as follows (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Income tax (benefit)/expense | ||||||||||||
U.S. federal income tax (benefit)/expense | $ | 28,819 | $ | (8,493 | ) | $ | 21,853 | |||||
State income tax provision | 2,678 | 46 | 2,497 | |||||||||
Other items | (137 | ) | 246 | (1,682 | ) | |||||||
Conversion of certain TRS entities to REITs | (5,770 | ) | — | — | ||||||||
Valuation allowance | 404 | (80 | ) | (43,744 | ) | |||||||
Total income tax (benefit)/expense | $ | 25,994 | $ | (8,281 | ) | $ | (21,076 | ) | ||||
Noncontrolling_Interests_Table
Noncontrolling Interests (Tables) | 12 Months Ended | |||||||||||
Dec. 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 years ended December 31, 2014 and 2013 (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Redeemable noncontrolling interests in the Operating Partnership, beginning of year | $ | 217,597 | $ | 223,418 | ||||||||
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership | 73,954 | 3,656 | ||||||||||
Conversion of OP Units to Common Stock | (4,372 | ) | (1,817 | ) | ||||||||
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership | 5,511 | 1,530 | ||||||||||
Distributions to redeemable noncontrolling interests in the Operating Partnership | (10,077 | ) | (9,440 | ) | ||||||||
Allocation of other comprehensive income/(loss) | (133 | ) | 250 | |||||||||
Redeemable noncontrolling interests in the Operating Partnership, end of year | $ | 282,480 | $ | 217,597 | ||||||||
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): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Net income/(loss) attributable to common stockholders | $ | 150,610 | $ | 41,088 | $ | 203,376 | ||||||
Conversion of OP units to UDR Common Stock | 4,372 | 1,817 | 529 | |||||||||
Change in equity from net income/(loss) attributable to common stockholders and conversion of OP units to UDR Common Stock | $ | 154,982 | $ | 42,905 | $ | 203,905 | ||||||
Fair_Value_of_Derivatives_and_2
Fair Value of Derivatives and Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 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 December 31, 2014 and 2013 are summarized as follows (dollars in thousands): | |||||||||||||||||||
Fair Value at December 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at December 31, 2014 | Fair Value Estimate at December 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) | $ | 14,369 | $ | 14,808 | $ | — | $ | — | $ | 14,808 | ||||||||||
Derivatives - Interest rate contracts (b) | 88 | 88 | — | 88 | — | |||||||||||||||
Total assets | $ | 14,457 | $ | 14,896 | $ | — | $ | 88 | $ | 14,808 | ||||||||||
Derivatives - Interest rate contracts (b) | $ | 10,368 | $ | 10,368 | $ | — | $ | 10,368 | $ | — | ||||||||||
Secured debt instruments - fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 401,210 | 415,663 | — | — | 415,663 | |||||||||||||||
Fannie Mae credit facilities | 568,086 | 606,623 | — | — | 606,623 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 31,337 | 31,337 | — | — | 31,337 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 266,196 | 266,196 | — | — | 266,196 | |||||||||||||||
Unsecured debt instruments (c): | ||||||||||||||||||||
Commercial banks | 152,500 | 152,500 | — | — | 152,500 | |||||||||||||||
Senior unsecured notes | 2,069,076 | 2,144,125 | — | — | 2,144,125 | |||||||||||||||
Total liabilities | $ | 3,593,473 | $ | 3,721,512 | $ | — | $ | 10,368 | $ | 3,711,144 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 282,480 | $ | 282,480 | $ | — | $ | 282,480 | $ | — | ||||||||||
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 (Level 3) | ||||||||||||||||||
Assets or | Inputs (Level 2) | |||||||||||||||||||
Liabilities (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 13, Derivatives and Hedging Activity. | |||||||||||||||||||
(c) |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activity (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Derivative [Line Items] | |||||||||||||||||||||||||||||||||||||
Offsetting Assets [Table Text Block] | The 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 December 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 88 | $ | — | $ | 88 | $ | (27 | ) | $ | — | $ | 61 | ||||||||||||||||||||||||
December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Offsetting Liabilities [Table Text Block] | |||||||||||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a) | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Posted | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 10,368 | $ | — | $ | 10,368 | $ | (27 | ) | $ | — | $ | 10,341 | ||||||||||||||||||||||||
December 31, 2013 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | $ | — | $ | 4,965 | |||||||||||||||||||||||||
Outstanding interest rate derivatives | As of December 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 | 14 | $ | 365,000 | ||||||||||||||||||||||||||||||||||
Interest rate caps | 3 | $ | 243,079 | ||||||||||||||||||||||||||||||||||
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 $(4,000), $271,000, and $290,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
As of December 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 | 1 | $ | 96,409 | ||||||||||||||||||||||||||||||||||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||
(included in Other assets) | (included in Other liabilities) | ||||||||||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 86 | $ | — | $ | 10,368 | $ | 4,965 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 2 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Unrealized holding gain/(loss) Recognized in OCI | Gain/(Loss) Reclassified from Accumulated OCI into | Gain/(Loss) Recognized in Interest expense | ||||||||||||||||||||||||||||||||||
(Effective Portion) | Interest expense | (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Interest rate products | $ | (8,695 | ) | $ | (469 | ) | $ | (4,924 | ) | $ | (4,834 | ) | $ | (6,851 | ) | $ | (7,649 | ) | $ | 3 | $ | — | $ | — | |||||||||||||
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||
Gain/(Loss) Recognized in | |||||||||||||||||||||||||||||||||||||
Interest and other income/(expense), net | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Interest rate products | $ | (4 | ) | $ | 271 | $ | 290 | ||||||||||||||||||||||||||||||
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Summary of real estate commitments | The following summarizes the Company’s real estate commitments at December 31, 2014 (dollars in thousands): | ||||||||||||
Number of | Costs Incurred | Expected Costs | Average Ownership | ||||||||||
Properties | to Date (a) | to Complete (unaudited) | Stake | ||||||||||
Wholly-owned — under development | 1 | $ | 177,632 | (b) | $ | 40,068 | 100 | % | |||||
Wholly-owned — redevelopment | 1 | 83,778 | (b) | 14,222 | 100 | % | |||||||
Joint ventures: | |||||||||||||
Unconsolidated joint ventures | 3 | 225,013 | 172,155 | (c) | Various | ||||||||
Participating loan investments | 1 | 62,707 | (d) | 29,302 | (e) | 0 | % | ||||||
Total | $ | 549,130 | $ | 255,747 | |||||||||
Schedule of future minimum lease payments | Future minimum lease payments as of December 31, 2014 are as follows (dollars in thousands): | ||||||||||||
Ground | Office Space | ||||||||||||
Leases (a) | |||||||||||||
2015 | $ | 5,412 | $ | 709 | |||||||||
2016 | 5,412 | 124 | |||||||||||
2017 | 5,412 | 76 | |||||||||||
2018 | 5,412 | 76 | |||||||||||
2019 | 5,412 | 76 | |||||||||||
Thereafter | 313,735 | 109 | |||||||||||
Total | $ | 340,795 | $ | 1,170 | |||||||||
(a) | For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. |
Reportable_Segment_Tables
Reportable Segment (Tables) | 12 Months Ended | |||||||||||
Dec. 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 years ended December 31, 2014, 2013, and 2012, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reportable apartment home segment rental income | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 245,803 | $ | 231,156 | $ | 218,268 | ||||||
Mid-Atlantic Region | 161,566 | 160,208 | 155,777 | |||||||||
Southeast Region | 107,991 | 102,988 | 97,699 | |||||||||
Northeast Region | 60,796 | 58,075 | 54,461 | |||||||||
Southwest Region | 54,810 | 52,302 | 46,800 | |||||||||
Non-Mature Communities/Other | 174,183 | 150,907 | 171,239 | |||||||||
Total segment and consolidated rental income | $ | 805,149 | $ | 755,636 | $ | 744,244 | ||||||
Reportable apartment home segment NOI | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 178,926 | $ | 166,033 | $ | 154,205 | ||||||
Mid-Atlantic Region | 111,762 | 111,643 | 108,490 | |||||||||
Southeast Region | 71,528 | 67,264 | 63,122 | |||||||||
Northeast Region | 44,897 | 42,350 | 39,377 | |||||||||
Southwest Region | 33,725 | 31,927 | 27,878 | |||||||||
Non-Mature Communities/Other | 115,483 | 94,824 | 111,128 | |||||||||
Total segment and consolidated NOI | 556,321 | 514,041 | 504,200 | |||||||||
Reconciling items: | ||||||||||||
Joint venture management and other fees | 13,044 | 12,442 | 11,911 | |||||||||
Property management | (22,142 | ) | (20,780 | ) | (20,465 | ) | ||||||
Other operating expenses | (8,271 | ) | (7,136 | ) | (5,718 | ) | ||||||
Real estate depreciation and amortization | (358,154 | ) | (341,490 | ) | (350,401 | ) | ||||||
General and administrative | (47,800 | ) | (42,238 | ) | (43,792 | ) | ||||||
Casualty-related recoveries/(charges), net | (541 | ) | 12,253 | (8,495 | ) | |||||||
Other depreciation and amortization | (5,775 | ) | (6,741 | ) | (4,105 | ) | ||||||
Income/(loss) from unconsolidated entities | (7,006 | ) | (415 | ) | (8,579 | ) | ||||||
Interest expense | (130,454 | ) | (126,083 | ) | (138,792 | ) | ||||||
Interest and other income/(expense), net | 11,837 | 4,681 | 2,703 | |||||||||
Tax benefit/(provision), net | 15,136 | 7,299 | 30,282 | |||||||||
Gain/(loss) on sale of real estate owned, net of tax | 143,647 | 40,449 | 251,554 | |||||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | (5,511 | ) | (1,530 | ) | (7,986 | ) | ||||||
Net (income)/loss attributable to noncontrolling interests | 3 | 60 | (140 | ) | ||||||||
Net income/(loss) attributable to UDR, Inc. | $ | 154,334 | $ | 44,812 | $ | 212,177 | ||||||
Details of assets of UDR's reportable segments | The following table details the assets of UDR’s reportable segments as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Reportable apartment home segment assets: | ||||||||||||
Same-Store communities: | ||||||||||||
West Region | $ | 2,358,444 | $ | 2,337,980 | ||||||||
Mid-Atlantic Region | 1,410,156 | 1,395,772 | ||||||||||
Southeast Region | 786,438 | 785,134 | ||||||||||
Northeast Region | 746,550 | 738,805 | ||||||||||
Southwest Region | 440,721 | 434,875 | ||||||||||
Non-mature Communities/Other | 2,640,950 | 2,515,411 | ||||||||||
Total segment assets | 8,383,259 | 8,207,977 | ||||||||||
Accumulated depreciation | (2,434,772 | ) | (2,208,794 | ) | ||||||||
Total segment assets — net book value | 5,948,487 | 5,999,183 | ||||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 15,224 | 30,249 | ||||||||||
Restricted cash | 22,340 | 22,796 | ||||||||||
Deferred financing costs, net | 22,686 | 26,924 | ||||||||||
Notes receivable, net | 14,369 | 83,033 | ||||||||||
Investment in and advances to unconsolidated joint ventures, net | 718,226 | 507,655 | ||||||||||
Other assets | 105,202 | 137,882 | ||||||||||
Total consolidated assets | $ | 6,846,534 | $ | 6,807,722 | ||||||||
Unaudited_Summarized_Consolida2
Unaudited Summarized Consolidated Quarterly Financial Data Unaudited Summarized Consolidated Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of quarterly financial information | Selected consolidated quarterly financial data for the three and twelve months ended December 31, 2014 and 2013 is summarized in the table below (dollars in thousands, except per share amounts): | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2014 | ||||||||||||||||
Rental income (a) | $ | 194,352 | $ | 200,959 | $ | 203,587 | $ | 206,104 | ||||||||
Income/(loss) from continuing operations | (5,195 | ) | 4,359 | 10,611 | 6,485 | |||||||||||
Income/(loss) from discontinued operations, net of tax | (87 | ) | 18 | 79 | — | |||||||||||
Net income/(loss) attributable to common stockholders | 17,430 | 29,076 | 39,618 | 64,486 | ||||||||||||
Income/(loss) attributable to common stockholders per weighted average common share (b): | ||||||||||||||||
Basic and diluted | $ | 0.07 | $ | 0.12 | $ | 0.16 | $ | 0.25 | ||||||||
Weighted average number of shares outstanding | ||||||||||||||||
Basic | 250,177 | 250,255 | 251,655 | 253,983 | ||||||||||||
Diluted | 251,822 | 252,191 | 253,732 | 256,000 | ||||||||||||
2013 | ||||||||||||||||
Rental income (a) | $ | 181,961 | $ | 186,285 | $ | 187,917 | $ | 190,321 | ||||||||
Income/(loss) from continuing operations | (1,162 | ) | 4,525 | 2,351 | (3,374 | ) | ||||||||||
Income/(loss) from discontinued operations, net of tax | 853 | 829 | 884 | 41,376 | ||||||||||||
Net income/(loss) attributable to common stockholders | (1,199 | ) | 4,261 | 2,257 | 35,769 | |||||||||||
Income/(loss) attributable to common stockholders per weighted average common share (b): | ||||||||||||||||
Basic and diluted | $ | (0.00 | ) | $ | 0.02 | $ | 0.01 | $ | 0.14 | |||||||
Weighted average number of shares outstanding | ||||||||||||||||
Basic | 249,917 | 249,985 | 249,985 | 249,987 | ||||||||||||
Diluted | 249,917 | 251,406 | 251,454 | 249,987 | ||||||||||||
(a) | Represents rental income from continuing operations, excluding amounts classified as discontinued operations. | |||||||||||||||
(b) | Quarterly income/(loss) per share amounts may not total to the annual amounts. |
Real_Estate_Owned_UNITED_DOMIN1
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended | |||||||
Dec. 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 December 31, 2014 and 2013 (dollars in thousands): | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Land and land improvements | $ | 1,980,221 | $ | 1,847,127 | ||||
Depreciable property — held and used: | ||||||||
Building, improvements, and furniture, fixtures and equipment | 6,225,406 | 5,876,717 | ||||||
Under development: | ||||||||
Land | 24,584 | 110,769 | ||||||
Building, improvements, and furniture, fixtures and equipment | 153,048 | 356,644 | ||||||
Real estate held for disposition: | ||||||||
Land | — | 10,751 | ||||||
Building, improvements, and furniture, fixtures and equipment | — | 5,969 | ||||||
Real estate owned | 8,383,259 | 8,207,977 | ||||||
Accumulated depreciation | (2,434,772 | ) | (2,208,794 | ) | ||||
Real estate owned, net | $ | 5,948,487 | $ | 5,999,183 | ||||
United Dominion Reality L.P. | ||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Land | $ | 1,008,014 | $ | 1,004,447 | ||||
Depreciable property — held and used: | ||||||||
Buildings, improvements, and furniture, fixtures and equipment | 3,230,756 | 3,103,970 | ||||||
Under development: | ||||||||
Land | — | 9,447 | ||||||
Construction in progress | — | 70,616 | ||||||
Real estate owned | 4,238,770 | 4,188,480 | ||||||
Accumulated depreciation | (1,403,303 | ) | (1,241,574 | ) | ||||
Real estate owned, net | $ | 2,835,467 | $ | 2,946,906 | ||||
Discontinued_Operations_UNITED1
Discontinued Operations (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended | |||||||||||
Dec. 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 years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Rental income | $ | 147 | $ | 9,152 | $ | 39,543 | ||||||
Rental expenses | 225 | 3,511 | 14,106 | |||||||||
Property management | 4 | 252 | 1,087 | |||||||||
Real estate depreciation | — | 1,958 | 8,475 | |||||||||
Interest and other (income)/expense, net | 21 | (62 | ) | 821 | ||||||||
Income/(loss) attributable to disposed properties and assets held for sale | (103 | ) | 3,493 | 15,054 | ||||||||
Net gain/(loss) on the sale of depreciable property | 75 | 41,919 | 260,404 | |||||||||
Impairment charges | — | (2,355 | ) | — | ||||||||
Income tax benefit/(expense) | 38 | 885 | (8,850 | ) | ||||||||
Income/(loss) from discontinued operations, net of tax | $ | 10 | $ | 43,942 | $ | 266,608 | ||||||
Income/(loss) from discontinued operations attributable to UDR, Inc. | $ | 10 | $ | 42,364 | $ | 256,533 | ||||||
United Dominion Reality L.P. | ||||||||||||
Entity Information [Line Items] | ||||||||||||
Summary of income from discontinued operations | The following is a summary of income from discontinued operations for the years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Rental income | $ | — | $ | 8,989 | $ | 15,745 | ||||||
Rental expenses | — | 3,149 | 5,444 | |||||||||
Property management | — | 247 | 432 | |||||||||
Real estate depreciation | — | 1,935 | 3,320 | |||||||||
Income/(loss) attributable to disposed properties | — | 3,658 | 6,549 | |||||||||
Net gain/(loss) on the sale of depreciable properties | — | 41,518 | 51,094 | |||||||||
Income/(loss) from discontinued operations | $ | — | $ | 45,176 | $ | 57,643 | ||||||
Debt_UNITED_DOMINION_REALTY_LP1
Debt (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||||||
Secured debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||
Principal Outstanding | For the Year Ended December 31, 2014 | ||||||||||||||||||||
Weighted Average | Weighted Average | Number of Communities | |||||||||||||||||||
December 31, | Interest Rate | Years to Maturity | Encumbered | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Secured Debt: | |||||||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable (a) | $ | 401,210 | $ | 445,706 | 5.46 | % | 1.6 | 6 | |||||||||||||
Fannie Mae credit facilities (b) | 568,086 | 626,667 | 5.12 | % | 4 | 22 | |||||||||||||||
Total fixed rate secured debt | 969,296 | 1,072,373 | 5.26 | % | 3 | 28 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Mortgage notes payable | 31,337 | 63,595 | 1.94 | % | 2.1 | 1 | |||||||||||||||
Tax-exempt secured notes payable (c) | 94,700 | 94,700 | 0.83 | % | 8.2 | 2 | |||||||||||||||
Fannie Mae credit facilities (b) | 266,196 | 211,409 | 1.6 | % | 5.2 | 7 | |||||||||||||||
Total variable rate secured debt | 392,233 | 369,704 | 1.44 | % | 5.7 | 10 | |||||||||||||||
Total Secured Debt | 1,361,529 | 1,442,077 | 4.16 | % | 3.8 | 38 | |||||||||||||||
Unsecured Debt: | |||||||||||||||||||||
Commercial Banks | |||||||||||||||||||||
Borrowings outstanding under an unsecured credit facility due December 2017 (d) (h) | 152,500 | — | 1.09 | % | 2.9 | ||||||||||||||||
Senior Unsecured Notes | |||||||||||||||||||||
5.13% Medium-Term Notes due January 2014 (e) | — | 184,000 | — | % | — | ||||||||||||||||
5.50% Medium-Term Notes due April 2014 (net of discount of $20) (e) | — | 128,480 | — | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2015 (net of discounts of $6 and $134, respectively) (f) | 325,169 | 325,041 | 5.25 | % | — | ||||||||||||||||
5.25% Medium-Term Notes due January 2016 | 83,260 | 83,260 | 5.25 | % | 1 | ||||||||||||||||
4.25% Medium-Term Notes due June 2018 (net of discounts of $1,465 and $1,893, respectively) (h) | 298,535 | 298,107 | 4.25 | % | 3.4 | ||||||||||||||||
2.17% Term Notes due June 2018 (h) | 215,000 | 250,000 | 2.17 | % | 3.4 | ||||||||||||||||
1.53% Term Notes due June 2018 (h) | 100,000 | 65,000 | 1.53 | % | 3.4 | ||||||||||||||||
1.31% Term Notes due June 2018 (h) | 35,000 | 35,000 | 1.31 | % | 3.4 | ||||||||||||||||
3.70% Medium-Term Notes due October 2020 (net of discounts of $46 and $54, respectively) (h) | 299,954 | 299,946 | 3.7 | % | 5.8 | ||||||||||||||||
4.63% Medium-Term Notes due January 2022 (net of discounts of $2,523 and $2,882, respectively) (h) | 397,477 | 397,118 | 4.63 | % | 7 | ||||||||||||||||
3.75% Medium-Term Notes due July 2024 (net of discount of $990) (g) (h) | 299,010 | — | 3.75 | % | 9.5 | ||||||||||||||||
8.50% Debentures due September 2024 | 15,644 | 15,644 | 8.5 | % | 9.7 | ||||||||||||||||
Other | 27 | 30 | N/A | N/A | |||||||||||||||||
Total Unsecured Debt | 2,221,576 | 2,081,626 | 3.81 | % | 4.6 | ||||||||||||||||
Total Debt | $ | 3,583,105 | $ | 3,523,703 | 3.94 | % | 4.3 | ||||||||||||||
Secured credit facilities | Further information related to these credit facilities is as follows (dollars in thousands): | ||||||||||||||||||||
December 31, 2014 | 31-Dec-13 | ||||||||||||||||||||
Borrowings outstanding | $ | 834,282 | $ | 838,076 | |||||||||||||||||
Weighted average borrowings during the period ended | 835,873 | 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 | % | 4.1 | % | |||||||||||||||||
Aggregate maturities of secured debt | The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next five years subsequent to December 31, 2014 are as follows (dollars in thousands): | ||||||||||||||||||||
Year | Secured Fixed Rate Debt | Secured Variable Rate Debt | Total Secured Debt | Total Unsecured Debt (a) | Total Debt | ||||||||||||||||
2015 | $ | 196,648 | $ | — | $ | 196,648 | $ | 324,286 | $ | 520,934 | |||||||||||
2016 | 135,167 | 31,337 | 166,504 | 82,377 | 248,881 | ||||||||||||||||
2017 | 177,774 | 65,000 | 242,774 | 152,500 | 395,274 | ||||||||||||||||
2018 | 120,969 | 104,787 | 225,756 | 648,443 | 874,199 | ||||||||||||||||
2019 | 248,738 | 67,700 | 316,438 | — | 316,438 | ||||||||||||||||
Thereafter | 90,000 | 123,409 | 213,409 | 1,013,970 | 1,227,379 | ||||||||||||||||
Total | $ | 969,296 | $ | 392,233 | $ | 1,361,529 | $ | 2,221,576 | $ | 3,583,105 | |||||||||||
United Dominion Reality L.P. | |||||||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||||||
Secured debt instruments | Secured debt consists of the following as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||
Principal Outstanding | For the Year Ended December 31, 2014 | ||||||||||||||||||||
December 31, | Weighted Average | Weighted Average | Number of Communities | ||||||||||||||||||
2014 | 2013 | Interest Rate | Years to Maturity | Encumbered | |||||||||||||||||
Fixed Rate Debt | |||||||||||||||||||||
Mortgage notes payable | $ | 378,371 | $ | 386,803 | 5.47 | % | 1.6 | 5 | |||||||||||||
Fannie Mae credit facilities | 333,828 | 379,003 | 4.9 | % | 4.6 | 10 | |||||||||||||||
Total fixed rate secured debt | 712,199 | 765,806 | 5.2 | % | 3 | 15 | |||||||||||||||
Variable Rate Debt | |||||||||||||||||||||
Tax-exempt secured note payable | 27,000 | 27,000 | 0.93 | % | 17.2 | 1 | |||||||||||||||
Fannie Mae credit facilities | 192,760 | 142,059 | 1.83 | % | 6 | 5 | |||||||||||||||
Total variable rate secured debt | 219,760 | 169,059 | 1.72 | % | 7.4 | 6 | |||||||||||||||
Total secured debt | $ | 931,959 | $ | 934,865 | 4.38 | % | 4 | 21 | |||||||||||||
Secured credit facilities | The following is information related to the credit facilities allocated to the Operating Partnership (dollars in thousands): | ||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||
Borrowings outstanding | $ | 526,588 | $ | 521,062 | |||||||||||||||||
Weighted average borrowings during the period ended | 527,592 | 522,007 | |||||||||||||||||||
Maximum daily borrowings during the period ended | 528,659 | 523,187 | |||||||||||||||||||
Weighted average interest rate during the period ended | 4.1 | % | 4.2 | % | |||||||||||||||||
Interest rate at the end of the period | 4 | % | 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 December 31, 2014 are as follows (dollars in thousands): | ||||||||||||||||||||
Fixed | Variable | ||||||||||||||||||||
Mortgage | Secured Credit | Tax-Exempt | Secured Credit | Total | |||||||||||||||||
Notes Payable | Facilities | Secured Notes Payable | Facilities | ||||||||||||||||||
2015 | $ | 192,637 | $ | 366 | $ | — | $ | — | $ | 193,003 | |||||||||||
2016 | 130,951 | 385 | — | — | 131,336 | ||||||||||||||||
2017 | 913 | 15,640 | — | 6,566 | 23,119 | ||||||||||||||||
2018 | 968 | 111,052 | — | 96,974 | 208,994 | ||||||||||||||||
2019 | 52,902 | 123,096 | — | — | 175,998 | ||||||||||||||||
Thereafter | — | 83,289 | 27,000 | 89,220 | 199,509 | ||||||||||||||||
Total | $ | 378,371 | $ | 333,828 | $ | 27,000 | $ | 192,760 | $ | 931,959 | |||||||||||
Fair_Value_of_Derivatives_and_3
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 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 December 31, 2014 and 2013 are summarized as follows (dollars in thousands): | |||||||||||||||||||
Fair Value at December 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at December 31, 2014 | Fair Value Estimate at December 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) | $ | 14,369 | $ | 14,808 | $ | — | $ | — | $ | 14,808 | ||||||||||
Derivatives - Interest rate contracts (b) | 88 | 88 | — | 88 | — | |||||||||||||||
Total assets | $ | 14,457 | $ | 14,896 | $ | — | $ | 88 | $ | 14,808 | ||||||||||
Derivatives - Interest rate contracts (b) | $ | 10,368 | $ | 10,368 | $ | — | $ | 10,368 | $ | — | ||||||||||
Secured debt instruments - fixed rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 401,210 | 415,663 | — | — | 415,663 | |||||||||||||||
Fannie Mae credit facilities | 568,086 | 606,623 | — | — | 606,623 | |||||||||||||||
Secured debt instruments- variable rate: (c) | ||||||||||||||||||||
Mortgage notes payable | 31,337 | 31,337 | — | — | 31,337 | |||||||||||||||
Tax-exempt secured notes payable | 94,700 | 94,700 | — | — | 94,700 | |||||||||||||||
Fannie Mae credit facilities | 266,196 | 266,196 | — | — | 266,196 | |||||||||||||||
Unsecured debt instruments (c): | ||||||||||||||||||||
Commercial banks | 152,500 | 152,500 | — | — | 152,500 | |||||||||||||||
Senior unsecured notes | 2,069,076 | 2,144,125 | — | — | 2,144,125 | |||||||||||||||
Total liabilities | $ | 3,593,473 | $ | 3,721,512 | $ | — | $ | 10,368 | $ | 3,711,144 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership (d) | $ | 282,480 | $ | 282,480 | $ | — | $ | 282,480 | $ | — | ||||||||||
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 (Level 3) | ||||||||||||||||||
Assets or | Inputs (Level 2) | |||||||||||||||||||
Liabilities (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 13, Derivatives and Hedging Activity. | |||||||||||||||||||
(c) | ||||||||||||||||||||
United Dominion Reality L.P. | ||||||||||||||||||||
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 December 31, 2014 and 2013 are summarized as follows (dollars in thousands): | |||||||||||||||||||
Fair Value at December 31, 2014, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at | Fair Value Estimate at | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||||||
Assets or | (Level 2) | (Level 3) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
December 31, 2014 | December 31, 2014 | (Level 1) | ||||||||||||||||||
Description: | ||||||||||||||||||||
Derivatives- Interest rate contracts (a) | $ | 39 | $ | 39 | $ | — | $ | 39 | $ | — | ||||||||||
Total assets | $ | 39 | $ | 39 | $ | — | $ | 39 | $ | — | ||||||||||
Derivatives - Interest rate contracts (a) | $ | 918 | $ | 918 | $ | — | $ | 918 | $ | — | ||||||||||
Secured debt instruments - fixed rate: (b) | ||||||||||||||||||||
Mortgage notes payable | 378,371 | 391,835 | — | — | 391,835 | |||||||||||||||
Fannie Mae credit facilities | 333,828 | 355,470 | — | — | 355,470 | |||||||||||||||
Secured debt instruments - variable rate: (b) | ||||||||||||||||||||
Tax-exempt secured notes payable | 27,000 | 27,000 | — | — | 27,000 | |||||||||||||||
Fannie Mae credit facilities | 192,760 | 192,760 | — | — | 192,760 | |||||||||||||||
Total liabilities | $ | 932,877 | $ | 967,983 | $ | — | $ | 918 | $ | 967,065 | ||||||||||
Fair Value at December 31, 2013, Using | ||||||||||||||||||||
Total Carrying Amount in Statement of Financial Position at | Fair Value Estimate at | Quoted Prices in | Significant Other | Significant | ||||||||||||||||
Active Markets | Observable | Unobservable | ||||||||||||||||||
for Identical | Inputs | Inputs | ||||||||||||||||||
Assets or | (Level 2) | (Level 3) | ||||||||||||||||||
Liabilities | ||||||||||||||||||||
December 31, 2013 | December 31, 2013 | (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_Activi3
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||||||||||||||||||||||
Offsetting Assets [Table Text Block] | The 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 December 31, 2014 and December 31, 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Offsetting of Derivative Assets | |||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Received | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 88 | $ | — | $ | 88 | $ | (27 | ) | $ | — | $ | 61 | ||||||||||||||||||||||||
December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Outstanding interest rate derivatives | As of December 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 | 14 | $ | 365,000 | ||||||||||||||||||||||||||||||||||
Interest rate caps | 3 | $ | 243,079 | ||||||||||||||||||||||||||||||||||
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 $(4,000), $271,000, and $290,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
As of December 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 | 1 | $ | 96,409 | ||||||||||||||||||||||||||||||||||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||
(included in Other assets) | (included in Other liabilities) | ||||||||||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 86 | $ | — | $ | 10,368 | $ | 4,965 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 2 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Unrealized holding gain/(loss) Recognized in OCI | Gain/(Loss) Reclassified from Accumulated OCI into | Gain/(Loss) Recognized in Interest expense | ||||||||||||||||||||||||||||||||||
(Effective Portion) | Interest expense | (Ineffective Portion and Amount Excluded from Effectiveness Testing) | |||||||||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||||
Interest rate products | $ | (8,695 | ) | $ | (469 | ) | $ | (4,924 | ) | $ | (4,834 | ) | $ | (6,851 | ) | $ | (7,649 | ) | $ | 3 | $ | — | $ | — | |||||||||||||
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||
Gain/(Loss) Recognized in | |||||||||||||||||||||||||||||||||||||
Interest and other income/(expense), net | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||
Interest rate products | $ | (4 | ) | $ | 271 | $ | 290 | ||||||||||||||||||||||||||||||
Offsetting Liabilities [Table Text Block] | |||||||||||||||||||||||||||||||||||||
Offsetting of Derivative Liabilities | |||||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Consolidated Balance Sheets | Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a) | Gross Amounts Not Offset in the Consolidated Balance Sheets | Net Amount | |||||||||||||||||||||||||||||||||
Financial Instruments | Cash Collateral Posted | ||||||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 10,368 | $ | — | $ | 10,368 | $ | (27 | ) | $ | — | $ | 10,341 | ||||||||||||||||||||||||
December 31, 2013 | $ | 4,965 | $ | — | $ | 4,965 | $ | — | $ | — | $ | 4,965 | |||||||||||||||||||||||||
United Dominion Reality L.P. | |||||||||||||||||||||||||||||||||||||
Entity Information [Line Items] | |||||||||||||||||||||||||||||||||||||
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 December 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 | ||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 39 | $ | — | $ | 39 | $ | — | $ | — | $ | 39 | |||||||||||||||||||||||||
December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||
Outstanding interest rate derivatives | As of December 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 | 1 | $ | 46,272 | ||||||||||||||||||||||||||||||||||
Interest rate caps | 2 | $ | 166,341 | ||||||||||||||||||||||||||||||||||
Derivatives not designated as hedges are not speculative and are used to manage the Operating Partnership’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in losses of $3,000, $9,000, and $9,000 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||||||||||||||||||||||
As of December 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 | $ | 89,220 | ||||||||||||||||||||||||||||||||||
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 December 31, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||||||||||||||
(included in Other assets) | (Included in Other liabilities) | ||||||||||||||||||||||||||||||||||||
Fair Value at: | Fair Value at: | ||||||||||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 37 | $ | — | $ | 918 | $ | 2,731 | |||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||||
Interest rate products | $ | 2 | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||
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 years ended December 31, 2014, 2013, and 2012 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships | Unrealized holding gain/(loss) Recognized in OCI | Gain/(Loss) Reclassified from Accumulated OCI into | |||||||||||||||||||||||||||||||||||
(Effective Portion) | Interest expense | ||||||||||||||||||||||||||||||||||||
(Effective Portion) | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Interest rate products | $ | (285 | ) | $ | (348 | ) | ($1,898) | $ | (2,275 | ) | $ | (2,652 | ) | $ | (3,431 | ) | |||||||||||||||||||||
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | |||||||||||||||||||||||||||||||||||||
Derivatives Not Designated as Hedging Instruments | Gain/(Loss) Recognized in | ||||||||||||||||||||||||||||||||||||
Interest and other income/(expense), net | |||||||||||||||||||||||||||||||||||||
Year ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Interest rate products | $ | (3 | ) | $ | (9 | ) | $ | (9 | ) | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
December 31, 2014 | $ | 918 | $ | — | $ | 918 | $ | — | $ | — | $ | 918 | |||||||||||||||||||||||||
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. |
Capital_Structure_UNITED_DOMIN1
Capital Structure (UNITED DOMINION REALTY, L.P.) Capital Structure (UNITED DOMINION REALTY, L.P.) (Tables) (United Dominion Reality L.P.) | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
United Dominion Reality L.P. | |||||||||||||||
Entity Information [Line Items] | |||||||||||||||
Schedule of OP Unit activity and OP units outstanding | The following table shows OP Units outstanding and OP Unit activity as of and for the years ended December 31, 2014, 2013, and 2012: | ||||||||||||||
UDR, Inc. | |||||||||||||||
Class A Limited | Limited | Limited | General | Total | |||||||||||
Partner | Partners | Partner | Partner | ||||||||||||
Ending balance at December 31, 2011 | 1,751,671 | 7,669,632 | 174,749,068 | 110,883 | 184,281,254 | ||||||||||
OP redemptions for cash | — | (5,646 | ) | 5,646 | — | — | |||||||||
OP redemptions for UDR stock | — | (20,438 | ) | 20,438 | — | — | |||||||||
Ending balance at December 31, 2012 | 1,751,671 | 7,643,548 | 174,775,152 | 110,883 | 184,281,254 | ||||||||||
OP Units redeemed for the distribution of real estate to the General partner (a) | — | — | (1,002,556 | ) | — | (1,002,556 | ) | ||||||||
OP redemptions for UDR stock | — | (76,295 | ) | 76,295 | — | — | |||||||||
Ending balance at December 31, 2013 | 1,751,671 | 7,567,253 | 173,848,891 | 110,883 | 183,278,698 | ||||||||||
OP redemptions for UDR stock | — | (153,451 | ) | 153,451 | — | — | |||||||||
Ending balance at December 31, 2014 | 1,751,671 | 7,413,802 | 174,002,342 | 110,883 | 183,278,698 | ||||||||||
Commitments_and_Contingencies_2
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Entity Information [Line Items] | |||||||||||||
Summary of real estate commitments | The following summarizes the Company’s real estate commitments at December 31, 2014 (dollars in thousands): | ||||||||||||
Number of | Costs Incurred | Expected Costs | Average Ownership | ||||||||||
Properties | to Date (a) | to Complete (unaudited) | Stake | ||||||||||
Wholly-owned — under development | 1 | $ | 177,632 | (b) | $ | 40,068 | 100 | % | |||||
Wholly-owned — redevelopment | 1 | 83,778 | (b) | 14,222 | 100 | % | |||||||
Joint ventures: | |||||||||||||
Unconsolidated joint ventures | 3 | 225,013 | 172,155 | (c) | Various | ||||||||
Participating loan investments | 1 | 62,707 | (d) | 29,302 | (e) | 0 | % | ||||||
Total | $ | 549,130 | $ | 255,747 | |||||||||
Reportable_Segments_UNITED_DOM1
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Entity Information [Line Items] | ||||||||||||
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 years ended December 31, 2014, 2013, and 2012, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reportable apartment home segment rental income | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 245,803 | $ | 231,156 | $ | 218,268 | ||||||
Mid-Atlantic Region | 161,566 | 160,208 | 155,777 | |||||||||
Southeast Region | 107,991 | 102,988 | 97,699 | |||||||||
Northeast Region | 60,796 | 58,075 | 54,461 | |||||||||
Southwest Region | 54,810 | 52,302 | 46,800 | |||||||||
Non-Mature Communities/Other | 174,183 | 150,907 | 171,239 | |||||||||
Total segment and consolidated rental income | $ | 805,149 | $ | 755,636 | $ | 744,244 | ||||||
Reportable apartment home segment NOI | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 178,926 | $ | 166,033 | $ | 154,205 | ||||||
Mid-Atlantic Region | 111,762 | 111,643 | 108,490 | |||||||||
Southeast Region | 71,528 | 67,264 | 63,122 | |||||||||
Northeast Region | 44,897 | 42,350 | 39,377 | |||||||||
Southwest Region | 33,725 | 31,927 | 27,878 | |||||||||
Non-Mature Communities/Other | 115,483 | 94,824 | 111,128 | |||||||||
Total segment and consolidated NOI | 556,321 | 514,041 | 504,200 | |||||||||
Reconciling items: | ||||||||||||
Joint venture management and other fees | 13,044 | 12,442 | 11,911 | |||||||||
Property management | (22,142 | ) | (20,780 | ) | (20,465 | ) | ||||||
Other operating expenses | (8,271 | ) | (7,136 | ) | (5,718 | ) | ||||||
Real estate depreciation and amortization | (358,154 | ) | (341,490 | ) | (350,401 | ) | ||||||
General and administrative | (47,800 | ) | (42,238 | ) | (43,792 | ) | ||||||
Casualty-related recoveries/(charges), net | (541 | ) | 12,253 | (8,495 | ) | |||||||
Other depreciation and amortization | (5,775 | ) | (6,741 | ) | (4,105 | ) | ||||||
Income/(loss) from unconsolidated entities | (7,006 | ) | (415 | ) | (8,579 | ) | ||||||
Interest expense | (130,454 | ) | (126,083 | ) | (138,792 | ) | ||||||
Interest and other income/(expense), net | 11,837 | 4,681 | 2,703 | |||||||||
Tax benefit/(provision), net | 15,136 | 7,299 | 30,282 | |||||||||
Gain/(loss) on sale of real estate owned, net of tax | 143,647 | 40,449 | 251,554 | |||||||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | (5,511 | ) | (1,530 | ) | (7,986 | ) | ||||||
Net (income)/loss attributable to noncontrolling interests | 3 | 60 | (140 | ) | ||||||||
Net income/(loss) attributable to UDR, Inc. | $ | 154,334 | $ | 44,812 | $ | 212,177 | ||||||
Details of assets of UDR's reportable segments | The following table details the assets of UDR’s reportable segments as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||
December 31, | December 31, | |||||||||||
2014 | 2013 | |||||||||||
Reportable apartment home segment assets: | ||||||||||||
Same-Store communities: | ||||||||||||
West Region | $ | 2,358,444 | $ | 2,337,980 | ||||||||
Mid-Atlantic Region | 1,410,156 | 1,395,772 | ||||||||||
Southeast Region | 786,438 | 785,134 | ||||||||||
Northeast Region | 746,550 | 738,805 | ||||||||||
Southwest Region | 440,721 | 434,875 | ||||||||||
Non-mature Communities/Other | 2,640,950 | 2,515,411 | ||||||||||
Total segment assets | 8,383,259 | 8,207,977 | ||||||||||
Accumulated depreciation | (2,434,772 | ) | (2,208,794 | ) | ||||||||
Total segment assets — net book value | 5,948,487 | 5,999,183 | ||||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 15,224 | 30,249 | ||||||||||
Restricted cash | 22,340 | 22,796 | ||||||||||
Deferred financing costs, net | 22,686 | 26,924 | ||||||||||
Notes receivable, net | 14,369 | 83,033 | ||||||||||
Investment in and advances to unconsolidated joint ventures, net | 718,226 | 507,655 | ||||||||||
Other assets | 105,202 | 137,882 | ||||||||||
Total consolidated assets | $ | 6,846,534 | $ | 6,807,722 | ||||||||
United Dominion Reality L.P. | ||||||||||||
Entity Information [Line Items] | ||||||||||||
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 the Operating Partnership’s reportable segments for the years ended December 31, 2014, 2013, and 2012, and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reportable apartment home segment rental income | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 194,105 | $ | 181,935 | $ | 172,096 | ||||||
Mid-Atlantic Region | 68,822 | 68,205 | 66,487 | |||||||||
Northeast Region | 38,087 | 36,623 | 34,579 | |||||||||
Southeast Region | 45,224 | 43,208 | 40,771 | |||||||||
Southwest Region | 26,580 | 25,614 | 23,980 | |||||||||
Non-Mature Communities/Other | 49,816 | 55,257 | 62,778 | |||||||||
Total segment and consolidated rental income | $ | 422,634 | $ | 410,842 | $ | 400,691 | ||||||
Reportable apartment home segment NOI | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 142,388 | $ | 131,276 | $ | 122,477 | ||||||
Mid-Atlantic Region | 46,639 | 46,770 | 45,801 | |||||||||
Northeast Region | 28,930 | 27,149 | 25,653 | |||||||||
Southeast Region | 29,815 | 28,105 | 26,510 | |||||||||
Southwest Region | 16,821 | 16,057 | 14,738 | |||||||||
Non-Mature Communities/Other | 35,720 | 38,178 | 46,359 | |||||||||
Total segment and consolidated NOI | 300,313 | 287,535 | 281,538 | |||||||||
Reconciling items: | ||||||||||||
Property management | (11,622 | ) | (11,298 | ) | (11,019 | ) | ||||||
Other operating expenses | (5,172 | ) | (5,728 | ) | (5,272 | ) | ||||||
Real estate depreciation and amortization | (179,176 | ) | (181,302 | ) | (195,051 | ) | ||||||
General and administrative | (28,541 | ) | (24,808 | ) | (26,204 | ) | ||||||
Casualty-related recoveries/(charges), net | (541 | ) | 8,083 | (5,518 | ) | |||||||
Interest expense | (41,717 | ) | (36,058 | ) | (45,234 | ) | ||||||
Gain/(loss) on sale of real estate owned, net of tax | 63,635 | 41,518 | 51,094 | |||||||||
Net income/(loss) attributable to noncontrolling interests | (952 | ) | (4,566 | ) | (352 | ) | ||||||
Net income/(loss) attributable to OP unitholders | $ | 96,227 | $ | 73,376 | $ | 43,982 | ||||||
Details of assets of UDR's reportable segments | The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2014 and 2013 (dollars in thousands): | |||||||||||
December 31, | December 31, 2013 | |||||||||||
2014 | ||||||||||||
Reportable apartment home segment assets | ||||||||||||
Same-Store Communities | ||||||||||||
West Region | $ | 1,749,494 | $ | 1,733,144 | ||||||||
Mid-Atlantic Region | 713,093 | 706,447 | ||||||||||
Northeast Region | 447,269 | 443,483 | ||||||||||
Southeast Region | 333,428 | 328,150 | ||||||||||
Southwest Region | 228,996 | 226,252 | ||||||||||
Non-Mature Communities/Other | 766,490 | 751,004 | ||||||||||
Total segment assets | 4,238,770 | 4,188,480 | ||||||||||
Accumulated depreciation | (1,403,303 | ) | (1,241,574 | ) | ||||||||
Total segment assets - net book value | 2,835,467 | 2,946,906 | ||||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 502 | 1,897 | ||||||||||
Restricted cash | 13,811 | 13,526 | ||||||||||
Deferred financing costs, net | 4,475 | 5,848 | ||||||||||
Other assets | 24,029 | 25,064 | ||||||||||
Total consolidated assets | $ | 2,878,284 | $ | 2,993,241 | ||||||||
Unaudited_Summarized_Consolida3
Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||
Schedule of quarterly financial information | Selected consolidated quarterly financial data for the three and twelve months ended December 31, 2014 and 2013 is summarized in the table below (dollars in thousands, except per share amounts): | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2014 | ||||||||||||||||
Rental income (a) | $ | 194,352 | $ | 200,959 | $ | 203,587 | $ | 206,104 | ||||||||
Income/(loss) from continuing operations | (5,195 | ) | 4,359 | 10,611 | 6,485 | |||||||||||
Income/(loss) from discontinued operations, net of tax | (87 | ) | 18 | 79 | — | |||||||||||
Net income/(loss) attributable to common stockholders | 17,430 | 29,076 | 39,618 | 64,486 | ||||||||||||
Income/(loss) attributable to common stockholders per weighted average common share (b): | ||||||||||||||||
Basic and diluted | $ | 0.07 | $ | 0.12 | $ | 0.16 | $ | 0.25 | ||||||||
Weighted average number of shares outstanding | ||||||||||||||||
Basic | 250,177 | 250,255 | 251,655 | 253,983 | ||||||||||||
Diluted | 251,822 | 252,191 | 253,732 | 256,000 | ||||||||||||
2013 | ||||||||||||||||
Rental income (a) | $ | 181,961 | $ | 186,285 | $ | 187,917 | $ | 190,321 | ||||||||
Income/(loss) from continuing operations | (1,162 | ) | 4,525 | 2,351 | (3,374 | ) | ||||||||||
Income/(loss) from discontinued operations, net of tax | 853 | 829 | 884 | 41,376 | ||||||||||||
Net income/(loss) attributable to common stockholders | (1,199 | ) | 4,261 | 2,257 | 35,769 | |||||||||||
Income/(loss) attributable to common stockholders per weighted average common share (b): | ||||||||||||||||
Basic and diluted | $ | (0.00 | ) | $ | 0.02 | $ | 0.01 | $ | 0.14 | |||||||
Weighted average number of shares outstanding | ||||||||||||||||
Basic | 249,917 | 249,985 | 249,985 | 249,987 | ||||||||||||
Diluted | 249,917 | 251,406 | 251,454 | 249,987 | ||||||||||||
(a) | Represents rental income from continuing operations, excluding amounts classified as discontinued operations. | |||||||||||||||
(b) | Quarterly income/(loss) per share amounts may not total to the annual amounts. | |||||||||||||||
United Dominion Reality L.P. | ||||||||||||||||
Entity Information [Line Items] | ||||||||||||||||
Schedule of quarterly financial information | Selected consolidated quarterly financial data for the years ended December 31, 2014 and 2013 is summarized in the table blow (dollars in thousands, except per share amounts): | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||||
2014 | ||||||||||||||||
Rental income (a) | $ | 102,370 | $ | 104,842 | $ | 107,444 | $ | 107,978 | ||||||||
Income/(loss) from continuing operations | 6,411 | 8,319 | 8,875 | 9,939 | ||||||||||||
Income/(loss) attributable to OP unitholders | 30,533 | 24,426 | 8,637 | 32,631 | ||||||||||||
Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (b) | $ | 0.17 | $ | 0.13 | $ | 0.05 | $ | 0.18 | ||||||||
2013 | ||||||||||||||||
Rental income (a) | $ | 97,770 | $ | 100,421 | $ | 101,558 | $ | 102,104 | ||||||||
Income/(loss) from continuing operations | 6,870 | 9,339 | 10,069 | 6,488 | ||||||||||||
Income/(loss) from discontinued operations | 905 | 882 | 982 | 42,407 | ||||||||||||
Income/(loss) attributable to OP unitholders | 7,729 | 10,154 | 11,011 | 44,482 | ||||||||||||
Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (b) | $ | 0.04 | $ | 0.06 | $ | 0.06 | $ | 0.24 | ||||||||
(a) | Represents rental income from continuing operations, excluding amounts classified as discontinued operations. | |||||||||||||||
(b) | Quarterly income/(loss) per OP Unit amounts may not total to the annual amounts |
IncomeLoss_Per_Share_UNITED_DO2
Income/(Loss) Per Share (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 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): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator for income/(loss) per share: | ||||||||||||
Income/(loss) from continuing operations | $ | 16,260 | $ | 2,340 | $ | (46,305 | ) | |||||
Gain/(loss) on sale of real estate owned, net of tax | 143,572 | — | — | |||||||||
(Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership | (5,511 | ) | 48 | 2,089 | ||||||||
(Income)/loss from continuing operations attributable to noncontrolling interests | 3 | 60 | (140 | ) | ||||||||
Income/(loss) from continuing operations attributable to UDR, Inc. | 154,324 | 2,448 | (44,356 | ) | ||||||||
Distributions to preferred stockholders - Series E (Convertible) | (3,724 | ) | (3,724 | ) | (3,724 | ) | ||||||
Distributions to preferred stockholders - Series G | — | — | (2,286 | ) | ||||||||
Premium on preferred stock redemption or repurchases, net | — | — | (2,791 | ) | ||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 150,600 | $ | (1,276 | ) | $ | (53,157 | ) | ||||
Income/(loss) from discontinued operations, net of tax | $ | 10 | $ | 43,942 | $ | 266,608 | ||||||
(Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership | — | (1,578 | ) | (10,075 | ) | |||||||
Income/(loss) from discontinued operations attributable to common stockholders | $ | 10 | $ | 42,364 | $ | 256,533 | ||||||
Net income/(loss) attributable to common stockholders | $ | 150,610 | $ | 41,088 | $ | 203,376 | ||||||
Denominator for income/(loss) per share - basic and diluted: | ||||||||||||
Weighted average common shares outstanding | 252,707 | 250,684 | 239,482 | |||||||||
Non-vested restricted stock awards | (1,179 | ) | (715 | ) | (631 | ) | ||||||
Denominator for income/(loss) per share - basic | 251,528 | 249,969 | 238,851 | |||||||||
Incremental shares issuable from assumed conversion of: | 1,917 | — | — | |||||||||
Stock options and unvested resticted stock | ||||||||||||
Denominator for income/(loss) per share - diluted | 253,445 | 249,969 | 238,851 | |||||||||
Income/(loss) per weighted average common share - basic: | ||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.6 | $ | (0.01 | ) | $ | (0.22 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | — | 0.17 | 1.07 | |||||||||
Net income/(loss) attributable to common stockholders | $ | 0.6 | $ | 0.16 | $ | 0.85 | ||||||
Income/(loss) per weighted average common share - diluted: | ||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ | 0.59 | $ | (0.01 | ) | $ | (0.22 | ) | ||||
Income/(loss) from discontinued operations attributable to common stockholders | — | 0.17 | 1.07 | |||||||||
Net income/(loss) attributable to common stockholders | $ | 0.59 | $ | 0.16 | $ | 0.85 | ||||||
United Dominion Reality L P [Member] | ||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 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): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator for income/(loss) per OP Unit — basic and diluted: | ||||||||||||
Income/(loss) from continuing operations | $ | 33,544 | $ | 32,766 | $ | (13,309 | ) | |||||
Gain/(loss) on sale of real estate owned | 63,635 | — | — | |||||||||
(Income)/loss from continuing operations attributable to noncontrolling interests | (952 | ) | (4,114 | ) | (100 | ) | ||||||
Income/(loss) from continuing operations attributable to OP unitholders | $ | 96,227 | $ | 28,652 | $ | (13,409 | ) | |||||
Income/(loss) from discontinued operations | $ | — | $ | 45,176 | $ | 57,643 | ||||||
(Income)/loss from discontinued operations attributable to noncontrolling interests | — | (452 | ) | (252 | ) | |||||||
Income/(loss) from discontinued operations attributable to OP unitholders | $ | — | $ | 44,724 | $ | 57,391 | ||||||
Net income/(loss) | $ | 97,179 | $ | 77,942 | $ | 44,334 | ||||||
Net (income)/loss attributable to noncontrolling interests | (952 | ) | (4,566 | ) | (352 | ) | ||||||
Net income/(loss) attributable to OP unitholders | $ | 96,227 | $ | 73,376 | $ | 43,982 | ||||||
Denominator for income/(loss) per OP Unit — basic and diluted: | ||||||||||||
Weighted average OP Units outstanding — basic and diluted | 183,279 | 184,196 | 184,281 | |||||||||
Income/(loss) per weighted average OP Unit — basic and diluted: | ||||||||||||
Income/(loss) from continuing operations attributable to OP unitholders | $ | 0.53 | $ | 0.16 | $ | (0.07 | ) | |||||
Income/(loss) from discontinued operations attributable to OP unitholders | — | 0.24 | 0.31 | |||||||||
Net income/(loss) attributable to OP unitholders | $ | 0.53 | $ | 0.4 | $ | 0.24 | ||||||
Consolidation_and_Basis_of_Pre2
Consolidation and Basis of Presentation (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Apartment_Homes | ||||
Markets | ||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||
Number of markets operating within | 20 | |||
Number of apartments owned | 39,851 | |||
Joint venture, number of homes in communities | 10,055 | |||
Operating Partnership outstanding units | 183,278,698 | 183,278,698 | ||
OP units outstanding related to limited partner | 183,278,698 | 183,278,698 | 184,281,254 | 184,281,254 |
General Partner [Member] | ||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||
OP units outstanding related to limited partner | 174,113,225 | 173,959,774 | ||
Percentage of units outstanding owned by limited partners | 94.90% | |||
Limited Partner [Member] | ||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||
Percentage of units outstanding owned by limited partners | 95.00% | |||
Non-affiliated Partners | ||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||
OP units outstanding related to limited partner | 9,165,473 | 9,318,924 | ||
Percentage of units outstanding owned by limited partners | 5.00% | 5.10% |
Significant_Accounting_Policie5
Significant Accounting Policies (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Jul. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | |||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Document Period End Date | 31-Dec-14 | ||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Development costs excluding direct costs and capitalized interest | $8,953,000 | $11,100,000 | $10,000,000 | ||||||||||||||||||
Interest capitalized during period | 20,200,000 | 29,400,000 | 26,400,000 | ||||||||||||||||||
Notes receivable | 14,369,000 | 83,033,000 | 14,369,000 | 83,033,000 | |||||||||||||||||
Note maturity public capital threshold | 5,000,000 | ||||||||||||||||||||
Note receivable interest income | 3,400,000 | 4,100,000 | 2,700,000 | ||||||||||||||||||
Deferred tax asset | 6,976,000 | 32,273,000 | 6,976,000 | 32,273,000 | 24,175,000 | ||||||||||||||||
Net of a valuation allowance | 0 | 1,310,000 | 0 | 1,310,000 | 1,390,000 | ||||||||||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 400,000 | 44,400,000 | |||||||||||||||||||
Income tax benefit resulting in change in valuation allowance | -21,500,000 | ||||||||||||||||||||
Numerator for earnings per share b basic and diluted: | |||||||||||||||||||||
Net (loss)/income attributable to common stockholders | 64,486,000 | 39,618,000 | 29,076,000 | 17,430,000 | 35,769,000 | 2,257,000 | 4,261,000 | -1,199,000 | 150,610,000 | 41,088,000 | 203,376,000 | ||||||||||
Weighted average common shares outstanding | 252,707,000 | 250,684,000 | 239,482,000 | ||||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 251,528,000 | 249,969,000 | 238,851,000 | ||||||||||||||||||
Net income/(loss) attributable to common stockholders b basic and diluted (in dollars per share) | $0.25 | [1] | $0.16 | [1] | $0.12 | [1] | $0.07 | [1] | $0.14 | [1] | $0.01 | [1] | $0.02 | [1] | $0 | [1] | |||||
Advertising expense | 6,000,000 | 5,700,000 | 6,200,000 | ||||||||||||||||||
(Decrease)/increase in net income (loss) | 0 | 0 | -2,791,000 | ||||||||||||||||||
Income Tax Expense (benefits), Discontinued Operations, Change in Valuation Allowance | 22,900,000 | ||||||||||||||||||||
Income Tax Expense (Benefit) | 25,994,000 | -8,281,000 | -21,076,000 | ||||||||||||||||||
Income Tax Examination, Likelihood of Unfavorable Settlement | not (greater than 50 percent probability) | ||||||||||||||||||||
Income Tax Examination, Penalties and Interest Accrued | 0 | 0 | |||||||||||||||||||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.1 | ||||||||||||||||||||
Interest Income, Related Party | 0 | 765,000 | 281,000 | ||||||||||||||||||
(Issuance)/repayment of notes receivable | 68,664,000 | -19,027,000 | -63,998,000 | ||||||||||||||||||
Gain (Loss) on Sale of Notes Receivable | 8,400,000 | ||||||||||||||||||||
6.75% Series G Cumulative Redeemable Preferred Stock | |||||||||||||||||||||
Numerator for earnings per share b basic and diluted: | |||||||||||||||||||||
Preferred stock, dividend rate | 6.75% | ||||||||||||||||||||
Preferred stock, shares redeemed | 3,264,362 | ||||||||||||||||||||
Preferred stock, redemption price per share | $25 | ||||||||||||||||||||
Preferred stock, redemption amount | 82,100,000 | ||||||||||||||||||||
Note Due March 2014 Related Party [Domain] | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Basis spread on variable rate | 35000.00% | 35000.00% | |||||||||||||||||||
Note due October 2014 - related party | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Notes receivable | 0 | 40,800,000 | 0 | 40,800,000 | |||||||||||||||||
Note due February 2017 | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Notes receivable | 11,869,000 | 14,580,000 | 11,869,000 | 14,580,000 | |||||||||||||||||
Note Receivable Interest Rate | 10.00% | 10.00% | |||||||||||||||||||
Increase (Decrease) in Notes Receivables | 1,200,000 | ||||||||||||||||||||
Note maturity public capital threshold | 5,000,000 | ||||||||||||||||||||
Proceeds from Collection of Notes Receivable | 3,900,000 | ||||||||||||||||||||
Note due June 2022 (net of discount of $283) | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Notes receivable | 0 | 26,253,000 | 0 | 26,253,000 | 26,500,000 | ||||||||||||||||
Note Receivable Interest Rate | 7.00% | ||||||||||||||||||||
Note receivable, unamortized discount | 0 | 0 | 0 | 0 | |||||||||||||||||
Discount rate on note receivable | 7.25% | ||||||||||||||||||||
Numerator for earnings per share b basic and diluted: | |||||||||||||||||||||
(Issuance)/repayment of notes receivable | 36,000,000 | ||||||||||||||||||||
Other | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Notes receivable | 2,500,000 | 1,400,000 | 2,500,000 | 1,400,000 | |||||||||||||||||
Note Receivable Interest Rate | 8.00% | 8.00% | |||||||||||||||||||
Increase (Decrease) in Notes Receivables | 1,100,000 | ||||||||||||||||||||
OP Units | |||||||||||||||||||||
Numerator for earnings per share b basic and diluted: | |||||||||||||||||||||
Antidilutive securities | 9,247,049 | 9,337,464 | 9,411,000 | ||||||||||||||||||
Preferred Stock | |||||||||||||||||||||
Numerator for earnings per share b basic and diluted: | |||||||||||||||||||||
Antidilutive securities | 3,035,548 | 3,035,548 | 3,036,000 | ||||||||||||||||||
Stock options and unvested restricted stock | |||||||||||||||||||||
Numerator for earnings per share b basic and diluted: | |||||||||||||||||||||
Antidilutive securities | 1,916,979 | 1,583,537 | 1,361,398 | ||||||||||||||||||
Minimum | Buildings | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 35 years | ||||||||||||||||||||
Minimum | Building improvements | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 10 years | ||||||||||||||||||||
Minimum | Furniture, fixtures, equipment, and other assets | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 3 years | ||||||||||||||||||||
Maximum | Buildings | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 55 years | ||||||||||||||||||||
Maximum | Building improvements | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 35 years | ||||||||||||||||||||
Maximum | Furniture, fixtures, equipment, and other assets | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 10 years | ||||||||||||||||||||
RedeemableNoncontrollingInterest [Member] | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | -133,000 | 250,000 | 80,000 | ||||||||||||||||||
Continuing Operations [Member] | |||||||||||||||||||||
Numerator for earnings per share b basic and diluted: | |||||||||||||||||||||
Income Tax Expense (Benefit) | -15,098,000 | -7,299,000 | -30,282,000 | ||||||||||||||||||
Discontinued Operations [Member] | |||||||||||||||||||||
Numerator for earnings per share b basic and diluted: | |||||||||||||||||||||
Income Tax Expense (Benefit) | 5,000 | -982,000 | 9,641,000 | ||||||||||||||||||
Lodge at Stoughton | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 95.00% | 95.00% | |||||||||||||||||||
Joint Venture Number of Operating Communities Owned | 1 | 1 | |||||||||||||||||||
Number of extension options on loan | 2 | ||||||||||||||||||||
Extension period of option on loan | 3 months | ||||||||||||||||||||
United Dominion Reality L P [Member] | |||||||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||||||
Document Period End Date | 31-Dec-14 | ||||||||||||||||||||
Deferred Tax Liabilities, Net | 0 | 0 | |||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Development costs excluding direct costs and capitalized interest | 2,010,000 | 2,500,000 | 2,100,000 | ||||||||||||||||||
Interest capitalized during period | 2,900,000 | 5,900,000 | 3,700,000 | ||||||||||||||||||
Numerator for earnings per share b basic and diluted: | |||||||||||||||||||||
Advertising expense | 2,500,000 | 2,500,000 | 2,400,000 | ||||||||||||||||||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.1 | ||||||||||||||||||||
United Dominion Reality L P [Member] | Minimum | Buildings | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 35 years | ||||||||||||||||||||
United Dominion Reality L P [Member] | Minimum | Building improvements | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 10 years | ||||||||||||||||||||
United Dominion Reality L P [Member] | Minimum | Furniture, fixtures, equipment, and other assets | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 3 years | ||||||||||||||||||||
United Dominion Reality L P [Member] | Maximum | Buildings | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 55 years | ||||||||||||||||||||
United Dominion Reality L P [Member] | Maximum | Building improvements | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 35 years | ||||||||||||||||||||
United Dominion Reality L P [Member] | Maximum | Furniture, fixtures, equipment, and other assets | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Estimated useful lives | 10 years | ||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||
Numerator for earnings per share b basic and diluted: | |||||||||||||||||||||
Preferred stock, shares redeemed | 0 | 3,264,362 | |||||||||||||||||||
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||||||||||
Notes receivable | $14,369,000 | $83,033,000 | $14,369,000 | $83,033,000 | |||||||||||||||||
[1] | Quarterly income/(loss) per share amounts may not total to the annual amounts. |
Real_Estate_Owned_Details
Real Estate Owned (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ||||
Document Period End Date | 31-Dec-14 | |||
Summary of carrying amounts for real estate owned (at cost) | ||||
Land and Land Improvements | $1,980,221 | $1,847,127 | ||
Investment Building and Building Improvements, and Furniture, Fixtures and Equipment | 6,225,406 | 5,876,717 | ||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0 and $1,411, respectively) | 177,632 | 466,002 | ||
Sold or held for sale: | ||||
Real estate owned | 8,383,259 | 8,207,977 | ||
Accumulated depreciation | -2,434,772 | -2,208,794 | -1,924,682 | -1,831,727 |
Total real estate owned, net of accumulated depreciation | 5,948,487 | 5,999,183 | ||
Land | ||||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0 and $1,411, respectively) | 24,584 | 110,769 | ||
Sold or held for sale: | ||||
Sold or held for sale | 0 | 10,751 | ||
Construction in progress | ||||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0 and $1,411, respectively) | 153,048 | 356,644 | ||
Building and improvements | ||||
Sold or held for sale: | ||||
Sold or held for sale | $0 | $5,969 |
Real_Estate_Owned_Details_Text
Real Estate Owned (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | 2 Months Ended | |||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Feb. 19, 2015 | Jun. 30, 2013 | |
Apartment_Homes | |||||||
Communities | |||||||
Real Estate Properties [Line Items] | |||||||
Document Period End Date | 31-Dec-14 | ||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Number of apartment homes owned and consolidated by the Company | 39,851 | ||||||
Communities Sold | 9 | ||||||
Apartment Homes Sold | 2,500 | 914 | 6,507 | ||||
Deferred Gain on Sale of Property | $24,683,000 | $25,400,000 | |||||
Joint venture, number of homes in communities | 10,055 | ||||||
Property, Plant and Equipment, Additions | 129,400,000 | ||||||
Number of apartment homes acquired | 358 | ||||||
Acquisition-related costs | 400,000 | 100,000 | 2,300,000 | ||||
