Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2015 | Feb. 22, 2016 | |
Entity Information [Line Items] | ||
Entity Registrant Name | UDR, Inc. | |
Entity Central Index Key | 74,208 | |
Document Type | 10-K | |
Document Period End Date | Dec. 31, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | FY | |
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 Public Float | $ 3.7 | |
Entity Common Stock, Shares Outstanding | 262,132,787 | |
United Dominion Reality L.P. | ||
Entity Information [Line Items] | ||
Entity Registrant Name | United Dominion Realty L.P. | |
Entity Central Index Key | 1,018,254 | |
Document Period End Date | Dec. 31, 2015 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate owned: | ||
Real estate held for investment | $ 9,053,599 | $ 8,205,627 |
Less: accumulated depreciation | (2,646,044) | (2,434,772) |
Real estate held for investment, net | 6,407,555 | 5,770,855 |
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 124,072 | 177,632 |
Real estate held for disposition (net of accumulated depreciation of $830 and $0, respectively) | 11,775 | 0 |
Total real estate owned, net of accumulated depreciation | 6,543,402 | 5,948,487 |
Cash and cash equivalents | 6,742 | 15,224 |
Restricted Cash | 20,798 | 22,340 |
Notes receivable, net | 16,694 | 14,369 |
Investment in and advances to unconsolidated joint ventures, net | 938,906 | 718,226 |
Other assets | 137,302 | 110,082 |
Total assets | 7,663,844 | 6,828,728 |
Liabilities: | ||
Secured debt, net | 1,376,945 | 1,354,321 |
Unsecured debt, net | 2,193,850 | 2,210,978 |
Real estate taxes payable | 18,786 | 15,978 |
Accrued interest payable | 29,162 | 34,215 |
Security deposits and prepaid rent | 36,330 | 34,064 |
Distributions payable | 80,368 | 69,460 |
Accounts payable, accrued expenses, and other liabilities | 81,356 | 91,282 |
Total liabilities | 3,816,797 | 3,810,298 |
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | 946,436 | 282,480 |
Equity | ||
Common stock, $0.01 par value; 350,000,000 shares authorized 261,844,521 and 255,114,603 shares issued and outstanding at December 31, 2015 and 2014, respectively | 2,618 | 2,551 |
Additional paid-in capital | 4,447,816 | 4,223,747 |
Distributions in excess of net income | (1,584,459) | (1,528,917) |
Accumulated other comprehensive income/(loss), net | (12,678) | (8,855) |
Total stockholders' equity | 2,899,755 | 2,735,097 |
Non-controlling interest | 856 | 853 |
Total equity | 2,900,611 | 2,735,950 |
Total liabilities and equity | 7,663,844 | 6,828,728 |
8.00% Series E Cumulative Convertible Preferred Stock | ||
Equity | ||
Preferred stock, no par value; 50,000,000 shares authorized | 46,457 | 46,571 |
Series F Preferred Stock [Member] | ||
Equity | ||
Preferred stock, no par value; 50,000,000 shares authorized | $ 1 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate owned: | ||
Real estate under development, accumulated depreciation | $ 0 | $ 0 |
Real estate held for sale, accumulated depreciation | $ 830 | $ 0 |
Equity | ||
Preferred stock, par or state value per share | $ 0 | $ 0 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares outstanding | 261,844,521 | 255,114,603 |
8.00% Series E Cumulative Convertible Preferred Stock | ||
Equity | ||
Preferred stock, shares outstanding | 2,796,903 | 2,803,812 |
Series F Preferred Stock [Member] | ||
Equity | ||
Preferred stock, par or state value per share | $ 0.0001 | |
Preferred stock, shares authorized | 20,000,000 | |
Preferred stock, shares outstanding | 16,452,496 | 2,464,183 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES | |||
Rental income | $ 871,928 | $ 805,002 | $ 746,484 |
Joint Venture Managment and Other Fees | 22,710 | 13,044 | 12,442 |
Total revenues | 894,638 | 818,046 | 758,926 |
