Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 27, 2015 | |
Entity Registrant Name | UDR, Inc. | |
Entity Central Index Key | 74,208 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 259,101,916 | |
United Dominion Reality L.P. [Member] | ||
Entity Registrant Name | United Dominion Realty L.P. | |
Entity Central Index Key | 1,018,254 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Real estate owned: | ||
Real estate held for investment | $ 8,332,634 | $ 8,205,627 |
Less: accumulated depreciation | (2,557,949) | (2,434,772) |
Real Estate Investment Property, Net | 5,774,685 | 5,770,855 |
Real estate under development (net of accumulated depreciation of $0) | 92,645 | 177,632 |
Real Estate Investments, Net | 5,867,330 | 5,948,487 |
Cash and cash equivalents | 2,990 | 15,224 |
Restricted Cash and Cash Equivalents | 22,912 | 22,340 |
Deferred financing costs, net | 19,930 | 22,686 |
Notes receivable, net | 15,494 | 14,369 |
Investment in and advances to unconsolidated joint ventures, net | 914,815 | 718,226 |
Other assets | 96,259 | 105,202 |
Total assets | 6,939,730 | 6,846,534 |
Liabilities: | ||
Secured debt | 1,350,439 | 1,361,529 |
Unsecured debt | 2,213,964 | 2,221,576 |
Real estate taxes payable | 18,263 | 15,978 |
Accrued interest payable | 27,735 | 34,215 |
Advance Rent | 33,366 | 34,064 |
Distributions payable | 75,129 | 69,460 |
Accounts payable, accrued expenses, and other liabilities | 72,054 | 91,282 |
Total liabilities | 3,790,950 | 3,828,104 |
Redeemable noncontrolling interests in the Operating Partnership | 290,278 | 282,480 |
Equity: | ||
8.00% Series E Cumulative Convertible; 2,803,812 shares and outstanding at June 30, 2015 and December 31, 2014 | 46,571 | 46,571 |
Common stock, $0.01 par value; 350,000,000 shares authorized; 259,091,257 and 255,114,603 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | 2,591 | 2,551 |
Additional Paid in Capital | 4,342,829 | 4,223,747 |
Distributions in excess of net income | (1,525,159) | (1,528,917) |
Accumulated other comprehensive income/(loss), net | (9,190) | (8,855) |
Total stockholders' equity | 2,857,642 | 2,735,097 |
Noncontrolling interests | 860 | 853 |
Total equity | 2,858,502 | 2,735,950 |
Total liabilities and equity | $ 6,939,730 | $ 6,846,534 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Real estate owned: | ||
Real estate under development accumulated depreciation | $ 0 | $ 0 |
Equity: | ||
Preferred stock, par or stated value per share | $ 0 | $ 0 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares outstanding | 2,803,812 | 2,803,812 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares outstanding | 259,091,257 | 255,114,603 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
REVENUES | ||||
Rental Income | $ 212,764 | $ 200,959 | $ 419,811 | $ 395,311 |
Joint venture management and other fees | 3,098 | 2,747 | 15,804 | 6,434 |
Total revenues | 215,862 | 203,706 | 435,615 | 401,745 |
OPERATING EXPENSES | ||||
Property operating and maintenance | 37,194 | 36,840 | 74,444 | 73,560 |
Real estate taxes and insurance | 25,138 | 23,716 | 51,360 | 49,147 |
Property management | 5,851 | 5,527 | 11,545 | 10,872 |
Other operating expenses | 1,769 | 2,162 | 3,535 | 4,088 |
Real estate depreciation and amortization | 90,344 | 88,876 | 179,121 | 177,409 |
General and administrative | 13,721 | 12,530 | 25,873 | 24,524 |
Casualty-related (recoveries)/charges, net | 843 | 0 | 1,839 | 500 |
Other depreciation and amortization | 1,700 | 1,193 | 3,323 | 2,273 |
Total operating expenses | 176,560 | 170,844 | 351,040 | 342,373 |
Operating income | 39,302 | 32,862 | 84,575 | 59,372 |
Income/(loss) from unconsolidated entities | (573) | (428) | 58,586 | (3,993) |
Interest expense | (29,673) | (31,691) | (58,473) | (64,575) |
Interest and other income/(expense), net | 382 | 1,426 | 742 | 2,841 |
Income/(loss) before income taxes, discountinued operations, and gain/(loss) on sale of real estate owned | 9,438 | 2,169 | 85,430 | (6,355) |
Tax benefit/(expense), net | 1,404 | 2,190 | 1,829 | 5,519 |
Income/(loss) from continuing operations | 10,842 | 4,359 | 87,259 | (836) |
Income/(loss) from discontinued operations, net of tax | 0 | 18 | 0 | (69) |
Income/(loss) before gain/(loss) of real estate owned | 10,842 | 4,377 | 87,259 | (905) |
Gains/(loss) on sales of real estate, net of tax | 79,042 | 26,709 | 79,042 | 51,003 |
Net income/(loss) | 89,884 | 31,086 | 166,301 | 50,098 |
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | (3,029) | (1,077) | (5,617) | (1,724) |
Net (income)/loss attributable to noncontrolling interests | 0 | (2) | (7) | (6) |
Net income/(loss) attributable to UDR, Inc. | 86,855 | 30,007 | 160,677 | 48,368 |
Distributions to preferred stockholders - Series E (Convertible) | (931) | (931) | (1,862) | (1,862) |
Net (loss)/income attributable to common stockholders | $ 85,924 | $ 29,076 | $ 158,815 | $ 46,506 |
Income/(loss) per weighted average common share - basic and diluted: | ||||
Income/(loss) from continuing operations attributable to common stockholders | $ 0.33 | $ 0.12 | $ 0.62 | $ 0.19 |
Income/(loss) from discontinued operations attributable to common stockholders, | 0 | 0 | 0 | 0 |
Net income/(loss) attributable to common stockholders | $ 0.33 | $ 0.12 | $ 0.62 | $ 0.19 |
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 4,957 | 1,936 | 1,923 | 1,875 |
Income/(loss) from continuing operations attributable to common stockholders, | $ 0.33 | $ 0.12 | $ 0.61 | $ 0.18 |
Income from discontinued operations attributable to common stockholders | 0 | 0 | 0 | 0 |
Net income/(loss) attributable to common stockholders | 0.33 | 0.12 | 0.61 | 0.18 |
Common distributions declared per share | $ 0.2775 | $ 0.2600 | $ 0.5550 | $ 0.5200 |
Weighted average number of common shares outstanding — basic | 257,849 | 250,255 | 257,344 | 250,216 |
Weighted average number of common shares outstanding — diluted | 262,806 | 252,191 | 259,267 | 252,091 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income/(loss) | $ 89,884 | $ 31,086 | $ 166,301 | $ 50,098 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | ||||
Unrealized holding gain/(loss) | 6,186 | 304 | (1,366) | 249 |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | 292 | 1,145 | 1,029 | 2,677 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 6,478 | 1,449 | (337) | 2,926 |
Comprehensive income/(loss) | 96,362 | 32,535 | 165,964 | 53,024 |
Comprehensive (income)/loss attributable to noncontrolling interests | (3,253) | (1,129) | (5,623) | (1,836) |
Comprehensive income/(loss) attributable to UDR, Inc. | $ 93,109 | $ 31,406 | $ 160,341 | $ 51,188 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Paid - in Capital | Distributions in Excess of Net Income | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest [Member] |
Beginning Balance, Shares at Dec. 31, 2014 | 2,803,812 | 255,114,603 | |||||
Beginning Balance at Dec. 31, 2014 | $ 2,735,950 | $ 46,571 | $ 2,551 | $ 4,223,747 | $ (1,528,917) | $ (8,855) | $ 853 |
Consolidted Statements of Changes in Equity | |||||||
Net income/(loss) attributable to UDR, Inc. | 160,677 | 160,677 | |||||
Net income/(loss) attributable to noncontrolling interests | 7 | 7 | |||||
Other comprehensive income/(loss) | (335) | (335) | |||||
Issuance/(forfeiture) of common and restricted shares, net Shares | (434,234) | ||||||
Issuance/(forfeitures) of common and restricted shares, net | 6,885 | $ 4 | 6,881 | ||||
Issuance of common shares through public offering | 108,739 | $ 34 | 108,705 | ||||
Stock Redeemed or Called During Period, Shares | 0 | ||||||
Stock Redeemed or Called During Period, Value | $ 0 | 0 | |||||
Stock Issued During Period, Shares, New Issues | 3,439,636 | ||||||
Stock Issued During Period, Shares, Conversion of Units | 102,784 | ||||||
Adjustment for conversion of noncontrolling interest of unitholders in Operating Partnership | 3,498 | $ (2) | (3,496) | ||||
Common stock distributions declared ($0.555 per share) | (144,127) | 144,127 | |||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | ||||||
Preferred stock distributions declared-Series E ($0.6644 per share) | (1,862) | 1,862 | |||||
Adjustment to reflect redemption value of redeemable noncontrolling interests | (10,930) | (10,930) | |||||
Ending Balance at Jun. 30, 2015 | $ 2,858,502 | $ 46,571 | $ 2,591 | $ 4,342,829 | $ (1,525,159) | $ (9,190) | $ 860 |
Ending Balance, Shares at Jun. 30, 2015 | 2,803,812 | 259,091,257 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 6 Months Ended |
Jun. 30, 2015 | |
Common distributions declared per share | $ 0.5550 |
Series E Preferred Stock [Member] | |
Preferred stock distributions declared | $ 0.6644 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities | ||
Net income/(loss) | $ 166,301 | $ 50,098 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 182,444 | 179,682 |
Gain on sale of real estate owned, net of tax | (79,042) | (51,003) |
Tax (benefit)/provision, net | (1,829) | (5,559) |
Income/(loss) from unconsolidated entities | (58,586) | 3,993 |
Casualty-related (recoveries)/charges, net | 1,839 | 500 |
Other | 13,154 | 13,054 |
Changes in operating assets and liabilities: | ||
(Increase)/decrease in operating assets | 7,431 | 5,677 |
Increase/(decrease) in operating liabilities | (14,709) | (10,229) |
Net cash provided by operating activities | 217,003 | 186,213 |
Investing Activities | ||
Acquisition of real estate assets | 0 | (77,793) |
Proceeds from sales of real estate investments, net | 90,543 | 47,922 |
Development of real estate assets | (66,083) | (115,964) |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | (47,453) | (57,574) |
Capital expenditures - non-real estate assets | (1,655) | (2,917) |
Investment in unconsolidated joint ventures | (184,078) | (120,555) |
Distributions received from unconsolidated joint venture | 46,075 | 12,507 |
Purchase deposits on pending acquisitions | 0 | (4,000) |
(Issuance)/repayment of notes receivable | (1,125) | 38,800 |
Net cash provided by/(used in) investing activities | (163,776) | (279,574) |
Financing Activities | ||
Payments on secured debt | (4,549) | (42,304) |
Proceeds from the issuance of secured debt | 0 | 5,502 |
Payments on unsecured debt | (325,319) | (312,500) |
Proceeds from Issuance of Unsecured Debt | 0 | 298,956 |
Net proceeds/(repayment) of revolving bank debt | 304,500 | 276,500 |
Proceeds from the issuance of common shares through public offering, net | 108,739 | 0 |
Distributions paid to redeemable noncontrolling interests | (5,148) | (4,909) |
Distributions paid to preferred stockholders | (1,862) | (1,862) |
Distributions paid to common stockholders | (138,559) | (124,338) |
Other | (3,263) | (5,117) |
Net cash provided by/(used in) financing activities | (65,461) | 89,928 |
Net increase/(decrease) in cash and cash equivalents | (12,234) | (3,433) |
Cash and cash equivalents, beginning of period | 15,224 | 30,249 |
Cash and cash equivalents, end of period | 2,990 | 26,816 |
Supplemental Information: | ||
Interest paid during the period, net of amounts capitalized | 66,448 | 69,291 |
Non-cash transactions: | ||
Acquisition of real estate | 24,067 | 0 |
Fair value adjustment of debt acquired as part of acquisition of real estate | $ 1,363 | $ 0 |
Consolidated Balance Sheets (UN
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Real estate owned: | ||
Real estate held for investment | $ 8,332,634 | $ 8,205,627 |
Less: accumulated depreciation | (2,557,949) | (2,434,772) |
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 92,645 | 177,632 |
Total real estate owned, net of accumulated depreciation | 5,867,330 | 5,948,487 |
Cash and cash equivalents | 2,990 | 15,224 |
Deferred financing costs, net | 19,930 | 22,686 |
Other assets | 96,259 | 105,202 |
Total assets | 6,939,730 | 6,846,534 |
LIABILITIES AND CAPITAL | ||
Secured debt | 1,350,439 | 1,361,529 |
Real estate taxes payable | 18,263 | 15,978 |
Accrued interest payable | 27,735 | 34,215 |
Distributions payable | 75,129 | 69,460 |
Deferred gains on the sale of depreciable property | 6,800 | 28,500 |
Accounts payable, accrued expenses, and other liabilities | 72,054 | 91,282 |
Total liabilities | 3,790,950 | 3,828,104 |
Partners' Capital: | ||
Accumulated other comprehensive income/(loss), net | (9,190) | (8,855) |
Total liabilities and equity | 6,939,730 | 6,846,534 |
United Dominion Reality L.P. [Member] | ||
Real estate owned: | ||
Real estate held for investment | 4,238,995 | 4,238,770 |
Less: accumulated depreciation | (1,474,834) | (1,403,303) |
Total real estate owned, net of accumulated depreciation | 2,764,161 | 2,835,467 |
Cash and cash equivalents | 164 | 502 |
Restricted Cash | 14,456 | 13,811 |
Deferred financing costs, net | 3,707 | 4,475 |
Other assets | 23,090 | 24,029 |
Total assets | 2,805,578 | 2,878,284 |
LIABILITIES AND CAPITAL | ||
Secured debt | 912,567 | 931,959 |
Notes payable due to General Partner | 88,696 | 88,696 |
Real estate taxes payable | 7,516 | 7,061 |
Accrued interest payable | 3,168 | 3,284 |
Security deposits and prepaid rent | 17,905 | 18,387 |
Distributions payable | 50,962 | 47,788 |
Deferred gains on the sale of depreciable property | 0 | 24,622 |
Accounts payable, accrued expenses, and other liabilities | 18,362 | 22,436 |
Total liabilities | $ 1,099,176 | $ 1,144,233 |
Commitments and contingencies (Note 11) | ||
Partners' Capital: | ||
General partner: 110,883 OP Units outstanding at June 30, 2015 and December 31, 2014 | $ 1,094 | $ 1,105 |
Limited partners: 183,167,815 OP Units outstanding at June 30, 2015 and December 31, 2014 | 1,684,784 | 1,702,971 |
Accumulated other comprehensive income/(loss), net | (599) | (1,075) |
Total partners' capital | 1,685,279 | 1,703,001 |
Advances (to)/from General Partner | 2,956 | 13,624 |
Noncontrolling interests | 18,167 | 17,426 |
Total capital | 1,706,402 | 1,734,051 |
Total liabilities and equity | $ 2,805,578 | $ 2,878,284 |
Consolidated Balance Sheets (10
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Real estate under development accumulated depreciation | $ 0 | $ 0 |
United Dominion Reality L.P. [Member] | ||
Real estate under development accumulated depreciation | $ 0 | $ 0 |
Partners' Capital: | ||
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 Op11
Consolidated Statements of Operations (Unaudited) (UNITED DOMINION REALTY, L.P) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
OPERATING EXPENSES | ||||
Property operating and maintenance | $ 37,194 | $ 36,840 | $ 74,444 | $ 73,560 |
Real estate taxes and insurance | 25,138 | 23,716 | 51,360 | 49,147 |
Property management | 5,851 | 5,527 | 11,545 | 10,872 |
Other operating expenses | 1,769 | 2,162 | 3,535 | 4,088 |
General and administrative | 13,721 | 12,530 | 25,873 | 24,524 |
Casualty-related (recoveries)/charges, net | 843 | 0 | 1,839 | 500 |
Total operating expenses | 176,560 | 170,844 | 351,040 | 342,373 |
Operating income | 39,302 | 32,862 | 84,575 | 59,372 |
Interest and other income/(expense), net | 382 | 1,426 | 742 | 2,841 |
Income/(loss) from continuing operations | 10,842 | 4,359 | 87,259 | (836) |
Income/(loss) from discontinued operations, net of tax | 0 | 18 | 0 | (69) |
Gains/(loss) on sales of real estate owned | 79,042 | 26,709 | 79,042 | 51,003 |
Net income/(loss) | 89,884 | 31,086 | 166,301 | 50,098 |
Net (income)/loss attributable to noncontrolling interests | (3,253) | (1,129) | (5,623) | (1,836) |
Net (income)/loss attributable to noncontrolling interests | (7) | |||
Net income/(loss) attributable to OP unitholders | 86,855 | 30,007 | 160,677 | 48,368 |
United Dominion Reality L.P. [Member] | ||||
REVENUES | ||||
Rental income | 113,158 | 104,842 | 223,253 | 207,212 |
OPERATING EXPENSES | ||||
Property operating and maintenance | 19,065 | 18,328 | 38,179 | 36,562 |
Real estate taxes and insurance | 11,810 | 11,546 | 24,676 | 23,265 |
Property management | 3,112 | 2,883 | 6,139 | 5,698 |
Other operating expenses | 1,496 | 1,451 | 2,986 | 2,887 |
Real estate depreciation and amortization | 44,100 | 44,697 | 88,578 | 88,968 |
General and administrative | 7,032 | 7,459 | 12,671 | 14,429 |
Casualty-related (recoveries)/charges, net | 280 | 0 | 873 | 500 |
Total operating expenses | 86,895 | 86,364 | 174,102 | 172,309 |
Operating income | 26,263 | 18,478 | 49,151 | 34,903 |
Interest expense | (9,757) | (9,008) | (19,377) | (17,871) |
Interest expense on note payable due to General Partner | (1,151) | (1,151) | (2,302) | (2,302) |
Income/(loss) before gain/(loss) of real estate owned | 15,355 | 8,319 | 27,472 | 14,730 |
Gains/(loss) on sales of real estate owned | 32,375 | 16,285 | 56,998 | 40,687 |
Net income/(loss) | 47,730 | 24,604 | 84,470 | 55,417 |
Net (income)/loss attributable to noncontrolling interests | (347) | (178) | (741) | (458) |
Net income/(loss) attributable to OP unitholders | $ 47,383 | $ 24,426 | $ 83,729 | $ 54,959 |
Income/(loss) per OP unit- basic and diluted: | ||||
Net income/(loss) attributable to OP unitholders (in dollars per share) | $ 0.26 | $ 0.13 | $ 0.46 | $ 0.30 |
Weighted average OP units outstanding - basic and diluted | 183,279 | 183,279 | 183,279 | 183,279 |
Consolidated Statements of Co12
Consolidated Statements of Comprehensive Income / (Loss) (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income/(loss) | $ 89,884 | $ 31,086 | $ 166,301 | $ 50,098 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | ||||
Unrealized holding gain/(loss) | 6,186 | 304 | (1,366) | 249 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 6,478 | 1,449 | (337) | 2,926 |
Comprehensive income/(loss) | 96,362 | 32,535 | 165,964 | 53,024 |
Comprehensive (income)/loss attributable to noncontrolling interests | (3,253) | (1,129) | (5,623) | (1,836) |
Comprehensive income/(loss) attributable to OP unitholders | 93,109 | 31,406 | 160,341 | 51,188 |
United Dominion Reality L.P. [Member] | ||||
Net income/(loss) | 47,730 | 24,604 | 84,470 | 55,417 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | ||||
Unrealized holding gain/(loss) | (26) | (140) | (77) | (191) |
(Gain)/loss reclassifed into earnings from other comprehensive income/(loss) | 267 | 573 | 553 | 1,196 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 241 | 433 | 476 | 1,005 |
Comprehensive income/(loss) | 47,971 | 25,037 | 84,946 | 56,422 |
Comprehensive (income)/loss attributable to noncontrolling interests | (347) | (178) | (741) | (458) |
Comprehensive income/(loss) attributable to OP unitholders | $ 47,624 | $ 24,859 | $ 84,205 | $ 55,964 |
Consolidated Statements of Ch13
Consolidated Statements of Changes in Capital (UNITED DOMINION REALTY, L.P) (Unaudited) - United Dominion Reality L.P. [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | |
Balance, December 31, 2014 | $ 1,734,051 | |
Advances (to)/from General Partner | $ (2,956) | (2,956) |
Net income/(loss) | 84,470 | |
Distributions | 101,927 | |
OP Unit Redemptions for common shares of UDR | 0 | |
Adjustment to reflect limited partners' capital at redemption value | 0 | |
Unrealized Gain (Loss) on Derivatives | 476 | |
Net change in amount due to/(from) General Partner | (10,668) | |
Balance, June 30, 2015 | 1,706,402 | 1,706,402 |
Payable/(Receivable) due to/(from) General Partner [Member] [Member] | ||
Net change in amount due to/(from) General Partner | (10,668) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Balance, December 31, 2014 | (1,075) | |
Unrealized Gain (Loss) on Derivatives | 476 | |
Balance, June 30, 2015 | (599) | (599) |
Partnership Capital [Member] | ||
Balance, December 31, 2014 | 1,703,001 | |
Net income/(loss) | 83,729 | |
Distributions | 101,927 | |
Adjustment to reflect limited partners' capital at redemption value | 0 | |
Balance, June 30, 2015 | 1,685,279 | 1,685,279 |
Noncontrolling Interest [Member] | ||
Balance, December 31, 2014 | 17,426 | |
Net income/(loss) | 741 | |
Balance, June 30, 2015 | 18,167 | 18,167 |
Partnership Capital [Member] | ||
OP Unit Redemptions for common shares of UDR | 0 | |
Unrealized Gain (Loss) on Derivatives | 476 | |
Class A Limited Partner [Member] | ||
Balance, December 31, 2014 | 53,987 | |
Net income/(loss) | 868 | |
Distributions | (1,164) | |
Adjustment to reflect limited partners' capital at redemption value | 2,415 | |
Balance, June 30, 2015 | 56,106 | 56,106 |
Limited Partners [Member] | ||
Balance, December 31, 2014 | 228,493 | |
Net income/(loss) | 3,357 | |
Distributions | (4,086) | |
OP Unit Redemptions for common shares of UDR | (3,496) | |
Adjustment to reflect limited partners' capital at redemption value | 9,905 | |
Balance, June 30, 2015 | 234,173 | 234,173 |
Limited Partner [Member] | ||
Balance, December 31, 2014 | 1,420,491 | |
Net income/(loss) | 79,453 | |
Distributions | (96,615) | |
OP Unit Redemptions for common shares of UDR | 3,496 | |
Adjustment to reflect limited partners' capital at redemption value | (12,320) | |
Balance, June 30, 2015 | 1,394,505 | 1,394,505 |
General Partner [Member] | ||
Balance, December 31, 2014 | 1,105 | |
Net income/(loss) | 51 | |
Distributions | (62) | |
Balance, June 30, 2015 | $ 1,094 | $ 1,094 |
Consolidated Statements of Ca14
Consolidated Statements of Cash Flows (UNITED DOMINION REALTY, L.P) (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating Activities | ||
Net income/(loss) | $ 166,301 | $ 50,098 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 182,444 | 179,682 |
Gain/(loss) on sale of real estate owned | (79,042) | (51,003) |
Casualty-related (recoveries)/charges, net | 1,839 | 500 |
Other | 13,154 | 13,054 |
Changes in operating assets and liabilities: | ||
(Increase)/decrease in operating assets | 7,431 | 5,677 |
Increase/(decrease) in operating liabilities | (14,709) | (10,229) |
Net cash provided by operating activities | 217,003 | 186,213 |
Investing Activities | ||
Development of real estate assets | (66,083) | (115,964) |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | (47,453) | (57,574) |
Net cash provided by/(used in) investing activities | (163,776) | (279,574) |
Financing Activities | ||
Proceeds from the issuance of secured debt | 0 | 5,502 |
Payments on secured debt | (4,549) | (42,304) |
Net cash provided by/(used in) financing activities | (65,461) | 89,928 |
Net increase/(decrease) in cash and cash equivalents | (12,234) | (3,433) |
Cash and cash equivalents, beginning of period | 15,224 | 30,249 |
Cash and cash equivalents, end of period | 2,990 | 26,816 |
Supplemental Information: | ||
Interest paid during the period, net of amounts capitalized | 66,448 | 69,291 |
United Dominion Reality L.P. [Member] | ||
Operating Activities | ||
Net income/(loss) | 84,470 | 55,417 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 88,578 | 88,968 |
Gain/(loss) on sale of real estate owned | (56,998) | (40,687) |
Casualty-related (recoveries)/charges, net | 873 | 500 |
Other | (349) | (123) |
Changes in operating assets and liabilities: | ||
(Increase)/decrease in operating assets | (341) | 1,506 |
Increase/(decrease) in operating liabilities | (976) | (2,164) |
Net cash provided by operating activities | 115,257 | 103,417 |
Investing Activities | ||
Proceeds from sale of real estate investments, net | 27,718 | 47,922 |
Development of real estate assets | (7,740) | (29,192) |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | (25,487) | (21,355) |
Net cash provided by/(used in) investing activities | (5,509) | (2,625) |
Financing Activities | ||
Advances from/(to) General Partner, net | (102,378) | (94,113) |
Proceeds from the issuance of secured debt | 0 | 0 |
Payments on secured debt | (2,588) | (2,492) |
Distributions paid to partnership unitholders | (5,120) | (4,909) |
Payments of financing costs | 0 | 0 |
Net cash provided by/(used in) financing activities | (110,086) | (101,514) |
Net increase/(decrease) in cash and cash equivalents | (338) | (722) |
Cash and cash equivalents, beginning of period | 502 | 1,897 |
Cash and cash equivalents, end of period | 164 | 1,175 |
Supplemental Information: | ||
Interest paid during the period, net of amounts capitalized | $ 23,296 | $ 21,649 |
Consolidation and Basis of Pres
Consolidation and Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATION AND BASIS OF PRESENTATION | CONSOLIDATION AND BASIS OF PRESENTATION Consolidation and Basis of Presentation UDR, Inc., collectively with our consolidated subsidiaries (“UDR,” the “Company,” “we,” “our,” or “us”), is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities. The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”). As of June 30, 2015 , there were 183,278,698 units in the Operating Partnership outstanding, of which 174,216,009 units, or 95.1% , were owned by UDR and 9,062,689 units, or 4.9% , were owned by limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership. The accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of June 30, 2015 , and results of operations for the three and six months ended June 30, 2015 and 2014 have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2014 appearing in UDR’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 24, 2015 . The accompanying interim unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted. |
Consolidation and Basis of Pr16
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) | 6 Months Ended |
Jun. 30, 2015 | |
Entity Information [Line Items] | |
CONSOLIDATION AND BASIS OF PRESENTATION | CONSOLIDATION AND BASIS OF PRESENTATION Consolidation and Basis of Presentation UDR, Inc., collectively with our consolidated subsidiaries (“UDR,” the “Company,” “we,” “our,” or “us”), is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities. The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”). As of June 30, 2015 , there were 183,278,698 units in the Operating Partnership outstanding, of which 174,216,009 units, or 95.1% , were owned by UDR and 9,062,689 units, or 4.9% , were owned by limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership. The accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of June 30, 2015 , and results of operations for the three and six months ended June 30, 2015 and 2014 have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2014 appearing in UDR’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 24, 2015 . The accompanying interim unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted. |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
CONSOLIDATION AND BASIS OF PRESENTATION | CONSOLIDATION AND BASIS OF PRESENTATION Consolidation and Basis of Presentation United Dominion Realty, L.P. (“UDR, L.P.,” the “Operating Partnership,” “we” or “our”) is a Delaware limited partnership, that owns, acquires, renovates, redevelops, manages, and disposes of multifamily apartment communities generally located in high barrier to entry markets located in the United States. The high barrier to entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. UDR, L.P. is a subsidiary of UDR, Inc. (“UDR” or the “General Partner”), a self-administered real estate investment trust, or REIT, through which UDR conducts a significant portion of its business. During the three months ended June 30, 2015 and 2014 , rental revenues of the Operating Partnership represented 53% and 52% , respectively, and for the six months ended June 30, 2015 and 2014 53% and 52% , respectively, of the General Partner’s consolidated rental revenues. As of June 30, 2015 , the Operating Partnership’s apartment portfolio consisted of 67 communities located in 17 markets consisting of 20,569 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 June 30, 2015 , there were 183,278,698 OP Units outstanding, of which 174,216,009 or 95.1% were owned by UDR and affiliated entities and 9,062,689 or 4.9% were owned by non-affiliated limited partners. See Note 8, Capital Structure . The accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of June 30, 2015 , and results of operations for the three and six months ended June 30, 2015 and 2014 have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended June 30, 2015 included in the Annual Report on Form 10-K filed by UDR and the Operating Partnership with the SEC on February 24, 2015 . The accompanying interim unaudited consolidated statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All intercompany accounts and transactions have been eliminated in consolidation. The Operating Partnership evaluated subsequent events through the date its financial statements were issued. No recognized or non-recognized subsequent events were noted. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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, 2018; early adoption is permitted on January 1, 2017. 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. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, to revise the presentation of debt issuance costs. Under ASU 2015-03, entities will present debt issuance costs in their balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the deferred costs will continue to be included in interest expense. The guidance, which is to be applied retrospectively to all prior periods, is effective for fiscal years beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. The Company does not expect ASU 2015-03 to have a significant effect on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. Revenue 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 June 30, 2015 and December 31, 2014 ( dollars in thousands): Interest rate at Balance outstanding June 30, June 30, December 31, 2014 Note due February 2017 (a) 10.00 % $ 12,994 $ 11,869 Note due July 2017 (b) 8.00 % 2,500 2,500 Total notes receivable, net $ 15,494 $ 14,369 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $13.0 million . During the six months ended June 30, 2015 , the Company loaned an additional $1.1 million . Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (February 2017). (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million . Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (July 2017). The Company recognized $0.3 million and $1.3 million of interest income from notes receivable during the three months ended June 30, 2015 and 2014 , respectively, and $0.7 million and $2.5 million during the six months ended June 30, 2015 and 2014 , respectively, none of which was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three and six months ended June 30, 2015 and 2014 , the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to redeemable noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 10, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests was $224,000 and $50,000 during the three months ended June 30, 2015 and 2014 , respectively, and $(1,000) and $106,000 during the six months ended June 30, 2015 and 2014 , respectively. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”), primarily those engaged in development activities. Income taxes for our TRS 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 June 30, 2015 , UDR’s net deferred tax asset was $9.1 million (net of a valuation allowance of less than $0.1 million ), which is included in Other assets on the Consolidated Balance Sheets. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at June 30, 2015 . UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2011 through 2014 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax benefit/(expense), net on the Consolidated Statements of Operations. |
Significant Accounting Polici18
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) | 6 Months Ended |
Jun. 30, 2015 | |
Entity Information [Line Items] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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, 2018; early adoption is permitted on January 1, 2017. 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. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, to revise the presentation of debt issuance costs. Under ASU 2015-03, entities will present debt issuance costs in their balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the deferred costs will continue to be included in interest expense. The guidance, which is to be applied retrospectively to all prior periods, is effective for fiscal years beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. The Company does not expect ASU 2015-03 to have a significant effect on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. Revenue 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 June 30, 2015 and December 31, 2014 ( dollars in thousands): Interest rate at Balance outstanding June 30, June 30, December 31, 2014 Note due February 2017 (a) 10.00 % $ 12,994 $ 11,869 Note due July 2017 (b) 8.00 % 2,500 2,500 Total notes receivable, net $ 15,494 $ 14,369 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $13.0 million . During the six months ended June 30, 2015 , the Company loaned an additional $1.1 million . Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (February 2017). (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million . Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (July 2017). The Company recognized $0.3 million and $1.3 million of interest income from notes receivable during the three months ended June 30, 2015 and 2014 , respectively, and $0.7 million and $2.5 million during the six months ended June 30, 2015 and 2014 , respectively, none of which was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three and six months ended June 30, 2015 and 2014 , the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to redeemable noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 10, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests was $224,000 and $50,000 during the three months ended June 30, 2015 and 2014 , respectively, and $(1,000) and $106,000 during the six months ended June 30, 2015 and 2014 , respectively. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”), primarily those engaged in development activities. Income taxes for our TRS 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 June 30, 2015 , UDR’s net deferred tax asset was $9.1 million (net of a valuation allowance of less than $0.1 million ), which is included in Other assets on the Consolidated Balance Sheets. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at June 30, 2015 . UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2011 through 2014 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax benefit/(expense), net on the Consolidated Statements of Operations. |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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, 2018; early adoption is permitted on January 1, 2017. 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. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, to revise the presentation of debt issuance costs. Under ASU 2015-03, entities will present debt issuance costs in their balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the deferred costs will continue to be included in interest expense. The guidance, which is to be applied retrospectively to all prior periods, is effective for fiscal years beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. The Operating Partnership does not expect ASU 2015-03 to have a significant effect on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. The new standard will be effective for the Operating Partnership beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. The Operating Partnership is currently evaluating the impact of adopting the new standard on its consolidated financial statements. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. 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 outstanding during the year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership. Revenue 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, fees and incentives when earned, fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we or our General Partner retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we or our General Partner retain. The Operating Partnership recognizes any deferred gain when the property is sold to a third party. In transactions accounted by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three and six months ended June 30, 2015 and 2014 , 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 7, Derivatives and Hedging Activity, for further discussion. Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years ( 2011 through 2014 ) of tax jurisdictions and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. |
Real Estate Owned
Real Estate Owned | 6 Months Ended |
Jun. 30, 2015 | |
Real Estate [Abstract] | |