Number of Real Estate Properties | 2 | ||||||
Number of States in which Entity Operates | 10 | ||||||
Number of Communities Acquired | 2 | ||||||
Other Cost and Expense, Operating | 8,271,000 | 7,136,000 | 5,718,000 | ||||
Proceeds from Sale of Property, Plant, and Equipment | 328,400,000 | 81,100,000 | 609,400,000 | ||||
Payments for (Proceeds from) Investments | -383,886,000 | -250,043,000 | -593,167,000 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 138,600,000 | ||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 63,595,000 | 34,412,000 | ||||
Consolidated Joint Venture One [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Property, Plant and Equipment, Additions | 129,400,000 | ||||||
Number of Communities Acquired | 2 | ||||||
Unconsolidated Joint Venture Vitruvian Park [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Equity method investment, ownership percent | 50.00% | 50.00% | |||||
Communities Sold | 5 | ||||||
Land Sold, Acres | 28.4 | ||||||
Deferred Gain on Sale of Property | 436,000 | ||||||
Proceeds from Real Estate and Real Estate Joint Ventures | 141,300,000 | ||||||
Transaction costs of selling interest in partnerships | 936,000 | ||||||
Texas JV | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Deferred Gain on Sale of Property | 23,900,000 | 24,000,000 | |||||
Joint Venture Number of Operating Communities Owned | 2 | ||||||
Payments to acquire businesses and interest in affiliates | 11,700,000 | ||||||
Unconsolidated Joint Venture 399 Fremont [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Equity method investment, ownership percent | 49.00% | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 49.00% | ||||||
Proceeds from Issuance or Sale of Equity | 29,900,000 | ||||||
Purchase Obligation | 318,000,000 | ||||||
Operating Community [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Communities Sold | 1 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | 142,500,000 | ||||||
Operating Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Equity method investment, ownership percent | 50.00% | 50.00% | |||||
Number of Units in Real Estate Property | 1,394 | ||||||
Number of Real Estate Properties | 3 | 2 | |||||
Operating Community [Member] | Texas JV | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Equity method investment, ownership percent | 20.00% | 20.00% | |||||
Number of Units in Real Estate Property | 3,359 | ||||||
Number of Real Estate Properties | 8 | 10 | |||||
Development Community [Member] | Unconsolidated Joint Venture 399 Fremont [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Number of Units in Real Estate Property | 447 | ||||||
Land | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,100,000 | ||||||
Land | Unconsolidated Joint Venture Vitruvian Park [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Number of Real Estate Properties | 6 | ||||||
New York Properties [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Impairment of Long-Lived Assets Held-for-use | 0 | 9,000,000 | |||||
Real Estate Owned (Textual) [Abstract] | |||||||
Number of Communities Owned | 3 | ||||||
Number of Apartments Owned | 1,706 | ||||||
Other Cost and Expense, Operating | 10,400,000 | ||||||
Hurricane Sandy [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Total Estimated Insurance Recovery | 14,500,000 | ||||||
Lightbox [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Property, Plant and Equipment, Additions | 45,500,000 | ||||||
Waterscape [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Property, Plant and Equipment, Additions | 75,200,000 | ||||||
Graybar [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Property, Plant and Equipment, Additions | 32,200,000 | ||||||
Operating Community [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Payments for (Proceeds from) Investments | -324,400,000 | ||||||
Land | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Property, Plant and Equipment, Additions | 77,800,000 | ||||||
Development Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Communities Sold | 1 | ||||||
Apartment Homes Sold | 391 | ||||||
13th & Market [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Equity method investment, ownership percent | 49.00% | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 54,200,000 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | 7,200,000 | ||||||
3033 Wilshire | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Equity method investment, ownership percent | 50.00% | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 8,300,000 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | 2,200,000 | ||||||
Unconsolidated Joint Venture 399 Fremont [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Proceeds from Sale of Property, Plant, and Equipment | 29,900,000 | ||||||
Operating Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Communities Sold | 2 | ||||||
Apartment Homes Sold | 739 | ||||||
Subsequent Event [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Square Footage | 120,000 | ||||||
Subsequent Event [Member] | Texas JV | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Communities Sold | 8 | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 43,500,000 | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | 59,100,000 | ||||||
Subsequent Event [Member] | Office Building [Member] | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Property, Plant and Equipment, Additions | $24,000,000 | ||||||
Subsequent Event [Member] | UDR, Inc. | |||||||
Real Estate Owned (Textual) [Abstract] | |||||||
Square Footage | 44,000 |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Communities | Communities | Apartment_Homes | |||||||||
Communities | |||||||||||
Document Period End Date | 31-Dec-14 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $138,600,000 | ||||||||||
Discontinued Operations (Textual) [Abstract] | |||||||||||
Discontinued operations, number of communities sold | 1 | 2 | 21 | ||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 75,000 | 41,919,000 | 260,404,000 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | 328,400,000 | 81,100,000 | 609,400,000 | ||||||||
Number of communities sold | 9 | ||||||||||
Number of apartment homes sold | 2,500 | 914 | 6,507 | ||||||||
Impairment loss, net of tax | 0 | 1,470,000 | 0 | ||||||||
Summary of income from discontinued operations | |||||||||||
Rental income | 147,000 | 9,152,000 | 39,543,000 | ||||||||
Rental expenses | 225,000 | 3,511,000 | 14,106,000 | ||||||||
Property management fee | 4,000 | 252,000 | 1,087,000 | ||||||||
Real estate depreciation | 0 | 1,958,000 | 8,475,000 | ||||||||
Interest | 21,000 | -62,000 | 821,000 | ||||||||
Income before net gain on the sale of property | -103,000 | 3,493,000 | 15,054,000 | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | -2,355,000 | 0 | ||||||||
Income tax expense | 38,000 | 885,000 | -8,850,000 | ||||||||
Income/(loss) from discontinued operations, net of tax | 0 | 79,000 | 18,000 | -87,000 | 41,376,000 | 884,000 | 829,000 | 853,000 | 10,000 | 43,942,000 | 266,608,000 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 10,000 | 42,364,000 | 256,533,000 | ||||||||
Land | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,100,000 | ||||||||||
Operating Community [Member] | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $142,500,000 | ||||||||||
Discontinued Operations (Textual) [Abstract] | |||||||||||
Number of communities sold | 1 |
Joint_Ventures_Details
Joint Ventures (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2013 | |
Communities | Land_Parcels | |||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in and advances to unconsolidated joint ventures, net | $718,226,000 | $507,655,000 | ||||
Deferred Gain on Sale of Property | 24,683,000 | 25,400,000 | ||||
MetLife I | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in and advances to unconsolidated joint ventures, net | 13,306,000 | 47,497,000 | ||||
MetLife I | Operating Community [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 4 | 6 | ||||
Number of Units in Real Estate Property | 0 | |||||
Investment in and advances to unconsolidated joint ventures, net | 13,306,000 | 47,497,000 | ||||
Equity method investment, ownership percent | 15.70% | 4.50% | ||||
MetLife I | Land Parcel | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 3 | |||||
Equity method investment, ownership percent | 5.00% | |||||
MetLife II | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in and advances to unconsolidated joint ventures, net | 431,277,000 | 327,926,000 | ||||
MetLife II | Operating Community [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 21 | |||||
Number of Units in Real Estate Property | 4,642 | |||||
Investment in and advances to unconsolidated joint ventures, net | 431,277,000 | 327,926,000 | ||||
Equity method investment, ownership percent | 50.00% | 50.00% | ||||
MetLife II | Land Parcel | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 2 | |||||
Equity method investment, ownership percent | 50.10% | |||||
Unconsolidated Joint Venture Other MetLife [Member] | Operating Community [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 1 | |||||
Number of Units in Real Estate Property | 1,282 | |||||
Investment in and advances to unconsolidated joint ventures, net | 134,939,000 | 36,313,000 | ||||
Equity method investment, ownership percent | 50.60% | 35.80% | ||||
Unconsolidated Joint Venture Other MetLife [Member] | Development Community [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 3 | |||||
Unconsolidated Joint Venture Other MetLife [Member] | Land Parcel | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 2 | |||||
Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in and advances to unconsolidated joint ventures, net | 80,302,000 | 79,318,000 | ||||
Equity method investment, ownership percent | 50.00% | 50.00% | ||||
Deferred Gain on Sale of Property | 436,000 | |||||
Unconsolidated Joint Venture Vitruvian Park [Member] | Operating Community [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 3 | 2 | ||||
Number of Units in Real Estate Property | 1,394 | |||||
Investment in and advances to unconsolidated joint ventures, net | 80,302,000 | 79,318,000 | ||||
Equity method investment, ownership percent | 50.00% | 50.00% | ||||
Unconsolidated Joint Venture Vitruvian Park [Member] | Land Parcel | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 6 | |||||
Unconsolidated Joint Venture 399 Fremont [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in and advances to unconsolidated joint ventures, net | 31,100,000 | |||||
Equity method investment, ownership percent | 49.00% | |||||
Unconsolidated Joint Venture 399 Fremont [Member] | Development Community [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Units in Real Estate Property | 447 | |||||
Lodge at Stoughton | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity method investment, ownership percent | 95.00% | |||||
KFH | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in and advances to unconsolidated joint ventures, net | 21,596,000 | 25,919,000 | ||||
Equity method investment, ownership percent | 30.00% | |||||
KFH | Operating Community [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 3 | |||||
Number of Units in Real Estate Property | 660 | |||||
Investment in and advances to unconsolidated joint ventures, net | 21,596,000 | 25,919,000 | ||||
Equity method investment, ownership percent | 30.00% | 30.00% | ||||
Texas JV | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in and advances to unconsolidated joint ventures, net | -25,901,000 | -23,591,000 | ||||
Deferred Gain on Sale of Property | 23,900,000 | 24,000,000 | ||||
Texas JV | Operating Community [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Real Estate Properties | 8 | 10 | ||||
Number of Units in Real Estate Property | 3,359 | |||||
Investment in and advances to unconsolidated joint ventures, net | -25,901,000 | -23,591,000 | ||||
Equity method investment, ownership percent | 20.00% | 20.00% | ||||
399 Fremont | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in and advances to unconsolidated joint ventures, net | 55,500,000 | |||||
Unconsolidated Joint Ventures [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in and advances to unconsolidated joint ventures, net | 655,519,000 | 493,382,000 | ||||
Participating Loan Investment Steele Creek Denver Colorado [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Income from Participating Loan | 156,000 | |||||
Participating Loan Investment Steele Creek Denver Colorado [Member] | Development Community [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of Units in Real Estate Property | 218 | |||||
Investment in and advances to unconsolidated joint ventures, net | 62,707,000 | 14,273,000 | ||||
Participating Loan, Interest Rate, Stated Percentage | 6.50% | |||||
Participating Loan Years to Maturity | 2 years 10 months 0 days | |||||
Income from Participating Loan | $2,350,000 | $156,000 | $0 |
Joint_Ventures_Details_1
Joint Ventures (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | $193,453 | $142,842 | $109,412 |
Real estate depreciation and amortization | 69,399 | 51,830 | 51,120 |
Net loss | -42,667 | -36,075 | -3,957 |
UDR recorded loss from unconsolidated entities | -7,006 | -415 | -8,579 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 2,941,803 | 2,165,667 | |
Total assets | 3,219,250 | 3,198,204 | |
Amount due to UDR | 2,997 | 9,703 | |
Third party debt | 1,504,477 | 1,164,007 | |
Total liabilities | 1,781,515 | 1,776,709 | |
Total equity | 1,437,735 | 1,421,495 | |
Investment in and advances to unconsolidated joint ventures, net | 718,226 | 507,655 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 229,706 | 577,203 | |
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 216,196 | 985,408 | |
Property operating expenses | 72,099 | 49,390 | 34,188 |
Operating income/(loss) | 51,955 | 41,622 | 24,104 |
Interest expense | -58,591 | -45,726 | -35,621 |
Other income/(expense) | 0 | 1 | -9 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 0 | ||
Income/(loss) from discontinued operations | -36,031 | -31,972 | 7,569 |
Cash and cash equivalents | 32,544 | 22,546 | |
Other assets | 28,707 | 24,583 | |
Accounts payable and accrued liabilities | 44,335 | 25,796 | |
MetLife I | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 727 | 691 | 632 |
Real estate depreciation and amortization | 2,130 | 115 | 124 |
Net loss | -33,823 | -22,433 | 8,865 |
UDR recorded loss from unconsolidated entities | -2,955 | -4,675 | -1,750 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 89,482 | 90,971 | |
Total assets | 93,297 | 849,485 | |
Amount due to UDR | 107 | 4,520 | |
Third party debt | 0 | 0 | |
Total liabilities | 5,966 | 351,419 | |
Total equity | 87,331 | 498,066 | |
Investment in and advances to unconsolidated joint ventures, net | 13,306 | 47,497 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 5,110 | 346,810 | |
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 1,978 | 753,427 | |
Property operating expenses | 618 | 621 | 252 |
Operating income/(loss) | -2,021 | -45 | 256 |
Interest expense | 0 | 0 | 0 |
Other income/(expense) | 0 | 0 | 0 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 0 | ||
Income/(loss) from discontinued operations | -31,802 | -22,388 | 8,609 |
Cash and cash equivalents | 1,983 | 305 | |
Other assets | -146 | 4,782 | |
Accounts payable and accrued liabilities | 749 | 89 | |
MetLife II | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 152,047 | 109,926 | 87,386 |
Real estate depreciation and amortization | 41,504 | 30,122 | 32,553 |
Net loss | 9,900 | 8,941 | -83 |
UDR recorded loss from unconsolidated entities | 2,814 | 4,471 | 15 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 1,986,237 | 1,476,588 | |
Total assets | 2,021,071 | 1,509,708 | |
Amount due to UDR | -444 | 2,275 | |
Third party debt | 1,147,109 | 877,799 | |
Total liabilities | 1,164,238 | 894,582 | |
Total equity | 856,833 | 615,126 | |
Investment in and advances to unconsolidated joint ventures, net | 431,277 | 327,926 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 0 | 0 | |
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 0 | 0 | |
Property operating expenses | 52,150 | 33,809 | 25,737 |
Operating income/(loss) | 58,393 | 45,995 | 29,096 |
Interest expense | -48,493 | -37,055 | -29,170 |
Other income/(expense) | 0 | 1 | -9 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 0 | ||
Income/(loss) from discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents | 15,245 | 16,454 | |
Other assets | 19,589 | 16,666 | |
Accounts payable and accrued liabilities | 17,573 | 14,508 | |
Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 19,376 | 7,680 | 0 |
Real estate depreciation and amortization | 7,380 | 3,830 | 0 |
Net loss | -2,846 | -2,669 | 0 |
UDR recorded loss from unconsolidated entities | -4,068 | -2,851 | 0 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 278,600 | 283,878 | |
Total assets | 289,103 | 288,954 | |
Amount due to UDR | 1,960 | 1,352 | |
Third party debt | 123,649 | 120,999 | |
Total liabilities | 132,375 | 129,503 | |
Total equity | 156,728 | 159,451 | |
Investment in and advances to unconsolidated joint ventures, net | 80,302 | 79,318 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 0 | 0 | |
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 0 | 0 | |
Property operating expenses | 10,711 | 4,633 | 0 |
Operating income/(loss) | 1,285 | -783 | 0 |
Interest expense | -4,131 | -1,886 | 0 |
Other income/(expense) | 0 | 0 | 0 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 0 | ||
Income/(loss) from discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents | 6,570 | 3,498 | |
Other assets | 3,933 | 1,578 | |
Accounts payable and accrued liabilities | 6,766 | 7,152 | |
Texas JV | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 0 | 0 | 0 |
Real estate depreciation and amortization | 0 | 0 | 0 |
Net loss | -4,229 | -9,584 | -1,040 |
UDR recorded loss from unconsolidated entities | -772 | -1,218 | -2,399 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 0 | 0 | |
Total assets | 214,218 | 231,981 | |
Amount due to UDR | 0 | 0 | |
Third party debt | 0 | 0 | |
Total liabilities | 224,596 | 230,393 | |
Total equity | -10,378 | 1,588 | |
Investment in and advances to unconsolidated joint ventures, net | -25,901 | -23,591 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 224,596 | 230,393 | |
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 214,218 | 231,981 | |
Property operating expenses | 0 | 0 | 0 |
Operating income/(loss) | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Other income/(expense) | 0 | 0 | 0 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 0 | ||
Income/(loss) from discontinued operations | -4,229 | -9,584 | -1,040 |
Cash and cash equivalents | 0 | 0 | |
Other assets | 0 | 0 | |
Accounts payable and accrued liabilities | 0 | 0 | |
KFH | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 19,724 | 19,221 | 18,670 |
Real estate depreciation and amortization | 14,426 | 14,199 | 16,546 |
Net loss | -8,073 | -7,885 | -10,597 |
UDR recorded loss from unconsolidated entities | -2,601 | -2,366 | -3,221 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 235,623 | 249,097 | |
Total assets | 239,258 | 252,860 | |
Amount due to UDR | 531 | 420 | |
Third party debt | 165,209 | 165,209 | |
Total liabilities | 167,136 | 166,863 | |
Total equity | 72,122 | 85,997 | |
Investment in and advances to unconsolidated joint ventures, net | 21,596 | 25,919 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 0 | 0 | |
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 0 | 0 | |
Property operating expenses | 7,498 | 7,035 | 6,831 |
Operating income/(loss) | -2,200 | -2,013 | -4,707 |
Interest expense | -5,873 | -5,872 | -5,890 |
Other income/(expense) | 0 | 0 | 0 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 0 | ||
Income/(loss) from discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents | 2,507 | 2,289 | |
Other assets | 1,128 | 1,474 | |
Accounts payable and accrued liabilities | 1,396 | 1,234 | |
Unconsolidated Other Joint Ventures [Domain] | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 1,579 | 5,324 | 2,724 |
Real estate depreciation and amortization | 3,959 | 3,564 | 1,897 |
Net loss | -3,596 | -2,445 | -1,102 |
UDR recorded loss from unconsolidated entities | 576 | 6,224 | -1,224 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 351,861 | 65,133 | |
Total assets | 362,303 | 65,216 | |
Amount due to UDR | 843 | 1,136 | |
Third party debt | 68,510 | 0 | |
Total liabilities | 87,204 | 3,949 | |
Total equity | 275,099 | 61,267 | |
Investment in and advances to unconsolidated joint ventures, net | 197,646 | 50,586 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 0 | 0 | |
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 0 | 0 | |
Property operating expenses | 1,122 | 3,292 | 1,368 |
Operating income/(loss) | -3,502 | -1,532 | -541 |
Interest expense | -94 | -913 | -561 |
Other income/(expense) | 0 | 0 | 0 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 0 | ||
Income/(loss) from discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents | 6,239 | 0 | |
Other assets | 4,203 | 83 | |
Accounts payable and accrued liabilities | 17,851 | 2,813 | |
Unconsolidated Joint Ventures [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Investment in and advances to unconsolidated joint ventures, net | $655,519 | $493,382 |
Joint_Ventures_Details_Textual
Joint Ventures (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 2 Months Ended | |||||
Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Feb. 19, 2015 | Jan. 31, 2014 | Jan. 31, 2012 | Mar. 31, 2014 | |
Communities | Communities | Communities | ||||||||||
Apartment_Homes | Apartment_Homes | |||||||||||
Joint Ventures | ||||||||||||
Real Estate Investment Property, Net | $5,770,855,000 | $5,770,855,000 | $5,523,029,000 | |||||||||
Debt associated with Real estate acquired | 63,600,000 | |||||||||||
Joint venture, number of homes in communities | 10,055 | 10,055 | ||||||||||
Ownership interest in joint venture purchased | 100.00% | |||||||||||
Initial investment in equity method investment | 80,200,000 | |||||||||||
Property, Plant and Equipment, Additions | 129,400,000 | |||||||||||
Unamortized discount | 6,700,000 | 6,700,000 | 11,800,000 | |||||||||
First installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | 520,934,000 | 520,934,000 | ||||||||||
Second installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | 248,881,000 | 248,881,000 | ||||||||||
Interest expense incurred during period | 130,454,000 | 126,083,000 | 138,792,000 | |||||||||
Company's equity investment in joint venture | 718,226,000 | 718,226,000 | 507,655,000 | |||||||||
Ownership interest in underlying assets exchanged | 10.00% | |||||||||||
Cash paid in equity method investment exchange | 15,600,000 | |||||||||||
Weighted Average Interest Rate | 3.94% | |||||||||||
Payments to acquire equity method investments | 222,930,000 | 43,291,000 | 283,369,000 | |||||||||
Document Period End Date | 31-Dec-14 | |||||||||||
Deferred gains on the sale of depreciable property | 24,683,000 | 24,683,000 | 25,400,000 | |||||||||
Communities Sold | 9 | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 328,400,000 | 81,100,000 | 609,400,000 | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 138,600,000 | |||||||||||
Management fees for our involvement in the joint ventures | 11,300,000 | 11,200,000 | 11,800,000 | |||||||||
Deposits | 4,000,000 | |||||||||||
Real Estate Owned Gross | 8,383,259,000 | 8,383,259,000 | 8,207,977,000 | |||||||||
Secured debt | 1,361,529,000 | 1,361,529,000 | 1,442,077,000 | |||||||||
SEC Schedule III, Real Estate, Cost of Real Estate Sold | 140,000,000 | 269,681,000 | 70,687,000 | 559,154,000 | ||||||||
Percentage of real estate retained in sale of real estate owned | 50.00% | |||||||||||
Number of Real Estate Properties | 139 | 139 | ||||||||||
13th & Market and DCP [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Property, Plant and Equipment, Additions | 24,700,000 | |||||||||||
Wilshire Crescent Heights [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Property, Plant and Equipment, Additions | 15,300,000 | |||||||||||
Land | ||||||||||||
Joint Ventures | ||||||||||||
Property, Plant and Equipment, Additions | 77,800,000 | |||||||||||
Denver and San Diego Operating Communities [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 50.00% | |||||||||||
Number of operating communities in equity method investment exchange | 2 | |||||||||||
Ownership interest acquired in exchange | 35.00% | |||||||||||
MetLife Swap [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 12.00% | 50.00% | 50.00% | |||||||||
Cash paid in equity method investment exchange | 21,500,000 | 82,500,000 | ||||||||||
Communities Sold | 2 | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 3,000,000 | |||||||||||
13th & Market [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Deposits | 2,000,000 | |||||||||||
Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | ||||||||||
Company's equity investment in joint venture | 80,302,000 | 80,302,000 | 79,318,000 | |||||||||
Deferred gains on the sale of depreciable property | 436,000 | |||||||||||
Communities Sold | 5 | |||||||||||
Proceeds from Real Estate and Real Estate Joint Ventures | 141,300,000 | |||||||||||
Stated interest rate | 4.00% | |||||||||||
MetLife I | ||||||||||||
Joint Ventures | ||||||||||||
Company's equity investment in joint venture | 13,306,000 | 13,306,000 | 47,497,000 | |||||||||
MetLife II | ||||||||||||
Joint Ventures | ||||||||||||
Company's equity investment in joint venture | 431,277,000 | 431,277,000 | 327,926,000 | |||||||||
399 Fremont | ||||||||||||
Joint Ventures | ||||||||||||
Initial investment in equity method investment | 37,300,000 | |||||||||||
Ownership percentage | 7.50% | 7.50% | ||||||||||
Company's equity investment in joint venture | 55,500,000 | |||||||||||
Non-controlling interest held in joint venture | 92.50% | |||||||||||
399 Fremont | 1st payment | ||||||||||||
Joint Ventures | ||||||||||||
Payments for interest in joint venture | 13,500,000 | |||||||||||
399 Fremont | 2nd payment | ||||||||||||
Joint Ventures | ||||||||||||
Payments for interest in joint venture | 4,700,000 | |||||||||||
Lodge at Stoughton | ||||||||||||
Joint Ventures | ||||||||||||
Number of operating communities in joint venture | 1 | 1 | ||||||||||
Equity method investment, ownership percent | 95.00% | |||||||||||
Bridge Loan | 40,800,000 | 40,800,000 | ||||||||||
Number of extension options on loan | 2 | |||||||||||
Extension period of option on loan | 3 months | |||||||||||
KFH | ||||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 30.00% | 30.00% | ||||||||||
Company's equity investment in joint venture | 21,596,000 | 21,596,000 | 25,919,000 | |||||||||
Joint venture investment in multifamily properties | 450,000,000 | 450,000,000 | ||||||||||
Total equity contribution by partners when fully invested | 180,000,000 | 180,000,000 | ||||||||||
UDR's equity investment in joint venture when fully invested | 54,000,000 | 54,000,000 | ||||||||||
Texas JV | ||||||||||||
Joint Ventures | ||||||||||||
Ownership interest in joint venture purchased | 80.00% | |||||||||||
Number of operating communities in joint venture | 2 | |||||||||||
Company's equity investment in joint venture | -25,901,000 | -25,901,000 | -23,591,000 | |||||||||
Payments to acquire businesses and interest in affiliates | 11,700,000 | |||||||||||
Deferred gains on the sale of depreciable property | 23,900,000 | 23,900,000 | 24,000,000 | |||||||||
Texas JV | Subsequent Event [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Communities Sold | 8 | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 43,500,000 | |||||||||||
Fee Income from the Sale of Real Estate | 9,600,000 | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 59,100,000 | |||||||||||
13th & Market | ||||||||||||
Joint Ventures | ||||||||||||
Ownership percentage | 0.00% | 0.00% | 5.00% | |||||||||
Non-controlling interest held in joint venture | 95.00% | |||||||||||
Orange County, CA | ||||||||||||
Joint Ventures | ||||||||||||
Property, Plant and Equipment, Additions | 129,400,000 | |||||||||||
Unconsolidated Joint Venture 399 Fremont [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Ownership percentage | 49.00% | |||||||||||
Purchase Obligation | 318,000,000 | |||||||||||
Proceeds from Issuance or Sale of Equity | 29,900,000 | |||||||||||
Equity method investment, ownership percent | 49.00% | |||||||||||
Company's equity investment in joint venture | 31,100,000 | |||||||||||
Participating Loan Investment Steele Creek Denver Colorado [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Maximum Percentage to Finance | 85.00% | 85.00% | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 92,000,000 | 92,000,000 | ||||||||||
Weighted average interest rate at the end of the period | 6.50% | 6.50% | ||||||||||
Participating Interest in Investment | 50.00% | 50.00% | ||||||||||
Income from Participating Loan | 156,000 | |||||||||||
Fully Entitled Land [Member] | MetLife I | ||||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | ||||||||||
Number of Real Estate Properties | 1 | 1 | ||||||||||
Land | ||||||||||||
Joint Ventures | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,100,000 | |||||||||||
Land | Unconsolidated Joint Venture Other MetLife [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Number of Real Estate Properties | 2 | 2 | ||||||||||
Land | Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Number of Real Estate Properties | 6 | 6 | ||||||||||
Land | MetLife I | ||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||
Number of apartments of development community | 0 | 0 | ||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 5.00% | 5.00% | ||||||||||
Number of Real Estate Properties | 3 | 3 | ||||||||||
Land | MetLife II | ||||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 50.10% | 50.10% | ||||||||||
Number of Real Estate Properties | 2 | 2 | ||||||||||
Land | Noncontrolling Interest | ||||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 49.90% | 49.90% | ||||||||||
Land | Wilshire at LaJolla [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 50.10% | 50.10% | ||||||||||
Land | Wilshire Crescent Heights [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | ||||||||||
Number of Real Estate Properties | 1 | 1 | ||||||||||
Operating Community [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Number of operating communities in equity method investment exchange | 4 | |||||||||||
Communities Sold | 1 | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 142,500,000 | |||||||||||
Operating Community [Member] | Unconsolidated Joint Venture Other MetLife [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Number of Units in Real Estate Property | 1,282 | 1,282 | ||||||||||
Equity method investment, ownership percent | 50.60% | 50.60% | 35.80% | |||||||||
Company's equity investment in joint venture | 134,939,000 | 134,939,000 | 36,313,000 | |||||||||
Number of Real Estate Properties | 1 | 1 | ||||||||||
Operating Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Number of Units in Real Estate Property | 1,394 | 1,394 | ||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | 50.00% | |||||||||
Company's equity investment in joint venture | 80,302,000 | 80,302,000 | 79,318,000 | |||||||||
Number of Real Estate Properties | 3 | 3 | 2 | |||||||||
Operating Community [Member] | MetLife I | ||||||||||||
Joint Ventures | ||||||||||||
Number of Units in Real Estate Property | 0 | 0 | ||||||||||
Equity method investment, ownership percent | 15.70% | 15.70% | 4.50% | |||||||||
Company's equity investment in joint venture | 13,306,000 | 13,306,000 | 47,497,000 | |||||||||
Number of Real Estate Properties | 4 | 4 | 6 | |||||||||
Operating Community [Member] | MetLife II | ||||||||||||
Joint Ventures | ||||||||||||
Number of Units in Real Estate Property | 4,642 | 4,642 | ||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | 50.00% | |||||||||
Company's equity investment in joint venture | 431,277,000 | 431,277,000 | 327,926,000 | |||||||||
Number of Real Estate Properties | 21 | 21 | ||||||||||
Operating Community [Member] | KFH | ||||||||||||
Joint Ventures | ||||||||||||
Number of Units in Real Estate Property | 660 | 660 | ||||||||||
Equity method investment, ownership percent | 30.00% | 30.00% | 30.00% | |||||||||
Company's equity investment in joint venture | 21,596,000 | 21,596,000 | 25,919,000 | |||||||||
Number of Real Estate Properties | 3 | 3 | ||||||||||
Operating Community [Member] | Texas JV | ||||||||||||
Joint Ventures | ||||||||||||
Number of Units in Real Estate Property | 3,359 | 3,359 | ||||||||||
Equity method investment, ownership percent | 20.00% | 20.00% | 20.00% | |||||||||
Company's equity investment in joint venture | -25,901,000 | -25,901,000 | -23,591,000 | |||||||||
Number of Real Estate Properties | 8 | 8 | 10 | |||||||||
Development Community [Member] | Unconsolidated Joint Venture Other MetLife [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Number of Real Estate Properties | 3 | 3 | ||||||||||
Development Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Debt Instrument, Description of Variable Rate Basis | 175 | |||||||||||
Number of extension options on loan | 2 | |||||||||||
Extension period of option on loan | 1 year | |||||||||||
Development Community [Member] | Unconsolidated Joint Venture 399 Fremont [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Number of Units in Real Estate Property | 447 | |||||||||||
Development Community [Member] | Participating Loan Investment Steele Creek Denver Colorado [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Number of Units in Real Estate Property | 218 | 218 | ||||||||||
Company's equity investment in joint venture | 62,707,000 | 62,707,000 | 14,273,000 | |||||||||
Income from Participating Loan | 2,350,000 | 156,000 | 0 | |||||||||
Ownership interest of Company in Partnership [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Secured debt | 118,300,000 | |||||||||||
Proceeds from Issuance of Other Long-term Debt | 58,700,000 | |||||||||||
Ownership interest of Company in Partnership [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Real Estate Owned Gross | 145,000,000 | |||||||||||
Secured debt | 62,800,000 | |||||||||||
Unconsolidated Joint Venture Vitruvian Park [Member] | Operating Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Debt Instrument, Term | 2 years | |||||||||||
Unconsolidated Joint Venture Vitruvian Park [Member] | Development Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Debt Instrument, Term | 10 years | |||||||||||
Participating Loan Investment Steele Creek Denver Colorado [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Purchase Obligation | 108,000,000 | 108,000,000 | ||||||||||
Number of Real Estate Properties | 1 | 1 | ||||||||||
13th & Market [Member] | ||||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 49.00% | 49.00% | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 54,200,000 | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 7,200,000 | |||||||||||
3033 Wilshire | ||||||||||||
Joint Ventures | ||||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 8,300,000 | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $2,200,000 |
Secured_Debt_and_Unsecured_Deb2
Secured Debt and Unsecured Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Unamortized discount | $6,700 | $6,700 | $11,800 |
Weighted Average Interest Rate | 3.94% | ||
Weighted Average Years to Maturity | 4 years 3 months 18 days | ||
Borrowings outstanding | 1,900 | 1,900 | 2,200 |
Total Unsecured Debt | 2,221,576 | 2,221,576 | 2,081,626 |
Total Debt | 3,583,105 | 3,583,105 | 3,523,703 |
Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 969,296 | 969,296 | 1,072,373 |
Weighted Average Interest Rate | 5.26% | ||
Weighted Average Years to Maturity | 3 years 0 months 2 days | ||
Number of Communities Encumbered | 28 | ||
Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 392,233 | 392,233 | 369,704 |
Weighted Average Interest Rate | 1.44% | ||
Weighted Average Years to Maturity | 5 years 8 months 7 days | ||
Number of Communities Encumbered | 10 | ||
Three point seven percent medium term note due October 2020 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.70% | 3.70% | |
Unamortized discount | 46 | 46 | 54 |
Secured Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 1,361,529 | 1,361,529 | 1,442,077 |
Weighted Average Interest Rate | 4.16% | ||
Weighted Average Years to Maturity | 3 years 9 months 18 days | ||
Number of Communities Encumbered | 38 | ||
Total Debt | 1,361,529 | 1,361,529 | |
Secured Debt | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Total Debt | 969,296 | 969,296 | |
Secured Debt | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Total Debt | 392,233 | 392,233 | |
Mortgage notes payable | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 445,706 | ||
Weighted Average Interest Rate | 5.46% | ||
Weighted Average Years to Maturity | 1 year 7 months 20 days | ||
Number of Communities Encumbered | 6 | ||
Mortgage notes payable | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 63,595 | ||
Weighted Average Interest Rate | 1.94% | ||
Weighted Average Years to Maturity | 2 years 0 months 25 days | ||
Number of Communities Encumbered | 1 | ||
Tax-exempt secured notes payable | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 94,700 | ||
Weighted Average Interest Rate | 0.83% | ||
Weighted Average Years to Maturity | 8 years 2 months 8 days | ||
Number of Communities Encumbered | 2 | ||
Fannie Mae credit facilities | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 626,667 | ||
Debt, Weighted Average Interest Rate | 5.12% | 5.12% | |
Weighted Average Years to Maturity | 4 years 0 months 10 days | ||
Number of Communities Encumbered | 22 | ||
Fannie Mae credit facilities | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 211,409 | ||
Debt Instrument, Interest Rate at Period End | 1.60% | 1.60% | |
Weighted Average Years to Maturity | 5 years 2 months 8 days | ||
Number of Communities Encumbered | 7 | ||
Unsecured Debt | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 3.81% | ||
Weighted Average Years to Maturity | 4 years 7 months 6 days | ||
Total Unsecured Debt | 2,221,576 | 2,221,576 | 2,081,626 |
Total Debt | 2,221,576 | 2,221,576 | |
Borrowings outstanding under an unsecured credit facility due October 2015 | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 1.09% | ||
Weighted Average Years to Maturity | 2 years 11 months 4 days | ||
Borrowings outstanding | 152,500 | 152,500 | 0 |
ThreePointSevenTermNotesDueOctober2020 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Years to Maturity | 5 years 9 months | ||
Senior Unsecured Notes | 299,954 | 299,954 | 299,946 |
4.63% Medium-Term Notes due January 2022 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.63% | 4.63% | 4.63% |
Unamortized discount | 2,523 | 2,523 | 2,882 |
Weighted Average Interest Rate | 4.63% | ||
Weighted Average Years to Maturity | 7 years 0 months 10 days | ||
Senior Unsecured Notes | 397,477 | 397,477 | 397,118 |
3.75 MTN Due July 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.75% | 3.75% | |
Unamortized discount | 990 | 990 | |
Weighted Average Interest Rate | 3.75% | ||
Weighted Average Years to Maturity | 9 years 6 months | ||
Senior Unsecured Notes | 299,010 | 299,010 | 0 |
1.67% Term Notes due December 2016 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 1.31% | 1.31% | 1.65% |
Weighted Average Interest Rate | 1.31% | ||
Weighted Average Years to Maturity | 3 years 5 months 4 days | ||
Senior Unsecured Notes | 35,000 | 35,000 | 35,000 |
2.68% Term Notes due December 2016 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 1.53% | 1.53% | 2.68% |
Weighted Average Interest Rate | 1.53% | ||
Weighted Average Years to Maturity | 3 years 5 months 4 days | ||
Senior Unsecured Notes | 100,000 | 100,000 | 65,000 |
5.13% Medium-Term Notes due January 2014 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.13% | 5.13% | 5.13% |
Weighted Average Interest Rate | 0.00% | ||
Weighted Average Years to Maturity | 1 day | ||
Senior Unsecured Notes | 0 | 0 | 184,000 |
5.50% Medium-Term Notes due April 2014 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.50% | 5.50% | 5.50% |
Unamortized discount | 0 | 0 | 20 |
Weighted Average Interest Rate | 0.00% | ||
Weighted Average Years to Maturity | 0 days | ||
Senior Unsecured Notes | 0 | 0 | 128,480 |
5.25% Medium-Term Notes due January 2015 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.25% | 5.25% | 5.25% |
Unamortized discount | 6 | 6 | 134 |
Weighted Average Interest Rate | 5.25% | ||
Weighted Average Years to Maturity | 14 days | ||
Senior Unsecured Notes | 325,169 | 325,169 | 325,041 |
5.25% Medium-Term Notes due January 2016 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 5.25% | 5.25% | 5.25% |
Weighted Average Interest Rate | 5.25% | ||
Weighted Average Years to Maturity | 1 year 0 months 14 days | ||
Senior Unsecured Notes | 83,260 | 83,260 | 83,260 |
2.90% Term Notes due January 2016 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 2.17% | 2.17% | 2.90% |
Weighted Average Interest Rate | 2.17% | ||
Weighted Average Years to Maturity | 3 years 5 months 4 days | ||
Senior Unsecured Notes | 215,000 | 215,000 | 250,000 |
8.50% Debentures due September 2024 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 8.50% | 8.50% | 8.50% |
Weighted Average Interest Rate | 8.50% | ||
Weighted Average Years to Maturity | 9 years 8 months 15 days | ||
Senior Unsecured Notes | 15,644 | 15,644 | 15,644 |
4.25% Medium-Term Notes due June 2018 | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 4.25% | 4.25% | 4.25% |
Unamortized discount | 1,465 | 1,465 | 1,893 |
Weighted Average Interest Rate | 4.25% | ||
Weighted Average Years to Maturity | 3 years 5 months 4 days | ||
Senior Unsecured Notes | 298,535 | 298,535 | 298,107 |
Other | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes | $27 | $27 | $30 |
Secured_Debt_and_Unsecured_Deb3
Secured Debt and Unsecured Debt (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Secured credit facilities | |||
Borrowings outstanding | $1,900 | $2,200 | |
Fannie Mae | |||
Secured credit facilities | |||
Borrowings outstanding | 834,282 | 838,076 | |
Weighted average daily borrowings during the period ended | 835,873 | 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% | |
Weighted average interest rate at the end of the period | 4.00% | 4.10% |
Secured_Debt_and_Unsecured_Deb4
Secured Debt and Unsecured Debt (Details 2) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Borrowings outstanding at end of period | $1,900 | $2,200 |
Unsecured Commercial Bank Credit Facility | ||
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 | 152,500 | 0 |
Weighted average daily borrowings during the period ended | 291,761 | 169,844 |
Maximum daily borrowings during the period ended | $625,000 | $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_Debt_and_Unsecured_Deb5
Secured Debt and Unsecured Debt (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Aggregate maturities of debt | ||
2013 | $520,934 | |
2014 | 248,881 | |
2015 | 395,274 | |
2016 | 874,199 | |
2017 | 316,438 | |
Thereafter | 1,227,379 | |
Total Debt | 3,583,105 | 3,523,703 |
Secured Debt | ||
Aggregate maturities of debt | ||
2013 | 196,648 | |
2014 | 166,504 | |
2015 | 242,774 | |
2016 | 225,756 | |
2017 | 316,438 | |
Thereafter | 213,409 | |
Total Debt | 1,361,529 | |
Secured Debt | Fixed Rate Debt | ||
Aggregate maturities of debt | ||
2013 | 196,648 | |
2014 | 135,167 | |
2015 | 177,774 | |
2016 | 120,969 | |
2017 | 248,738 | |
Thereafter | 90,000 | |
Total Debt | 969,296 | |
Secured Debt | Variable Rate Debt | ||
Aggregate maturities of debt | ||
2013 | 0 | |
2014 | 31,337 | |
2015 | 65,000 | |
2016 | 104,787 | |
2017 | 67,700 | |
Thereafter | 123,409 | |
Total Debt | 392,233 | |
Unsecured Debt | ||
Aggregate maturities of debt | ||
2013 | 324,286 | |
2014 | 82,377 | |
2015 | 152,500 | |
2016 | 648,443 | |
2017 | 0 | |
Thereafter | 1,013,970 | |
Total Debt | $2,221,576 |
Secured_Debt_and_Unsecured_Deb6
Secured Debt and Unsecured Debt (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||
Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 26, 2013 | Jun. 26, 2014 | |
Secured Debt (Textual) [Abstract] | |||||||
Secured debt amount which encumbers real estate owned based upon book value | $2,200,000,000 | $2,200,000,000 | |||||
Percentage of secured debt which encumbers real estate owned based upon book value | 26.60% | 26.60% | |||||
Secured debt amount of real estate owned which is unencumbered | 6,200,000,000 | 6,200,000,000 | |||||
Percentage of secured debt of real estate owned which is unencumbered | 73.40% | 73.40% | |||||
Unamortized fair market adjustment | 6,700,000 | 6,700,000 | 11,800,000 | ||||
Weighted Average Interest Rate | 3.94% | ||||||
Long-term Line of Credit | 1,900,000 | 1,900,000 | 2,200,000 | ||||
Line of Credit Facility, Interest Rate Description | 100 | ||||||
Line of Credit Facility, Commitment Fee Description | 15 | ||||||
Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | 969,296,000 | 969,296,000 | 1,072,373,000 | ||||
Weighted Average Interest Rate | 5.26% | ||||||
Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | 392,233,000 | 392,233,000 | 369,704,000 | ||||
Weighted Average Interest Rate | 1.44% | ||||||
Five Point Two Five Percent, Medium Term Notes, Due January 2015 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Unamortized fair market adjustment | 6,000 | 6,000 | 134,000 | ||||
Weighted Average Interest Rate | 5.25% | ||||||
Fixed interest rate | 5.25% | 5.25% | 5.25% | ||||
Senior Notes | 325,169,000 | 325,169,000 | 325,041,000 | ||||
3.75 MTN Due July 2024 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Unamortized fair market adjustment | 990,000 | 990,000 | |||||
Medium-term Notes | 300,000,000 | ||||||
Weighted Average Interest Rate | 3.75% | ||||||
Fixed interest rate | 3.75% | 3.75% | |||||
Percentage of Debt Instrument Price | 99.65% | 99.65% | |||||
Senior Notes | 299,010,000 | 299,010,000 | 0 | ||||
1.67% Term Notes due December 2016 | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 1.31% | ||||||
Fixed interest rate | 1.31% | 1.31% | 1.65% | ||||
Debt Instrument, Maturity Date | 1-Jun-18 | ||||||
Senior Notes | 35,000,000 | 35,000,000 | 35,000,000 | ||||
Mortgages [Member] | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt instrument, maturity date range, start | 9-Dec-15 | ||||||
Debt instrument, maturity date range, end | 1-May-19 | ||||||
Notes payable minimum interest rates range | 3.43% | ||||||
Notes payable maximum interest rates range | 5.94% | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | 445,706,000 | ||||||
Weighted Average Interest Rate | 5.46% | ||||||
Mortgages [Member] | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | 63,595,000 | ||||||
Weighted Average Interest Rate | 1.94% | ||||||
Debt Assumed As Part of Acquisition [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Amortization of Debt Discount (Premium) | 4,900,000 | 5,100,000 | 5,100,000 | ||||
Fannie Mae credit facilities | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt instrument, maturity date range, start | 1-May-17 | ||||||
Debt instrument, maturity date range, end | 1-Jul-23 | ||||||
Number of secured credit facilities | 3 | ||||||
Credit facilities with aggregate commitment | 834,300,000 | 834,300,000 | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 626,667,000 | ||||||
Debt, Weighted Average Interest Rate | 5.12% | 5.12% | |||||
Fannie Mae credit facilities | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | 211,409,000 | ||||||
Interest rate at the end of the period | 1.60% | 1.60% | |||||
Tax-exempt secured notes payable | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt instrument, maturity date range, start | 1-Aug-19 | ||||||
Debt instrument, maturity date range, end | 20-Mar-32 | ||||||
Notes payable minimum interest rates range | 0.78% | ||||||
Notes payable maximum interest rates range | 0.93% | ||||||
Unsecured Revolving Credit Facility due October 2015 | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 1.09% | ||||||
Long-term Line of Credit | 152,500,000 | 152,500,000 | 0 | ||||
4.63% Medium-Term Notes due January 2022 | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Unamortized fair market adjustment | 2,523,000 | 2,523,000 | 2,882,000 | ||||
Weighted Average Interest Rate | 4.63% | ||||||
Fixed interest rate | 4.63% | 4.63% | 4.63% | ||||
Senior Notes | 397,477,000 | 397,477,000 | 397,118,000 | ||||
2.68% Term Notes due December 2016 | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 1.53% | ||||||
Fixed interest rate | 1.53% | 1.53% | 2.68% | ||||
Senior Notes | 100,000,000 | 100,000,000 | 65,000,000 | ||||
ThreePointSevenTermNotesDueOctober2020 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt Instrument, Maturity Date | 31-Oct-20 | ||||||
Debt Instrument, Face Amount | 300,000,000 | ||||||
Senior Notes | 299,954,000 | 299,954,000 | 299,946,000 | ||||
Five Point One Three Percent, Medium Term Notes, Due January 2014 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 0.00% | ||||||
Fixed interest rate | 5.13% | 5.13% | 5.13% | ||||
Senior Notes | 0 | 0 | 184,000,000 | ||||
UDR Bank Credit Facility | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Credit facilities with aggregate commitment | 900,000,000 | 900,000,000 | 900,000,000 | ||||
Increase in maximum borrowing capacity of unsecured revolving credit facility | 1,450,000,000 | 1,450,000,000 | |||||
Long-term Line of Credit | 152,500,000 | 152,500,000 | 0 | ||||
Interest rate at the end of the period | 1.10% | 1.10% | 1.30% | ||||
Beginning of range of initial term of debt [Member] | Fannie Mae credit facilities | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt Instrument, Term | 7 years | ||||||
End of range of inital term of debt [Member] | Fannie Mae credit facilities | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt Instrument, Term | 10 years | ||||||
Fair Value, Measurements, Recurring [Member] | Line of Credit [Member] | Reported Value Measurement [Member] | Fannie Mae credit facilities | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | 568,086,000 | 568,086,000 | |||||
Fair Value, Measurements, Recurring [Member] | Line of Credit [Member] | Reported Value Measurement [Member] | Fannie Mae credit facilities | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | 266,196,000 | 266,196,000 | |||||
Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Reported Value Measurement [Member] | Mortgages [Member] | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | 401,210,000 | 401,210,000 | |||||
Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Reported Value Measurement [Member] | Mortgages [Member] | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $31,337,000 | $31,337,000 |
IncomeLoss_Per_Share_Details
Income/(Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Income/(loss) from continuing operations attributable to common stockholders | $0.59 | ($0.01) | ($0.22) | ||||||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $6,485 | $10,611 | $4,359 | ($5,195) | ($3,374) | $2,351 | $4,525 | ($1,162) | $16,260 | $2,340 | ($46,305) | ||||||||
Gain/(loss) on sales of real estate owned, net of tax | 143,572 | 0 | 0 | ||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | -5,511 | 48 | 2,089 | ||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 154,324 | 2,448 | -44,356 | ||||||||||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | 3 | 60 | -140 | ||||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 5,511 | 1,530 | 7,986 | ||||||||||||||||
Net (loss)/income attributable to common stockholders | 64,486 | 39,618 | 29,076 | 17,430 | 35,769 | 2,257 | 4,261 | -1,199 | 150,610 | 41,088 | 203,376 | ||||||||
Net income/(loss) | 159,842 | 46,282 | 220,303 | ||||||||||||||||
Premium on preferred stock redemption or repurchases, net | 0 | 0 | -2,791 | ||||||||||||||||
udr_IncomeLossContinuingOperationsAvailableToCommonShareholders | 150,600 | -1,276 | -53,157 | ||||||||||||||||
Income/(loss) from discontinued operations, net of tax | 0 | 79 | 18 | -87 | 41,376 | 884 | 829 | 853 | 10 | 43,942 | 266,608 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | -1,578 | -10,075 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 10 | 42,364 | 256,533 | ||||||||||||||||
Weighted Average Number of Shares Issued, Basic | 252,707 | 250,684 | 239,482 | ||||||||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | -1,179 | -715 | -631 | ||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 251,528 | 249,969 | 238,851 | ||||||||||||||||
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $0 | $0.17 | $1.07 | ||||||||||||||||
Net income/(loss) attributable to common stockholders b basic and diluted (in dollars per share) | $0.25 | [1] | $0.16 | [1] | $0.12 | [1] | $0.07 | [1] | $0.14 | [1] | $0.01 | [1] | $0.02 | [1] | $0 | [1] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,917 | 0 | 0 | ||||||||||||||||
Weighted average number of common shares outstanding b diluted | 256,000 | 253,732 | 252,191 | 251,822 | 249,987 | 251,454 | 251,406 | 249,917 | 253,445 | 249,969 | 238,851 | ||||||||
Income/(loss) from discontinued operations attributable to common stockholders | $0 | $0.17 | $1.07 | ||||||||||||||||
Earnings Per Share, Diluted | $0.59 | $0.16 | $0.85 | ||||||||||||||||
Noncontrolling Interest | |||||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 3 | 60 | -140 | ||||||||||||||||
Series G Preferred Stock [Member] | |||||||||||||||||||
Dividends, Preferred Stock | 0 | 0 | -2,286 | ||||||||||||||||
Series E Preferred Stock [Member] | |||||||||||||||||||
Dividends, Preferred Stock | ($3,724) | ($3,724) | ($3,724) | ||||||||||||||||
[1] | Quarterly income/(loss) per share amounts may not total to the annual amounts. |
IncomeLoss_Per_Share_IncomeLos1
Income/(Loss) Per Share Income/(Loss) Per Share (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | ||
OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,247,049 | 9,337,464 | 9,411,000 |
Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,035,548 | 3,035,548 | 3,036,000 |
Stock Compensation Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,916,979 | 1,583,537 | 1,361,398 |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 12 Months Ended | 2 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Feb. 19, 2015 | 31-May-12 | 31-May-07 | |
Class of Stock [Line Items] | |||||||
Shares Issued, Price Per Share | $29.95 | ||||||
Proceeds from Issuance of Common Stock | $102,100,000 | ||||||
Common stock, shares authorized | 350,000,000 | 350,000,000 | |||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | |||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 153,451 | ||||||
Common distributions declared per share | $1.04 | $0.94 | $0.88 | ||||
Percentage distribution for not subject to domestic Federal income tax | 0.9 | ||||||
Preferred stock, par or state value per share | $0 | $0 | |||||
Stock issued during period, shares, Distribution Reinvestment and Stock Purchase Plan | 9,957,233 | ||||||
Shares reserved for issuance under the Stock Purchase Plan | 10,963,730 | ||||||
Equity Distribution Agreement [Member] | |||||||
Class of Stock [Line Items] | |||||||
Common stock, shares authorized | 20,000,000 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 16,518,567 | ||||||
Series E Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, liquidation preference per share | $16.61 | ||||||
Number of common stock shares to which each preferred share is convertible after special dividend | 1.083 | ||||||
Declared preferred stock dividend | $1.33 | $1.33 | $1.33 | ||||
Preferred stock, shares outstanding | 2,803,812 | 2,803,812 | |||||
Preferred stock, shares issued | 2,803,812 | 2,803,812 | |||||
Series F Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, shares authorized | 20,000,000 | ||||||
Preferred stock, shares outstanding | 2,464,183 | ||||||
Preferred stock, par or state value per share | $0.00 | ||||||
Preferred stock, value, issued | 246 | ||||||
6.75% Series G Cumulative Redeemable Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Declared preferred stock dividend | $0 | $0 | $0.57 | ||||
Preferred stock, shares outstanding | 0 | ||||||
Preferred stock, shares issued | 5,400,000 | ||||||
Preferred stock, dividend rate | 6.75% | ||||||
Preferred stock, redemption price per share | $25 | ||||||
Stock stock, redemption amount | 82,100,000 | ||||||
Preferred stock, shares redeemed | 3,264,362 | ||||||
Preferred stock, redemption discount | 2,791,000 | ||||||
Restricted Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period Net of Forfeitures | 860,811 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 873,010 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 12,199 | ||||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 3,410,433 | 30,490,969 | |||||
Issuance of stock during the period, shares, through Companybs 1999 Long-Term Incentive Plan, net of forfeitures | 801,054 | 533,966 | -22,224 | ||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 153,451 | 76,291 | 20,438 | ||||
Subsequent Event [Member] | |||||||
Class of Stock [Line Items] | |||||||
Shares Issued, Price Per Share | $32.28 | ||||||
Proceeds from Issuance of Common Stock | $110,800,000 | ||||||
Subsequent Event [Member] | Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 3,432,936 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Options Outstanding, Number of Options | ||
Balance, December 31, 2011 | 2,430,127 | |
Granted | 0 | |
Balance, December 31, 2012 | 2,265,842 | |
Options Outstanding, Weighted Average Exercise Price | ||
Balance, December 31, 2011 (in dollars per share) | $12.63 | |
Granted (in dollars per share) | $0 | |
Exercised (in dollars per share) | $10.06 | |
Forfeited (in dollars per share) | $0 | |
Balance, December 31, 2012 (in dollars per share) | $12.82 | |
Options Exercisable, Number of Options | ||
Number of Options | 2,265,842 | 2,430,127 |
Options Exercisable, Weighted Average Exercise Price | ||
Weighted Average Exercise Price (in dollars per share) | $12.82 | $12.63 |
Restricted Stock, Number Of shares | ||
Vested | 0 | |
Restricted Stock, Weighted Average Fair Value Per Restricted Stock | ||
Vested (in dollars per share) | $0 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $0 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $2,500,000 | |
Options Outstanding, Number of Options | ||
Exercised | 0 | |
Options Outstanding, Weighted Average Exercise Price | ||
Exercised (in dollars per share) | $0 | |
Restricted Stock, Number Of shares | ||
Balance, December 31, 2011 | 758,745 | |
Granted | 873,010 | |
Vested | -619,578 | |
Forfeited | -12,199 | |
Balance, December 31, 2012 | 999,978 | |
Restricted Stock, Weighted Average Fair Value Per Restricted Stock | ||
Balance, December 31, 2011 (in dollars per share) | $23.89 | |
Granted (in dollars per share) | $23.14 | |
Vested (in dollars per share) | $22.70 | |
Forfeited (in dollars per share) | $23.74 | |
Balance, December 31, 2012 (in dollars per share) | $23.98 | |
Outstanding [Member] | ||
Options Outstanding, Number of Options | ||
Exercised | -164,285 | |
Exercisable [Member] | ||
Options Outstanding, Number of Options | ||
Exercised | 164,285 |
Employee_Benefit_Plans_Details1
Employee Benefit Plans (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Issued | 4,517,514 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,265,842 | 2,430,127 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $4,800,000 | |||
Number of share options exercisable | 2,265,842 | 2,430,127 | ||
Range One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share options exercisable | 1,830,672 | |||
Share options exercise price, lower range limit | $10.06 | |||
Range Two | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share options exercisable | 404,291 | |||
Share options exercise price, lower range limit | $24.38 | |||
Range Three | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of share options exercisable | 30,879 | |||
Share options exercise price, upper range limit | $25.10 | |||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total remaining compensation cost related to unvested share options | 0 | |||
Stock based compensation expense | 0 | 0 | 100,000 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total remaining compensation cost related to unvested share options | 2,500,000 | |||
Weighted average remaining contractual life | 1 year 1 month | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $23.14 | |||
Stock based compensation expense | 4,200,000 | 3,600,000 | 3,700,000 | |
Restricted Stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Restricted Stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total remaining compensation cost related to unvested share options | 5,800,000 | |||
Weighted average remaining contractual life | 1 year 10 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $21.15 | $21.97 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.80% | 15.80% | ||
Stock based compensation expense | 9,800,000 | 5,900,000 | 4,900,000 | |
Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for issuance under plan | 19,000,000 | 16,000,000 | ||
Shares available for issuance under plan | 10,067,371 | |||
Profit Sharing Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate provisions for contributions | $900,000 | $900,000 | $600,000 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Taxable Distributions Paid Per Common Share [Abstract] | |||
Ordinary income | $0.70 | $0.74 | $0.17 |
Taxable Distributions Paid Per Common Share Qualified Ordinary Income | $0.14 | $0 | $0 |
Long-term capital gain | $0.11 | $0.11 | $0.19 |
Unrecapture section 1250 gain | $0.08 | $0.07 | $0.52 |
Taxable distributions per common share | $1.02 | $0.93 | $0.88 |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
Federal | $147 | ($1,030) | $1,961 |
State | 550 | 846 | 1,463 |
Total current | 697 | -184 | 3,424 |
Deferred | |||
Federal | 20,138 | -6,907 | -21,479 |
State | 5,159 | -1,190 | -3,021 |
Total deferred | 25,297 | -8,097 | -24,500 |
Total income tax expense/(benefit) | 25,994 | -8,281 | -21,076 |
Continuing Operations [Member] | |||
Deferred | |||
Total income tax expense/(benefit) | -15,098 | -7,299 | -30,282 |
Tax Benefit of Taxable Subsidiary | -30,717 | ||
Sale of Real Estate [Member] | |||
Deferred | |||
Total income tax expense/(benefit) | 41,087 | 0 | 0 |
Discontinued Operations [Member] | |||
Deferred | |||
Total income tax expense/(benefit) | $5 | ($982) | $9,641 |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | |||
Federal and state tax attributes | $0 | $13,069 | $1,464 |
Book/tax depreciation | 6,692 | 19,354 | 12,345 |
Construction capitalization differences | 75 | 0 | 6,635 |
Investment in partnerships | 0 | 0 | 3,112 |
Debt and interest deductions | 0 | 10,311 | 0 |
Other | 401 | 0 | 2,009 |
Total deferred tax assets | 7,168 | 42,734 | 25,565 |
Valuation allowance | 0 | -1,310 | -1,390 |
Net deferred tax assets | 7,168 | 41,424 | 24,175 |
Deferred Tax Liabilities, Deferred Expense, Other Capitalized Costs | 0 | -3,766 | 0 |
Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | 0 | -5,080 | 0 |
Deferred tax liabilities: | |||
Other | -192 | -305 | 0 |
Total deferred tax liabilities | -192 | -9,151 | 0 |
Net deferred tax asset | $6,976 | $32,273 | $24,175 |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Income tax expense/(benefit) | |||
U.S. federal income tax expense/(benefit) | $28,819,000 | ($8,493,000) | $21,853,000 |