Rental expenses: | |||
Property operating and maintenance | 155,096 | 149,428 | 144,319 |
Real estate taxes and insurance | 102,963 | 99,175 | 93,765 |
Property management | 23,978 | 22,138 | 20,528 |
Other operating expenses | 9,708 | 8,271 | 7,136 |
Real estate depreciation and amortization | 374,598 | 358,154 | 339,532 |
General and administrative | 59,690 | 47,800 | 42,238 |
Casualty-related (recoveries)/charges, net | 2,335 | 541 | (12,253) |
Other depreciation and amortization | 6,679 | 5,775 | 6,741 |
Total operating expenses | 735,047 | 691,282 | 642,006 |
Operating income | 159,591 | 126,764 | 116,920 |
Income/(loss) from unconsolidated entities | 62,329 | (7,006) | (415) |
Interest Expense | (121,875) | (130,454) | (126,083) |
Interest income and other income/(expense), net | 1,551 | 11,858 | 4,619 |
Income/(loss) before income taxes, discontinued operations and gain/(loss) on sale of real estate owned | 101,596 | 1,162 | (4,959) |
Tax benefit/(provision), net | 3,886 | (25,994) | 8,281 |
Income/(loss) from continuing operations | 105,482 | 16,260 | 2,340 |
Income/(loss) from discontinued operations, net of tax | 0 | 10 | 43,942 |
Income/(loss) before gain/(loss) on sale of real estate owned | 105,482 | 16,270 | 46,282 |
Gain/(loss) on sales of real estate owned, net of tax | 251,677 | 143,572 | 0 |
Net income/(loss) | 357,159 | 159,842 | 46,282 |
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (16,773) | (5,511) | (1,530) |
Net Income (Loss) Attributable to Noncontrolling Interest | 3 | (3) | (60) |
Net income/(loss) attributable to Entity | 340,383 | 154,334 | 44,812 |
Distributions to preferred stockholders | (3,722) | (3,724) | (3,724) |
Net income/(loss) attributable to common stockholders | $ 336,661 | $ 150,610 | $ 41,088 |
Earnings per weighted average common share - basic and diluted: | |||
Income/(loss) from continuing operations attributable to common stockholders | $ 1.30 | $ 0.60 | $ (0.01) |
Income/(loss) from discontinued operations attributable to common stockholders | 0 | 0 | 0.17 |
Net income/(loss) attributable to common stockholders | 1.30 | 0.60 | 0.16 |
Income/(loss) from continuing operations attributable to common stockholders | 1.29 | 0.59 | (0.01) |
Income/(loss) from discontinued operations attributable to common stockholders | 0 | 0 | 0.17 |
Net income(loss) attributable to common stockholders | $ 1.29 | $ 0.59 | $ 0.16 |
Weighted average number of common shares outstanding — basic | 258,669 | 251,528 | 249,969 |
Weighted average number of common shares outstanding — diluted | 263,752 | 253,445 | 249,969 |
Continuing Operations [Member] | |||
Rental expenses: | |||
Tax benefit/(provision), net | $ 3,886 | $ 15,098 | $ 7,299 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income/(loss) | $ 357,159 | $ 159,842 | $ 46,282 |
Other comprehensive income/(loss) - derivative instruments: | |||
Unrealized holding gain/(loss) | (6,393) | (8,695) | (469) |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | 2,262 | 4,834 | 6,851 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | (4,131) | (3,861) | 6,382 |
Comprehensive income/(loss) | 353,028 | 155,981 | 52,664 |
Comprehensive (income)/loss attributable to noncontrolling interests | (16,468) | (5,375) | (1,720) |
Comprehensive income/(loss) attributable to Entity | $ 336,560 | $ 150,606 | $ 50,944 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Paid - in Capital | Distributions in Excess of Net Income | Accumulated Other Comprehensive Income/(Loss) | Noncontrolling Interest | Series E Preferred Stock [Member] | Series E Preferred Stock [Member]Preferred Stock | Series E Preferred Stock [Member]Paid - in Capital | Series F Preferred Stock [Member] | Series F Preferred Stock [Member]Preferred Stock |