REAL ESTATE OWNED | REAL ESTATE OWNED Real estate assets owned by the Company consist of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties. As of June 30, 2015 , the Company owned and consolidated 136 communities in 10 states plus the District of Columbia totaling 39,404 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, December 31, 2014 Land and land improvements $ 1,919,597 $ 1,980,221 Depreciable property — held and used: Building, improvements, and furniture, fixtures and equipment 6,413,037 6,225,406 Under development: Land and land improvements 78,085 24,584 Building, improvements, and furniture, fixtures and equipment 14,560 153,048 Real estate owned 8,425,279 8,383,259 Accumulated depreciation (2,557,949 ) (2,434,772 ) Real estate owned, net $ 5,867,330 $ 5,948,487 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 acquisition. During the six months ended June 30, 2015 , the Company sold three communities with a total of 812 apartment homes for gross proceeds of $109.9 million , resulting in net proceeds of $90.5 million and a total gain, net of tax, of $79.0 million . A portion of the sale proceeds were designated as a tax-deferred exchange related to a 2014 acquisition under Section 1031 of the Internal Revenue Code. In June 2015, the Company and the Operating Partnership entered into a definitive agreement with an affiliate of Lone Star Funds (“Lone Star”) and Home Properties, L.P. (“Home”) to acquire up to six communities valued at $908.0 million in exchange for a combination of partnership units of a newly formed operating partnership ("UDR DownREIT Units"), cash and the assumption of debt. The agreement provides that each Home unitholder will have the option to elect to receive cash from Lone Star, UDR DownREIT Units, or a combination of cash and UDR DownREIT Units. The number of UDR DownREIT Units and the amount of cash will be determined at the closing of the consent solicitation of the Home unitholders, which we anticipate to be completed by mid-August, 2015. If all Home unitholders elect to receive UDR DownREIT Units, the transaction would be funded through the issuance of approximately $753.0 million of UDR DownREIT Units at $35 per unit, the assumption of $90.0 million of debt and $65.0 million in cash, inclusive of transfer taxes and loan assumption fees. Based upon the level of Home unitholders electing to receive UDR DownREIT Units, UDR will have the option to either acquire less than six properties or to acquire some of the properties through a Section 1031 exchange pursuant to the Internal Revenue Code. The closing of the transaction is subject to certain customary closing conditions, including, among others, the satisfaction (or waiver) of certain closing conditions to the merger between Lone Star and Home, and is anticipated to occur during the fourth quarter of 2015. 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, were $1.6 million and $2.1 million for the three months ended June 30, 2015 and 2014 , respectively, and $3.8 million and $5.5 million for the six months ended June 30, 2015 and 2014 , respectively. Total interest capitalized was $3.8 million and $4.9 million for the three months ended June 30, 2015 and 2014 , respectively, and $8.6 million and $10.2 million for the six months ended June 30, 2015 and 2014 , 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. |
Real Estate Owned (UNITED DOMIN
Real Estate Owned (UNITED DOMINION REALTY, L.P.) | 6 Months Ended |
Jun. 30, 2015 | |
Entity Information [Line Items] | |
REAL ESTATE OWNED | REAL ESTATE OWNED Real estate assets owned by the Company consist of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties. As of June 30, 2015 , the Company owned and consolidated 136 communities in 10 states plus the District of Columbia totaling 39,404 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, December 31, 2014 Land and land improvements $ 1,919,597 $ 1,980,221 Depreciable property — held and used: Building, improvements, and furniture, fixtures and equipment 6,413,037 6,225,406 Under development: Land and land improvements 78,085 24,584 Building, improvements, and furniture, fixtures and equipment 14,560 153,048 Real estate owned 8,425,279 8,383,259 Accumulated depreciation (2,557,949 ) (2,434,772 ) Real estate owned, net $ 5,867,330 $ 5,948,487 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 acquisition. During the six months ended June 30, 2015 , the Company sold three communities with a total of 812 apartment homes for gross proceeds of $109.9 million , resulting in net proceeds of $90.5 million and a total gain, net of tax, of $79.0 million . A portion of the sale proceeds were designated as a tax-deferred exchange related to a 2014 acquisition under Section 1031 of the Internal Revenue Code. In June 2015, the Company and the Operating Partnership entered into a definitive agreement with an affiliate of Lone Star Funds (“Lone Star”) and Home Properties, L.P. (“Home”) to acquire up to six communities valued at $908.0 million in exchange for a combination of partnership units of a newly formed operating partnership ("UDR DownREIT Units"), cash and the assumption of debt. The agreement provides that each Home unitholder will have the option to elect to receive cash from Lone Star, UDR DownREIT Units, or a combination of cash and UDR DownREIT Units. The number of UDR DownREIT Units and the amount of cash will be determined at the closing of the consent solicitation of the Home unitholders, which we anticipate to be completed by mid-August, 2015. If all Home unitholders elect to receive UDR DownREIT Units, the transaction would be funded through the issuance of approximately $753.0 million of UDR DownREIT Units at $35 per unit, the assumption of $90.0 million of debt and $65.0 million in cash, inclusive of transfer taxes and loan assumption fees. Based upon the level of Home unitholders electing to receive UDR DownREIT Units, UDR will have the option to either acquire less than six properties or to acquire some of the properties through a Section 1031 exchange pursuant to the Internal Revenue Code. The closing of the transaction is subject to certain customary closing conditions, including, among others, the satisfaction (or waiver) of certain closing conditions to the merger between Lone Star and Home, and is anticipated to occur during the fourth quarter of 2015. 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, were $1.6 million and $2.1 million for the three months ended June 30, 2015 and 2014 , respectively, and $3.8 million and $5.5 million for the six months ended June 30, 2015 and 2014 , respectively. Total interest capitalized was $3.8 million and $4.9 million for the three months ended June 30, 2015 and 2014 , respectively, and $8.6 million and $10.2 million for the six months ended June 30, 2015 and 2014 , 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. |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
REAL ESTATE OWNED | REAL ESTATE OWNED Real estate assets owned by the Operating Partnership consists of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties. As of June 30, 2015 , the Operating Partnership owned and consolidated 67 communities in nine states plus the District of Columbia totaling 20,569 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of June 30, 2015 and December 31, 2014 (dollars in thousands) : June 30, December 31, 2014 Land $ 1,006,651 $ 1,008,014 Depreciable property — held and used: Buildings, improvements, and furniture, fixture and equipment 3,232,344 3,230,756 Real estate owned 4,238,995 4,238,770 Accumulated depreciation (1,474,834 ) (1,403,303 ) Real estate owned, net $ 2,764,161 $ 2,835,467 The Operating Partnership did not have any acquisitions or real estate sales during the six months ended June 30, 2015 . During the six months ended June 30, 2015 , the Operating Partnership sold one community with a total of 240 apartment homes for gross proceeds of $45.3 million , resulting in net proceeds of $27.7 million and a total gain, net of tax, of $32.4 million . Additionally, the Operating Partnership recognized a gain of $24.6 million , which was previously deferred, in connection with the sale of the communities held by the Texas Joint Venture. 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, were $195,000 and $542,000 for the three months ended June 30, 2015 and 2014 , respectively, and $328,000 and $1.3 million for the six months ended June 30, 2015 and 2014 , respectively. Total interest capitalized was $32,000 and $1.0 million during the three months ended June 30, 2015 and 2014 , respectively, and $54,000 and $2.0 million during the six months ended June 30, 2015 and 2014 , 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. In June 2015, the General Partner and the Operating Partnership entered into a definitive agreement with an affiliate of Lone Star Funds (“Lone Star”) and Home Properties, L.P. (“Home”) to acquire up to six communities valued at $908.0 million in exchange for a combination of partnership units of a newly formed operating partnership ("UDR DownREIT Units"), cash and the assumption of debt. The agreement provides that each Home unitholder will have the option to elect to receive cash from Lone Star, UDR DownREIT Units, or a combination of cash and UDR DownREIT Units. The number of UDR DownREIT Units and the amount of cash will be determined at the closing of the consent solicitation of the Home unitholders, which we anticipate to be completed by mid-August, 2015. If all Home unitholders elect to receive UDR DownREIT Units, the transaction would be funded through the issuance of approximately $753.0 million of UDR DownREIT Units at $35 per unit, the assumption of $90.0 million of debt and $65.0 million in cash, inclusive of transfer taxes and loan assumption fees. Based upon the level of Home unitholders electing to receive UDR DownREIT Units, UDR will have the option to either acquire less than six properties or to acquire some of the properties through a Section 1031 exchange pursuant to the Internal Revenue Code. The closing of the transaction is subject to certain customary closing conditions, including, among others, the satisfaction (or waiver) of certain closing conditions to the merger between Lone Star and Home, and is anticipated to occur during the fourth quarter of 2015. The acquired properties will be owned and consolidated by UDR but only partially owned and accounted for as an equity method investment by the Operating Partnership. |
Discontinued Operations
Discontinued Operations | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS Effective January 1, 2014, UDR prospectively adopted ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , for all communities not previously sold or classified as held for sale. The standard had a material impact on the Company’s consolidated financial statements. As a result of adopting the ASU, during the three and six months ended June 30, 2014 , gains (net of tax) of $26.7 million and $49.9 million , respectively, 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. As of June 30, 2014 , the Company held one operating property that was classified as held for disposition prior to the adoption of ASU 2014-08 and, therefore, met the requirements to be reported as a discontinued operation. The operating results of the property for the three and six months ended June 30, 2014 are included in Income/(loss) from discontinued operations, net of tax on the Consolidated Statements of Operations. The property was subsequently sold during the third quarter of 2014. The following is a summary of income/(loss) from discontinued operations, net of tax for the three and six months ended June 30, 2015 and 2014 ( dollars in thousands ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Rental income $ — $ 78 $ — $ 126 Rental expenses — 89 — 214 Property management — 2 — 3 Interest income and other (income)/expense, net — 9 — 18 Income tax benefit/(expense) — 40 — 40 Income/(loss) from discontinued operations, net of tax $ — $ 18 $ — $ (69 ) Income/(loss) from discontinued operations attributable to UDR, Inc. $ — $ 17 $ — $ (67 ) |
Joint Ventures
Joint Ventures | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | JOINT VENTURES AND PARTNERSHIPS UDR has entered into joint ventures and partnerships with unrelated third parties to acquire real estate assets that are either consolidated and included in Real estate owned on the Consolidated Balance Sheets or are accounted for under the equity method of accounting, and are included in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. The Company consolidates the entities that we control as well as any variable interest entity where we are the primary beneficiary. In addition, the Company consolidates any joint venture or partnership in which we are the general partner or managing member and the third party does not have the ability to substantively participate in the decision-making process nor the ability to remove us as general partner or managing member without cause. UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships. Unconsolidated Joint Ventures and Partnerships The Company recognizes income or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net income 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 June 30, 2015 and December 31, 2014 (dollars in thousands) : Joint Venture Location of Properties Number of Properties Number of Apartment Homes Investment at UDR’s Ownership Interest June 30, June 30, June 30, December 31, June 30, December 31, Operating and development: UDR/MetLife I Various 4 land parcels — $ 14,181 $ 13,306 16.1 % 15.7 % UDR/MetLife II Various 21 operating communities 4,642 428,321 431,277 50.0 % 50.0 % Other UDR/MetLife Development Joint Ventures 1 operating community; 4 development communities (a); Various 1 land parcels 1,437 158,172 134,939 50.6 % 50.6 % UDR/MetLife Vitruvian Park® Addison, TX 3 operating communities 6 land parcels 1,130 75,531 80,302 50.0 % 50.0 % UDR/KFH Washington, D.C. 3 operating communities 660 19,775 21,596 30.0 % 30.0 % Texas (b) Texas — — — (25,901 ) — % 20.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment 695,980,000 695,980 655,519 Income from Investment Investment at Three Months Ended June 30, Six Months Ended June 30, Location Rate Years To Maturity June 30, December 31, 2015 2014 2015 2014 Participating loan investment: Steele Creek Denver, CO 6.5% 2.1 85,208 62,707 $ 1,352 $ 456 $ 2,506 $ 777 Preferred equity investment: West Coast Development Joint Venture (c) Various 6.5% — 133,627 — $ (548 ) $ — $ (548 ) $ — Total investment in and advances to unconsolidated joint ventures, net $ 914,815 $ 718,226 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes. As of June 30, 2015 , no apartment homes had been completed in Other UDR/MetLife Development Joint Ventures. (b) 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 disposition 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. (c) In May 2015, the Company entered into a joint venture agreement with real estate private equity firm, The Wolff Company (“Wolff”), and agreed to pay $136.3 million for a 48 percent interest in a portfolio of five communities that are currently under construction (the "West Coast Development Joint Venture"). As of June 30, 2015, the Company had funded $129.6 million of its investment and had a remaining commitment of $6.7 million . The communities are located in three of the Company’s core, coastal markets: Metro Seattle, Los Angeles and Orange County, CA. UDR earns a 6.5 percent preferred return on its investment through each individual community’s date of stabilization, defined as when a community reaches 80 percent occupancy for ninety consecutive days, while Wolff is allocated all operating income and expense during the pre-stabilization period. Upon stabilization, income and expense will be shared based on each partner’s ownership percentage. The Company will serve as property manager and be paid a management fee during the lease-up phase and subsequent operation of each of the communities. Wolff is the general partner of the joint venture and the developer of the communities. The Company has a fixed price option to acquire Wolff’s remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total price will be $597.4 million . In the event the Company does not exercise its options to purchase at least two communities, Wolff will be entitled to earn a contingent disposition fee equal to 6.5 percent return on its implied equity in the communities not acquired. Wolff is providing certain guaranties and there will be construction loans on all five communities. Once completed, the five communities will contain 1,533 homes. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. The Company's recorded equity investment in the West Coast Development Joint Venture at June 30, 2015 of $133.6 million is inclusive of outside basis costs and our accrued but unpaid preferred return. During the three and six months ended June 30, 2015 , the Company earned a preferred return of $1.0 million , offset by its share of the West Coast Development Joint Venture transaction expenses of $1.5 million . As of June 30, 2015 and December 31, 2014 , the Company had deferred fees and deferred profit from the sale of properties to joint ventures or partnerships of $6.8 million and $28.5 million , respectively, which will be recognized through income over the weighted average life of the related properties, upon the disposition of the properties to a third party, or upon completion of certain development obligations. The Company recognized management fees for our management of the joint ventures and partnerships of $2.6 million and $2.3 million for the three months ended June 30, 2015 and 2014 , respectively, and $5.2 million and $5.6 million for the six months ended June 30, 2015 and 2014 , respectively. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not recognize any other-than-temporary decreases in the value of its investments in unconsolidated joint ventures or partnerships during the three and six months ended June 30, 2015 and 2014 . Combined summary balance sheets relating to all of the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of June 30, 2015 and December 31, 2014 ( dollars in thousands ): June 30, December 31, 2014 Total real estate, net $ 3,004,723 $ 2,941,803 Assets held for sale — 216,196 Cash and cash equivalents 36,820 32,544 Other assets 32,869 28,707 Total assets $ 3,074,412 $ 3,219,250 Amount due to UDR $ 6,434 $ 2,997 Third party debt 1,529,724 1,504,477 Liabilities held for sale — 229,706 Accounts payable and accrued liabilities 63,521 44,335 Total liabilities 1,599,679 1,781,515 Total equity 1,474,733 1,437,735 Total liabilities and equity $ 3,074,412 $ 3,219,250 UDR’s investment in unconsolidated joint ventures $ 914,815 $ 718,226 Combined summary financial information relating to all of the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the three and six months ended June 30, 2015 and 2014 ( dollars in thousands ) : Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Total revenues $ 55,450 $ 48,379 $ 109,996 $ 87,334 Property operating expenses (21,557 ) (18,001 ) (41,724 ) (32,360 ) Real estate depreciation and amortization (19,402 ) (16,808 ) (38,754 ) (31,496 ) Operating income/(loss) 14,491 13,570 29,518 23,478 Interest expense (16,169 ) (14,928 ) (32,230 ) (27,079 ) Other income/(expense) (7 ) — (7 ) — Income/(loss) from discontinued operations — (4,705 ) 182,488 (31,688 ) Net income/(loss) $ (1,685 ) $ (6,063 ) $ 179,769 $ (35,289 ) UDR income/(loss) from unconsolidated entities $ (573 ) $ (428 ) $ 58,586 $ (3,993 ) |
Secured and Unsecured Debt
Secured and Unsecured Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | SECURED AND UNSECURED DEBT The following is a summary of our secured and unsecured debt at June 30, 2015 and December 31, 2014 ( dollars in thousands ): Six Months Ended Principal Outstanding June 30, 2015 June 30, December 31, 2014 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 408,736 $ 401,210 5.50 % 1.1 7 Fannie Mae credit facilities (b) 566,288 568,086 5.12 % 3.5 21 Total fixed rate secured debt 975,024 969,296 5.28 % 2.5 28 Variable Rate Debt Mortgage notes payable 31,337 31,337 1.94 % 1.6 1 Tax-exempt secured notes payable (c) 94,700 94,700 0.84 % 7.7 2 Fannie Mae credit facilities (b) 249,378 266,196 1.63 % 4.8 7 Total variable rate secured debt 375,415 392,233 1.45 % 5.3 10 Total Secured Debt 1,350,439 1,361,529 4.22 % 3.3 38 Unsecured Debt: Commercial Banks Borrowings outstanding under an unsecured credit facility due December 2017 (d) (f) 457,000 152,500 1.12 % 2.4 Senior Unsecured Notes 5.25% Medium-Term Notes due January 2015 (net of discounts of $0 and $6, respectively) (e) — 325,169 — % — 5.25% Medium-Term Notes due January 2016 83,260 83,260 5.25 % 0.5 6.21% Term Notes due July 2016 12,609 — 6.21 % 1.0 4.25% Medium-Term Notes due June 2018 (net of discounts of $1,251 and $1,465, respectively) (f) 298,749 298,535 4.25 % 2.9 1.70% Term Notes due June 2018 (f) 215,000 215,000 1.70 % 2.9 1.53% Term Notes due June 2018 (f) 100,000 100,000 1.53 % 2.9 1.33% Term Notes due June 2018 (f) 35,000 35,000 1.33 % 2.9 3.70% Medium-Term Notes due October 2020 (net of discounts of $42 and $46, respectively) (f) 299,958 299,954 3.70 % 5.3 4.63% Medium-Term Notes due January 2022 (net of discounts of $2,344 and $2,523, respectively) (f) 397,656 397,477 4.63 % 6.5 3.75% Medium-Term Notes due July 2024 (net of discount of $938 and $990, respectively) (f) 299,062 299,010 3.75 % 9.0 8.50% Debentures due September 2024 15,644 15,644 8.50 % 9.2 Other 26 27 N/A N/A Total Unsecured Debt 2,213,964 2,221,576 3.20 % 4.6 Total Debt $ 3,564,403 $ 3,583,105 3.58 % 4.1 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 June 30, 2015 , 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 June 30, 2015 , 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 6.16% . The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par to interest expense over the life of the underlying debt instrument. The Company had a reduction to interest expense based on the amortization of the fair market adjustment of debt assumed in the acquisition of properties of $1.3 million and $1.2 million during the three months ended June 30, 2015 and 2014 , respectively, and $2.4 million and $2.5 million during the six months ended June 30, 2015 and 2014 , respectively. The unamortized fair market adjustment was a net premium of $5.7 million and $6.7 million at June 30, 2015 and December 31, 2014 , respectively. (b) UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $815.7 million at June 30, 2015 . The Fannie Mae credit facilities mature at various dates from May 2017 through July 2023 and bear interest at floating and fixed rates. At June 30, 2015 , $566.3 million of the outstanding balance was fixed and had a weighted average interest rate of 5.12% and the remaining balance of $249.4 million had a weighted average variable interest rate of 1.63% . Further information related to these credit facilities is as follows (dollars in thousands) : June 30, December 31, 2014 Borrowings outstanding $ 815,666 $ 834,282 Weighted average borrowings during the period ended 830,434 835,873 Maximum daily borrowings during the period ended 834,003 837,564 Weighted average interest rate during the period ended 4.0 % 4.1 % Weighted average interest rate at the end of the period 4.1 % 4.0 % (c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature in August 2019 and March 2032 . Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates of 0.84% and 0.85% as of June 30, 2015 . (d) As of June 30, 2015 , the Company has a $900 million unsecured revolving credit facility that matures in December 2017 . The credit facility has a six month extension option and contains an accordion feature that allows us to increase the facility to $1.45 billion . Based on the Company’s current credit rating, the credit facility carries an interest rate equal to LIBOR plus a spread of 100 basis points and a facility fee of 15 basis points. The following is a summary of short-term bank borrowings under UDR’s revolving credit facility at June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, December 31, 2014 Total revolving credit facility $ 900,000 $ 900,000 Borrowings outstanding at end of period (1) 457,000 152,500 Weighted average daily borrowings during the period ended 402,514 291,761 Maximum daily borrowings during the period ended 539,100 625,000 Weighted average interest rate during the period ended 1.2 % 1.2 % Interest rate at end of the period 1.1 % 1.1 % (1) Excludes $2.3 million and $1.9 million of letters of credit at June 30, 2015 and December 31, 2014 , respectively. (e) Paid off at maturity with borrowings under the Company's $900 million unsecured revolving credit facility. (f) The Operating Partnership is a guarantor of this debt. The aggregate maturities, including amortizing principal payments of unsecured and secured debt, of total debt for the next five calendar years subsequent to June 30, 2015 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt (a) Total Debt 2015 $ 191,363 $ — $ 191,363 $ 79 $ 191,442 2016 148,223 — 148,223 94,469 242,692 2017 177,882 96,337 274,219 457,000 731,219 2018 121,685 87,969 209,654 648,445 858,099 2019 245,871 67,700 313,571 — 313,571 Thereafter 90,000 123,409 213,409 1,013,971 1,227,380 Total $ 975,024 $ 375,415 $ 1,350,439 $ 2,213,964 $ 3,564,403 (a) With the exception of the 1.33% Term Notes due June 2018 and the revolving credit facility which carry a variable interest rate, all unsecured debt carries fixed interest rates. We were in compliance with the covenants of our debt instruments at June 30, 2015 . |
Debt (UNITED DOMINION REALTY, L
Debt (UNITED DOMINION REALTY, L.P.) | 6 Months Ended |
Jun. 30, 2015 | |
Entity Information [Line Items] | |
DEBT | SECURED AND UNSECURED DEBT The following is a summary of our secured and unsecured debt at June 30, 2015 and December 31, 2014 ( dollars in thousands ): Six Months Ended Principal Outstanding June 30, 2015 June 30, December 31, 2014 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 408,736 $ 401,210 5.50 % 1.1 7 Fannie Mae credit facilities (b) 566,288 568,086 5.12 % 3.5 21 Total fixed rate secured debt 975,024 969,296 5.28 % 2.5 28 Variable Rate Debt Mortgage notes payable 31,337 31,337 1.94 % 1.6 1 Tax-exempt secured notes payable (c) 94,700 94,700 0.84 % 7.7 2 Fannie Mae credit facilities (b) 249,378 266,196 1.63 % 4.8 7 Total variable rate secured debt 375,415 392,233 1.45 % 5.3 10 Total Secured Debt 1,350,439 1,361,529 4.22 % 3.3 38 Unsecured Debt: Commercial Banks Borrowings outstanding under an unsecured credit facility due December 2017 (d) (f) 457,000 152,500 1.12 % 2.4 Senior Unsecured Notes 5.25% Medium-Term Notes due January 2015 (net of discounts of $0 and $6, respectively) (e) — 325,169 — % — 5.25% Medium-Term Notes due January 2016 83,260 83,260 5.25 % 0.5 6.21% Term Notes due July 2016 12,609 — 6.21 % 1.0 4.25% Medium-Term Notes due June 2018 (net of discounts of $1,251 and $1,465, respectively) (f) 298,749 298,535 4.25 % 2.9 1.70% Term Notes due June 2018 (f) 215,000 215,000 1.70 % 2.9 1.53% Term Notes due June 2018 (f) 100,000 100,000 1.53 % 2.9 1.33% Term Notes due June 2018 (f) 35,000 35,000 1.33 % 2.9 3.70% Medium-Term Notes due October 2020 (net of discounts of $42 and $46, respectively) (f) 299,958 299,954 3.70 % 5.3 4.63% Medium-Term Notes due January 2022 (net of discounts of $2,344 and $2,523, respectively) (f) 397,656 397,477 4.63 % 6.5 3.75% Medium-Term Notes due July 2024 (net of discount of $938 and $990, respectively) (f) 299,062 299,010 3.75 % 9.0 8.50% Debentures due September 2024 15,644 15,644 8.50 % 9.2 Other 26 27 N/A N/A Total Unsecured Debt 2,213,964 2,221,576 3.20 % 4.6 Total Debt $ 3,564,403 $ 3,583,105 3.58 % 4.1 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 June 30, 2015 , 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 June 30, 2015 , 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 6.16% . The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par to interest expense over the life of the underlying debt instrument. The Company had a reduction to interest expense based on the amortization of the fair market adjustment of debt assumed in the acquisition of properties of $1.3 million and $1.2 million during the three months ended June 30, 2015 and 2014 , respectively, and $2.4 million and $2.5 million during the six months ended June 30, 2015 and 2014 , respectively. The unamortized fair market adjustment was a net premium of $5.7 million and $6.7 million at June 30, 2015 and December 31, 2014 , respectively. (b) UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $815.7 million at June 30, 2015 . The Fannie Mae credit facilities mature at various dates from May 2017 through July 2023 and bear interest at floating and fixed rates. At June 30, 2015 , $566.3 million of the outstanding balance was fixed and had a weighted average interest rate of 5.12% and the remaining balance of $249.4 million had a weighted average variable interest rate of 1.63% . Further information related to these credit facilities is as follows (dollars in thousands) : June 30, December 31, 2014 Borrowings outstanding $ 815,666 $ 834,282 Weighted average borrowings during the period ended 830,434 835,873 Maximum daily borrowings during the period ended 834,003 837,564 Weighted average interest rate during the period ended 4.0 % 4.1 % Weighted average interest rate at the end of the period 4.1 % 4.0 % (c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature in August 2019 and March 2032 . Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates of 0.84% and 0.85% as of June 30, 2015 . (d) As of June 30, 2015 , the Company has a $900 million unsecured revolving credit facility that matures in December 2017 . The credit facility has a six month extension option and contains an accordion feature that allows us to increase the facility to $1.45 billion . Based on the Company’s current credit rating, the credit facility carries an interest rate equal to LIBOR plus a spread of 100 basis points and a facility fee of 15 basis points. The following is a summary of short-term bank borrowings under UDR’s revolving credit facility at June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, December 31, 2014 Total revolving credit facility $ 900,000 $ 900,000 Borrowings outstanding at end of period (1) 457,000 152,500 Weighted average daily borrowings during the period ended 402,514 291,761 Maximum daily borrowings during the period ended 539,100 625,000 Weighted average interest rate during the period ended 1.2 % 1.2 % Interest rate at end of the period 1.1 % 1.1 % (1) Excludes $2.3 million and $1.9 million of letters of credit at June 30, 2015 and December 31, 2014 , respectively. (e) Paid off at maturity with borrowings under the Company's $900 million unsecured revolving credit facility. (f) The Operating Partnership is a guarantor of this debt. The aggregate maturities, including amortizing principal payments of unsecured and secured debt, of total debt for the next five calendar years subsequent to June 30, 2015 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt (a) Total Debt 2015 $ 191,363 $ — $ 191,363 $ 79 $ 191,442 2016 148,223 — 148,223 94,469 242,692 2017 177,882 96,337 274,219 457,000 731,219 2018 121,685 87,969 209,654 648,445 858,099 2019 245,871 67,700 313,571 — 313,571 Thereafter 90,000 123,409 213,409 1,013,971 1,227,380 Total $ 975,024 $ 375,415 $ 1,350,439 $ 2,213,964 $ 3,564,403 (a) With the exception of the 1.33% Term Notes due June 2018 and the revolving credit facility which carry a variable interest rate, all unsecured debt carries fixed interest rates. We were in compliance with the covenants of our debt instruments at June 30, 2015 . |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
DEBT | DEBT Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Operating Partnership having effectively established the fixed interest rate for the underlying debt instrument. Secured debt consists of the following as of June 30, 2015 and December 31, 2014 ( dollars in thousands ): Six Months Ended Principal Outstanding June 30, 2015 June 30, December 31, 2014 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered Fixed Rate Debt Mortgage notes payable $ 374,056 $ 378,371 5.49 % 1.1 5 Fannie Mae credit facilities 334,002 333,828 4.90 % 4.1 9 Total fixed rate secured debt 708,058 712,199 5.21 % 2.5 14 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 0.85 % 16.7 1 Fannie Mae credit facilities 177,509 192,760 1.88 % 5.7 5 Total variable rate secured debt 204,509 219,760 1.74 % 7.1 6 Total Secured Debt $ 912,567 $ 931,959 4.43 % 3.5 20 As of June 30, 2015 , an aggregate commitment of $511.5 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 June 30, 2015 . The Fannie Mae credit facilities mature at various dates from May 2017 through July 2023 and bear interest at floating and fixed rates. At June 30, 2015 , $334.0 million of the outstanding balance was fixed and had a weighted average interest rate of 4.90% and the remaining balance of $177.5 million on these facilities had a weighted average variable interest rate of 1.88% . The following information relates to the credit facilities allocated to the Operating Partnership (dollars in thousands) : June 30, December 31, 2014 Borrowings outstanding $ 511,511 $ 526,588 Weighted average borrowings during the period ended 520,773 527,592 Maximum daily borrowings during the period 523,011 528,659 Weighted average interest rate during the period ended 3.8 % 4.1 % Interest rate at the end of the period 3.9 % 4.0 % 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 $4.2 million and $6.2 million at June 30, 2015 and December 31, 2014 , 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 June 30, 2015 , the General Partner had borrowings against its fixed rate facilities of $566.3 million , of which $334.0 million was allocated to the Operating Partnership based on the ownership of the assets securing the debt. As of June 30, 2015 , 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 March 2032 . Interest on this note is payable in monthly installments. The mortgage note payable has an interest rate of 0.85% as of June 30, 2015 . Secured credit facilities. At June 30, 2015 , the General Partner had borrowings against its variable rate facilities of $249.4 million , of which $177.5 million was allocated to the Operating Partnership based on the ownership of the assets securing the debt. As of June 30, 2015 , the variable rate borrowings under the Fannie Mae credit facilities allocated to the Operating Partnership had a weighted average floating interest rate of 1.88% . The aggregate maturities of the Operating Partnership’s secured debt due during each of the next five calendar years subsequent to June 30, 2015 are as follows (dollars in thousands): Fixed Variable Year Mortgage Notes Payable Secured Credit Facilities Tax-Exempt Secured Notes Payable Secured Credit Facilities Total 2015 $ 188,759 $ 184 $ — $ — $ 188,943 2016 131,946 385 — — 132,331 2017 1,630 15,640 — 6,566 23,836 2018 1,685 111,256 — 81,559 194,500 2019 50,036 123,095 — — 173,131 Thereafter — 83,442 27,000 89,384 199,826 Total $ 374,056 $ 334,002 $ 27,000 $ 177,509 $ 912,567 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 June 30, 2015 and December 31, 2014 , the outstanding balance under the unsecured revolving credit facility was $457.0 million and $152.5 million , respectively. |
Income_(Loss) Per Share