State income tax provision | 2,678,000 | 46,000 | 2,497,000 |
Other items | -137,000 | 246,000 | -1,682,000 |
Income Tax (benefit)/expense, Conversion of certain TRS entities to REITs | -5,770,000 | 0 | 0 |
Valuation allowance | 404,000 | -80,000 | -43,744,000 |
Total income tax expense/(benefit) | 25,994,000 | -8,281,000 | -21,076,000 |
Unrecognized Tax Benefits | $0 | $0 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Valuation allowance | $0 | $1,310,000 | $1,390,000 |
Change in valuation allowance of deferred tax assets | 400,000 | 44,400,000 | |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items, Change | 7,800,000 | ||
Income Tax (benefit)/expense, Conversion of certain TRS entities to REITs | -5,770,000 | 0 | 0 |
Unrecognized Tax Benefits | 0 | 0 | |
Internal Revenue Service (IRS) | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss carryforwards | 19,500,000 | ||
2020 through 2030 | State | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss carryforwards | 57,800,000 | ||
Prior to conversion [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | $1,700,000 |
Noncontrolling_Interests_Detai
Noncontrolling Interests (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Noncontrolling Interest [Line Items] | |||||||||||
Net (loss)/income attributable to common stockholders | $64,486,000 | $39,618,000 | $29,076,000 | $17,430,000 | $35,769,000 | $2,257,000 | $4,261,000 | ($1,199,000) | $150,610,000 | $41,088,000 | $203,376,000 |
Acquisition of non-controlling interest | -4,871,000 | ||||||||||
Number of Apartment Homes Acquired | 358 | ||||||||||
Change in equity from net loss income attributable to common stockholders and conversion of operating partnership units to companys common stock | 154,982,000 | 42,905,000 | 203,905,000 | ||||||||
Number of Communities Acquired | 2 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Beginning redeemable non-controlling interests in the Operating Partnership | 217,597,000 | 223,418,000 | 217,597,000 | 223,418,000 | |||||||
Mark to market adjustment to redeemable non-controlling interests in the Operating Partnership | 73,954,000 | 3,656,000 | -11,392,000 | ||||||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership | -4,372,000 | -1,817,000 | -529,000 | ||||||||
Net income attributable to redeemable non-controlling interests in the Operating Partnership | 5,511,000 | 1,530,000 | 7,986,000 | ||||||||
Distributions to redeemable non-controlling interests in the Operating Partnership | -10,077,000 | -9,440,000 | |||||||||
Ending redeemable non-controlling interests in the Operating Partnership | 217,597,000 | 217,597,000 | 223,418,000 | ||||||||
Net income/(loss) attributable to non-controlling interests | -3,000 | -60,000 | 140,000 | ||||||||
Noncontrolling Interest | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Acquisition of non-controlling interest | -4,900,000 | -4,871,000 | |||||||||
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Net income/(loss) attributable to non-controlling interests | -3,000 | -60,000 | 140,000 | ||||||||
Operating Community [Member] | Noncontrolling Interest | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Acquisition of non-controlling interest | -4,000,000 | ||||||||||
Number of Apartment Homes Acquired | 434 | ||||||||||
Development Community [Member] | Noncontrolling Interest | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Acquisition of non-controlling interest | -900,000 | ||||||||||
RedeemableNoncontrollingInterest [Member] | |||||||||||
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | ($133,000) | $250,000 | $80,000 | ||||||||
Corporate Joint Venture [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Communities Acquired | 2 | ||||||||||
Operating Community [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Number of Communities Acquired | 1 |
Fair_Value_of_Derivatives_and_4
Fair Value of Derivatives and Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financing Receivable, Net | $14,369 | $83,033 | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Derivative Asset | 88 | 0 | |||
Derivative Asset Designated as Hedging Instrument, Fair Value | 88 | 0 | |||
Derivative Liability | 4,965 | ||||
Derivatives - Interest rate contracts | 10,368 | 4,965 | |||
Secured debt instruments - variable rate | |||||
Long-term Line of Credit | 1,900 | 2,200 | |||
Unsecured debt instruments | |||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 217,597 | 223,418 | |||
Redeemable non-controlling interests in operating partnership | 282,480 | 217,597 | |||
Carrying Amount | Fair Value, Measurements, Recurring | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Financing Receivable, Net | 14,369 | 83,033 | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Total assets | 14,457 | 83,033 | |||
Unsecured debt instruments | |||||
Total liabilities | 3,593,473 | 3,528,668 | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 282,480 | ||||
Redeemable non-controlling interests in operating partnership | 217,597 | [1] | |||
Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Derivative Liability | 10,368 | ||||
Derivatives - Interest rate contracts | 4,965 | [2] | |||
Carrying Amount | Mortgages [Member] | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - fixed rate | |||||
Secured debt instruments - fixed rate | 445,706 | [3] | |||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 63,595 | [3] | |||
Carrying Amount | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 94,700 | [3] | |||
Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - fixed rate | |||||
Secured debt instruments - fixed rate | 626,667 | [3] | |||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 211,409 | [3] | |||
Carrying Amount | Senior unsecured notes | Fair Value, Measurements, Recurring | |||||
Unsecured debt instruments | |||||
Unsecured debt instruments | 2,069,076 | 2,081,626 | [3] | ||
Fair Value | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Notes receivable | 14,808 | 83,833 | |||
Total assets | 14,896 | 83,833 | |||
Unsecured debt instruments | |||||
Total liabilities | 3,721,512 | 3,651,141 | |||
Redeemable non-controlling interests in operating partnership | 282,480 | [1] | 217,597 | [1] | |
Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Derivative Asset Designated as Hedging Instrument, Fair Value | 88 | ||||
Derivatives - Interest rate contracts | 10,368 | [1] | 4,965 | [2] | |
Fair Value | Mortgages [Member] | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - fixed rate | |||||
Secured debt instruments - fixed rate | 415,663 | [2] | 466,375 | [3] | |
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 31,337 | [2] | 63,595 | [3] | |
Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 94,700 | [2] | 94,700 | [3] | |
Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - fixed rate | |||||
Secured debt instruments - fixed rate | 606,623 | [2] | 661,094 | [3] | |
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 266,196 | [2] | 211,409 | [3] | |
Fair Value | Senior unsecured notes | Fair Value, Measurements, Recurring | |||||
Unsecured debt instruments | |||||
Unsecured debt instruments | 2,144,125 | [3] | 2,149,003 | [3] | |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Notes receivable | 0 | 0 | |||
Total assets | 0 | 0 | |||
Unsecured debt instruments | |||||
Total liabilities | 0 | 0 | |||
Redeemable non-controlling interests in operating partnership | 0 | 0 | |||
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Interest rate contracts | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Derivative Asset Designated as Hedging Instrument, Fair Value | 0 | ||||
Derivatives - Interest rate contracts | 0 | 0 | |||
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Mortgages [Member] | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - fixed rate | |||||
Secured debt instruments - fixed rate | 0 | 0 | |||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 0 | 0 | |||
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 0 | 0 | |||
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - fixed rate | |||||
Secured debt instruments - fixed rate | 0 | 0 | |||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 0 | 0 | |||
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Commercial bank | Fair Value, Measurements, Recurring | |||||
Unsecured debt instruments | |||||
Unsecured debt instruments | 0 | ||||
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Senior unsecured notes | Fair Value, Measurements, Recurring | |||||
Unsecured debt instruments | |||||
Unsecured debt instruments | 0 | 0 | |||
Fair Value | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Notes receivable | 0 | 0 | |||
Total assets | 88 | 0 | |||
Unsecured debt instruments | |||||
Total liabilities | 10,368 | 4,965 | |||
Redeemable non-controlling interests in operating partnership | 282,480 | [1] | 217,597 | ||
Fair Value | Significant Other Observable Inputs (Level 2) | Interest rate contracts | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Derivative Asset Designated as Hedging Instrument, Fair Value | 88 | ||||
Derivatives - Interest rate contracts | 10,368 | ||||
Fair Value | Significant Other Observable Inputs (Level 2) | Mortgages [Member] | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - fixed rate | |||||
Secured debt instruments - fixed rate | 0 | 0 | |||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 0 | 0 | |||
Fair Value | Significant Other Observable Inputs (Level 2) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 0 | 0 | |||
Fair Value | Significant Other Observable Inputs (Level 2) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - fixed rate | |||||
Secured debt instruments - fixed rate | 0 | 0 | |||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 0 | 0 | |||
Fair Value | Significant Other Observable Inputs (Level 2) | Commercial bank | Fair Value, Measurements, Recurring | |||||
Unsecured debt instruments | |||||
Unsecured debt instruments | 0 | ||||
Fair Value | Significant Other Observable Inputs (Level 2) | Senior unsecured notes | Fair Value, Measurements, Recurring | |||||
Unsecured debt instruments | |||||
Unsecured debt instruments | 0 | 0 | |||
Fair Value | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Notes receivable | 14,808 | 83,833 | |||
Total assets | 14,808 | 83,833 | |||
Unsecured debt instruments | |||||
Total liabilities | 3,711,144 | 3,646,176 | |||
Redeemable non-controlling interests in operating partnership | 0 | 0 | |||
Fair Value | Significant Unobservable Inputs (Level 3) | Interest rate contracts | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Derivative Asset Designated as Hedging Instrument, Fair Value | 0 | ||||
Derivatives - Interest rate contracts | 0 | 0 | |||
Fair Value | Significant Unobservable Inputs (Level 3) | Mortgages [Member] | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - fixed rate | |||||
Secured debt instruments - fixed rate | 415,663 | 466,375 | |||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 31,337 | 63,595 | |||
Fair Value | Significant Unobservable Inputs (Level 3) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 94,700 | 94,700 | |||
Fair Value | Significant Unobservable Inputs (Level 3) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||||
Secured debt instruments - fixed rate | |||||
Secured debt instruments - fixed rate | 606,623 | 661,094 | |||
Secured debt instruments - variable rate | |||||
Secured debt instruments - variable rate | 266,196 | 211,409 | |||
Fair Value | Significant Unobservable Inputs (Level 3) | Commercial bank | Fair Value, Measurements, Recurring | |||||
Unsecured debt instruments | |||||
Unsecured debt instruments | 152,500 | ||||
Fair Value | Significant Unobservable Inputs (Level 3) | Senior unsecured notes | Fair Value, Measurements, Recurring | |||||
Unsecured debt instruments | |||||
Unsecured debt instruments | 2,144,125 | 2,149,003 | |||
Fixed Rate Debt | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 969,296 | 1,072,373 | |||
Variable Rate Debt | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 392,233 | 369,704 | |||
Unsecured Revolving Credit Facility due October 2015 | |||||
Secured debt instruments - variable rate | |||||
Long-term Line of Credit | 152,500 | 0 | |||
Tax-exempt secured notes payable | Variable Rate Debt | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 94,700 | ||||
Tax-exempt secured notes payable | Variable Rate Debt | Carrying Amount | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 94,700 | ||||
Line of Credit [Member] | Fixed Rate Debt | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 626,667 | ||||
Line of Credit [Member] | Fixed Rate Debt | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 568,086 | ||||
Line of Credit [Member] | Variable Rate Debt | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 211,409 | ||||
Line of Credit [Member] | Variable Rate Debt | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 266,196 | ||||
Mortgages [Member] | Fixed Rate Debt | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 445,706 | ||||
Mortgages [Member] | Fixed Rate Debt | Carrying Amount | Mortgages [Member] | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 401,210 | ||||
Mortgages [Member] | Variable Rate Debt | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 63,595 | ||||
Mortgages [Member] | Variable Rate Debt | Carrying Amount | Mortgages [Member] | Fair Value, Measurements, Recurring | |||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||||
Secured Debt Including Debt on Real Estate Held for Sale | $31,337 | ||||
[1] | See Note 6, Secured Debt and Unsecured Debt. | ||||
[2] | See Note 2, Significant Accounting Policies. | ||||
[3] | See Note 13, Derivatives and Hedging Activity. |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activity (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | instruments |
Designated as Hedging Instrument | Interest rate swaps | |
Derivative [Line Items] | |
Number of Instruments | 14 |
Derivative, Notional Amount | $365,000 |
Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | 3 |
Derivative, Notional Amount | 243,079 |
Not Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | 1 |
Derivative, Notional Amount | $96,409 |
Derivatives_and_Hedging_Activi5
Derivatives and Hedging Activity (Details 1) (USD $) | Dec. 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 | $88 | $0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 10,368 | 4,965 |
Interest rate products | Other assets | Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 86 | 0 |
Interest rate products | Other assets | Not Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 2 | 0 |
Interest rate products | Other liabilities | Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 10,368 | 4,965 |
Interest rate products | Other liabilities | Not Designated as Hedging Instrument | ||
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 $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | ($4,834,000) | ($6,851,000) | ($7,649,000) |
Interest rate products | Cash Flow Hedging | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | -8,695,000 | -469,000 | -4,924,000 |
Interest rate products | Interest expense | Cash Flow Hedging | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | -4,834,000 | -6,851,000 | -7,649,000 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net, Total | 3,000 | 0 | |
Interest rate products | Other income/(expense) | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | ($4,000) | $271,000 | $290,000 |
Derivatives_and_Hedging_Activi7
Derivatives and Hedging Activity Derivatives and Hedging Activity (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | $10,368 | $4,965 |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 10,341 | 4,965 |
Derivative Liability | 4,965 | |
Derivative, Collateral, Right to Reclaim Securities | -27 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 88 | 0 |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Asset | 88 | 0 |
Derivative, Collateral, Obligation to Return Securities | -27 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $61 | $0 |
Derivatives_and_Hedging_Activi8
Derivatives and Hedging Activity (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative [Line Items] | |||
Derivative, Collateral, Obligation to Return Cash | $0 | $0 | |
Derivatives And Hedging Activity (Textual) [Abstract] | |||
Cash flow hedge ineffectiveness in earnings materiality | 3000 | less than $1,000 | less than a B $1,000 |
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | 5,000,000 | ||
Fair value of derivatives in a net liability position | 10,600,000 | ||
Payment required to pay for contract termination | $10,600,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Properties | 2 | |
Costs Incurred to Date | 549,130 | |
Expected Costs to Complete | 255,747 | [1] |
Wholly-owned b under development | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Properties | 1 | |
Costs Incurred to Date | 177,632 | |
Purchase Commitment, Remaining Minimum Amount Committed | 40,068 | |
Average Ownership Stake | 100.00% | |
Wholly-owned b redevelopment | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Properties | 1 | |
Costs Incurred to Date | 83,778 | |
Purchase Commitment, Remaining Minimum Amount Committed | 14,222 | |
Average Ownership Stake | 100.00% | |
Unconsolidated joint ventures | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Properties | 3 | |
Costs Incurred to Date | 225,013 | |
Purchase Commitment, Remaining Minimum Amount Committed | 172,155 | |
Participating Loan Investment Steele Creek Denver Colorado [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Properties | 1 | |
Costs Incurred to Date | 62,707 | |
Purchase Commitment, Remaining Minimum Amount Committed | 29,302 | |
Average Ownership Stake | 0.00% | |
[1] | Represents 100% of project costs incurred to date. |
Commitments_and_Contingencies_4
Commitments and Contingencies (Details 1) (USD $) | Dec. 31, 2014 | |
In Thousands, unless otherwise specified | ||
Ground Leases | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2013 | $5,412 | [1] |
2014 | 5,412 | [1] |
2015 | 5,412 | [1] |
2016 | 5,412 | [1] |
2017 | 5,412 | [1] |
Thereafter | 313,735 | [1] |
Total | 340,795 | [1] |
Office Space | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2013 | 709 | |
2014 | 124 | |
2015 | 76 | |
2016 | 76 | |
2017 | 76 | |
Thereafter | 109 | |
Total | $1,170 | |
[1] | For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. |
Commitments_and_Contingencies_5
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Communities | |||
Ground Leases | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | 6 | ||
Rent expense | $5,400,000 | $5,200,000 | $5,100,000 |
Office Space | |||
Real Estate Properties [Line Items] | |||
Rent expense | 1,300,000 | 1,300,000 | 1,100,000 |
Wholly-owned b under development | |||
Real Estate Properties [Line Items] | |||
Capital Expenditures Incurred but Not yet Paid | $14,700,000 | ||
Number of Real Estate Properties | 1 |
Reportable_Segments_Details
Reportable Segments (Details) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2009 | |
Segments | |||||||||||||
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 | ||||||||||
Reportable apartment home segment rental income | $818,046,000 | $758,926,000 | $716,612,000 | ||||||||||
Reportable apartment home segment NOI | 556,321,000 | 514,041,000 | 504,200,000 | ||||||||||
Joint Venture Managment and Other Fees | 13,044,000 | 12,442,000 | 11,911,000 | ||||||||||
Reconciling items: | |||||||||||||
Property management | -22,142,000 | -20,780,000 | -20,465,000 | ||||||||||
Other operating expenses | -8,271,000 | -7,136,000 | -5,718,000 | ||||||||||
Depreciation and amortization | -358,154,000 | -341,490,000 | -350,401,000 | ||||||||||
General and administrative | -47,800,000 | -42,238,000 | -43,792,000 | ||||||||||
Casualty-related (recoveries)/charges, net | -541,000 | 12,253,000 | -8,495,000 | ||||||||||
Other depreciation and amortization | -5,775,000 | -6,741,000 | -4,105,000 | ||||||||||
Income/(loss) from unconsolidated entities | -7,006,000 | -415,000 | -8,579,000 | ||||||||||
Interest Expense | -130,454,000 | -126,083,000 | -138,792,000 | ||||||||||
Interest and Other Income Including Discontinued Operations | 11,837,000 | 4,681,000 | 2,703,000 | ||||||||||
Tax benefit/(expense) of taxable REIT subsidiary, net | 15,136,000 | 7,299,000 | 30,282,000 | ||||||||||
Gain Loss on the Sale of Real Estate, Including Discontinued Operations | 143,647,000 | 41,919,000 | 251,554,000 | ||||||||||
Redeemable non-controlling interests in OP | -5,511,000 | -1,530,000 | -7,986,000 | ||||||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | -3,000 | -60,000 | 140,000 | ||||||||||
Net income/(loss) attributable to Entity | 154,334,000 | 44,812,000 | 212,177,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 8,383,259,000 | 8,207,977,000 | 8,383,259,000 | 8,207,977,000 | |||||||||
Accumulated depreciation | -2,434,772,000 | -2,208,794,000 | -2,434,772,000 | -2,208,794,000 | |||||||||
Total real estate owned, net of accumulated depreciation | 5,948,487,000 | 5,999,183,000 | 5,948,487,000 | 5,999,183,000 | |||||||||
Reconciling items: | |||||||||||||
Cash and cash equivalents | 15,224,000 | 30,249,000 | 12,115,000 | 15,224,000 | 30,249,000 | 12,503,000 | |||||||
Restricted cash | 22,340,000 | 22,796,000 | 22,340,000 | 22,796,000 | |||||||||
Deferred financing costs, net | 22,686,000 | 26,924,000 | 22,686,000 | 26,924,000 | |||||||||
Notes receivable | 14,369,000 | 83,033,000 | 14,369,000 | 83,033,000 | |||||||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | 718,226,000 | 507,655,000 | 718,226,000 | 507,655,000 | |||||||||
Other assets | 105,202,000 | 137,882,000 | 105,202,000 | 137,882,000 | |||||||||
Total assets | 6,846,534,000 | 6,807,722,000 | 6,846,534,000 | 6,807,722,000 | |||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | 326,461,000 | 452,057,000 | 422,480,000 | ||||||||||
Same Communities | |||||||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | 55,300,000 | 47,500,000 | 46,400,000 | ||||||||||
Same Communities Western Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 245,803,000 | 231,156,000 | 218,268,000 | ||||||||||
Reportable apartment home segment NOI | 178,926,000 | 166,033,000 | 154,205,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 2,358,444,000 | 2,337,980,000 | 2,358,444,000 | 2,337,980,000 | |||||||||
Same Communities Mid-Atlantic Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 161,566,000 | 160,208,000 | 155,777,000 | ||||||||||
Reportable apartment home segment NOI | 111,762,000 | 111,643,000 | 108,490,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 1,410,156,000 | 1,395,772,000 | 1,410,156,000 | 1,395,772,000 | |||||||||
Same Communities Southeastern Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 107,991,000 | 102,988,000 | 97,699,000 | ||||||||||
Reportable apartment home segment NOI | 71,528,000 | 67,264,000 | 63,122,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 786,438,000 | 785,134,000 | 786,438,000 | 785,134,000 | |||||||||
Same Communities Southwestern Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 54,810,000 | 52,302,000 | 46,800,000 | ||||||||||
Reportable apartment home segment NOI | 33,725,000 | 31,927,000 | 27,878,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 440,721,000 | 434,875,000 | 440,721,000 | 434,875,000 | |||||||||
Same Communities Northeast Region [Member] | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 60,796,000 | 58,075,000 | 54,461,000 | ||||||||||
Reportable apartment home segment NOI | 44,897,000 | 42,350,000 | 39,377,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 746,550,000 | 738,805,000 | 746,550,000 | 738,805,000 | |||||||||
Non-Mature communities/Other | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 174,183,000 | 150,907,000 | 171,239,000 | ||||||||||
Reportable apartment home segment NOI | 115,483,000 | 94,824,000 | 111,128,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 2,640,950,000 | 2,515,411,000 | 2,640,950,000 | 2,515,411,000 | |||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | 8,100,000 | 8,300,000 | 8,700,000 | ||||||||||
Total Communities [Member] | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 805,149,000 | 755,636,000 | 744,244,000 | ||||||||||
Segment Reconciling Items [Member] | |||||||||||||
Reconciling items: | |||||||||||||
Gain Loss on the Sale of Real Estate, Including Discontinued Operations | 40,449,000 | ||||||||||||
United Dominion Reality L.P. | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Related party management fee percentage | 2.75% | ||||||||||||
Number of reportable segments | 2 | ||||||||||||
Condition for Community considered to have stabilized occupancy | once it achieves 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 | |||||||||||
Reportable apartment home segment rental income | 422,634,000 | 410,842,000 | 400,691,000 | ||||||||||
Reportable apartment home segment NOI | 300,313,000 | 287,535,000 | 281,538,000 | ||||||||||
Reconciling items: | |||||||||||||
Property management | -11,622,000 | -11,298,000 | -11,019,000 | ||||||||||
Other operating expenses | -5,172,000 | -5,728,000 | -5,272,000 | ||||||||||
Depreciation and amortization | -179,176,000 | -181,302,000 | -195,051,000 | ||||||||||
Interest | -41,717,000 | -36,058,000 | -45,234,000 | ||||||||||
General and administrative | -28,541,000 | -24,808,000 | -26,204,000 | ||||||||||
Casualty-related (recoveries)/charges, net | -541,000 | 8,083,000 | -5,518,000 | ||||||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | 952,000 | 4,566,000 | 352,000 | ||||||||||
Net (loss)/gain on sale of depreciable property | 63,635,000 | 41,518,000 | 51,094,000 | ||||||||||
Net income/(loss) attributable to Entity | 96,227,000 | 73,376,000 | 43,982,000 | 32,631,000 | 8,637,000 | 24,426,000 | 30,533,000 | 44,482,000 | 10,154,000 | 7,729,000 | 11,011,000 | ||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 4,238,770,000 | 4,188,480,000 | 4,238,770,000 | 4,188,480,000 | |||||||||
Accumulated depreciation | -1,403,303,000 | -1,241,574,000 | -1,403,303,000 | -1,241,574,000 | |||||||||
Total real estate owned, net of accumulated depreciation | 2,835,467,000 | 2,946,906,000 | 2,835,467,000 | 2,946,906,000 | |||||||||
Reconciling items: | |||||||||||||
Cash and cash equivalents | 502,000 | 1,897,000 | 2,804,000 | 502,000 | 1,897,000 | 704,000 | |||||||
Restricted cash | 13,811,000 | 13,526,000 | 13,811,000 | 13,526,000 | |||||||||
Deferred financing costs, net | 4,475,000 | 5,848,000 | 4,475,000 | 5,848,000 | |||||||||
Other assets | 24,029,000 | 25,064,000 | 24,029,000 | 25,064,000 | |||||||||
Total assets | 2,878,284,000 | 2,993,241,000 | 2,878,284,000 | 2,993,241,000 | |||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | 91,682,000 | 151,002,000 | 115,355,000 | ||||||||||
United Dominion Reality L.P. | Same Communities | |||||||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | 32,800,000 | 25,800,000 | |||||||||||
United Dominion Reality L.P. | Same Communities Western Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 194,105,000 | 181,935,000 | 172,096,000 | ||||||||||
Reportable apartment home segment NOI | 142,388,000 | 131,276,000 | 122,477,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 1,749,494,000 | 1,733,144,000 | 1,749,494,000 | 1,733,144,000 | |||||||||
United Dominion Reality L.P. | Same Communities Mid-Atlantic Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 68,822,000 | 68,205,000 | 66,487,000 | ||||||||||
Reportable apartment home segment NOI | 46,639,000 | 46,770,000 | 45,801,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 713,093,000 | 706,447,000 | 713,093,000 | 706,447,000 | |||||||||
United Dominion Reality L.P. | Same Communities Southeastern Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 45,224,000 | 43,208,000 | 40,771,000 | ||||||||||
Reportable apartment home segment NOI | 29,815,000 | 28,105,000 | 26,510,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 333,428,000 | 328,150,000 | 333,428,000 | 328,150,000 | |||||||||
United Dominion Reality L.P. | Same Communities Southwestern Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 26,580,000 | 25,614,000 | 23,980,000 | ||||||||||
Reportable apartment home segment NOI | 16,821,000 | 16,057,000 | 14,738,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 228,996,000 | 226,252,000 | 228,996,000 | 226,252,000 | |||||||||
United Dominion Reality L.P. | Same Communities Northeast Region [Member] | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 38,087,000 | 36,623,000 | 34,579,000 | ||||||||||
Reportable apartment home segment NOI | 28,930,000 | 27,149,000 | 25,653,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 447,269,000 | 443,483,000 | 447,269,000 | 443,483,000 | |||||||||
United Dominion Reality L.P. | Non-Mature communities/Other | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 49,816,000 | 55,257,000 | 62,778,000 | ||||||||||
Reportable apartment home segment NOI | 35,720,000 | 38,178,000 | 46,359,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 766,490,000 | 751,004,000 | 766,490,000 | 751,004,000 | |||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | $1,000,000 | $2,000,000 | |||||||||||
United Dominion Reality L.P. | Minimum | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Percent occupancy to be considered a community | 90.00% | ||||||||||||
Time to maintain percent occupancy to be considered a community | 3 months | ||||||||||||
United Dominion Reality L.P. | Taxable REIT Subsidiaries | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Related party management fee percentage | 2.75% |
Hurricane_Related_Charges_Deta
Hurricane Related Charges (Details) (USD $) | 12 Months Ended | 4 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | |
Hurricane Related Charges [Line Items] | ||||
Casualty-related (recoveries)/charges, net | ($541,000) | $12,253,000 | ($8,495,000) | |
Other Cost and Expense, Operating | 8,271,000 | 7,136,000 | 5,718,000 | |
Proceeds from Insurance Settlement, Investing Activities | 2,600,000 | 4,200,000 | ||
Casualty-related (recoveries)/charges, net | -541,000 | 12,253,000 | -8,495,000 | |
New York Properties [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Number of Communities Owned | 3 | |||
Number of Apartments Owned | 1,706 | |||
Impairment of Long-Lived Assets Held-for-use | 0 | 9,000,000 | ||
Other Cost and Expense, Operating | 10,400,000 | |||
Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Total Estimated Insurance Recovery | 14,500,000 | |||
Casualty-related (recoveries)/charges, net | 4,800,000 | |||
Other Nonrecurring Expense | 3,400,000 | 4,400,000 | ||
Hurricane Sandy [Member] | Casualty Gain [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Casualty-related (recoveries)/charges, net | 654,000 | |||
Hurricane Sandy [Member] | Rent concessions | ||||
Hurricane Related Charges [Line Items] | ||||
Other Nonrecurring Expense | 3,600,000 | |||
Hurricane Sandy [Member] | Rent not contractually receivable | ||||
Hurricane Related Charges [Line Items] | ||||
Other Nonrecurring Expense | 767,000 | |||
United Dominion Reality L.P. | ||||
Hurricane Related Charges [Line Items] | ||||
Other Cost and Expense, Operating | 5,172,000 | 5,728,000 | 5,272,000 | |
Casualty-related (recoveries)/charges, net | -541,000 | 8,083,000 | -5,518,000 | |
United Dominion Reality L.P. | New York Properties [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Number of Communities Owned | 2 | |||
Number of Apartments Owned | 1,001 | |||
United Dominion Reality L.P. | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | 0 | 7,100,000 | ||
Other Cost and Expense, Operating | 7,000,000 | |||
Total Estimated Insurance Recovery | 10,800,000 | 10,800,000 | ||
Casualty-related (recoveries)/charges, net | 3,300,000 | |||
Other Nonrecurring Expense | 2,100,000 | 2,200,000 | ||
United Dominion Reality L.P. | Hurricane Sandy [Member] | Casualty Gain [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Casualty-related (recoveries)/charges, net | 582,000 | |||
United Dominion Reality L.P. | Hurricane Sandy [Member] | Rent concessions | ||||
Hurricane Related Charges [Line Items] | ||||
Other Nonrecurring Expense | 1,800,000 | |||
United Dominion Reality L.P. | Hurricane Sandy [Member] | Rent not contractually receivable | ||||
Hurricane Related Charges [Line Items] | ||||
Other Nonrecurring Expense | 400,000 | |||
Business Interruption [Member] | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | 6,800,000 | |||
Business Interruption [Member] | United Dominion Reality L.P. | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | 4,200,000 | |||
FY 2012 [Member] | Business Interruption [Member] | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | 4,200,000 | |||
FY 2012 [Member] | Business Interruption [Member] | United Dominion Reality L.P. | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | 2,100,000 | |||
FY 2013 [Member] | Business Interruption [Member] | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | 2,600,000 | |||
FY 2013 [Member] | Business Interruption [Member] | United Dominion Reality L.P. | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | $2,100,000 |
Unaudited_Summarized_Consolida4
Unaudited Summarized Consolidated Quarterly Financial Data Unaudited Summarized Consolidated Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||
Rental income | $206,104 | [1] | $203,587 | [1] | $200,959 | [1] | $194,352 | [1] | $190,321 | [1] | $187,917 | [1] | $186,285 | [1] | $181,961 | [1] | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 6,485 | 10,611 | 4,359 | -5,195 | -3,374 | 2,351 | 4,525 | -1,162 | 16,260 | 2,340 | -46,305 | ||||||||
Income/(loss) from discontinued operations, net of tax | 0 | 79 | 18 | -87 | 41,376 | 884 | 829 | 853 | 10 | 43,942 | 266,608 | ||||||||
Net (loss)/income attributable to stakeholders | $64,486 | $39,618 | $29,076 | $17,430 | $35,769 | $2,257 | $4,261 | ($1,199) | $150,610 | $41,088 | $203,376 | ||||||||
Earnings per weighted average common share - basic and diluted: | |||||||||||||||||||
Net (loss)/income attributable to common stockholders b basic and diluted (in dollars per share) | $0.25 | [2] | $0.16 | [2] | $0.12 | [2] | $0.07 | [2] | $0.14 | [2] | $0.01 | [2] | $0.02 | [2] | $0 | [2] | |||
Weighted Average Number of Shares Outstanding, Basic | 253,983 | 251,655 | 250,255 | 250,177 | 249,987 | 249,985 | 249,985 | 249,917 | 251,528 | 249,969 | 238,851 | ||||||||
Weighted average number of common shares outstanding b diluted | 256,000 | 253,732 | 252,191 | 251,822 | 249,987 | 251,454 | 251,406 | 249,917 | 253,445 | 249,969 | 238,851 | ||||||||
[1] | Represents rental income from continuing operations, excluding amounts classified as discontinued operations. | ||||||||||||||||||
[2] | Quarterly income/(loss) per share amounts may not total to the annual amounts. |
Consolidation_and_Basis_of_Pre3
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) (Details) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Markets | ||||
Apartment_Homes | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
Number of markets operating within | 20 | |||
Number of apartments owned | 39,851 | |||
Operating Partnership outstanding units | 183,278,698 | 183,278,698 | ||
OP units outstanding related to limited partner | 183,278,698 | 183,278,698 | 184,281,254 | 184,281,254 |
United Dominion Reality L.P. | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
Rental revenues percent of General Partner's consolidated rental revenues | 52.00% | 54.00% | 54.00% | |
Number of markets operating within | 17 | |||
Number of apartments owned | 20,814 | |||
OP units outstanding related to general partner | 110,883 | 110,883 | ||
Percentage of total outstanding Operating Partnership units represented by General Partnership units outstanding | 0.06% | |||
OP units outstanding related to limited partner | 183,167,815 | 183,167,815 | ||
UDR, Inc. | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 174,002,342 | 173,848,891 | ||
Percentage of units outstanding owned by limited partners | 95.00% | 94.90% | ||
Non-affiliated Partners | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 9,165,473 | 9,318,924 | ||
Percentage of units outstanding owned by limited partners | 5.00% | 5.10% | ||
Class A Limited Partner | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 1,751,671 | |||
Class A Limited Partner | United Dominion Reality L.P. | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 1,873,332 | 1,751,671 |
Consolidation_and_Basis_of_Pre4
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P. - Phantoms) (Details) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Limited partnership units owned | 183,278,698 | 183,278,698 | 184,281,254 | 184,281,254 |
United Dominion Reality L.P. | ||||
General Partners' Capital Account, Units Outstanding | 110,883 | 110,883 | ||
Limited partnership units owned | 183,167,815 | 183,167,815 |
Significant_Accounting_Policie6
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounting Policies [Line Items] | |||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.1 | ||
Development costs excluding direct costs and capitalized interest | $8,953,000 | $11,100,000 | $10,000,000 |
Interest capitalized during period | 20,200,000 | 29,400,000 | 26,400,000 |
Advertising expense | 6,000,000 | 5,700,000 | 6,200,000 |
Minimum | Buildings | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 35 years | ||
Minimum | Building improvements | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
Minimum | Furniture, fixtures, equipment, and other assets | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum | Buildings | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 55 years | ||
Maximum | Building improvements | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 35 years | ||
Maximum | Furniture, fixtures, equipment, and other assets | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
United Dominion Reality L.P. | |||
Accounting Policies [Line Items] | |||
Cumulative Adjustment to Net Income Attributable to Noncontrolling Interest | 3,300,000 | ||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.1 | ||
Development costs excluding direct costs and capitalized interest | 2,010,000 | 2,500,000 | 2,100,000 |
Interest capitalized during period | 2,900,000 | 5,900,000 | 3,700,000 |
Advertising expense | $2,500,000 | $2,500,000 | $2,400,000 |
United Dominion Reality L.P. | Minimum | Buildings | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 35 years | ||
United Dominion Reality L.P. | Minimum | Building improvements | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
United Dominion Reality L.P. | Minimum | Furniture, fixtures, equipment, and other assets | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
United Dominion Reality L.P. | Maximum | Buildings | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 55 years | ||
United Dominion Reality L.P. | Maximum | Building improvements | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 35 years | ||
United Dominion Reality L.P. | Maximum | Furniture, fixtures, equipment, and other assets | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years |
Real_Estate_Owned_UNITED_DOMIN2
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Summary of carrying amounts for real estate owned (at cost) | ||||
Land | $1,980,221 | $1,847,127 | ||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | 177,632 | 466,002 | ||
Real estate owned | 8,383,259 | 8,207,977 | ||
Accumulated depreciation | -2,434,772 | -2,208,794 | -1,924,682 | -1,831,727 |
Total real estate owned, net of accumulated depreciation | 5,948,487 | 5,999,183 | ||
Land | ||||
Held for sale: | ||||
Sold or held for sale | 0 | 10,751 | ||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | 24,584 | 110,769 | ||
Building and improvements | ||||
Held for sale: | ||||
Sold or held for sale | 0 | 5,969 | ||
Construction in progress | ||||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | 153,048 | 356,644 | ||
United Dominion Reality L.P. | ||||
Summary of carrying amounts for real estate owned (at cost) | ||||
Land | 1,008,014 | 1,004,447 | ||
Depreciable property - held and used: | ||||
Building and improvements | 3,230,756 | 3,103,970 | ||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | 0 | 80,063 | ||
Real estate owned | 4,238,770 | 4,188,480 | ||
Accumulated depreciation | -1,403,303 | -1,241,574 | -1,097,133 | -976,358 |
Total real estate owned, net of accumulated depreciation | 2,835,467 | 2,946,906 | ||
United Dominion Reality L.P. | Land | ||||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | 0 | 9,447 | ||
United Dominion Reality L.P. | Construction in progress | ||||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | $0 | $70,616 |
Real_Estate_Owned_UNITED_DOMIN3
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | ||
Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | |
Communities | |||||
Apartment_Homes | |||||
Real Estate Properties [Line Items] | |||||
Number of States in which Entity Operates | 10 | ||||
Real Estate Owned (Textual) [Abstract] | |||||
Number of apartments owned | 39,851 | ||||
Number of communities acquired apartment homes are within | 0 | ||||
Number of apartment homes acquired | 358 | ||||
Development costs excluding direct costs and capitalized interest | $8,953,000 | $11,100,000 | $10,000,000 | ||
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | 20,200,000 | 29,400,000 | 26,400,000 | ||
Other Cost and Expense, Operating | 8,271,000 | 7,136,000 | 5,718,000 | ||
Communities Sold | 9 | ||||
Proceeds from Sale of Property, Plant, and Equipment | 328,400,000 | 81,100,000 | 609,400,000 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 138,600,000 | ||||
Payments for (Proceeds from) Investments | -383,886,000 | -250,043,000 | -593,167,000 | ||
Gain/(loss) on sales of real estate owned | 143,572,000 | 0 | 0 | ||
United Dominion Reality L.P. | |||||
Real Estate Properties [Line Items] | |||||
Number of States in which Entity Operates | 9 | ||||
Real Estate Owned (Textual) [Abstract] | |||||
Number of apartments owned | 20,814 | ||||
Development costs excluding direct costs and capitalized interest | 2,010,000 | 2,500,000 | 2,100,000 | ||
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | 2,900,000 | 5,900,000 | 3,700,000 | ||
Other Cost and Expense, Operating | 5,172,000 | 5,728,000 | 5,272,000 | ||
Communities Sold | 1 | 2 | 4 | ||
Proceeds from Sale of Property, Plant, and Equipment | 48,700,000 | 81,100,000 | |||
Gain (Loss) on Disposition of Property Plant Equipment | 24,400,000 | ||||
Payments for (Proceeds from) Investments | -47,922,000 | ||||
Gain/(loss) on sales of real estate owned | 63,635,000 | 0 | 0 | ||
New York Properties [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Number of Communities Owned | 3 | 3 | |||
Number of Apartments Owned | 1,706 | 1,706 | |||
Impairment of Long-Lived Assets Held-for-use | 0 | 9,000,000 | |||
Other Cost and Expense, Operating | 10,400,000 | ||||
New York Properties [Member] | United Dominion Reality L.P. | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Number of Communities Owned | 2 | 2 | |||
Number of Apartments Owned | 1,001 | 1,001 | |||
Hurricane Sandy [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Total Estimated Insurance Recovery | 14,500,000 | ||||
Hurricane Sandy [Member] | United Dominion Reality L.P. | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Impairment of Long-Lived Assets Held-for-use | 0 | 7,100,000 | |||
Other Cost and Expense, Operating | 7,000,000 | ||||
Total Estimated Insurance Recovery | 10,800,000 | 10,800,000 | |||
Unconsolidated Joint Venture Four Texas [Member] | United Dominion Reality L.P. | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Communities Sold | 2 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $39,200,000 |
Discontinued_Operations_UNITED2
Discontinued Operations (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2012 | Sep. 30, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $138,600,000 | |||||||||||||
Discontinued Operations (Textual) [Abstract] | ||||||||||||||
Number of communities sold | 9 | |||||||||||||
Number of apartment homes sold | 2,500 | 914 | 6,507 | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 328,400,000 | 81,100,000 | 609,400,000 | |||||||||||
Summary of income from discontinued operations | ||||||||||||||
Rental income | 147,000 | 9,152,000 | 39,543,000 | |||||||||||
Rental expenses | 225,000 | 3,511,000 | 14,106,000 | |||||||||||
Property management fee | 4,000 | 252,000 | 1,087,000 | |||||||||||
Real estate depreciation | 0 | 1,958,000 | 8,475,000 | |||||||||||
Interest | 21,000 | -62,000 | 821,000 | |||||||||||
Income before net gain on the sale of property | -103,000 | 3,493,000 | 15,054,000 | |||||||||||
Income/(loss) from discontinued operations | 0 | 79,000 | 18,000 | -87,000 | 41,376,000 | 884,000 | 829,000 | 853,000 | 10,000 | 43,942,000 | 266,608,000 | |||
United Dominion Reality L.P. | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 24,400,000 | |||||||||||||
Discontinued Operations (Textual) [Abstract] | ||||||||||||||
Number of communities sold | 1 | 2 | 4 | |||||||||||
Number of apartment homes sold | 914 | 1,314 | ||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 48,700,000 | 81,100,000 | ||||||||||||
Number of communities held for sale | 0 | 0 | ||||||||||||
Summary of income from discontinued operations | ||||||||||||||
Rental income | 0 | 8,989,000 | 15,745,000 | |||||||||||
Rental expenses | 0 | 3,149,000 | 5,444,000 | |||||||||||
Property management fee | 0 | 247,000 | 432,000 | |||||||||||
Real estate depreciation | 0 | 1,935,000 | 3,320,000 | |||||||||||
Income before net gain on the sale of property | 0 | 3,658,000 | 6,549,000 | |||||||||||
Net (loss)/gain on the sale of depreciable property | 0 | 41,518,000 | 51,094,000 | |||||||||||
Income/(loss) from discontinued operations | 42,407,000 | 882,000 | 905,000 | 0 | 45,176,000 | 57,643,000 | 982,000 | |||||||
Operating Community [Member] | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 142,500,000 | |||||||||||||
Discontinued Operations (Textual) [Abstract] | ||||||||||||||
Number of communities sold | 1 | |||||||||||||
Operating Community [Member] | United Dominion Reality L.P. | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 62,500,000 | |||||||||||||
Land | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,100,000 | |||||||||||||
Land | United Dominion Reality L.P. | ||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $1,100,000 |
Debt_UNITED_DOMINION_REALTY_LP2
Debt (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Communities | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 3.94% | ||
Weighted Average Years to Maturity | 4 years 3 months 18 days | ||
Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $969,296 | $969,296 | $1,072,373 |
Weighted Average Interest Rate | 5.26% | ||
Weighted Average Years to Maturity | 3 years 0 months 2 days | ||
Number of Communities Encumbered | 28 | ||
Fixed Rate Debt | Mortgage notes payable | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 445,706 | ||
Weighted Average Interest Rate | 5.46% | ||
Weighted Average Years to Maturity | 1 year 7 months 20 days | ||
Number of Communities Encumbered | 6 | ||
Fixed Rate Debt | Fannie Mae credit facilities | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 626,667 | ||
Weighted Average Years to Maturity | 4 years 0 months 10 days | ||
Number of Communities Encumbered | 22 | ||
Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 392,233 | 392,233 | 369,704 |
Weighted Average Interest Rate | 1.44% | ||
Weighted Average Years to Maturity | 5 years 8 months 7 days | ||
Number of Communities Encumbered | 10 | ||
Variable Rate Debt | Mortgage notes payable | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 63,595 | ||
Weighted Average Interest Rate | 1.94% | ||
Weighted Average Years to Maturity | 2 years 0 months 25 days | ||
Number of Communities Encumbered | 1 | ||
Variable Rate Debt | Tax-exempt secured notes payable | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 94,700 | ||
Weighted Average Interest Rate | 0.83% | ||
Weighted Average Years to Maturity | 8 years 2 months 8 days | ||
Number of Communities Encumbered | 2 | ||
Variable Rate Debt | Fannie Mae credit facilities | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 211,409 | ||
Weighted Average Years to Maturity | 5 years 2 months 8 days | ||
Number of Communities Encumbered | 7 | ||
United Dominion Reality L.P. | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 931,959 | 931,959 | 934,865 |
Weighted Average Interest Rate | 4.38% | ||
Weighted Average Years to Maturity | 4 years 0 months 7 days | ||
Number of Communities Encumbered | 21 | ||
United Dominion Reality L.P. | Fannie Mae credit facilities | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 526,600 | 526,600 | |
United Dominion Reality L.P. | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 712,199 | 712,199 | 765,806 |
Weighted Average Interest Rate | 5.20% | ||
Weighted Average Years to Maturity | 3 years 0 months 2 days | ||
Number of Communities Encumbered | 15 | ||
United Dominion Reality L.P. | Fixed Rate Debt | Mortgage notes payable | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 378,371 | 378,371 | 386,803 |
Weighted Average Interest Rate | 5.47% | ||
Weighted Average Years to Maturity | 1 year 7 months 2 days | ||
Number of Communities Encumbered | 5 | ||
United Dominion Reality L.P. | Fixed Rate Debt | Fannie Mae credit facilities | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 4.90% | ||
Weighted Average Years to Maturity | 4 years 6 months 25 days | ||
Number of Communities Encumbered | 10 | ||
United Dominion Reality L.P. | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 219,760 | 219,760 | 169,059 |
Weighted Average Interest Rate | 1.72% | ||
Weighted Average Years to Maturity | 7 years 4 months 15 days | ||
Number of Communities Encumbered | 6 | ||
United Dominion Reality L.P. | Variable Rate Debt | Mortgage notes payable | |||
Debt Instrument [Line Items] | |||
Weighted Average Years to Maturity | 0 years | ||
United Dominion Reality L.P. | Variable Rate Debt | Tax-exempt secured notes payable | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $27,000 | $27,000 | $27,000 |
Weighted Average Interest Rate | 0.93% | ||
Weighted Average Years to Maturity | 17 years 2 months 19 days | ||
Number of Communities Encumbered | 1 | ||
United Dominion Reality L.P. | Variable Rate Debt | Fannie Mae credit facilities | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 1.83% | ||
Weighted Average Years to Maturity | 5 years 11 months 26 days | ||
Number of Communities Encumbered | 5 |
Debt_UNITED_DOMINION_REALTY_LP3
Debt (UNITED DOMINION REALTY, L.P.) (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2013 |
Debt Instrument [Line Items] | |||
Borrowings outstanding | $1,900 | $2,200 | |
Fannie Mae | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | 834,282 | 838,076 | |
Weighted average daily borrowings during the period ended | 835,873 | 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 | 4.00% | 4.10% | |
United Dominion Reality L.P. | Fannie Mae | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | 526,588 | 521,062 | |
Weighted average daily borrowings during the period ended | 527,592 | 522,007 | |
Maximum daily borrowings during the period ended | $528,659 | $523,187 | |
Weighted average interest rate during the period ended | 4.20% | ||
Interest rate at the end of the period | 4.10% |
Debt_UNITED_DOMINION_REALTY_LP4
Debt (UNITED DOMINION REALTY, L.P.) (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
2013 | $520,934 | |
2014 | 248,881 | |
2015 | 395,274 | |
2016 | 874,199 | |
2017 | 316,438 | |
Thereafter | 1,227,379 | |
Total | 1,361,529 | 1,442,077 |
United Dominion Reality L.P. | ||
Debt Instrument [Line Items] | ||
2013 | 193,003 | |
2014 | 131,336 | |
2015 | 23,119 | |
2016 | 208,994 | |
2017 | 175,998 | |
Thereafter | 199,509 | |
Total | 931,959 | 934,865 |
United Dominion Reality L.P. | Mortgage notes payable | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
2013 | 192,637 | |
2014 | 130,951 | |
2015 | 913 | |
2016 | 968 | |
2017 | 52,902 | |
Thereafter | 0 | |
Total | 378,371 | |
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
2013 | 366 | |
2014 | 385 | |
2015 | 15,640 | |
2016 | 111,052 | |
2017 | 123,096 | |
Thereafter | 83,289 | |
Total | 333,828 | |
United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
2013 | 0 | |
2014 | 0 | |
2015 | 6,566 | |
2016 | 96,974 | |
2017 | 0 | |
Thereafter | 89,220 | |
Total | 192,760 | |
United Dominion Reality L.P. | Tax-exempt secured notes payable | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
2013 | 0 | |
2014 | 0 | |
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
Thereafter | 27,000 | |
Total | $27,000 |
Debt_UNITED_DOMINION_REALTY_LP5
Debt (UNITED DOMINION REALTY, L.P.) (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 26, 2013 | |
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $1,900,000 | $1,900,000 | $2,200,000 | ||
Debt Instrument, Interest Rate During Period | 3.94% | ||||
Reallocation of Credit Facilities Debt from General Partner | 0 | 13,682,000 | 0 | ||
UDR Bank Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Total revolving credit facility | 900,000,000 | 900,000,000 | 900,000,000 | ||
Borrowings outstanding | 152,500,000 | 152,500,000 | 0 | ||
Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 969,296,000 | 969,296,000 | 1,072,373,000 | ||
Debt Instrument, Interest Rate During Period | 5.26% | ||||
Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 392,233,000 | 392,233,000 | 369,704,000 | ||
Debt Instrument, Interest Rate During Period | 1.44% | ||||
Fannie Mae credit facilities | Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Total revolving credit facility | 834,300,000 | 834,300,000 | |||
Secured Debt Including Debt on Real Estate Held for Sale | 626,667,000 | ||||
Debt, Weighted Average Interest Rate | 5.12% | 5.12% | |||
Debt Instrument, Maturity Date Range, Start | 1-May-17 | ||||
Debt Instrument, Maturity Date Range, End | 1-Jul-23 | ||||
Fannie Mae credit facilities | Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 211,409,000 | ||||
Debt Instrument, Interest Rate at Period End | 1.60% | 1.60% | |||
Mortgages [Member] | Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 445,706,000 | ||||
Debt Instrument, Interest Rate During Period | 5.46% | ||||
Debt Instrument, Maturity Date Range, Start | 9-Dec-15 | ||||
Debt Instrument, Maturity Date Range, End | 1-May-19 | ||||
Notes payable minimum interest rates range | 3.43% | ||||
Notes payable maximum interest rates range | 5.94% | ||||
Mortgages [Member] | Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 63,595,000 | ||||
Debt Instrument, Interest Rate During Period | 1.94% | ||||
Tax-exempt secured notes payable | Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 94,700,000 | ||||
Debt Instrument, Interest Rate During Period | 0.83% | ||||
Unsecured Revolving Credit Facility due October 2015 | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | 152,500,000 | 152,500,000 | 0 | ||
Debt Instrument, Interest Rate During Period | 1.09% | ||||
2.90% Term Notes due January 2016 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate During Period | 2.17% | ||||
Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate During Period | 5.25% | ||||
4.25% Medium-Term Notes due June 2018 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate During Period | 4.25% | ||||
ThreePointSevenTermNotesDueOctober2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 300,000,000 | ||||
Debt Instrument, Maturity Date | 31-Oct-20 | ||||
4.63% Medium-Term Notes due January 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate During Period | 4.63% | ||||
3.75 MTN Due July 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate During Period | 3.75% | ||||
United Dominion Reality L.P. | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 931,959,000 | 931,959,000 | 934,865,000 | ||
Debt Instrument, Interest Rate During Period | 4.38% | ||||
Unamortized fair market adjustment | 6,200,000 | 6,200,000 | 10,000,000 | ||
United Dominion Reality L.P. | UDR Bank Credit Facility | Financial Guarantee | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 900,000,000 | 900,000,000 | |||
United Dominion Reality L.P. | Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 712,199,000 | 712,199,000 | 765,806,000 | ||
Debt Instrument, Interest Rate During Period | 5.20% | ||||
United Dominion Reality L.P. | Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 219,760,000 | 219,760,000 | 169,059,000 | ||
Debt Instrument, Interest Rate During Period | 1.72% | ||||
United Dominion Reality L.P. | Fannie Mae credit facilities | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 526,600,000 | 526,600,000 | |||
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate During Period | 4.90% | ||||
United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate During Period | 1.83% | ||||
United Dominion Reality L.P. | Mortgages [Member] | Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 378,371,000 | 378,371,000 | 386,803,000 | ||
Debt Instrument, Interest Rate During Period | 5.47% | ||||
Debt Instrument, Maturity Date Range, Start | 31-Dec-15 | ||||
Debt Instrument, Maturity Date Range, End | 1-May-19 | ||||
Notes payable minimum interest rates range | 3.43% | ||||
Notes payable maximum interest rates range | 5.94% | ||||
United Dominion Reality L.P. | Tax-exempt secured notes payable | Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 27,000,000 | 27,000,000 | 27,000,000 | ||
Debt Instrument, Interest Rate During Period | 0.93% | ||||
Debt Instrument, Maturity Date Range, End | 20-Mar-32 | ||||
United Dominion Reality L.P. | 2.90% Term Notes due January 2016 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, End | 6-Jun-18 | ||||
United Dominion Reality L.P. | 2.90% Term Notes due January 2016 | Financial Guarantee | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 250,000,000 | 250,000,000 | |||
United Dominion Reality L.P. | 1.68% Term Notes due December 2016 | Financial Guarantee | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 100,000,000 | 100,000,000 | |||
United Dominion Reality L.P. | Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, End | 6-Jun-18 | ||||
United Dominion Reality L.P. | 4.25% Medium-Term Notes due June 2018 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, End | 1-Jun-18 | ||||
United Dominion Reality L.P. | 4.25% Medium-Term Notes due June 2018 | Financial Guarantee | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 300,000,000 | 300,000,000 | |||
United Dominion Reality L.P. | 4.63% Medium-Term Notes due January 2022 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, End | 1-Jan-22 | ||||
United Dominion Reality L.P. | 4.63% Medium-Term Notes due January 2022 | Financial Guarantee | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 400,000,000 | 400,000,000 | |||
United Dominion Reality L.P. | 3.75 MTN Due July 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, End | 31-Jul-24 | ||||
United Dominion Reality L.P. | 3.75 MTN Due July 2024 [Member] | Financial Guarantee | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 300,000,000 | 300,000,000 | |||
Beginning of range of initial term of debt [Member] | Fannie Mae credit facilities | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Term | 7 years | ||||
End of range of inital term of debt [Member] | Fannie Mae credit facilities | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Term | 10 years | ||||
Line of Credit [Member] | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae credit facilities | Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 568,086,000 | 568,086,000 | |||
Line of Credit [Member] | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae credit facilities | Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 266,196,000 | 266,196,000 | |||
Line of Credit [Member] | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 333,828,000 | 333,828,000 | 379,003,000 | ||
Line of Credit [Member] | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 192,760,000 | 192,760,000 | 142,059,000 | ||
Mortgages [Member] | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Fixed Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | 401,210,000 | 401,210,000 | |||
Mortgages [Member] | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Variable Rate Debt | |||||
Debt Instrument [Line Items] | |||||
Secured Debt Including Debt on Real Estate Held for Sale | $31,337,000 | $31,337,000 |
Related_Party_Transactions_UNI1
Related Party Transactions (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | |
Related Party Transaction [Line Items] | ||||
Related party management fees | $12,700,000 | $12,300,000 | $11,900,000 | |
Limited Partners' Capital Account, Units Redeemed | 1,002,556 | |||
United Dominion Reality L.P. | ||||
Related Party Transaction [Line Items] | ||||
Net receivable balances from General Partner | -13,624,000 | 9,916,000 | ||
Related party management fee percentage | 2.75% | |||
Notes payable due to General Partner | 88,696,000 | 88,696,000 | ||
OP Units issued for real estate | 77,041,000 | 0 | ||
United Dominion Reality L.P. | Taxable REIT Subsidiaries | ||||
Related Party Transaction [Line Items] | ||||
Net receivable balances from General Partner | 13,624,000 | -9,916,000 | ||
Related party management fee percentage | 2.75% | |||
United Dominion Reality L.P. | UDR, Inc. | ||||
Related Party Transaction [Line Items] | ||||
General and administrative expenses allocated to the Operating Partnership by UDR | 27,400,000 | 23,500,000 | 25,200,000 | |
United Dominion Reality L.P. | UDR, Inc. | Bottom Dollar guaranty | ||||
Related Party Transaction [Line Items] | ||||
Related party guaranty note payable interest rate | 5.18% | 5.18% | 5.18% | |
Notes payable due to General Partner | 83,200,000 | 83,300,000 | ||
United Dominion Reality L.P. | UDR, Inc. | Guaranty related to community acquisition | ||||
Related Party Transaction [Line Items] | ||||
Related party guaranty note payable interest rate | 5.34% | |||
Notes payable due to General Partner | 5,500,000 | 5,500,000 | ||
Number of OP Units issued as consideration for acquisition guaranteed by related party note payable (in shares) | 1,802,239 | |||
Receivable Due From General Partner [Member] | United Dominion Reality L.P. | ||||
Related Party Transaction [Line Items] | ||||
OP Units issued for real estate | $53,712,000 |
Fair_Value_of_Derivatives_and_5
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | Dec. 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 | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | $88 | $0 | ||
Derivatives - Interest rate contracts | 10,368 | 4,965 | ||
Fair Value | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Total assets | 14,896 | 83,833 | ||
Secured debt instruments - variable rate | ||||
Total liabilities | 3,721,512 | 3,651,141 | ||
Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 88 | |||
Derivatives - Interest rate contracts | 10,368 | [1] | 4,965 | [2] |
Fair Value | Mortgage notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 415,663 | [2] | 466,375 | [3] |
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 31,337 | [2] | 63,595 | [3] |
Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 94,700 | [2] | 94,700 | [3] |
Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 606,623 | [2] | 661,094 | [3] |
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 266,196 | [2] | 211,409 | [3] |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Total assets | 0 | 0 | ||