Beginning Balance, Shares at Dec. 31, 2012 | 250,139,408 | 2,803,812 | 2,464,183 | |||||||||
Beginning Balance at Dec. 31, 2012 | $ 2,993,832 | $ 46,571 | $ 2,501 | $ 4,098,882 | $ (1,143,781) | $ (11,257) | $ 916 | |||||
Consolidated Statements of Changes in Equity | ||||||||||||
Net income/(loss) attributable to Entity | 44,812 | 44,812 | ||||||||||
Net income/(loss) attributable to non-controlling interests | (60) | (60) | ||||||||||
Other comprehensive income/(loss) | 6,132 | 6,132 | ||||||||||
Issuance/(forfeiture) of common and restricted shares, net | 9,072 | 5 | 9,067 | |||||||||
Issuance of common shares through public offering | 0 | |||||||||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership | 1,817 | $ 1 | 1,816 | |||||||||
Common stock distributions declared | (235,721) | (235,721) | 0 | |||||||||
Preferred stock distributions declared-Series E | (3,724) | (3,724) | 0 | |||||||||
Adjustment to reflect redemption value of redeemable non-controlling interests | (3,656) | (3,656) | 0 | |||||||||
Ending Balance, Shares at Dec. 31, 2013 | 250,749,665 | 2,803,812 | 2,464,183 | |||||||||
Ending Balance at Dec. 31, 2013 | 2,812,504 | 46,571 | $ 2,507 | 4,109,765 | (1,342,070) | (5,125) | 856 | |||||
Consolidated Statements of Changes in Equity | ||||||||||||
Net income/(loss) attributable to Entity | 154,334 | 154,334 | ||||||||||
Net income/(loss) attributable to non-controlling interests | (3) | (3) | ||||||||||
Other comprehensive income/(loss) | (3,730) | (3,730) | ||||||||||
Issuance/(forfeiture) of common and restricted shares, net | 9,805 | 8 | 9,797 | |||||||||
Issuance of common shares through public offering | 99,849 | 34 | 99,815 | |||||||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership | 4,372 | $ 2 | 4,370 | |||||||||
Common stock distributions declared | (263,503) | (263,503) | 0 | |||||||||
Preferred stock distributions declared-Series E | (3,724) | (3,724) | 0 | |||||||||
Adjustment to reflect redemption value of redeemable non-controlling interests | (73,954) | (73,954) | 0 | |||||||||
Ending Balance, Shares at Dec. 31, 2014 | 255,114,603 | 2,803,812 | 2,464,183 | |||||||||
Ending Balance at Dec. 31, 2014 | 2,735,950 | 46,571 | $ 2,551 | 4,223,747 | (1,528,917) | (8,855) | 853 | |||||
Consolidated Statements of Changes in Equity | ||||||||||||
Net income/(loss) attributable to Entity | 340,383 | 0 | ||||||||||
Net income/(loss) attributable to non-controlling interests | 3 | 0 | 3 | |||||||||
Other comprehensive income/(loss) | (3,823) | 0 | 0 | (3,823) | ||||||||
Issuance/(forfeiture) of common and restricted shares, net | 10,194 | 3 | 10,191 | |||||||||
Issuance of common shares through public offering | 210,011 | 0 | 63 | 209,948 | 0 | $ 1 | $ 1 | |||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership | 3,817 | $ 1 | 3,816 | $ 0 | $ (114) | $ 114 | ||||||
Common stock distributions declared | (289,500) | 289,500 | ||||||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | 0 | |||||||||||
Preferred stock distributions declared-Series E | (3,722) | 3,722 | ||||||||||
Adjustment to reflect redemption value of redeemable non-controlling interests | (102,703) | (102,703) | ||||||||||
Ending Balance, Shares at Dec. 31, 2015 | 261,844,521 | 2,796,903 | 16,452,496 | |||||||||
Ending Balance at Dec. 31, 2015 | $ 2,900,611 | $ 46,458 | $ 2,618 | $ 4,447,816 | $ (1,584,459) | $ (12,678) | $ 856 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Common distributions declared per share | $ 1.11 | $ 1.0400 | $ 0.9400 |
Series E Preferred Stock [Member] | |||
Preferred stock distributions declared | $ 1.3288 | $ 1.3288 | $ 1.3288 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income/(loss) | $ 357,159 | $ 159,842 | $ 46,282 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Deprecation and amortization | 381,277 | 363,929 | 348,231 |