Income/(Loss) Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS/(LOSS) PER SHARE | /(LOSS) PER SHARE The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 10,842 $ 4,359 $ 87,259 $ (836 ) Gain/(loss) on sale of real estate owned, net of tax 79,042 26,709 79,042 51,003 (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership (3,029 ) (1,076 ) (5,617 ) (1,726 ) (Income)/loss from continuing operations attributable to noncontrolling interests — (2 ) (7 ) (6 ) Income/(loss) from continuing operations attributable to UDR, Inc. 86,855 29,990 160,677 48,435 Distributions to preferred stockholders - Series E (Convertible) (931 ) (931 ) (1,862 ) (1,862 ) Income/(loss) from continuing operations attributable to common stockholders - basic $ 85,924 $ 29,059 $ 158,815 $ 46,573 Dilutive distributions to preferred stockholders - Series E (Convertible) 931 — — — Income/(loss) from continuing operations attributable to common stockholders - diluted $ 86,855 $ 29,059 $ 158,815 $ 46,573 Income/(loss) from discontinued operations, net of tax $ — $ 18 $ — $ (69 ) (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership — (1 ) — 2 Income/(loss) from discontinued operations attributable to common stockholders $ — $ 17 $ — $ (67 ) Net income/(loss) attributable to common stockholders 85,924 29,076 $ 158,815 $ 46,506 Denominator for income/(loss) per share: Weighted average common shares outstanding 259,028 251,458 258,567 251,336 Non-vested restricted stock awards (1,179 ) (1,203 ) (1,223 ) (1,120 ) Denominator for basic income/(loss) per share 257,849 250,255 257,344 250,216 Incremental shares issuable from assumed conversion of preferred stock, stock options, and unvested restricted stock 4,957 1,936 1,923 1,875 Denominator for diluted income/(loss) per share 262,806 252,191 259,267 252,091 Income/(loss) per weighted average common share-basic: Income/(loss) from continuing operations attributable to common stockholders $ 0.33 $ 0.12 $ 0.62 $ 0.19 Income/(loss) from discontinued operations attributable to common stockholders — — — — Net income/(loss) attributable to common stockholders $ 0.33 $ 0.12 $ 0.62 $ 0.19 Income/(loss) per weighted average common share-diluted: Income/(loss) from continuing operations attributable to common stockholders $ 0.33 $ 0.12 $ 0.61 $ 0.18 Income/(loss) from discontinued operations attributable to common stockholders — — — — Net income/(loss) attributable to common stockholders $ 0.33 $ 0.12 $ 0.61 $ 0.18 Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per share is computed based upon the weighted average number of common shares outstanding plus the common shares issuable from the assumed conversion of the OP Units, convertible preferred stock, stock options, and restricted stock. Only those instruments having a dilutive impact on our basic income/(loss) per share are included in diluted income/(loss) per share during the periods. For the three months ended June 30, 2015 , the Company's Series E preferred stock was dilutive for purposes of calculating earnings per share. For the six months ended June 30, 2015 , and the three and six months ended June 30, 2014 , the Company's Series E preferred stock was anti-dilutive. The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the three and six months ended June 30, 2015 and 2014 (shares in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 OP Units 9,125 9,316 9,145 9,317 Preferred stock 3,036 3,036 3,036 3,036 Stock options and unvested restricted stock 1,921 1,936 1,923 1,875 |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests in the Operating Partnership Interests in the Operating Partnership held by limited partners are represented by OP Units. The income is allocated to holders of OP Units based upon net income attributable to common stockholders and the weighted average number of OP Units outstanding to total common shares plus OP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the individual partnership agreements. Limited partners have the right to require the Operating Partnership to redeem all or a portion of the OP Units held by the limited partners at a redemption price equal to and in the form of the Cash Amount as defined in the Amended and Restated Agreement of Limited Partnership of the Operating Partnership (the “Operating Partnership Agreement”), provided that such OP Units have been outstanding for at least one year. UDR, as the general partner of the Operating Partnership may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the Company for each OP Unit), as defined in the Operating Partnership Agreement. Accordingly, the Company records the OP Units outside of permanent equity and reports the OP Units at their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth redeemable noncontrolling interests in the Operating Partnership for the following period ( dollars in thousands ): Redeemable noncontrolling interests in the Operating Partnership, December 31, 2014 $ 282,480 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership 10,930 Conversion of OP Units to Common Stock (3,498 ) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership 5,617 Distributions to redeemable noncontrolling interests in the Operating Partnership (5,250 ) Allocation of other comprehensive income/(loss) (1 ) Redeemable noncontrolling interests in the Operating Partnership, June 30, 2015 $ 290,278 The following sets forth net income/(loss) attributable to common stockholders and transfers from redeemable noncontrolling interests in the Operating Partnership for the following periods (dollars in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income/(loss) attributable to common stockholders $ 85,924 $ 29,076 $ 158,815 $ 46,506 Conversion of OP Units to UDR Common stock 3,479 191 3,498 191 Change in equity from net income/(loss) attributable to common stockholders and conversion of OP Units to UDR Common Stock $ 89,403 $ 29,267 $ 162,313 $ 46,697 Noncontrolling Interests Noncontrolling interests represent interests of unrelated partners in certain consolidated affiliates, and are presented as part of equity in the Consolidated Balance Sheets since these interests are not redeemable. Net (income)/loss attributable to noncontrolling interests was $0 and $(2,000) during the three months ended June 30, 2015 and 2014 , respectively, and $(7,000) and $(6,000) during the six months ended June 30, 2015 and 2014 , respectively |
Related Party Transactions (UNI
Related Party Transactions (UNITED DOMINION REALTY, L.P.) | 6 Months Ended |
Jun. 30, 2015 | |
United Dominion Reality L.P. [Member] | |
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 General Partner of $3.0 million and $13.6 million at June 30, 2015 and December 31, 2014 , respectively, which are reflected as increases 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. The general and administrative expenses allocated to the Operating Partnership by UDR were $5.7 million and $7.2 million during the three months ended June 30, 2015 and 2014 , respectively, and $9.9 million and $13.9 million during the six months ended June 30, 2015 and 2014 , respectively, and are included in General and administrative on the Consolidated Statements of Operations. In the opinion of management, this method of allocation reflects the level of services received by the Operating Partnership from the General Partner. During the three months ended June 30, 2015 and 2014 , the Operating Partnership incurred $4.3 million and $3.1 million , respectively, and during the six months ended June 30, 2015 and 2014 incurred $8.6 million and $6.2 million , respectively, of related party management fees related to a management agreement entered into in 2011 with wholly-owned subsidiaries of UDR's taxable REIT subsidiaries ("TRS"). (See further discussion in paragraph below.) These related party management fees are initially recorded in General and administrative on the Consolidated Statements of Operations, and a portion related to management fees charged by UDR's TRS 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 UDR's TRSs. Under the management agreement, the Operating Partnership is charged a management fee equal to 2.75% of gross rental revenues, which is classified in Property management on the Consolidated Statements of Operations. Notes Payable to General Partner As of June 30, 2015 and December 31, 2014 , the Operating Partnership had $88.7 million of unsecured notes payable to the General Partner at annual interest rates between 5.18% and 5.34% . Certain limited partners of the Operating Partnership have provided guarantees related to these notes payable. The guarantees were provided by the limited partners in conjunction with their contribution of properties to the Operating Partnership. The notes mature on August 31, 2021 and December 31, 2023 and interest payments are made monthly. The Operating Partnership recognized interest expense on the notes payable of $1.2 million and $1.2 million during the three months ended June 30, 2015 and 2014 , respectively and $2.3 million and $2.3 million during the six months ended June 30, 2015 and 2014 , respectively. |
Fair Value of Derivatives and F
Fair Value of Derivatives and Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 are summarized as follows (dollars in thousands) : Fair Value at June 30, 2015, Using Total Carrying Amount in Statement of Financial Position at June 30, 2015 Fair Value Estimate at June 30, 2015 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description: Notes receivable (a) $ 15,494 $ 15,863 $ — $ — $ 15,863 Derivatives - Interest rate contracts (b) 12 12 — 12 — Total assets $ 15,506 $ 15,875 $ — $ 12 $ 15,863 Derivatives - Interest rate contracts (b) $ 9,109 $ 9,109 $ — $ 9,109 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 408,736 420,571 — — 420,571 Fannie Mae credit facilities 566,288 592,916 — — 592,916 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 249,378 249,378 — — 249,378 Unsecured debt instruments: (c) Commercial bank 457,000 457,000 — — 457,000 Senior unsecured notes 1,756,964 1,816,636 — — 1,816,636 Total liabilities $ 3,573,512 $ 3,671,647 $ — $ 9,109 $ 3,662,538 Redeemable noncontrolling interests in the Operating Partnership (d) $ 290,278 $ 290,278 $ — $ 290,278 $ — 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 Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 bank 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 $ — (a) See Note 2, Significant Accounting Policies. (b) See Note 10, Derivatives and Hedging Activity. (c) See Note 6, Secured and Unsecured Debt. (d) See Note 8, Noncontrolling Interests. There were no transfers into or out of each of the levels of the fair value hierarchy. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2015 and December 31, 2014 , 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 June 30, 2015 , the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and prepaid rent, distributions payable and accounts payable approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. We estimate the fair value of our notes receivable and debt instruments by discounting the remaining cash flows of the debt instrument at a discount rate equal to the replacement market credit spread plus the corresponding treasury yields. Factors considered in determining a replacement market credit spread include general market conditions, borrower specific credit spreads, time remaining to maturity, loan-to-value ratios and collateral quality, where applicable (Level 3). We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Our cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair value represent our best estimate based upon Level 3 inputs such as industry trends and reference to market rates and transactions. We consider various factors to determine if a decrease in the value of our investment in and advances to unconsolidated joint ventures, net is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. Based on the significance of the unobservable inputs, we classify these fair value measurements within Level 3 of the valuation hierarchy. The Company did not incur any other-than-temporary decrease in the value of its investments in unconsolidated joint ventures during the three and six months ended June 30, 2015 and 2014 . After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates. |
Fair Value of Derivatives and29
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 are summarized as follows (dollars in thousands) : Fair Value at June 30, 2015, Using Total Carrying Amount in Statement of Financial Position at June 30, 2015 Fair Value Estimate at June 30, 2015 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description: Notes receivable (a) $ 15,494 $ 15,863 $ — $ — $ 15,863 Derivatives - Interest rate contracts (b) 12 12 — 12 — Total assets $ 15,506 $ 15,875 $ — $ 12 $ 15,863 Derivatives - Interest rate contracts (b) $ 9,109 $ 9,109 $ — $ 9,109 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 408,736 420,571 — — 420,571 Fannie Mae credit facilities 566,288 592,916 — — 592,916 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 249,378 249,378 — — 249,378 Unsecured debt instruments: (c) Commercial bank 457,000 457,000 — — 457,000 Senior unsecured notes 1,756,964 1,816,636 — — 1,816,636 Total liabilities $ 3,573,512 $ 3,671,647 $ — $ 9,109 $ 3,662,538 Redeemable noncontrolling interests in the Operating Partnership (d) $ 290,278 $ 290,278 $ — $ 290,278 $ — 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 Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 bank 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 $ — (a) See Note 2, Significant Accounting Policies. (b) See Note 10, Derivatives and Hedging Activity. (c) See Note 6, Secured and Unsecured Debt. (d) See Note 8, Noncontrolling Interests. There were no transfers into or out of each of the levels of the fair value hierarchy. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2015 and December 31, 2014 , 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 June 30, 2015 , the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and prepaid rent, distributions payable and accounts payable approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. We estimate the fair value of our notes receivable and debt instruments by discounting the remaining cash flows of the debt instrument at a discount rate equal to the replacement market credit spread plus the corresponding treasury yields. Factors considered in determining a replacement market credit spread include general market conditions, borrower specific credit spreads, time remaining to maturity, loan-to-value ratios and collateral quality, where applicable (Level 3). We record impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Our cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. Our estimates of fair value represent our best estimate based upon Level 3 inputs such as industry trends and reference to market rates and transactions. We consider various factors to determine if a decrease in the value of our investment in and advances to unconsolidated joint ventures, net is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, and the relationships with the other joint venture partners and its lenders. Based on the significance of the unobservable inputs, we classify these fair value measurements within Level 3 of the valuation hierarchy. The Company did not incur any other-than-temporary decrease in the value of its investments in unconsolidated joint ventures during the three and six months ended June 30, 2015 and 2014 . After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates. |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: • Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of June 30, 2015 and December 31, 2014 are summarized as follows (dollars in thousands) : Fair Value at June 30, 2015, Using Total Carrying Amount in Statement of Financial Position at June 30, 2015 Fair Value Estimate at June 30, 2015 Quoted Prices in Significant Significant Description: Derivatives - Interest rate contracts (a) $ 7 $ 7 $ — $ 7 $ — Total assets $ 7 $ 7 $ — $ 7 $ — Derivatives - Interest rate contracts (a) $ 436 $ 436 $ — $ 436 $ — Secured debt instruments - fixed rate: (b) Mortgage notes payable 374,056 384,909 — — 384,909 Fannie Mae credit facilities 334,002 349,634 — — 349,634 Secured debt instruments - variable rate: (b) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Fannie Mae credit facilities 177,509 177,509 — — 177,509 Total liabilities $ 913,003 $ 939,488 $ — $ 436 $ 939,052 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 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 (a) See Note 7, Derivatives and Hedging Activity. (b) See Note 4, Debt. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The General Partner, on behalf of the Operating Partnership, incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Operating Partnership has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the General Partner, on behalf of the Operating Partnership, has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of June 30, 2015 and December 31, 2014 , the Operating Partnership has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Operating Partnership has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. In conjunction with the FASB’s fair value measurement guidance, the Operating Partnership made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Financial Instruments Not Carried at Fair Value As of June 30, 2015 , the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaids, real estate taxes payable, accrued interest payable, security deposits and prepaid rent, distributions payable and accounts payable approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments were determined by the Operating Partnership using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Operating Partnership would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. Fair value of our debt instruments is estimated by discounting the remaining cash flows of the debt instrument at a discount rate equal to the replacement market credit spread plus the corresponding treasury yields. Factors considered in determining a replacement market credit spread include general market conditions, borrower specific credit spreads, time remaining to maturity, loan-to-value ratios and collateral quality (Level 3). The Operating Partnership records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Cash flow estimates are based upon historical results adjusted to reflect management’s best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. The General Partner’s estimates of fair value represent management’s estimates based upon Level 3 inputs such as industry trends and reference to market rates and transactions. |
Derivatives and Hedging Activit
Derivatives and Hedging Activity | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and six months ended June 30, 2015 and 2014 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and six months ended June 30, 2015 , the Company recorded no ineffectiveness to earnings. During the three and six months ended June 30, 2014 , the Company recorded a gain of approximately $3,000 related to the ineffective portion of the derivative, which was caused by a timing difference between the derivative and the hedge item. Amounts reported in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets related to derivatives that will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through June 30, 2016 , the Company estimates that an additional $2.6 million will be reclassified as an increase to interest expense. As of June 30, 2015 , 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 9 $ 565,000 Interest rate caps 2 $ 219,984 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 no adjustment to earnings for the three and six months ended June 30, 2015 and 2014 . As of June 30, 2015 , the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Product Number of Instruments Notional Interest rate caps 2 $ 116,289 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (included in Other liabilities ) Fair Value at: Fair Value at: June 30, December 31, June 30, December 31, Derivatives designated as hedging instruments: Interest rate products $ 9 86 $ 9,109 $ 10,368 Derivatives not designated as hedging instruments: Interest rate products $ 3 $ 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 three and six months ended June 30, 2015 and 2014 ( dollars in thousands ): Derivatives in Cash Flow Hedging Relationships Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Gain/(Loss) Recognized in Interest expense (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2015 2014 2015 2014 2015 2014 Three Months Ended June 30, Interest rate products $ 6,186 $ 304 $ (292 ) $ (1,145 ) $ — $ 3 Six Months Ended June 30, Interest rate products $ (1,366 ) $ 249 $ (1,029 ) $ (2,677 ) $ — $ 3 Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2015 2014 Three Months Ended June 30, Interest rate products $ (22 ) $ — Six Months Ended June 30, Interest rate products $ (24 ) $ — Credit-risk-related Contingent Features The Company has agreements with some of its derivative counterparties that contain a provision where (1) if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations; or (2) the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. Certain of the Company’s agreements with its derivative counterparties contain provisions where, if there is a change in the Company’s financial condition that materially changes the Company’s creditworthiness in an adverse manner, the Company may be required to fully collateralize its obligations under the derivative instrument. The Company also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. As of June 30, 2015 , 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 $10.7 million . As of June 30, 2015 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at June 30, 2015 , it may have been required to settle its obligations under the agreements at their termination value of $10.7 million . Tabular Disclosure of Offsetting Derivatives Company has elected not to offset derivative positions in the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of June 30, 2015 and December 31, 2014 (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 Financial Instruments Cash Collateral Received Net Amount June 30, 2015 $ 12 $ — $ 12 $ — $ — $ 12 December 31, 2014 $ 88 $ — $ 88 $ (27 ) $ — $ 61 (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 (b) Gross Amounts Not Offset in the Consolidated Balance Sheets Financial Instruments Cash Collateral Posted Net Amount June 30, 2015 $ 9,109 $ — $ 9,109 $ — $ — $ 9,109 December 31, 2014 $ 10,368 $ — $ 10,368 $ (27 ) $ — $ 10,341 (b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
Derivatives and Hedging Activ31
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) | 6 Months Ended |
Jun. 30, 2015 | |
Entity Information [Line Items] | |
DERIVATIVES AND HEDGING ACTIVITY | DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and six months ended June 30, 2015 and 2014 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the three and six months ended June 30, 2015 , the Company recorded no ineffectiveness to earnings. During the three and six months ended June 30, 2014 , the Company recorded a gain of approximately $3,000 related to the ineffective portion of the derivative, which was caused by a timing difference between the derivative and the hedge item. Amounts reported in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets related to derivatives that will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through June 30, 2016 , the Company estimates that an additional $2.6 million will be reclassified as an increase to interest expense. As of June 30, 2015 , 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 9 $ 565,000 Interest rate caps 2 $ 219,984 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 no adjustment to earnings for the three and six months ended June 30, 2015 and 2014 . As of June 30, 2015 , the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Product Number of Instruments Notional Interest rate caps 2 $ 116,289 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (included in Other liabilities ) Fair Value at: Fair Value at: June 30, December 31, June 30, December 31, Derivatives designated as hedging instruments: Interest rate products $ 9 86 $ 9,109 $ 10,368 Derivatives not designated as hedging instruments: Interest rate products $ 3 $ 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 three and six months ended June 30, 2015 and 2014 ( dollars in thousands ): Derivatives in Cash Flow Hedging Relationships Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Gain/(Loss) Recognized in Interest expense (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2015 2014 2015 2014 2015 2014 Three Months Ended June 30, Interest rate products $ 6,186 $ 304 $ (292 ) $ (1,145 ) $ — $ 3 Six Months Ended June 30, Interest rate products $ (1,366 ) $ 249 $ (1,029 ) $ (2,677 ) $ — $ 3 Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2015 2014 Three Months Ended June 30, Interest rate products $ (22 ) $ — Six Months Ended June 30, Interest rate products $ (24 ) $ — Credit-risk-related Contingent Features The Company has agreements with some of its derivative counterparties that contain a provision where (1) if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations; or (2) the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. Certain of the Company’s agreements with its derivative counterparties contain provisions where, if there is a change in the Company’s financial condition that materially changes the Company’s creditworthiness in an adverse manner, the Company may be required to fully collateralize its obligations under the derivative instrument. The Company also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. As of June 30, 2015 , 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 $10.7 million . As of June 30, 2015 , the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at June 30, 2015 , it may have been required to settle its obligations under the agreements at their termination value of $10.7 million . Tabular Disclosure of Offsetting Derivatives Company has elected not to offset derivative positions in the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of June 30, 2015 and December 31, 2014 (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 Financial Instruments Cash Collateral Received Net Amount June 30, 2015 $ 12 $ — $ 12 $ — $ — $ 12 December 31, 2014 $ 88 $ — $ 88 $ (27 ) $ — $ 61 (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 (b) Gross Amounts Not Offset in the Consolidated Balance Sheets Financial Instruments Cash Collateral Posted Net Amount June 30, 2015 $ 9,109 $ — $ 9,109 $ — $ — $ 9,109 December 31, 2014 $ 10,368 $ — $ 10,368 $ (27 ) $ — $ 10,341 (b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
DERIVATIVES AND HEDGING ACTIVITY | DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Operating Partnership is exposed to certain risks arising from both its business operations and economic conditions. The General Partner principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The General Partner manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the General Partner enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The General Partner’s and the Operating Partnership’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the General Partner’s known or expected cash payments principally related to the General Partner’s borrowings. Cash Flow Hedges of Interest Rate Risk The General Partner’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the General Partner primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the General Partner making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up front premium. A portion of the General Partner’s interest rate derivatives have been allocated to the Operating Partnership based on the General Partner’s underlying debt instruments allocated to the Operating Partnership. (See Note 4, Debt. ) The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the three and six months ended June 30, 2015 and 2014 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The Operating Partnership recorded no gain or loss from ineffectiveness during the three and six months ended June 30, 2015 , and 2014 . Amounts reported in Accumulated other comprehensive income/(loss), net related to derivatives will be reclassified to interest expense as interest payments are made on the General Partner’s variable-rate debt that is allocated to the Operating Partnership. Through June 30, 2016 , we estimate that an additional $440,000 will be reclassified as an increase to interest expense. As of June 30, 2015 , 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 $ 46,357 Interest rate caps 1 $ 143,508 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 no adjustment to earnings for the three and six months ended June 30, 2015 and 2014 . As of June 30, 2015 , we had the following outstanding derivatives that were not designated as a hedges in a qualifying hedging relationships ( dollars in thousands ): Product Number of Instruments Notional Interest rate caps 2 $ 109,264 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 June 30, 2015 and December 31, 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (included in Other liabilities ) Fair Value at: Fair Value at: June 30, December 31, June 30, December 31, Derivatives designated as hedging instruments: Interest rate products $ 4 $ 37 $ 436 $ 918 Derivatives not designated as hedging instruments: Interest rate products $ 3 $ 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 three and six months ended June 30, 2015 and 2014 ( dollars in thousands ): Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Derivatives in Cash Flow Hedging Relationships 2015 2014 2015 2014 Three Months Ended June 30, Interest rate products $ (26 ) $ (140 ) $ (267 ) $ (573 ) Six Months Ended June 30, Interest rate products $ (77 ) $ (191 ) $ (553 ) $ (1,196 ) Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2015 2014 Three Months Ended June 30, Interest rate products $ (22 ) $ — Six Months Ended June 30, Interest rate products $ (23 ) $ — 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 June 30, 2015 and December 31, 2014 , no cash collateral was posted or required to be posted by the General Partner or by a counterparty. The General Partner also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the General Partner’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the General Partner being in default on any derivative instrument obligations covered by the agreement. The General Partner has certain agreements with some of its derivative counterparties that contain a provision where in the event of default by the General Partner or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative contract, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. As of June 30, 2015 , 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 $436,000 . As of June 30, 2015 , the General Partner has not posted any collateral related to these agreements. If the General Partner had breached any of these provisions at June 30, 2015 , it would have been required to settle its obligations under the agreements at their termination value of $436,000 . 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 June 30, 2015 and December 31, 2014 : 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 Financial Instruments Cash Collateral Received Net Amount June 30, 2015 $ 7 $ — $ 7 $ — $ — $ 7 December 31, 2014 $ 39 $ — $ 39 $ — $ — $ 39 (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 (b) Gross Amounts Not Offset in the Consolidated Balance Sheets Financial Instruments Cash Collateral Posted Net Amount June 30, 2015 $ 436 $ — $ 436 $ — $ — $ 436 December 31, 2014 $ 918 $ — $ 918 $ — $ — $ 918 (b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
Stock Based Compensation
Stock Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION The Company recognized stock based compensation expense, inclusive of awards granted to our independent directors, of $5.1 million and $3.6 million during the three months ended June 30, 2015 and 2014 , respectively, and $9.6 million and $7.3 million during the six months ended June 30, 2015 and 2014 , respectively. |
Capital Structure (UNITED DOMIN
Capital Structure (UNITED DOMINION REALTY, L.P.) | 6 Months Ended |
Jun. 30, 2015 | |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
CAPITAL STRUCTURE | CAPITAL STRUCTURE General Partnership Units The General Partner has complete discretion to manage and control the operations and business of the Operating Partnership, which includes but is not limited to the acquisition and disposition of real property, construction of buildings and making capital improvements, and the borrowing of funds from outside lenders or UDR and its subsidiaries to finance such activities. The General Partner can generally authorize, issue, sell, redeem or purchase any OP Unit or securities of the Operating Partnership without the approval of the limited partners. The General Partner can also approve, with regard to the issuances of OP Units, the class or one or more series of classes, with designations, preferences, participating, optional or other special rights, powers and duties including rights, powers and duties senior to limited partnership interests without approval of any limited partners except holders of Class A Limited Partnership Units. There were 110,883 General Partnership units outstanding at June 30, 2015 and December 31, 2014 , all of which were held by UDR. Limited Partnership Units As of June 30, 2015 and December 31, 2014 , there were 183,167,815 limited partnership units outstanding, of which 1,873,332 were Class A Limited Partnership Units. UDR owned 174,105,126 , or 95.1% of, and 174,002,342 , or 95.0% of, OP Units outstanding at June 30, 2015 and December 31, 2014 , respectively, of which 121,661 were Class A Limited Partnership Units. The remaining 9,062,689 , or 4.9% of, and 9,165,473 , or 5.0% of, OP Units outstanding, were held by non-affiliated partners at June 30, 2015 and December 31, 2014 , 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 $290.3 million and $282.5 million as of June 30, 2015 and December 31, 2014 , 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 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. 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 | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 ( dollars in thousands ): Number of Properties Costs Incurred as of June 30, 2015 (a) Expected Costs to Complete Average Ownership Stake Wholly-owned — under development 1 $ 92,645 (b) $ 249,355 100 % Wholly-owned — redevelopment 1 4,854 (b) 10,146 100 % Joint ventures: Unconsolidated joint ventures 4 335,539 163,791 (c) Various Participating loan investments 1 85,208 (d) 6,801 (e) 0 % Preferred equity investments 5 129,592 (f) 6,735 (g) 48 % $ 647,838 $ 436,828 (a) Represents 100% of project costs incurred as of June 30, 2015 . (b) Costs incurred to date include $114,000 and $1.3 million of accrued fixed assets for development and redevelopment, respectively. (c) Represents UDR’s proportionate share of expected remaining costs to complete. (d) Represents the participating loan balance funded as of June 30, 2015 . (e) Represents UDR’s remaining participating loan commitment for Steele Creek. (f) Represents UDR's share of capital contributed to the West Coast Development Joint Venture as of June 30, 2015 . (g) Represents UDR's remaining funding commitment on Katella Grand II. Contingencies Litigation and Legal Matters The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flow. |
Commitments and Contingencies (
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 ( dollars in thousands ): Number of Properties Costs Incurred as of June 30, 2015 (a) Expected Costs to Complete Average Ownership Stake Wholly-owned — under development 1 $ 92,645 (b) $ 249,355 100 % Wholly-owned — redevelopment 1 4,854 (b) 10,146 100 % Joint ventures: Unconsolidated joint ventures 4 335,539 163,791 (c) Various Participating loan investments 1 85,208 (d) 6,801 (e) 0 % Preferred equity investments 5 129,592 (f) 6,735 (g) 48 % $ 647,838 $ 436,828 (a) Represents 100% of project costs incurred as of June 30, 2015 . (b) Costs incurred to date include $114,000 and $1.3 million of accrued fixed assets for development and redevelopment, respectively. (c) Represents UDR’s proportionate share of expected remaining costs to complete. (d) Represents the participating loan balance funded as of June 30, 2015 . (e) Represents UDR’s remaining participating loan commitment for Steele Creek. (f) Represents UDR's share of capital contributed to the West Coast Development Joint Venture as of June 30, 2015 . (g) Represents UDR's remaining funding commitment on Katella Grand II. Contingencies Litigation and Legal Matters The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flow. |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments Real Estate Under Development The following summarizes the Operating Partnership’s real estate commitments at June 30, 2015 ( dollars in thousands ): Number of Properties Costs Incurred to Date (a) Expected Costs to Complete (unaudited) Real estate communities — redevelopment 1 4,854 10,146 (a) Costs incurred to date include $1.3 million of accrued fixed assets for redevelopment. Contingencies Litigation and Legal Matters The Operating Partnership is subject to various legal proceedings and claims arising in the ordinary course of business. The Operating Partnership cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The General Partner believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on the Operating Partnership’s financial condition, results of operations or cash flow. |
Reportable Segments