Secured debt instruments - variable rate | ||||
Total liabilities | 0 | 0 | ||
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Interest rate contracts | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | |||
Derivatives - Interest rate contracts | 0 | 0 | ||
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Mortgage notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 0 | 0 | ||
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 0 | 0 | ||
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 0 | 0 | ||
Fair Value | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Total assets | 88 | 0 | ||
Secured debt instruments - variable rate | ||||
Total liabilities | 10,368 | 4,965 | ||
Fair Value | Significant Other Observable Inputs (Level 2) | Interest rate contracts | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 88 | |||
Derivatives - Interest rate contracts | 10,368 | |||
Fair Value | Significant Other Observable Inputs (Level 2) | Mortgage notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 0 | 0 | ||
Fair Value | Significant Other Observable Inputs (Level 2) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 0 | 0 | ||
Fair Value | Significant Other Observable Inputs (Level 2) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 0 | 0 | ||
Fair Value | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Total assets | 14,808 | 83,833 | ||
Secured debt instruments - variable rate | ||||
Total liabilities | 3,711,144 | 3,646,176 | ||
Fair Value | Significant Unobservable Inputs (Level 3) | Interest rate contracts | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | |||
Derivatives - Interest rate contracts | 0 | 0 | ||
Fair Value | Significant Unobservable Inputs (Level 3) | Mortgage notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 415,663 | 466,375 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 31,337 | 63,595 | ||
Fair Value | Significant Unobservable Inputs (Level 3) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 94,700 | 94,700 | ||
Fair Value | Significant Unobservable Inputs (Level 3) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 606,623 | 661,094 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 266,196 | 211,409 | ||
Carrying Amount | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Total assets | 14,457 | 83,033 | ||
Secured debt instruments - variable rate | ||||
Total liabilities | 3,593,473 | 3,528,668 | ||
Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivatives - Interest rate contracts | 4,965 | [2] | ||
Carrying Amount | Mortgage notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 445,706 | [3] | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 63,595 | [3] | ||
Carrying Amount | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 94,700 | [3] | ||
Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 626,667 | [3] | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 211,409 | [3] | ||
United Dominion Reality L.P. | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 39 | 0 | ||
Derivatives - Interest rate contracts | 918 | 2,731 | ||
United Dominion Reality L.P. | Fair Value | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Total assets | 39 | |||
Secured debt instruments - variable rate | ||||
Total liabilities | 967,983 | 969,724 | ||
United Dominion Reality L.P. | Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 39 | [4] | ||
Derivatives - Interest rate contracts | 918 | [4] | 2,731 | [4] |
United Dominion Reality L.P. | Fair Value | Mortgage notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 391,835 | [5] | 403,695 | [5] |
United Dominion Reality L.P. | Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 27,000 | [5] | 27,000 | [5] |
United Dominion Reality L.P. | Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 355,470 | [5] | 394,239 | [5] |
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 192,760 | [5] | 142,059 | [5] |
United Dominion Reality L.P. | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair Value, Measurements, Recurring | ||||
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 | ||
United Dominion Reality L.P. | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Interest rate contracts | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | |||
Derivatives - Interest rate contracts | 0 | 0 | ||
United Dominion Reality L.P. | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Mortgage notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 0 | 0 | ||
United Dominion Reality L.P. | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 0 | 0 | ||
United Dominion Reality L.P. | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 0 | 0 | ||
United Dominion Reality L.P. | Fair Value | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Total assets | 39 | |||
Secured debt instruments - variable rate | ||||
Total liabilities | 918 | 2,731 | ||
United Dominion Reality L.P. | Fair Value | Significant Other Observable Inputs (Level 2) | Interest rate contracts | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 39 | |||
Derivatives - Interest rate contracts | 918 | 2,731 | ||
United Dominion Reality L.P. | Fair Value | Significant Other Observable Inputs (Level 2) | Mortgage notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 0 | 0 | ||
United Dominion Reality L.P. | Fair Value | Significant Other Observable Inputs (Level 2) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 0 | 0 | ||
United Dominion Reality L.P. | Fair Value | Significant Other Observable Inputs (Level 2) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 0 | 0 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 0 | 0 | ||
United Dominion Reality L.P. | Fair Value | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||||
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 | 967,065 | 966,993 | ||
United Dominion Reality L.P. | Fair Value | Significant Unobservable Inputs (Level 3) | Interest rate contracts | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | |||
Derivatives - Interest rate contracts | 0 | 0 | ||
United Dominion Reality L.P. | Fair Value | Significant Unobservable Inputs (Level 3) | Mortgage notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 391,835 | 403,695 | ||
United Dominion Reality L.P. | Fair Value | Significant Unobservable Inputs (Level 3) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 27,000 | 27,000 | ||
United Dominion Reality L.P. | Fair Value | Significant Unobservable Inputs (Level 3) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 355,470 | 394,239 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 192,760 | 142,059 | ||
United Dominion Reality L.P. | Carrying Amount | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Total assets | 39 | |||
Secured debt instruments - variable rate | ||||
Total liabilities | 932,877 | 937,596 | ||
United Dominion Reality L.P. | Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 39 | [4] | ||
Derivatives - Interest rate contracts | 918 | [4] | 2,731 | [4] |
United Dominion Reality L.P. | Carrying Amount | Mortgage notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 378,371 | [5] | 386,803 | [5] |
United Dominion Reality L.P. | Carrying Amount | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 27,000 | [5] | 27,000 | [5] |
United Dominion Reality L.P. | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 333,828 | [5] | 379,003 | [5] |
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | $192,760 | [5] | $142,059 | [5] |
[1] | See Note 6, Secured Debt and Unsecured Debt. | |||
[2] | See Note 2, Significant Accounting Policies. | |||
[3] | See Note 13, Derivatives and Hedging Activity. | |||
[4] | See Note 8, Derivatives and Hedging Activity | |||
[5] | See Note 5, Debt |
Derivatives_and_Hedging_Activi9
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | instruments |
Designated as Hedging Instrument | Interest rate swaps | |
Derivative [Line Items] | |
Number of Instruments | 14 |
Derivative, Notional Amount | $365,000 |
Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | 3 |
Derivative, Notional Amount | 243,079 |
Not Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | 1 |
Derivative, Notional Amount | 96,409 |
United Dominion Reality L.P. | Designated as Hedging Instrument | Interest rate swaps | |
Derivative [Line Items] | |
Number of Instruments | 1 |
Derivative, Notional Amount | 46,272 |
United Dominion Reality L.P. | Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | 2 |
Derivative, Notional Amount | 166,341 |
United Dominion Reality L.P. | Not Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | 1 |
Derivative, Notional Amount | $89,220 |
Recovered_Sheet1
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 1) (USD $) | Dec. 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 | $88 | $0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 10,368 | 4,965 |
Interest rate products | Other assets | Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 86 | 0 |
Interest rate products | Other assets | Not Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 2 | 0 |
Interest rate products | Other liabilities | Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 10,368 | 4,965 |
Interest rate products | Other liabilities | Not Designated as Hedging Instrument | ||
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. | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 39 | 0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 918 | 2,731 |
United Dominion Reality L.P. | Interest rate products | Other assets | Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 37 | 0 |
United Dominion Reality L.P. | Interest rate products | Other assets | Not Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 2 | 0 |
United Dominion Reality L.P. | Interest rate products | Other liabilities | Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 918 | 2,731 |
United Dominion Reality L.P. | Interest rate products | Other liabilities | Not Designated as Hedging Instrument | ||
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 $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | $4,834,000 | $6,851,000 | $7,649,000 |
Interest rate products | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | -8,695,000 | -469,000 | -4,924,000 |
Interest rate products | Other Income Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | -4,000 | 271,000 | 290,000 |
Interest rate products | Interest expense | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | 4,834,000 | 6,851,000 | 7,649,000 |
United Dominion Reality L.P. | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | 2,275,000 | 2,652,000 | 3,431,000 |
United Dominion Reality L.P. | Interest rate products | Other Income Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | -3,000 | -9,000 | -9,000 |
United Dominion Reality L.P. | Interest rate products | Interest expense | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | -285,000 | -348,000 | -1,898,000 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | ($2,275,000) | ($2,652,000) | ($3,431,000) |
Recovered_Sheet3
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Derivative, Collateral, Obligation to Return Securities | ($27) | $0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 61 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 88 | 0 |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Asset | 88 | 0 |
United Dominion Reality L P [Member] | ||
Derivative [Line Items] | ||
Derivative, Collateral, Obligation to Return Securities | 0 | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 39 | 0 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 39 | 0 |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative Asset | $39 | $0 |
Recovered_Sheet4
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 4) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ||
Derivative Liability | $4,965 | |
Derivative, Collateral, Right to Reclaim Securities | -27 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 10,341 | 4,965 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 10,368 | 4,965 |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
United Dominion Reality L P [Member] | ||
Derivative [Line Items] | ||
Derivative Liability | 918 | 2,731 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 918 | 2,731 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 918 | 2,731 |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | $0 | $0 |
Recovered_Sheet5
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Entity Information [Line Items] | |||
Derivative, Collateral, Obligation to Return Cash | $0 | $0 | |
Cash flow hedge ineffectiveness in earnings materiality | 3000 | less than $1,000 | less than a B $1,000 |
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | 5,000,000 | ||
Fair value of derivatives in a net liability position | 10,600,000 | ||
Payment required to pay for contract termination | 10,600,000 | ||
Maximum | |||
Entity Information [Line Items] | |||
Cash flow hedge ineffectiveness in earnings | 1,000 | 1,000 | |
United Dominion Reality L.P. | |||
Entity Information [Line Items] | |||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Cash flow hedge ineffectiveness in earnings materiality | less than $1,000 | ||
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | 900,000 | ||
Fair value of derivatives in a net liability position | 1,000,000 | ||
Payment required to pay for contract termination | 1,000,000 | ||
Interest rate contracts | Other Income Expense [Member] | |||
Entity Information [Line Items] | |||
Losses in the fair value of derivatives not designated in hedging relationships | 4,000 | -271,000 | -290,000 |
Interest rate contracts | Other Income Expense [Member] | United Dominion Reality L.P. | |||
Entity Information [Line Items] | |||
Losses in the fair value of derivatives not designated in hedging relationships | $3,000 | $9,000 | 9,000 |
Capital_Structure_UNITED_DOMIN2
Capital Structure (UNITED DOMINION REALTY, L.P.) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Limited Partners' Capital Account [Line Items] | |||
Limited Partners' Capital Account, Units Redeemed | -1,002,556 | ||
Partners' Capital Account, Units, Acquisitions | -1,002,556 | ||
Balance | 183,278,698 | 184,281,254 | 184,281,254 |
Partners' Capital Account, Units, Redeemed | 0 | 0 | 0 |
OP Units issued for acquisitions of real estate | 0 | ||
Balance | 183,278,698 | 183,278,698 | 184,281,254 |
UDR, Inc. | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 174,002,342 | 173,848,891 | |
Class A Limited Partner | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 1,751,671 | ||
Limited Partner | |||
Limited Partners' Capital Account [Line Items] | |||
Partners' Capital Account, Units, Acquisitions | 0 | ||
Balance | 7,567,253 | 7,643,548 | 7,669,632 |
Partners' Capital Account, Units, Redeemed | -153,451 | -76,295 | -20,438 |
OP Units issued for acquisitions of real estate | -5,646 | ||
Balance | 7,413,802 | 7,567,253 | 7,643,548 |
Limited Partner | UDR, Inc. | |||
Limited Partners' Capital Account [Line Items] | |||
Limited Partners' Capital Account, Units Redeemed | 1,002,556 | ||
Partners' Capital Account, Units, Acquisitions | -1,002,556 | ||
Balance | 173,848,891 | 174,775,152 | 174,749,068 |
Partners' Capital Account, Units, Redeemed | 153,451 | 76,295 | 20,438 |
OP Units issued for acquisitions of real estate | 5,646 | ||
Balance | 174,002,342 | 173,848,891 | 174,775,152 |
Limited Partner | Class A Limited Partner | |||
Limited Partners' Capital Account [Line Items] | |||
Partners' Capital Account, Units, Acquisitions | 0 | ||
Balance | 1,751,671 | 1,751,671 | 1,751,671 |
Partners' Capital Account, Units, Redeemed | 0 | 0 | 0 |
OP Units issued for acquisitions of real estate | 0 | ||
Balance | 1,751,671 | 1,751,671 | 1,751,671 |
General Partner | UDR, Inc. | |||
Limited Partners' Capital Account [Line Items] | |||
Partners' Capital Account, Units, Acquisitions | 0 | ||
Balance | 110,883 | 110,883 | 110,883 |
Partners' Capital Account, Units, Redeemed | 0 | 0 | 0 |
OP Units issued for acquisitions of real estate | 0 | ||
Balance | 110,883 | 110,883 | 110,883 |
Capital_Structure_UNITED_DOMIN3
Capital Structure (UNITED DOMINION REALTY, L.P.) (Details Textual) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 |
Limited Partners' Capital Account [Line Items] | ||||
Limited Partners' Capital Account, Units Redeemed | -1,002,556 | |||
Limited partnership units owned | 183,278,698 | 183,278,698 | 184,281,254 | 184,281,254 |
Redeemable non-controlling interests in operating partnership | $217,597 | $282,480 | ||
United Dominion Reality L.P. | ||||
Limited Partners' Capital Account [Line Items] | ||||
General Partners' Capital Account, Units Outstanding | 110,883 | 110,883 | ||
Limited partnership units owned | 183,167,815 | 183,167,815 | ||
Required period to be outstanding before unit is redeemable | 1 year | |||
Redeemable non-controlling interests in operating partnership | 217,597 | 282,480 | ||
OP Units issued for real estate | 77,041 | 0 | ||
UDR, Inc. | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 173,848,891 | 174,002,342 | ||
Percentage of units | 94.90% | 95.00% | ||
Non-affiliated Partners | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 9,318,924 | 9,165,473 | ||
Percentage of units | 5.10% | 5.00% | ||
Class A Limited Partner | ||||
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 share) | $16.61 | |||
Class A Limited Partner | United Dominion Reality L.P. | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 1,751,671 | 1,873,332 | ||
Limited Partner | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 7,567,253 | 7,413,802 | 7,643,548 | 7,669,632 |
Limited Partner | United Dominion Reality L.P. | ||||
Limited Partners' Capital Account [Line Items] | ||||
OP Units issued for real estate | -133 | |||
Limited Partner | UDR, Inc. | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited Partners' Capital Account, Units Redeemed | 1,002,556 | |||
Limited partnership units owned | 173,848,891 | 174,002,342 | 174,775,152 | 174,749,068 |
Limited Partner | Class A Limited Partner | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 1,751,671 | 1,751,671 | 1,751,671 | 1,751,671 |
Partnership Capital [Member] | United Dominion Reality L.P. | ||||
Limited Partners' Capital Account [Line Items] | ||||
OP Units issued for real estate | $23,329 | $0 |
Commitments_and_Contingencies_6
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Communities | ||||
Real Estate Properties [Line Items] | ||||
Costs Incurred to Date | $549,130,000 | |||
Expected Costs to Complete | 255,747,000 | [1] | ||
Ground Leases | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 6 | |||
2013 | 5,412,000 | [2] | ||
2014 | 5,412,000 | [2] | ||
2015 | 5,412,000 | [2] | ||
2016 | 5,412,000 | [2] | ||
2017 | 5,412,000 | [2] | ||
Thereafter | 313,735,000 | [2] | ||
Rent expense | 5,400,000 | 5,200,000 | 5,100,000 | |
United Dominion Reality L.P. | ||||
Real Estate Properties [Line Items] | ||||
Capital Expenditures Incurred but Not yet Paid | 7,254,000 | 6,371,000 | 7,440,000 | |
Number of Real Estate Properties | 68 | |||
United Dominion Reality L.P. | Ground Leases | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 5 | |||
2013 | 5,300,000 | |||
2014 | 5,200,000 | |||
2015 | 5,200,000 | |||
2016 | 5,200,000 | |||
2017 | 5,200,000 | |||
Thereafter | 313,600,000 | [2] | ||
Rent expense | 5,300,000 | 5,100,000 | 5,000,000 | |
Wholly-owned b under development | ||||
Real Estate Properties [Line Items] | ||||
Capital Expenditures Incurred but Not yet Paid | 14,700,000 | |||
Number of Real Estate Properties | 1 | |||
Costs Incurred to Date | 177,632,000 | |||
Wholly-owned b redevelopment | ||||
Real Estate Properties [Line Items] | ||||
Capital Expenditures Incurred but Not yet Paid | 1,800,000 | |||
Number of Real Estate Properties | 1 | |||
Costs Incurred to Date | $83,778,000 | |||
[1] | Represents 100% of project costs incurred to date. | |||
[2] | For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. |
Reportable_Segments_UNITED_DOM2
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | Dec. 31, 2009 | |
Segments | |||||||||||||
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 | ||||||||||
Reportable apartment home segment rental income | $818,046,000 | $758,926,000 | $716,612,000 | ||||||||||
Reportable apartment home segment NOI | 556,321,000 | 514,041,000 | 504,200,000 | ||||||||||
Reconciling items: | |||||||||||||
Property management | -22,142,000 | -20,780,000 | -20,465,000 | ||||||||||
Other operating expenses | -8,271,000 | -7,136,000 | -5,718,000 | ||||||||||
Depreciation and amortization | -358,154,000 | -341,490,000 | -350,401,000 | ||||||||||
General and administrative | -47,800,000 | -42,238,000 | -43,792,000 | ||||||||||
Casualty-related (recoveries)/charges, net | -541,000 | 12,253,000 | -8,495,000 | ||||||||||
Non-controlling interests | 3,000 | 60,000 | -140,000 | ||||||||||
Net income/(loss) attributable to Entity | 154,334,000 | 44,812,000 | 212,177,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 8,383,259,000 | 8,207,977,000 | 8,383,259,000 | 8,207,977,000 | |||||||||
Accumulated depreciation | -2,434,772,000 | -2,208,794,000 | -2,434,772,000 | -2,208,794,000 | |||||||||
Total real estate owned, net of accumulated depreciation | 5,948,487,000 | 5,999,183,000 | 5,948,487,000 | 5,999,183,000 | |||||||||
Reconciling items: | |||||||||||||
Cash and cash equivalents | 15,224,000 | 30,249,000 | 12,115,000 | 15,224,000 | 30,249,000 | 12,503,000 | |||||||
Restricted cash | 22,340,000 | 22,796,000 | 22,340,000 | 22,796,000 | |||||||||
Deferred financing costs, net | 22,686,000 | 26,924,000 | 22,686,000 | 26,924,000 | |||||||||
Other assets | 105,202,000 | 137,882,000 | 105,202,000 | 137,882,000 | |||||||||
Total assets | 6,846,534,000 | 6,807,722,000 | 6,846,534,000 | 6,807,722,000 | |||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | 326,461,000 | 452,057,000 | 422,480,000 | ||||||||||
Same Communities | |||||||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | 55,300,000 | 47,500,000 | 46,400,000 | ||||||||||
Same Communities Western Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 245,803,000 | 231,156,000 | 218,268,000 | ||||||||||
Reportable apartment home segment NOI | 178,926,000 | 166,033,000 | 154,205,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 2,358,444,000 | 2,337,980,000 | 2,358,444,000 | 2,337,980,000 | |||||||||
Same Communities Mid-Atlantic Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 161,566,000 | 160,208,000 | 155,777,000 | ||||||||||
Reportable apartment home segment NOI | 111,762,000 | 111,643,000 | 108,490,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 1,410,156,000 | 1,395,772,000 | 1,410,156,000 | 1,395,772,000 | |||||||||
Same Communities Northeast Region [Member] | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 60,796,000 | 58,075,000 | 54,461,000 | ||||||||||
Reportable apartment home segment NOI | 44,897,000 | 42,350,000 | 39,377,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 746,550,000 | 738,805,000 | 746,550,000 | 738,805,000 | |||||||||
Same Communities Southeastern Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 107,991,000 | 102,988,000 | 97,699,000 | ||||||||||
Reportable apartment home segment NOI | 71,528,000 | 67,264,000 | 63,122,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 786,438,000 | 785,134,000 | 786,438,000 | 785,134,000 | |||||||||
Same Communities Southwestern Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 54,810,000 | 52,302,000 | 46,800,000 | ||||||||||
Reportable apartment home segment NOI | 33,725,000 | 31,927,000 | 27,878,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 440,721,000 | 434,875,000 | 440,721,000 | 434,875,000 | |||||||||
Non-Mature communities/Other | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 174,183,000 | 150,907,000 | 171,239,000 | ||||||||||
Reportable apartment home segment NOI | 115,483,000 | 94,824,000 | 111,128,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 2,640,950,000 | 2,515,411,000 | 2,640,950,000 | 2,515,411,000 | |||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | 8,100,000 | 8,300,000 | 8,700,000 | ||||||||||
United Dominion Reality L.P. | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Related party management fee percentage | 2.75% | ||||||||||||
Number of reportable segments | 2 | ||||||||||||
Condition for Community considered to have stabilized occupancy | once it achieves 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 | |||||||||||
Reportable apartment home segment rental income | 422,634,000 | 410,842,000 | 400,691,000 | ||||||||||
Reportable apartment home segment NOI | 300,313,000 | 287,535,000 | 281,538,000 | ||||||||||
Reconciling items: | |||||||||||||
Property management | -11,622,000 | -11,298,000 | -11,019,000 | ||||||||||
Other operating expenses | -5,172,000 | -5,728,000 | -5,272,000 | ||||||||||
Depreciation and amortization | -179,176,000 | -181,302,000 | -195,051,000 | ||||||||||
Interest | -41,717,000 | -36,058,000 | -45,234,000 | ||||||||||
General and administrative | -28,541,000 | -24,808,000 | -26,204,000 | ||||||||||
Casualty-related (recoveries)/charges, net | -541,000 | 8,083,000 | -5,518,000 | ||||||||||
Net gain on sale of depreciable property | 63,635,000 | 41,518,000 | 51,094,000 | ||||||||||
Non-controlling interests | -952,000 | -4,566,000 | -352,000 | ||||||||||
Net income/(loss) attributable to Entity | 96,227,000 | 73,376,000 | 43,982,000 | 32,631,000 | 8,637,000 | 24,426,000 | 30,533,000 | 44,482,000 | 10,154,000 | 7,729,000 | 11,011,000 | ||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 4,238,770,000 | 4,188,480,000 | 4,238,770,000 | 4,188,480,000 | |||||||||
Accumulated depreciation | -1,403,303,000 | -1,241,574,000 | -1,403,303,000 | -1,241,574,000 | |||||||||
Total real estate owned, net of accumulated depreciation | 2,835,467,000 | 2,946,906,000 | 2,835,467,000 | 2,946,906,000 | |||||||||
Reconciling items: | |||||||||||||
Cash and cash equivalents | 502,000 | 1,897,000 | 2,804,000 | 502,000 | 1,897,000 | 704,000 | |||||||
Restricted cash | 13,811,000 | 13,526,000 | 13,811,000 | 13,526,000 | |||||||||
Deferred financing costs, net | 4,475,000 | 5,848,000 | 4,475,000 | 5,848,000 | |||||||||
Other assets | 24,029,000 | 25,064,000 | 24,029,000 | 25,064,000 | |||||||||
Total assets | 2,878,284,000 | 2,993,241,000 | 2,878,284,000 | 2,993,241,000 | |||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | 91,682,000 | 151,002,000 | 115,355,000 | ||||||||||
United Dominion Reality L.P. | Same Communities | |||||||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | 32,800,000 | 25,800,000 | |||||||||||
United Dominion Reality L.P. | Same Communities Western Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 194,105,000 | 181,935,000 | 172,096,000 | ||||||||||
Reportable apartment home segment NOI | 142,388,000 | 131,276,000 | 122,477,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 1,749,494,000 | 1,733,144,000 | 1,749,494,000 | 1,733,144,000 | |||||||||
United Dominion Reality L.P. | Same Communities Mid-Atlantic Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 68,822,000 | 68,205,000 | 66,487,000 | ||||||||||
Reportable apartment home segment NOI | 46,639,000 | 46,770,000 | 45,801,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 713,093,000 | 706,447,000 | 713,093,000 | 706,447,000 | |||||||||
United Dominion Reality L.P. | Same Communities Northeast Region [Member] | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 38,087,000 | 36,623,000 | 34,579,000 | ||||||||||
Reportable apartment home segment NOI | 28,930,000 | 27,149,000 | 25,653,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 447,269,000 | 443,483,000 | 447,269,000 | 443,483,000 | |||||||||
United Dominion Reality L.P. | Same Communities Southeastern Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 45,224,000 | 43,208,000 | 40,771,000 | ||||||||||
Reportable apartment home segment NOI | 29,815,000 | 28,105,000 | 26,510,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 333,428,000 | 328,150,000 | 333,428,000 | 328,150,000 | |||||||||
United Dominion Reality L.P. | Same Communities Southwestern Region | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 26,580,000 | 25,614,000 | 23,980,000 | ||||||||||
Reportable apartment home segment NOI | 16,821,000 | 16,057,000 | 14,738,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 228,996,000 | 226,252,000 | 228,996,000 | 226,252,000 | |||||||||
United Dominion Reality L.P. | Non-Mature communities/Other | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Reportable apartment home segment rental income | 49,816,000 | 55,257,000 | 62,778,000 | ||||||||||
Reportable apartment home segment NOI | 35,720,000 | 38,178,000 | 46,359,000 | ||||||||||
Reportable apartment home segment assets: | |||||||||||||
Total segment assets | 766,490,000 | 751,004,000 | 766,490,000 | 751,004,000 | |||||||||
Reportable Segments Additional (Textual) [Abstract] | |||||||||||||
Capital expenditures related to segments | $1,000,000 | $2,000,000 | |||||||||||
United Dominion Reality L.P. | Minimum | |||||||||||||
Reportable Segment (Textual) [Abstract] | |||||||||||||
Percent occupancy to be considered a community | 90.00% | ||||||||||||
Time to maintain percent occupancy to be considered a community | 3 months |
Hurricane_Related_Charges_UNIT1
Hurricane Related Charges (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 12 Months Ended | 4 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2013 | |
Hurricane Related Charges [Line Items] | ||||
Other Cost and Expense, Operating | $8,271,000 | $7,136,000 | $5,718,000 | |
Proceeds from Insurance Settlement, Investing Activities | 2,600,000 | 4,200,000 | ||
Casualty-related (recoveries)/charges, net | -541,000 | 12,253,000 | -8,495,000 | |
Casualty-related (recoveries)/charges, net | -541,000 | 12,253,000 | -8,495,000 | |
Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Total Estimated Insurance Recovery | 14,500,000 | |||
Casualty-related (recoveries)/charges, net | 4,800,000 | |||
Other Nonrecurring Expense | 3,400,000 | 4,400,000 | ||
Casualty Gain [Member] | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Casualty-related (recoveries)/charges, net | 654,000 | |||
Rent concessions | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Other Nonrecurring Expense | 3,600,000 | |||
Rent not contractually receivable | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Other Nonrecurring Expense | 767,000 | |||
New York Properties [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Number of Communities Owned | 3 | |||
Number of Apartments Owned | 1,706 | |||
Impairment of Long-Lived Assets Held-for-use | 0 | 9,000,000 | ||
Other Cost and Expense, Operating | 10,400,000 | |||
United Dominion Reality L.P. | ||||
Hurricane Related Charges [Line Items] | ||||
Other Cost and Expense, Operating | 5,172,000 | 5,728,000 | 5,272,000 | |
Casualty-related (recoveries)/charges, net | -541,000 | 8,083,000 | -5,518,000 | |
United Dominion Reality L.P. | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Impairment of Long-Lived Assets Held-for-use | 0 | 7,100,000 | ||
Other Cost and Expense, Operating | 7,000,000 | |||
Total Estimated Insurance Recovery | 10,800,000 | 10,800,000 | ||
Casualty-related (recoveries)/charges, net | 3,300,000 | |||
Other Nonrecurring Expense | 2,100,000 | 2,200,000 | ||
United Dominion Reality L.P. | Casualty Gain [Member] | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Casualty-related (recoveries)/charges, net | 582,000 | |||
United Dominion Reality L.P. | Rent concessions | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Other Nonrecurring Expense | 1,800,000 | |||
United Dominion Reality L.P. | Rent not contractually receivable | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Other Nonrecurring Expense | 400,000 | |||
United Dominion Reality L.P. | New York Properties [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Number of Communities Owned | 2 | |||
Number of Apartments Owned | 1,001 | |||
Business Interruption [Member] | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | 6,800,000 | |||
Business Interruption [Member] | United Dominion Reality L.P. | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | 4,200,000 | |||
FY 2013 [Member] | Business Interruption [Member] | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | 2,600,000 | |||
FY 2013 [Member] | Business Interruption [Member] | United Dominion Reality L.P. | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | 2,100,000 | |||
FY 2012 [Member] | Business Interruption [Member] | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | 4,200,000 | |||
FY 2012 [Member] | Business Interruption [Member] | United Dominion Reality L.P. | Hurricane Sandy [Member] | ||||
Hurricane Related Charges [Line Items] | ||||
Proceeds from Insurance Settlement, Investing Activities | $2,100,000 |
Unaudited_Summarized_Consolida5
Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||||
Rental income | $206,104 | [1] | $203,587 | [1] | $200,959 | [1] | $194,352 | [1] | $190,321 | [1] | $187,917 | [1] | $186,285 | [1] | $181,961 | [1] | |||||
Income/(loss) from continuing operations | 6,485 | 10,611 | 4,359 | -5,195 | -3,374 | 2,351 | 4,525 | -1,162 | 16,260 | 2,340 | -46,305 | ||||||||||
Income/(loss) from discontinued operations | 0 | 79 | 18 | -87 | 41,376 | 884 | 829 | 853 | 10 | 43,942 | 266,608 | ||||||||||
Net income | 154,334 | 44,812 | 212,177 | ||||||||||||||||||
Net (loss)/income attributable to stakeholders | 64,486 | 39,618 | 29,076 | 17,430 | 35,769 | 2,257 | 4,261 | -1,199 | 150,610 | 41,088 | 203,376 | ||||||||||
Earnings per weighted average common share - basic and diluted: | |||||||||||||||||||||
Net (loss)/income attributable to common stockholders b basic and diluted (in dollars per share) | $0.25 | [2] | $0.16 | [2] | $0.12 | [2] | $0.07 | [2] | $0.14 | [2] | $0.01 | [2] | $0.02 | [2] | $0 | [2] | |||||
United Dominion Reality L.P. | |||||||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||||
Rental income | 107,978 | [1] | 107,444 | [1] | 104,842 | [1] | 102,370 | [1] | 102,104 | [1] | 100,421 | [1] | 97,770 | [1] | 422,634 | 401,853 | 384,946 | 101,558 | [1] | ||
Income/(loss) from continuing operations | 9,939 | 8,875 | 8,319 | 6,411 | 6,488 | 9,339 | 6,870 | 33,544 | 32,766 | -13,309 | 10,069 | ||||||||||
Income/(loss) from discontinued operations | 42,407 | 882 | 905 | 0 | 45,176 | 57,643 | 982 | ||||||||||||||
Net income | $32,631 | $8,637 | $24,426 | $30,533 | $44,482 | $10,154 | $7,729 | $96,227 | $73,376 | $43,982 | $11,011 | ||||||||||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted | $0.18 | [3] | $0.05 | [3] | $0.13 | [3] | $0.17 | [3] | $0.24 | $0.06 | $0.04 | $0.53 | $0.40 | $0.24 | $0.06 | ||||||
[1] | Represents rental income from continuing operations, excluding amounts classified as discontinued operations. | ||||||||||||||||||||
[2] | Quarterly income/(loss) per share amounts may not total to the annual amounts. | ||||||||||||||||||||
[3] | Quarterly income/(loss) per OP Unit amounts may not total to the annual amounts |
Schedule_III_Real_Estate_Owned2
Schedule - III Real Estate Owned (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Total Carrying Value | $8,383,259,000 | $8,207,977,000 | $8,055,828,000 | |||
Accumulated Depreciation | 2,434,772,000 | 2,208,794,000 | 1,924,682,000 | |||
Aggregate cost for federal income tax purposes | 7,700,000,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 8,207,977,000 | 8,055,828,000 | 8,074,471,000 | |||
Real estate acquired | 231,225,000 | 0 | 141,648,000 | |||
Capital expenditures and development | 326,461,000 | 452,057,000 | 422,480,000 | |||
Real estate sold | -140,000,000 | -269,681,000 | -70,687,000 | -559,154,000 | ||
Retirement of fully depreciated assets | 0 | 0 | -13,945,000 | |||
Hurricane related impairment of assets | -379,000 | -2,355,000 | -9,672,000 | |||
SEC Schedule III, Real Estate, Other Additions | 0 | 0 | 0 | |||
Balance at end of the year | 8,383,259,000 | 8,207,977,000 | 8,055,828,000 | |||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,208,794,000 | 1,924,682,000 | 1,831,727,000 | |||
Depreciation expense for the year | 356,673,000 | 339,326,000 | 340,800,000 | |||
Accumulated depreciation on sales | -126,151,000 | -34,794,000 | -233,207,000 | |||
Accumulated depreciation on retirements of fully depreciated assets | 0 | -1,132,000 | -13,945,000 | |||
SEC Schedule III, Real Estate Accumulated Depreciation, Other Additions | 0 | 1,374,000 | 0 | |||
Write off of accumulated depreciation on hurricane related impaired assets | -316,000 | 0 | -693,000 | |||
Balance at end of year | 2,434,772,000 | 2,208,794,000 | 1,924,682,000 | |||
Estimated depreciable lives of buildings range beginning | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable life for all buildings | 35 years | |||||
Estimated depreciable lives of buildings range end | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable life for all buildings | 55 years | |||||
Total Operating Properties [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 1,361,530,000 | |||||
Initial Costs, Land and Land Improvements | 1,586,655,000 | |||||
Initial Costs, Buildings and Improvements | 4,255,392,000 | |||||
Total Initial Acquisition Costs | 5,842,047,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,125,393,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,788,133,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,179,242,000 | |||||
Total Carrying Value | 7,967,375,000 | |||||
Accumulated Depreciation | 2,415,413,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 7,967,375,000 | |||||
Balance at end of the year | 7,967,375,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,415,413,000 | |||||
Balance at end of year | 2,415,413,000 | |||||
Other | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | [1] | ||||
Initial Costs, Land and Land Improvements | 0 | [1] | ||||
Initial Costs, Buildings and Improvements | 0 | [1] | ||||
Total Initial Acquisition Costs | 0 | [1] | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,181,000 | [1] | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 0 | [1] | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 4,181,000 | [1] | ||||
Total Carrying Value | 4,181,000 | [1] | ||||
Accumulated Depreciation | 47,000 | [1] | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 4,181,000 | [1] | ||||
Balance at end of the year | 4,181,000 | [1] | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 47,000 | [1] | ||||
Balance at end of year | 47,000 | [1] | ||||
TOTAL CORPORATE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 0 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 0 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,181,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 0 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 4,181,000 | |||||
Total Carrying Value | 4,181,000 | |||||
Accumulated Depreciation | 47,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 4,181,000 | |||||
Balance at end of the year | 4,181,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 47,000 | |||||
Balance at end of year | 47,000 | |||||
Real Estate Under Development | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 24,584,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 24,584,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 153,048,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,584,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 153,048,000 | |||||
Total Carrying Value | 177,632,000 | |||||
Accumulated Depreciation | 0 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 177,632,000 | |||||
Balance at end of the year | 177,632,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 0 | |||||
Balance at end of year | 0 | |||||
Real Estate Under Development | Pier 4 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 24,584,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 24,584,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 153,048,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,584,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 153,048,000 | |||||
Total Carrying Value | 177,632,000 | |||||
Accumulated Depreciation | 0 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 177,632,000 | |||||
Balance at end of the year | 177,632,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 0 | |||||
Balance at end of year | 0 | |||||
Land | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 144,830,000 | |||||
Initial Costs, Buildings and Improvements | 2,768,000 | |||||
Total Initial Acquisition Costs | 147,598,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,655,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 151,891,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,362,000 | |||||
Total Carrying Value | 171,253,000 | |||||
Accumulated Depreciation | 4,215,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 171,253,000 | |||||
Balance at end of the year | 171,253,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 4,215,000 | |||||
Balance at end of year | 4,215,000 | |||||
Land | 2919 Wilshire | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,773,000 | |||||
Initial Costs, Buildings and Improvements | 527,000 | |||||
Total Initial Acquisition Costs | 7,300,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 880,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,773,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,407,000 | |||||
Total Carrying Value | 8,180,000 | |||||
Accumulated Depreciation | 527,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 8,180,000 | |||||
Balance at end of the year | 8,180,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 527,000 | |||||
Balance at end of year | 527,000 | |||||
Land | 3032 Wilshire | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 9,963,000 | |||||
Initial Costs, Buildings and Improvements | 788,000 | |||||
Total Initial Acquisition Costs | 10,751,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,642,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,963,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,430,000 | |||||
Total Carrying Value | 12,393,000 | |||||
Accumulated Depreciation | 788,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,393,000 | |||||
Balance at end of the year | 12,393,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 788,000 | |||||
Balance at end of year | 788,000 | |||||
Land | 7 Hardcourt | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 884,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 884,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,734,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 804,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 4,814,000 | |||||
Total Carrying Value | 5,618,000 | |||||
Accumulated Depreciation | 614,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 5,618,000 | |||||
Balance at end of the year | 5,618,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 614,000 | |||||
Balance at end of year | 614,000 | |||||
Land | Waterside | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 11,862,000 | |||||
Initial Costs, Buildings and Improvements | 93,000 | |||||
Total Initial Acquisition Costs | 11,955,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 189,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,084,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,000 | |||||
Total Carrying Value | 12,144,000 | |||||
Accumulated Depreciation | 263,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,144,000 | |||||
Balance at end of the year | 12,144,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 263,000 | |||||
Balance at end of year | 263,000 | |||||
Land | Vitruvian | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,325,000 | |||||
Initial Costs, Buildings and Improvements | 1,360,000 | |||||
Total Initial Acquisition Costs | 5,685,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,965,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,244,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,406,000 | |||||
Total Carrying Value | 13,650,000 | |||||
Accumulated Depreciation | 2,023,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 13,650,000 | |||||
Balance at end of the year | 13,650,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,023,000 | |||||
Balance at end of year | 2,023,000 | |||||
Land | Pacific City [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 78,085,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 78,085,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,962,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 78,085,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,962,000 | |||||
Total Carrying Value | 86,047,000 | |||||
Accumulated Depreciation | 0 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 86,047,000 | |||||
Balance at end of the year | 86,047,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 0 | |||||
Balance at end of year | 0 | |||||
Land | Graybar [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 32,938,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 32,938,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 283,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 32,938,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 283,000 | |||||
Total Carrying Value | 33,221,000 | |||||
Accumulated Depreciation | 0 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 33,221,000 | |||||
Balance at end of the year | 33,221,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 0 | |||||
Balance at end of year | 0 | |||||
Commercial Held for Development | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 32,351,000 | |||||
Initial Costs, Buildings and Improvements | 19,108,000 | |||||
Total Initial Acquisition Costs | 51,459,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,359,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,197,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,621,000 | |||||
Total Carrying Value | 62,818,000 | |||||
Accumulated Depreciation | 15,097,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 62,818,000 | |||||
Balance at end of the year | 62,818,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 15,097,000 | |||||
Balance at end of year | 15,097,000 | |||||
Commercial Held for Development | Hanover Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,624,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 1,624,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 0 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,104,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 520,000 | |||||
Total Carrying Value | 1,624,000 | |||||
Accumulated Depreciation | 553,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,624,000 | |||||
Balance at end of the year | 1,624,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 553,000 | |||||
Balance at end of year | 553,000 | |||||
Commercial Held for Development | Circle Towers Office Bldg | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,407,000 | |||||
Initial Costs, Buildings and Improvements | 4,498,000 | |||||
Total Initial Acquisition Costs | 5,905,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,516,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,041,000 | |||||
Total Carrying Value | 7,421,000 | |||||
Accumulated Depreciation | 2,232,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 7,421,000 | |||||
Balance at end of the year | 7,421,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,232,000 | |||||
Balance at end of year | 2,232,000 | |||||
Commercial Held for Development | Brookhaven Shopping Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,943,000 | |||||
Initial Costs, Buildings and Improvements | 7,093,000 | |||||
Total Initial Acquisition Costs | 12,036,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,537,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,793,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,780,000 | |||||
Total Carrying Value | 21,573,000 | |||||
Accumulated Depreciation | 11,676,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 21,573,000 | |||||
Balance at end of the year | 21,573,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 11,676,000 | |||||
Balance at end of year | 11,676,000 | |||||
Commercial Held for Development | Bellevue Plaza retail | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 24,377,000 | |||||
Initial Costs, Buildings and Improvements | 7,517,000 | |||||
Total Initial Acquisition Costs | 31,894,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 306,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 29,920,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,280,000 | |||||
Total Carrying Value | 32,200,000 | |||||
Accumulated Depreciation | 636,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 32,200,000 | |||||
Balance at end of the year | 32,200,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 636,000 | |||||
Balance at end of year | 636,000 | |||||
Commercial Held for Development | TOTAL COMMERCIAL & CORPORATE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 32,351,000 | |||||
Initial Costs, Buildings and Improvements | 19,108,000 | |||||
Total Initial Acquisition Costs | 51,459,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,540,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,197,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,802,000 | |||||
Total Carrying Value | 66,999,000 | |||||
Accumulated Depreciation | 15,144,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 66,999,000 | |||||
Balance at end of the year | 66,999,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 15,144,000 | |||||
Balance at end of year | 15,144,000 | |||||
Commercial Held for Development | Total Real Estate Owned | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 1,361,530,000 | |||||
Initial Costs, Land and Land Improvements | 1,788,420,000 | |||||
Initial Costs, Buildings and Improvements | 4,277,268,000 | |||||
Total Initial Acquisition Costs | 6,065,688,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,317,636,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,004,805,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,378,454,000 | |||||
Total Carrying Value | 8,383,259,000 | |||||
Accumulated Depreciation | 2,434,772,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 8,383,259,000 | |||||
Balance at end of the year | 8,383,259,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,434,772,000 | |||||
Balance at end of year | 2,434,772,000 | |||||
Western Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 500,587,000 | |||||
Initial Costs, Land and Land Improvements | 876,239,000 | |||||
Initial Costs, Buildings and Improvements | 1,549,573,000 | |||||
Total Initial Acquisition Costs | 2,425,812,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 984,777,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 950,931,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,459,658,000 | |||||
Total Carrying Value | 3,410,589,000 | |||||
Accumulated Depreciation | 938,886,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 3,410,589,000 | |||||
Balance at end of the year | 3,410,589,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 938,886,000 | |||||
Balance at end of year | 938,886,000 | |||||
Western Region | Harbor at Mesa Verde | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 50,358,000 | |||||
Initial Costs, Land and Land Improvements | 20,476,000 | |||||
Initial Costs, Buildings and Improvements | 28,538,000 | |||||
Total Initial Acquisition Costs | 49,014,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,949,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,058,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,905,000 | |||||
Total Carrying Value | 61,963,000 | |||||
Accumulated Depreciation | 26,242,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 61,963,000 | |||||
Balance at end of the year | 61,963,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 26,242,000 | |||||
Balance at end of year | 26,242,000 | |||||
Western Region | 27 Seventy FIve Mesa Verde [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,660,000 | |||||
Initial Costs, Land and Land Improvements | 99,329,000 | |||||
Initial Costs, Buildings and Improvements | 110,644,000 | |||||
Total Initial Acquisition Costs | 209,973,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 91,693,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 112,333,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 189,333,000 | |||||
Total Carrying Value | 301,666,000 | |||||
Accumulated Depreciation | 72,689,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 301,666,000 | |||||
Balance at end of the year | 301,666,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 72,689,000 | |||||
Balance at end of year | 72,689,000 | |||||
Western Region | Pacific Shores | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 34,112,000 | |||||
Initial Costs, Land and Land Improvements | 7,345,000 | |||||
Initial Costs, Buildings and Improvements | 22,624,000 | |||||
Total Initial Acquisition Costs | 29,969,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,150,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,759,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,360,000 | |||||
Total Carrying Value | 39,119,000 | |||||
Accumulated Depreciation | 19,665,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,119,000 | |||||
Balance at end of the year | 39,119,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,665,000 | |||||
Balance at end of year | 19,665,000 | |||||
Western Region | Huntington Vista | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 27,972,000 | |||||
Initial Costs, Land and Land Improvements | 8,055,000 | |||||
Initial Costs, Buildings and Improvements | 22,486,000 | |||||
Total Initial Acquisition Costs | 30,541,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,637,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,438,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,740,000 | |||||
Total Carrying Value | 38,178,000 | |||||
Accumulated Depreciation | 18,655,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 38,178,000 | |||||
Balance at end of the year | 38,178,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,655,000 | |||||
Balance at end of year | 18,655,000 | |||||
Western Region | Missions at Back Bay | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 229,000 | |||||
Initial Costs, Buildings and Improvements | 14,129,000 | |||||
Total Initial Acquisition Costs | 14,358,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,133,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,802,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 5,689,000 | |||||
Total Carrying Value | 16,491,000 | |||||
Accumulated Depreciation | 3,994,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 16,491,000 | |||||
Balance at end of the year | 16,491,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 3,994,000 | |||||
Balance at end of year | 3,994,000 | |||||
Western Region | Coronado at Newport b North | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 62,516,000 | |||||
Initial Costs, Buildings and Improvements | 46,082,000 | |||||
Total Initial Acquisition Costs | 108,598,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 24,693,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 66,756,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,535,000 | |||||
Total Carrying Value | 133,291,000 | |||||
Accumulated Depreciation | 41,982,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 133,291,000 | |||||
Balance at end of the year | 133,291,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 41,982,000 | |||||
Balance at end of year | 41,982,000 | |||||
Western Region | Huntington Villas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 50,771,000 | |||||
Initial Costs, Land and Land Improvements | 61,535,000 | |||||
Initial Costs, Buildings and Improvements | 18,017,000 | |||||
Total Initial Acquisition Costs | 79,552,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,132,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 62,223,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,461,000 | |||||
Total Carrying Value | 86,684,000 | |||||
Accumulated Depreciation | 16,061,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 86,684,000 | |||||
Balance at end of the year | 86,684,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,061,000 | |||||
Balance at end of year | 16,061,000 | |||||
Western Region | Vista Del Rey | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,670,000 | |||||
Initial Costs, Buildings and Improvements | 7,080,000 | |||||
Total Initial Acquisition Costs | 17,750,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,062,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,830,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,982,000 | |||||
Total Carrying Value | 19,812,000 | |||||
Accumulated Depreciation | 5,769,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,812,000 | |||||
Balance at end of the year | 19,812,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,769,000 | |||||
Balance at end of year | 5,769,000 | |||||
Western Region | Foxborough | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 12,071,000 | |||||
Initial Costs, Buildings and Improvements | 6,187,000 | |||||
Total Initial Acquisition Costs | 18,258,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,749,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,366,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,641,000 | |||||
Total Carrying Value | 21,007,000 | |||||
Accumulated Depreciation | 5,119,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 21,007,000 | |||||
Balance at end of the year | 21,007,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,119,000 | |||||
Balance at end of year | 5,119,000 | |||||
Western Region | Coronado South | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 58,785,000 | |||||
Initial Costs, Buildings and Improvements | 50,067,000 | |||||
Total Initial Acquisition Costs | 108,852,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,875,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 59,277,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,450,000 | |||||
Total Carrying Value | 126,727,000 | |||||
Accumulated Depreciation | 40,783,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 126,727,000 | |||||
Balance at end of the year | 126,727,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 40,783,000 | |||||
Balance at end of year | 40,783,000 | |||||
Western Region | 1818 Platinum Triangle | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 16,663,000 | |||||
Initial Costs, Buildings and Improvements | 51,905,000 | |||||
Total Initial Acquisition Costs | 68,568,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 470,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,693,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,345,000 | |||||
Total Carrying Value | 69,038,000 | |||||
Accumulated Depreciation | 13,682,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 69,038,000 | |||||
Balance at end of the year | 69,038,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,682,000 | |||||
Balance at end of year | 13,682,000 | |||||
Western Region | Beach & Ocean [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 12,878,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 12,878,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 38,160,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,007,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,031,000 | |||||
Total Carrying Value | 51,038,000 | |||||
Accumulated Depreciation | 347,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 51,038,000 | |||||
Balance at end of the year | 51,038,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 347,000 | |||||
Balance at end of year | 347,000 | |||||
Western Region | ORANGE COUNTY, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 193,873,000 | |||||
Initial Costs, Land and Land Improvements | 412,850,000 | |||||
Initial Costs, Buildings and Improvements | 377,759,000 | |||||
Total Initial Acquisition Costs | 790,609,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 412,386,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 443,008,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 759,987,000 | |||||
Total Carrying Value | 1,202,995,000 | |||||
Accumulated Depreciation | 280,469,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,202,995,000 | |||||
Balance at end of the year | 1,202,995,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 280,469,000 | |||||
Balance at end of year | 280,469,000 | |||||
Western Region | 2000 Post Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 9,861,000 | |||||
Initial Costs, Buildings and Improvements | 44,578,000 | |||||
Total Initial Acquisition Costs | 54,439,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,965,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,241,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,163,000 | |||||
Total Carrying Value | 63,404,000 | |||||
Accumulated Depreciation | 24,289,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 63,404,000 | |||||
Balance at end of the year | 63,404,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 24,289,000 | |||||
Balance at end of year | 24,289,000 | |||||
Western Region | Birch Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,365,000 | |||||
Initial Costs, Buildings and Improvements | 16,696,000 | |||||
Total Initial Acquisition Costs | 21,061,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,544,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,068,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,537,000 | |||||
Total Carrying Value | 27,605,000 | |||||
Accumulated Depreciation | 12,889,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 27,605,000 | |||||
Balance at end of the year | 27,605,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,889,000 | |||||
Balance at end of year | 12,889,000 | |||||
Western Region | Highlands Of Marin | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,996,000 | |||||
Initial Costs, Buildings and Improvements | 24,868,000 | |||||
Total Initial Acquisition Costs | 30,864,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 25,720,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,127,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,457,000 | |||||
Total Carrying Value | 56,584,000 | |||||
Accumulated Depreciation | 26,904,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 56,584,000 | |||||
Balance at end of the year | 56,584,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 26,904,000 | |||||
Balance at end of year | 26,904,000 | |||||
Western Region | Marina Playa | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,224,000 | |||||
Initial Costs, Buildings and Improvements | 23,916,000 | |||||
Total Initial Acquisition Costs | 30,140,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,482,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,908,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,714,000 | |||||
Total Carrying Value | 39,622,000 | |||||
Accumulated Depreciation | 18,351,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,622,000 | |||||
Balance at end of the year | 39,622,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,351,000 | |||||
Balance at end of year | 18,351,000 | |||||
Western Region | River Terrace | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,310,000 | |||||
Initial Costs, Land and Land Improvements | 22,161,000 | |||||
Initial Costs, Buildings and Improvements | 40,137,000 | |||||
Total Initial Acquisition Costs | 62,298,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,315,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,359,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,254,000 | |||||