(Gain)/loss on the sale of real estate, net of tax | 251,677 | 143,647 | 41,919 |
Impairment loss, net of tax | 0 | 0 | 1,470 |
Tax benefit/(provision), net | (3,886) | (15,136) | (7,299) |
(Income)/loss from unconsolidated entities | (62,329) | 7,006 | 415 |
Amortization of share-based compensation | 18,017 | 13,954 | 9,531 |
Other | 6,612 | 13,104 | 15,025 |
Changes in operating assets and liabilities: | |||
Increase/(decrease) in operating assets | (3,968) | (1,074) | (15,135) |
Increase/(decrease) in operating liabilites | (9,590) | (5,618) | (16,699) |
Net cash provided by operating activities | 431,615 | 392,360 | 339,902 |
Investing Activities | |||
Acquisition of real estate assets (net of liabilities assumed) and initial capital expenditures | (244,769) | (228,810) | 0 |
Proceeds from sales of real estate investments, net | 387,650 | 383,886 | 250,043 |
Development of real estate assets | (103,205) | (251,493) | (280,603) |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | (113,400) | (96,679) | (153,676) |
Capital expenditures - non-real estate assets | (4,049) | (5,497) | (7,639) |
Investment in unconsolidated joint ventures | (217,642) | (222,930) | (43,291) |
Distributions received from unconsolidated joint venture | 59,291 | 59,199 | 130,984 |
(Issuance)/repayment of notes receivable | (2,325) | 68,664 | (19,027) |
Net cash provided by/(used in) investing activities | (238,449) | (293,660) | (123,209) |
Financing Activities | |||
Payments on secured debt | (193,958) | (80,961) | (46,564) |
Proceeds from the issuance of secured debt | 127,600 | 5,502 | 0 |
Payments on unsecured debt | (325,540) | (312,500) | (122,500) |
Proceeds from the issuance of unsecured debt | 299,310 | 298,956 | 299,943 |
Net proceeds/(repayment) of revolving bank debt | (2,500) | 152,500 | (76,000) |
Proceeds from the issuance of common shares through public offering, net | 210,011 | 99,849 | 0 |
Distributions paid to non-controlling interests | (10,654) | (9,929) | (9,348) |
Distributions paid to preferred stockholders | (3,722) | (3,724) | (3,724) |
Distributions paid to common stockholders | (283,168) | (256,100) | (231,822) |
Other | (19,027) | (7,318) | (8,544) |
Net cash (used in)/provided by financing activities | (201,648) | (113,725) | (198,559) |
Net increase/(decrease) in cash and cash equivalents | (8,482) | (15,025) | 18,134 |
Cash and cash equivalents, beginning of period | 15,224 | 30,249 | 12,115 |
Cash and cash equivalents, end of period | 6,742 | 15,224 | 30,249 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 130,240 | 131,815 | 127,877 |
Non-cash transactions: | |||
Acquisition of communities in exchange for DownREIT units and assumption of debt | 660,832 | 0 | 0 |
Secured debt assumed in the acquisitions of properties, including asset exchange | 0 | 0 | 63,595 |
Fair Value Adjustment of Debt Assumed in Business Acquisition | 1,363 | 0 | 0 |
Real estate acquired in asset exchange or upon consolidation of joint ventures | 0 | 0 | 129,437 |
Real Estate Owned, Transfer to Real Estate Owned | 0 | 54,938 | 175,951 |
Development costs and capital expenditures incurred buy not yet paid | 20,375 | 34,746 | 37,220 |
Conversion of operating partnership non-controlling interests to common stock (112,174 shares in 2015; 153,451 shares in 2014; and 76,291 shares in 2013) 2011) | 3,817 | 4,372 | 1,817 |
Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
(Income)/loss from unconsolidated entities | 3,711 | 4,068 | 2,851 |
1745 Shea [Member] | |||
Non-cash transactions: | |||
Secured debt assumed in the acquisitions of properties, including asset exchange | $ 24,067 | $ 0 | $ 0 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non-cash transactions: | |||