Reportable Segments | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s chief operating decision maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. UDR’s chief operating decision maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other : • Same-Store Communities represent those communities acquired, developed, and stabilized prior to April 1, 2014 for quarter-to-date comparison and January 1, 2014 for year-to-date comparison and held as of June 30, 2015 . A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. • Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped properties, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the three and six months ended June 30, 2015 and 2014 . The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the three and six months ended June 30, 2015 and 2014 , and reconciles NOI to Net Income/(Loss) Attributable to UDR, Inc . in the Consolidated Statements of Operations (dollars in thousands) : Three Months Ended Six Months Ended June 30, (a) June 30, (b) 2015 2014 2015 2014 Reportable apartment home segment rental income Same-Store Communities West Region $ 68,646 $ 64,004 $ 135,595 $ 126,405 Mid-Atlantic Region 43,536 42,644 86,331 84,694 Southeast Region 26,540 25,063 52,505 49,774 Northeast Region 21,436 20,294 42,328 40,096 Southwest Region 14,363 13,623 28,470 27,090 Non-Mature Communities/Other 38,243 35,409 74,582 67,378 Total consolidated rental income $ 212,764 $ 201,037 $ 419,811 $ 395,437 Reportable apartment home segment NOI Same-Store Communities West Region $ 51,400 $ 46,496 $ 100,999 $ 91,287 Mid-Atlantic Region 30,302 29,863 59,590 58,699 Southeast Region 17,876 16,769 35,207 33,465 Northeast Region 16,269 15,459 31,835 30,004 Southwest Region 8,998 8,263 17,534 16,621 Non-Mature Communities/Other 25,587 23,542 48,842 42,440 Total consolidated NOI 150,432 140,392 294,007 272,516 Reconciling items: Joint venture management and other fees 3,098 2,747 15,804 6,434 Property management (5,851 ) (5,529 ) (11,545 ) (10,875 ) Other operating expenses (1,769 ) (2,171 ) (3,535 ) (4,106 ) Real estate depreciation and amortization (90,344 ) (88,876 ) (179,121 ) (177,409 ) General and administrative (13,721 ) (12,530 ) (25,873 ) (24,524 ) Casualty-related recoveries/(charges), net (843 ) — (1,839 ) (500 ) Other depreciation and amortization (1,700 ) (1,193 ) (3,323 ) (2,273 ) Income/(loss) from unconsolidated entities (573 ) (428 ) 58,586 (3,993 ) Interest expense (29,673 ) (31,691 ) (58,473 ) (64,575 ) Interest income and other income/(expense), net 382 1,426 742 2,841 Tax benefit/(expense), net 1,404 2,230 1,829 5,559 Gain/(loss) on sale of real estate owned, net of tax 79,042 26,709 79,042 51,003 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership (3,029 ) (1,077 ) (5,617 ) (1,724 ) Net (income)/loss attributable to noncontrolling interests — (2 ) (7 ) (6 ) Net income/(loss) attributable to UDR, Inc. $ 86,855 $ 30,007 $ 160,677 $ 48,368 (a) Same-Store Community population consisted of 35,250 apartment homes. (b) Same-Store Community population consisted of 35,250 apartment homes. The following table details the assets of UDR’s reportable segments as of June 30, 2015 and December 31, 2014 (dollars in thousands) : June 30, December 31, Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,608,586 $ 2,592,156 Mid-Atlantic Region 1,541,420 1,533,993 Southeast Region 738,595 733,068 Northeast Region 1,081,035 1,076,656 Southwest Region 443,526 440,721 Non-Mature Communities/Other 2,012,117 2,006,665 Total assets 8,425,279 8,383,259 Accumulated depreciation (2,557,949 ) (2,434,772 ) Total assets — net book value 5,867,330 5,948,487 Reconciling items: Cash and cash equivalents 2,990 15,224 Restricted cash 22,912 22,340 Deferred financing costs, net 19,930 22,686 Notes receivable, net 15,494 14,369 Investment in and advances to unconsolidated joint ventures, net 914,815 718,226 Other assets 96,259 105,202 Total consolidated assets $ 6,939,730 $ 6,846,534 Capital expenditures related to our Same-Store Communities totaled $20.6 million and $12.8 million for the three months ended June 30, 2015 and 2014 , respectively, and $33.8 million and $20.3 million for the six months ended June 30, 2015 and 2014 , respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $1.2 million and $2.5 million for the three months ended June 30, 2015 and 2014 , respectively, and $3.8 million and $4.8 million for the six months ended June 30, 2015 and 2014 . Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California, and Portland ii. Mid-Atlantic Region — Metropolitan D.C., 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 |
Reportable Segments (UNITED DOM
Reportable Segments (UNITED DOMINION REALTY, L.P.) | 6 Months Ended |
Jun. 30, 2015 | |
Entity Information [Line Items] | |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s chief operating decision maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. UDR’s chief operating decision maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other : • Same-Store Communities represent those communities acquired, developed, and stabilized prior to April 1, 2014 for quarter-to-date comparison and January 1, 2014 for year-to-date comparison and held as of June 30, 2015 . A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. • Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped properties, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the three and six months ended June 30, 2015 and 2014 . The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the three and six months ended June 30, 2015 and 2014 , and reconciles NOI to Net Income/(Loss) Attributable to UDR, Inc . in the Consolidated Statements of Operations (dollars in thousands) : Three Months Ended Six Months Ended June 30, (a) June 30, (b) 2015 2014 2015 2014 Reportable apartment home segment rental income Same-Store Communities West Region $ 68,646 $ 64,004 $ 135,595 $ 126,405 Mid-Atlantic Region 43,536 42,644 86,331 84,694 Southeast Region 26,540 25,063 52,505 49,774 Northeast Region 21,436 20,294 42,328 40,096 Southwest Region 14,363 13,623 28,470 27,090 Non-Mature Communities/Other 38,243 35,409 74,582 67,378 Total consolidated rental income $ 212,764 $ 201,037 $ 419,811 $ 395,437 Reportable apartment home segment NOI Same-Store Communities West Region $ 51,400 $ 46,496 $ 100,999 $ 91,287 Mid-Atlantic Region 30,302 29,863 59,590 58,699 Southeast Region 17,876 16,769 35,207 33,465 Northeast Region 16,269 15,459 31,835 30,004 Southwest Region 8,998 8,263 17,534 16,621 Non-Mature Communities/Other 25,587 23,542 48,842 42,440 Total consolidated NOI 150,432 140,392 294,007 272,516 Reconciling items: Joint venture management and other fees 3,098 2,747 15,804 6,434 Property management (5,851 ) (5,529 ) (11,545 ) (10,875 ) Other operating expenses (1,769 ) (2,171 ) (3,535 ) (4,106 ) Real estate depreciation and amortization (90,344 ) (88,876 ) (179,121 ) (177,409 ) General and administrative (13,721 ) (12,530 ) (25,873 ) (24,524 ) Casualty-related recoveries/(charges), net (843 ) — (1,839 ) (500 ) Other depreciation and amortization (1,700 ) (1,193 ) (3,323 ) (2,273 ) Income/(loss) from unconsolidated entities (573 ) (428 ) 58,586 (3,993 ) Interest expense (29,673 ) (31,691 ) (58,473 ) (64,575 ) Interest income and other income/(expense), net 382 1,426 742 2,841 Tax benefit/(expense), net 1,404 2,230 1,829 5,559 Gain/(loss) on sale of real estate owned, net of tax 79,042 26,709 79,042 51,003 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership (3,029 ) (1,077 ) (5,617 ) (1,724 ) Net (income)/loss attributable to noncontrolling interests — (2 ) (7 ) (6 ) Net income/(loss) attributable to UDR, Inc. $ 86,855 $ 30,007 $ 160,677 $ 48,368 (a) Same-Store Community population consisted of 35,250 apartment homes. (b) Same-Store Community population consisted of 35,250 apartment homes. The following table details the assets of UDR’s reportable segments as of June 30, 2015 and December 31, 2014 (dollars in thousands) : June 30, December 31, Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,608,586 $ 2,592,156 Mid-Atlantic Region 1,541,420 1,533,993 Southeast Region 738,595 733,068 Northeast Region 1,081,035 1,076,656 Southwest Region 443,526 440,721 Non-Mature Communities/Other 2,012,117 2,006,665 Total assets 8,425,279 8,383,259 Accumulated depreciation (2,557,949 ) (2,434,772 ) Total assets — net book value 5,867,330 5,948,487 Reconciling items: Cash and cash equivalents 2,990 15,224 Restricted cash 22,912 22,340 Deferred financing costs, net 19,930 22,686 Notes receivable, net 15,494 14,369 Investment in and advances to unconsolidated joint ventures, net 914,815 718,226 Other assets 96,259 105,202 Total consolidated assets $ 6,939,730 $ 6,846,534 Capital expenditures related to our Same-Store Communities totaled $20.6 million and $12.8 million for the three months ended June 30, 2015 and 2014 , respectively, and $33.8 million and $20.3 million for the six months ended June 30, 2015 and 2014 , respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $1.2 million and $2.5 million for the three months ended June 30, 2015 and 2014 , respectively, and $3.8 million and $4.8 million for the six months ended June 30, 2015 and 2014 . Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California, and Portland ii. Mid-Atlantic Region — Metropolitan D.C., 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. [Member] | |
Entity Information [Line Items] | |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. The Operating Partnership has the same chief operating decision maker as that of its parent, the General Partner. The chief operating decision maker consists of several members of UDR’s executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. The Operating Partnership owns and operates multifamily apartment communities throughout the United States that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures of the Operating Partnership’s apartment communities are rental income and net operating income (“NOI”), and are included in the chief operating decision maker’s assessment of the Operating Partnership’s performance on a consolidated basis. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as total revenues less direct property operating expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. The chief operating decision maker of the General Partner utilizes NOI as the key measure of segment profit or loss. The Operating Partnership’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other: • Same-Store Communities represent those communities acquired, developed, and stabilized prior to April 1, 2014 for quarter-to-date comparison and January 1, 2014 for year-to-date comparison and held as of June 30, 2015 . A comparison of operating results from the prior year is meaningful as these communities were owned and had stabilized occupancy and operating expenses as of the beginning of the prior period, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. • Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped properties, 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 the apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Operating Partnership’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of the Operating Partnership’s total revenues during the three and six months ended June 30, 2015 and 2014 . The following table details rental income and NOI from continuing and discontinued operations for the Operating Partnership’s reportable segments for the three and six months ended June 30, 2015 and 2014 , and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands) : Three Months Ended Six Months Ended June 30, (a) June 30, (b) 2015 2014 2015 2014 Reportable apartment home segment rental income Same-Store Communities West Region $ 48,175 $ 44,544 $ 95,082 $ 87,916 Mid-Atlantic Region 17,613 17,364 34,862 34,610 Southeast Region 11,870 11,254 23,549 22,385 Northeast Region 15,497 14,658 30,570 28,925 Southwest Region 6,868 6,653 13,605 13,206 Non-Mature Communities/Other 13,135 10,369 25,585 20,170 Total consolidated rental income $ 113,158 $ 104,842 $ 223,253 $ 207,212 Reportable apartment home segment NOI Same-Store Communities West Region $ 36,447 $ 32,487 $ 71,094 $ 63,958 Mid-Atlantic Region 11,894 11,900 23,360 23,466 Southeast Region 7,938 7,503 15,648 14,959 Northeast Region 12,074 11,415 23,647 22,053 Southwest Region 4,361 4,168 8,574 8,386 Non-Mature Communities/Other 9,569 7,495 18,075 14,563 Total consolidated NOI 82,283 74,968 160,398 147,385 Reconciling items: Property management (3,112 ) (2,883 ) (6,139 ) (5,698 ) Other operating expenses (1,496 ) (1,451 ) (2,986 ) (2,887 ) Real estate depreciation and amortization (44,100 ) (44,697 ) (88,578 ) (88,968 ) General and administrative (7,032 ) (7,459 ) (12,671 ) (14,429 ) Casualty-related recoveries/(charges), net (280 ) — (873 ) (500 ) Interest expense (10,908 ) (10,159 ) (21,679 ) (20,173 ) Gain/(loss) on sale of real estate owned 32,375 16,285 56,998 40,687 Net (income)/loss attributable to noncontrolling interests (347 ) (178 ) (741 ) (458 ) Net income/(loss) attributable to OP unitholders $ 47,383 $ 24,426 $ 83,729 $ 54,959 (a) Same-Store Community population consisted of 18,969 apartment homes. (b) Same-Store Community population consisted of 18,969 apartment homes The following table details the assets of the Operating Partnership’s reportable segments as of June 30, 2015 and December 31, 2014 (dollars in thousands) : June 30, December 31, 2014 Reportable apartment home segment assets Same-Store Communities West Region $ 1,670,364 $ 1,658,042 Mid-Atlantic Region 716,152 713,093 Southeast Region 335,662 333,428 Northeast Region 780,235 777,376 Southwest Region 230,330 228,996 Non-Mature Communities/Other 506,252 527,835 Total assets 4,238,995 4,238,770 Accumulated depreciation (1,474,834 ) (1,403,303 ) Total assets - net book value 2,764,161 2,835,467 Reconciling items: Cash and cash equivalents 164 502 Restricted cash 14,456 13,811 Deferred financing costs, net 3,707 4,475 Other assets 23,090 24,029 Total consolidated assets $ 2,805,578 $ 2,878,284 Capital expenditures related to the Operating Partnership’s Same-Store Communities totaled $12.5 million and $7.3 million for the three months ended June 30, 2015 and 2014 , respectively, and $20.3 million and $11.2 million for the six months ended June 30, 2015 and 2014 , respectively. Capital expenditures related to the Operating Partnership’s Non-Mature Communities/Other totaled $0.7 million and $0.3 million for the three months ended June 30, 2015 and 2014 , respectively, and $1.2 million and $0.6 million for the six months ended June 30, 2015 and 2014 , respectively. Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California, and Portland ii. Mid-Atlantic Region — Metropolitan D.C. and Baltimore iii. Southeast Region — Tampa, Nashville, and Other Florida iv. Northeast Region — New York and Boston v. Southwest Region — Dallas |
Significant Accounting Polici38
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three and six months ended June 30, 2015 and 2014 , the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to redeemable noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 10, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests was $224,000 and $50,000 during the three months ended June 30, 2015 and 2014 , respectively, and $(1,000) and $106,000 during the six months ended June 30, 2015 and 2014 , respectively. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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, 2018; early adoption is permitted on January 1, 2017. 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. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, to revise the presentation of debt issuance costs. Under ASU 2015-03, entities will present debt issuance costs in their balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the deferred costs will continue to be included in interest expense. The guidance, which is to be applied retrospectively to all prior periods, is effective for fiscal years beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. The Company does not expect ASU 2015-03 to have a significant effect on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. |
Revenue 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 propert |
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 June 30, 2015 , UDR’s net deferred tax asset was $9.1 million (net of a valuation allowance of less than $0.1 million ), which is included in Other assets on the Consolidated Balance Sheets. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at June 30, 2015 . UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2011 through 2014 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax benefit/(expense), net on the Consolidated Statements of Operations. |
Policy Loans Receivable, Policy [Policy Text Block] | Notes Receivable The following table summarizes our notes receivable, net as of June 30, 2015 and December 31, 2014 ( dollars in thousands): Interest rate at Balance outstanding June 30, June 30, December 31, 2014 Note due February 2017 (a) 10.00 % $ 12,994 $ 11,869 Note due July 2017 (b) 8.00 % 2,500 2,500 Total notes receivable, net $ 15,494 $ 14,369 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $13.0 million . During the six months ended June 30, 2015 , the Company loaned an additional $1.1 million . Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (February 2017). (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million . Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (July 2017). The Company recognized $0.3 million and $1.3 million of interest income from notes receivable during the three months ended June 30, 2015 and 2014 , respectively, and $0.7 million and $2.5 million during the six months ended June 30, 2015 and 2014 , respectively, none of which was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. |
Significant Accounting Polici39
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Entity Information [Line Items] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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, 2018; early adoption is permitted on January 1, 2017. 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. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, to revise the presentation of debt issuance costs. Under ASU 2015-03, entities will present debt issuance costs in their balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the deferred costs will continue to be included in interest expense. The guidance, which is to be applied retrospectively to all prior periods, is effective for fiscal years beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. The Company does not expect ASU 2015-03 to have a significant effect on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. |
Revenue 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 propert |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three and six months ended June 30, 2015 and 2014 , the Company’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to redeemable noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 10, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests was $224,000 and $50,000 during the three months ended June 30, 2015 and 2014 , respectively, and $(1,000) and $106,000 during the six months ended June 30, 2015 and 2014 , respectively. |
Income taxes | Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”), primarily those engaged in development activities. Income taxes for our TRS 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 June 30, 2015 , UDR’s net deferred tax asset was $9.1 million (net of a valuation allowance of less than $0.1 million ), which is included in Other assets on the Consolidated Balance Sheets. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at June 30, 2015 . UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2011 through 2014 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax benefit/(expense), net on the Consolidated Statements of Operations. |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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, 2018; early adoption is permitted on January 1, 2017. 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. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, to revise the presentation of debt issuance costs. Under ASU 2015-03, entities will present debt issuance costs in their balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of the deferred costs will continue to be included in interest expense. The guidance, which is to be applied retrospectively to all prior periods, is effective for fiscal years beginning after December 15, 2015, with early adoption permitted for financial statements that have not been previously issued. The Operating Partnership does not expect ASU 2015-03 to have a significant effect on its consolidated financial statements. In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis, which makes changes to both the variable interest model and the voting model. Among other changes, the new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. The new standard will be effective for the Operating Partnership beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity/capital as of the beginning of the period of adoption or retrospectively to each period presented. The Operating Partnership is currently evaluating the impact of adopting the new standard on its consolidated financial statements. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. |
Earnings Per Share, Policy [Policy 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 outstanding during the year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership. |
Revenue 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, fees and incentives when earned, fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we or our General Partner retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we or our General Partner retain. The Operating Partnership recognizes any deferred gain when the property is sold to a third party. In transactions accounted by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the three and six months ended June 30, 2015 and 2014 , 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 7, Derivatives and Hedging Activity, for further discussion. |
Income taxes | Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years ( 2011 through 2014 ) of tax jurisdictions and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. |
Significant Accounting Polici40
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Notes receivable | The following table summarizes our notes receivable, net as of June 30, 2015 and December 31, 2014 ( dollars in thousands): Interest rate at Balance outstanding June 30, June 30, December 31, 2014 Note due February 2017 (a) 10.00 % $ 12,994 $ 11,869 Note due July 2017 (b) 8.00 % 2,500 2,500 Total notes receivable, net $ 15,494 $ 14,369 |
Real Estate Owned (Tables)
Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, December 31, 2014 Land and land improvements $ 1,919,597 $ 1,980,221 Depreciable property — held and used: Building, improvements, and furniture, fixtures and equipment 6,413,037 6,225,406 Under development: Land and land improvements 78,085 24,584 Building, improvements, and furniture, fixtures and equipment 14,560 153,048 Real estate owned 8,425,279 8,383,259 Accumulated depreciation (2,557,949 ) (2,434,772 ) Real estate owned, net $ 5,867,330 $ 5,948,487 |
Real Estate Owned (UNITED DOM42
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 (dollars in thousands): June 30, December 31, 2014 Land and land improvements $ 1,919,597 $ 1,980,221 Depreciable property — held and used: Building, improvements, and furniture, fixtures and equipment 6,413,037 6,225,406 Under development: Land and land improvements 78,085 24,584 Building, improvements, and furniture, fixtures and equipment 14,560 153,048 Real estate owned 8,425,279 8,383,259 Accumulated depreciation (2,557,949 ) (2,434,772 ) Real estate owned, net $ 5,867,330 $ 5,948,487 |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
Summary of carrying amounts for real estate owned (at cost) | The following table summarizes the carrying amounts for our real estate owned (at cost) as of June 30, 2015 and December 31, 2014 (dollars in thousands) : June 30, December 31, 2014 Land $ 1,006,651 $ 1,008,014 Depreciable property — held and used: Buildings, improvements, and furniture, fixture and equipment 3,232,344 3,230,756 Real estate owned 4,238,995 4,238,770 Accumulated depreciation (1,474,834 ) (1,403,303 ) Real estate owned, net $ 2,764,161 $ 2,835,467 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of income from discontinued operations | The following is a summary of income/(loss) from discontinued operations, net of tax for the three and six months ended June 30, 2015 and 2014 ( dollars in thousands ): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Rental income $ — $ 78 $ — $ 126 Rental expenses — 89 — 214 Property management — 2 — 3 Interest income and other (income)/expense, net — 9 — 18 Income tax benefit/(expense) — 40 — 40 Income/(loss) from discontinued operations, net of tax $ — $ 18 $ — $ (69 ) Income/(loss) from discontinued operations attributable to UDR, Inc. $ — $ 17 $ — $ (67 ) |
Joint Ventures (Tables)
Joint Ventures (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Combined Summary of Balance Sheets Relating to Unconsolidated Joint Ventures [Table Text Block] | We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not recognize any other-than-temporary decreases in the value of its investments in unconsolidated joint ventures or partnerships during the three and six months ended June 30, 2015 and 2014 . Combined summary balance sheets relating to all of the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of June 30, 2015 and December 31, 2014 ( dollars in thousands ): June 30, December 31, 2014 Total real estate, net $ 3,004,723 $ 2,941,803 Assets held for sale — 216,196 Cash and cash equivalents 36,820 32,544 Other assets 32,869 28,707 Total assets $ 3,074,412 $ 3,219,250 Amount due to UDR $ 6,434 $ 2,997 Third party debt 1,529,724 1,504,477 Liabilities held for sale — 229,706 Accounts payable and accrued liabilities 63,521 44,335 Total liabilities 1,599,679 1,781,515 Total equity 1,474,733 1,437,735 Total liabilities and equity $ 3,074,412 $ 3,219,250 UDR’s investment in unconsolidated joint ventures $ 914,815 $ 718,226 |
Schedule of Equity Method Investments [Table Text Block] | The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of June 30, 2015 and December 31, 2014 (dollars in thousands) : Joint Venture Location of Properties Number of Properties Number of Apartment Homes Investment at UDR’s Ownership Interest June 30, June 30, June 30, December 31, June 30, December 31, Operating and development: UDR/MetLife I Various 4 land parcels — $ 14,181 $ 13,306 16.1 % 15.7 % UDR/MetLife II Various 21 operating communities 4,642 428,321 431,277 50.0 % 50.0 % Other UDR/MetLife Development Joint Ventures 1 operating community; 4 development communities (a); Various 1 land parcels 1,437 158,172 134,939 50.6 % 50.6 % UDR/MetLife Vitruvian Park® Addison, TX 3 operating communities 6 land parcels 1,130 75,531 80,302 50.0 % 50.0 % UDR/KFH Washington, D.C. 3 operating communities 660 19,775 21,596 30.0 % 30.0 % Texas (b) Texas — — — (25,901 ) — % 20.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment 695,980,000 695,980 655,519 Income from Investment Investment at Three Months Ended June 30, Six Months Ended June 30, Location Rate Years To Maturity June 30, December 31, 2015 2014 2015 2014 Participating loan investment: Steele Creek Denver, CO 6.5% 2.1 85,208 62,707 $ 1,352 $ 456 $ 2,506 $ 777 Preferred equity investment: West Coast Development Joint Venture (c) Various 6.5% — 133,627 — $ (548 ) $ — $ (548 ) $ — Total investment in and advances to unconsolidated joint ventures, net $ 914,815 $ 718,226 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes. As of June 30, 2015 , no apartment homes had been completed in Other UDR/MetLife Development Joint Ventures. (b) 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 disposition 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. |
Financial information relating to unconsolidated joint ventures operations | Combined summary financial information relating to all of the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the three and six months ended June 30, 2015 and 2014 ( dollars in thousands ) : Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Total revenues $ 55,450 $ 48,379 $ 109,996 $ 87,334 Property operating expenses (21,557 ) (18,001 ) (41,724 ) (32,360 ) Real estate depreciation and amortization (19,402 ) (16,808 ) (38,754 ) (31,496 ) Operating income/(loss) 14,491 13,570 29,518 23,478 Interest expense (16,169 ) (14,928 ) (32,230 ) (27,079 ) Other income/(expense) (7 ) — (7 ) — Income/(loss) from discontinued operations — (4,705 ) 182,488 (31,688 ) Net income/(loss) $ (1,685 ) $ (6,063 ) $ 179,769 $ (35,289 ) UDR income/(loss) from unconsolidated entities $ (573 ) $ (428 ) $ 58,586 $ (3,993 ) |
Combined summary of balance sheets relating to unconsolidated 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 member and the third party does not have the ability to substantively participate in the decision-making process nor the ability to remove us as general partner or managing member without cause. UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships. Unconsolidated Joint Ventures and Partnerships The Company recognizes income or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net income 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 June 30, 2015 and December 31, 2014 (dollars in thousands) : Joint Venture Location of Properties Number of Properties Number of Apartment Homes Investment at UDR’s Ownership Interest June 30, June 30, June 30, December 31, June 30, December 31, Operating and development: UDR/MetLife I Various 4 land parcels — $ 14,181 $ 13,306 16.1 % 15.7 % UDR/MetLife II Various 21 operating communities 4,642 428,321 431,277 50.0 % 50.0 % Other UDR/MetLife Development Joint Ventures 1 operating community; 4 development communities (a); Various 1 land parcels 1,437 158,172 134,939 50.6 % 50.6 % UDR/MetLife Vitruvian Park® Addison, TX 3 operating communities 6 land parcels 1,130 75,531 80,302 50.0 % 50.0 % UDR/KFH Washington, D.C. 3 operating communities 660 19,775 21,596 30.0 % 30.0 % Texas (b) Texas — — — (25,901 ) — % 20.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment 695,980,000 695,980 655,519 Income from Investment Investment at Three Months Ended June 30, Six Months Ended June 30, Location Rate Years To Maturity June 30, December 31, 2015 2014 2015 2014 Participating loan investment: Steele Creek Denver, CO 6.5% 2.1 85,208 62,707 $ 1,352 $ 456 $ 2,506 $ 777 Preferred equity investment: West Coast Development Joint Venture (c) Various 6.5% — 133,627 — $ (548 ) $ — $ (548 ) $ — Total investment in and advances to unconsolidated joint ventures, net $ 914,815 $ 718,226 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes. As of June 30, 2015 , no apartment homes had been completed in Other UDR/MetLife Development Joint Ventures. (b) 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 disposition 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. (c) In May 2015, the Company entered into a joint venture agreement with real estate private equity firm, The Wolff Company (“Wolff”), and agreed to pay $136.3 million for a 48 percent interest in a portfolio of five communities that are currently under construction (the "West Coast Development Joint Venture"). As of June 30, 2015, the Company had funded $129.6 million of its investment and had a remaining commitment of $6.7 million . The communities are located in three of the Company’s core, coastal markets: Metro Seattle, Los Angeles and Orange County, CA. UDR earns a 6.5 percent preferred return on its investment through each individual community’s date of stabilization, defined as when a community reaches 80 percent occupancy for ninety consecutive days, while Wolff is allocated all operating income and expense during the pre-stabilization period. Upon stabilization, income and expense will be shared based on each partner’s ownership percentage. The Company will serve as property manager and be paid a management fee during the lease-up phase and subsequent operation of each of the communities. Wolff is the general partner of the joint venture and the developer of the communities. The Company has a fixed price option to acquire Wolff’s remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total price will be $597.4 million . In the event the Company does not exercise its options to purchase at least two communities, Wolff will be entitled to earn a contingent disposition fee equal to 6.5 percent return on its implied equity in the communities not acquired. Wolff is providing certain guaranties and there will be construction loans on all five communities. Once completed, the five communities will contain 1,533 homes. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. The Company's recorded equity investment in the West Coast Development Joint Venture at June 30, 2015 of $133.6 million is inclusive of outside basis costs and our accrued but unpaid preferred return. During the three and six months ended June 30, 2015 , the Company earned a preferred return of $1.0 million , offset by its share of the West Coast Development Joint Venture transaction expenses of $1.5 million . As of June 30, 2015 and December 31, 2014 , the Company had deferred fees and deferred profit from the sale of properties to joint ventures or partnerships of $6.8 million and $28.5 million , respectively, which will be recognized through income over the weighted average life of the related properties, upon the disposition of the properties to a third party, or upon completion of certain development obligations. The Company recognized management fees for our management of the joint ventures and partnerships of $2.6 million and $2.3 million for the three months ended June 30, 2015 and 2014 , respectively, and $5.2 million and $5.6 million for the six months ended June 30, 2015 and 2014 , respectively. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not recognize any other-than-temporary decreases in the value of its investments in unconsolidated joint ventures or partnerships during the three and six months ended June 30, 2015 and 2014 . Combined summary balance sheets relating to all of the unconsolidated joint ventures and partnerships (not just our proportionate share) are presented below as of June 30, 2015 and December 31, 2014 ( dollars in thousands ): June 30, December 31, 2014 Total real estate, net $ 3,004,723 $ 2,941,803 Assets held for sale — 216,196 Cash and cash equivalents 36,820 32,544 Other assets 32,869 28,707 Total assets $ 3,074,412 $ 3,219,250 Amount due to UDR $ 6,434 $ 2,997 Third party debt 1,529,724 1,504,477 Liabilities held for sale — 229,706 Accounts payable and accrued liabilities 63,521 44,335 Total liabilities 1,599,679 1,781,515 Total equity 1,474,733 1,437,735 Total liabilities and equity $ 3,074,412 $ 3,219,250 UDR’s investment in unconsolidated joint ventures $ 914,815 $ 718,226 Combined summary financial information relating to all of the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the three and six months ended June 30, 2015 and 2014 ( dollars in thousands ) : Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Total revenues $ 55,450 $ 48,379 $ 109,996 $ 87,334 Property operating expenses (21,557 ) (18,001 ) (41,724 ) (32,360 ) Real estate depreciation and amortization (19,402 ) (16,808 ) (38,754 ) (31,496 ) Operating income/(loss) 14,491 13,570 29,518 23,478 Interest expense (16,169 ) (14,928 ) (32,230 ) (27,079 ) Other income/(expense) (7 ) — (7 ) — Income/(loss) from discontinued operations — (4,705 ) 182,488 (31,688 ) Net income/(loss) $ (1,685 ) $ (6,063 ) $ 179,769 $ (35,289 ) UDR income/(loss) from unconsolidated entities $ (573 ) $ (428 ) $ 58,586 $ (3,993 ) |
Secured and Unsecured Debt (Tab
Secured and Unsecured Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Secured debt instruments | The following is a summary of our secured and unsecured debt at June 30, 2015 and December 31, 2014 ( dollars in thousands ): Six Months Ended Principal Outstanding June 30, 2015 June 30, December 31, 2014 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 408,736 $ 401,210 5.50 % 1.1 7 Fannie Mae credit facilities (b) 566,288 568,086 5.12 % 3.5 21 Total fixed rate secured debt 975,024 969,296 5.28 % 2.5 28 Variable Rate Debt Mortgage notes payable 31,337 31,337 1.94 % 1.6 1 Tax-exempt secured notes payable (c) 94,700 94,700 0.84 % 7.7 2 Fannie Mae credit facilities (b) 249,378 266,196 1.63 % 4.8 7 Total variable rate secured debt 375,415 392,233 1.45 % 5.3 10 Total Secured Debt 1,350,439 1,361,529 4.22 % 3.3 38 Unsecured Debt: Commercial Banks Borrowings outstanding under an unsecured credit facility due December 2017 (d) (f) 457,000 152,500 1.12 % 2.4 Senior Unsecured Notes 5.25% Medium-Term Notes due January 2015 (net of discounts of $0 and $6, respectively) (e) — 325,169 — % — 5.25% Medium-Term Notes due January 2016 83,260 83,260 5.25 % 0.5 6.21% Term Notes due July 2016 12,609 — 6.21 % 1.0 4.25% Medium-Term Notes due June 2018 (net of discounts of $1,251 and $1,465, respectively) (f) 298,749 298,535 4.25 % 2.9 1.70% Term Notes due June 2018 (f) 215,000 215,000 1.70 % 2.9 1.53% Term Notes due June 2018 (f) 100,000 100,000 1.53 % 2.9 1.33% Term Notes due June 2018 (f) 35,000 35,000 1.33 % 2.9 3.70% Medium-Term Notes due October 2020 (net of discounts of $42 and $46, respectively) (f) 299,958 299,954 3.70 % 5.3 4.63% Medium-Term Notes due January 2022 (net of discounts of $2,344 and $2,523, respectively) (f) 397,656 397,477 4.63 % 6.5 3.75% Medium-Term Notes due July 2024 (net of discount of $938 and $990, respectively) (f) 299,062 299,010 3.75 % 9.0 8.50% Debentures due September 2024 15,644 15,644 8.50 % 9.2 Other 26 27 N/A N/A Total Unsecured Debt 2,213,964 2,221,576 3.20 % 4.6 Total Debt $ 3,564,403 $ 3,583,105 3.58 % 4.1 |