Total Carrying Value | 65,613,000 | |||||
Accumulated Depreciation | 23,857,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 65,613,000 | |||||
Balance at end of the year | 65,613,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 23,857,000 | |||||
Balance at end of year | 23,857,000 | |||||
Western Region | CitySouth | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 14,031,000 | |||||
Initial Costs, Buildings and Improvements | 30,537,000 | |||||
Total Initial Acquisition Costs | 44,568,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 35,190,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,261,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,497,000 | |||||
Total Carrying Value | 79,758,000 | |||||
Accumulated Depreciation | 30,810,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 79,758,000 | |||||
Balance at end of the year | 79,758,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 30,810,000 | |||||
Balance at end of year | 30,810,000 | |||||
Western Region | Bay Terrace | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 8,545,000 | |||||
Initial Costs, Buildings and Improvements | 14,458,000 | |||||
Total Initial Acquisition Costs | 23,003,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,571,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,424,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,150,000 | |||||
Total Carrying Value | 27,574,000 | |||||
Accumulated Depreciation | 8,710,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 27,574,000 | |||||
Balance at end of the year | 27,574,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,710,000 | |||||
Balance at end of year | 8,710,000 | |||||
Western Region | Highlands of Marin Phase II | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,353,000 | |||||
Initial Costs, Buildings and Improvements | 18,559,000 | |||||
Total Initial Acquisition Costs | 23,912,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,059,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,753,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,218,000 | |||||
Total Carrying Value | 34,971,000 | |||||
Accumulated Depreciation | 13,438,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 34,971,000 | |||||
Balance at end of the year | 34,971,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,438,000 | |||||
Balance at end of year | 13,438,000 | |||||
Western Region | Edgewater | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 30,657,000 | |||||
Initial Costs, Buildings and Improvements | 83,872,000 | |||||
Total Initial Acquisition Costs | 114,529,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,261,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,687,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 87,103,000 | |||||
Total Carrying Value | 117,790,000 | |||||
Accumulated Depreciation | 34,141,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 117,790,000 | |||||
Balance at end of the year | 117,790,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 34,141,000 | |||||
Balance at end of year | 34,141,000 | |||||
Western Region | Almaden Lake Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 27,000,000 | |||||
Initial Costs, Land and Land Improvements | 594,000 | |||||
Initial Costs, Buildings and Improvements | 42,515,000 | |||||
Total Initial Acquisition Costs | 43,109,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,838,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 741,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,206,000 | |||||
Total Carrying Value | 47,947,000 | |||||
Accumulated Depreciation | 18,420,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 47,947,000 | |||||
Balance at end of the year | 47,947,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,420,000 | |||||
Balance at end of year | 18,420,000 | |||||
Western Region | 388 Beale | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 14,253,000 | |||||
Initial Costs, Buildings and Improvements | 74,104,000 | |||||
Total Initial Acquisition Costs | 88,357,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,511,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,276,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 78,592,000 | |||||
Total Carrying Value | 92,868,000 | |||||
Accumulated Depreciation | 16,399,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 92,868,000 | |||||
Balance at end of the year | 92,868,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,399,000 | |||||
Balance at end of year | 16,399,000 | |||||
Western Region | Channel @ Mission Bay [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 23,625,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 23,625,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 125,275,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,657,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 125,243,000 | |||||
Total Carrying Value | 148,900,000 | |||||
Accumulated Depreciation | 7,463,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 148,900,000 | |||||
Balance at end of the year | 148,900,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 7,463,000 | |||||
Balance at end of year | 7,463,000 | |||||
Western Region | 2000 Post III | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,756,000 | |||||
Initial Costs, Buildings and Improvements | 7,753,000 | |||||
Total Initial Acquisition Costs | 9,509,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,008,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,291,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,226,000 | |||||
Total Carrying Value | 12,517,000 | |||||
Accumulated Depreciation | 5,535,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,517,000 | |||||
Balance at end of the year | 12,517,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,535,000 | |||||
Balance at end of year | 5,535,000 | |||||
Western Region | SAN FRANCISCO, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 66,310,000 | |||||
Initial Costs, Land and Land Improvements | 147,421,000 | |||||
Initial Costs, Buildings and Improvements | 421,993,000 | |||||
Total Initial Acquisition Costs | 569,414,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 245,739,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 157,793,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 657,360,000 | |||||
Total Carrying Value | 815,153,000 | |||||
Accumulated Depreciation | 241,206,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 815,153,000 | |||||
Balance at end of the year | 815,153,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 241,206,000 | |||||
Balance at end of year | 241,206,000 | |||||
Western Region | Rosebeach | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 8,414,000 | |||||
Initial Costs, Buildings and Improvements | 17,449,000 | |||||
Total Initial Acquisition Costs | 25,863,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,945,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,584,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,224,000 | |||||
Total Carrying Value | 28,808,000 | |||||
Accumulated Depreciation | 11,880,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 28,808,000 | |||||
Balance at end of the year | 28,808,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 11,880,000 | |||||
Balance at end of year | 11,880,000 | |||||
Western Region | Ocean Villas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,135,000 | |||||
Initial Costs, Buildings and Improvements | 12,789,000 | |||||
Total Initial Acquisition Costs | 17,924,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,817,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,326,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,415,000 | |||||
Total Carrying Value | 19,741,000 | |||||
Accumulated Depreciation | 8,442,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,741,000 | |||||
Balance at end of the year | 19,741,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,442,000 | |||||
Balance at end of year | 8,442,000 | |||||
Western Region | Tierra Del Rey | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 32,635,000 | |||||
Initial Costs, Land and Land Improvements | 39,586,000 | |||||
Initial Costs, Buildings and Improvements | 36,679,000 | |||||
Total Initial Acquisition Costs | 76,265,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,008,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,647,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,626,000 | |||||
Total Carrying Value | 79,273,000 | |||||
Accumulated Depreciation | 16,561,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 79,273,000 | |||||
Balance at end of the year | 79,273,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,561,000 | |||||
Balance at end of year | 16,561,000 | |||||
Western Region | The Westerly | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 67,700,000 | |||||
Initial Costs, Land and Land Improvements | 48,182,000 | |||||
Initial Costs, Buildings and Improvements | 102,364,000 | |||||
Total Initial Acquisition Costs | 150,546,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 36,334,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,662,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 136,218,000 | |||||
Total Carrying Value | 186,880,000 | |||||
Accumulated Depreciation | 35,540,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 186,880,000 | |||||
Balance at end of the year | 186,880,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 35,540,000 | |||||
Balance at end of year | 35,540,000 | |||||
Western Region | Jefferson at Marina del Rey | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 55,651,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 55,651,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 89,717,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 61,262,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 84,106,000 | |||||
Total Carrying Value | 145,368,000 | |||||
Accumulated Depreciation | 27,682,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 145,368,000 | |||||
Balance at end of the year | 145,368,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 27,682,000 | |||||
Balance at end of year | 27,682,000 | |||||
Western Region | LOS ANGELES, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 100,335,000 | |||||
Initial Costs, Land and Land Improvements | 151,833,000 | |||||
Initial Costs, Buildings and Improvements | 156,492,000 | |||||
Total Initial Acquisition Costs | 308,325,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 132,004,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 160,155,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 280,174,000 | |||||
Total Carrying Value | 440,329,000 | |||||
Accumulated Depreciation | 91,663,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 440,329,000 | |||||
Balance at end of the year | 440,329,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 91,663,000 | |||||
Balance at end of year | 91,663,000 | |||||
Western Region | Crowne Pointe | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,486,000 | |||||
Initial Costs, Buildings and Improvements | 6,437,000 | |||||
Total Initial Acquisition Costs | 8,923,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,074,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,822,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,175,000 | |||||
Total Carrying Value | 13,997,000 | |||||
Accumulated Depreciation | 7,069,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 13,997,000 | |||||
Balance at end of the year | 13,997,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 7,069,000 | |||||
Balance at end of year | 7,069,000 | |||||
Western Region | Hilltop | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,174,000 | |||||
Initial Costs, Buildings and Improvements | 7,408,000 | |||||
Total Initial Acquisition Costs | 9,582,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,722,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,668,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,636,000 | |||||
Total Carrying Value | 13,304,000 | |||||
Accumulated Depreciation | 6,431,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 13,304,000 | |||||
Balance at end of the year | 13,304,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 6,431,000 | |||||
Balance at end of year | 6,431,000 | |||||
Western Region | The Hawthorne | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 35,500,000 | |||||
Initial Costs, Land and Land Improvements | 6,474,000 | |||||
Initial Costs, Buildings and Improvements | 30,226,000 | |||||
Total Initial Acquisition Costs | 36,700,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,187,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,575,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,312,000 | |||||
Total Carrying Value | 39,887,000 | |||||
Accumulated Depreciation | 18,512,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,887,000 | |||||
Balance at end of the year | 39,887,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,512,000 | |||||
Balance at end of year | 18,512,000 | |||||
Western Region | The Kennedy | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,179,000 | |||||
Initial Costs, Buildings and Improvements | 22,307,000 | |||||
Total Initial Acquisition Costs | 28,486,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,742,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,242,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,986,000 | |||||
Total Carrying Value | 30,228,000 | |||||
Accumulated Depreciation | 12,640,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 30,228,000 | |||||
Balance at end of the year | 30,228,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,640,000 | |||||
Balance at end of year | 12,640,000 | |||||
Western Region | Hearthstone at Merrill Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 22,957,000 | |||||
Initial Costs, Land and Land Improvements | 6,848,000 | |||||
Initial Costs, Buildings and Improvements | 30,922,000 | |||||
Total Initial Acquisition Costs | 37,770,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,180,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,984,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,966,000 | |||||
Total Carrying Value | 40,950,000 | |||||
Accumulated Depreciation | 13,370,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 40,950,000 | |||||
Balance at end of the year | 40,950,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,370,000 | |||||
Balance at end of year | 13,370,000 | |||||
Western Region | Island Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 21,284,000 | |||||
Initial Costs, Buildings and Improvements | 89,389,000 | |||||
Total Initial Acquisition Costs | 110,673,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,086,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,413,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 93,346,000 | |||||
Total Carrying Value | 114,759,000 | |||||
Accumulated Depreciation | 34,577,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 114,759,000 | |||||
Balance at end of the year | 114,759,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 34,577,000 | |||||
Balance at end of year | 34,577,000 | |||||
Western Region | Borgata | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,379,000 | |||||
Initial Costs, Buildings and Improvements | 24,569,000 | |||||
Total Initial Acquisition Costs | 30,948,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 722,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,404,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,287,000 | |||||
Total Carrying Value | 31,691,000 | |||||
Accumulated Depreciation | 11,013,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 31,691,000 | |||||
Balance at end of the year | 31,691,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 11,013,000 | |||||
Balance at end of year | 11,013,000 | |||||
Western Region | elements too | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 27,468,000 | |||||
Initial Costs, Buildings and Improvements | 72,036,000 | |||||
Total Initial Acquisition Costs | 99,504,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,258,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,100,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 83,662,000 | |||||
Total Carrying Value | 113,762,000 | |||||
Accumulated Depreciation | 33,927,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 113,762,000 | |||||
Balance at end of the year | 113,762,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 33,927,000 | |||||
Balance at end of year | 33,927,000 | |||||
Western Region | 989elements | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 8,541,000 | |||||
Initial Costs, Buildings and Improvements | 45,990,000 | |||||
Total Initial Acquisition Costs | 54,531,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,592,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,552,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,571,000 | |||||
Total Carrying Value | 56,123,000 | |||||
Accumulated Depreciation | 13,663,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 56,123,000 | |||||
Balance at end of the year | 56,123,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,663,000 | |||||
Balance at end of year | 13,663,000 | |||||
Western Region | Lightbox [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,449,000 | |||||
Initial Costs, Buildings and Improvements | 38,884,000 | |||||
Total Initial Acquisition Costs | 45,333,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 55,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,449,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,939,000 | |||||
Total Carrying Value | 45,388,000 | |||||
Accumulated Depreciation | 854,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 45,388,000 | |||||
Balance at end of the year | 45,388,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 854,000 | |||||
Balance at end of year | 854,000 | |||||
Western Region | Waterscape [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 9,693,000 | |||||
Initial Costs, Buildings and Improvements | 65,176,000 | |||||
Total Initial Acquisition Costs | 74,869,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 50,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,693,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,226,000 | |||||
Total Carrying Value | 74,919,000 | |||||
Accumulated Depreciation | 1,028,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 74,919,000 | |||||
Balance at end of the year | 74,919,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 1,028,000 | |||||
Balance at end of year | 1,028,000 | |||||
Western Region | SEATTLE, WA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 58,457,000 | |||||
Initial Costs, Land and Land Improvements | 103,975,000 | |||||
Initial Costs, Buildings and Improvements | 433,344,000 | |||||
Total Initial Acquisition Costs | 537,319,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,668,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 107,902,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 467,106,000 | |||||
Total Carrying Value | 575,008,000 | |||||
Accumulated Depreciation | 153,084,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 575,008,000 | |||||
Balance at end of the year | 575,008,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 153,084,000 | |||||
Balance at end of year | 153,084,000 | |||||
Western Region | Villas at Carlsbad | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,517,000 | |||||
Initial Costs, Buildings and Improvements | 10,718,000 | |||||
Total Initial Acquisition Costs | 17,235,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,181,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,763,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,653,000 | |||||
Total Carrying Value | 19,416,000 | |||||
Accumulated Depreciation | 7,330,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,416,000 | |||||
Balance at end of the year | 19,416,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 7,330,000 | |||||
Balance at end of year | 7,330,000 | |||||
Western Region | Boronda Manor | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,946,000 | |||||
Initial Costs, Buildings and Improvements | 8,982,000 | |||||
Total Initial Acquisition Costs | 10,928,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,398,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,169,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,136,000 | |||||
Total Carrying Value | 20,305,000 | |||||
Accumulated Depreciation | 8,611,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 20,305,000 | |||||
Balance at end of the year | 20,305,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,611,000 | |||||
Balance at end of year | 8,611,000 | |||||
Western Region | Garden Court | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 888,000 | |||||
Initial Costs, Buildings and Improvements | 4,188,000 | |||||
Total Initial Acquisition Costs | 5,076,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,304,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,552,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,828,000 | |||||
Total Carrying Value | 10,380,000 | |||||
Accumulated Depreciation | 4,603,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 10,380,000 | |||||
Balance at end of the year | 10,380,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 4,603,000 | |||||
Balance at end of year | 4,603,000 | |||||
Western Region | Cambridge Court | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,039,000 | |||||
Initial Costs, Buildings and Improvements | 12,883,000 | |||||
Total Initial Acquisition Costs | 15,922,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,266,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,274,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,914,000 | |||||
Total Carrying Value | 30,188,000 | |||||
Accumulated Depreciation | 13,065,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 30,188,000 | |||||
Balance at end of the year | 30,188,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,065,000 | |||||
Balance at end of year | 13,065,000 | |||||
Western Region | Laurel Tree | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,304,000 | |||||
Initial Costs, Buildings and Improvements | 5,115,000 | |||||
Total Initial Acquisition Costs | 6,419,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,872,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,139,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,152,000 | |||||
Total Carrying Value | 12,291,000 | |||||
Accumulated Depreciation | 5,264,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,291,000 | |||||
Balance at end of the year | 12,291,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,264,000 | |||||
Balance at end of year | 5,264,000 | |||||
Western Region | The Pointe At Harden Ranch | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,388,000 | |||||
Initial Costs, Buildings and Improvements | 23,854,000 | |||||
Total Initial Acquisition Costs | 30,242,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 25,703,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,848,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 46,097,000 | |||||
Total Carrying Value | 55,945,000 | |||||
Accumulated Depreciation | 23,292,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 55,945,000 | |||||
Balance at end of the year | 55,945,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 23,292,000 | |||||
Balance at end of year | 23,292,000 | |||||
Western Region | The Pointe At Northridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,044,000 | |||||
Initial Costs, Buildings and Improvements | 8,028,000 | |||||
Total Initial Acquisition Costs | 10,072,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,582,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,269,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,385,000 | |||||
Total Carrying Value | 19,654,000 | |||||
Accumulated Depreciation | 8,761,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,654,000 | |||||
Balance at end of the year | 19,654,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,761,000 | |||||
Balance at end of year | 8,761,000 | |||||
Western Region | The Pointe At Westlake | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,329,000 | |||||
Initial Costs, Buildings and Improvements | 5,334,000 | |||||
Total Initial Acquisition Costs | 6,663,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,207,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,154,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,716,000 | |||||
Total Carrying Value | 12,870,000 | |||||
Accumulated Depreciation | 5,276,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,870,000 | |||||
Balance at end of the year | 12,870,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,276,000 | |||||
Balance at end of year | 5,276,000 | |||||
Western Region | MONTEREY PENINSULA, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 16,938,000 | |||||
Initial Costs, Buildings and Improvements | 68,384,000 | |||||
Total Initial Acquisition Costs | 85,322,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 76,332,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,405,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 134,228,000 | |||||
Total Carrying Value | 161,633,000 | |||||
Accumulated Depreciation | 68,872,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 161,633,000 | |||||
Balance at end of the year | 161,633,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 68,872,000 | |||||
Balance at end of year | 68,872,000 | |||||
Western Region | Verano at Rancho Cucamonga Town Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 46,471,000 | |||||
Initial Costs, Land and Land Improvements | 13,557,000 | |||||
Initial Costs, Buildings and Improvements | 3,645,000 | |||||
Total Initial Acquisition Costs | 17,202,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 53,385,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,066,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,521,000 | |||||
Total Carrying Value | 70,587,000 | |||||
Accumulated Depreciation | 31,638,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 70,587,000 | |||||
Balance at end of the year | 70,587,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 31,638,000 | |||||
Balance at end of year | 31,638,000 | |||||
Western Region | Windemere at Sycamore Highland | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,810,000 | |||||
Initial Costs, Buildings and Improvements | 23,450,000 | |||||
Total Initial Acquisition Costs | 29,260,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,656,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,100,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,816,000 | |||||
Total Carrying Value | 31,916,000 | |||||
Accumulated Depreciation | 16,798,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 31,916,000 | |||||
Balance at end of the year | 31,916,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,798,000 | |||||
Balance at end of year | 16,798,000 | |||||
Western Region | Other Southern CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 46,471,000 | |||||
Initial Costs, Land and Land Improvements | 31,019,000 | |||||
Initial Costs, Buildings and Improvements | 50,602,000 | |||||
Total Initial Acquisition Costs | 81,621,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 60,039,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,255,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 100,405,000 | |||||
Total Carrying Value | 141,660,000 | |||||
Accumulated Depreciation | 64,208,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 141,660,000 | |||||
Balance at end of the year | 141,660,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 64,208,000 | |||||
Balance at end of year | 64,208,000 | |||||
Western Region | Tualatin Heights | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,273,000 | |||||
Initial Costs, Buildings and Improvements | 9,134,000 | |||||
Total Initial Acquisition Costs | 12,407,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,517,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,839,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,085,000 | |||||
Total Carrying Value | 18,924,000 | |||||
Accumulated Depreciation | 9,653,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 18,924,000 | |||||
Balance at end of the year | 18,924,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 9,653,000 | |||||
Balance at end of year | 9,653,000 | |||||
Western Region | Andover Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 16,818,000 | |||||
Initial Costs, Land and Land Improvements | 2,916,000 | |||||
Initial Costs, Buildings and Improvements | 16,995,000 | |||||
Total Initial Acquisition Costs | 19,911,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,174,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,210,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,875,000 | |||||
Total Carrying Value | 28,085,000 | |||||
Accumulated Depreciation | 16,127,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 28,085,000 | |||||
Balance at end of the year | 28,085,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,127,000 | |||||
Balance at end of year | 16,127,000 | |||||
Western Region | Hunt Club | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 18,323,000 | |||||
Initial Costs, Land and Land Improvements | 6,014,000 | |||||
Initial Costs, Buildings and Improvements | 14,870,000 | |||||
Total Initial Acquisition Costs | 20,884,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,918,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,364,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,438,000 | |||||
Total Carrying Value | 26,802,000 | |||||
Accumulated Depreciation | 13,604,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 26,802,000 | |||||
Balance at end of the year | 26,802,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,604,000 | |||||
Balance at end of year | 13,604,000 | |||||
Western Region | PORTLAND, OR | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 35,141,000 | |||||
Initial Costs, Land and Land Improvements | 12,203,000 | |||||
Initial Costs, Buildings and Improvements | 40,999,000 | |||||
Total Initial Acquisition Costs | 53,202,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,609,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,413,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,398,000 | |||||
Total Carrying Value | 73,811,000 | |||||
Accumulated Depreciation | 39,384,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 73,811,000 | |||||
Balance at end of the year | 73,811,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 39,384,000 | |||||
Balance at end of year | 39,384,000 | |||||
Western Region | The Residences at Bella Terra | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 25,000,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 25,000,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 125,801,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,080,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 125,721,000 | |||||
Total Carrying Value | 150,801,000 | |||||
Accumulated Depreciation | 11,032,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 150,801,000 | |||||
Balance at end of the year | 150,801,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 11,032,000 | |||||
Balance at end of year | 11,032,000 | |||||
Western Region | Los Alisos [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 17,298,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 17,298,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 69,882,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,386,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 70,794,000 | |||||
Total Carrying Value | 87,180,000 | |||||
Accumulated Depreciation | 4,449,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 87,180,000 | |||||
Balance at end of the year | 87,180,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 4,449,000 | |||||
Balance at end of year | 4,449,000 | |||||
Mid Atlantic Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 285,450,000 | |||||
Initial Costs, Land and Land Improvements | 222,920,000 | |||||
Initial Costs, Buildings and Improvements | 886,974,000 | |||||
Total Initial Acquisition Costs | 1,109,894,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 617,946,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 300,649,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,427,126,000 | |||||
Total Carrying Value | 1,727,775,000 | |||||
Accumulated Depreciation | 625,493,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,727,775,000 | |||||
Balance at end of the year | 1,727,775,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 625,493,000 | |||||
Balance at end of year | 625,493,000 | |||||
Mid Atlantic Region | Dominion Middle Ridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 29,820,000 | |||||
Initial Costs, Land and Land Improvements | 3,311,000 | |||||
Initial Costs, Buildings and Improvements | 13,283,000 | |||||
Total Initial Acquisition Costs | 16,594,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,738,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,823,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,509,000 | |||||
Total Carrying Value | 23,332,000 | |||||
Accumulated Depreciation | 13,634,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 23,332,000 | |||||
Balance at end of the year | 23,332,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,634,000 | |||||
Balance at end of year | 13,634,000 | |||||
Mid Atlantic Region | Dominion Lake Ridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 20,372,000 | |||||
Initial Costs, Land and Land Improvements | 2,366,000 | |||||
Initial Costs, Buildings and Improvements | 8,387,000 | |||||
Total Initial Acquisition Costs | 10,753,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,207,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,865,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,095,000 | |||||
Total Carrying Value | 16,960,000 | |||||
Accumulated Depreciation | 9,879,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 16,960,000 | |||||
Balance at end of the year | 16,960,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 9,879,000 | |||||
Balance at end of year | 9,879,000 | |||||
Mid Atlantic Region | Presidential Greens | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 11,238,000 | |||||
Initial Costs, Buildings and Improvements | 18,790,000 | |||||
Total Initial Acquisition Costs | 30,028,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,111,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,640,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 27,499,000 | |||||
Total Carrying Value | 39,139,000 | |||||
Accumulated Depreciation | 18,907,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,139,000 | |||||
Balance at end of the year | 39,139,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,907,000 | |||||
Balance at end of year | 18,907,000 | |||||
Mid Atlantic Region | The Whitmore | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,418,000 | |||||
Initial Costs, Buildings and Improvements | 13,411,000 | |||||
Total Initial Acquisition Costs | 19,829,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,350,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,493,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,686,000 | |||||
Total Carrying Value | 40,179,000 | |||||
Accumulated Depreciation | 21,571,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 40,179,000 | |||||
Balance at end of the year | 40,179,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 21,571,000 | |||||
Balance at end of year | 21,571,000 | |||||
Mid Atlantic Region | Ridgewood | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,612,000 | |||||
Initial Costs, Buildings and Improvements | 20,086,000 | |||||
Total Initial Acquisition Costs | 25,698,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,108,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,012,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 27,794,000 | |||||
Total Carrying Value | 33,806,000 | |||||
Accumulated Depreciation | 19,540,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 33,806,000 | |||||
Balance at end of the year | 33,806,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,540,000 | |||||
Balance at end of year | 19,540,000 | |||||
Mid Atlantic Region | Waterside Towers | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,139,000 | |||||
Initial Costs, Buildings and Improvements | 49,657,000 | |||||
Total Initial Acquisition Costs | 50,796,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,246,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,028,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,014,000 | |||||
Total Carrying Value | 66,042,000 | |||||
Accumulated Depreciation | 19,530,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 66,042,000 | |||||
Balance at end of the year | 66,042,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,530,000 | |||||
Balance at end of year | 19,530,000 | |||||
Mid Atlantic Region | Wellington Place at Olde Town | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 32,037,000 | |||||
Initial Costs, Land and Land Improvements | 13,753,000 | |||||
Initial Costs, Buildings and Improvements | 36,059,000 | |||||
Total Initial Acquisition Costs | 49,812,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,071,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,650,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,233,000 | |||||
Total Carrying Value | 66,883,000 | |||||
Accumulated Depreciation | 32,364,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 66,883,000 | |||||
Balance at end of the year | 66,883,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 32,364,000 | |||||
Balance at end of year | 32,364,000 | |||||
Mid Atlantic Region | Andover House | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 14,357,000 | |||||
Initial Costs, Buildings and Improvements | 51,577,000 | |||||
Total Initial Acquisition Costs | 65,934,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,173,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,373,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,669,000 | |||||
Total Carrying Value | 69,042,000 | |||||
Accumulated Depreciation | 24,673,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 69,042,000 | |||||
Balance at end of the year | 69,042,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 24,673,000 | |||||
Balance at end of year | 24,673,000 | |||||
Mid Atlantic Region | Sullivan Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,137,000 | |||||
Initial Costs, Buildings and Improvements | 103,676,000 | |||||
Total Initial Acquisition Costs | 104,813,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,604,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,373,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 109,044,000 | |||||
Total Carrying Value | 110,417,000 | |||||
Accumulated Depreciation | 44,942,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 110,417,000 | |||||
Balance at end of the year | 110,417,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 44,942,000 | |||||
Balance at end of year | 44,942,000 | |||||
Mid Atlantic Region | Circle Towers | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 70,606,000 | |||||
Initial Costs, Land and Land Improvements | 32,815,000 | |||||
Initial Costs, Buildings and Improvements | 107,051,000 | |||||
Total Initial Acquisition Costs | 139,866,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,812,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 33,105,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 117,573,000 | |||||
Total Carrying Value | 150,678,000 | |||||
Accumulated Depreciation | 45,360,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 150,678,000 | |||||
Balance at end of the year | 150,678,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 45,360,000 | |||||
Balance at end of year | 45,360,000 | |||||
Mid Atlantic Region | Delancey at Shirlington | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 21,606,000 | |||||
Initial Costs, Buildings and Improvements | 66,765,000 | |||||
Total Initial Acquisition Costs | 88,371,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,770,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,632,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,509,000 | |||||
Total Carrying Value | 90,141,000 | |||||
Accumulated Depreciation | 26,624,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 90,141,000 | |||||
Balance at end of the year | 90,141,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 26,624,000 | |||||
Balance at end of year | 26,624,000 | |||||
Mid Atlantic Region | View 14 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,710,000 | |||||
Initial Costs, Buildings and Improvements | 97,941,000 | |||||
Total Initial Acquisition Costs | 103,651,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,407,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,721,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 100,337,000 | |||||
Total Carrying Value | 106,058,000 | |||||
Accumulated Depreciation | 20,042,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 106,058,000 | |||||
Balance at end of the year | 106,058,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,042,000 | |||||
Balance at end of year | 20,042,000 | |||||
Mid Atlantic Region | Signal Hill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 13,290,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 13,290,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 69,526,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,399,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,417,000 | |||||
Total Carrying Value | 82,816,000 | |||||
Accumulated Depreciation | 20,799,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 82,816,000 | |||||
Balance at end of the year | 82,816,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,799,000 | |||||
Balance at end of year | 20,799,000 | |||||
Mid Atlantic Region | METROPOLITAN DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 184,172,000 | |||||
Initial Costs, Land and Land Improvements | 171,742,000 | |||||
Initial Costs, Buildings and Improvements | 599,469,000 | |||||
Total Initial Acquisition Costs | 771,211,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 440,149,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 232,261,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 979,034,000 | |||||
Total Carrying Value | 1,211,295,000 | |||||
Accumulated Depreciation | 335,868,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,211,295,000 | |||||
Balance at end of the year | 1,211,295,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 335,868,000 | |||||
Balance at end of year | 335,868,000 | |||||
Mid Atlantic Region | Dominion Kings Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 14,525,000 | |||||
Initial Costs, Land and Land Improvements | 1,565,000 | |||||
Initial Costs, Buildings and Improvements | 7,007,000 | |||||
Total Initial Acquisition Costs | 8,572,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,199,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,808,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,963,000 | |||||
Total Carrying Value | 12,771,000 | |||||
Accumulated Depreciation | 8,117,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,771,000 | |||||
Balance at end of the year | 12,771,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,117,000 | |||||
Balance at end of year | 8,117,000 | |||||
Mid Atlantic Region | Dominion At Eden Brook | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,361,000 | |||||
Initial Costs, Buildings and Improvements | 9,384,000 | |||||
Total Initial Acquisition Costs | 11,745,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,515,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,952,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,308,000 | |||||
Total Carrying Value | 18,260,000 | |||||
Accumulated Depreciation | 11,890,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 18,260,000 | |||||
Balance at end of the year | 18,260,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 11,890,000 | |||||
Balance at end of year | 11,890,000 | |||||
Mid Atlantic Region | Ellicott Grove | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,920,000 | |||||
Initial Costs, Buildings and Improvements | 9,099,000 | |||||
Total Initial Acquisition Costs | 12,019,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,075,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,306,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,788,000 | |||||
Total Carrying Value | 35,094,000 | |||||
Accumulated Depreciation | 22,140,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 35,094,000 | |||||
Balance at end of the year | 35,094,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 22,140,000 | |||||
Balance at end of year | 22,140,000 | |||||
Mid Atlantic Region | Dominion Constant Friendship | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 8,783,000 | |||||
Initial Costs, Land and Land Improvements | 903,000 | |||||
Initial Costs, Buildings and Improvements | 4,669,000 | |||||
Total Initial Acquisition Costs | 5,572,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,941,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,277,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,236,000 | |||||
Total Carrying Value | 9,513,000 | |||||
Accumulated Depreciation | 5,965,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 9,513,000 | |||||
Balance at end of the year | 9,513,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,965,000 | |||||
Balance at end of year | 5,965,000 | |||||
Mid Atlantic Region | Lakeside Mill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 12,569,000 | |||||
Initial Costs, Land and Land Improvements | 2,666,000 | |||||
Initial Costs, Buildings and Improvements | 10,109,000 | |||||
Total Initial Acquisition Costs | 12,775,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,581,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,985,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,371,000 | |||||
Total Carrying Value | 17,356,000 | |||||
Accumulated Depreciation | 10,818,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 17,356,000 | |||||
Balance at end of the year | 17,356,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 10,818,000 | |||||
Balance at end of year | 10,818,000 | |||||
Mid Atlantic Region | Tamar Meadow | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,145,000 | |||||
Initial Costs, Buildings and Improvements | 17,150,000 | |||||
Total Initial Acquisition Costs | 21,295,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,089,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,577,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,807,000 | |||||
Total Carrying Value | 26,384,000 | |||||
Accumulated Depreciation | 14,882,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 26,384,000 | |||||
Balance at end of the year | 26,384,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 14,882,000 | |||||
Balance at end of year | 14,882,000 | |||||
Mid Atlantic Region | Calvertbs Walk | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,408,000 | |||||
Initial Costs, Buildings and Improvements | 24,692,000 | |||||
Total Initial Acquisition Costs | 29,100,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,766,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,726,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,140,000 | |||||
Total Carrying Value | 35,866,000 | |||||
Accumulated Depreciation | 19,763,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 35,866,000 | |||||
Balance at end of the year | 35,866,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,763,000 | |||||
Balance at end of year | 19,763,000 | |||||
Mid Atlantic Region | Arborview Apartments | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,653,000 | |||||
Initial Costs, Buildings and Improvements | 23,952,000 | |||||
Total Initial Acquisition Costs | 28,605,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,731,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,209,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,127,000 | |||||
Total Carrying Value | 36,336,000 | |||||
Accumulated Depreciation | 20,296,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 36,336,000 | |||||
Balance at end of the year | 36,336,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,296,000 | |||||
Balance at end of year | 20,296,000 | |||||
Mid Atlantic Region | Liriope Apartments | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,620,000 | |||||
Initial Costs, Buildings and Improvements | 6,791,000 | |||||
Total Initial Acquisition Costs | 8,411,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,250,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,646,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,015,000 | |||||
Total Carrying Value | 9,661,000 | |||||
Accumulated Depreciation | 5,090,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 9,661,000 | |||||
Balance at end of the year | 9,661,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,090,000 | |||||
Balance at end of year | 5,090,000 | |||||
Mid Atlantic Region | 20 Lambourne | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,834,000 | |||||
Initial Costs, Land and Land Improvements | 11,750,000 | |||||
Initial Costs, Buildings and Improvements | 45,590,000 | |||||
Total Initial Acquisition Costs | 57,340,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,433,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,018,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 50,755,000 | |||||
Total Carrying Value | 62,773,000 | |||||
Accumulated Depreciation | 21,218,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 62,773,000 | |||||
Balance at end of the year | 62,773,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 21,218,000 | |||||
Balance at end of year | 21,218,000 | |||||
Mid Atlantic Region | Domain Brewers Hill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,669,000 | |||||
Initial Costs, Buildings and Improvements | 40,630,000 | |||||
Total Initial Acquisition Costs | 45,299,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 581,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,678,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,202,000 | |||||
Total Carrying Value | 45,880,000 | |||||
Accumulated Depreciation | 10,343,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 45,880,000 | |||||
Balance at end of the year | 45,880,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 10,343,000 | |||||
Balance at end of year | 10,343,000 | |||||
Mid Atlantic Region | BALTIMORE, MD | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 66,711,000 | |||||
Initial Costs, Land and Land Improvements | 41,660,000 | |||||
Initial Costs, Buildings and Improvements | 199,073,000 | |||||
Total Initial Acquisition Costs | 240,733,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 69,161,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 47,182,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 262,712,000 | |||||
Total Carrying Value | 309,894,000 | |||||
Accumulated Depreciation | 150,522,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 309,894,000 | |||||
Balance at end of the year | 309,894,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 150,522,000 | |||||
Balance at end of year | 150,522,000 | |||||
Mid Atlantic Region | Dominion English Hills | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,979,000 | |||||
Initial Costs, Buildings and Improvements | 11,524,000 | |||||
Total Initial Acquisition Costs | 13,503,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,224,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,873,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,854,000 | |||||
Total Carrying Value | 21,727,000 | |||||
Accumulated Depreciation | 11,134,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 21,727,000 | |||||
Balance at end of the year | 21,727,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 11,134,000 | |||||
Balance at end of year | 11,134,000 | |||||
Mid Atlantic Region | Gayton Pointe Townhomes | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 826,000 | |||||
Initial Costs, Buildings and Improvements | 5,148,000 | |||||
Total Initial Acquisition Costs | 5,974,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,434,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,420,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,988,000 | |||||
Total Carrying Value | 35,408,000 | |||||
Accumulated Depreciation | 25,999,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 35,408,000 | |||||
Balance at end of the year | 35,408,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 25,999,000 | |||||
Balance at end of year | 25,999,000 | |||||
Mid Atlantic Region | Waterside At Ironbridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,844,000 | |||||
Initial Costs, Buildings and Improvements | 13,239,000 | |||||
Total Initial Acquisition Costs | 15,083,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,335,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,299,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,119,000 | |||||
Total Carrying Value | 22,418,000 | |||||
Accumulated Depreciation | 13,123,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 22,418,000 | |||||
Balance at end of the year | 22,418,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,123,000 | |||||
Balance at end of year | 13,123,000 | |||||
Mid Atlantic Region | Carriage Homes at Wyndham | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 474,000 | |||||
Initial Costs, Buildings and Improvements | 30,997,000 | |||||
Total Initial Acquisition Costs | 31,471,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,560,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,801,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,230,000 | |||||
Total Carrying Value | 39,031,000 | |||||
Accumulated Depreciation | 23,205,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,031,000 | |||||
Balance at end of the year | 39,031,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 23,205,000 | |||||
Balance at end of year | 23,205,000 | |||||
Mid Atlantic Region | Legacy at Mayland | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 34,567,000 | |||||
Initial Costs, Land and Land Improvements | 0 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 0 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,954,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,975,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,979,000 | |||||
Total Carrying Value | 20,954,000 | |||||
Accumulated Depreciation | 18,906,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 20,954,000 | |||||
Balance at end of the year | 20,954,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,906,000 | |||||
Balance at end of year | 18,906,000 | |||||
Mid Atlantic Region | RICHMOND, VA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 34,567,000 | |||||
Initial Costs, Land and Land Improvements | 5,123,000 | |||||
Initial Costs, Buildings and Improvements | 60,908,000 | |||||
Total Initial Acquisition Costs | 66,031,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 73,507,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,368,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 125,170,000 | |||||
Total Carrying Value | 139,538,000 | |||||
Accumulated Depreciation | 92,367,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 139,538,000 | |||||
Balance at end of the year | 139,538,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 92,367,000 | |||||
Balance at end of year | 92,367,000 | |||||
Mid Atlantic Region | Eastwind | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 155,000 | |||||
Initial Costs, Buildings and Improvements | 5,317,000 | |||||
Total Initial Acquisition Costs | 5,472,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,374,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 659,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,187,000 | |||||
Total Carrying Value | 11,846,000 | |||||
Accumulated Depreciation | 9,145,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 11,846,000 | |||||
Balance at end of the year | 11,846,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 9,145,000 | |||||
Balance at end of year | 9,145,000 | |||||
Mid Atlantic Region | Dominion Waterside At Lynnhaven | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,824,000 | |||||
Initial Costs, Buildings and Improvements | 4,107,000 | |||||
Total Initial Acquisition Costs | 5,931,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,369,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,337,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,963,000 | |||||
Total Carrying Value | 12,300,000 | |||||
Accumulated Depreciation | 7,634,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,300,000 | |||||
Balance at end of the year | 12,300,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 7,634,000 | |||||
Balance at end of year | 7,634,000 | |||||
Mid Atlantic Region | Heather Lake | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 617,000 | |||||
Initial Costs, Buildings and Improvements | 3,400,000 | |||||
Total Initial Acquisition Costs | 4,017,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,120,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,205,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,932,000 | |||||
Total Carrying Value | 14,137,000 | |||||
Accumulated Depreciation | 12,126,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 14,137,000 | |||||
Balance at end of the year | 14,137,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,126,000 | |||||
Balance at end of year | 12,126,000 | |||||
Mid Atlantic Region | Dominion Yorkshire Downs | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,089,000 | |||||
Initial Costs, Buildings and Improvements | 8,582,000 | |||||
Total Initial Acquisition Costs | 9,671,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,123,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,594,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,200,000 | |||||
Total Carrying Value | 15,794,000 | |||||
Accumulated Depreciation | 9,290,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 15,794,000 | |||||
Balance at end of the year | 15,794,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 9,290,000 | |||||
Balance at end of year | 9,290,000 | |||||
Mid Atlantic Region | NORFOLK, VA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,685,000 | |||||
Initial Costs, Buildings and Improvements | 21,406,000 | |||||
Total Initial Acquisition Costs | 25,091,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 28,986,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,795,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,282,000 | |||||
Total Carrying Value | 54,077,000 | |||||
Accumulated Depreciation | 38,195,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 54,077,000 | |||||
Balance at end of the year | 54,077,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 38,195,000 | |||||
Balance at end of year | 38,195,000 | |||||
Mid Atlantic Region | Greens At Schumaker Pond | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 710,000 | |||||
Initial Costs, Buildings and Improvements | 6,118,000 | |||||
Total Initial Acquisition Costs | 6,828,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,143,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,043,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,928,000 | |||||
Total Carrying Value | 12,971,000 | |||||
Accumulated Depreciation | 8,541,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,971,000 | |||||
Balance at end of the year | 12,971,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,541,000 | |||||
Balance at end of year | 8,541,000 | |||||
Mid Atlantic Region | OTHER MID-ATLANTIC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 710,000 | |||||
Initial Costs, Buildings and Improvements | 6,118,000 | |||||
Total Initial Acquisition Costs | 6,828,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,143,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,043,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,928,000 | |||||
Total Carrying Value | 12,971,000 | |||||
Accumulated Depreciation | 8,541,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,971,000 | |||||
Balance at end of the year | 12,971,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,541,000 | |||||
Balance at end of year | 8,541,000 | |||||
Mid Atlantic Region | DelRey Tower [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 297,000 | |||||
Initial Costs, Buildings and Improvements | 12,786,000 | |||||
Total Initial Acquisition Costs | 13,083,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 111,790,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,447,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 115,426,000 | |||||
Total Carrying Value | 124,873,000 | |||||
Accumulated Depreciation | 2,382,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 124,873,000 | |||||
Balance at end of the year | 124,873,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,382,000 | |||||
Balance at end of year | 2,382,000 | |||||
Mid Atlantic Region | Capitol View on 14th | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 31,393,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 31,393,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 94,301,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,394,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 94,300,000 | |||||
Total Carrying Value | 125,694,000 | |||||
Accumulated Depreciation | 11,374,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 125,694,000 | |||||
Balance at end of the year | 125,694,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 11,374,000 | |||||
Balance at end of year | 11,374,000 | |||||
Mid Atlantic Region | Domain College Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 31,337,000 | |||||
Initial Costs, Land and Land Improvements | 7,300,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 7,300,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 57,935,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,306,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,929,000 | |||||
Total Carrying Value | 65,235,000 | |||||
Accumulated Depreciation | 4,247,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 65,235,000 | |||||
Balance at end of the year | 65,235,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 4,247,000 | |||||
Balance at end of year | 4,247,000 | |||||
Southeastern Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 172,646,000 | |||||
Initial Costs, Land and Land Improvements | 94,379,000 | |||||
Initial Costs, Buildings and Improvements | 378,689,000 | |||||
Total Initial Acquisition Costs | 473,068,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 313,371,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 128,777,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 657,662,000 | |||||
Total Carrying Value | 786,439,000 | |||||
Accumulated Depreciation | 445,033,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 786,439,000 | |||||
Balance at end of the year | 786,439,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 445,033,000 | |||||
Balance at end of year | 445,033,000 | |||||
Southeastern Region | Summit West | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,176,000 | |||||
Initial Costs, Buildings and Improvements | 4,710,000 | |||||