Number of shares of common stock converted from operating partnership non-controlling interests | 112,174 | 153,451 | 76,291 |
Consolidated Balance Sheets (UN
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate owned: | ||
Real estate held for investment | $ 9,053,599 | $ 8,205,627 |
Less: accumulated depreciation | (2,646,044) | (2,434,772) |
Total real estate owned, net of accumulated depreciation | 6,543,402 | 5,948,487 |
Cash and cash equivalents | 6,742 | 15,224 |
Investment in unconsolidated entities | 938,906 | 718,226 |
Other assets | 137,302 | 110,082 |
Total assets | 7,663,844 | 6,828,728 |
LIABILITIES AND CAPITAL | ||
Secured debt, net | 1,376,945 | 1,354,321 |
Real estate taxes payable | 18,786 | 15,978 |
Accrued interest payable | 29,162 | 34,215 |
Distributions payable | 80,368 | 69,460 |
Deferred gains on the sale of depreciable property | 6,800 | 24,700 |
Accounts payable, accrued expenses, and other liabilities | 81,356 | 91,282 |
Total liabilities | 3,816,797 | 3,810,298 |
Partners' Capital: | ||
Accumulated other comprehensive loss | (12,678) | (8,855) |
Total liabilities and equity | 7,663,844 | 6,828,728 |
United Dominion Reality L.P. | ||
Real estate owned: | ||
Real estate held for investment | 3,630,905 | 4,238,770 |
Less: accumulated depreciation | (1,281,258) | (1,403,303) |
Total real estate owned, net of accumulated depreciation | 2,349,647 | 2,835,467 |
Cash and cash equivalents | 3,103 | 502 |
Restricted cash | 11,344 | 13,811 |
Investment in unconsolidated entities | 166,186 | 0 |
Other assets | 24,528 | 24,029 |
Total assets | 2,554,808 | 2,873,809 |
LIABILITIES AND CAPITAL | ||
Secured debt, net | 475,964 | 927,484 |
Notes payable due to General Partner | 273,334 | 88,696 |
Real estate taxes payable | 2,775 | 7,061 |
Accrued interest payable | 1,550 | 3,284 |
Security deposits and prepaid rent | 15,929 | 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 | 12,964 | 22,436 |
Total liabilities | 833,478 | 1,139,758 |
Partners' Capital: | ||
General partner: 110,883 OP units outstanding at December 31, 2015 and 2014 | 1,110 | 1,105 |
Limited partners: 183,167,815 OP Units outstanding at December 31, 2015 and 2014 | 1,712,415 | 1,702,971 |
Accumulated other comprehensive loss | (113) | (1,075) |
Total partners' capital | 1,713,412 | 1,703,001 |
Advances to/(from) General Partner | (11,270) | 13,624 |
Non-controlling interest | 19,188 | 17,426 |
Total capital | 1,721,330 | 1,734,051 |
Total liabilities and equity | $ 2,554,808 | $ 2,873,809 |
Consolidated Balance Sheets (11
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) (Parenthetical) - shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Partners' Capital: | ||||
OP units outstanding related to limited partner | 183,278,698 | 183,278,698 | 183,278,698 | 184,281,254 |
United Dominion Reality L.P. | ||||
Partners' Capital: | ||||
OP units outstanding related to general partner | 110,883 | 110,883 | ||
OP units outstanding related to limited partner | 183,167,815 | 183,167,815 |
Consolidated Statements of Op12
Consolidated Statements of Operations (UNITED DOMINION REALTY, L.P) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Rental expenses: | |||
Property operating and maintenance | $ 155,096 | $ 149,428 | $ 144,319 |
Real estate taxes and insurance | (102,963) | (99,175) | (93,765) |
Property management | (23,978) | (22,138) | (20,528) |
Other operating expenses | (9,708) | (8,271) | (7,136) |
General and administrative | 59,690 | 47,800 | 42,238 |
Casualty-related (recoveries)/charges, net | 2,335 | 541 | (12,253) |
Total operating expenses | 735,047 | 691,282 | 642,006 |
Operating income | 159,591 | 126,764 | 116,920 |
Income/(loss) from unconsolidated entities | 62,329 | (7,006) | (415) |