Secured credit facilities | Further information related to these credit facilities is as follows (dollars in thousands) : June 30, December 31, 2014 Borrowings outstanding $ 815,666 $ 834,282 Weighted average borrowings during the period ended 830,434 835,873 Maximum daily borrowings during the period ended 834,003 837,564 Weighted average interest rate during the period ended 4.0 % 4.1 % Weighted average interest rate at the end of the period 4.1 % 4.0 % |
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate maturities, including amortizing principal payments of unsecured and secured debt, of total debt for the next five calendar years subsequent to June 30, 2015 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt (a) Total Debt 2015 $ 191,363 $ — $ 191,363 $ 79 $ 191,442 2016 148,223 — 148,223 94,469 242,692 2017 177,882 96,337 274,219 457,000 731,219 2018 121,685 87,969 209,654 648,445 858,099 2019 245,871 67,700 313,571 — 313,571 Thereafter 90,000 123,409 213,409 1,013,971 1,227,380 Total $ 975,024 $ 375,415 $ 1,350,439 $ 2,213,964 $ 3,564,403 |
Debt (UNITED DOMINION REALTY,46
Debt (UNITED DOMINION REALTY, L.P.) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Entity Information [Line Items] | |
Secured debt instruments | The following is a summary of our secured and unsecured debt at June 30, 2015 and December 31, 2014 ( dollars in thousands ): Six Months Ended Principal Outstanding June 30, 2015 June 30, December 31, 2014 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 408,736 $ 401,210 5.50 % 1.1 7 Fannie Mae credit facilities (b) 566,288 568,086 5.12 % 3.5 21 Total fixed rate secured debt 975,024 969,296 5.28 % 2.5 28 Variable Rate Debt Mortgage notes payable 31,337 31,337 1.94 % 1.6 1 Tax-exempt secured notes payable (c) 94,700 94,700 0.84 % 7.7 2 Fannie Mae credit facilities (b) 249,378 266,196 1.63 % 4.8 7 Total variable rate secured debt 375,415 392,233 1.45 % 5.3 10 Total Secured Debt 1,350,439 1,361,529 4.22 % 3.3 38 Unsecured Debt: Commercial Banks Borrowings outstanding under an unsecured credit facility due December 2017 (d) (f) 457,000 152,500 1.12 % 2.4 Senior Unsecured Notes 5.25% Medium-Term Notes due January 2015 (net of discounts of $0 and $6, respectively) (e) — 325,169 — % — 5.25% Medium-Term Notes due January 2016 83,260 83,260 5.25 % 0.5 6.21% Term Notes due July 2016 12,609 — 6.21 % 1.0 4.25% Medium-Term Notes due June 2018 (net of discounts of $1,251 and $1,465, respectively) (f) 298,749 298,535 4.25 % 2.9 1.70% Term Notes due June 2018 (f) 215,000 215,000 1.70 % 2.9 1.53% Term Notes due June 2018 (f) 100,000 100,000 1.53 % 2.9 1.33% Term Notes due June 2018 (f) 35,000 35,000 1.33 % 2.9 3.70% Medium-Term Notes due October 2020 (net of discounts of $42 and $46, respectively) (f) 299,958 299,954 3.70 % 5.3 4.63% Medium-Term Notes due January 2022 (net of discounts of $2,344 and $2,523, respectively) (f) 397,656 397,477 4.63 % 6.5 3.75% Medium-Term Notes due July 2024 (net of discount of $938 and $990, respectively) (f) 299,062 299,010 3.75 % 9.0 8.50% Debentures due September 2024 15,644 15,644 8.50 % 9.2 Other 26 27 N/A N/A Total Unsecured Debt 2,213,964 2,221,576 3.20 % 4.6 Total Debt $ 3,564,403 $ 3,583,105 3.58 % 4.1 |
Secured credit facilities | Further information related to these credit facilities is as follows (dollars in thousands) : June 30, December 31, 2014 Borrowings outstanding $ 815,666 $ 834,282 Weighted average borrowings during the period ended 830,434 835,873 Maximum daily borrowings during the period ended 834,003 837,564 Weighted average interest rate during the period ended 4.0 % 4.1 % Weighted average interest rate at the end of the period 4.1 % 4.0 % |
Aggregate maturities of secured debt | The aggregate maturities, including amortizing principal payments of unsecured and secured debt, of total debt for the next five calendar years subsequent to June 30, 2015 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt (a) Total Debt 2015 $ 191,363 $ — $ 191,363 $ 79 $ 191,442 2016 148,223 — 148,223 94,469 242,692 2017 177,882 96,337 274,219 457,000 731,219 2018 121,685 87,969 209,654 648,445 858,099 2019 245,871 67,700 313,571 — 313,571 Thereafter 90,000 123,409 213,409 1,013,971 1,227,380 Total $ 975,024 $ 375,415 $ 1,350,439 $ 2,213,964 $ 3,564,403 |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
Secured debt instruments | Secured debt consists of the following as of June 30, 2015 and December 31, 2014 ( dollars in thousands ): Six Months Ended Principal Outstanding June 30, 2015 June 30, December 31, 2014 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered Fixed Rate Debt Mortgage notes payable $ 374,056 $ 378,371 5.49 % 1.1 5 Fannie Mae credit facilities 334,002 333,828 4.90 % 4.1 9 Total fixed rate secured debt 708,058 712,199 5.21 % 2.5 14 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 0.85 % 16.7 1 Fannie Mae credit facilities 177,509 192,760 1.88 % 5.7 5 Total variable rate secured debt 204,509 219,760 1.74 % 7.1 6 Total Secured Debt $ 912,567 $ 931,959 4.43 % 3.5 20 |
Secured credit facilities | The following information relates to the credit facilities allocated to the Operating Partnership (dollars in thousands) : June 30, December 31, 2014 Borrowings outstanding $ 511,511 $ 526,588 Weighted average borrowings during the period ended 520,773 527,592 Maximum daily borrowings during the period 523,011 528,659 Weighted average interest rate during the period ended 3.8 % 4.1 % Interest rate at the end of the period 3.9 % 4.0 % |
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 June 30, 2015 are as follows (dollars in thousands): Fixed Variable Year Mortgage Notes Payable Secured Credit Facilities Tax-Exempt Secured Notes Payable Secured Credit Facilities Total 2015 $ 188,759 $ 184 $ — $ — $ 188,943 2016 131,946 385 — — 132,331 2017 1,630 15,640 — 6,566 23,836 2018 1,685 111,256 — 81,559 194,500 2019 50,036 123,095 — — 173,131 Thereafter — 83,442 27,000 89,384 199,826 Total $ 374,056 $ 334,002 $ 27,000 $ 177,509 $ 912,567 |
Income_(Loss) Per Share (Tables
Income/(Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the three and six months ended June 30, 2015 and 2014 (shares in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 OP Units 9,125 9,316 9,145 9,317 Preferred stock 3,036 3,036 3,036 3,036 Stock options and unvested restricted stock 1,921 1,936 1,923 1,875 |
(Loss)/earnings per share | The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 10,842 $ 4,359 $ 87,259 $ (836 ) Gain/(loss) on sale of real estate owned, net of tax 79,042 26,709 79,042 51,003 (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership (3,029 ) (1,076 ) (5,617 ) (1,726 ) (Income)/loss from continuing operations attributable to noncontrolling interests — (2 ) (7 ) (6 ) Income/(loss) from continuing operations attributable to UDR, Inc. 86,855 29,990 160,677 48,435 Distributions to preferred stockholders - Series E (Convertible) (931 ) (931 ) (1,862 ) (1,862 ) Income/(loss) from continuing operations attributable to common stockholders - basic $ 85,924 $ 29,059 $ 158,815 $ 46,573 Dilutive distributions to preferred stockholders - Series E (Convertible) 931 — — — Income/(loss) from continuing operations attributable to common stockholders - diluted $ 86,855 $ 29,059 $ 158,815 $ 46,573 Income/(loss) from discontinued operations, net of tax $ — $ 18 $ — $ (69 ) (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership — (1 ) — 2 Income/(loss) from discontinued operations attributable to common stockholders $ — $ 17 $ — $ (67 ) Net income/(loss) attributable to common stockholders 85,924 29,076 $ 158,815 $ 46,506 Denominator for income/(loss) per share: Weighted average common shares outstanding 259,028 251,458 258,567 251,336 Non-vested restricted stock awards (1,179 ) (1,203 ) (1,223 ) (1,120 ) Denominator for basic income/(loss) per share 257,849 250,255 257,344 250,216 Incremental shares issuable from assumed conversion of preferred stock, stock options, and unvested restricted stock 4,957 1,936 1,923 1,875 Denominator for diluted income/(loss) per share 262,806 252,191 259,267 252,091 Income/(loss) per weighted average common share-basic: Income/(loss) from continuing operations attributable to common stockholders $ 0.33 $ 0.12 $ 0.62 $ 0.19 Income/(loss) from discontinued operations attributable to common stockholders — — — — Net income/(loss) attributable to common stockholders $ 0.33 $ 0.12 $ 0.62 $ 0.19 Income/(loss) per weighted average common share-diluted: Income/(loss) from continuing operations attributable to common stockholders $ 0.33 $ 0.12 $ 0.61 $ 0.18 Income/(loss) from discontinued operations attributable to common stockholders — — — — Net income/(loss) attributable to common stockholders $ 0.33 $ 0.12 $ 0.61 $ 0.18 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Redeemable noncontrolling interests in the Operating Partnership | The following table sets forth redeemable noncontrolling interests in the Operating Partnership for the following period ( dollars in thousands ): Redeemable noncontrolling interests in the Operating Partnership, December 31, 2014 $ 282,480 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership 10,930 Conversion of OP Units to Common Stock (3,498 ) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership 5,617 Distributions to redeemable noncontrolling interests in the Operating Partnership (5,250 ) Allocation of other comprehensive income/(loss) (1 ) Redeemable noncontrolling interests in the Operating Partnership, June 30, 2015 $ 290,278 The following sets forth net income/(loss) attributable to common stockholders and transfers from redeemable noncontrolling interests in the Operating Partnership for the following periods (dollars in thousands) : Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Net income/(loss) attributable to common stockholders $ 85,924 $ 29,076 $ 158,815 $ 46,506 Conversion of OP Units to UDR Common stock 3,479 191 3,498 191 Change in equity from net income/(loss) attributable to common stockholders and conversion of OP Units to UDR Common Stock $ 89,403 $ 29,267 $ 162,313 $ 46,697 |
Fair Value of Derivatives and49
Fair Value of Derivatives and Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 are summarized as follows (dollars in thousands) : Fair Value at June 30, 2015, Using Total Carrying Amount in Statement of Financial Position at June 30, 2015 Fair Value Estimate at June 30, 2015 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description: Notes receivable (a) $ 15,494 $ 15,863 $ — $ — $ 15,863 Derivatives - Interest rate contracts (b) 12 12 — 12 — Total assets $ 15,506 $ 15,875 $ — $ 12 $ 15,863 Derivatives - Interest rate contracts (b) $ 9,109 $ 9,109 $ — $ 9,109 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 408,736 420,571 — — 420,571 Fannie Mae credit facilities 566,288 592,916 — — 592,916 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 249,378 249,378 — — 249,378 Unsecured debt instruments: (c) Commercial bank 457,000 457,000 — — 457,000 Senior unsecured notes 1,756,964 1,816,636 — — 1,816,636 Total liabilities $ 3,573,512 $ 3,671,647 $ — $ 9,109 $ 3,662,538 Redeemable noncontrolling interests in the Operating Partnership (d) $ 290,278 $ 290,278 $ — $ 290,278 $ — 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 Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 bank 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 $ — (a) See Note 2, Significant Accounting Policies. (b) See Note 10, Derivatives and Hedging Activity. (c) See Note 6, Secured and Unsecured Debt. (d) See Note 8, Noncontrolling Interests. |
Fair Value of Derivatives and50
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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 June 30, 2015 and December 31, 2014 are summarized as follows (dollars in thousands) : Fair Value at June 30, 2015, Using Total Carrying Amount in Statement of Financial Position at June 30, 2015 Fair Value Estimate at June 30, 2015 Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Description: Notes receivable (a) $ 15,494 $ 15,863 $ — $ — $ 15,863 Derivatives - Interest rate contracts (b) 12 12 — 12 — Total assets $ 15,506 $ 15,875 $ — $ 12 $ 15,863 Derivatives - Interest rate contracts (b) $ 9,109 $ 9,109 $ — $ 9,109 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 408,736 420,571 — — 420,571 Fannie Mae credit facilities 566,288 592,916 — — 592,916 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 249,378 249,378 — — 249,378 Unsecured debt instruments: (c) Commercial bank 457,000 457,000 — — 457,000 Senior unsecured notes 1,756,964 1,816,636 — — 1,816,636 Total liabilities $ 3,573,512 $ 3,671,647 $ — $ 9,109 $ 3,662,538 Redeemable noncontrolling interests in the Operating Partnership (d) $ 290,278 $ 290,278 $ — $ 290,278 $ — 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 Active Markets for Identical Assets or Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 bank 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 $ — (a) See Note 2, Significant Accounting Policies. (b) See Note 10, Derivatives and Hedging Activity. (c) See Note 6, Secured and Unsecured Debt. (d) See Note 8, Noncontrolling Interests. |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
Estimated fair values | The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of June 30, 2015 and December 31, 2014 are summarized as follows (dollars in thousands) : Fair Value at June 30, 2015, Using Total Carrying Amount in Statement of Financial Position at June 30, 2015 Fair Value Estimate at June 30, 2015 Quoted Prices in Significant Significant Description: Derivatives - Interest rate contracts (a) $ 7 $ 7 $ — $ 7 $ — Total assets $ 7 $ 7 $ — $ 7 $ — Derivatives - Interest rate contracts (a) $ 436 $ 436 $ — $ 436 $ — Secured debt instruments - fixed rate: (b) Mortgage notes payable 374,056 384,909 — — 384,909 Fannie Mae credit facilities 334,002 349,634 — — 349,634 Secured debt instruments - variable rate: (b) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Fannie Mae credit facilities 177,509 177,509 — — 177,509 Total liabilities $ 913,003 $ 939,488 $ — $ 436 $ 939,052 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 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 (a) See Note 7, Derivatives and Hedging Activity. (b) See Note 4, Debt. |
Derivatives and Hedging Activ51
Derivatives and Hedging Activity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Outstanding interest rate derivatives | As of June 30, 2015 , 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 9 $ 565,000 Interest rate caps 2 $ 219,984 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 no adjustment to earnings for the three and six months ended June 30, 2015 and 2014 . As of June 30, 2015 , the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Product Number of Instruments Notional Interest rate caps 2 $ 116,289 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (included in Other liabilities ) Fair Value at: Fair Value at: June 30, December 31, June 30, December 31, Derivatives designated as hedging instruments: Interest rate products $ 9 86 $ 9,109 $ 10,368 Derivatives not designated as hedging instruments: Interest rate products $ 3 $ 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 three and six months ended June 30, 2015 and 2014 ( dollars in thousands ): Derivatives in Cash Flow Hedging Relationships Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Gain/(Loss) Recognized in Interest expense (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2015 2014 2015 2014 2015 2014 Three Months Ended June 30, Interest rate products $ 6,186 $ 304 $ (292 ) $ (1,145 ) $ — $ 3 Six Months Ended June 30, Interest rate products $ (1,366 ) $ 249 $ (1,029 ) $ (2,677 ) $ — $ 3 |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2015 2014 Three Months Ended June 30, Interest rate products $ (22 ) $ — Six Months Ended June 30, Interest rate products $ (24 ) $ — |
Offsetting Assets [Table Text Block] | 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 Financial Instruments Cash Collateral Received Net Amount June 30, 2015 $ 12 $ — $ 12 $ — $ — $ 12 December 31, 2014 $ 88 $ — $ 88 $ (27 ) $ — $ 61 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
Offsetting Liabilities [Table Text Block] | Offsetting of Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) Gross Amounts Not Offset in the Consolidated Balance Sheets Financial Instruments Cash Collateral Posted Net Amount June 30, 2015 $ 9,109 $ — $ 9,109 $ — $ — $ 9,109 December 31, 2014 $ 10,368 $ — $ 10,368 $ (27 ) $ — $ 10,341 (b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
Derivatives and Hedging Activ52
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Entity Information [Line Items] | |
Outstanding interest rate derivatives | As of June 30, 2015 , 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 9 $ 565,000 Interest rate caps 2 $ 219,984 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 no adjustment to earnings for the three and six months ended June 30, 2015 and 2014 . As of June 30, 2015 , the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Product Number of Instruments Notional Interest rate caps 2 $ 116,289 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2015 and December 31, 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (included in Other liabilities ) Fair Value at: Fair Value at: June 30, December 31, June 30, December 31, Derivatives designated as hedging instruments: Interest rate products $ 9 86 $ 9,109 $ 10,368 Derivatives not designated as hedging instruments: Interest rate products $ 3 $ 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 three and six months ended June 30, 2015 and 2014 ( dollars in thousands ): Derivatives in Cash Flow Hedging Relationships Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Gain/(Loss) Recognized in Interest expense (Ineffective Portion and Amount Excluded from Effectiveness Testing) 2015 2014 2015 2014 2015 2014 Three Months Ended June 30, Interest rate products $ 6,186 $ 304 $ (292 ) $ (1,145 ) $ — $ 3 Six Months Ended June 30, Interest rate products $ (1,366 ) $ 249 $ (1,029 ) $ (2,677 ) $ — $ 3 |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2015 2014 Three Months Ended June 30, Interest rate products $ (22 ) $ — Six Months Ended June 30, Interest rate products $ (24 ) $ — |
Offsetting Assets [Table Text Block] | 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 Financial Instruments Cash Collateral Received Net Amount June 30, 2015 $ 12 $ — $ 12 $ — $ — $ 12 December 31, 2014 $ 88 $ — $ 88 $ (27 ) $ — $ 61 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
Offsetting Liabilities [Table Text Block] | Offsetting of Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) Gross Amounts Not Offset in the Consolidated Balance Sheets Financial Instruments Cash Collateral Posted Net Amount June 30, 2015 $ 9,109 $ — $ 9,109 $ — $ — $ 9,109 December 31, 2014 $ 10,368 $ — $ 10,368 $ (27 ) $ — $ 10,341 (b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
Outstanding interest rate derivatives | As of June 30, 2015 , 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 $ 46,357 Interest rate caps 1 $ 143,508 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 no adjustment to earnings for the three and six months ended June 30, 2015 and 2014 . As of June 30, 2015 , we had the following outstanding derivatives that were not designated as a hedges in a qualifying hedging relationships ( dollars in thousands ): Product Number of Instruments Notional Interest rate caps 2 $ 109,264 As of June 30, 2015 , 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 $ 46,357 Interest rate caps 1 $ 143,508 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 no adjustment to earnings for the three and six months ended June 30, 2015 and 2014 . As of June 30, 2015 , we had the following outstanding derivatives that were not designated as a hedges in a qualifying hedging relationships ( dollars in thousands ): Product Number of Instruments Notional Interest rate caps 2 $ 109,264 |
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 June 30, 2015 and December 31, 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (included in Other liabilities ) Fair Value at: Fair Value at: June 30, December 31, June 30, December 31, Derivatives designated as hedging instruments: Interest rate products $ 4 $ 37 $ 436 $ 918 Derivatives not designated as hedging instruments: Interest rate products $ 3 $ 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 three and six months ended June 30, 2015 and 2014 ( dollars in thousands ): Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Derivatives in Cash Flow Hedging Relationships 2015 2014 2015 2014 Three Months Ended June 30, Interest rate products $ (26 ) $ (140 ) $ (267 ) $ (573 ) Six Months Ended June 30, Interest rate products $ (77 ) $ (191 ) $ (553 ) $ (1,196 ) |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2015 2014 Three Months Ended June 30, Interest rate products $ (22 ) $ — Six Months Ended June 30, Interest rate products $ (23 ) $ — |
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 June 30, 2015 and December 31, 2014 : 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 Financial Instruments Cash Collateral Received Net Amount June 30, 2015 $ 7 $ — $ 7 $ — $ — $ 7 December 31, 2014 $ 39 $ — $ 39 $ — $ — $ 39 (a) Amounts reconcile to the aggregate fair value of derivative assets in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
Offsetting Liabilities [Table Text Block] | Offsetting of Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) Gross Amounts Not Offset in the Consolidated Balance Sheets Financial Instruments Cash Collateral Posted Net Amount June 30, 2015 $ 436 $ — $ 436 $ — $ — $ 436 December 31, 2014 $ 918 $ — $ 918 $ — $ — $ 918 (b) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet” located in this footnote. |
Commitments and Contingencies53
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Real estate commitments | The following summarizes the Company’s real estate commitments at June 30, 2015 ( dollars in thousands ): Number of Properties Costs Incurred as of June 30, 2015 (a) Expected Costs to Complete Average Ownership Stake Wholly-owned — under development 1 $ 92,645 (b) $ 249,355 100 % Wholly-owned — redevelopment 1 4,854 (b) 10,146 100 % Joint ventures: Unconsolidated joint ventures 4 335,539 163,791 (c) Various Participating loan investments 1 85,208 (d) 6,801 (e) 0 % Preferred equity investments 5 129,592 (f) 6,735 (g) 48 % $ 647,838 $ 436,828 (a) Represents 100% of project costs incurred as of June 30, 2015 . (b) Costs incurred to date include $114,000 and $1.3 million of accrued fixed assets for development and redevelopment, respectively. (c) Represents UDR’s proportionate share of expected remaining costs to complete. (d) Represents the participating loan balance funded as of June 30, 2015 . (e) Represents UDR’s remaining participating loan commitment for Steele Creek. (f) Represents UDR's share of capital contributed to the West Coast Development Joint Venture as of June 30, 2015 . (g) Represents UDR's remaining funding commitment on Katella Grand II. |
Reportable Segment (Tables)
Reportable Segment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the three and six months ended June 30, 2015 and 2014 , and reconciles NOI to Net Income/(Loss) Attributable to UDR, Inc . in the Consolidated Statements of Operations (dollars in thousands) : Three Months Ended Six Months Ended June 30, (a) June 30, (b) 2015 2014 2015 2014 Reportable apartment home segment rental income Same-Store Communities West Region $ 68,646 $ 64,004 $ 135,595 $ 126,405 Mid-Atlantic Region 43,536 42,644 86,331 84,694 Southeast Region 26,540 25,063 52,505 49,774 Northeast Region 21,436 20,294 42,328 40,096 Southwest Region 14,363 13,623 28,470 27,090 Non-Mature Communities/Other 38,243 35,409 74,582 67,378 Total consolidated rental income $ 212,764 $ 201,037 $ 419,811 $ 395,437 Reportable apartment home segment NOI Same-Store Communities West Region $ 51,400 $ 46,496 $ 100,999 $ 91,287 Mid-Atlantic Region 30,302 29,863 59,590 58,699 Southeast Region 17,876 16,769 35,207 33,465 Northeast Region 16,269 15,459 31,835 30,004 Southwest Region 8,998 8,263 17,534 16,621 Non-Mature Communities/Other 25,587 23,542 48,842 42,440 Total consolidated NOI 150,432 140,392 294,007 272,516 Reconciling items: Joint venture management and other fees 3,098 2,747 15,804 6,434 Property management (5,851 ) (5,529 ) (11,545 ) (10,875 ) Other operating expenses (1,769 ) (2,171 ) (3,535 ) (4,106 ) Real estate depreciation and amortization (90,344 ) (88,876 ) (179,121 ) (177,409 ) General and administrative (13,721 ) (12,530 ) (25,873 ) (24,524 ) Casualty-related recoveries/(charges), net (843 ) — (1,839 ) (500 ) Other depreciation and amortization (1,700 ) (1,193 ) (3,323 ) (2,273 ) Income/(loss) from unconsolidated entities (573 ) (428 ) 58,586 (3,993 ) Interest expense (29,673 ) (31,691 ) (58,473 ) (64,575 ) Interest income and other income/(expense), net 382 1,426 742 2,841 Tax benefit/(expense), net 1,404 2,230 1,829 5,559 Gain/(loss) on sale of real estate owned, net of tax 79,042 26,709 79,042 51,003 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership (3,029 ) (1,077 ) (5,617 ) (1,724 ) Net (income)/loss attributable to noncontrolling interests — (2 ) (7 ) (6 ) Net income/(loss) attributable to UDR, Inc. $ 86,855 $ 30,007 $ 160,677 $ 48,368 (a) Same-Store Community population consisted of 35,250 apartment homes. (b) Same-Store Community population consisted of 35,250 apartment homes. |
Details of assets of UDR's reportable segments | The following table details the assets of UDR’s reportable segments as of June 30, 2015 and December 31, 2014 (dollars in thousands) : June 30, December 31, Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,608,586 $ 2,592,156 Mid-Atlantic Region 1,541,420 1,533,993 Southeast Region 738,595 733,068 Northeast Region 1,081,035 1,076,656 Southwest Region 443,526 440,721 Non-Mature Communities/Other 2,012,117 2,006,665 Total assets 8,425,279 8,383,259 Accumulated depreciation (2,557,949 ) (2,434,772 ) Total assets — net book value 5,867,330 5,948,487 Reconciling items: Cash and cash equivalents 2,990 15,224 Restricted cash 22,912 22,340 Deferred financing costs, net 19,930 22,686 Notes receivable, net 15,494 14,369 Investment in and advances to unconsolidated joint ventures, net 914,815 718,226 Other assets 96,259 105,202 Total consolidated assets $ 6,939,730 $ 6,846,534 |
Reportable Segments (UNITED D55
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
United Dominion Reality L.P. [Member] | |
Entity Information [Line Items] | |
Reportable segments information | The following table details rental income and NOI from continuing and discontinued operations for the Operating Partnership’s reportable segments for the three and six months ended June 30, 2015 and 2014 , and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands) : Three Months Ended Six Months Ended June 30, (a) June 30, (b) 2015 2014 2015 2014 Reportable apartment home segment rental income Same-Store Communities West Region $ 48,175 $ 44,544 $ 95,082 $ 87,916 Mid-Atlantic Region 17,613 17,364 34,862 34,610 Southeast Region 11,870 11,254 23,549 22,385 Northeast Region 15,497 14,658 30,570 28,925 Southwest Region 6,868 6,653 13,605 13,206 Non-Mature Communities/Other 13,135 10,369 25,585 20,170 Total consolidated rental income $ 113,158 $ 104,842 $ 223,253 $ 207,212 Reportable apartment home segment NOI Same-Store Communities West Region $ 36,447 $ 32,487 $ 71,094 $ 63,958 Mid-Atlantic Region 11,894 11,900 23,360 23,466 Southeast Region 7,938 7,503 15,648 14,959 Northeast Region 12,074 11,415 23,647 22,053 Southwest Region 4,361 4,168 8,574 8,386 Non-Mature Communities/Other 9,569 7,495 18,075 14,563 Total consolidated NOI 82,283 74,968 160,398 147,385 Reconciling items: Property management (3,112 ) (2,883 ) (6,139 ) (5,698 ) Other operating expenses (1,496 ) (1,451 ) (2,986 ) (2,887 ) Real estate depreciation and amortization (44,100 ) (44,697 ) (88,578 ) (88,968 ) General and administrative (7,032 ) (7,459 ) (12,671 ) (14,429 ) Casualty-related recoveries/(charges), net (280 ) — (873 ) (500 ) Interest expense (10,908 ) (10,159 ) (21,679 ) (20,173 ) Gain/(loss) on sale of real estate owned 32,375 16,285 56,998 40,687 Net (income)/loss attributable to noncontrolling interests (347 ) (178 ) (741 ) (458 ) Net income/(loss) attributable to OP unitholders $ 47,383 $ 24,426 $ 83,729 $ 54,959 (a) Same-Store Community population consisted of 18,969 apartment homes. (b) Same-Store Community population consisted of 18,969 apartment homes The following table details the assets of the Operating Partnership’s reportable segments as of June 30, 2015 and December 31, 2014 (dollars in thousands) : June 30, December 31, 2014 Reportable apartment home segment assets Same-Store Communities West Region $ 1,670,364 $ 1,658,042 Mid-Atlantic Region 716,152 713,093 Southeast Region 335,662 333,428 Northeast Region 780,235 777,376 Southwest Region 230,330 228,996 Non-Mature Communities/Other 506,252 527,835 Total assets 4,238,995 4,238,770 Accumulated depreciation (1,474,834 ) (1,403,303 ) Total assets - net book value 2,764,161 2,835,467 Reconciling items: Cash and cash equivalents 164 502 Restricted cash 14,456 13,811 Deferred financing costs, net 3,707 4,475 Other assets 23,090 24,029 Total consolidated assets $ 2,805,578 $ 2,878,284 |
Consolidation and Basis of Pr56
Consolidation and Basis of Presentation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Other Interest and Dividend Income | $ 0.3 | $ 1.3 | $ 0.7 | $ 2.5 | |
Deferred Tax Assets, Net | $ 9.1 | $ 9.1 | |||
Operating Partnership outstanding units | 183,278,698 | 183,278,698 | |||
General Partners Capital Account Units Owned Percentage | 95.10% | 95.10% | |||
Percentage of units outstanding in Heritage OP | 4.90% | 4.90% | |||
Limited Partners [Member] | |||||
Operating Partnership outstanding units | 9,062,689 | 9,062,689 | |||
General Partner [Member] | |||||
Operating Partnership outstanding units | 174,216,009 | 174,216,009 | |||
Non-affiliated Partners [Member] | |||||
Percentage of units outstanding in Heritage OP | 4.90% | 4.90% | 5.00% |
Consolidation and Basis of Pr57
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015CommunitiesApartment_HomesMarketsshares | Jun. 30, 2014 | Jun. 30, 2015CommunitiesApartment_HomesMarketsshares | Jun. 30, 2014 | Dec. 31, 2014shares | |
Entity Information [Line Items] | |||||
Number of Real Estate Properties | Communities | 136 | 136 | |||
Number of apartments owned (in apartments homes) | Apartment_Homes | 39,404 | 39,404 | |||
Operating Partnership outstanding units | 183,278,698 | 183,278,698 | |||
Percentage of units outstanding in Heritage OP | 4.90% | 4.90% | |||
Limited Partners [Member] | |||||
Entity Information [Line Items] | |||||
Operating Partnership outstanding units | 9,062,689 | 9,062,689 | |||
United Dominion Reality L.P. [Member] | |||||
Entity Information [Line Items] | |||||
Rental revenues percent of General Partner's consolidated rental revenues | 53.00% | 52.00% | 53.00% | 52.40% | |
Number of Real Estate Properties | Communities | 67 | 67 | |||
Number of markets operating within (in markets) | Markets | 17 | 17 | |||
Number of apartments owned (in apartments homes) | Apartment_Homes | 20,569 | 20,569 | |||
OP units outstanding related to general partner | 110,883 | 110,883 | 110,883 | ||
OP units outstanding related to limited partner | 183,167,815 | 183,167,815 | 183,167,815 | ||
General Partner [Member] | |||||
Entity Information [Line Items] | |||||
Operating Partnership outstanding units | 174,216,009 | 174,216,009 | |||
Non-affiliated Partners [Member] | |||||
Entity Information [Line Items] | |||||
OP units outstanding related to limited partner | 9,062,689 | 9,062,689 | 9,165,473 | ||
Percentage of units outstanding in Heritage OP | 4.90% | 4.90% | 5.00% |
Significant Accounting Polici58
Significant Accounting Policies (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | |||||
Current Income Tax Expense (Benefit) | $ 0 | ||||
Deferred Tax Assets, Net | $ 9,100,000 | 9,100,000 | |||
Significant Accounting Policies (Textual) [Abstract] | |||||
Notes receivable | 15,494,000 | 15,494,000 | $ 14,369,000 | ||
Note maturity public capital threshold | 5,000,000 | ||||
Note receivable interest income | 300,000 | $ 1,300,000 | 700,000 | $ 2,500,000 | |
Net of a valuation allowance | 100,000 | 100,000 | |||
Tax benefit/(expense), net | (1,404,000) | (2,190,000) | $ (1,829,000) | (5,519,000) | |
Recognition and evaluation of tax position, whether a tax position is more likely | not (greater than 50 percent probability) | ||||
Unrecognized tax benefit, accrued interest or penalties due to examination | $ 0 | $ 0 | |||
Proceeds from Sale and Collection of Notes Receivable | (1,125,000) | 38,800,000 | |||
Interest Income, Related Party | 0 | 0 | |||
Note due February 2017 [Member] | |||||
Accounting Policies [Line Items] | |||||
Increase (Decrease) in Notes Receivables | $ 1,100,000 | ||||
Note Receivable Interest Rate | 10.00% | 10.00% | |||
Significant Accounting Policies (Textual) [Abstract] | |||||
Notes receivable | 11,869,000 | ||||
Note maturity public capital threshold | $ 5,000,000 | ||||
Aggregate Commitment on Note Receivable | $ 12,994,000 | $ 12,994,000 | |||
Other [Member] | |||||
Accounting Policies [Line Items] | |||||
Note Receivable Interest Rate | 8.00% | 8.00% | |||
Significant Accounting Policies (Textual) [Abstract] | |||||
Notes receivable | $ 2,500,000 | $ 2,500,000 | $ 2,500,000 | ||
Aggregate Commitment on Note Receivable | 2,500,000 | 2,500,000 | |||
RedeemableNoncontrollingInterest [Member] | |||||
Accounting Policies [Line Items] | |||||
Comprehensive (loss)/income attributable to non-controlling interests | $ 224,000 | $ 50,000 | $ (1,000) | $ 106,000 |
Real Estate Owned (Details)
Real Estate Owned (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Summary of carrying amounts for real estate owned (at cost) | ||
Land | $ 1,919,597 | $ 1,980,221 |
Depreciable property - held and used: | ||
Building, Improvements, and Furniture, Fixtures and Equipment | 6,413,037 | 6,225,406 |
Under development: | ||
Real estate under development (net of accumulated depreciation of $0) | 92,645 | 177,632 |
Real estate owned | 8,425,279 | 8,383,259 |
Real Estates Owned Accumulated Depreciation | 2,557,949 | 2,434,772 |
Real Estate Investments, Net | 5,867,330 | 5,948,487 |
Land [Member] | ||
Under development: | ||
Real estate under development (net of accumulated depreciation of $0) | 78,085 | 24,584 |
Construction in progress [Member] | ||
Under development: | ||
Real estate under development (net of accumulated depreciation of $0) | $ 14,560 | $ 153,048 |
Real Estate Owned (Details Text
Real Estate Owned (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)ft²CommunitiesApartment_HomesStates$ / shares | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)ft²CommunitiesApartment_HomesStates$ / shares | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | |
Real Estate Properties [Line Items] | |||||
Communities Held For Sale | 1 | 1 | |||
Real Estate Owned (Textual) [Abstract] | |||||
Number of states in which there are owned and consolidated communities | 10 | 10 | |||
Number of apartment homes owned and consolidated by the Company | Apartment_Homes | 39,404 | 39,404 | |||
Number of Real Estate Properties | Communities | 136 | 136 | |||
Development costs excluding direct costs and capitlized interest | $ 1,600 | $ 2,100 | $ 3,800 | $ 5,500 | |
Interest capitalized during period | 3,800 | 4,900 | 8,600 | 10,200 | |
Other Cost and Expense, Operating | 1,769 | 2,162 | 3,535 | 4,088 | |
Proceeds from Sale of Property, Plant, and Equipment | 109,900 | ||||
Payments for (Proceeds from) Investments | 90,543 | 47,922 | |||
Gains/(loss) on sales of real estate, net of tax | 79,042 | 26,709 | 79,042 | 51,003 | |
Acquisition of real estate | 24,067 | 0 | |||
Casualty-related (recoveries)/charges, net | (843) | 0 | (1,839) | (500) | |
Casualty (Recoveries)/Charges | $ (843) | 0 | $ (1,839) | (500) | |
Communities Sold | Communities | 3 | ||||
Apartment Homes Sold | Apartment_Homes | 812 | ||||
Home Acquisition [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Number of Properties Purchased | 6 | ||||
Fair Value of Assets Acquired | $ 908,000 | ||||