Total Initial Acquisition Costs | 6,886,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,513,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,236,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,163,000 | |||||
Total Carrying Value | 15,399,000 | |||||
Accumulated Depreciation | 10,443,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 15,399,000 | |||||
Balance at end of the year | 15,399,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 10,443,000 | |||||
Balance at end of year | 10,443,000 | |||||
Southeastern Region | The Breyley | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,780,000 | |||||
Initial Costs, Buildings and Improvements | 2,458,000 | |||||
Total Initial Acquisition Costs | 4,238,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,167,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,346,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,059,000 | |||||
Total Carrying Value | 21,405,000 | |||||
Accumulated Depreciation | 16,232,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 21,405,000 | |||||
Balance at end of the year | 21,405,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,232,000 | |||||
Balance at end of year | 16,232,000 | |||||
Southeastern Region | Lakewood Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 18,526,000 | |||||
Initial Costs, Land and Land Improvements | 1,395,000 | |||||
Initial Costs, Buildings and Improvements | 10,647,000 | |||||
Total Initial Acquisition Costs | 12,042,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,972,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,329,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,685,000 | |||||
Total Carrying Value | 21,014,000 | |||||
Accumulated Depreciation | 13,790,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 21,014,000 | |||||
Balance at end of the year | 21,014,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,790,000 | |||||
Balance at end of year | 13,790,000 | |||||
Southeastern Region | Bay Meadow | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,893,000 | |||||
Initial Costs, Buildings and Improvements | 9,254,000 | |||||
Total Initial Acquisition Costs | 12,147,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,416,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,277,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,286,000 | |||||
Total Carrying Value | 22,563,000 | |||||
Accumulated Depreciation | 13,550,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 22,563,000 | |||||
Balance at end of the year | 22,563,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,550,000 | |||||
Balance at end of year | 13,550,000 | |||||
Southeastern Region | Cambridge Woods | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 12,713,000 | |||||
Initial Costs, Land and Land Improvements | 1,791,000 | |||||
Initial Costs, Buildings and Improvements | 7,166,000 | |||||
Total Initial Acquisition Costs | 8,957,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,655,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,613,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,999,000 | |||||
Total Carrying Value | 17,612,000 | |||||
Accumulated Depreciation | 10,681,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 17,612,000 | |||||
Balance at end of the year | 17,612,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 10,681,000 | |||||
Balance at end of year | 10,681,000 | |||||
Southeastern Region | Sugar Mill Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,242,000 | |||||
Initial Costs, Buildings and Improvements | 7,553,000 | |||||
Total Initial Acquisition Costs | 9,795,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,846,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,734,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,907,000 | |||||
Total Carrying Value | 16,641,000 | |||||
Accumulated Depreciation | 8,998,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 16,641,000 | |||||
Balance at end of the year | 16,641,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,998,000 | |||||
Balance at end of year | 8,998,000 | |||||
Southeastern Region | Inlet Bay | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 7,702,000 | |||||
Initial Costs, Buildings and Improvements | 23,150,000 | |||||
Total Initial Acquisition Costs | 30,852,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,657,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,211,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,298,000 | |||||
Total Carrying Value | 45,509,000 | |||||
Accumulated Depreciation | 25,585,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 45,509,000 | |||||
Balance at end of the year | 45,509,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 25,585,000 | |||||
Balance at end of year | 25,585,000 | |||||
Southeastern Region | MacAlpine Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,869,000 | |||||
Initial Costs, Buildings and Improvements | 36,858,000 | |||||
Total Initial Acquisition Costs | 47,727,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,384,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,408,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,703,000 | |||||
Total Carrying Value | 55,111,000 | |||||
Accumulated Depreciation | 27,162,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 55,111,000 | |||||
Balance at end of the year | 55,111,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 27,162,000 | |||||
Balance at end of year | 27,162,000 | |||||
Southeastern Region | The Vintage Lofts at West End | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,611,000 | |||||
Initial Costs, Buildings and Improvements | 37,663,000 | |||||
Total Initial Acquisition Costs | 44,274,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,827,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,120,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,981,000 | |||||
Total Carrying Value | 60,101,000 | |||||
Accumulated Depreciation | 19,020,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 60,101,000 | |||||
Balance at end of the year | 60,101,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,020,000 | |||||
Balance at end of year | 19,020,000 | |||||
Southeastern Region | TAMPA, FL | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 31,239,000 | |||||
Initial Costs, Land and Land Improvements | 37,459,000 | |||||
Initial Costs, Buildings and Improvements | 139,459,000 | |||||
Total Initial Acquisition Costs | 176,918,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 98,437,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 54,274,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 221,081,000 | |||||
Total Carrying Value | 275,355,000 | |||||
Accumulated Depreciation | 145,461,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 275,355,000 | |||||
Balance at end of the year | 275,355,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 145,461,000 | |||||
Balance at end of year | 145,461,000 | |||||
Southeastern Region | Seabrook | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,846,000 | |||||
Initial Costs, Buildings and Improvements | 4,155,000 | |||||
Total Initial Acquisition Costs | 6,001,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,052,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,681,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,372,000 | |||||
Total Carrying Value | 14,053,000 | |||||
Accumulated Depreciation | 9,077,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 14,053,000 | |||||
Balance at end of the year | 14,053,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 9,077,000 | |||||
Balance at end of year | 9,077,000 | |||||
Southeastern Region | The Canopy Apartment Villas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,895,000 | |||||
Initial Costs, Buildings and Improvements | 6,456,000 | |||||
Total Initial Acquisition Costs | 9,351,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 21,457,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,470,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,338,000 | |||||
Total Carrying Value | 30,808,000 | |||||
Accumulated Depreciation | 22,904,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 30,808,000 | |||||
Balance at end of the year | 30,808,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 22,904,000 | |||||
Balance at end of year | 22,904,000 | |||||
Southeastern Region | Altamira Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,533,000 | |||||
Initial Costs, Buildings and Improvements | 11,076,000 | |||||
Total Initial Acquisition Costs | 12,609,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,241,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,450,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,400,000 | |||||
Total Carrying Value | 32,850,000 | |||||
Accumulated Depreciation | 24,329,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 32,850,000 | |||||
Balance at end of the year | 32,850,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 24,329,000 | |||||
Balance at end of year | 24,329,000 | |||||
Southeastern Region | Regatta Shore | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 757,000 | |||||
Initial Costs, Buildings and Improvements | 6,608,000 | |||||
Total Initial Acquisition Costs | 7,365,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,549,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,018,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,896,000 | |||||
Total Carrying Value | 22,914,000 | |||||
Accumulated Depreciation | 16,423,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 22,914,000 | |||||
Balance at end of the year | 22,914,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,423,000 | |||||
Balance at end of year | 16,423,000 | |||||
Southeastern Region | Alafaya Woods | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 18,064,000 | |||||
Initial Costs, Land and Land Improvements | 1,653,000 | |||||
Initial Costs, Buildings and Improvements | 9,042,000 | |||||
Total Initial Acquisition Costs | 10,695,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,911,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,522,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,084,000 | |||||
Total Carrying Value | 19,606,000 | |||||
Accumulated Depreciation | 12,624,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,606,000 | |||||
Balance at end of the year | 19,606,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,624,000 | |||||
Balance at end of year | 12,624,000 | |||||
Southeastern Region | Los Altos | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 21,942,000 | |||||
Initial Costs, Land and Land Improvements | 2,804,000 | |||||
Initial Costs, Buildings and Improvements | 12,349,000 | |||||
Total Initial Acquisition Costs | 15,153,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,494,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,020,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,627,000 | |||||
Total Carrying Value | 25,647,000 | |||||
Accumulated Depreciation | 14,273,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 25,647,000 | |||||
Balance at end of the year | 25,647,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 14,273,000 | |||||
Balance at end of year | 14,273,000 | |||||
Southeastern Region | Lotus Landing | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,185,000 | |||||
Initial Costs, Buildings and Improvements | 8,639,000 | |||||
Total Initial Acquisition Costs | 10,824,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,569,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,841,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,552,000 | |||||
Total Carrying Value | 20,393,000 | |||||
Accumulated Depreciation | 11,184,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 20,393,000 | |||||
Balance at end of the year | 20,393,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 11,184,000 | |||||
Balance at end of year | 11,184,000 | |||||
Southeastern Region | Seville On The Green | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,282,000 | |||||
Initial Costs, Buildings and Improvements | 6,498,000 | |||||
Total Initial Acquisition Costs | 7,780,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,722,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,705,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,797,000 | |||||
Total Carrying Value | 14,502,000 | |||||
Accumulated Depreciation | 8,546,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 14,502,000 | |||||
Balance at end of the year | 14,502,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,546,000 | |||||
Balance at end of year | 8,546,000 | |||||
Southeastern Region | Ashton @ Waterford | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 23,388,000 | |||||
Initial Costs, Land and Land Improvements | 3,872,000 | |||||
Initial Costs, Buildings and Improvements | 17,538,000 | |||||
Total Initial Acquisition Costs | 21,410,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,049,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,179,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,280,000 | |||||
Total Carrying Value | 25,459,000 | |||||
Accumulated Depreciation | 12,963,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 25,459,000 | |||||
Balance at end of the year | 25,459,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,963,000 | |||||
Balance at end of year | 12,963,000 | |||||
Southeastern Region | Arbors at Lee Vista DCO | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,692,000 | |||||
Initial Costs, Buildings and Improvements | 12,860,000 | |||||
Total Initial Acquisition Costs | 19,552,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,591,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,220,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,923,000 | |||||
Total Carrying Value | 32,143,000 | |||||
Accumulated Depreciation | 18,328,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 32,143,000 | |||||
Balance at end of the year | 32,143,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,328,000 | |||||
Balance at end of year | 18,328,000 | |||||
Southeastern Region | ORLANDO, FL | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 63,394,000 | |||||
Initial Costs, Land and Land Improvements | 25,519,000 | |||||
Initial Costs, Buildings and Improvements | 95,221,000 | |||||
Total Initial Acquisition Costs | 120,740,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 117,635,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,106,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 202,269,000 | |||||
Total Carrying Value | 238,375,000 | |||||
Accumulated Depreciation | 150,651,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 238,375,000 | |||||
Balance at end of the year | 238,375,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 150,651,000 | |||||
Balance at end of year | 150,651,000 | |||||
Southeastern Region | Legacy Hill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,148,000 | |||||
Initial Costs, Buildings and Improvements | 5,867,000 | |||||
Total Initial Acquisition Costs | 7,015,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,636,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,762,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,889,000 | |||||
Total Carrying Value | 15,651,000 | |||||
Accumulated Depreciation | 10,830,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 15,651,000 | |||||
Balance at end of the year | 15,651,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 10,830,000 | |||||
Balance at end of year | 10,830,000 | |||||
Southeastern Region | Hickory Run | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,469,000 | |||||
Initial Costs, Buildings and Improvements | 11,584,000 | |||||
Total Initial Acquisition Costs | 13,053,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,761,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,139,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,675,000 | |||||
Total Carrying Value | 22,814,000 | |||||
Accumulated Depreciation | 13,482,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 22,814,000 | |||||
Balance at end of the year | 22,814,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,482,000 | |||||
Balance at end of year | 13,482,000 | |||||
Southeastern Region | Carrington Hills | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,117,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 2,117,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 33,846,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,462,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,501,000 | |||||
Total Carrying Value | 35,963,000 | |||||
Accumulated Depreciation | 20,064,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 35,963,000 | |||||
Balance at end of the year | 35,963,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,064,000 | |||||
Balance at end of year | 20,064,000 | |||||
Southeastern Region | Brookridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 708,000 | |||||
Initial Costs, Buildings and Improvements | 5,461,000 | |||||
Total Initial Acquisition Costs | 6,169,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,500,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,143,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,526,000 | |||||
Total Carrying Value | 10,669,000 | |||||
Accumulated Depreciation | 6,641,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 10,669,000 | |||||
Balance at end of the year | 10,669,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 6,641,000 | |||||
Balance at end of year | 6,641,000 | |||||
Southeastern Region | Breckenridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 766,000 | |||||
Initial Costs, Buildings and Improvements | 7,714,000 | |||||
Total Initial Acquisition Costs | 8,480,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,357,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,258,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,579,000 | |||||
Total Carrying Value | 12,837,000 | |||||
Accumulated Depreciation | 7,704,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,837,000 | |||||
Balance at end of the year | 12,837,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 7,704,000 | |||||
Balance at end of year | 7,704,000 | |||||
Southeastern Region | Colonnade | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 16,677,000 | |||||
Initial Costs, Land and Land Improvements | 1,460,000 | |||||
Initial Costs, Buildings and Improvements | 16,015,000 | |||||
Total Initial Acquisition Costs | 17,475,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,934,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,946,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,463,000 | |||||
Total Carrying Value | 22,409,000 | |||||
Accumulated Depreciation | 11,461,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 22,409,000 | |||||
Balance at end of the year | 22,409,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 11,461,000 | |||||
Balance at end of year | 11,461,000 | |||||
Southeastern Region | The Preserve at Brentwood | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 22,157,000 | |||||
Initial Costs, Land and Land Improvements | 3,182,000 | |||||
Initial Costs, Buildings and Improvements | 24,674,000 | |||||
Total Initial Acquisition Costs | 27,856,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,276,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,508,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,624,000 | |||||
Total Carrying Value | 34,132,000 | |||||
Accumulated Depreciation | 19,951,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 34,132,000 | |||||
Balance at end of the year | 34,132,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,951,000 | |||||
Balance at end of year | 19,951,000 | |||||
Southeastern Region | Polo Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,583,000 | |||||
Initial Costs, Buildings and Improvements | 16,293,000 | |||||
Total Initial Acquisition Costs | 20,876,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,042,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,643,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,275,000 | |||||
Total Carrying Value | 36,918,000 | |||||
Accumulated Depreciation | 20,471,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 36,918,000 | |||||
Balance at end of the year | 36,918,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,471,000 | |||||
Balance at end of year | 20,471,000 | |||||
Southeastern Region | NASHVILLE, TN | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 38,834,000 | |||||
Initial Costs, Land and Land Improvements | 15,433,000 | |||||
Initial Costs, Buildings and Improvements | 87,608,000 | |||||
Total Initial Acquisition Costs | 103,041,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 88,352,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,861,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 169,532,000 | |||||
Total Carrying Value | 191,393,000 | |||||
Accumulated Depreciation | 110,604,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 191,393,000 | |||||
Balance at end of the year | 191,393,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 110,604,000 | |||||
Balance at end of year | 110,604,000 | |||||
Southeastern Region | The Reserve and Park at Riverbridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,179,000 | |||||
Initial Costs, Land and Land Improvements | 15,968,000 | |||||
Initial Costs, Buildings and Improvements | 56,401,000 | |||||
Total Initial Acquisition Costs | 72,369,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,947,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,536,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,780,000 | |||||
Total Carrying Value | 81,316,000 | |||||
Accumulated Depreciation | 38,317,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 81,316,000 | |||||
Balance at end of the year | 81,316,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 38,317,000 | |||||
Balance at end of year | 38,317,000 | |||||
Southeastern Region | OTHER FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,179,000 | |||||
Initial Costs, Land and Land Improvements | 15,968,000 | |||||
Initial Costs, Buildings and Improvements | 56,401,000 | |||||
Total Initial Acquisition Costs | 72,369,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,947,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,536,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,780,000 | |||||
Total Carrying Value | 81,316,000 | |||||
Accumulated Depreciation | 38,317,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 81,316,000 | |||||
Balance at end of the year | 81,316,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 38,317,000 | |||||
Balance at end of year | 38,317,000 | |||||
Northeast Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 269,748,000 | |||||
Initial Costs, Land and Land Improvements | 293,247,000 | |||||
Initial Costs, Buildings and Improvements | 1,182,479,000 | |||||
Total Initial Acquisition Costs | 1,475,726,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 126,125,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 292,681,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,309,170,000 | |||||
Total Carrying Value | 1,601,851,000 | |||||
Accumulated Depreciation | 256,550,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,601,851,000 | |||||
Balance at end of the year | 1,601,851,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 256,550,000 | |||||
Balance at end of year | 256,550,000 | |||||
Northeast Region | Garrison Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,591,000 | |||||
Initial Costs, Buildings and Improvements | 91,027,000 | |||||
Total Initial Acquisition Costs | 96,618,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,048,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,631,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 97,035,000 | |||||
Total Carrying Value | 102,666,000 | |||||
Accumulated Depreciation | 23,767,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 102,666,000 | |||||
Balance at end of the year | 102,666,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 23,767,000 | |||||
Balance at end of year | 23,767,000 | |||||
Northeast Region | Ridge at Blue Hills | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 22,839,000 | |||||
Initial Costs, Land and Land Improvements | 6,039,000 | |||||
Initial Costs, Buildings and Improvements | 34,869,000 | |||||
Total Initial Acquisition Costs | 40,908,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,238,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,102,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,044,000 | |||||
Total Carrying Value | 42,146,000 | |||||
Accumulated Depreciation | 9,052,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 42,146,000 | |||||
Balance at end of the year | 42,146,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 9,052,000 | |||||
Balance at end of year | 9,052,000 | |||||
Northeast Region | Inwood West | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 56,447,000 | |||||
Initial Costs, Land and Land Improvements | 20,778,000 | |||||
Initial Costs, Buildings and Improvements | 88,096,000 | |||||
Total Initial Acquisition Costs | 108,874,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,034,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,309,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 92,599,000 | |||||
Total Carrying Value | 111,908,000 | |||||
Accumulated Depreciation | 20,102,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 111,908,000 | |||||
Balance at end of the year | 111,908,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,102,000 | |||||
Balance at end of year | 20,102,000 | |||||
Northeast Region | 14 North | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,961,000 | |||||
Initial Costs, Buildings and Improvements | 51,175,000 | |||||
Total Initial Acquisition Costs | 62,136,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,563,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,999,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 55,700,000 | |||||
Total Carrying Value | 66,699,000 | |||||
Accumulated Depreciation | 12,750,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 66,699,000 | |||||
Balance at end of the year | 66,699,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,750,000 | |||||
Balance at end of year | 12,750,000 | |||||
Northeast Region | BOSTON, MA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 79,286,000 | |||||
Initial Costs, Land and Land Improvements | 43,369,000 | |||||
Initial Costs, Buildings and Improvements | 265,167,000 | |||||
Total Initial Acquisition Costs | 308,536,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,883,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 42,041,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 281,378,000 | |||||
Total Carrying Value | 323,419,000 | |||||
Accumulated Depreciation | 65,671,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 323,419,000 | |||||
Balance at end of the year | 323,419,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 65,671,000 | |||||
Balance at end of year | 65,671,000 | |||||
Northeast Region | 10 Hanover Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 190,462,000 | |||||
Initial Costs, Land and Land Improvements | 41,432,000 | |||||
Initial Costs, Buildings and Improvements | 218,983,000 | |||||
Total Initial Acquisition Costs | 260,415,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,396,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,481,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 227,330,000 | |||||
Total Carrying Value | 268,811,000 | |||||
Accumulated Depreciation | 42,678,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 268,811,000 | |||||
Balance at end of the year | 268,811,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 42,678,000 | |||||
Balance at end of year | 42,678,000 | |||||
Northeast Region | 21 Chelsea | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 36,399,000 | |||||
Initial Costs, Buildings and Improvements | 107,154,000 | |||||
Total Initial Acquisition Costs | 143,553,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,915,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,399,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 118,069,000 | |||||
Total Carrying Value | 154,468,000 | |||||
Accumulated Depreciation | 20,910,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 154,468,000 | |||||
Balance at end of the year | 154,468,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,910,000 | |||||
Balance at end of year | 20,910,000 | |||||
Northeast Region | View 34 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 114,410,000 | |||||
Initial Costs, Buildings and Improvements | 324,920,000 | |||||
Total Initial Acquisition Costs | 439,330,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 85,635,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 115,024,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 409,941,000 | |||||
Total Carrying Value | 524,965,000 | |||||
Accumulated Depreciation | 72,318,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 524,965,000 | |||||
Balance at end of the year | 524,965,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 72,318,000 | |||||
Balance at end of year | 72,318,000 | |||||
Northeast Region | 95 Wall Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 57,637,000 | |||||
Initial Costs, Buildings and Improvements | 266,255,000 | |||||
Total Initial Acquisition Costs | 323,892,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,296,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 57,736,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 272,452,000 | |||||
Total Carrying Value | 330,188,000 | |||||
Accumulated Depreciation | 54,973,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 330,188,000 | |||||
Balance at end of the year | 330,188,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 54,973,000 | |||||
Balance at end of year | 54,973,000 | |||||
Northeast Region | NEW YORK, NY | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 190,462,000 | |||||
Initial Costs, Land and Land Improvements | 249,878,000 | |||||
Initial Costs, Buildings and Improvements | 917,312,000 | |||||
Total Initial Acquisition Costs | 1,167,190,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 111,242,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 250,640,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,027,792,000 | |||||
Total Carrying Value | 1,278,432,000 | |||||
Accumulated Depreciation | 190,879,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,278,432,000 | |||||
Balance at end of the year | 1,278,432,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 190,879,000 | |||||
Balance at end of year | 190,879,000 | |||||
Southwestern Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 133,099,000 | |||||
Initial Costs, Land and Land Improvements | 99,870,000 | |||||
Initial Costs, Buildings and Improvements | 257,677,000 | |||||
Total Initial Acquisition Costs | 357,547,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 83,174,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 115,095,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 325,626,000 | |||||
Total Carrying Value | 440,721,000 | |||||
Accumulated Depreciation | 149,451,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 440,721,000 | |||||
Balance at end of the year | 440,721,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 149,451,000 | |||||
Balance at end of year | 149,451,000 | |||||
Southwestern Region | THIRTY377 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,023,000 | |||||
Initial Costs, Land and Land Improvements | 24,036,000 | |||||
Initial Costs, Buildings and Improvements | 32,951,000 | |||||
Total Initial Acquisition Costs | 56,987,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,162,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,311,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,838,000 | |||||
Total Carrying Value | 65,149,000 | |||||
Accumulated Depreciation | 21,663,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 65,149,000 | |||||
Balance at end of the year | 65,149,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 21,663,000 | |||||
Balance at end of year | 21,663,000 | |||||
Southwestern Region | Legacy Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 72,415,000 | |||||
Initial Costs, Land and Land Improvements | 16,882,000 | |||||
Initial Costs, Buildings and Improvements | 100,102,000 | |||||
Total Initial Acquisition Costs | 116,984,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,325,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,280,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 107,029,000 | |||||
Total Carrying Value | 124,309,000 | |||||
Accumulated Depreciation | 44,321,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 124,309,000 | |||||
Balance at end of the year | 124,309,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 44,321,000 | |||||
Balance at end of year | 44,321,000 | |||||
Southwestern Region | Garden Oaks | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,132,000 | |||||
Initial Costs, Buildings and Improvements | 5,367,000 | |||||
Total Initial Acquisition Costs | 7,499,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,631,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,936,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,194,000 | |||||
Total Carrying Value | 9,130,000 | |||||
Accumulated Depreciation | 1,842,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 9,130,000 | |||||
Balance at end of the year | 9,130,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 1,842,000 | |||||
Balance at end of year | 1,842,000 | |||||
Southwestern Region | Glenwood | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 7,903,000 | |||||
Initial Costs, Buildings and Improvements | 554,000 | |||||
Total Initial Acquisition Costs | 8,457,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,897,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,159,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,195,000 | |||||
Total Carrying Value | 10,354,000 | |||||
Accumulated Depreciation | 1,366,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 10,354,000 | |||||
Balance at end of the year | 10,354,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 1,366,000 | |||||
Balance at end of year | 1,366,000 | |||||
Southwestern Region | Talisker of Addison | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,440,000 | |||||
Initial Costs, Buildings and Improvements | 634,000 | |||||
Total Initial Acquisition Costs | 11,074,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,917,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,841,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,150,000 | |||||
Total Carrying Value | 12,991,000 | |||||
Accumulated Depreciation | 1,836,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,991,000 | |||||
Balance at end of the year | 12,991,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 1,836,000 | |||||
Balance at end of year | 1,836,000 | |||||
Southwestern Region | Springhaven | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,688,000 | |||||
Initial Costs, Buildings and Improvements | 3,354,000 | |||||
Total Initial Acquisition Costs | 10,042,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,289,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,350,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,981,000 | |||||
Total Carrying Value | 11,331,000 | |||||
Accumulated Depreciation | 2,231,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 11,331,000 | |||||
Balance at end of the year | 11,331,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,231,000 | |||||
Balance at end of year | 2,231,000 | |||||
Southwestern Region | Clipper Pointe | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 13,221,000 | |||||
Initial Costs, Buildings and Improvements | 2,507,000 | |||||
Total Initial Acquisition Costs | 15,728,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,398,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,948,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,178,000 | |||||
Total Carrying Value | 18,126,000 | |||||
Accumulated Depreciation | 2,618,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 18,126,000 | |||||
Balance at end of the year | 18,126,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,618,000 | |||||
Balance at end of year | 2,618,000 | |||||
Southwestern Region | Highlands of Preston | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,151,000 | |||||
Initial Costs, Buildings and Improvements | 8,168,000 | |||||
Total Initial Acquisition Costs | 10,319,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 31,139,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,989,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,469,000 | |||||
Total Carrying Value | 41,458,000 | |||||
Accumulated Depreciation | 24,269,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 41,458,000 | |||||
Balance at end of the year | 41,458,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 24,269,000 | |||||
Balance at end of year | 24,269,000 | |||||
Southwestern Region | DALLAS, TX | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 102,438,000 | |||||
Initial Costs, Land and Land Improvements | 83,453,000 | |||||
Initial Costs, Buildings and Improvements | 153,637,000 | |||||
Total Initial Acquisition Costs | 237,090,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 55,758,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 96,814,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 196,034,000 | |||||
Total Carrying Value | 292,848,000 | |||||
Accumulated Depreciation | 100,146,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 292,848,000 | |||||
Balance at end of the year | 292,848,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 100,146,000 | |||||
Balance at end of year | 100,146,000 | |||||
Southwestern Region | Barton Creek Landing | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,151,000 | |||||
Initial Costs, Buildings and Improvements | 14,269,000 | |||||
Total Initial Acquisition Costs | 17,420,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 22,118,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,807,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,731,000 | |||||
Total Carrying Value | 39,538,000 | |||||
Accumulated Depreciation | 20,260,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,538,000 | |||||
Balance at end of the year | 39,538,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,260,000 | |||||
Balance at end of year | 20,260,000 | |||||
Southwestern Region | Residences at the Domain | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,661,000 | |||||
Initial Costs, Land and Land Improvements | 4,034,000 | |||||
Initial Costs, Buildings and Improvements | 55,256,000 | |||||
Total Initial Acquisition Costs | 59,290,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,608,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,200,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,698,000 | |||||
Total Carrying Value | 61,898,000 | |||||
Accumulated Depreciation | 21,988,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 61,898,000 | |||||
Balance at end of the year | 61,898,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 21,988,000 | |||||
Balance at end of year | 21,988,000 | |||||
Southwestern Region | Red Stone Ranch | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,084,000 | |||||
Initial Costs, Buildings and Improvements | 17,646,000 | |||||
Total Initial Acquisition Costs | 22,730,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,625,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,115,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,240,000 | |||||
Total Carrying Value | 24,355,000 | |||||
Accumulated Depreciation | 3,687,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 24,355,000 | |||||
Balance at end of the year | 24,355,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 3,687,000 | |||||
Balance at end of year | 3,687,000 | |||||
Southwestern Region | Lakeline Villas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,148,000 | |||||
Initial Costs, Buildings and Improvements | 16,869,000 | |||||
Total Initial Acquisition Costs | 21,017,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,065,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,159,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,923,000 | |||||
Total Carrying Value | 22,082,000 | |||||
Accumulated Depreciation | 3,370,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 22,082,000 | |||||
Balance at end of the year | 22,082,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 3,370,000 | |||||
Balance at end of year | 3,370,000 | |||||
Southwestern Region | AUSTIN, TX | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,661,000 | |||||
Initial Costs, Land and Land Improvements | 16,417,000 | |||||
Initial Costs, Buildings and Improvements | 104,040,000 | |||||
Total Initial Acquisition Costs | 120,457,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 27,416,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 18,281,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 129,592,000 | |||||
Total Carrying Value | 147,873,000 | |||||
Accumulated Depreciation | 49,305,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 147,873,000 | |||||
Balance at end of the year | 147,873,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 49,305,000 | |||||
Balance at end of year | 49,305,000 | |||||
Corporate Joint Venture [Member] | ||||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Real estate acquired | 0 | 129,437,000 | 0 | |||
Retirement of fully depreciated assets | -112,344,000 | -356,303,000 | 0 | |||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Accumulated depreciation on retirements of fully depreciated assets | ($4,228,000) | ($20,662,000) | $0 | |||
[1] | Includes unallocated accruals and capital expenditures.The aggregate cost for federal income tax purposes was approximately $7.7 billion at December 31, 2014. The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. |
Schedule_III_Real_Estate_Owned3
Schedule III - Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Total Carrying Value | $8,383,259,000 | $8,207,977,000 | $8,055,828,000 | |||
Accumulated Depreciation | 2,434,772,000 | 2,208,794,000 | 1,924,682,000 | |||
Aggregate cost for federal income tax purposes | 7,700,000,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 8,207,977,000 | 8,055,828,000 | 8,074,471,000 | |||
Real estate acquired | 231,225,000 | 0 | 141,648,000 | |||
Capital expenditures and development | 326,461,000 | 452,057,000 | 422,480,000 | |||
Real estate sold | -140,000,000 | -269,681,000 | -70,687,000 | -559,154,000 | ||
Retirement of fully depreciated assets | 0 | 0 | -13,945,000 | |||
Hurricane related impairment of assets | -379,000 | -2,355,000 | -9,672,000 | |||
Balance at end of the year | 8,383,259,000 | 8,207,977,000 | 8,055,828,000 | |||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,208,794,000 | 1,924,682,000 | 1,831,727,000 | |||
Depreciation expense for the year | 356,673,000 | 339,326,000 | 340,800,000 | |||
Accumulated depreciation on sales | -126,151,000 | -34,794,000 | -233,207,000 | |||
Accumulated depreciation on retirements of fully depreciated asset | 0 | -1,132,000 | -13,945,000 | |||
Write off of accumulated depreciation on hurricane related impaired assets | -316,000 | 0 | -693,000 | |||
Balance at end of year | 2,434,772,000 | 2,208,794,000 | 1,924,682,000 | |||
Estimated depreciable lives of buildings range beginning | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable life for all buildings | 35 years | |||||
Estimated depreciable lives of buildings range end | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable life for all buildings | 55 years | |||||
Other | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | [1] | ||||
Initial Costs, Land and Land Improvements | 0 | [1] | ||||
Initial Costs, Buildings and Improvements | 0 | [1] | ||||
Total Initial Acquisition Costs | 0 | [1] | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,181,000 | [1] | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 0 | [1] | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 4,181,000 | [1] | ||||
Total Carrying Value | 4,181,000 | [1] | ||||
Accumulated Depreciation | 47,000 | [1] | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 4,181,000 | [1] | ||||
Balance at end of the year | 4,181,000 | [1] | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 47,000 | [1] | ||||
Balance at end of year | 47,000 | [1] | ||||
TOTAL CORPORATE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 0 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 0 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,181,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 0 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 4,181,000 | |||||
Total Carrying Value | 4,181,000 | |||||
Accumulated Depreciation | 47,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 4,181,000 | |||||
Balance at end of the year | 4,181,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 47,000 | |||||
Balance at end of year | 47,000 | |||||
Real Estate Under Development | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 24,584,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 24,584,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 153,048,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,584,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 153,048,000 | |||||
Total Carrying Value | 177,632,000 | |||||
Accumulated Depreciation | 0 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 177,632,000 | |||||
Balance at end of the year | 177,632,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 0 | |||||
Balance at end of year | 0 | |||||
Land | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 144,830,000 | |||||
Initial Costs, Buildings and Improvements | 2,768,000 | |||||
Total Initial Acquisition Costs | 147,598,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,655,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 151,891,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,362,000 | |||||
Total Carrying Value | 171,253,000 | |||||
Accumulated Depreciation | 4,215,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 171,253,000 | |||||
Balance at end of the year | 171,253,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 4,215,000 | |||||
Balance at end of year | 4,215,000 | |||||
Commercial Held for Development | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 32,351,000 | |||||
Initial Costs, Buildings and Improvements | 19,108,000 | |||||
Total Initial Acquisition Costs | 51,459,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,359,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,197,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,621,000 | |||||
Total Carrying Value | 62,818,000 | |||||
Accumulated Depreciation | 15,097,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 62,818,000 | |||||
Balance at end of the year | 62,818,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 15,097,000 | |||||
Balance at end of year | 15,097,000 | |||||
Commercial Held for Development | TOTAL COMMERCIAL & CORPORATE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 32,351,000 | |||||
Initial Costs, Buildings and Improvements | 19,108,000 | |||||
Total Initial Acquisition Costs | 51,459,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,540,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,197,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,802,000 | |||||
Total Carrying Value | 66,999,000 | |||||
Accumulated Depreciation | 15,144,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 66,999,000 | |||||
Balance at end of the year | 66,999,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 15,144,000 | |||||
Balance at end of year | 15,144,000 | |||||
Commercial Held for Development | Total Real Estate Owned | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 1,361,530,000 | |||||
Initial Costs, Land and Land Improvements | 1,788,420,000 | |||||
Initial Costs, Buildings and Improvements | 4,277,268,000 | |||||
Total Initial Acquisition Costs | 6,065,688,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,317,636,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,004,805,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,378,454,000 | |||||
Total Carrying Value | 8,383,259,000 | |||||
Accumulated Depreciation | 2,434,772,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 8,383,259,000 | |||||
Balance at end of the year | 8,383,259,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,434,772,000 | |||||
Balance at end of year | 2,434,772,000 | |||||
Western Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 500,587,000 | |||||
Initial Costs, Land and Land Improvements | 876,239,000 | |||||
Initial Costs, Buildings and Improvements | 1,549,573,000 | |||||
Total Initial Acquisition Costs | 2,425,812,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 984,777,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 950,931,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,459,658,000 | |||||
Total Carrying Value | 3,410,589,000 | |||||
Accumulated Depreciation | 938,886,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 3,410,589,000 | |||||
Balance at end of the year | 3,410,589,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 938,886,000 | |||||
Balance at end of year | 938,886,000 | |||||
Western Region | Harbor at Mesa Verde | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 50,358,000 | |||||
Initial Costs, Land and Land Improvements | 20,476,000 | |||||
Initial Costs, Buildings and Improvements | 28,538,000 | |||||
Total Initial Acquisition Costs | 49,014,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,949,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,058,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,905,000 | |||||
Total Carrying Value | 61,963,000 | |||||
Accumulated Depreciation | 26,242,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 61,963,000 | |||||
Balance at end of the year | 61,963,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 26,242,000 | |||||
Balance at end of year | 26,242,000 | |||||
Western Region | 27 Seventy FIve Mesa Verde [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,660,000 | |||||
Initial Costs, Land and Land Improvements | 99,329,000 | |||||
Initial Costs, Buildings and Improvements | 110,644,000 | |||||
Total Initial Acquisition Costs | 209,973,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 91,693,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 112,333,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 189,333,000 | |||||
Total Carrying Value | 301,666,000 | |||||
Accumulated Depreciation | 72,689,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 301,666,000 | |||||
Balance at end of the year | 301,666,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 72,689,000 | |||||
Balance at end of year | 72,689,000 | |||||
Western Region | Pacific Shores | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 34,112,000 | |||||
Initial Costs, Land and Land Improvements | 7,345,000 | |||||
Initial Costs, Buildings and Improvements | 22,624,000 | |||||
Total Initial Acquisition Costs | 29,969,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,150,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,759,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,360,000 | |||||
Total Carrying Value | 39,119,000 | |||||
Accumulated Depreciation | 19,665,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,119,000 | |||||
Balance at end of the year | 39,119,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,665,000 | |||||
Balance at end of year | 19,665,000 | |||||
Western Region | Huntington Vista | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 27,972,000 | |||||
Initial Costs, Land and Land Improvements | 8,055,000 | |||||
Initial Costs, Buildings and Improvements | 22,486,000 | |||||
Total Initial Acquisition Costs | 30,541,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,637,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,438,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,740,000 | |||||
Total Carrying Value | 38,178,000 | |||||
Accumulated Depreciation | 18,655,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 38,178,000 | |||||
Balance at end of the year | 38,178,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,655,000 | |||||
Balance at end of year | 18,655,000 | |||||
Western Region | Missions at Back Bay | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 229,000 | |||||
Initial Costs, Buildings and Improvements | 14,129,000 | |||||
Total Initial Acquisition Costs | 14,358,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,133,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,802,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 5,689,000 | |||||
Total Carrying Value | 16,491,000 | |||||
Accumulated Depreciation | 3,994,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 16,491,000 | |||||
Balance at end of the year | 16,491,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 3,994,000 | |||||
Balance at end of year | 3,994,000 | |||||
Western Region | Coronado at Newport b North | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 62,516,000 | |||||
Initial Costs, Buildings and Improvements | 46,082,000 | |||||
Total Initial Acquisition Costs | 108,598,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 24,693,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 66,756,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,535,000 | |||||
Total Carrying Value | 133,291,000 | |||||
Accumulated Depreciation | 41,982,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 133,291,000 | |||||
Balance at end of the year | 133,291,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 41,982,000 | |||||
Balance at end of year | 41,982,000 | |||||
Western Region | Huntington Villas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 50,771,000 | |||||
Initial Costs, Land and Land Improvements | 61,535,000 | |||||
Initial Costs, Buildings and Improvements | 18,017,000 | |||||
Total Initial Acquisition Costs | 79,552,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,132,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 62,223,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,461,000 | |||||
Total Carrying Value | 86,684,000 | |||||
Accumulated Depreciation | 16,061,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 86,684,000 | |||||
Balance at end of the year | 86,684,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,061,000 | |||||
Balance at end of year | 16,061,000 | |||||
Western Region | Vista Del Rey | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,670,000 | |||||
Initial Costs, Buildings and Improvements | 7,080,000 | |||||
Total Initial Acquisition Costs | 17,750,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,062,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,830,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,982,000 | |||||
Total Carrying Value | 19,812,000 | |||||
Accumulated Depreciation | 5,769,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,812,000 | |||||
Balance at end of the year | 19,812,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,769,000 | |||||
Balance at end of year | 5,769,000 | |||||
Western Region | Coronado South | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 58,785,000 | |||||
Initial Costs, Buildings and Improvements | 50,067,000 | |||||
Total Initial Acquisition Costs | 108,852,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,875,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 59,277,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,450,000 | |||||
Total Carrying Value | 126,727,000 | |||||
Accumulated Depreciation | 40,783,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 126,727,000 | |||||
Balance at end of the year | 126,727,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 40,783,000 | |||||
Balance at end of year | 40,783,000 | |||||
Western Region | ORANGE COUNTY, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 193,873,000 | |||||
Initial Costs, Land and Land Improvements | 412,850,000 | |||||
Initial Costs, Buildings and Improvements | 377,759,000 | |||||
Total Initial Acquisition Costs | 790,609,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 412,386,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 443,008,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 759,987,000 | |||||
Total Carrying Value | 1,202,995,000 | |||||
Accumulated Depreciation | 280,469,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,202,995,000 | |||||
Balance at end of the year | 1,202,995,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 280,469,000 | |||||
Balance at end of year | 280,469,000 | |||||
Western Region | 2000 Post Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 9,861,000 | |||||
Initial Costs, Buildings and Improvements | 44,578,000 | |||||
Total Initial Acquisition Costs | 54,439,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,965,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,241,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,163,000 | |||||
Total Carrying Value | 63,404,000 | |||||
Accumulated Depreciation | 24,289,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 63,404,000 | |||||
Balance at end of the year | 63,404,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 24,289,000 | |||||
Balance at end of year | 24,289,000 | |||||
Western Region | Birch Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,365,000 | |||||
Initial Costs, Buildings and Improvements | 16,696,000 | |||||
Total Initial Acquisition Costs | 21,061,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,544,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,068,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,537,000 | |||||
Total Carrying Value | 27,605,000 | |||||
Accumulated Depreciation | 12,889,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 27,605,000 | |||||
Balance at end of the year | 27,605,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,889,000 | |||||
Balance at end of year | 12,889,000 | |||||
Western Region | Highlands Of Marin | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,996,000 | |||||
Initial Costs, Buildings and Improvements | 24,868,000 | |||||
Total Initial Acquisition Costs | 30,864,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 25,720,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,127,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,457,000 | |||||
Total Carrying Value | 56,584,000 | |||||
Accumulated Depreciation | 26,904,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 56,584,000 | |||||
Balance at end of the year | 56,584,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 26,904,000 | |||||
Balance at end of year | 26,904,000 | |||||
Western Region | Marina Playa | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,224,000 | |||||
Initial Costs, Buildings and Improvements | 23,916,000 | |||||
Total Initial Acquisition Costs | 30,140,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,482,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,908,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,714,000 | |||||
Total Carrying Value | 39,622,000 | |||||
Accumulated Depreciation | 18,351,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,622,000 | |||||
Balance at end of the year | 39,622,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,351,000 | |||||
Balance at end of year | 18,351,000 | |||||
Western Region | The Westerly | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 67,700,000 | |||||
Initial Costs, Land and Land Improvements | 48,182,000 | |||||
Initial Costs, Buildings and Improvements | 102,364,000 | |||||
Total Initial Acquisition Costs | 150,546,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 36,334,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,662,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 136,218,000 | |||||
Total Carrying Value | 186,880,000 | |||||
Accumulated Depreciation | 35,540,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 186,880,000 | |||||
Balance at end of the year | 186,880,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 35,540,000 | |||||
Balance at end of year | 35,540,000 | |||||
Western Region | River Terrace | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,310,000 | |||||
Initial Costs, Land and Land Improvements | 22,161,000 | |||||
Initial Costs, Buildings and Improvements | 40,137,000 | |||||
Total Initial Acquisition Costs | 62,298,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,315,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,359,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,254,000 | |||||
Total Carrying Value | 65,613,000 | |||||
Accumulated Depreciation | 23,857,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 65,613,000 | |||||
Balance at end of the year | 65,613,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 23,857,000 | |||||
Balance at end of year | 23,857,000 | |||||
Western Region | CitySouth | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 14,031,000 | |||||
Initial Costs, Buildings and Improvements | 30,537,000 | |||||
Total Initial Acquisition Costs | 44,568,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 35,190,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,261,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,497,000 | |||||
Total Carrying Value | 79,758,000 | |||||
Accumulated Depreciation | 30,810,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 79,758,000 | |||||
Balance at end of the year | 79,758,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 30,810,000 | |||||
Balance at end of year | 30,810,000 | |||||
Western Region | Bay Terrace | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 8,545,000 | |||||
Initial Costs, Buildings and Improvements | 14,458,000 | |||||
Total Initial Acquisition Costs | 23,003,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,571,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,424,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,150,000 | |||||
Total Carrying Value | 27,574,000 | |||||
Accumulated Depreciation | 8,710,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 27,574,000 | |||||
Balance at end of the year | 27,574,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,710,000 | |||||
Balance at end of year | 8,710,000 | |||||
Western Region | Highlands of Marin Phase II | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,353,000 | |||||
Initial Costs, Buildings and Improvements | 18,559,000 | |||||
Total Initial Acquisition Costs | 23,912,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,059,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,753,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,218,000 | |||||
Total Carrying Value | 34,971,000 | |||||
Accumulated Depreciation | 13,438,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 34,971,000 | |||||
Balance at end of the year | 34,971,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,438,000 | |||||
Balance at end of year | 13,438,000 | |||||
Western Region | Edgewater | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 30,657,000 | |||||
Initial Costs, Buildings and Improvements | 83,872,000 | |||||
Total Initial Acquisition Costs | 114,529,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,261,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,687,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 87,103,000 | |||||
Total Carrying Value | 117,790,000 | |||||