Income/(loss) from continuing operations | 105,482 | 16,260 | 2,340 |
Income/(loss) from discontinued operations | 0 | 10 | 43,942 |
Gain/(loss) on sales of real estate owned | 251,677 | 143,572 | 0 |
Net income/(loss) | 357,159 | 159,842 | 46,282 |
Net (income)/loss attributable to non-controlling interests | (16,468) | (5,375) | (1,720) |
Net income/(loss) attributable to Entity | 340,383 | 154,334 | 44,812 |
United Dominion Reality L.P. | |||
REVENUES | |||
Rental income | 440,408 | 422,634 | 401,853 |
Rental expenses: | |||
Property operating and maintenance | 75,373 | 75,211 | 75,019 |
Real estate taxes and insurance | (47,438) | (47,110) | (45,139) |
Property management | (12,111) | (11,622) | (11,051) |
Other operating expenses | (5,923) | (5,172) | (5,728) |
Real estate depreciation and amortization | (169,784) | (179,176) | (179,367) |
General and administrative | 27,016 | 28,541 | 24,808 |
Casualty-related (recoveries)/charges, net | 843 | 541 | (8,083) |
Total operating expenses | 338,488 | 347,373 | 333,029 |
Operating income | 101,920 | 75,261 | 68,824 |
Income/(loss) from unconsolidated entities | (4,659) | 0 | 0 |
Interest expense | (35,274) | (37,114) | (34,989) |
Interest expense on note payable due to General Partner | (5,047) | (4,603) | (1,069) |
Income/(loss) from continuing operations | 56,940 | 33,544 | 32,766 |
Income/(loss) from discontinued operations | 0 | 0 | 45,176 |
Income/(loss) before gain/(loss) on sale of real estate owned | 56,940 | 33,544 | 77,942 |
Gain/(loss) on sales of real estate owned | 158,123 | 63,635 | 0 |
Net income/(loss) | 215,063 | 97,179 | 77,942 |
Net (income)/loss attributable to non-controlling interests | (1,762) | (952) | (4,566) |
Net income/(loss) attributable to Entity | $ 213,301 | $ 96,227 | $ 73,376 |
Income/(loss) per OP unit- basic and diluted: | |||
Net income/(loss) from continuing operations attributable to OP unitholders | $ 1.16 | $ 0.53 | $ 0.16 |
Net income/(loss) from discontinued operations attributable to OP unitholders | 0 | 0 | 0.24 |
Net income/(loss) attributable to OP unitholders | $ 1.16 | $ 0.53 | $ 0.40 |
Weighted average OP units outstanding - basic and diluted | 183,279 | 183,279 | 184,196 |
Consolidated Statements of Co13
Consolidated Statements of Comprehensive Income / (Loss) (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income/(loss) | $ 357,159 | $ 159,842 | $ 46,282 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss) | (6,393) | (8,695) | (469) |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | (4,131) | (3,861) | 6,382 |
Comprehensive income/(loss) | 353,028 | 155,981 | 52,664 |
Comprehensive (income)/loss attributable to noncontrolling interests | (16,468) | (5,375) | (1,720) |
Comprehensive income/(loss) attributable to Entity | 336,560 | 150,606 | 50,944 |
United Dominion Reality L.P. | |||
Net income/(loss) | 215,063 | 97,179 | 77,942 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss) | (82) | (285) | (348) |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | 1,044 | 2,275 | 2,652 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 962 | 1,990 | 2,304 |
Comprehensive income/(loss) | 216,025 | 99,169 | 80,246 |
Comprehensive (income)/loss attributable to noncontrolling interests | (1,762) | (952) | (4,566) |
Comprehensive income/(loss) attributable to Entity | $ 214,263 | $ 98,217 | $ 75,680 |
Consolidated Statements of Ch14
Consolidated Statements of Changes in Capital (UNITED DOMINION REALTY, L.P) (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Other comprehensive income (loss) | $ (4,131) | $ (3,861) | $ 6,382 |
United Dominion Reality L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 1,734,051 | 1,803,097 | 1,918,756 |
Net income (loss) | 215,063 | 97,179 | 77,942 |