Business Acquisition, Share Price | $ / shares | $ 35 | $ 35 | |||
Acquisition of real estate | $ 90,000 | ||||
Cash Acquired from Acquisition | $ 65,000 | ||||
Unconsolidated Joint Venture Four Texas [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 43,500 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 59,100 | ||||
1745 Shea [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Square Footage | ft² | 120,000 | 120,000 | |||
UDR, Inc. [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Square Footage | ft² | 44,000 | 44,000 | |||
United Dominion Reality L.P. [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Number of states in which there are owned and consolidated communities | States | 9 | 9 | |||
Number of apartment homes owned and consolidated by the Company | Apartment_Homes | 20,569 | 20,569 | |||
Number of Real Estate Properties | Communities | 67 | 67 | |||
Development costs excluding direct costs and capitlized interest | $ 195 | 542 | $ 328 | 1,300 | |
Interest capitalized during period | 0 | 1,000 | 100 | 2,000 | |
Other Cost and Expense, Operating | 1,496 | 1,451 | 2,986 | 2,887 | |
Proceeds from Sale of Property, Plant, and Equipment | 45,300 | ||||
Payments for (Proceeds from) Investments | 27,700 | ||||
Gains/(loss) on sales of real estate, net of tax | 32,375 | 16,285 | 56,998 | 40,687 | |
Casualty-related (recoveries)/charges, net | 280 | 0 | 873 | $ 500 | |
Casualty (Recoveries)/Charges | $ (280) | 0 | $ (873) | (500) | |
Communities Sold | Communities | 1 | ||||
Apartment Homes Sold | Apartment_Homes | 240 | ||||
Operating Community [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 26,700 | 49,900 | |||
Operating Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Number of Real Estate Properties | 3 | 3 | |||
Operating Community [Member] | Unconsolidated Joint Venture Four Texas [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Number of Real Estate Properties | Communities | 8 | 8 | |||
Development Community [Member] | Unconsolidated Joint Venture Four Texas [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Number of Real Estate Properties | 0 | 0 | |||
Land [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,100 | ||||
Office Building [Member] | 1745 Shea [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Property, Plant and Equipment, Additions | $ 24,000 | ||||
UDR DownREIT Unit [Member] | Home Acquisition [Member] | |||||
Real Estate Owned (Textual) [Abstract] | |||||
Stock Issued During Period, Value, Acquisitions | $ 753,000 |
Real Estate Owned (UNITED DOM61
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Summary of carrying amounts for real estate owned (at cost) | ||
Land | $ 1,919,597 | $ 1,980,221 |
Under development: | ||
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 92,645 | 177,632 |
Real estate owned | 8,425,279 | 8,383,259 |
Less: accumulated depreciation | (2,557,949) | (2,434,772) |
Real estate owned, net | 5,867,330 | 5,948,487 |
Land [Member] | ||
Under development: | ||
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 78,085 | 24,584 |
Construction in progress [Member] | ||
Under development: | ||
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 14,560 | 153,048 |
United Dominion Reality L.P. [Member] | ||
Summary of carrying amounts for real estate owned (at cost) | ||
Land | 1,006,651 | 1,008,014 |
Depreciable property - held and used: | ||
Building, improvements, and furniture, fixture and equipment | 3,232,344 | 3,230,756 |
Under development: | ||
Real estate owned | 4,238,995 | 4,238,770 |
Less: accumulated depreciation | (1,474,834) | (1,403,303) |
Real estate owned, net | $ 2,764,161 | $ 2,835,467 |
Real Estate Owned (UNITED DOM62
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($)CommunitiesApartment_HomesStates$ / shares | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)CommunitiesApartment_HomesStates$ / shares | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Dec. 31, 2014USD ($) | |
Real Estate Owned (Textual) [Abstract] | ||||||
Number of communities owned (in communities) | Communities | 136 | 136 | ||||
Number of states operating within (in states) | 10 | 10 | ||||
Number of apartments owned (in apartments homes) | Apartment_Homes | 39,404 | 39,404 | ||||
Number of communities acquired apartment homes are within | Communities | 0 | |||||
Development costs excluding direct costs and capitlized interest | $ 1,600 | $ 2,100 | $ 3,800 | $ 5,500 | ||
Interest capitalized during period | 3,800 | 4,900 | 8,600 | 10,200 | ||
Other Cost and Expense, Operating | 1,769 | 2,162 | 3,535 | 4,088 | ||
Proceeds from Sale of Property, Plant, and Equipment | 109,900 | |||||
Gains/(loss) on sales of real estate, net of tax | 79,042 | 26,709 | 79,042 | 51,003 | ||
Deferred profit from the sale of properties | 6,800 | 6,800 | $ 28,500 | |||
Casualty-related (recoveries)/charges, net | (843) | 0 | (1,839) | (500) | ||
Casualty (Recoveries)/Charges | $ (843) | 0 | (1,839) | (500) | ||
Payments for (Proceeds from) Investments | 90,543 | 47,922 | ||||
Acquisition of real estate | $ 24,067 | 0 | ||||
Communities Sold | Communities | 3 | |||||
Apartment Homes Sold | Apartment_Homes | 812 | |||||
United Dominion Reality L.P. [Member] | ||||||
Real Estate Owned (Textual) [Abstract] | ||||||
Number of communities owned (in communities) | Communities | 67 | 67 | ||||
Number of states operating within (in states) | States | 9 | 9 | ||||
Number of apartments owned (in apartments homes) | Apartment_Homes | 20,569 | 20,569 | ||||
Development costs excluding direct costs and capitlized interest | $ 195 | 542 | $ 328 | 1,300 | ||
Interest capitalized during period | 0 | 1,000 | 100 | 2,000 | ||
Other Cost and Expense, Operating | 1,496 | 1,451 | 2,986 | 2,887 | ||
Proceeds from Sale of Property, Plant, and Equipment | 45,300 | |||||
Gains/(loss) on sales of real estate, net of tax | 32,375 | 16,285 | 56,998 | 40,687 | ||
Deferred profit from the sale of properties | 0 | 0 | $ 24,622 | |||
Casualty-related (recoveries)/charges, net | 280 | 0 | 873 | $ 500 | ||
Casualty (Recoveries)/Charges | (280) | $ 0 | (873) | $ (500) | ||
Payments for (Proceeds from) Investments | $ 27,700 | |||||
Communities Sold | Communities | 1 | |||||
Apartment Homes Sold | Apartment_Homes | 240 | |||||
Home Acquisition [Member] | ||||||
Real Estate Owned (Textual) [Abstract] | ||||||
Fair Value of Assets Acquired | $ 908,000 | |||||
Business Acquisition, Share Price | $ / shares | $ 35 | $ 35 | ||||
Acquisition of real estate | $ 90,000 | |||||
Cash Acquired from Acquisition | $ 65,000 | |||||
Number of Properties Purchased | 6 | |||||
UDR DownREIT Unit [Member] | Home Acquisition [Member] | ||||||
Real Estate Owned (Textual) [Abstract] | ||||||
Stock Issued During Period, Value, Acquisitions | $ 753,000 |
Discontinued Operations (Detail
Discontinued Operations (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Discontinued Operation, Tax Effect of Discontinued Operation | $ 0 | $ (40) | $ 0 | $ (40) |
Disposal Group, Including Discontinued Operation, Interest Expense | 0 | 2 | 0 | 3 |
Disposal Group, Including Discontinued Operation, Operating Income (Loss) | 0 | $ 9 | 0 | $ 18 |
Discontinued Operations (Textual) [Abstract] | ||||
Communities held for sale (in communities) | 1 | 1 | ||
Summary of income from discontinued operations | ||||
Rental expenses | 0 | $ 78 | 0 | $ 126 |
Real estate depreciation | 0 | 89 | 0 | 214 |
Income/(loss) from discontinued operations, net of tax | 0 | 18 | 0 | (69) |
Income/(loss) from discontinued operations attributable to common stockholders | $ 0 | 17 | $ 0 | (67) |
Operating Community [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 26,700 | 49,900 | ||
Land [Member] | ||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,100 |
Joint Ventures (Details)
Joint Ventures (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($)Communities | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Communities | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Dec. 31, 2014USD ($) | |
Financial information relating to unconsolidated joint ventures operations | ||||||
UDR income/(loss) from unconsolidated entities | $ (573,000) | $ (428,000) | $ 58,586,000 | $ (3,993,000) | ||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | 914,815,000 | 914,815,000 | $ 718,226,000 | |||
Deferred gains on the sale of depreciable property | $ 6,800,000 | $ 6,800,000 | 28,500,000 | |||
Number of Real Estate Properties | Communities | 136 | 136 | ||||
Unconsolidated Joint Ventures [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Equity Method Investment Summarized Financial Information Income/(loss) from discontinued operations | $ 0 | (4,705,000) | $ 182,488,000 | (31,688,000) | ||
Financial information relating to unconsolidated joint ventures operations | ||||||
Total revenues | 55,450,000 | 48,379,000 | 109,996,000 | $ 87,334,000 | ||
Equity Method Investment Summarized Financial Information Property Operating Expense | (21,557,000) | (18,001,000) | (41,724,000) | (32,360,000) | ||
Real estate depreciation and amortization | (19,402,000) | (16,808,000) | (38,754,000) | (31,496,000) | ||
Net income /(loss) | (1,685,000) | (6,063,000) | 179,769,000 | $ (35,289,000) | ||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Total real estate, net | 3,004,723,000 | 3,004,723,000 | 2,941,803,000 | |||
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 0 | 0 | 216,196,000 | |||
Equity Method Investment Summarized Financial Information Cash and cash equivalents | 36,820,000 | 36,820,000 | 32,544,000 | |||
Equity Method Investment Summarized Financial Information Other assets | 32,869,000 | 32,869,000 | 28,707,000 | |||
Total assets | 3,074,412,000 | 3,074,412,000 | 3,219,250,000 | |||
Amount due to UDR | 6,434,000 | 6,434,000 | 2,997,000 | |||
Third party debt | 1,529,724,000 | 1,529,724,000 | 1,504,477,000 | |||
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 0 | 0 | 229,706,000 | |||
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | 63,521,000 | 63,521,000 | 44,335,000 | |||
Total liabilities | 1,599,679,000 | 1,599,679,000 | 1,781,515,000 | |||
Total equity | 1,474,733,000 | 1,474,733,000 | 1,437,735,000 | |||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | 3,074,412,000 | 3,074,412,000 | 3,219,250,000 | |||
Investment in and advances to unconsolidated joint ventures, net | 695,980,000 | 695,980,000 | 655,519,000 | |||
Equity Method of Investment Summarized Financial Information Operating income/(loss) | 14,491,000 | 13,570,000 | 29,518,000 | 23,478,000 | ||
Equity Method Investment Summarized Financial Information Interest expense | (16,169,000) | (14,928,000) | (32,230,000) | (27,079,000) | ||
Equity Method Investment Summarized Financial Information Other income/(expense) | (7,000) | 0 | (7,000) | 0 | ||
Unconsolidated Joint Venture Four Texas [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Deferred gains on the sale of depreciable property | 24,200,000 | 24,200,000 | ||||
Operating Community [Member] | Unconsolidated Joint Venture UDR Met Life I Partnership [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 14,181,000 | $ 14,181,000 | $ 13,306,000 | |||
Equity Method Investment, Ownership Percentage | 16.10% | 16.10% | 15.70% | |||
Number of apartment homes | 0 | 0 | ||||
Number of Real Estate Properties | 4 | 4 | ||||
Operating Community [Member] | Unconsolidated Joint Venture UDR MetLife II Partnership [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 428,321,000 | $ 428,321,000 | $ 431,277,000 | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | |||
Number of apartment homes | 4,642 | 4,642 | ||||
Number of Real Estate Properties | 21 | 21 | ||||
Operating Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 75,531,000 | $ 75,531,000 | $ 80,302,000 | |||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | |||
Number of apartment homes | 1,130 | 1,130 | ||||
Number of Real Estate Properties | 3 | 3 | ||||
Operating Community [Member] | Unconsolidated Joint Venture Three [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 19,775,000 | $ 19,775,000 | $ 21,596,000 | |||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | |||
Number of apartment homes | 660 | 660 | ||||
Number of Real Estate Properties | 3 | 3 | ||||
Operating Community [Member] | Unconsolidated Joint Venture Four Texas [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Equity Method Investment, Ownership Percentage | 0.00% | 0.00% | 20.00% | |||
Number of Real Estate Properties | Communities | 8 | 8 | ||||
Operating Community [Member] | Unconsolidated Joint Venture Other MetLife [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 158,172,000 | $ 158,172,000 | $ 134,939,000 | |||
Equity Method Investment, Ownership Percentage | 50.60% | 50.60% | 50.60% | |||
Number of apartment homes | 1,437 | 1,437 | ||||
Number of Real Estate Properties | 1 | 1 | ||||
Land Parcel [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Number of Real Estate Properties | 6 | 6 | ||||
Development Community [Member] | Unconsolidated Joint Venture Four Texas [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 0 | $ 0 | $ (25,901,000) | |||
Number of apartment homes | 0 | 0 | ||||
Number of Real Estate Properties | 0 | 0 | ||||
Development Community [Member] | Unconsolidated Joint Venture Other MetLife [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Number of Real Estate Properties | 4 | 4 | ||||
Development Community [Member] | Participating Loan Investment Steele Creek Denver Colorado [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 85,208,000 | $ 85,208,000 | 62,707,000 | |||
Income from Participating Loan | $ 1,352,000 | 456,000 | $ 2,506,000 | 777,000 | ||
Participating Loan, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||
Participating Loan Years to Maturity | 2 years 1 month 6 days | |||||
Development Community [Member] | Preferred Equity Investment West Coast Development JV [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 133,627,000 | $ 133,627,000 | $ 0 | |||
Income from Participating Loan | $ (548) | $ 0 | $ (548) | $ 0 | ||
Participating Loan, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||
Land [Member] | Unconsolidated Joint Venture Other MetLife [Member] | ||||||
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||||
Number of Real Estate Properties | 1 | 1 |
Joint Ventures (Details Textual
Joint Ventures (Details Textual) - Debt Instrument, Name [Domain] $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)Communities | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Communities | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from Sale of Property, Plant, and Equipment | $ 109,900 | ||||
Number of Real Estate Properties | Communities | 136 | 136 | |||
Community Threshold, Period Above Occupancy Threshold | 3 months | ||||
Secured Debt | $ 1,350,439 | $ 1,350,439 | $ 1,361,529 | ||
Joint Ventures | |||||
Real Estate Owned Gross | 8,425,279 | 8,425,279 | 8,383,259 | ||
Unamortized discount | 5,700 | 5,700 | 6,700 | ||
First installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | 191,442 | 191,442 | |||
Second installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | 242,692 | 242,692 | |||
Interest expense | (29,673) | $ (31,691) | (58,473) | $ (64,575) | |
Company's equity investment in joint venture | 914,815 | 914,815 | 718,226 | ||
Deferred profit from the sale of properties | 6,800 | 6,800 | $ 28,500 | ||
Management fees for our involvement in the joint ventures | 2,600 | 2,300 | 5,200 | 5,600 | |
Unconsolidated Joint Venture Four Texas [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Proceeds from Sale of Property, Plant, and Equipment | 43,500 | ||||
Joint Ventures | |||||
Deferred profit from the sale of properties | 24,200 | 24,200 | |||
Fee Income from the Sale of Real Estate | 9,600 | ||||
Gain (Loss) on Disposition of Property Plant Equipment | 59,100 | ||||
Unconsolidated Joint Venture 399 Fremont [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of apartments of development community | 0 | ||||
Unconsolidated Joint Venture Wolff [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity Method Investment Cost of Ownership Interest, Funded | 129,600 | 129,600 | |||
Equity Method Investment Cost of Ownership Interest, Remaining Commitment | $ 6,700 | 6,700 | |||
Total Fixed Price Option Sales Price | $ 597,000 | ||||
Number of Markets Operating Within | 3 | 3 | |||
Preferred Return Interest Rate | 650.00% | ||||
Community Threshold, Percent Occupancy Threshold | 8000.00% | ||||
Community Threshold, Period Above Occupancy Threshold | 90 days | ||||
Fixed Price Option Period | 1 year | ||||
Joint Ventures | |||||
Equity Method Investment Cost of Ownership Interest | $ 136,000 | $ 136,000 | |||
Equity Method Investment, Ownership Percentage | 4800.00% | 4800.00% | |||
Land [Member] | |||||
Joint Ventures | |||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,100 | ||||
Land [Member] | Unconsolidated Joint Venture Other MetLife [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 1 | 1 | |||
Operating Community [Member] | |||||
Joint Ventures | |||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 26,700 | $ 49,900 | |||
Operating Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 3 | 3 | |||
Number of apartment homes | 1,130 | 1,130 | |||
Joint Ventures | |||||
Company's equity investment in joint venture | $ 75,531 | $ 75,531 | $ 80,302 | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||
Operating Community [Member] | Unconsolidated Joint Venture UDR Met Life I Partnership [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 4 | 4 | |||
Number of apartment homes | 0 | 0 | |||
Joint Ventures | |||||
Company's equity investment in joint venture | $ 14,181 | $ 14,181 | $ 13,306 | ||
Equity Method Investment, Ownership Percentage | 16.10% | 16.10% | 15.70% | ||
Operating Community [Member] | Unconsolidated Joint Venture UDR MetLife II Partnership [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 21 | 21 | |||
Number of apartment homes | 4,642 | 4,642 | |||
Joint Ventures | |||||
Company's equity investment in joint venture | $ 428,321 | $ 428,321 | $ 431,277 | ||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | 50.00% | ||
Operating Community [Member] | Unconsolidated Joint Venture Three Washington DC [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 3 | 3 | |||
Number of apartment homes | 660 | 660 | |||
Joint Ventures | |||||
Company's equity investment in joint venture | $ 19,775 | $ 19,775 | $ 21,596 | ||
Equity Method Investment, Ownership Percentage | 30.00% | 30.00% | 30.00% | ||
Operating Community [Member] | Unconsolidated Joint Venture Four Texas [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | Communities | 8 | 8 | |||
Joint Ventures | |||||
Equity Method Investment, Ownership Percentage | 0.00% | 0.00% | 20.00% | ||
Operating Community [Member] | Unconsolidated Joint Venture Other MetLife [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 1 | 1 | |||
Number of apartment homes | 1,437 | 1,437 | |||
Joint Ventures | |||||
Company's equity investment in joint venture | $ 158,172 | $ 158,172 | $ 134,939 | ||
Equity Method Investment, Ownership Percentage | 50.60% | 50.60% | 50.60% | ||
Operating Community [Member] | Unconsolidated Joint Venture Wolff [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 2 | 2 | |||
Number of apartment homes | 1,533 | 1,533 | |||
Development Community [Member] | Unconsolidated Joint Venture Four Texas [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 0 | 0 | |||
Number of apartment homes | 0 | 0 | |||
Joint Ventures | |||||
Company's equity investment in joint venture | $ 0 | $ 0 | $ (25,901) | ||
Development Community [Member] | Unconsolidated Joint Venture Other MetLife [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 4 | 4 | |||
Development Community [Member] | Unconsolidated Joint Venture Wolff [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 5 | 5 | |||
Development Community [Member] | Preferred Equity Investment West Coast Development JV [Member] | |||||
Joint Ventures | |||||
Company's equity investment in joint venture | $ 133,627 | $ 133,627 | $ 0 | ||
Equity Method Investment, Preferred Return | 1,000 | ||||
Equity Method Investment, Transaction Expenses | $ 1,500 |
Secured and Unsecured Debt (Det
Secured and Unsecured Debt (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | |
Secured debt instruments | |||
Weighted average interest rate | 3.58% | ||
Long-term Debt | $ 3,564,403 | $ 3,564,403 | $ 3,583,105 |
Unsecured Debt | 2,213,964 | $ 2,213,964 | 2,221,576 |
Weighted Average Years to Maturity | 4 years 29 days | ||
Line of Credit Facility, Amount Outstanding | 2,300 | $ 2,300 | 1,900 |
Fixed Rate Debt [Member] | |||
Secured debt instruments | |||
Principal outstanding | $ 975,024 | $ 975,024 | 969,296 |
Weighted average interest rate | 5.28% | ||
Weighted Average Years to Maturity | 2 years 6 months 10 days | ||
Number of Communities Encumbered | 28 | ||
Variable Rate Debt [Member] | |||
Secured debt instruments | |||
Principal outstanding | $ 375,415 | $ 375,415 | 392,233 |
Weighted average interest rate | 1.45% | ||
Weighted Average Years to Maturity | 5 years 3 months | ||
Number of Communities Encumbered | 10 | ||
Mortgages Notes Payable [Member] | Fixed Rate Debt [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 5.50% | ||
Weighted Average Years to Maturity | 1 year 20 days | ||
Number of Communities Encumbered | 7 | ||
Mortgages Notes Payable [Member] | Variable Rate Debt [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 1.94% | ||
Weighted Average Years to Maturity | 1 year 6 months 25 days | ||
Number of Communities Encumbered | 1 | ||
Tax-exempt secured notes payable [Member] | Variable Rate Debt [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 0.84% | ||
Weighted Average Years to Maturity | 7 years 8 months 8 days | ||
Number of Communities Encumbered | 2 | ||
Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | |||
Secured debt instruments | |||
Debt, Weighted Average Interest Rate | 5.12% | 5.12% | |
Weighted Average Years to Maturity | 3 years 6 months 14 days | ||
Number of Communities Encumbered | 21 | ||
Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | |||
Secured debt instruments | |||
Debt Instrument, Interest Rate at Period End | 1.63% | 1.63% | |
Weighted Average Years to Maturity | 4 years 9 months 10 days | ||
Number of Communities Encumbered | 7 | ||
Secured Debt [Member] | |||
Secured debt instruments | |||
Principal outstanding | $ 1,350,439 | $ 1,350,439 | 1,361,529 |
Weighted average interest rate | 4.22% | ||
Long-term Debt | $ 1,350,439 | $ 1,350,439 | |
Weighted Average Years to Maturity | 3 years 3 months 18 days | ||
Number of Communities Encumbered | 38 | ||
Secured Debt [Member] | Fixed Rate Debt [Member] | |||
Secured debt instruments | |||
Long-term Debt | $ 975,024 | $ 975,024 | |
Secured Debt [Member] | Variable Rate Debt [Member] | |||
Secured debt instruments | |||
Long-term Debt | $ 375,415 | $ 375,415 | |
Unsecured Revolving Credit Facility due October 2015 [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 1.12% | ||
Weighted Average Years to Maturity | 2 years 5 months 4 days | ||
Line of Credit Facility, Amount Outstanding | $ 457,000 | $ 457,000 | 152,500 |
ThreePointSevenTermNotesDueOctober2020 [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 3.70% | ||
Senior Notes | $ 299,958 | $ 299,958 | 299,954 |
Weighted Average Years to Maturity | 5 years 3 months | ||
Four Point Six Three Percent Term Medium Notes Due January Two Thousand Twenty-Two [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 4.63% | ||
Senior Notes | $ 397,656 | $ 397,656 | 397,477 |
Weighted Average Years to Maturity | 6 years 6 months 10 days | ||
3.75 MTN Due July 2024 [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 3.75% | ||
Senior Notes | $ 299,062 | $ 299,062 | 299,010 |
Weighted Average Years to Maturity | 9 years | ||
1.67% Term Notes due December 2016 [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 1.33% | ||
Senior Notes | 35,000 | $ 35,000 | 35,000 |
Weighted Average Years to Maturity | 2 years 11 months 1 day | ||
2.68% Term Notes due December 2016 [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 1.53% | ||
Senior Notes | 100,000 | $ 100,000 | 100,000 |
Weighted Average Years to Maturity | 2 years 11 months 4 days | ||
Five Point Two Five Percent, Medium Term Notes, Due January 2015 [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 0.00% | ||
Senior Notes | 0 | $ 0 | 325,169 |
Weighted Average Years to Maturity | |||
Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 5.25% | ||
Senior Notes | 83,260 | $ 83,260 | 83,260 |
Weighted Average Years to Maturity | 6 months 14 days | ||
6.21 Medium Term Note, Due January 2016 [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 6.21% | ||
Senior Notes | 12,609 | $ 12,609 | 0 |
Weighted Average Years to Maturity | 1 year 3 days | ||
2.90% Term Notes due January 2016 [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 1.70% | ||
Senior Notes | $ 215,000 | $ 215,000 | 215,000 |
Weighted Average Years to Maturity | 2 years 11 months 4 days | ||
Eight Point Five Zero Percent, Debentures, Due September 2024 [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 8.50% | ||
Senior Notes | $ 15,644 | $ 15,644 | 15,644 |
Weighted Average Years to Maturity | 9 years 2 months 15 days | ||
Four Point Two Five Percentage Medium-Term Notes due June 2018 [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 4.25% | ||
Senior Notes | 298,749 | $ 298,749 | 298,535 |
Weighted Average Years to Maturity | 2 years 11 months 1 day | ||
Other [Member] | |||
Secured debt instruments | |||
Senior Notes | $ 26 | $ 26 | 27 |
Unsecured Debt [Member] | |||
Secured debt instruments | |||
Weighted average interest rate | 3.20% | ||
Long-term Debt | $ 2,213,964 | 2,213,964 | |
Unsecured Debt | 2,213,964 | $ 2,213,964 | 2,221,576 |
Weighted Average Years to Maturity | 4 years 6 months 21 days | ||
Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgages Notes Payable [Member] | Mortgages Notes Payable [Member] | Fixed Rate Debt [Member] | |||
Secured debt instruments | |||
Principal outstanding | 408,736 | $ 408,736 | 401,210 |
Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgages Notes Payable [Member] | Mortgages Notes Payable [Member] | Variable Rate Debt [Member] | |||
Secured debt instruments | |||
Principal outstanding | 31,337 | 31,337 | 31,337 |
Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | |||
Secured debt instruments | |||
Principal outstanding | 566,288 | 566,288 | 568,086 |
Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fannie Mae credit facilities [Member] | Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | |||
Secured debt instruments | |||
Principal outstanding | $ 249,378 | $ 249,378 | $ 266,196 |
Secured and Unsecured Debt (D67
Secured and Unsecured Debt (Details 1) - Line of Credit Facility, Lender [Domain] - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2013 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Unamortized discount | $ 5,700 | $ 6,700 | |
Secured credit facilities | |||
Borrowings outstanding | 2,300 | 1,900 | |
Five Point Two Five Percent, Medium Term Notes, Due January 2015 [Member] | |||
Line of Credit Facility [Line Items] | |||
Unamortized discount | 0 | 6 | |
Fannie Mae [Member] | |||
Secured credit facilities | |||
Borrowings outstanding | 815,666 | $ 834,282 | |
Weighted average daily borrowings during the period ended | 830,434 | $ 835,873 | |
Maximum daily borrowings during the period ended | $ 834,003 | $ 837,564 | |
Weighted average interest rate during the period ended | 4.01% | 4.10% | |
Interest rate at the end of the period | 4.05% | 4.00% | |
Four Point Two Five Percentage Medium-Term Notes due June 2018 [Member] | |||
Line of Credit Facility [Line Items] | |||
Unamortized discount | $ 1,251 | $ 1,465 | |
Three point seven percent medium term note due October 2020 [Member] | |||
Line of Credit Facility [Line Items] | |||
Unamortized discount | 42 | 46 | |
Four Point Six Three Percent Term Medium Notes Due January Two Thousand Twenty-Two [Member] | |||
Line of Credit Facility [Line Items] | |||
Unamortized discount | 2,344 | 2,523 | |
3.75 MTN Due July 2024 [Member] | |||
Line of Credit Facility [Line Items] | |||
Unamortized discount | $ 938 | $ 990 |
Secured and Unsecured Debt (D68
Secured and Unsecured Debt (Details 2) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Secured Debt, Encumbers Real Estate Owned, Amount | $ 2,200,000 | |
Secured Debt, Encumbers Real Estate Owned, Percent | 26.60% | |
Debt Instrument Weighted Average Years to Maturity | 4 years 29 days | |
Unamortized discount | $ 5,700 | $ 6,700 |
Aggregate maturities of secured debt | ||
2,014 | 191,442 | |
2,015 | 242,692 | |
2,016 | 731,219 | |
2,017 | 858,099 | |
2,018 | 313,571 | |
Thereafter | 1,227,380 | |
Total | 1,350,439 | 1,361,529 |
Secured Debt, Unencumbered Real Estate Owned, Amount | $ 6,200,000 | |
Secured Debt, Unencumbered Real Estate Owned, Percent | 73.40% | |
Fixed Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | 2 years 6 months 10 days | |
Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | 5 years 3 months | |
ThreePointSevenTermNotesDueOctober2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | 5 years 3 months | |
2.68% Term Notes due December 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | 2 years 11 months 4 days | |
Four Point Six Three Percent Term Medium Notes Due January Two Thousand Twenty-Two [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | 6 years 6 months 10 days | |
Unamortized discount | $ 2,344 | 2,523 |
Mortgages Notes Payable [Member] | Fixed Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | 1 year 20 days | |
Mortgages Notes Payable [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | 1 year 6 months 25 days | |
Tax Exempt Notes Payable [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | 7 years 8 months 8 days | |
Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | 3 years 6 months 14 days | |
Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | 4 years 9 months 10 days | |
3.75 MTN Due July 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | 9 years | |
Unamortized discount | $ 938 | 990 |
Five Point Two Five Percent, Medium Term Notes, Due January 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Weighted Average Years to Maturity | ||
Unamortized discount | $ 0 | $ 6 |
Secured and Unsecured Debt (D69
Secured and Unsecured Debt (Details 3) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Summary of unsecured debt | ||
Unsecured Debt, Total | $ 2,213,964 | $ 2,221,576 |
Unamortized discount | 5,700 | 6,700 |
4.63% Medium-Term Notes due January 2022 [Member] | ||
Summary of unsecured debt | ||
Senior Unsecured Notes | 397,656 | 397,477 |
Unamortized discount | 2,344 | 2,523 |
1.67% Term Notes due December 2016 [Member] | ||
Summary of unsecured debt | ||
Senior Unsecured Notes | 35,000 | 35,000 |
2.68% Term Notes due December 2016 [Member] | ||
Summary of unsecured debt | ||
Senior Unsecured Notes | 100,000 | 100,000 |
5.25% Medium-Term Notes due January 2015 [Member] | ||
Summary of unsecured debt | ||
Senior Unsecured Notes | 0 | 325,169 |
Unamortized discount | 0 | 6 |
5.25% Medium-Term Notes due January 2016 [Member] | ||
Summary of unsecured debt | ||
Senior Unsecured Notes | 83,260 | 83,260 |
2.90% Term Notes due January 2016 [Member] | ||
Summary of unsecured debt | ||
Senior Unsecured Notes | 215,000 | 215,000 |
8.50% Debentures due September 2024 [Member] | ||
Summary of unsecured debt | ||
Senior Unsecured Notes | 15,644 | 15,644 |
4.25% Medium-Term Notes due June 2018 [Member] | ||
Summary of unsecured debt | ||
Senior Unsecured Notes | 298,749 | 298,535 |
Unamortized discount | 1,251 | 1,465 |
Other [Member] | ||
Summary of unsecured debt | ||
Senior Unsecured Notes | $ 26 | $ 27 |
Secured and Unsecured Debt (D70
Secured and Unsecured Debt (Details 4) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||
Borrowings outstanding at end of period | $ 2,300 | ||
Unsecured Commercial Bank Credit Facility [Member] | |||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||
Total revolving credit facility | 900,000 | $ 900,000 | |
Weighted average daily borrowings during the period ended | 402,514 | $ 291,761 | |
Maximum daily borrowings during the period ended | $ 539,100 | $ 625,000 | |
Weighted average interest rate during the period ended | 1.20% | 1.20% | |
Interest rate at the end of the period | 1.10% | 1.10% | |
Unsecured Revolving Credit Facility due October 2015 [Member] | |||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | |||
Borrowings outstanding at end of period | $ 457,000 |
Secured and Unsecured Debt (D71
Secured and Unsecured Debt (Details 5) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Aggregate maturities of unsecured debt | ||
2,014 | $ 191,442 | |
2,015 | 242,692 | |
2,016 | 731,219 | |
2,017 | 858,099 | |
2,018 | 313,571 | |
Thereafter | 1,227,380 | |
Unsecured Debt, Total | 2,213,964 | $ 2,221,576 |
Long-term Debt | 3,564,403 | 3,583,105 |
Secured Debt [Member] | ||
Aggregate maturities of unsecured debt | ||
2,014 | 191,363 | |
2,015 | 148,223 | |
2,016 | 274,219 | |
2,017 | 209,654 | |
2,018 | 313,571 | |
Thereafter | 213,409 | |
Long-term Debt | 1,350,439 | |
Unsecured Debt [Member] | ||
Aggregate maturities of unsecured debt | ||
2,014 | 79 | |
2,015 | 94,469 | |
2,016 | 457,000 | |
2,017 | 648,445 | |
2,018 | 0 | |
Thereafter | 1,013,971 | |
Unsecured Debt, Total | 2,213,964 | $ 2,221,576 |
Long-term Debt | 2,213,964 | |
Fixed Rate Debt [Member] | Secured Debt [Member] | ||
Aggregate maturities of unsecured debt | ||
2,014 | 191,363 | |
2,015 | 148,223 | |
2,016 | 177,882 | |
2,017 | 121,685 | |
2,018 | 245,871 | |
Thereafter | 90,000 | |
Long-term Debt | 975,024 | |
Variable Rate Debt [Member] | Secured Debt [Member] | ||
Aggregate maturities of unsecured debt | ||
2,014 | 0 | |
2,015 | 0 | |
2,016 | 96,337 | |
2,017 | 87,969 | |
2,018 | 67,700 | |
Thereafter | 123,409 | |
Long-term Debt | $ 375,415 |
Secured and Unsecured Debt (D72
Secured and Unsecured Debt (Details Textual) - USD ($) $ in Thousands | Jun. 27, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 |
Secured Debt (Textual) [Abstract] | ||||||
Secured debt amount which encumbers real estate owned based upon book value | $ 2,200,000 | $ 2,200,000 | ||||
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 | $ 6,200,000 | ||||
Percentage of secured debt of real estate owned which is unencumbered | 73.40% | 73.40% | ||||
Weighted average interest rate | 3.58% | |||||
Unamortized fair market adjustment | $ 5,700 | $ 5,700 | $ 6,700 | |||
Borrowings outstanding | 2,300 | $ 2,300 | 1,900 | |||
Extension period of option on loan | 6 months | |||||
Line of Credit Facility, Interest Rate Description | 100 | |||||
Line of Credit Facility, Commitment Fee Description | 15 | |||||
Fixed Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Secured debt including debt on real estate held for sale | $ 975,024 | $ 975,024 | 969,296 | |||
Weighted average interest rate | 5.28% | |||||
Variable Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Secured debt including debt on real estate held for sale | $ 375,415 | 375,415 | 392,233 | |||
Weighted average interest rate | 1.45% | |||||
3.75 MTN Due July 2024 [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Weighted average interest rate | 3.75% | |||||
Unamortized fair market adjustment | $ 938 | $ 938 | 990 | |||
Debt Instrument, Maturity Date | Jul. 1, 2024 | |||||
Mortgages Notes Payable [Member] | Fixed Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Weighted average interest rate | 5.50% | |||||
Debt Instrument, Maturity Date Range, Start | Dec. 9, 2015 | |||||
Debt instrument, maturity date range, end | May 1, 2019 | |||||
Notes payable minimum interest rates range | 3.43% | |||||
Notes payable maximum interest rates range | 6.16% | |||||
Mortgages Notes Payable [Member] | Variable Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Weighted average interest rate | 1.94% | |||||
Debt Assumed As Part of Acquisition [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Amortization of Debt Discount (Premium) | $ 1,300 | $ 1,200 | $ 2,400 | $ 2,500 | ||
Tax Exempt Notes Payable [Member] | Variable Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Weighted average interest rate | 0.84% | |||||
Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Debt, Weighted Average Interest Rate | 5.12% | 5.12% | ||||
Debt Instrument, Maturity Date Range, Start | May 1, 2017 | |||||
Debt instrument, maturity date range, end | Jul. 1, 2023 | |||||
Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Debt Instrument, Interest Rate at Period End | 1.63% | 1.63% | ||||
Tax Exempt Secured Notes Payable [Member] | Variable Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Debt Instrument, Maturity Date Range, Start | Aug. 1, 2019 | |||||