Accumulated Depreciation | 34,141,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 117,790,000 | |||||
Balance at end of the year | 117,790,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 34,141,000 | |||||
Balance at end of year | 34,141,000 | |||||
Western Region | Almaden Lake Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 27,000,000 | |||||
Initial Costs, Land and Land Improvements | 594,000 | |||||
Initial Costs, Buildings and Improvements | 42,515,000 | |||||
Total Initial Acquisition Costs | 43,109,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,838,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 741,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,206,000 | |||||
Total Carrying Value | 47,947,000 | |||||
Accumulated Depreciation | 18,420,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 47,947,000 | |||||
Balance at end of the year | 47,947,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,420,000 | |||||
Balance at end of year | 18,420,000 | |||||
Western Region | SAN FRANCISCO, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 66,310,000 | |||||
Initial Costs, Land and Land Improvements | 147,421,000 | |||||
Initial Costs, Buildings and Improvements | 421,993,000 | |||||
Total Initial Acquisition Costs | 569,414,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 245,739,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 157,793,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 657,360,000 | |||||
Total Carrying Value | 815,153,000 | |||||
Accumulated Depreciation | 241,206,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 815,153,000 | |||||
Balance at end of the year | 815,153,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 241,206,000 | |||||
Balance at end of year | 241,206,000 | |||||
Western Region | Rosebeach | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 8,414,000 | |||||
Initial Costs, Buildings and Improvements | 17,449,000 | |||||
Total Initial Acquisition Costs | 25,863,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,945,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,584,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,224,000 | |||||
Total Carrying Value | 28,808,000 | |||||
Accumulated Depreciation | 11,880,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 28,808,000 | |||||
Balance at end of the year | 28,808,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 11,880,000 | |||||
Balance at end of year | 11,880,000 | |||||
Western Region | Ocean Villas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,135,000 | |||||
Initial Costs, Buildings and Improvements | 12,789,000 | |||||
Total Initial Acquisition Costs | 17,924,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,817,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,326,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,415,000 | |||||
Total Carrying Value | 19,741,000 | |||||
Accumulated Depreciation | 8,442,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,741,000 | |||||
Balance at end of the year | 19,741,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,442,000 | |||||
Balance at end of year | 8,442,000 | |||||
Western Region | Other Southern CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 46,471,000 | |||||
Initial Costs, Land and Land Improvements | 31,019,000 | |||||
Initial Costs, Buildings and Improvements | 50,602,000 | |||||
Total Initial Acquisition Costs | 81,621,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 60,039,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,255,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 100,405,000 | |||||
Total Carrying Value | 141,660,000 | |||||
Accumulated Depreciation | 64,208,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 141,660,000 | |||||
Balance at end of the year | 141,660,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 64,208,000 | |||||
Balance at end of year | 64,208,000 | |||||
Western Region | Tierra Del Rey | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 32,635,000 | |||||
Initial Costs, Land and Land Improvements | 39,586,000 | |||||
Initial Costs, Buildings and Improvements | 36,679,000 | |||||
Total Initial Acquisition Costs | 76,265,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,008,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,647,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,626,000 | |||||
Total Carrying Value | 79,273,000 | |||||
Accumulated Depreciation | 16,561,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 79,273,000 | |||||
Balance at end of the year | 79,273,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,561,000 | |||||
Balance at end of year | 16,561,000 | |||||
Western Region | LOS ANGELES, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 100,335,000 | |||||
Initial Costs, Land and Land Improvements | 151,833,000 | |||||
Initial Costs, Buildings and Improvements | 156,492,000 | |||||
Total Initial Acquisition Costs | 308,325,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 132,004,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 160,155,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 280,174,000 | |||||
Total Carrying Value | 440,329,000 | |||||
Accumulated Depreciation | 91,663,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 440,329,000 | |||||
Balance at end of the year | 440,329,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 91,663,000 | |||||
Balance at end of year | 91,663,000 | |||||
Western Region | Crowne Pointe | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,486,000 | |||||
Initial Costs, Buildings and Improvements | 6,437,000 | |||||
Total Initial Acquisition Costs | 8,923,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,074,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,822,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,175,000 | |||||
Total Carrying Value | 13,997,000 | |||||
Accumulated Depreciation | 7,069,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 13,997,000 | |||||
Balance at end of the year | 13,997,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 7,069,000 | |||||
Balance at end of year | 7,069,000 | |||||
Western Region | Hilltop | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,174,000 | |||||
Initial Costs, Buildings and Improvements | 7,408,000 | |||||
Total Initial Acquisition Costs | 9,582,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,722,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,668,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,636,000 | |||||
Total Carrying Value | 13,304,000 | |||||
Accumulated Depreciation | 6,431,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 13,304,000 | |||||
Balance at end of the year | 13,304,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 6,431,000 | |||||
Balance at end of year | 6,431,000 | |||||
Western Region | The Kennedy | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,179,000 | |||||
Initial Costs, Buildings and Improvements | 22,307,000 | |||||
Total Initial Acquisition Costs | 28,486,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,742,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,242,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,986,000 | |||||
Total Carrying Value | 30,228,000 | |||||
Accumulated Depreciation | 12,640,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 30,228,000 | |||||
Balance at end of the year | 30,228,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,640,000 | |||||
Balance at end of year | 12,640,000 | |||||
Western Region | Hearthstone at Merrill Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 22,957,000 | |||||
Initial Costs, Land and Land Improvements | 6,848,000 | |||||
Initial Costs, Buildings and Improvements | 30,922,000 | |||||
Total Initial Acquisition Costs | 37,770,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,180,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,984,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,966,000 | |||||
Total Carrying Value | 40,950,000 | |||||
Accumulated Depreciation | 13,370,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 40,950,000 | |||||
Balance at end of the year | 40,950,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,370,000 | |||||
Balance at end of year | 13,370,000 | |||||
Western Region | Island Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 21,284,000 | |||||
Initial Costs, Buildings and Improvements | 89,389,000 | |||||
Total Initial Acquisition Costs | 110,673,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,086,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,413,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 93,346,000 | |||||
Total Carrying Value | 114,759,000 | |||||
Accumulated Depreciation | 34,577,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 114,759,000 | |||||
Balance at end of the year | 114,759,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 34,577,000 | |||||
Balance at end of year | 34,577,000 | |||||
Western Region | SEATTLE, WA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 58,457,000 | |||||
Initial Costs, Land and Land Improvements | 103,975,000 | |||||
Initial Costs, Buildings and Improvements | 433,344,000 | |||||
Total Initial Acquisition Costs | 537,319,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,668,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 107,902,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 467,106,000 | |||||
Total Carrying Value | 575,008,000 | |||||
Accumulated Depreciation | 153,084,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 575,008,000 | |||||
Balance at end of the year | 575,008,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 153,084,000 | |||||
Balance at end of year | 153,084,000 | |||||
Western Region | Villas at Carlsbad | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,517,000 | |||||
Initial Costs, Buildings and Improvements | 10,718,000 | |||||
Total Initial Acquisition Costs | 17,235,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,181,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,763,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,653,000 | |||||
Total Carrying Value | 19,416,000 | |||||
Accumulated Depreciation | 7,330,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,416,000 | |||||
Balance at end of the year | 19,416,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 7,330,000 | |||||
Balance at end of year | 7,330,000 | |||||
Western Region | Boronda Manor | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,946,000 | |||||
Initial Costs, Buildings and Improvements | 8,982,000 | |||||
Total Initial Acquisition Costs | 10,928,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,398,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,169,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,136,000 | |||||
Total Carrying Value | 20,305,000 | |||||
Accumulated Depreciation | 8,611,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 20,305,000 | |||||
Balance at end of the year | 20,305,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,611,000 | |||||
Balance at end of year | 8,611,000 | |||||
Western Region | Garden Court | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 888,000 | |||||
Initial Costs, Buildings and Improvements | 4,188,000 | |||||
Total Initial Acquisition Costs | 5,076,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,304,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,552,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,828,000 | |||||
Total Carrying Value | 10,380,000 | |||||
Accumulated Depreciation | 4,603,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 10,380,000 | |||||
Balance at end of the year | 10,380,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 4,603,000 | |||||
Balance at end of year | 4,603,000 | |||||
Western Region | Cambridge Court | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,039,000 | |||||
Initial Costs, Buildings and Improvements | 12,883,000 | |||||
Total Initial Acquisition Costs | 15,922,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,266,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,274,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,914,000 | |||||
Total Carrying Value | 30,188,000 | |||||
Accumulated Depreciation | 13,065,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 30,188,000 | |||||
Balance at end of the year | 30,188,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,065,000 | |||||
Balance at end of year | 13,065,000 | |||||
Western Region | Laurel Tree | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,304,000 | |||||
Initial Costs, Buildings and Improvements | 5,115,000 | |||||
Total Initial Acquisition Costs | 6,419,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,872,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,139,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,152,000 | |||||
Total Carrying Value | 12,291,000 | |||||
Accumulated Depreciation | 5,264,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,291,000 | |||||
Balance at end of the year | 12,291,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,264,000 | |||||
Balance at end of year | 5,264,000 | |||||
Western Region | The Pointe At Harden Ranch | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,388,000 | |||||
Initial Costs, Buildings and Improvements | 23,854,000 | |||||
Total Initial Acquisition Costs | 30,242,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 25,703,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,848,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 46,097,000 | |||||
Total Carrying Value | 55,945,000 | |||||
Accumulated Depreciation | 23,292,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 55,945,000 | |||||
Balance at end of the year | 55,945,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 23,292,000 | |||||
Balance at end of year | 23,292,000 | |||||
Western Region | The Pointe At Northridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,044,000 | |||||
Initial Costs, Buildings and Improvements | 8,028,000 | |||||
Total Initial Acquisition Costs | 10,072,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,582,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,269,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,385,000 | |||||
Total Carrying Value | 19,654,000 | |||||
Accumulated Depreciation | 8,761,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,654,000 | |||||
Balance at end of the year | 19,654,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,761,000 | |||||
Balance at end of year | 8,761,000 | |||||
Western Region | The Pointe At Westlake | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,329,000 | |||||
Initial Costs, Buildings and Improvements | 5,334,000 | |||||
Total Initial Acquisition Costs | 6,663,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,207,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,154,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,716,000 | |||||
Total Carrying Value | 12,870,000 | |||||
Accumulated Depreciation | 5,276,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,870,000 | |||||
Balance at end of the year | 12,870,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,276,000 | |||||
Balance at end of year | 5,276,000 | |||||
Western Region | MONTEREY PENINSULA, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 16,938,000 | |||||
Initial Costs, Buildings and Improvements | 68,384,000 | |||||
Total Initial Acquisition Costs | 85,322,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 76,332,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,405,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 134,228,000 | |||||
Total Carrying Value | 161,633,000 | |||||
Accumulated Depreciation | 68,872,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 161,633,000 | |||||
Balance at end of the year | 161,633,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 68,872,000 | |||||
Balance at end of year | 68,872,000 | |||||
Western Region | Verano at Rancho Cucamonga Town Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 46,471,000 | |||||
Initial Costs, Land and Land Improvements | 13,557,000 | |||||
Initial Costs, Buildings and Improvements | 3,645,000 | |||||
Total Initial Acquisition Costs | 17,202,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 53,385,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,066,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,521,000 | |||||
Total Carrying Value | 70,587,000 | |||||
Accumulated Depreciation | 31,638,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 70,587,000 | |||||
Balance at end of the year | 70,587,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 31,638,000 | |||||
Balance at end of year | 31,638,000 | |||||
Western Region | Tualatin Heights | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,273,000 | |||||
Initial Costs, Buildings and Improvements | 9,134,000 | |||||
Total Initial Acquisition Costs | 12,407,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,517,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,839,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,085,000 | |||||
Total Carrying Value | 18,924,000 | |||||
Accumulated Depreciation | 9,653,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 18,924,000 | |||||
Balance at end of the year | 18,924,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 9,653,000 | |||||
Balance at end of year | 9,653,000 | |||||
Western Region | Andover Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 16,818,000 | |||||
Initial Costs, Land and Land Improvements | 2,916,000 | |||||
Initial Costs, Buildings and Improvements | 16,995,000 | |||||
Total Initial Acquisition Costs | 19,911,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,174,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,210,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,875,000 | |||||
Total Carrying Value | 28,085,000 | |||||
Accumulated Depreciation | 16,127,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 28,085,000 | |||||
Balance at end of the year | 28,085,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,127,000 | |||||
Balance at end of year | 16,127,000 | |||||
Western Region | Hunt Club | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 18,323,000 | |||||
Initial Costs, Land and Land Improvements | 6,014,000 | |||||
Initial Costs, Buildings and Improvements | 14,870,000 | |||||
Total Initial Acquisition Costs | 20,884,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,918,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,364,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,438,000 | |||||
Total Carrying Value | 26,802,000 | |||||
Accumulated Depreciation | 13,604,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 26,802,000 | |||||
Balance at end of the year | 26,802,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,604,000 | |||||
Balance at end of year | 13,604,000 | |||||
Western Region | PORTLAND, OR | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 35,141,000 | |||||
Initial Costs, Land and Land Improvements | 12,203,000 | |||||
Initial Costs, Buildings and Improvements | 40,999,000 | |||||
Total Initial Acquisition Costs | 53,202,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,609,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,413,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,398,000 | |||||
Total Carrying Value | 73,811,000 | |||||
Accumulated Depreciation | 39,384,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 73,811,000 | |||||
Balance at end of the year | 73,811,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 39,384,000 | |||||
Balance at end of year | 39,384,000 | |||||
Mid Atlantic Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 285,450,000 | |||||
Initial Costs, Land and Land Improvements | 222,920,000 | |||||
Initial Costs, Buildings and Improvements | 886,974,000 | |||||
Total Initial Acquisition Costs | 1,109,894,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 617,946,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 300,649,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,427,126,000 | |||||
Total Carrying Value | 1,727,775,000 | |||||
Accumulated Depreciation | 625,493,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,727,775,000 | |||||
Balance at end of the year | 1,727,775,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 625,493,000 | |||||
Balance at end of year | 625,493,000 | |||||
Mid Atlantic Region | The Whitmore | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,418,000 | |||||
Initial Costs, Buildings and Improvements | 13,411,000 | |||||
Total Initial Acquisition Costs | 19,829,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,350,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,493,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,686,000 | |||||
Total Carrying Value | 40,179,000 | |||||
Accumulated Depreciation | 21,571,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 40,179,000 | |||||
Balance at end of the year | 40,179,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 21,571,000 | |||||
Balance at end of year | 21,571,000 | |||||
Mid Atlantic Region | Ridgewood | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,612,000 | |||||
Initial Costs, Buildings and Improvements | 20,086,000 | |||||
Total Initial Acquisition Costs | 25,698,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,108,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,012,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 27,794,000 | |||||
Total Carrying Value | 33,806,000 | |||||
Accumulated Depreciation | 19,540,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 33,806,000 | |||||
Balance at end of the year | 33,806,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,540,000 | |||||
Balance at end of year | 19,540,000 | |||||
Mid Atlantic Region | Wellington Place at Olde Town | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 32,037,000 | |||||
Initial Costs, Land and Land Improvements | 13,753,000 | |||||
Initial Costs, Buildings and Improvements | 36,059,000 | |||||
Total Initial Acquisition Costs | 49,812,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,071,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,650,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,233,000 | |||||
Total Carrying Value | 66,883,000 | |||||
Accumulated Depreciation | 32,364,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 66,883,000 | |||||
Balance at end of the year | 66,883,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 32,364,000 | |||||
Balance at end of year | 32,364,000 | |||||
Mid Atlantic Region | Andover House | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 14,357,000 | |||||
Initial Costs, Buildings and Improvements | 51,577,000 | |||||
Total Initial Acquisition Costs | 65,934,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,173,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,373,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,669,000 | |||||
Total Carrying Value | 69,042,000 | |||||
Accumulated Depreciation | 24,673,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 69,042,000 | |||||
Balance at end of the year | 69,042,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 24,673,000 | |||||
Balance at end of year | 24,673,000 | |||||
Mid Atlantic Region | Sullivan Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,137,000 | |||||
Initial Costs, Buildings and Improvements | 103,676,000 | |||||
Total Initial Acquisition Costs | 104,813,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,604,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,373,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 109,044,000 | |||||
Total Carrying Value | 110,417,000 | |||||
Accumulated Depreciation | 44,942,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 110,417,000 | |||||
Balance at end of the year | 110,417,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 44,942,000 | |||||
Balance at end of year | 44,942,000 | |||||
Mid Atlantic Region | Circle Towers | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 70,606,000 | |||||
Initial Costs, Land and Land Improvements | 32,815,000 | |||||
Initial Costs, Buildings and Improvements | 107,051,000 | |||||
Total Initial Acquisition Costs | 139,866,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,812,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 33,105,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 117,573,000 | |||||
Total Carrying Value | 150,678,000 | |||||
Accumulated Depreciation | 45,360,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 150,678,000 | |||||
Balance at end of the year | 150,678,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 45,360,000 | |||||
Balance at end of year | 45,360,000 | |||||
Mid Atlantic Region | Delancey at Shirlington | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 21,606,000 | |||||
Initial Costs, Buildings and Improvements | 66,765,000 | |||||
Total Initial Acquisition Costs | 88,371,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,770,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,632,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,509,000 | |||||
Total Carrying Value | 90,141,000 | |||||
Accumulated Depreciation | 26,624,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 90,141,000 | |||||
Balance at end of the year | 90,141,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 26,624,000 | |||||
Balance at end of year | 26,624,000 | |||||
Mid Atlantic Region | METROPOLITAN DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 184,172,000 | |||||
Initial Costs, Land and Land Improvements | 171,742,000 | |||||
Initial Costs, Buildings and Improvements | 599,469,000 | |||||
Total Initial Acquisition Costs | 771,211,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 440,149,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 232,261,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 979,034,000 | |||||
Total Carrying Value | 1,211,295,000 | |||||
Accumulated Depreciation | 335,868,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,211,295,000 | |||||
Balance at end of the year | 1,211,295,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 335,868,000 | |||||
Balance at end of year | 335,868,000 | |||||
Mid Atlantic Region | Lakeside Mill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 12,569,000 | |||||
Initial Costs, Land and Land Improvements | 2,666,000 | |||||
Initial Costs, Buildings and Improvements | 10,109,000 | |||||
Total Initial Acquisition Costs | 12,775,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,581,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,985,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,371,000 | |||||
Total Carrying Value | 17,356,000 | |||||
Accumulated Depreciation | 10,818,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 17,356,000 | |||||
Balance at end of the year | 17,356,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 10,818,000 | |||||
Balance at end of year | 10,818,000 | |||||
Mid Atlantic Region | Tamar Meadow | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,145,000 | |||||
Initial Costs, Buildings and Improvements | 17,150,000 | |||||
Total Initial Acquisition Costs | 21,295,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,089,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,577,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,807,000 | |||||
Total Carrying Value | 26,384,000 | |||||
Accumulated Depreciation | 14,882,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 26,384,000 | |||||
Balance at end of the year | 26,384,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 14,882,000 | |||||
Balance at end of year | 14,882,000 | |||||
Mid Atlantic Region | Calvertbs Walk | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,408,000 | |||||
Initial Costs, Buildings and Improvements | 24,692,000 | |||||
Total Initial Acquisition Costs | 29,100,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,766,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,726,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,140,000 | |||||
Total Carrying Value | 35,866,000 | |||||
Accumulated Depreciation | 19,763,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 35,866,000 | |||||
Balance at end of the year | 35,866,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,763,000 | |||||
Balance at end of year | 19,763,000 | |||||
Mid Atlantic Region | Liriope Apartments | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,620,000 | |||||
Initial Costs, Buildings and Improvements | 6,791,000 | |||||
Total Initial Acquisition Costs | 8,411,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,250,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,646,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,015,000 | |||||
Total Carrying Value | 9,661,000 | |||||
Accumulated Depreciation | 5,090,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 9,661,000 | |||||
Balance at end of the year | 9,661,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,090,000 | |||||
Balance at end of year | 5,090,000 | |||||
Mid Atlantic Region | 20 Lambourne | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,834,000 | |||||
Initial Costs, Land and Land Improvements | 11,750,000 | |||||
Initial Costs, Buildings and Improvements | 45,590,000 | |||||
Total Initial Acquisition Costs | 57,340,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,433,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,018,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 50,755,000 | |||||
Total Carrying Value | 62,773,000 | |||||
Accumulated Depreciation | 21,218,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 62,773,000 | |||||
Balance at end of the year | 62,773,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 21,218,000 | |||||
Balance at end of year | 21,218,000 | |||||
Mid Atlantic Region | BALTIMORE, MD | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 66,711,000 | |||||
Initial Costs, Land and Land Improvements | 41,660,000 | |||||
Initial Costs, Buildings and Improvements | 199,073,000 | |||||
Total Initial Acquisition Costs | 240,733,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 69,161,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 47,182,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 262,712,000 | |||||
Total Carrying Value | 309,894,000 | |||||
Accumulated Depreciation | 150,522,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 309,894,000 | |||||
Balance at end of the year | 309,894,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 150,522,000 | |||||
Balance at end of year | 150,522,000 | |||||
Mid Atlantic Region | DelRey Tower [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 297,000 | |||||
Initial Costs, Buildings and Improvements | 12,786,000 | |||||
Total Initial Acquisition Costs | 13,083,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 111,790,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,447,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 115,426,000 | |||||
Total Carrying Value | 124,873,000 | |||||
Accumulated Depreciation | 2,382,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 124,873,000 | |||||
Balance at end of the year | 124,873,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,382,000 | |||||
Balance at end of year | 2,382,000 | |||||
Southeastern Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 172,646,000 | |||||
Initial Costs, Land and Land Improvements | 94,379,000 | |||||
Initial Costs, Buildings and Improvements | 378,689,000 | |||||
Total Initial Acquisition Costs | 473,068,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 313,371,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 128,777,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 657,662,000 | |||||
Total Carrying Value | 786,439,000 | |||||
Accumulated Depreciation | 445,033,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 786,439,000 | |||||
Balance at end of the year | 786,439,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 445,033,000 | |||||
Balance at end of year | 445,033,000 | |||||
Southeastern Region | Sugar Mill Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,242,000 | |||||
Initial Costs, Buildings and Improvements | 7,553,000 | |||||
Total Initial Acquisition Costs | 9,795,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,846,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,734,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,907,000 | |||||
Total Carrying Value | 16,641,000 | |||||
Accumulated Depreciation | 8,998,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 16,641,000 | |||||
Balance at end of the year | 16,641,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,998,000 | |||||
Balance at end of year | 8,998,000 | |||||
Southeastern Region | Inlet Bay | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 7,702,000 | |||||
Initial Costs, Buildings and Improvements | 23,150,000 | |||||
Total Initial Acquisition Costs | 30,852,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,657,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,211,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,298,000 | |||||
Total Carrying Value | 45,509,000 | |||||
Accumulated Depreciation | 25,585,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 45,509,000 | |||||
Balance at end of the year | 45,509,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 25,585,000 | |||||
Balance at end of year | 25,585,000 | |||||
Southeastern Region | MacAlpine Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,869,000 | |||||
Initial Costs, Buildings and Improvements | 36,858,000 | |||||
Total Initial Acquisition Costs | 47,727,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,384,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,408,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,703,000 | |||||
Total Carrying Value | 55,111,000 | |||||
Accumulated Depreciation | 27,162,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 55,111,000 | |||||
Balance at end of the year | 55,111,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 27,162,000 | |||||
Balance at end of year | 27,162,000 | |||||
Southeastern Region | TAMPA, FL | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 31,239,000 | |||||
Initial Costs, Land and Land Improvements | 37,459,000 | |||||
Initial Costs, Buildings and Improvements | 139,459,000 | |||||
Total Initial Acquisition Costs | 176,918,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 98,437,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 54,274,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 221,081,000 | |||||
Total Carrying Value | 275,355,000 | |||||
Accumulated Depreciation | 145,461,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 275,355,000 | |||||
Balance at end of the year | 275,355,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 145,461,000 | |||||
Balance at end of year | 145,461,000 | |||||
Southeastern Region | Legacy Hill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,148,000 | |||||
Initial Costs, Buildings and Improvements | 5,867,000 | |||||
Total Initial Acquisition Costs | 7,015,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,636,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,762,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,889,000 | |||||
Total Carrying Value | 15,651,000 | |||||
Accumulated Depreciation | 10,830,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 15,651,000 | |||||
Balance at end of the year | 15,651,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 10,830,000 | |||||
Balance at end of year | 10,830,000 | |||||
Southeastern Region | Hickory Run | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,469,000 | |||||
Initial Costs, Buildings and Improvements | 11,584,000 | |||||
Total Initial Acquisition Costs | 13,053,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,761,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,139,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,675,000 | |||||
Total Carrying Value | 22,814,000 | |||||
Accumulated Depreciation | 13,482,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 22,814,000 | |||||
Balance at end of the year | 22,814,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,482,000 | |||||
Balance at end of year | 13,482,000 | |||||
Southeastern Region | Carrington Hills | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,117,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 2,117,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 33,846,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,462,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,501,000 | |||||
Total Carrying Value | 35,963,000 | |||||
Accumulated Depreciation | 20,064,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 35,963,000 | |||||
Balance at end of the year | 35,963,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,064,000 | |||||
Balance at end of year | 20,064,000 | |||||
Southeastern Region | Brookridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 708,000 | |||||
Initial Costs, Buildings and Improvements | 5,461,000 | |||||
Total Initial Acquisition Costs | 6,169,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,500,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,143,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,526,000 | |||||
Total Carrying Value | 10,669,000 | |||||
Accumulated Depreciation | 6,641,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 10,669,000 | |||||
Balance at end of the year | 10,669,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 6,641,000 | |||||
Balance at end of year | 6,641,000 | |||||
Southeastern Region | Breckenridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 766,000 | |||||
Initial Costs, Buildings and Improvements | 7,714,000 | |||||
Total Initial Acquisition Costs | 8,480,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,357,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,258,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,579,000 | |||||
Total Carrying Value | 12,837,000 | |||||
Accumulated Depreciation | 7,704,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,837,000 | |||||
Balance at end of the year | 12,837,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 7,704,000 | |||||
Balance at end of year | 7,704,000 | |||||
Southeastern Region | Polo Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,583,000 | |||||
Initial Costs, Buildings and Improvements | 16,293,000 | |||||
Total Initial Acquisition Costs | 20,876,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,042,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,643,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,275,000 | |||||
Total Carrying Value | 36,918,000 | |||||
Accumulated Depreciation | 20,471,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 36,918,000 | |||||
Balance at end of the year | 36,918,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,471,000 | |||||
Balance at end of year | 20,471,000 | |||||
Southeastern Region | NASHVILLE, TN | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 38,834,000 | |||||
Initial Costs, Land and Land Improvements | 15,433,000 | |||||
Initial Costs, Buildings and Improvements | 87,608,000 | |||||
Total Initial Acquisition Costs | 103,041,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 88,352,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,861,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 169,532,000 | |||||
Total Carrying Value | 191,393,000 | |||||
Accumulated Depreciation | 110,604,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 191,393,000 | |||||
Balance at end of the year | 191,393,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 110,604,000 | |||||
Balance at end of year | 110,604,000 | |||||
Southeastern Region | The Reserve and Park at Riverbridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,179,000 | |||||
Initial Costs, Land and Land Improvements | 15,968,000 | |||||
Initial Costs, Buildings and Improvements | 56,401,000 | |||||
Total Initial Acquisition Costs | 72,369,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,947,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,536,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,780,000 | |||||
Total Carrying Value | 81,316,000 | |||||
Accumulated Depreciation | 38,317,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 81,316,000 | |||||
Balance at end of the year | 81,316,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 38,317,000 | |||||
Balance at end of year | 38,317,000 | |||||
Southeastern Region | OTHER FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,179,000 | |||||
Initial Costs, Land and Land Improvements | 15,968,000 | |||||
Initial Costs, Buildings and Improvements | 56,401,000 | |||||
Total Initial Acquisition Costs | 72,369,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,947,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,536,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,780,000 | |||||
Total Carrying Value | 81,316,000 | |||||
Accumulated Depreciation | 38,317,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 81,316,000 | |||||
Balance at end of the year | 81,316,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 38,317,000 | |||||
Balance at end of year | 38,317,000 | |||||
Northeast Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 269,748,000 | |||||
Initial Costs, Land and Land Improvements | 293,247,000 | |||||
Initial Costs, Buildings and Improvements | 1,182,479,000 | |||||
Total Initial Acquisition Costs | 1,475,726,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 126,125,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 292,681,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,309,170,000 | |||||
Total Carrying Value | 1,601,851,000 | |||||
Accumulated Depreciation | 256,550,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,601,851,000 | |||||
Balance at end of the year | 1,601,851,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 256,550,000 | |||||
Balance at end of year | 256,550,000 | |||||
Northeast Region | Inwood West | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 56,447,000 | |||||
Initial Costs, Land and Land Improvements | 20,778,000 | |||||
Initial Costs, Buildings and Improvements | 88,096,000 | |||||
Total Initial Acquisition Costs | 108,874,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,034,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,309,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 92,599,000 | |||||
Total Carrying Value | 111,908,000 | |||||
Accumulated Depreciation | 20,102,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 111,908,000 | |||||
Balance at end of the year | 111,908,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,102,000 | |||||
Balance at end of year | 20,102,000 | |||||
Northeast Region | 14 North | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,961,000 | |||||
Initial Costs, Buildings and Improvements | 51,175,000 | |||||
Total Initial Acquisition Costs | 62,136,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,563,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,999,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 55,700,000 | |||||
Total Carrying Value | 66,699,000 | |||||
Accumulated Depreciation | 12,750,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 66,699,000 | |||||
Balance at end of the year | 66,699,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,750,000 | |||||
Balance at end of year | 12,750,000 | |||||
Northeast Region | BOSTON, MA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 79,286,000 | |||||
Initial Costs, Land and Land Improvements | 43,369,000 | |||||
Initial Costs, Buildings and Improvements | 265,167,000 | |||||
Total Initial Acquisition Costs | 308,536,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,883,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 42,041,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 281,378,000 | |||||
Total Carrying Value | 323,419,000 | |||||
Accumulated Depreciation | 65,671,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 323,419,000 | |||||
Balance at end of the year | 323,419,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 65,671,000 | |||||
Balance at end of year | 65,671,000 | |||||
Northeast Region | 10 Hanover Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 190,462,000 | |||||
Initial Costs, Land and Land Improvements | 41,432,000 | |||||
Initial Costs, Buildings and Improvements | 218,983,000 | |||||
Total Initial Acquisition Costs | 260,415,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,396,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,481,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 227,330,000 | |||||
Total Carrying Value | 268,811,000 | |||||
Accumulated Depreciation | 42,678,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 268,811,000 | |||||
Balance at end of the year | 268,811,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 42,678,000 | |||||
Balance at end of year | 42,678,000 | |||||
Northeast Region | 95 Wall Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 57,637,000 | |||||
Initial Costs, Buildings and Improvements | 266,255,000 | |||||
Total Initial Acquisition Costs | 323,892,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,296,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 57,736,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 272,452,000 | |||||
Total Carrying Value | 330,188,000 | |||||
Accumulated Depreciation | 54,973,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 330,188,000 | |||||
Balance at end of the year | 330,188,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 54,973,000 | |||||
Balance at end of year | 54,973,000 | |||||
Northeast Region | NEW YORK, NY | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 190,462,000 | |||||
Initial Costs, Land and Land Improvements | 249,878,000 | |||||
Initial Costs, Buildings and Improvements | 917,312,000 | |||||
Total Initial Acquisition Costs | 1,167,190,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 111,242,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 250,640,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,027,792,000 | |||||
Total Carrying Value | 1,278,432,000 | |||||
Accumulated Depreciation | 190,879,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,278,432,000 | |||||
Balance at end of the year | 1,278,432,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 190,879,000 | |||||
Balance at end of year | 190,879,000 | |||||
Southwestern Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 133,099,000 | |||||
Initial Costs, Land and Land Improvements | 99,870,000 | |||||
Initial Costs, Buildings and Improvements | 257,677,000 | |||||
Total Initial Acquisition Costs | 357,547,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 83,174,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 115,095,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 325,626,000 | |||||
Total Carrying Value | 440,721,000 | |||||
Accumulated Depreciation | 149,451,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 440,721,000 | |||||
Balance at end of the year | 440,721,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 149,451,000 | |||||
Balance at end of year | 149,451,000 | |||||
Southwestern Region | THIRTY377 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,023,000 | |||||
Initial Costs, Land and Land Improvements | 24,036,000 | |||||
Initial Costs, Buildings and Improvements | 32,951,000 | |||||
Total Initial Acquisition Costs | 56,987,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,162,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,311,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,838,000 | |||||
Total Carrying Value | 65,149,000 | |||||
Accumulated Depreciation | 21,663,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 65,149,000 | |||||
Balance at end of the year | 65,149,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 21,663,000 | |||||
Balance at end of year | 21,663,000 | |||||
Southwestern Region | Legacy Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 72,415,000 | |||||
Initial Costs, Land and Land Improvements | 16,882,000 | |||||
Initial Costs, Buildings and Improvements | 100,102,000 | |||||
Total Initial Acquisition Costs | 116,984,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,325,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,280,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 107,029,000 | |||||
Total Carrying Value | 124,309,000 | |||||
Accumulated Depreciation | 44,321,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 124,309,000 | |||||
Balance at end of the year | 124,309,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 44,321,000 | |||||
Balance at end of year | 44,321,000 | |||||
Southwestern Region | DALLAS, TX | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 102,438,000 | |||||
Initial Costs, Land and Land Improvements | 83,453,000 | |||||
Initial Costs, Buildings and Improvements | 153,637,000 | |||||
Total Initial Acquisition Costs | 237,090,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 55,758,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 96,814,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 196,034,000 | |||||
Total Carrying Value | 292,848,000 | |||||
Accumulated Depreciation | 100,146,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 292,848,000 | |||||
Balance at end of the year | 292,848,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 100,146,000 | |||||
Balance at end of year | 100,146,000 | |||||
Southwestern Region | Barton Creek Landing | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,151,000 | |||||
Initial Costs, Buildings and Improvements | 14,269,000 | |||||
Total Initial Acquisition Costs | 17,420,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 22,118,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,807,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,731,000 | |||||
Total Carrying Value | 39,538,000 | |||||
Accumulated Depreciation | 20,260,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,538,000 | |||||
Balance at end of the year | 39,538,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,260,000 | |||||
Balance at end of year | 20,260,000 | |||||
Southwestern Region | AUSTIN, TX | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,661,000 | |||||
Initial Costs, Land and Land Improvements | 16,417,000 | |||||
Initial Costs, Buildings and Improvements | 104,040,000 | |||||
Total Initial Acquisition Costs | 120,457,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 27,416,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 18,281,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 129,592,000 | |||||
Total Carrying Value | 147,873,000 | |||||
Accumulated Depreciation | 49,305,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 147,873,000 | |||||
Balance at end of the year | 147,873,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 49,305,000 | |||||
Balance at end of year | 49,305,000 | |||||
United Dominion Reality L.P. | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Total Carrying Value | 4,238,770,000 | 4,188,480,000 | 4,182,920,000 | |||
Accumulated Depreciation | 1,403,303,000 | 1,241,574,000 | 1,097,133,000 | |||
Aggregate cost for federal income tax purposes | 3,600,000,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 4,188,480,000 | 4,182,920,000 | 4,205,298,000 | |||
Capital expenditures and development | 91,682,000 | 151,002,000 | 115,355,000 | |||
Real estate sold | -41,013,000 | -70,687,000 | -116,166,000 | |||
Retirement of fully depreciated assets | 0 | 0 | -13,945,000 | |||
Hurricane related impairment of assets | -379,000 | 0 | -7,622,000 | |||
Balance at end of the year | 4,238,770,000 | 4,188,480,000 | 4,182,920,000 | |||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 1,241,574,000 | 1,097,133,000 | 976,358,000 | |||
Depreciation expense for the year | 178,719,000 | 179,404,000 | 189,362,000 | |||
Accumulated depreciation on sales | -16,674,000 | -34,794,000 | -54,085,000 | |||
Accumulated depreciation on retirements of fully depreciated asset | 0 | 0 | -13,945,000 | |||
Write off of accumulated depreciation on hurricane related impaired assets | -316,000 | 0 | -557,000 | |||
Balance at end of year | 1,403,303,000 | 1,241,574,000 | 1,097,133,000 | |||
United Dominion Reality L.P. | Estimated depreciable lives of buildings range beginning | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable life for all buildings | 35 years | |||||
United Dominion Reality L.P. | Estimated depreciable lives of buildings range end | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable life for all buildings | 55 years | |||||
United Dominion Reality L.P. | Los Alisos | ||||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Retirement of fully depreciated assets | 0 | -74,755,000 | 0 | |||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Accumulated depreciation on retirements of fully depreciated asset | 0 | -169,000 | 0 | |||
United Dominion Reality L.P. | Other | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | [2] | ||||
Initial Costs, Land and Land Improvements | 0 | [2] | ||||
Initial Costs, Buildings and Improvements | 0 | [2] | ||||
Total Initial Acquisition Costs | 0 | [2] | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,953,000 | [2] | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 0 | [2] | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,953,000 | [2] | ||||
Total Carrying Value | 1,953,000 | [2] | ||||
Accumulated Depreciation | 0 | [2] | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,953,000 | [2] | ||||
Balance at end of the year | 1,953,000 | [2] | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 0 | [2] | ||||
Balance at end of year | 0 | [2] | ||||
United Dominion Reality L.P. | TOTAL CORPORATE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 0 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 0 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,953,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 0 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,953,000 | |||||
Total Carrying Value | 1,953,000 | |||||
Accumulated Depreciation | 0 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 1,953,000 | |||||
Balance at end of the year | 1,953,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 0 | |||||
Balance at end of year | 0 | |||||
United Dominion Reality L.P. | Real Estate Under Development | DelRey Tower [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 297,000 | |||||
Initial Costs, Buildings and Improvements | 12,786,000 | |||||
Total Initial Acquisition Costs | 13,083,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 111,790,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,447,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 115,426,000 | |||||
Total Carrying Value | 124,873,000 | |||||
Accumulated Depreciation | 2,382,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 124,873,000 | |||||
Balance at end of the year | 124,873,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,382,000 | |||||
Balance at end of year | 2,382,000 | |||||
United Dominion Reality L.P. | Commercial Held for Development | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,407,000 | |||||
Initial Costs, Buildings and Improvements | 4,498,000 | |||||
Total Initial Acquisition Costs | 5,905,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,516,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,041,000 | |||||
Total Carrying Value | 7,421,000 | |||||
Accumulated Depreciation | 2,232,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 7,421,000 | |||||
Balance at end of the year | 7,421,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,232,000 | |||||
Balance at end of year | 2,232,000 | |||||
United Dominion Reality L.P. | Commercial Held for Development | Office Building [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,407,000 | |||||
Initial Costs, Buildings and Improvements | 4,498,000 | |||||
Total Initial Acquisition Costs | 5,905,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,516,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,041,000 | |||||
Total Carrying Value | 7,421,000 | |||||
Accumulated Depreciation | 2,232,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 7,421,000 | |||||
Balance at end of the year | 7,421,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,232,000 | |||||
Balance at end of year | 2,232,000 | |||||
United Dominion Reality L.P. | Commercial Held for Development | TOTAL COMMERCIAL & CORPORATE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,407,000 | |||||
Initial Costs, Buildings and Improvements | 4,498,000 | |||||
Total Initial Acquisition Costs | 5,905,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,469,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,994,000 | |||||
Total Carrying Value | 9,374,000 | |||||
Accumulated Depreciation | 2,232,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 9,374,000 | |||||
Balance at end of the year | 9,374,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,232,000 | |||||
Balance at end of year | 2,232,000 | |||||
United Dominion Reality L.P. | Commercial Held for Development | Total Real Estate Owned | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 931,959,000 | |||||
Initial Costs, Land and Land Improvements | 922,488,000 | |||||
Initial Costs, Buildings and Improvements | 2,469,882,000 | |||||
Total Initial Acquisition Costs | 3,392,370,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 846,400,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,008,014,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,230,756,000 | |||||
Total Carrying Value | 4,238,770,000 | |||||
Accumulated Depreciation | 1,403,303,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 4,238,770,000 | |||||
Balance at end of the year | 4,238,770,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 1,403,303,000 | |||||
Balance at end of year | 1,403,303,000 | |||||
United Dominion Reality L.P. | Western Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 397,387,000 | |||||
Initial Costs, Land and Land Improvements | 578,048,000 | |||||
Initial Costs, Buildings and Improvements | 1,006,929,000 | |||||
Total Initial Acquisition Costs | 1,584,977,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 466,329,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 640,378,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,410,928,000 | |||||
Total Carrying Value | 2,051,306,000 | |||||
Accumulated Depreciation | 715,843,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 2,051,306,000 | |||||
Balance at end of the year | 2,051,306,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 715,843,000 | |||||
Balance at end of year | 715,843,000 | |||||
United Dominion Reality L.P. | Western Region | Harbor at Mesa Verde | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 50,358,000 | |||||
Initial Costs, Land and Land Improvements | 20,476,000 | |||||
Initial Costs, Buildings and Improvements | 28,538,000 | |||||
Total Initial Acquisition Costs | 49,014,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,949,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,058,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,905,000 | |||||
Total Carrying Value | 61,963,000 | |||||
Accumulated Depreciation | 26,242,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 61,963,000 | |||||
Balance at end of the year | 61,963,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 26,242,000 | |||||
Balance at end of year | 26,242,000 | |||||
United Dominion Reality L.P. | Western Region | 27 Seventy FIve Mesa Verde [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,660,000 | |||||
Initial Costs, Land and Land Improvements | 99,329,000 | |||||
Initial Costs, Buildings and Improvements | 110,644,000 | |||||
Total Initial Acquisition Costs | 209,973,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 91,693,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 112,333,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 189,333,000 | |||||
Total Carrying Value | 301,666,000 | |||||
Accumulated Depreciation | 72,689,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 301,666,000 | |||||
Balance at end of the year | 301,666,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 72,689,000 | |||||
Balance at end of year | 72,689,000 | |||||
United Dominion Reality L.P. | Western Region | Pacific Shores | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 34,112,000 | |||||
Initial Costs, Land and Land Improvements | 7,345,000 | |||||
Initial Costs, Buildings and Improvements | 22,624,000 | |||||
Total Initial Acquisition Costs | 29,969,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,150,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,759,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,360,000 | |||||
Total Carrying Value | 39,119,000 | |||||
Accumulated Depreciation | 19,665,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,119,000 | |||||
Balance at end of the year | 39,119,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,665,000 | |||||
Balance at end of year | 19,665,000 | |||||
United Dominion Reality L.P. | Western Region | Huntington Vista | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 27,972,000 | |||||
Initial Costs, Land and Land Improvements | 8,055,000 | |||||
Initial Costs, Buildings and Improvements | 22,486,000 | |||||
Total Initial Acquisition Costs | 30,541,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,637,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,438,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,740,000 | |||||
Total Carrying Value | 38,178,000 | |||||
Accumulated Depreciation | 18,655,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 38,178,000 | |||||
Balance at end of the year | 38,178,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,655,000 | |||||
Balance at end of year | 18,655,000 | |||||
United Dominion Reality L.P. | Western Region | Missions at Back Bay | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 229,000 | |||||
Initial Costs, Buildings and Improvements | 14,129,000 | |||||
Total Initial Acquisition Costs | 14,358,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,133,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,802,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 5,689,000 | |||||
Total Carrying Value | 16,491,000 | |||||
Accumulated Depreciation | 3,994,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 16,491,000 | |||||
Balance at end of the year | 16,491,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 3,994,000 | |||||
Balance at end of year | 3,994,000 | |||||
United Dominion Reality L.P. | Western Region | Coronado at Newport b North | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 62,516,000 | |||||
Initial Costs, Buildings and Improvements | 46,082,000 | |||||
Total Initial Acquisition Costs | 108,598,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 24,693,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 66,756,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,535,000 | |||||
Total Carrying Value | 133,291,000 | |||||
Accumulated Depreciation | 41,982,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 133,291,000 | |||||
Balance at end of the year | 133,291,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 41,982,000 | |||||
Balance at end of year | 41,982,000 | |||||
United Dominion Reality L.P. | Western Region | Huntington Villas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 50,771,000 | |||||
Initial Costs, Land and Land Improvements | 61,535,000 | |||||
Initial Costs, Buildings and Improvements | 18,017,000 | |||||