Distributions | (203,852) | (191,150) | (173,716) |
OP Unit Redemptions for common shares of UDR | 0 | ||
Distribution of community to UDR | (77,041) | ||
Adjustment to reflect limited partners' capital at redemption value | 0 | ||
Unrealized gain on derivative financial investments | 962 | ||
Other comprehensive income (loss) | 962 | 1,990 | 2,304 |
Net change in receivable due from General Partner | (24,894) | 22,935 | 54,852 |
Balance | 1,721,330 | 1,734,051 | 1,803,097 |
United Dominion Reality L.P. | Payable/(Receivable) due to/(from) General Partner [Member] [Member] | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 13,624 | (9,916) | (11,056) |
Distribution of community to UDR | (53,712) | ||
Net change in receivable due from General Partner | (24,894) | 23,540 | 54,852 |
Balance | (11,270) | 13,624 | (9,916) |
United Dominion Reality L.P. | Accumulated Other Comprehensive Income/(Loss) | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | (1,075) | (3,065) | (5,369) |
Unrealized gain on derivative financial investments | 962 | ||
Other comprehensive income (loss) | 1,990 | 2,304 | |
Balance | (113) | (1,075) | (3,065) |
United Dominion Reality L.P. | Total Partner's Capital | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 1,703,001 | 1,795,934 | 1,917,299 |
Net income (loss) | 213,301 | 96,227 | 73,376 |
Distributions | (203,852) | (191,150) | (173,716) |
OP Unit Redemptions for common shares of UDR | 0 | ||
Distribution of community to UDR | 0 | 0 | (23,329) |
Adjustment to reflect limited partners' capital at redemption value | 0 | ||
Unrealized gain on derivative financial investments | 962 | ||
Other comprehensive income (loss) | 1,990 | 2,304 | |
Balance | 1,713,412 | 1,703,001 | 1,795,934 |
United Dominion Reality L.P. | Noncontrolling Interest | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 17,426 | 17,079 | 12,513 |
Net income (loss) | 1,762 | 952 | 4,566 |
Adjustment to reflect limited partners' capital at redemption value | 0 | ||
Balance | 19,188 | 17,426 | 17,079 |
United Dominion Reality L.P. | Class A Limited Partner | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 53,987 | 40,902 | 41,656 |
Net income (loss) | 2,201 | 920 | 868 |
Distributions | (2,328) | (2,328) | (2,324) |
OP Unit Redemptions for common shares of UDR | 0 | ||
Adjustment to reflect limited partners' capital at redemption value | 10,549 | 14,493 | 702 |
Balance | 64,409 | 53,987 | 40,902 |
United Dominion Reality L.P. | Limited Partners | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 228,493 | 176,695 | 181,762 |
Net income (loss) | 8,515 | 3,938 | 3,016 |
Distributions | (8,138) | (7,789) | (7,118) |
OP Unit Redemptions for common shares of UDR | (3,816) | (4,371) | (1,817) |
Adjustment to reflect limited partners' capital at redemption value | 43,427 | 60,020 | 852 |
Balance | 268,481 | 228,493 | 176,695 |
United Dominion Reality L.P. | Limited Partner [Member] | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 1,420,491 | 1,580,239 | 1,698,027 |
Net income (loss) | 202,456 | 91,311 | 69,448 |
Distributions | (193,262) | (180,917) | (164,170) |
OP Unit Redemptions for common shares of UDR | 3,816 | 4,371 | 1,817 |
Distribution of community to UDR | (23,329) | ||
Adjustment to reflect limited partners' capital at redemption value | (53,976) | (74,513) | (1,554) |
Balance | 1,379,525 | 1,420,491 | 1,580,239 |
United Dominion Reality L.P. | General Partner [Member] | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 1,105 | 1,163 | 1,223 |
Net income (loss) | 129 | 58 | 44 |
Distributions | (124) | (116) | (104) |
Adjustment to reflect limited partners' capital at redemption value | 0 | ||
Balance | $ 1,110 | $ 1,105 | $ 1,163 |
Consolidated Statements of Ca15