Debt instrument, maturity date range, end | Mar. 20, 2032 | |||||
Notes payable minimum interest rates range | 0.84% | |||||
Notes payable maximum interest rates range | 0.85% | |||||
Fannie Mae [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Borrowings outstanding | $ 815,666 | $ 815,666 | 834,282 | |||
1.67% Term Notes due December 2016 [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Weighted average interest rate | 1.33% | |||||
Debt Instrument, Maturity Date | Jun. 1, 2018 | |||||
UDR Bank Credit Facility [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Credit facilities with aggregate commitment | 900,000 | $ 900,000 | 900,000 | |||
Increment in Unsecured Revolving Credit Facility Under Certain Circumstances | 1,450,000 | 1,450,000 | ||||
Fannie Mae credit facilities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Secured debt including debt on real estate held for sale | 566,288 | 566,288 | 568,086 | |||
Fannie Mae credit facilities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Secured debt including debt on real estate held for sale | 249,378 | 249,378 | 266,196 | |||
Mortgages Notes Payable [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages Notes Payable [Member] | Fixed Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Secured debt including debt on real estate held for sale | 408,736 | 408,736 | 401,210 | |||
Mortgages Notes Payable [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages Notes Payable [Member] | Variable Rate Debt [Member] | ||||||
Secured Debt (Textual) [Abstract] | ||||||
Secured debt including debt on real estate held for sale | $ 31,337 | $ 31,337 | $ 31,337 |
Secured and Unsecured Debt (D73
Secured and Unsecured Debt (Details Textual 1) - Debt Instrument, Name [Domain] - USD ($) $ in Thousands | Sep. 26, 2013 | Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Unsecured Debt (Textual) [Abstract] | ||||
Credit facility interest rate | 100 | |||
Line of Credit Facility, Commitment Fee Description | 15 | |||
Line of Credit Facility, Amount Outstanding | $ 2,300 | $ 2,300 | $ 1,900 | |
Unamortized discount | $ 5,700 | 5,700 | 6,700 | |
Debt Instrument, Interest Rate During Period | 3.58% | |||
ThreePointSevenTermNotesDueOctober2020 [Member] | ||||
Unsecured Debt (Textual) [Abstract] | ||||
Debt Instrument, Maturity Date | Oct. 31, 2020 | |||
Senior Notes | $ 299,958 | $ 299,958 | 299,954 | |
Debt Instrument, Interest Rate During Period | 3.70% | |||
1.67% Term Notes due December 2016 [Member] | ||||
Unsecured Debt (Textual) [Abstract] | ||||
Debt Instrument, Maturity Date | Jun. 1, 2018 | |||
Senior Notes | 35,000 | $ 35,000 | 35,000 | |
Debt Instrument, Interest Rate During Period | 1.33% | |||
2.90% Term Notes due January 2016 [Member] | ||||
Unsecured Debt (Textual) [Abstract] | ||||
Senior Notes | 215,000 | $ 215,000 | 215,000 | |
Debt Instrument, Interest Rate During Period | 1.70% | |||
4.63% Medium-Term Notes due January 2022 [Member] | ||||
Unsecured Debt (Textual) [Abstract] | ||||
Unamortized discount | 2,344 | $ 2,344 | 2,523 | |
Senior Notes | $ 397,656 | 397,656 | 397,477 | |
Debt Instrument, Interest Rate During Period | 4.63% | |||
2.68% Term Notes due December 2016 [Member] | ||||
Unsecured Debt (Textual) [Abstract] | ||||
Senior Notes | $ 100,000 | $ 100,000 | 100,000 | |
Debt Instrument, Interest Rate During Period | 1.53% | |||
UDR Bank Credit Facility [Member] | ||||
Unsecured Debt (Textual) [Abstract] | ||||
Total revolving credit facility | 900,000 | $ 900,000 | $ 900,000 | |
Increase in maximum borrowing capacity of unsecured revolving credit facility | $ 1,450,000 | $ 1,450,000 | ||
Interest rate | 1.10% | 1.10% | 1.10% |
Debt (UNITED DOMINION REALTY,74
Debt (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015USD ($) | Jun. 30, 2015USD ($)Communities | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||
Weighted average interest rate | 3.58% | ||
Debt Instrument Weighted Average Years to Maturity | 4 years 29 days | ||
Fixed Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 975,024 | $ 975,024 | $ 969,296 |
Weighted average interest rate | 5.28% | ||
Debt Instrument Weighted Average Years to Maturity | 2 years 6 months 10 days | ||
Number of Communities Encumbered (in communities) | 28 | ||
Fixed Rate Debt [Member] | Mortgages Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 5.50% | ||
Debt Instrument Weighted Average Years to Maturity | 1 year 20 days | ||
Number of Communities Encumbered (in communities) | 7 | ||
Fixed Rate Debt [Member] | Fannie Mae credit facilities [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 3 years 6 months 14 days | ||
Number of Communities Encumbered (in communities) | 21 | ||
Variable Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 375,415 | $ 375,415 | 392,233 |
Weighted average interest rate | 1.45% | ||
Debt Instrument Weighted Average Years to Maturity | 5 years 3 months | ||
Number of Communities Encumbered (in communities) | 10 | ||
Variable Rate Debt [Member] | Mortgages Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 1.94% | ||
Debt Instrument Weighted Average Years to Maturity | 1 year 6 months 25 days | ||
Number of Communities Encumbered (in communities) | 1 | ||
Variable Rate Debt [Member] | Fannie Mae credit facilities [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 4 years 9 months 10 days | ||
Number of Communities Encumbered (in communities) | 7 | ||
Variable Rate Debt [Member] | Tax Exempt Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 0.84% | ||
Debt Instrument Weighted Average Years to Maturity | 7 years 8 months 8 days | ||
Number of Communities Encumbered (in communities) | 2 | ||
United Dominion Reality L.P. [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 912,567 | $ 912,567 | 931,959 |
Weighted average interest rate | 4.43% | ||
Debt Instrument Weighted Average Years to Maturity | 3 years 6 months 14 days | ||
Number of Communities Encumbered (in communities) | Communities | 20 | ||
United Dominion Reality L.P. [Member] | Fixed Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 708,058 | $ 708,058 | 712,199 |
Weighted average interest rate | 5.21% | ||
Debt Instrument Weighted Average Years to Maturity | 2 years 6 months | ||
Number of Communities Encumbered (in communities) | Communities | 14 | ||
United Dominion Reality L.P. [Member] | Fixed Rate Debt [Member] | Mortgages Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 374,056 | $ 374,056 | 378,371 |
Weighted average interest rate | 5.49% | ||
Debt Instrument Weighted Average Years to Maturity | 1 year 1 month 6 days | ||
Number of Communities Encumbered (in communities) | Communities | 5 | ||
United Dominion Reality L.P. [Member] | Fixed Rate Debt [Member] | Fannie Mae credit facilities [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 4.90% | ||
Debt Instrument Weighted Average Years to Maturity | 4 years 25 days | ||
Number of Communities Encumbered (in communities) | Communities | 9 | ||
United Dominion Reality L.P. [Member] | Variable Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 204,509 | $ 204,509 | 219,760 |
Weighted average interest rate | 1.74% | ||
Debt Instrument Weighted Average Years to Maturity | 7 years 1 month 17 days | ||
Number of Communities Encumbered (in communities) | Communities | 6 | ||
United Dominion Reality L.P. [Member] | Variable Rate Debt [Member] | Fannie Mae credit facilities [Member] | |||
Debt Instrument [Line Items] | |||
Weighted average interest rate | 1.88% | ||
Debt Instrument Weighted Average Years to Maturity | 5 years 8 months 1 day | ||
Number of Communities Encumbered (in communities) | Communities | 5 | ||
United Dominion Reality L.P. [Member] | Variable Rate Debt [Member] | Tax Exempt Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 27,000 | $ 27,000 | 27,000 |
Weighted average interest rate | 0.85% | ||
Debt Instrument Weighted Average Years to Maturity | 16 years 8 months 19 days | ||
Number of Communities Encumbered (in communities) | Communities | 1 | ||
Fannie Mae credit facilities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Fixed Rate Debt [Member] | Fannie Mae credit facilities [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 566,288 | $ 566,288 | 568,086 |
Fannie Mae credit facilities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | Variable Rate Debt [Member] | Fannie Mae credit facilities [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 249,378 | 249,378 | 266,196 |
Fannie Mae credit facilities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | United Dominion Reality L.P. [Member] | Fixed Rate Debt [Member] | Fannie Mae credit facilities [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 334,002 | 334,002 | 333,828 |
Fannie Mae credit facilities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | United Dominion Reality L.P. [Member] | Variable Rate Debt [Member] | Fannie Mae credit facilities [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 177,509 | $ 177,509 | $ 192,760 |
Debt (UNITED DOMINION REALTY,75
Debt (UNITED DOMINION REALTY, L.P.) (Details 1) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2013 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 4 years 29 days | ||
Borrowings outstanding | $ 2,300 | $ 1,900 | |
Fannie Mae [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | 815,666 | $ 834,282 | |
Weighted average daily borrowings during the period ended | 830,434 | $ 835,873 | |
Maximum daily borrowings during the period ended | $ 834,003 | $ 837,564 | |
Weighted average interest rate during the period ended | 4.01% | 4.10% | |
Interest rate at the end of the period | 4.05% | 4.00% | |
United Dominion Reality L.P. [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 3 years 6 months 14 days | ||
United Dominion Reality L.P. [Member] | Fannie Mae [Member] | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | $ 511,511 | $ 526,588 | |
Weighted average daily borrowings during the period ended | 520,773 | $ 527,592 | |
Maximum daily borrowings during the period ended | $ 523,011 | $ 528,659 | |
Weighted average interest rate during the period ended | 3.80% | 4.10% | |
Interest rate at the end of the period | 3.90% | 4.00% | |
Fixed Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 2 years 6 months 10 days | ||
Fixed Rate Debt [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 1 year 20 days | ||
Fixed Rate Debt [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 3 years 6 months 14 days | ||
Fixed Rate Debt [Member] | United Dominion Reality L.P. [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 2 years 6 months | ||
Fixed Rate Debt [Member] | United Dominion Reality L.P. [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 1 year 1 month 6 days | ||
Fixed Rate Debt [Member] | United Dominion Reality L.P. [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 4 years 25 days | ||
Variable Rate Debt [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 5 years 3 months | ||
Variable Rate Debt [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 1 year 6 months 25 days | ||
Variable Rate Debt [Member] | Tax Exempt Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 7 years 8 months 8 days | ||
Variable Rate Debt [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 4 years 9 months 10 days | ||
Variable Rate Debt [Member] | United Dominion Reality L.P. [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 7 years 1 month 17 days | ||
Variable Rate Debt [Member] | United Dominion Reality L.P. [Member] | Tax Exempt Notes Payable [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 16 years 8 months 19 days | ||
Variable Rate Debt [Member] | United Dominion Reality L.P. [Member] | Line of Credit [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument Weighted Average Years to Maturity | 5 years 8 months 1 day |
Debt (UNITED DOMINION REALTY,76
Debt (UNITED DOMINION REALTY, L.P.) (Details 2) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,014 | $ 191,442 | |
2,015 | 242,692 | |
2,016 | 731,219 | |
2,017 | 858,099 | |
2,018 | 313,571 | |
Thereafter | 1,227,380 | |
Total | 1,350,439 | $ 1,361,529 |
United Dominion Reality L.P. [Member] | ||
Debt Instrument [Line Items] | ||
2,014 | 188,943 | |
2,015 | 132,331 | |
2,016 | 23,836 | |
2,017 | 194,500 | |
2,018 | 173,131 | |
Thereafter | 199,826 | |
Total | 912,567 | $ 931,959 |
United Dominion Reality L.P. [Member] | Mortgages Notes Payable [Member] | Fixed Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,014 | 188,759 | |
2,015 | 131,946 | |
2,016 | 1,630 | |
2,017 | 1,685 | |
2,018 | 50,036 | |
Thereafter | 0 | |
Total | 374,056 | |
United Dominion Reality L.P. [Member] | Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,014 | 184 | |
2,015 | 385 | |
2,016 | 15,640 | |
2,017 | 111,256 | |
2,018 | 123,095 | |
Thereafter | 83,442 | |
Total | 334,002 | |
United Dominion Reality L.P. [Member] | Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,014 | 0 | |
2,015 | 0 | |
2,016 | 6,566 | |
2,017 | 81,559 | |
2,018 | 0 | |
Thereafter | 89,384 | |
Total | 177,509 | |
United Dominion Reality L.P. [Member] | Tax Exempt Notes Payable [Member] | Variable Rate Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,014 | 0 | |
2,015 | 0 | |
2,016 | 0 | |
2,017 | 0 | |
2,018 | 0 | |
Thereafter | 27,000 | |
Total | $ 27,000 |
Debt (UNITED DOMINION REALTY,77
Debt (UNITED DOMINION REALTY, L.P.) (Details Textual) - USD ($) | Jun. 27, 2014 | Sep. 26, 2013 | Jun. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 2,300,000 | $ 2,300,000 | $ 1,900,000 | ||
Weighted average interest rate | 3.58% | ||||
Unamortized fair market adjustment | $ 5,700,000 | 5,700,000 | 6,700,000 | ||
UDR Bank Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Total revolving credit facility | 900,000,000 | 900,000,000 | 900,000,000 | ||
Fixed Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | $ 975,024,000 | 975,024,000 | 969,296,000 | ||
Weighted average interest rate | 5.28% | ||||
Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | $ 375,415,000 | 375,415,000 | 392,233,000 | ||
Weighted average interest rate | 1.45% | ||||
Fannie Mae [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 815,666,000 | $ 815,666,000 | 834,282,000 | ||
Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, Start | May 1, 2017 | ||||
Debt Instrument, Maturity Date Range, End | Jul. 1, 2023 | ||||
Debt, Weighted Average Interest Rate | 5.12% | 5.12% | |||
Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Interest Rate at Period End | 1.63% | 1.63% | |||
Mortgages [Member] | Fixed Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, Start | Dec. 9, 2015 | ||||
Weighted average interest rate | 5.50% | ||||
Notes payable minimum interest rates range | 3.43% | ||||
Notes payable maximum interest rates range | 6.16% | ||||
Debt Instrument, Maturity Date Range, End | May 1, 2019 | ||||
Mortgages [Member] | Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 1.94% | ||||
Tax Exempt Notes Payable [Member] | Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 0.84% | ||||
Unsecured Revolving Credit Facility due October 2015 [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | $ 457,000,000 | $ 457,000,000 | 152,500,000 | ||
Weighted average interest rate | 1.12% | ||||
2.90% Term Notes due January 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 1.70% | ||||
Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 5.25% | ||||
4.25% Medium-Term Notes due June 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.25% | ||||
Unamortized fair market adjustment | $ 1,251,000 | $ 1,251,000 | 1,465,000 | ||
Three point seven percent medium term note due October 2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Unamortized fair market adjustment | $ 42,000 | $ 42,000 | 46,000 | ||
ThreePointSevenTermNotesDueOctober2020 [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.70% | ||||
Debt Instrument, Maturity Date | Oct. 31, 2020 | ||||
4.63% Medium-Term Notes due January 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.63% | ||||
Unamortized fair market adjustment | $ 2,344,000 | $ 2,344,000 | 2,523,000 | ||
3.75 MTN Due July 2024 [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 3.75% | ||||
Unamortized fair market adjustment | $ 938,000 | 938,000 | 990,000 | ||
Debt Instrument, Maturity Date | Jul. 1, 2024 | ||||
United Dominion Reality L.P. [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Unamortized Premium | 4,200,000 | 4,200,000 | 6,200,000 | ||
Secured debt including debt on real estate held for sale | 912,567,000 | $ 912,567,000 | 931,959,000 | ||
Weighted average interest rate | 4.43% | ||||
United Dominion Reality L.P. [Member] | Fixed Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | 708,058,000 | $ 708,058,000 | 712,199,000 | ||
Weighted average interest rate | 5.21% | ||||
United Dominion Reality L.P. [Member] | Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | 204,509,000 | $ 204,509,000 | 219,760,000 | ||
Weighted average interest rate | 1.74% | ||||
United Dominion Reality L.P. [Member] | Fannie Mae [Member] | |||||
Debt Instrument [Line Items] | |||||
Borrowings outstanding | 511,511,000 | $ 511,511,000 | 526,588,000 | ||
United Dominion Reality L.P. [Member] | Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 4.90% | ||||
United Dominion Reality L.P. [Member] | Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Weighted average interest rate | 1.88% | ||||
United Dominion Reality L.P. [Member] | Mortgages [Member] | Fixed Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | 374,056,000 | $ 374,056,000 | 378,371,000 | ||
Weighted average interest rate | 5.49% | ||||
Notes payable maximum interest rates range | 5.94% | ||||
United Dominion Reality L.P. [Member] | Tax Exempt Notes Payable [Member] | Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | 27,000,000 | $ 27,000,000 | 27,000,000 | ||
Weighted average interest rate | 0.85% | ||||
Debt Instrument, Maturity Date Range, End | Mar. 1, 2032 | ||||
United Dominion Reality L.P. [Member] | 2.90% Term Notes due January 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, End | Jun. 1, 2018 | ||||
United Dominion Reality L.P. [Member] | 2.90% Term Notes due January 2016 [Member] | Financial Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 250,000,000 | $ 250,000,000 | |||
United Dominion Reality L.P. [Member] | 1.68% Term Notes due December 2016 [Member] | Financial Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 100,000,000 | $ 100,000,000 | |||
United Dominion Reality L.P. [Member] | Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, End | Jun. 1, 2018 | ||||
United Dominion Reality L.P. [Member] | 4.25% Medium-Term Notes due June 2018 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, End | Jun. 1, 2018 | ||||
United Dominion Reality L.P. [Member] | 4.25% Medium-Term Notes due June 2018 [Member] | Financial Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 300,000,000 | $ 300,000,000 | |||
United Dominion Reality L.P. [Member] | Three point seven percent medium term note due October 2020 [Member] | Financial Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 300,000,000 | $ 300,000,000 | |||
United Dominion Reality L.P. [Member] | 4.63% Medium-Term Notes due January 2022 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Maturity Date Range, End | Jan. 1, 2022 | ||||
United Dominion Reality L.P. [Member] | 4.63% Medium-Term Notes due January 2022 [Member] | Financial Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 400,000,000 | $ 400,000,000 | |||
United Dominion Reality L.P. [Member] | 3.75 MTN Due July 2024 [Member] | Financial Guarantee [Member] | |||||
Debt Instrument [Line Items] | |||||
Guarantor borrowing capacity | 300,000,000 | 300,000,000 | |||
Mortgages [Member] | Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgages [Member] | Fixed Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | 408,736,000 | 408,736,000 | 401,210,000 | ||
Mortgages [Member] | Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgages [Member] | Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | 31,337,000 | 31,337,000 | 31,337,000 | ||
Mortgages [Member] | Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | |||||
Debt Instrument [Line Items] | |||||
Fixed Rate Secured Debt Instruments Fair Value | 374,056,000 | 374,056,000 | 378,371,000 | ||
Fannie Mae credit facilities [Member] | Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | 566,288,000 | 566,288,000 | 568,086,000 | ||
Fannie Mae credit facilities [Member] | Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | 249,378,000 | 249,378,000 | 266,196,000 | ||
Fannie Mae credit facilities [Member] | Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | |||||
Debt Instrument [Line Items] | |||||
Variable Rate Secured Debt Instruments Fair Value | 177,509,000 | 177,509,000 | 192,760,000 | ||
Fixed Rate Secured Debt Instruments Fair Value | 334,002,000 | 334,002,000 | 333,828,000 | ||
Fannie Mae credit facilities [Member] | Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Fannie Mae credit facilities [Member] | Fixed Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | 334,002,000 | 334,002,000 | 333,828,000 | ||
Fannie Mae credit facilities [Member] | Fair Value, Measurements, Recurring [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Fannie Mae credit facilities [Member] | Variable Rate Debt [Member] | |||||
Debt Instrument [Line Items] | |||||
Secured debt including debt on real estate held for sale | $ 177,509,000 | $ 177,509,000 | $ 192,760,000 |
Income_(Loss) Per Share (Detail
Income/(Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Income/(loss) from continuing operations | $ 10,842,000 | $ 4,359,000 | $ 87,259,000 | $ (836,000) | |
Gains/(loss) on sales of real estate, net of tax | 79,042,000 | 26,709,000 | 79,042,000 | 51,003,000 | |
Net Income (Loss) Attributable to Noncontrolling Interest | 0 | 2,000 | 7,000 | 6,000 | |
Income/(loss) from continuing operations attributable to UDR, Inc. | 86,855,000 | 29,990,000 | 160,677,000 | 48,435,000 | |
Distributions to preferred stockholders - Series E (Convertible) | (931,000) | (931,000) | (1,862,000) | (1,862,000) | |
Income/(loss) from continuing operations operations attributable to common stockholders | 85,924,000 | 29,059,000 | 158,815,000 | 46,573,000 | |
Dilutive Securities, Effect on Basic Earnings Per Share, ESOP Convertible Preferred Stock | 931,000 | 0 | 0 | 0 | |
udr_IncomeLossContinuingOperationsAvailableToCommonShareholdersDilutive | 86,855,000 | ||||
Income/(loss) from discontinued operations, net of tax | 0 | 18,000 | 0 | (69,000) | |
(Income)/loss from discontinued operations attributable to redeemable noncontrolling interest in the Operating Partnership | 0 | (1,000) | 0 | 2,000 | |
Income/(loss) from discontinued operations attributable to common stockholders | 0 | 17,000 | 0 | (67,000) | |
Net income/(loss) | 89,884,000 | 31,086,000 | 166,301,000 | 50,098,000 | |
Net (income)/loss attributable to noncontrolling interests | (7,000) | ||||
Net (income)/loss attributable to redeemable non-controlling interests in Operating Partnership | 3,029,000 | 1,077,000 | 5,617,000 | 1,724,000 | |
Net (loss)/income attributable to common stockholders | $ 85,924,000 | $ 29,076,000 | $ 158,815,000 | $ 46,506,000 | |
Denominator for earnings per share - basic and diluted: | |||||
Weighted average common shares outstanding | 259,028 | 251,458 | 258,567 | 251,336 | |
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | (1,179) | (1,203) | (1,223) | (1,120) | |
Weighted average number of common shares outstanding — basic | 257,849 | 250,255 | 257,344 | 250,216 | |
Incremental shares issuable for assumed conversion of: Stock options and unvested restricted stock | (4,957) | (1,936) | (1,923) | (1,875) | |
Weighted average number of common shares outstanding — diluted | 262,806 | 252,191 | 259,267 | 252,091 | |
Income/(loss) from continuing operations attributable to common stockholders | $ 0.33 | $ 0.12 | $ 0.62 | $ 0.19 | |
Net income/(loss) attributable to common stockholders | 0.33 | 0.12 | 0.62 | 0.19 | |
Income/(loss) from discontinued operations attributable to common stockholders, | 0 | 0 | 0 | 0 | |
Income/(loss) from continuing operations attributable to common stockholders, | 0.33 | 0.12 | 0.61 | 0.18 | |
Income from discontinued operations attributable to common stockholders | 0 | 0 | 0 | 0 | |
Net income/(loss) attributable to common stockholders | $ 0.33 | $ 0.12 | $ 0.61 | $ 0.18 | |
OP Units [Member] | |||||
Denominator for earnings per share - basic and diluted: | |||||
Antidilutive securities | 9,125 | 9,316 | 9,145 | 9,317 | |
Convertible Preferred Stock [Member] | |||||
Denominator for earnings per share - basic and diluted: | |||||
Antidilutive securities | 3,036 | 3,036 | 3,036 | 3,036 | |
Stock options and unvested restricted stock [Member] | |||||
Denominator for earnings per share - basic and diluted: | |||||
Antidilutive securities | 1,921 | 1,936 | 1,923 | 1,875 | |
RedeemableNoncontrollingInterest [Member] | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
(Income)/loss from continuing operations attributable to noncontrolling interest | $ (3,029,000) | $ (1,076,000) | $ (5,617,000) | $ (1,726,000) |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - Equity Component [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | |||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 0 | $ 2 | $ 7 | $ 6 | |
Redeemable noncontrolling interests in the Operating Partnership | 290,278 | 290,278 | $ 282,480 | ||
Net Income (Loss) Available to Common Stockholders, Basic | 85,924 | 29,076 | 158,815 | 46,506 | |
Change in equity from net income(loss) attributable to common stockholders and conversion of OP Units to UDR Common Stock | 89,403 | 29,267 | 162,313 | 46,697 | |
Redeemable noncontrolling interests in the Operating Partnership | |||||
Mark to market adjustment to redeemable noncontrolling interests in the Operating Partnership | 10,930 | ||||
Adjustment for conversion of noncontrolling interest of unitholders in Operating Partnership | 3,479 | 191 | 3,498 | 191 | |
Net (income)/loss attributable to redeemable non-controlling interests in Operating Partnership | 3,029 | $ 1,077 | 5,617 | $ 1,724 | |
Distributions to redeemable noncontrolling interests in the Operating Partnership | 5,250 | ||||
Redeemable non-controlling interests in operating partnership | $ 290,278 | 290,278 | |||
Net income attributable to non-controlling interests | $ 7 |
Related Party Transactions (U80
Related Party Transactions (UNITED DOMINION REALTY, L.P.) (Details) - Long-term Debt, Type [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
Related party management fees | $ 4,300 | $ 3,100 | $ 8,600 | $ 6,200 | |
United Dominion Reality L.P. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Limited partnership units owned | 183,167,815 | 183,167,815 | 183,167,815 | ||
Net receivable balances from General Partner | $ 2,956 | $ 2,956 | $ 13,624 | ||
Related Party Transaction, Management Fee Percentage | 2.75% | ||||
Interest Expense, Related Party | 1,151 | 1,151 | $ 2,302 | 2,302 | |
Notes payable due to General Partner | 88,696 | 88,696 | 88,696 | ||
United Dominion Reality L.P. [Member] | Taxable REIT Subsidiaries [Member] | |||||
Related Party Transaction [Line Items] | |||||
Net receivable balances from General Partner | (2,956) | $ (2,956) | (13,624) | ||
Related Party Transaction, Management Fee Percentage | 2.75% | ||||
United Dominion Reality L.P. [Member] | UDR, Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses allocated to the Operating Partnership by UDR | $ 5,700 | $ 7,200 | $ 9,900 | $ 13,900 | |
United Dominion Reality L.P. [Member] | UDR, Inc. [Member] | Bottom Dollar Guaranty [Member] | |||||
Related Party Transaction [Line Items] | |||||
Notes payable due to General Partner | $ 88,700 | ||||
Note for 83.2 million [Member] | United Dominion Reality L.P. [Member] | UDR, Inc. [Member] | Guaranty Related To Community Acquisition [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party guaranty note payable interest rate | 5.18% | 5.18% | |||
Debt Instrument, Maturity Date Range, End | Aug. 31, 2021 | ||||
Note for 5 million [Member] | United Dominion Reality L.P. [Member] | UDR, Inc. [Member] | Guaranty Related To Community Acquisition [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party guaranty note payable interest rate | 5.34% | 5.34% | |||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2023 |
Fair Value of Derivatives and81
Fair Value of Derivatives and Financial Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable, net | $ 15,494 | $ 14,369 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net | 0 | |
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset | 12 | 88 |
Derivative Liability | 9,109 | 10,368 |
Secured debt instruments - variable rate | ||
Borrowings outstanding | 2,300 | 1,900 |
Unsecured debt instruments | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 290,278 | |
Redeemable noncontrolling interests in the Operating Partnership (d) | 290,278 | 282,480 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes receivable, net | 15,494 | 14,369 |
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 15,506 | 14,457 |
Unsecured debt instruments | ||
Total liabilities | 3,573,512 | 3,593,473 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Senior Unsecured Notes [Member] | Fair Value, Measurements, Recurring [Member] | ||
Unsecured debt instruments | ||
Unsecured debt instruments (c) | 1,756,964 | 2,069,076 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Notes receivable (a) | 15,863 | 14,808 |
Total assets | 15,875 | 14,896 |
Unsecured debt instruments | ||
Total liabilities | 3,671,647 | 3,721,512 |
Redeemable noncontrolling interests in the Operating Partnership (d) | 290,278 | 282,480 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 12 | 88 |
Derivatives - Interest rate contracts (b) | 9,109 | 10,368 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 420,571 | 415,663 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 31,337 | 31,337 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 94,700 | 94,700 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 592,916 | 606,623 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 249,378 | 266,196 |
Unsecured debt instruments | ||
Unsecured debt instruments (c) | 152,500 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | Senior Unsecured Notes [Member] | Fair Value, Measurements, Recurring [Member] | ||
Unsecured debt instruments | ||
Unsecured debt instruments (c) | 1,816,636 | 2,144,125 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Notes receivable (a) | 0 | 0 |
Total assets | 0 | 0 |
Unsecured debt instruments | ||
Total liabilities | 0 | 0 |
Redeemable noncontrolling interests in the Operating Partnership (d) | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 0 | 0 |
Derivatives - Interest rate contracts (b) | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Commercial bank [Member] | Fair Value, Measurements, Recurring [Member] | ||
Unsecured debt instruments | ||
Unsecured debt instruments (c) | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Senior Unsecured Notes [Member] | Fair Value, Measurements, Recurring [Member] | ||
Unsecured debt instruments | ||
Unsecured debt instruments (c) | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Notes receivable (a) | 0 | 0 |
Total assets | 12 | 88 |
Unsecured debt instruments | ||
Total liabilities | 9,109 | 10,368 |
Redeemable noncontrolling interests in the Operating Partnership (d) | 290,278 | 282,480 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 12 | 88 |
Derivatives - Interest rate contracts (b) | 9,109 | 10,368 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Commercial bank [Member] | Fair Value, Measurements, Recurring [Member] | ||
Unsecured debt instruments | ||
Unsecured debt instruments (c) | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Senior Unsecured Notes [Member] | Fair Value, Measurements, Recurring [Member] | ||
Unsecured debt instruments | ||
Unsecured debt instruments (c) | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Notes receivable (a) | 15,863 | 14,808 |
Total assets | 15,863 | 14,808 |
Unsecured debt instruments | ||
Total liabilities | 3,662,538 | 3,711,144 |
Redeemable noncontrolling interests in the Operating Partnership (d) | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 0 | 0 |
Derivatives - Interest rate contracts (b) | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 420,571 | 415,663 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 31,337 | 31,337 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 94,700 | 94,700 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 592,916 | 606,623 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 249,378 | 266,196 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Commercial bank [Member] | Fair Value, Measurements, Recurring [Member] | ||
Unsecured debt instruments | ||
Unsecured debt instruments (c) | 457,000 | 152,500 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Senior Unsecured Notes [Member] | Fair Value, Measurements, Recurring [Member] | ||
Unsecured debt instruments | ||
Unsecured debt instruments (c) | 1,816,636 | 2,144,125 |
Unsecured Revolving Credit Facility due October 2015 [Member] | ||
Secured debt instruments - variable rate | ||
Borrowings outstanding | 457,000 | 152,500 |
Variable Rate Debt [Member] | ||
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 | 375,415 | 392,233 |
Variable Rate Debt [Member] | Tax Exempt Notes Payable [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Secured debt including debt on real estate held for sale | 94,700 | 94,700 |
Variable Rate Debt [Member] | Line of Credit [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
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 | 249,378 | 266,196 |
Variable Rate Debt [Member] | Mortgages Notes Payable [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
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 | 31,337 |
Fixed Rate Debt [Member] | ||
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 | 975,024 | 969,296 |
Fixed Rate Debt [Member] | Line of Credit [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
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 | 566,288 | 568,086 |
Fixed Rate Debt [Member] | Mortgages Notes Payable [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
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 | $ 408,736 | $ 401,210 |
Fair Value of Derivatives and82
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | $ 15,506 | $ 14,457 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,573,512 | 3,593,473 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 7 | 39 |
Secured debt instruments - variable rate | ||
Total liabilities | 913,003 | 932,877 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 7 | 39 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 436 | 918 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 374,056 | 378,371 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 27,000 | 27,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 334,002 | 333,828 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 177,509 | 192,760 |
United Dominion Reality L.P. [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 7 | 39 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 436 | 918 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 15,875 | 14,896 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,671,647 | 3,721,512 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 12 | 88 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 9,109 | 10,368 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 420,571 | 415,663 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 31,337 | 31,337 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 94,700 | 94,700 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 592,916 | 606,623 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 249,378 | 266,196 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 0 | 0 |
Secured debt instruments - variable rate | ||
Total liabilities | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 0 | 0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 12 | 88 |
Secured debt instruments - variable rate | ||
Total liabilities | 9,109 | 10,368 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 12 | 88 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 9,109 | 10,368 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 15,863 | 14,808 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,662,538 | 3,711,144 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 0 | 0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 420,571 | 415,663 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 31,337 | 31,337 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 94,700 | 94,700 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 592,916 | 606,623 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 249,378 | 266,196 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 7 | 39 |