Total Initial Acquisition Costs | 79,552,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,132,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 62,223,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,461,000 | |||||
Total Carrying Value | 86,684,000 | |||||
Accumulated Depreciation | 16,061,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 86,684,000 | |||||
Balance at end of the year | 86,684,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,061,000 | |||||
Balance at end of year | 16,061,000 | |||||
United Dominion Reality L.P. | Western Region | Vista Del Rey | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,670,000 | |||||
Initial Costs, Buildings and Improvements | 7,080,000 | |||||
Total Initial Acquisition Costs | 17,750,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,062,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,830,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,982,000 | |||||
Total Carrying Value | 19,812,000 | |||||
Accumulated Depreciation | 5,769,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,812,000 | |||||
Balance at end of the year | 19,812,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,769,000 | |||||
Balance at end of year | 5,769,000 | |||||
United Dominion Reality L.P. | Western Region | Coronado South | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 58,785,000 | |||||
Initial Costs, Buildings and Improvements | 50,067,000 | |||||
Total Initial Acquisition Costs | 108,852,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,875,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 59,277,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,450,000 | |||||
Total Carrying Value | 126,727,000 | |||||
Accumulated Depreciation | 40,783,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 126,727,000 | |||||
Balance at end of the year | 126,727,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 40,783,000 | |||||
Balance at end of year | 40,783,000 | |||||
United Dominion Reality L.P. | Western Region | ORANGE COUNTY, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 193,873,000 | |||||
Initial Costs, Land and Land Improvements | 328,940,000 | |||||
Initial Costs, Buildings and Improvements | 319,667,000 | |||||
Total Initial Acquisition Costs | 648,607,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 175,324,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 359,476,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 464,455,000 | |||||
Total Carrying Value | 823,931,000 | |||||
Accumulated Depreciation | 245,840,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 823,931,000 | |||||
Balance at end of the year | 823,931,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 245,840,000 | |||||
Balance at end of year | 245,840,000 | |||||
United Dominion Reality L.P. | Western Region | 2000 Post Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 9,861,000 | |||||
Initial Costs, Buildings and Improvements | 44,578,000 | |||||
Total Initial Acquisition Costs | 54,439,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,965,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,241,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,163,000 | |||||
Total Carrying Value | 63,404,000 | |||||
Accumulated Depreciation | 24,289,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 63,404,000 | |||||
Balance at end of the year | 63,404,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 24,289,000 | |||||
Balance at end of year | 24,289,000 | |||||
United Dominion Reality L.P. | Western Region | Birch Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,365,000 | |||||
Initial Costs, Buildings and Improvements | 16,696,000 | |||||
Total Initial Acquisition Costs | 21,061,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,544,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,068,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,537,000 | |||||
Total Carrying Value | 27,605,000 | |||||
Accumulated Depreciation | 12,889,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 27,605,000 | |||||
Balance at end of the year | 27,605,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,889,000 | |||||
Balance at end of year | 12,889,000 | |||||
United Dominion Reality L.P. | Western Region | Highlands Of Marin | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,996,000 | |||||
Initial Costs, Buildings and Improvements | 24,868,000 | |||||
Total Initial Acquisition Costs | 30,864,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 25,720,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,127,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,457,000 | |||||
Total Carrying Value | 56,584,000 | |||||
Accumulated Depreciation | 26,904,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 56,584,000 | |||||
Balance at end of the year | 56,584,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 26,904,000 | |||||
Balance at end of year | 26,904,000 | |||||
United Dominion Reality L.P. | Western Region | Marina Playa | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,224,000 | |||||
Initial Costs, Buildings and Improvements | 23,916,000 | |||||
Total Initial Acquisition Costs | 30,140,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,482,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,908,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,714,000 | |||||
Total Carrying Value | 39,622,000 | |||||
Accumulated Depreciation | 18,351,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,622,000 | |||||
Balance at end of the year | 39,622,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,351,000 | |||||
Balance at end of year | 18,351,000 | |||||
United Dominion Reality L.P. | Western Region | River Terrace | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,310,000 | |||||
Initial Costs, Land and Land Improvements | 22,161,000 | |||||
Initial Costs, Buildings and Improvements | 40,137,000 | |||||
Total Initial Acquisition Costs | 62,298,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,315,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,359,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,254,000 | |||||
Total Carrying Value | 65,613,000 | |||||
Accumulated Depreciation | 23,857,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 65,613,000 | |||||
Balance at end of the year | 65,613,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 23,857,000 | |||||
Balance at end of year | 23,857,000 | |||||
United Dominion Reality L.P. | Western Region | CitySouth | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 14,031,000 | |||||
Initial Costs, Buildings and Improvements | 30,537,000 | |||||
Total Initial Acquisition Costs | 44,568,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 35,190,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,261,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,497,000 | |||||
Total Carrying Value | 79,758,000 | |||||
Accumulated Depreciation | 30,810,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 79,758,000 | |||||
Balance at end of the year | 79,758,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 30,810,000 | |||||
Balance at end of year | 30,810,000 | |||||
United Dominion Reality L.P. | Western Region | Bay Terrace | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 8,545,000 | |||||
Initial Costs, Buildings and Improvements | 14,458,000 | |||||
Total Initial Acquisition Costs | 23,003,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,571,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,424,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,150,000 | |||||
Total Carrying Value | 27,574,000 | |||||
Accumulated Depreciation | 8,710,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 27,574,000 | |||||
Balance at end of the year | 27,574,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,710,000 | |||||
Balance at end of year | 8,710,000 | |||||
United Dominion Reality L.P. | Western Region | Highlands of Marin Phase II | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,353,000 | |||||
Initial Costs, Buildings and Improvements | 18,559,000 | |||||
Total Initial Acquisition Costs | 23,912,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,059,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,753,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,218,000 | |||||
Total Carrying Value | 34,971,000 | |||||
Accumulated Depreciation | 13,438,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 34,971,000 | |||||
Balance at end of the year | 34,971,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,438,000 | |||||
Balance at end of year | 13,438,000 | |||||
United Dominion Reality L.P. | Western Region | Edgewater | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 30,657,000 | |||||
Initial Costs, Buildings and Improvements | 83,872,000 | |||||
Total Initial Acquisition Costs | 114,529,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,261,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,687,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 87,103,000 | |||||
Total Carrying Value | 117,790,000 | |||||
Accumulated Depreciation | 34,141,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 117,790,000 | |||||
Balance at end of the year | 117,790,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 34,141,000 | |||||
Balance at end of year | 34,141,000 | |||||
United Dominion Reality L.P. | Western Region | Almaden Lake Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 27,000,000 | |||||
Initial Costs, Land and Land Improvements | 594,000 | |||||
Initial Costs, Buildings and Improvements | 42,515,000 | |||||
Total Initial Acquisition Costs | 43,109,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,838,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 741,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,206,000 | |||||
Total Carrying Value | 47,947,000 | |||||
Accumulated Depreciation | 18,420,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 47,947,000 | |||||
Balance at end of the year | 47,947,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 18,420,000 | |||||
Balance at end of year | 18,420,000 | |||||
United Dominion Reality L.P. | Western Region | SAN FRANCISCO, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 66,310,000 | |||||
Initial Costs, Land and Land Improvements | 107,787,000 | |||||
Initial Costs, Buildings and Improvements | 340,136,000 | |||||
Total Initial Acquisition Costs | 447,923,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 112,945,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 116,569,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 444,299,000 | |||||
Total Carrying Value | 560,868,000 | |||||
Accumulated Depreciation | 211,809,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 560,868,000 | |||||
Balance at end of the year | 560,868,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 211,809,000 | |||||
Balance at end of year | 211,809,000 | |||||
United Dominion Reality L.P. | Western Region | Rosebeach | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 8,414,000 | |||||
Initial Costs, Buildings and Improvements | 17,449,000 | |||||
Total Initial Acquisition Costs | 25,863,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,945,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,584,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,224,000 | |||||
Total Carrying Value | 28,808,000 | |||||
Accumulated Depreciation | 11,880,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 28,808,000 | |||||
Balance at end of the year | 28,808,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 11,880,000 | |||||
Balance at end of year | 11,880,000 | |||||
United Dominion Reality L.P. | Western Region | Ocean Villas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,135,000 | |||||
Initial Costs, Buildings and Improvements | 12,789,000 | |||||
Total Initial Acquisition Costs | 17,924,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,817,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,326,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,415,000 | |||||
Total Carrying Value | 19,741,000 | |||||
Accumulated Depreciation | 8,442,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,741,000 | |||||
Balance at end of the year | 19,741,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,442,000 | |||||
Balance at end of year | 8,442,000 | |||||
United Dominion Reality L.P. | Western Region | Other Southern CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 46,471,000 | |||||
Initial Costs, Land and Land Improvements | 25,209,000 | |||||
Initial Costs, Buildings and Improvements | 27,152,000 | |||||
Total Initial Acquisition Costs | 52,361,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 57,383,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 35,155,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 74,589,000 | |||||
Total Carrying Value | 109,744,000 | |||||
Accumulated Depreciation | 47,410,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 109,744,000 | |||||
Balance at end of the year | 109,744,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 47,410,000 | |||||
Balance at end of year | 47,410,000 | |||||
United Dominion Reality L.P. | Western Region | Tierra Del Rey | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 32,635,000 | |||||
Initial Costs, Land and Land Improvements | 39,586,000 | |||||
Initial Costs, Buildings and Improvements | 36,679,000 | |||||
Total Initial Acquisition Costs | 76,265,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,008,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,647,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,626,000 | |||||
Total Carrying Value | 79,273,000 | |||||
Accumulated Depreciation | 16,561,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 79,273,000 | |||||
Balance at end of the year | 79,273,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,561,000 | |||||
Balance at end of year | 16,561,000 | |||||
United Dominion Reality L.P. | Western Region | LOS ANGELES, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 32,635,000 | |||||
Initial Costs, Land and Land Improvements | 48,000,000 | |||||
Initial Costs, Buildings and Improvements | 54,128,000 | |||||
Total Initial Acquisition Costs | 102,128,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,953,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 48,231,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 59,850,000 | |||||
Total Carrying Value | 108,081,000 | |||||
Accumulated Depreciation | 28,441,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 108,081,000 | |||||
Balance at end of the year | 108,081,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 28,441,000 | |||||
Balance at end of year | 28,441,000 | |||||
United Dominion Reality L.P. | Western Region | Crowne Pointe | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,486,000 | |||||
Initial Costs, Buildings and Improvements | 6,437,000 | |||||
Total Initial Acquisition Costs | 8,923,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,074,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,822,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,175,000 | |||||
Total Carrying Value | 13,997,000 | |||||
Accumulated Depreciation | 7,069,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 13,997,000 | |||||
Balance at end of the year | 13,997,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 7,069,000 | |||||
Balance at end of year | 7,069,000 | |||||
United Dominion Reality L.P. | Western Region | Hilltop | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,174,000 | |||||
Initial Costs, Buildings and Improvements | 7,408,000 | |||||
Total Initial Acquisition Costs | 9,582,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,722,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,668,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,636,000 | |||||
Total Carrying Value | 13,304,000 | |||||
Accumulated Depreciation | 6,431,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 13,304,000 | |||||
Balance at end of the year | 13,304,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 6,431,000 | |||||
Balance at end of year | 6,431,000 | |||||
United Dominion Reality L.P. | Western Region | The Kennedy | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,179,000 | |||||
Initial Costs, Buildings and Improvements | 22,307,000 | |||||
Total Initial Acquisition Costs | 28,486,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,742,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,242,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,986,000 | |||||
Total Carrying Value | 30,228,000 | |||||
Accumulated Depreciation | 12,640,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 30,228,000 | |||||
Balance at end of the year | 30,228,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,640,000 | |||||
Balance at end of year | 12,640,000 | |||||
United Dominion Reality L.P. | Western Region | Hearthstone at Merrill Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 22,957,000 | |||||
Initial Costs, Land and Land Improvements | 6,848,000 | |||||
Initial Costs, Buildings and Improvements | 30,922,000 | |||||
Total Initial Acquisition Costs | 37,770,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,180,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,984,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,966,000 | |||||
Total Carrying Value | 40,950,000 | |||||
Accumulated Depreciation | 13,370,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 40,950,000 | |||||
Balance at end of the year | 40,950,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,370,000 | |||||
Balance at end of year | 13,370,000 | |||||
United Dominion Reality L.P. | Western Region | Island Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 21,284,000 | |||||
Initial Costs, Buildings and Improvements | 89,389,000 | |||||
Total Initial Acquisition Costs | 110,673,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,086,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,413,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 93,346,000 | |||||
Total Carrying Value | 114,759,000 | |||||
Accumulated Depreciation | 34,577,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 114,759,000 | |||||
Balance at end of the year | 114,759,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 34,577,000 | |||||
Balance at end of year | 34,577,000 | |||||
United Dominion Reality L.P. | Western Region | SEATTLE, WA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 22,957,000 | |||||
Initial Costs, Land and Land Improvements | 38,971,000 | |||||
Initial Costs, Buildings and Improvements | 156,463,000 | |||||
Total Initial Acquisition Costs | 195,434,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,804,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,129,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 173,109,000 | |||||
Total Carrying Value | 213,238,000 | |||||
Accumulated Depreciation | 74,087,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 213,238,000 | |||||
Balance at end of the year | 213,238,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 74,087,000 | |||||
Balance at end of year | 74,087,000 | |||||
United Dominion Reality L.P. | Western Region | Villas at Carlsbad | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,517,000 | |||||
Initial Costs, Buildings and Improvements | 10,718,000 | |||||
Total Initial Acquisition Costs | 17,235,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,181,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,763,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,653,000 | |||||
Total Carrying Value | 19,416,000 | |||||
Accumulated Depreciation | 7,330,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,416,000 | |||||
Balance at end of the year | 19,416,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 7,330,000 | |||||
Balance at end of year | 7,330,000 | |||||
United Dominion Reality L.P. | Western Region | Boronda Manor | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,946,000 | |||||
Initial Costs, Buildings and Improvements | 8,982,000 | |||||
Total Initial Acquisition Costs | 10,928,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,377,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,169,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,136,000 | |||||
Total Carrying Value | 20,305,000 | |||||
Accumulated Depreciation | 8,611,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 20,305,000 | |||||
Balance at end of the year | 20,305,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,611,000 | |||||
Balance at end of year | 8,611,000 | |||||
United Dominion Reality L.P. | Western Region | Garden Court | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 888,000 | |||||
Initial Costs, Buildings and Improvements | 4,188,000 | |||||
Total Initial Acquisition Costs | 5,076,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,304,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,552,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,828,000 | |||||
Total Carrying Value | 10,380,000 | |||||
Accumulated Depreciation | 4,603,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 10,380,000 | |||||
Balance at end of the year | 10,380,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 4,603,000 | |||||
Balance at end of year | 4,603,000 | |||||
United Dominion Reality L.P. | Western Region | Cambridge Court | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,039,000 | |||||
Initial Costs, Buildings and Improvements | 12,883,000 | |||||
Total Initial Acquisition Costs | 15,922,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,266,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,274,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,914,000 | |||||
Total Carrying Value | 30,188,000 | |||||
Accumulated Depreciation | 13,065,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 30,188,000 | |||||
Balance at end of the year | 30,188,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,065,000 | |||||
Balance at end of year | 13,065,000 | |||||
United Dominion Reality L.P. | Western Region | Laurel Tree | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,304,000 | |||||
Initial Costs, Buildings and Improvements | 5,115,000 | |||||
Total Initial Acquisition Costs | 6,419,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,872,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,139,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,152,000 | |||||
Total Carrying Value | 12,291,000 | |||||
Accumulated Depreciation | 5,264,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,291,000 | |||||
Balance at end of the year | 12,291,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,264,000 | |||||
Balance at end of year | 5,264,000 | |||||
United Dominion Reality L.P. | Western Region | The Pointe At Harden Ranch | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,388,000 | |||||
Initial Costs, Buildings and Improvements | 23,854,000 | |||||
Total Initial Acquisition Costs | 30,242,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 25,703,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,848,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 46,097,000 | |||||
Total Carrying Value | 55,945,000 | |||||
Accumulated Depreciation | 23,292,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 55,945,000 | |||||
Balance at end of the year | 55,945,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 23,292,000 | |||||
Balance at end of year | 23,292,000 | |||||
United Dominion Reality L.P. | Western Region | The Pointe At Northridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,044,000 | |||||
Initial Costs, Buildings and Improvements | 8,028,000 | |||||
Total Initial Acquisition Costs | 10,072,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,582,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,269,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,385,000 | |||||
Total Carrying Value | 19,654,000 | |||||
Accumulated Depreciation | 8,761,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 19,654,000 | |||||
Balance at end of the year | 19,654,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,761,000 | |||||
Balance at end of year | 8,761,000 | |||||
United Dominion Reality L.P. | Western Region | The Pointe At Westlake | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,329,000 | |||||
Initial Costs, Buildings and Improvements | 5,334,000 | |||||
Total Initial Acquisition Costs | 6,663,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,207,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,154,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,716,000 | |||||
Total Carrying Value | 12,870,000 | |||||
Accumulated Depreciation | 5,276,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,870,000 | |||||
Balance at end of the year | 12,870,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,276,000 | |||||
Balance at end of year | 5,276,000 | |||||
United Dominion Reality L.P. | Western Region | MONTEREY PENINSULA, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 16,938,000 | |||||
Initial Costs, Buildings and Improvements | 68,384,000 | |||||
Total Initial Acquisition Costs | 85,322,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 76,311,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,405,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 134,228,000 | |||||
Total Carrying Value | 161,633,000 | |||||
Accumulated Depreciation | 68,872,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 161,633,000 | |||||
Balance at end of the year | 161,633,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 68,872,000 | |||||
Balance at end of year | 68,872,000 | |||||
United Dominion Reality L.P. | Western Region | Verano at Rancho Cucamonga Town Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 46,471,000 | |||||
Initial Costs, Land and Land Improvements | 13,557,000 | |||||
Initial Costs, Buildings and Improvements | 3,645,000 | |||||
Total Initial Acquisition Costs | 17,202,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 53,385,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,066,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,521,000 | |||||
Total Carrying Value | 70,587,000 | |||||
Accumulated Depreciation | 31,638,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 70,587,000 | |||||
Balance at end of the year | 70,587,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 31,638,000 | |||||
Balance at end of year | 31,638,000 | |||||
United Dominion Reality L.P. | Western Region | Tualatin Heights | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,273,000 | |||||
Initial Costs, Buildings and Improvements | 9,134,000 | |||||
Total Initial Acquisition Costs | 12,407,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,517,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,839,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,085,000 | |||||
Total Carrying Value | 18,924,000 | |||||
Accumulated Depreciation | 9,653,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 18,924,000 | |||||
Balance at end of the year | 18,924,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 9,653,000 | |||||
Balance at end of year | 9,653,000 | |||||
United Dominion Reality L.P. | Western Region | Andover Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 16,818,000 | |||||
Initial Costs, Land and Land Improvements | 2,916,000 | |||||
Initial Costs, Buildings and Improvements | 16,995,000 | |||||
Total Initial Acquisition Costs | 19,911,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,174,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,210,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,875,000 | |||||
Total Carrying Value | 28,085,000 | |||||
Accumulated Depreciation | 16,127,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 28,085,000 | |||||
Balance at end of the year | 28,085,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 16,127,000 | |||||
Balance at end of year | 16,127,000 | |||||
United Dominion Reality L.P. | Western Region | Hunt Club | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 18,323,000 | |||||
Initial Costs, Land and Land Improvements | 6,014,000 | |||||
Initial Costs, Buildings and Improvements | 14,870,000 | |||||
Total Initial Acquisition Costs | 20,884,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,918,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,364,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,438,000 | |||||
Total Carrying Value | 26,802,000 | |||||
Accumulated Depreciation | 13,604,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 26,802,000 | |||||
Balance at end of the year | 26,802,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,604,000 | |||||
Balance at end of year | 13,604,000 | |||||
United Dominion Reality L.P. | Western Region | PORTLAND, OR | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 35,141,000 | |||||
Initial Costs, Land and Land Improvements | 12,203,000 | |||||
Initial Costs, Buildings and Improvements | 40,999,000 | |||||
Total Initial Acquisition Costs | 53,202,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,609,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,413,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,398,000 | |||||
Total Carrying Value | 73,811,000 | |||||
Accumulated Depreciation | 39,384,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 73,811,000 | |||||
Balance at end of the year | 73,811,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 39,384,000 | |||||
Balance at end of year | 39,384,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 146,046,000 | |||||
Initial Costs, Land and Land Improvements | 120,584,000 | |||||
Initial Costs, Buildings and Improvements | 515,743,000 | |||||
Total Initial Acquisition Costs | 636,327,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 201,732,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 134,037,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 704,022,000 | |||||
Total Carrying Value | 838,059,000 | |||||
Accumulated Depreciation | 289,227,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 838,059,000 | |||||
Balance at end of the year | 838,059,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 289,227,000 | |||||
Balance at end of year | 289,227,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | The Whitmore | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,418,000 | |||||
Initial Costs, Buildings and Improvements | 13,411,000 | |||||
Total Initial Acquisition Costs | 19,829,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,350,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,493,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,686,000 | |||||
Total Carrying Value | 40,179,000 | |||||
Accumulated Depreciation | 21,571,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 40,179,000 | |||||
Balance at end of the year | 40,179,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 21,571,000 | |||||
Balance at end of year | 21,571,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | Ridgewood | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,612,000 | |||||
Initial Costs, Buildings and Improvements | 20,086,000 | |||||
Total Initial Acquisition Costs | 25,698,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,108,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,012,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 27,794,000 | |||||
Total Carrying Value | 33,806,000 | |||||
Accumulated Depreciation | 19,540,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 33,806,000 | |||||
Balance at end of the year | 33,806,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,540,000 | |||||
Balance at end of year | 19,540,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | Wellington Place at Olde Town | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 32,037,000 | |||||
Initial Costs, Land and Land Improvements | 13,753,000 | |||||
Initial Costs, Buildings and Improvements | 36,059,000 | |||||
Total Initial Acquisition Costs | 49,812,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,071,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,650,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,233,000 | |||||
Total Carrying Value | 66,883,000 | |||||
Accumulated Depreciation | 32,364,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 66,883,000 | |||||
Balance at end of the year | 66,883,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 32,364,000 | |||||
Balance at end of year | 32,364,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | Andover House | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 14,357,000 | |||||
Initial Costs, Buildings and Improvements | 51,577,000 | |||||
Total Initial Acquisition Costs | 65,934,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,108,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,373,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,669,000 | |||||
Total Carrying Value | 69,042,000 | |||||
Accumulated Depreciation | 24,673,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 69,042,000 | |||||
Balance at end of the year | 69,042,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 24,673,000 | |||||
Balance at end of year | 24,673,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | Sullivan Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,137,000 | |||||
Initial Costs, Buildings and Improvements | 103,676,000 | |||||
Total Initial Acquisition Costs | 104,813,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,604,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,373,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 109,044,000 | |||||
Total Carrying Value | 110,417,000 | |||||
Accumulated Depreciation | 44,942,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 110,417,000 | |||||
Balance at end of the year | 110,417,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 44,942,000 | |||||
Balance at end of year | 44,942,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | Circle Towers | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 70,606,000 | |||||
Initial Costs, Land and Land Improvements | 32,815,000 | |||||
Initial Costs, Buildings and Improvements | 107,051,000 | |||||
Total Initial Acquisition Costs | 139,866,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,812,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 33,105,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 117,573,000 | |||||
Total Carrying Value | 150,678,000 | |||||
Accumulated Depreciation | 45,360,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 150,678,000 | |||||
Balance at end of the year | 150,678,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 45,360,000 | |||||
Balance at end of year | 45,360,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | Delancey at Shirlington | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 21,606,000 | |||||
Initial Costs, Buildings and Improvements | 66,765,000 | |||||
Total Initial Acquisition Costs | 88,371,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,770,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,632,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,509,000 | |||||
Total Carrying Value | 90,141,000 | |||||
Accumulated Depreciation | 26,624,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 90,141,000 | |||||
Balance at end of the year | 90,141,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 26,624,000 | |||||
Balance at end of year | 26,624,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | METROPOLITAN DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 102,643,000 | |||||
Initial Costs, Land and Land Improvements | 95,995,000 | |||||
Initial Costs, Buildings and Improvements | 411,411,000 | |||||
Total Initial Acquisition Costs | 507,406,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 178,613,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 108,085,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 577,934,000 | |||||
Total Carrying Value | 686,019,000 | |||||
Accumulated Depreciation | 217,456,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 686,019,000 | |||||
Balance at end of the year | 686,019,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 217,456,000 | |||||
Balance at end of year | 217,456,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | Lakeside Mill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 12,569,000 | |||||
Initial Costs, Land and Land Improvements | 2,666,000 | |||||
Initial Costs, Buildings and Improvements | 10,109,000 | |||||
Total Initial Acquisition Costs | 12,775,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,581,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,985,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,371,000 | |||||
Total Carrying Value | 17,356,000 | |||||
Accumulated Depreciation | 10,818,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 17,356,000 | |||||
Balance at end of the year | 17,356,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 10,818,000 | |||||
Balance at end of year | 10,818,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | Tamar Meadow | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,145,000 | |||||
Initial Costs, Buildings and Improvements | 17,150,000 | |||||
Total Initial Acquisition Costs | 21,295,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,089,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,577,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,807,000 | |||||
Total Carrying Value | 26,384,000 | |||||
Accumulated Depreciation | 14,882,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 26,384,000 | |||||
Balance at end of the year | 26,384,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 14,882,000 | |||||
Balance at end of year | 14,882,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | Calvertbs Walk | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,408,000 | |||||
Initial Costs, Buildings and Improvements | 24,692,000 | |||||
Total Initial Acquisition Costs | 29,100,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,766,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,726,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,140,000 | |||||
Total Carrying Value | 35,866,000 | |||||
Accumulated Depreciation | 19,763,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 35,866,000 | |||||
Balance at end of the year | 35,866,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 19,763,000 | |||||
Balance at end of year | 19,763,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | Liriope Apartments | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,620,000 | |||||
Initial Costs, Buildings and Improvements | 6,791,000 | |||||
Total Initial Acquisition Costs | 8,411,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,250,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,646,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,015,000 | |||||
Total Carrying Value | 9,661,000 | |||||
Accumulated Depreciation | 5,090,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 9,661,000 | |||||
Balance at end of the year | 9,661,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 5,090,000 | |||||
Balance at end of year | 5,090,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | 20 Lambourne | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,834,000 | |||||
Initial Costs, Land and Land Improvements | 11,750,000 | |||||
Initial Costs, Buildings and Improvements | 45,590,000 | |||||
Total Initial Acquisition Costs | 57,340,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,433,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,018,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 50,755,000 | |||||
Total Carrying Value | 62,773,000 | |||||
Accumulated Depreciation | 21,218,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 62,773,000 | |||||
Balance at end of the year | 62,773,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 21,218,000 | |||||
Balance at end of year | 21,218,000 | |||||
United Dominion Reality L.P. | Mid Atlantic Region | BALTIMORE, MD | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 43,403,000 | |||||
Initial Costs, Land and Land Improvements | 24,589,000 | |||||
Initial Costs, Buildings and Improvements | 104,332,000 | |||||
Total Initial Acquisition Costs | 128,921,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,119,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,952,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 126,088,000 | |||||
Total Carrying Value | 152,040,000 | |||||
Accumulated Depreciation | 71,771,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 152,040,000 | |||||
Balance at end of the year | 152,040,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 71,771,000 | |||||
Balance at end of year | 71,771,000 | |||||
United Dominion Reality L.P. | Southeastern Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,179,000 | |||||
Initial Costs, Land and Land Improvements | 47,572,000 | |||||
Initial Costs, Buildings and Improvements | 170,881,000 | |||||
Total Initial Acquisition Costs | 218,453,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 114,976,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 56,296,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 277,133,000 | |||||
Total Carrying Value | 333,429,000 | |||||
Accumulated Depreciation | 179,254,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 333,429,000 | |||||
Balance at end of the year | 333,429,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 179,254,000 | |||||
Balance at end of year | 179,254,000 | |||||
United Dominion Reality L.P. | Southeastern Region | Sugar Mill Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,242,000 | |||||
Initial Costs, Buildings and Improvements | 7,553,000 | |||||
Total Initial Acquisition Costs | 9,795,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,846,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,734,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,907,000 | |||||
Total Carrying Value | 16,641,000 | |||||
Accumulated Depreciation | 8,998,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 16,641,000 | |||||
Balance at end of the year | 16,641,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 8,998,000 | |||||
Balance at end of year | 8,998,000 | |||||
United Dominion Reality L.P. | Southeastern Region | Inlet Bay | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 7,702,000 | |||||
Initial Costs, Buildings and Improvements | 23,150,000 | |||||
Total Initial Acquisition Costs | 30,852,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,657,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,211,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,298,000 | |||||
Total Carrying Value | 45,509,000 | |||||
Accumulated Depreciation | 25,585,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 45,509,000 | |||||
Balance at end of the year | 45,509,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 25,585,000 | |||||
Balance at end of year | 25,585,000 | |||||
United Dominion Reality L.P. | Southeastern Region | MacAlpine Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,869,000 | |||||
Initial Costs, Buildings and Improvements | 36,858,000 | |||||
Total Initial Acquisition Costs | 47,727,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,384,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,408,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,703,000 | |||||
Total Carrying Value | 55,111,000 | |||||
Accumulated Depreciation | 27,162,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 55,111,000 | |||||
Balance at end of the year | 55,111,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 27,162,000 | |||||
Balance at end of year | 27,162,000 | |||||
United Dominion Reality L.P. | Southeastern Region | TAMPA, FL | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 20,813,000 | |||||
Initial Costs, Buildings and Improvements | 67,561,000 | |||||
Total Initial Acquisition Costs | 88,374,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 28,887,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,353,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 93,908,000 | |||||
Total Carrying Value | 117,261,000 | |||||
Accumulated Depreciation | 61,745,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 117,261,000 | |||||
Balance at end of the year | 117,261,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 61,745,000 | |||||
Balance at end of year | 61,745,000 | |||||
United Dominion Reality L.P. | Southeastern Region | Legacy Hill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,148,000 | |||||
Initial Costs, Buildings and Improvements | 5,867,000 | |||||
Total Initial Acquisition Costs | 7,015,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,636,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,762,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,889,000 | |||||
Total Carrying Value | 15,651,000 | |||||
Accumulated Depreciation | 10,830,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 15,651,000 | |||||
Balance at end of the year | 15,651,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 10,830,000 | |||||
Balance at end of year | 10,830,000 | |||||
United Dominion Reality L.P. | Southeastern Region | Hickory Run | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,469,000 | |||||
Initial Costs, Buildings and Improvements | 11,584,000 | |||||
Total Initial Acquisition Costs | 13,053,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,761,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,139,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,675,000 | |||||
Total Carrying Value | 22,814,000 | |||||
Accumulated Depreciation | 13,482,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 22,814,000 | |||||
Balance at end of the year | 22,814,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 13,482,000 | |||||
Balance at end of year | 13,482,000 | |||||
United Dominion Reality L.P. | Southeastern Region | Carrington Hills | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,117,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 2,117,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 33,846,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,462,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,501,000 | |||||
Total Carrying Value | 35,963,000 | |||||
Accumulated Depreciation | 20,064,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 35,963,000 | |||||
Balance at end of the year | 35,963,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,064,000 | |||||
Balance at end of year | 20,064,000 | |||||
United Dominion Reality L.P. | Southeastern Region | Brookridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 708,000 | |||||
Initial Costs, Buildings and Improvements | 5,461,000 | |||||
Total Initial Acquisition Costs | 6,169,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,500,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,143,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,526,000 | |||||
Total Carrying Value | 10,669,000 | |||||
Accumulated Depreciation | 6,641,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 10,669,000 | |||||
Balance at end of the year | 10,669,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 6,641,000 | |||||
Balance at end of year | 6,641,000 | |||||
United Dominion Reality L.P. | Southeastern Region | Breckenridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 766,000 | |||||
Initial Costs, Buildings and Improvements | 7,714,000 | |||||
Total Initial Acquisition Costs | 8,480,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,357,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,258,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,579,000 | |||||
Total Carrying Value | 12,837,000 | |||||
Accumulated Depreciation | 7,704,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 12,837,000 | |||||
Balance at end of the year | 12,837,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 7,704,000 | |||||
Balance at end of year | 7,704,000 | |||||
United Dominion Reality L.P. | Southeastern Region | Polo Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,583,000 | |||||
Initial Costs, Buildings and Improvements | 16,293,000 | |||||
Total Initial Acquisition Costs | 20,876,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,042,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,643,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,275,000 | |||||
Total Carrying Value | 36,918,000 | |||||
Accumulated Depreciation | 20,471,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 36,918,000 | |||||
Balance at end of the year | 36,918,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,471,000 | |||||
Balance at end of year | 20,471,000 | |||||
United Dominion Reality L.P. | Southeastern Region | NASHVILLE, TN | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,791,000 | |||||
Initial Costs, Buildings and Improvements | 46,919,000 | |||||
Total Initial Acquisition Costs | 57,710,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 77,142,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,407,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 118,445,000 | |||||
Total Carrying Value | 134,852,000 | |||||
Accumulated Depreciation | 79,192,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 134,852,000 | |||||
Balance at end of the year | 134,852,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 79,192,000 | |||||
Balance at end of year | 79,192,000 | |||||
United Dominion Reality L.P. | Southeastern Region | The Reserve and Park at Riverbridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,179,000 | |||||
Initial Costs, Land and Land Improvements | 15,968,000 | |||||
Initial Costs, Buildings and Improvements | 56,401,000 | |||||
Total Initial Acquisition Costs | 72,369,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,947,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,536,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,780,000 | |||||
Total Carrying Value | 81,316,000 | |||||
Accumulated Depreciation | 38,317,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 81,316,000 | |||||
Balance at end of the year | 81,316,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 38,317,000 | |||||
Balance at end of year | 38,317,000 | |||||
United Dominion Reality L.P. | Southeastern Region | OTHER FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,179,000 | |||||
Initial Costs, Land and Land Improvements | 15,968,000 | |||||
Initial Costs, Buildings and Improvements | 56,401,000 | |||||
Total Initial Acquisition Costs | 72,369,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,947,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,536,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,780,000 | |||||
Total Carrying Value | 81,316,000 | |||||
Accumulated Depreciation | 38,317,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 81,316,000 | |||||
Balance at end of the year | 81,316,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 38,317,000 | |||||
Balance at end of year | 38,317,000 | |||||
United Dominion Reality L.P. | Northeast Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 246,909,000 | |||||
Initial Costs, Land and Land Improvements | 130,808,000 | |||||
Initial Costs, Buildings and Improvements | 624,509,000 | |||||
Total Initial Acquisition Costs | 755,317,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 22,289,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 129,525,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 648,081,000 | |||||
Total Carrying Value | 777,606,000 | |||||
Accumulated Depreciation | 130,503,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 777,606,000 | |||||
Balance at end of the year | 777,606,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 130,503,000 | |||||
Balance at end of year | 130,503,000 | |||||
United Dominion Reality L.P. | Northeast Region | Inwood West | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 56,447,000 | |||||
Initial Costs, Land and Land Improvements | 20,778,000 | |||||
Initial Costs, Buildings and Improvements | 88,096,000 | |||||
Total Initial Acquisition Costs | 108,874,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,034,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,309,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 92,599,000 | |||||
Total Carrying Value | 111,908,000 | |||||
Accumulated Depreciation | 20,102,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 111,908,000 | |||||
Balance at end of the year | 111,908,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,102,000 | |||||
Balance at end of year | 20,102,000 | |||||
United Dominion Reality L.P. | Northeast Region | 14 North | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,961,000 | |||||
Initial Costs, Buildings and Improvements | 51,175,000 | |||||
Total Initial Acquisition Costs | 62,136,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,563,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,999,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 55,700,000 | |||||
Total Carrying Value | 66,699,000 | |||||
Accumulated Depreciation | 12,750,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 66,699,000 | |||||
Balance at end of the year | 66,699,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 12,750,000 | |||||
Balance at end of year | 12,750,000 | |||||
United Dominion Reality L.P. | Northeast Region | BOSTON, MA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 56,447,000 | |||||
Initial Costs, Land and Land Improvements | 31,739,000 | |||||
Initial Costs, Buildings and Improvements | 139,271,000 | |||||
Total Initial Acquisition Costs | 171,010,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,597,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,308,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 148,299,000 | |||||
Total Carrying Value | 178,607,000 | |||||
Accumulated Depreciation | 32,852,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 178,607,000 | |||||
Balance at end of the year | 178,607,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 32,852,000 | |||||
Balance at end of year | 32,852,000 | |||||
United Dominion Reality L.P. | Northeast Region | 10 Hanover Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 190,462,000 | |||||
Initial Costs, Land and Land Improvements | 41,432,000 | |||||
Initial Costs, Buildings and Improvements | 218,983,000 | |||||
Total Initial Acquisition Costs | 260,415,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,396,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,481,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 227,330,000 | |||||
Total Carrying Value | 268,811,000 | |||||
Accumulated Depreciation | 42,678,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 268,811,000 | |||||
Balance at end of the year | 268,811,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 42,678,000 | |||||
Balance at end of year | 42,678,000 | |||||
United Dominion Reality L.P. | Northeast Region | 95 Wall Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 57,637,000 | |||||
Initial Costs, Buildings and Improvements | 266,255,000 | |||||
Total Initial Acquisition Costs | 323,892,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,296,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 57,736,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 272,452,000 | |||||
Total Carrying Value | 330,188,000 | |||||
Accumulated Depreciation | 54,973,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 330,188,000 | |||||
Balance at end of the year | 330,188,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 54,973,000 | |||||
Balance at end of year | 54,973,000 | |||||
United Dominion Reality L.P. | Northeast Region | NEW YORK, NY | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 190,462,000 | |||||
Initial Costs, Land and Land Improvements | 99,069,000 | |||||
Initial Costs, Buildings and Improvements | 485,238,000 | |||||
Total Initial Acquisition Costs | 584,307,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,692,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 99,217,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 499,782,000 | |||||
Total Carrying Value | 598,999,000 | |||||
Accumulated Depreciation | 97,651,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 598,999,000 | |||||
Balance at end of the year | 598,999,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 97,651,000 | |||||
Balance at end of year | 97,651,000 | |||||
United Dominion Reality L.P. | Southwestern Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 102,438,000 | |||||
Initial Costs, Land and Land Improvements | 44,069,000 | |||||
Initial Costs, Buildings and Improvements | 147,322,000 | |||||
Total Initial Acquisition Costs | 191,391,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,605,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 46,398,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 182,598,000 | |||||
Total Carrying Value | 228,996,000 | |||||
Accumulated Depreciation | 86,244,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 228,996,000 | |||||
Balance at end of the year | 228,996,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 86,244,000 | |||||
Balance at end of year | 86,244,000 | |||||
United Dominion Reality L.P. | Southwestern Region | THIRTY377 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,023,000 | |||||
Initial Costs, Land and Land Improvements | 24,036,000 | |||||
Initial Costs, Buildings and Improvements | 32,951,000 | |||||
Total Initial Acquisition Costs | 56,987,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,162,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,311,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,838,000 | |||||
Total Carrying Value | 65,149,000 | |||||
Accumulated Depreciation | 21,663,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 65,149,000 | |||||
Balance at end of the year | 65,149,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 21,663,000 | |||||
Balance at end of year | 21,663,000 | |||||
United Dominion Reality L.P. | Southwestern Region | Legacy Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 72,415,000 | |||||
Initial Costs, Land and Land Improvements | 16,882,000 | |||||
Initial Costs, Buildings and Improvements | 100,102,000 | |||||
Total Initial Acquisition Costs | 116,984,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,325,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,280,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 107,029,000 | |||||
Total Carrying Value | 124,309,000 | |||||
Accumulated Depreciation | 44,321,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 124,309,000 | |||||
Balance at end of the year | 124,309,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 44,321,000 | |||||
Balance at end of year | 44,321,000 | |||||
United Dominion Reality L.P. | Southwestern Region | DALLAS, TX | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 102,438,000 | |||||
Initial Costs, Land and Land Improvements | 40,918,000 | |||||
Initial Costs, Buildings and Improvements | 133,053,000 | |||||
Total Initial Acquisition Costs | 173,971,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,487,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,591,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 147,867,000 | |||||
Total Carrying Value | 189,458,000 | |||||
Accumulated Depreciation | 65,984,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 189,458,000 | |||||
Balance at end of the year | 189,458,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 65,984,000 | |||||
Balance at end of year | 65,984,000 | |||||
United Dominion Reality L.P. | Southwestern Region | Barton Creek Landing | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,151,000 | |||||
Initial Costs, Buildings and Improvements | 14,269,000 | |||||
Total Initial Acquisition Costs | 17,420,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 22,118,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,807,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,731,000 | |||||
Total Carrying Value | 39,538,000 | |||||
Accumulated Depreciation | 20,260,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,538,000 | |||||
Balance at end of the year | 39,538,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,260,000 | |||||
Balance at end of year | 20,260,000 | |||||
United Dominion Reality L.P. | Southwestern Region | AUSTIN, TX | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,151,000 | |||||
Initial Costs, Buildings and Improvements | 14,269,000 | |||||
Total Initial Acquisition Costs | 17,420,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 22,118,000 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,807,000 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,731,000 | |||||
Total Carrying Value | 39,538,000 | |||||
Accumulated Depreciation | 20,260,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 39,538,000 | |||||
Balance at end of the year | 39,538,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 20,260,000 | |||||
Balance at end of year | 20,260,000 | |||||
Corporate Joint Venture [Member] | ||||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Real estate acquired | 0 | 129,437,000 | 0 | |||
Retirement of fully depreciated assets | -112,344,000 | -356,303,000 | 0 | |||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Accumulated depreciation on retirements of fully depreciated asset | ($4,228,000) | ($20,662,000) | $0 | |||
[1] | Includes unallocated accruals and capital expenditures.The aggregate cost for federal income tax purposes was approximately $7.7 billion at December 31, 2014. The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. | |||||
[2] | Includes unallocated accruals and capital expenditures.The aggregate cost for federal income tax purpose was approximately $3.6 billion at December 31, 2011. |
IncomeLoss_Per_Share_UNITED_DO3
Income/(Loss) Per Share (UNITED DOMINION REALTY, L.P.) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | ($5,511) | $48 | $2,089 | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 154,324 | 2,448 | -44,356 | |||||||||||||
Income/(loss) from discontinued operations | 0 | 79 | 18 | -87 | 41,376 | 884 | 829 | 853 | 10 | 43,942 | 266,608 | |||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 159,842 | 46,282 | 220,303 | |||||||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 5,375 | 1,720 | 8,206 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | -1,578 | -10,075 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 10 | 42,364 | 256,533 | |||||||||||||
United Dominion Reality L.P. | ||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 96,227 | 28,652 | -13,409 | |||||||||||||
Income/(loss) from discontinued operations | 42,407 | 882 | 905 | 0 | 45,176 | 57,643 | 982 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 97,179 | 77,942 | 44,334 | |||||||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 952 | 4,566 | 352 | |||||||||||||
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 183,279 | 184,196 | 184,281 | |||||||||||||
Income (Loss) from Continuing Operations, Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $0.53 | $0.16 | ($0.07) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted | $0 | $0.24 | $0.31 | |||||||||||||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $0.18 | [1] | $0.05 | [1] | $0.13 | [1] | $0.17 | [1] | $0.24 | $0.06 | $0.04 | $0.53 | $0.40 | $0.24 | $0.06 | |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | -452 | -252 | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 44,724 | 57,391 | |||||||||||||
Noncontrolling Interest | ||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 3 | 60 | -140 | |||||||||||||
Noncontrolling Interest | United Dominion Reality L.P. | ||||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | ($952) | ($4,114) | ($100) | |||||||||||||
[1] | Quarterly income/(loss) per OP Unit amounts may not total to the annual amounts |