Secured debt instruments - variable rate | ||
Total liabilities | 939,488 | 967,983 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 7 | 39 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 436 | 918 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 384,909 | 391,835 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 27,000 | 27,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 349,634 | 355,470 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 177,509 | 192,760 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 0 | 0 |
Secured debt instruments - variable rate | ||
Total liabilities | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 1 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 0 | 0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 1 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 1 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 1 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 7 | 39 |
Secured debt instruments - variable rate | ||
Total liabilities | 436 | 918 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 2 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 7 | 39 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 436 | 918 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 2 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 2 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 2 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
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 | 939,052 | 967,065 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 3 [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivatives - Interest rate contracts | 0 | 0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 0 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 3 [Member] | Mortgages Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 384,909 | 391,835 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 3 [Member] | Tax Exempt Notes Payable [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 27,000 | 27,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | United Dominion Reality L.P. [Member] | Level 3 [Member] | Line of Credit [Member] | Fair Value, Measurements, Recurring [Member] | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 349,634 | 355,470 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | $ 177,509 | $ 192,760 |
Derivatives and Hedging Activ83
Derivatives and Hedging Activity (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)instruments | Jun. 30, 2014 | Jun. 30, 2015USD ($)instruments | Jun. 30, 2014 | |
Derivative [Line Items] | ||||
Ineffectiveness on Interest Rate Fair Value Hedges is Immaterial | 0 | 3 | 0 | 3 |
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ||||
Derivative [Line Items] | ||||
Number instruments | 9 | 9 | ||
Notional | $ 565,000 | $ 565,000 | ||
Designated as Hedging Instrument [Member] | Interest rate caps [Member] | ||||
Derivative [Line Items] | ||||
Number instruments | 2 | 2 | ||
Notional | $ 219,984 | $ 219,984 | ||
Not Designated as Hedging Instrument [Member] | Interest rate caps [Member] | ||||
Derivative [Line Items] | ||||
Number instruments | instruments | 2 | 2 | ||
Notional | $ 116,289 | $ 116,289 |
Derivatives and Hedging Activ84
Derivatives and Hedging Activity (Details 1) $ in Thousands | Jun. 30, 2015USD ($)instruments | Dec. 31, 2014USD ($) |
Interest Rate Products [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member] | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | $ 9 | $ 86 |
Interest Rate Products [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 3 | 2 |
Interest Rate Products [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 9,109 | 10,368 |
Interest Rate Products [Member] | Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Liability Not Designated as Hedging Instrument, Fair Value | $ 0 | $ 0 |
Interest rate caps [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Interest Rate Derivatives Held | 2 | |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Notional | $ 219,984 | |
Interest rate caps [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Number of Interest Rate Derivatives Held | instruments | 2 | |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Notional | $ 116,289 |
Derivatives and Hedging Activ85
Derivatives and Hedging Activity (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Effect of derivative instruments on the Consolidated Statements of Operations | ||||
Unrealized holding gain/(loss) | $ 6,186 | $ 304 | $ (1,366) | $ 249 |
Amount of Gain or (Loss) Recognized in Income on Derivative | (22) | 0 | (24) | 0 |
Interest Rate Products [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | ||||
Effect of derivative instruments on the Consolidated Statements of Operations | ||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (292) | (1,145) | (1,029) | (2,677) |
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $ 0 | $ 3 | $ 0 | $ 3 |
Derivatives and Hedging Activ86
Derivatives and Hedging Activity (Details 3) - Fair Value, Measurement Frequency [Domain] - Portion at Fair Value Measurement [Member] - Fair Value by Asset Class [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Derivative Assets [Abstract] | ||
Gross Amounts Offset in the Consolidated Balance Sheets | $ 0 | $ 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | 12 | 88 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 0 | (27) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Amount | 12 | 61 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | 9,109 | 10,368 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 0 | (27) |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Amount | $ 9,109 | $ 10,341 |
Derivatives and Hedging Activ87
Derivatives and Hedging Activity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||||
Derivative, Collateral, Obligation to Return Cash | $ 0 | $ 0 | $ 0 | ||
Derivatives And Hedging Activity (Textual) [Abstract] | |||||
Cash flow hedge ineffectiveness in earnings materiality | 0 | 3 | 0 | 3 | |
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | $ 2,600 | $ 2,600 | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | (22) | $ 0 | (24) | $ 0 | |
Payment required to pay for contract termination | 10,700 | 10,700 | |||
Other Income Expense [Member] | Interest Rate Contracts [Member] | |||||
Derivatives And Hedging Activity (Textual) [Abstract] | |||||
Derivative instruments not designated as hedging instruments, gain (loss), net | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives and Hedging Activ88
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details) - Jun. 30, 2015 $ in Thousands | USD ($)instruments |
Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | |
Derivative [Line Items] | |
Number instruments | 9 |
Outstanding interest rate derivatives not designated as hedging instrument | |
Notional | $ 565,000 |
Designated as Hedging Instrument [Member] | Interest rate caps [Member] | |
Derivative [Line Items] | |
Number instruments | 2 |
Outstanding interest rate derivatives not designated as hedging instrument | |
Notional | $ 219,984 |
Not Designated as Hedging Instrument [Member] | Interest rate caps [Member] | |
Derivative [Line Items] | |
Number instruments | instruments | 2 |
Outstanding interest rate derivatives not designated as hedging instrument | |
Notional | $ 116,289 |
United Dominion Reality L.P. [Member] | Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | |
Derivative [Line Items] | |
Number instruments | 1 |
Outstanding interest rate derivatives not designated as hedging instrument | |
Notional | $ 46,357 |
United Dominion Reality L.P. [Member] | Designated as Hedging Instrument [Member] | Interest rate caps [Member] | |
Derivative [Line Items] | |
Number instruments | 1 |
Outstanding interest rate derivatives not designated as hedging instrument | |
Notional | $ 143,508 |
United Dominion Reality L.P. [Member] | Not Designated as Hedging Instrument [Member] | Interest rate caps [Member] | |
Derivative [Line Items] | |
Number instruments | instruments | 2 |
Outstanding interest rate derivatives not designated as hedging instrument | |
Notional | $ 109,264 |
Derivatives and Hedging Activ89
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 1) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Interest Rate Products [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | $ 9 | $ 86 |
Interest Rate Products [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 3 | 2 |
Interest Rate Products [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 9,109 | 10,368 |
Interest Rate Products [Member] | Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liability Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
United Dominion Reality L.P. [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 7 | 39 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 436 | 918 |
United Dominion Reality L.P. [Member] | Interest Rate Products [Member] | Other Assets [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 4 | 37 |
United Dominion Reality L.P. [Member] | Interest Rate Products [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 3 | 2 |
United Dominion Reality L.P. [Member] | Interest Rate Products [Member] | Other Liabilities [Member] | Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 436 | 918 |
United Dominion Reality L.P. [Member] | Interest Rate Products [Member] | Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liability Not Designated as Hedging Instrument, Fair Value | $ 0 | $ 0 |
Derivatives and Hedging Activ90
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 2) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized holding gain/(loss) | $ 6,186,000 | $ 304,000 | $ (1,366,000) | $ 249,000 | |
Amount of Gain or (Loss) Recognized in Income on Derivative | (22,000) | 0 | (24,000) | 0 | |
Interest Rate Products [Member] | Other Income Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Recognized in Income on Derivative | 0 | 0 | 0 | 0 | |
Interest Rate Products [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (292,000) | (1,145,000) | (1,029,000) | (2,677,000) | |
United Dominion Reality L.P. [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Unrealized holding gain/(loss) | (26,000) | (140,000) | (77,000) | (191,000) | |
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 267,000 | 573,000 | 553,000 | $ 1,196,000 | |
Amount of Gain or (Loss) Recognized in Income on Derivative | (22,000) | 0 | 0 | ||
United Dominion Reality L.P. [Member] | Interest Rate Products [Member] | Other Income Expense [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Recognized in Income on Derivative | (23,000) | $ 0 | |||
United Dominion Reality L.P. [Member] | Interest Rate Products [Member] | Interest Expense [Member] | Cash Flow Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (267,000) | $ (573,000) | $ (553,000) | $ (1,196,000) |
Derivatives and Hedging Activ91
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 3) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Derivative Assets [Abstract] | ||
Gross Amounts Offset in the Consolidated Balance Sheets | $ 0 | $ 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | 12 | 88 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 0 | 27 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Amount | 12 | 61 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | 9,109 | 10,368 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 0 | 27 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Amount | 9,109 | 10,341 |
United Dominion Reality L.P. [Member] | ||
Offsetting Derivative Assets [Abstract] | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 7 | 39 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | 7 | 39 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Amount | 7 | 39 |
Offsetting Derivative Liabilities [Abstract] | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 436 | 918 |
Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b) | 436 | 918 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received | 0 | 0 |
Net Amount | $ 436 | $ 918 |
Derivatives and Hedging Activ92
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Entity Information [Line Items] | |||||
Cash flow hedge ineffectiveness in earnings materiality | 0 | 3 | 0 | 3 | |
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | $ 2,600,000 | $ 2,600,000 | |||
Losses in the fair value of derivatives not designated in hedging relationships | 22,000 | $ 0 | 24,000 | $ 0 | |
Payment required to pay for contract termination | 10,700,000 | 10,700,000 | |||
Derivative, Collateral, Obligation to Return Cash | $ 0 | $ 0 | $ 0 | ||
United Dominion Reality L.P. [Member] | |||||
Entity Information [Line Items] | |||||
Cash flow hedge ineffectiveness in earnings materiality | 0 | 0 | 0 | 0 | |
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | $ 440,000 | $ 440,000 | |||
Losses in the fair value of derivatives not designated in hedging relationships | 22,000 | $ 0 | 0 | ||
Fair value of derivatives in a net liability position | 436,000 | 436,000 | |||
Derivative, Collateral, Obligation to Return Cash | $ 0 | $ 0 | $ 0 |
Stock Based Compensation (Detai
Stock Based Compensation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Stock Based Compensation (Textual) [Abstract] | ||||
Stock based compensation expense | $ 5.1 | $ 3.6 | $ 9.6 | $ 7.3 |
Capital Structure (UNITED DOM94
Capital Structure (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015USD ($)$ / Unitsshares | Dec. 31, 2014USD ($)shares | |
Limited Partners' Capital Account [Line Items] | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | $ | $ 290,278 | |
Percentage of units | 4.90% | |
Redeemable noncontrolling interests in the Operating Partnership | $ | $ 290,278 | $ 282,480 |
United Dominion Reality L.P. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
General Partnership units outstanding | 110,883 | 110,883 |
Limited partnership units owned | 183,167,815 | 183,167,815 |
Limited Partners' Capital Account, Required Period To Be Outstanding Before Unit is Redeemable | 1 year | |
UDR, Inc. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Limited partnership units owned | 174,105,126 | 174,002,342 |
Percentage of units | 95.10% | 95.00% |
Non-affiliated Partners [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Limited partnership units owned | 9,062,689 | 9,165,473 |
Percentage of units | 4.90% | 5.00% |
Class A Limited Partner [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Limited partnership units owned | 1,751,671 | |
Cumulative, annual, non-compounded preferred return on Class A Partnership units | 8.00% | |
Value of Class A Partnership units (in dollars per unit) | $ / Units | 16.61 | |
Class A Limited Partner [Member] | United Dominion Reality L.P. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Limited partnership units owned | 1,873,332 | 1,873,332 |
Class A Limited Partner [Member] | UDR, Inc. [Member] | ||
Limited Partners' Capital Account [Line Items] | ||
Limited partnership units owned | 121,661 |
Commitments and Contingencies95
Commitments and Contingencies (Details) - Jun. 30, 2015 $ in Thousands | USD ($)Communities |
Real Estate Properties [Line Items] | |
Number of communities owned (in communities) | Communities | 136 |
Costs Incurred to Date | $ 647,838 |
Expected Costs to Complete | 436,828 |
Wholly owned — under development [Member] | |
Real Estate Properties [Line Items] | |
Capital Expenditures Incurred but Not yet Paid | $ 100 |
Number of communities owned (in communities) | 1 |
Costs Incurred to Date | $ 92,645 |
Expected Costs to Complete | $ 249,355 |
Average Ownership Stake | 100.00% |
Wholly owned — redevelopment [Member] | |
Real Estate Properties [Line Items] | |
Capital Expenditures Incurred but Not yet Paid | $ 1,300 |
Number of communities owned (in communities) | 1 |
Costs Incurred to Date | $ 4,854 |
Expected Costs to Complete | $ 10,146 |
Average Ownership Stake | 100.00% |
Unconsolidated joint ventures [Member] | |
Real Estate Properties [Line Items] | |
Number of communities owned (in communities) | 4 |
Costs Incurred to Date | $ 335,539 |
Expected Costs to Complete | $ 163,791 |
Participating Loan Investment Steele Creek Denver Colorado [Member] | |
Real Estate Properties [Line Items] | |
Number of communities owned (in communities) | 1 |
Costs Incurred to Date | $ 85,208 |
Expected Costs to Complete | $ 6,801 |
Average Ownership Stake | 0.00% |
Preferred Equity Investment West Coast Development JV [Member] | |
Real Estate Properties [Line Items] | |
Number of communities owned (in communities) | 5 |
Costs Incurred to Date | $ 129,592 |
Expected Costs to Complete | $ 6,735 |
Average Ownership Stake | 48.00% |
Commitments and Contingencies96
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) Commitments and Contingencies (Details) - Jun. 30, 2015 $ in Thousands | USD ($)Communities |
Loss Contingencies [Line Items] | |
Number of communities owned (in communities) | Communities | 136 |
Cost Incurred to Date | $ 647,838 |
Expected Costs to Complete | $ 436,828 |
United Dominion Reality L.P. [Member] | |
Loss Contingencies [Line Items] | |
Number of communities owned (in communities) | Communities | 67 |
Wholly owned — redevelopment [Member] | |
Loss Contingencies [Line Items] | |
Capital Expenditures Incurred but Not yet Paid | $ 1,300 |
Number of communities owned (in communities) | 1 |
Cost Incurred to Date | $ 4,854 |
Expected Costs to Complete | 10,146 |
Wholly owned — redevelopment [Member] | United Dominion Reality L.P. [Member] | |
Loss Contingencies [Line Items] | |
Capital Expenditures Incurred but Not yet Paid | $ 1,300 |
Number of communities owned (in communities) | 1 |
Cost Incurred to Date | $ 4,854 |
Expected Costs to Complete | 10,146 |
Wholly owned — under development [Member] | |
Loss Contingencies [Line Items] | |
Capital Expenditures Incurred but Not yet Paid | $ 100 |
Number of communities owned (in communities) | 1 |
Cost Incurred to Date | $ 92,645 |
Expected Costs to Complete | $ 249,355 |
Reportable Segments (Details)
Reportable Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015USD ($)Segments | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||
Same Store Communities | 35,250 | 35,250 | |||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | $ 215,862 | $ 203,706 | $ 435,615 | $ 401,745 | |||
Reportable apartment home segment NOI | 150,432 | 140,392 | 294,007 | 272,516 | |||
Reconciling items: | |||||||
Joint venture management and other fees | 3,098 | 2,747 | 15,804 | 6,434 | |||
Property management | 5,851 | 5,529 | (11,545) | (10,875) | |||
Other operating expenses | (1,769) | (2,171) | (3,535) | (4,106) | |||
Segment Reporting Reconciling Items Cost of Services Depreciation and Amortization | (90,344) | (88,876) | (179,121) | (177,409) | |||
General and administrative | (13,721) | (12,530) | (25,873) | (24,524) | |||
Casualty (Recoveries)/Charges | (843) | 0 | (1,839) | (500) | |||
Casualty-related (recoveries)/charges, net | 843 | 0 | 1,839 | 500 | |||
Other depreciation and amortization | (1,700) | (1,193) | (3,323) | (2,273) | |||
Income/(loss) from unconsolidated entities | 573 | 428 | (58,586) | 3,993 | |||
Interest expense | 29,673 | 31,691 | 58,473 | 64,575 | |||
Interest and other income/(expense), net | 382 | 1,426 | 742 | 2,841 | |||
Gains/(loss) on sales of real estate, net of tax | 79,042 | 26,709 | 79,042 | 51,003 | |||
Tax benefit, net | 1,404 | 2,230 | 1,829 | 5,559 | |||
Gain on sale of real estate owned, net of tax | 79,042 | 51,003 | |||||
Gain Loss on the Sale of Real Estate, Including Discontinued Operations | 79,042 | 79,042 | |||||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership | (3,029) | (1,077) | (5,617) | (1,724) | |||
Net (income)/loss attributable to noncontrolling interests | 0 | 2 | (7) | (6) | |||
Net income/(loss) attributable to UDR, Inc. | 86,855 | 30,007 | 160,677 | 48,368 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 8,425,279 | 8,425,279 | $ 8,383,259 | ||||
Accumulated depreciation | (2,557,949) | (2,557,949) | (2,434,772) | ||||
Total segment asset - net book value | 5,867,330 | 5,867,330 | 5,948,487 | ||||
Reconciling items: | |||||||
Cash and cash equivalents | 2,990 | $ 26,816 | 2,990 | $ 26,816 | 15,224 | $ 30,249 | |
Deferred financing costs, net | 19,930 | 19,930 | 22,686 | ||||
Notes receivable, net | 15,494 | 15,494 | 14,369 | ||||
Other assets | 96,259 | 96,259 | 105,202 | ||||
Total consolidated assets | $ 6,939,730 | $ 6,939,730 | 6,846,534 | ||||
Reportable Segment (Textual) [Abstract] | |||||||
Number of reportable segments | Segments | 2 | ||||||
Condition for Community considered to have stabilized occupancy | 0.9 | ||||||
Number of Tenants or related group of tenants that contributed 10% or more of company total revenue | 0 | 0 | 0 | 0 | |||
Restricted Cash and Cash Equivalents | $ 22,912 | $ 22,912 | 22,340 | ||||
Same Communities [Member] | |||||||
Reportable Segment (Textual) [Abstract] | |||||||
SEC Schedule III, Real Estate, Improvements | 20,600 | $ 12,800 | 33,800 | $ 20,300 | |||
Same Store Communities Western Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 68,646 | 64,004 | 135,595 | 126,405 | |||
Reportable apartment home segment NOI | 51,400 | 46,496 | 100,999 | 91,287 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 2,608,586 | 2,608,586 | 2,592,156 | ||||
Same Store Communities Mid-Atlantic Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 43,536 | 42,644 | 86,331 | 84,694 | |||
Reportable apartment home segment NOI | 30,302 | 29,863 | 59,590 | 58,699 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 1,541,420 | 1,541,420 | 1,533,993 | ||||
Same Store Communities Northeast Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 21,436 | 20,294 | 42,328 | 40,096 | |||
Reportable apartment home segment NOI | 16,269 | 15,459 | 31,835 | 30,004 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 1,081,035 | 1,081,035 | 1,076,656 | ||||
Same Store Communities Southeastern Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 26,540 | 25,063 | 52,505 | 49,774 | |||
Reportable apartment home segment NOI | 17,876 | 16,769 | 35,207 | 33,465 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 738,595 | 738,595 | 733,068 | ||||
Same Store Communities Southwestern Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 14,363 | 13,623 | 28,470 | 27,090 | |||
Reportable apartment home segment NOI | 8,998 | 8,263 | 17,534 | 16,621 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 443,526 | 443,526 | 440,721 | ||||
Non-Mature communities/Other [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 38,243 | 35,409 | 74,582 | 67,378 | |||
Reportable apartment home segment NOI | 25,587 | 23,542 | 48,842 | 42,440 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 2,012,117 | 2,012,117 | 2,006,665 | ||||
Reportable Segment (Textual) [Abstract] | |||||||
SEC Schedule III, Real Estate, Improvements | 1,200 | 2,500 | 3,800 | 4,800 | |||
Total Communities [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | $ 212,764 | 201,037 | $ 419,811 | 395,437 | |||
Segment Reconciling Items [Member] | |||||||
Reconciling items: | |||||||
Gain Loss on the Sale of Real Estate, Including Discontinued Operations | 26,709 | 51,003 | |||||
United Dominion Reality L.P. [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Same Store Communities | 18,969 | 18,969 | |||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment NOI | $ 82,283 | 74,968 | $ 160,398 | $ 147,385 | |||
Reconciling items: | |||||||
Property management | (3,112) | (2,883) | (6,139) | (5,698) | |||
Other operating expenses | (1,496) | (1,451) | (2,986) | (2,887) | |||
Real estate depreciation and amortization | 44,100 | 44,697 | 88,578 | 88,968 | |||
General and administrative | (7,032) | (7,459) | (12,671) | (14,429) | |||
Casualty (Recoveries)/Charges | (280) | 0 | (873) | (500) | |||
Casualty-related (recoveries)/charges, net | (280) | 0 | (873) | (500) | |||
Interest expense | 10,908 | 10,159 | 21,679 | 20,173 | |||
Gains/(loss) on sales of real estate, net of tax | 32,375 | 16,285 | 56,998 | 40,687 | |||
Net (income)/loss attributable to noncontrolling interests | (347) | (178) | (741) | (458) | |||
Net income/(loss) attributable to UDR, Inc. | 47,383 | 24,426 | 83,729 | 54,959 | 54,959 | ||
Reportable apartment home segment assets: | |||||||
Total segment assets | 4,238,995 | 4,238,995 | 4,238,770 | ||||
Total segment asset - net book value | 2,764,161 | 2,764,161 | 2,835,467 | ||||
Reconciling items: | |||||||
Cash and cash equivalents | 164 | $ 1,175 | 164 | $ 1,175 | 502 | $ 1,897 | |
Deferred financing costs, net | 3,707 | 3,707 | 4,475 | ||||
Other assets | 23,090 | 23,090 | 24,029 | ||||
Total consolidated assets | $ 2,805,578 | $ 2,805,578 | 2,878,284 | ||||
Reportable Segment (Textual) [Abstract] | |||||||
Related Party Transaction, Management Fee Percentage | 2.75% | ||||||
Number of reportable segments | Segments | 2 | ||||||
Number of Tenants or related group of tenants that contributed 10% or more of company total revenue | 0 | 0 | 0 | ||||
United Dominion Reality L.P. [Member] | Same-Store [Member] | |||||||
Reportable Segment (Textual) [Abstract] | |||||||
SEC Schedule III, Real Estate, Improvements | $ 12,500 | $ 7,300 | $ 20,300 | $ 11,200 | |||
United Dominion Reality L.P. [Member] | Same Store Communities Western Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 48,175 | 44,544 | 95,082 | 87,916 | |||
Reportable apartment home segment NOI | 36,447 | 32,487 | 71,094 | 63,958 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 1,670,364 | 1,670,364 | 1,658,042 | ||||
United Dominion Reality L.P. [Member] | Same Store Communities Mid-Atlantic Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 17,613 | 17,364 | 34,862 | 34,610 | |||
Reportable apartment home segment NOI | 11,894 | 11,900 | 23,360 | 23,466 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 716,152 | 716,152 | 713,093 | ||||
United Dominion Reality L.P. [Member] | Same Store Communities Northeast Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 6,868 | 6,653 | 13,605 | 13,206 | |||
Reportable apartment home segment NOI | 4,361 | 4,168 | 8,574 | 8,386 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 780,235 | 780,235 | 777,376 | ||||
United Dominion Reality L.P. [Member] | Same Store Communities Southeastern Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 11,870 | 11,254 | 23,549 | 22,385 | |||
Reportable apartment home segment NOI | 7,938 | 7,503 | 15,648 | 14,959 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 335,662 | 335,662 | 333,428 | ||||
United Dominion Reality L.P. [Member] | Same Store Communities Southwestern Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 15,497 | 14,658 | 30,570 | 28,925 | |||
Reportable apartment home segment NOI | 12,074 | 11,415 | 23,647 | 22,053 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 230,330 | 230,330 | 228,996 | ||||
United Dominion Reality L.P. [Member] | Non-Mature communities/Other [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 13,135 | 10,369 | 25,585 | 20,170 | |||
Reportable apartment home segment NOI | 9,569 | 7,495 | 18,075 | 14,563 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 506,252 | 506,252 | $ 527,835 | ||||
Reportable Segment (Textual) [Abstract] | |||||||
SEC Schedule III, Real Estate, Improvements | 668 | 326 | 1,167 | $ 615 | |||
United Dominion Reality L.P. [Member] | Total Communities [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 113,158 | 104,842 | $ 223,253 | 207,212 | |||
Taxable REIT Subsidiaries [Member] | United Dominion Reality L.P. [Member] | |||||||
Reportable Segment (Textual) [Abstract] | |||||||
Related Party Transaction, Management Fee Percentage | 2.75% | ||||||
Segment Reconciling Items [Member] | United Dominion Reality L.P. [Member] | |||||||
Reconciling items: | |||||||
Real estate depreciation and amortization | $ 44,100 | $ 44,697 | $ 88,578 | $ 88,968 |
Reportable Segments (UNITED D98
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015USD ($)Segments | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2013USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Segment Reporting Information [Line Items] | |||||||
Same Store Communities | 35,250 | 35,250 | |||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | $ 215,862 | $ 203,706 | $ 435,615 | $ 401,745 | |||
Reportable apartment home segment NOI | (150,432) | (140,392) | (294,007) | (272,516) | |||
Reconciling items: | |||||||
Property management | 5,851 | 5,529 | (11,545) | (10,875) | |||
Other operating expenses | (1,769) | (2,171) | (3,535) | (4,106) | |||
General and administrative | (13,721) | (12,530) | (25,873) | (24,524) | |||
Casualty-related (recoveries)/charges, net | 843 | 0 | 1,839 | 500 | |||
Interest expense | 29,673 | 31,691 | 58,473 | 64,575 | |||
Gains/(loss) on sales of real estate owned | 79,042 | 26,709 | 79,042 | 51,003 | |||
Net (income)/loss attributable to noncontrolling interests | 0 | 2 | (7) | (6) | |||
Net income/(loss) attributable to OP unitholders | 86,855 | 30,007 | 160,677 | 48,368 | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 8,425,279 | 8,425,279 | $ 8,383,259 | ||||
Real Estate Investment Property, Accumulated Depreciation | 2,557,949 | 2,557,949 | 2,434,772 | ||||
Accumulated depreciation | (2,557,949) | (2,557,949) | (2,434,772) | ||||
Total segment asset - net book value | 5,867,330 | 5,867,330 | 5,948,487 | ||||
Reconciling items: | |||||||
Cash and cash equivalents | 2,990 | $ 26,816 | 2,990 | $ 26,816 | 15,224 | $ 30,249 | |
Deferred financing costs, net | 19,930 | 19,930 | 22,686 | ||||
Other assets | 96,259 | 96,259 | 105,202 | ||||
Total assets | $ 6,939,730 | $ 6,939,730 | 6,846,534 | ||||
Reportable Segment (Textual) [Abstract] | |||||||
Number of reportable segments | Segments | 2 | ||||||
Condition for Community considered to have stabilized occupancy | 0.9 | ||||||
Time to maintain percent occupancy to be considered a community | 3 months | ||||||
Number of Tenants or related group of tenants that contributed 10% or more of company total revenue | 0 | 0 | 0 | 0 | |||
Same Store Communities Western Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | $ 68,646 | $ 64,004 | $ 135,595 | $ 126,405 | |||
Reportable apartment home segment NOI | (51,400) | (46,496) | (100,999) | (91,287) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 2,608,586 | 2,608,586 | 2,592,156 | ||||
Same Store Communities Mid-Atlantic Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 43,536 | 42,644 | 86,331 | 84,694 | |||
Reportable apartment home segment NOI | (30,302) | (29,863) | (59,590) | (58,699) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 1,541,420 | 1,541,420 | 1,533,993 | ||||
Same Store Communities Northeast Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 21,436 | 20,294 | 42,328 | 40,096 | |||
Reportable apartment home segment NOI | (16,269) | (15,459) | (31,835) | (30,004) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 1,081,035 | 1,081,035 | 1,076,656 | ||||
Same Store Communities Southeastern Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 26,540 | 25,063 | 52,505 | 49,774 | |||
Reportable apartment home segment NOI | (17,876) | (16,769) | (35,207) | (33,465) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 738,595 | 738,595 | 733,068 | ||||
Same Store Communities Southwestern Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 14,363 | 13,623 | 28,470 | 27,090 | |||
Reportable apartment home segment NOI | (8,998) | (8,263) | (17,534) | (16,621) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 443,526 | 443,526 | 440,721 | ||||
Non-Mature communities/Other [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 38,243 | 35,409 | 74,582 | 67,378 | |||
Reportable apartment home segment NOI | (25,587) | (23,542) | (48,842) | (42,440) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 2,012,117 | 2,012,117 | 2,006,665 | ||||
Reportable Segment (Textual) [Abstract] | |||||||
SEC Schedule III, Real Estate, Improvements | 1,200 | 2,500 | 3,800 | 4,800 | |||
Total Communities [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | $ 212,764 | 201,037 | $ 419,811 | 395,437 | |||
United Dominion Reality L.P. [Member] | |||||||
Segment Reporting Information [Line Items] | |||||||
Same Store Communities | 18,969 | 18,969 | |||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment NOI | $ (82,283) | (74,968) | $ (160,398) | $ (147,385) | |||
Reconciling items: | |||||||
Property management | (3,112) | (2,883) | (6,139) | (5,698) | |||
Other operating expenses | (1,496) | (1,451) | (2,986) | (2,887) | |||
Real estate depreciation and amortization | 44,100 | 44,697 | 88,578 | 88,968 | |||
General and administrative | (7,032) | (7,459) | (12,671) | (14,429) | |||
Casualty-related (recoveries)/charges, net | (280) | 0 | (873) | (500) | |||
Interest expense | 10,908 | 10,159 | 21,679 | 20,173 | |||
Gains/(loss) on sales of real estate owned | 32,375 | 16,285 | 56,998 | 40,687 | |||
Net (income)/loss attributable to noncontrolling interests | (347) | (178) | (741) | (458) | |||
Net income/(loss) attributable to OP unitholders | 47,383 | 24,426 | 83,729 | 54,959 | 54,959 | ||
Reportable apartment home segment assets: | |||||||
Total segment assets | 4,238,995 | 4,238,995 | 4,238,770 | ||||
Real Estate Investment Property, Accumulated Depreciation | 1,474,834 | 1,474,834 | 1,403,303 | ||||
Total segment asset - net book value | 2,764,161 | 2,764,161 | 2,835,467 | ||||
Reconciling items: | |||||||
Cash and cash equivalents | 164 | $ 1,175 | 164 | $ 1,175 | 502 | $ 1,897 | |
Restricted Cash | 14,456 | 14,456 | 13,811 | ||||
Deferred financing costs, net | 3,707 | 3,707 | 4,475 | ||||
Other assets | 23,090 | 23,090 | 24,029 | ||||
Total assets | $ 2,805,578 | $ 2,805,578 | 2,878,284 | ||||
Reportable Segment (Textual) [Abstract] | |||||||
Number of reportable segments | Segments | 2 | ||||||
Number of Tenants or related group of tenants that contributed 10% or more of company total revenue | 0 | 0 | 0 | ||||
Related Party Transaction, Management Fee Percentage | 2.75% | ||||||
United Dominion Reality L.P. [Member] | Same-Store [Member] | |||||||
Reportable Segment (Textual) [Abstract] | |||||||
SEC Schedule III, Real Estate, Improvements | $ 12,500 | $ 7,300 | $ 20,300 | $ 11,200 | |||
United Dominion Reality L.P. [Member] | Same Store Communities Western Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 48,175 | 44,544 | 95,082 | 87,916 | |||
Reportable apartment home segment NOI | (36,447) | (32,487) | (71,094) | (63,958) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 1,670,364 | 1,670,364 | 1,658,042 | ||||
United Dominion Reality L.P. [Member] | Same Store Communities Mid-Atlantic Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 17,613 | 17,364 | 34,862 | 34,610 | |||
Reportable apartment home segment NOI | (11,894) | (11,900) | (23,360) | (23,466) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 716,152 | 716,152 | 713,093 | ||||
United Dominion Reality L.P. [Member] | Same Store Communities Northeast Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 6,868 | 6,653 | 13,605 | 13,206 | |||
Reportable apartment home segment NOI | (4,361) | (4,168) | (8,574) | (8,386) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 780,235 | 780,235 | 777,376 | ||||
United Dominion Reality L.P. [Member] | Same Store Communities Southeastern Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 11,870 | 11,254 | 23,549 | 22,385 | |||
Reportable apartment home segment NOI | (7,938) | (7,503) | (15,648) | (14,959) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 335,662 | 335,662 | 333,428 | ||||
United Dominion Reality L.P. [Member] | Same Store Communities Southwestern Region [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 15,497 | 14,658 | 30,570 | 28,925 | |||
Reportable apartment home segment NOI | (12,074) | (11,415) | (23,647) | (22,053) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 230,330 | 230,330 | 228,996 | ||||
United Dominion Reality L.P. [Member] | Non-Mature communities/Other [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 13,135 | 10,369 | 25,585 | 20,170 | |||
Reportable apartment home segment NOI | (9,569) | (7,495) | (18,075) | (14,563) | |||
Reportable apartment home segment assets: | |||||||
Total segment assets | 506,252 | 506,252 | $ 527,835 | ||||
Reportable Segment (Textual) [Abstract] | |||||||
SEC Schedule III, Real Estate, Improvements | 668 | 326 | 1,167 | $ 615 | |||
United Dominion Reality L.P. [Member] | Total Communities [Member] | |||||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | |||||||
Reportable apartment home segment rental income | 113,158 | 104,842 | 223,253 | 207,212 | |||
Segment Reconciling Items [Member] | United Dominion Reality L.P. [Member] | |||||||
Reconciling items: | |||||||
Real estate depreciation and amortization | $ 44,100 | $ 44,697 | $ 88,578 | $ 88,968 |