Consolidated Statements of Cash Flows (UNITED DOMINION REALTY, L.P) (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Activities | |||
Net income/(loss) | $ 357,159 | $ 159,842 | $ 46,282 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 381,277 | 363,929 | 348,231 |
Gain/(loss) on sales of real estate owned | 251,677 | 143,572 | 0 |
Income/(loss) from unconsolidated entities | (62,329) | 7,006 | 415 |
Other | 6,612 | 13,104 | 15,025 |
Changes in operating assets and liabilities: | |||
Increase/(decrease) in operating assets | (3,968) | (1,074) | (15,135) |
Increase/(decrease) in operating liabilites | (9,590) | (5,618) | (16,699) |
Net cash provided by operating activities | 431,615 | 392,360 | 339,902 |
Investing Activities | |||
Acquisition of real estate assets | 244,769 | 228,810 | 0 |
Development of real estate assets | (103,205) | (251,493) | (280,603) |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | 113,400 | 96,679 | 153,676 |
Net cash provided by/(used in) investing activities | (238,449) | (293,660) | (123,209) |
Financing Activities | |||
Proceeds from the issuance of secured debt | 127,600 | 5,502 | 0 |
Payments on secured debt | (193,958) | (80,961) | (46,564) |
Net cash (used in)/provided by financing activities | (201,648) | (113,725) | (198,559) |
Net increase/(decrease) in cash and cash equivalents | (8,482) | (15,025) | 18,134 |
Cash and cash equivalents, beginning of period | 15,224 | 30,249 | 12,115 |
Cash and cash equivalents, end of period | 6,742 | 15,224 | 30,249 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 130,240 | 131,815 | 127,877 |
Real Estate Investment Property, Net | 6,407,555 | 5,770,855 | |
Acquisition of investment in DownREIT Partnership | 660,832 | 0 | 0 |
Secured debt, net | 1,376,945 | 1,354,321 | |
Deconsolidation of communitites contributed to DownREIT Partnership | 0 | 54,938 | 175,951 |
United Dominion Reality L.P. | |||
Operating Activities | |||
Net income/(loss) | 215,063 | 97,179 | 77,942 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 169,784 | 179,176 | 181,302 |
Gain/(loss) on sales of real estate owned | 158,123 | 63,635 | 0 |
Net gain on the sale of depreciable property | 0 | 0 | 41,518 |
Income/(loss) from unconsolidated entities | 4,659 | 0 | 0 |
Other | 606 | 2,497 | 1,827 |
Changes in operating assets and liabilities: | |||
Increase/(decrease) in operating assets | 385 | (1,756) | (11,685) |
Increase/(decrease) in operating liabilites | (5,609) | (5,429) | 478 |
Net cash provided by operating activities | 226,765 | 208,032 | 208,346 |
Investing Activities | |||
Acquisition of real estate assets | 141,424 | 0 | 0 |
Proceeds from sales of real estate investments, net | 232,728 | 47,922 | 79,437 |
Development of real estate assets | (6,280) | (47,220) | (66,407) |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | 61,441 | 47,352 | 76,984 |
Net cash provided by/(used in) investing activities | 23,583 | (46,650) | (63,954) |
Financing Activities | |||
Advances from General Partner, net | (232,764) | (153,751) | (92,537) |
Proceeds from the issuance of secured debt | 184,638 | 5,909 | 0 |
Payments on secured debt | (189,244) | (4,995) | (42,237) |
Distributions paid to partnership unitholders | (10,367) | (9,929) | (9,348) |
Payment of financing costs | (10) | (11) | (1,177) |
Net cash (used in)/provided by financing activities | (247,747) | (162,777) | (145,299) |
Net increase/(decrease) in cash and cash equivalents | 2,601 | (1,395) | (907) |
Cash and cash equivalents, beginning of period | 502 | 1,897 | 2,804 |
Cash and cash equivalents, end of period | 3,103 | 502 | 1,897 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 44,881 | 44,629 | 42,506 |
Acquisition of investment in DownREIT Partnership | 174,822 | 0 | 0 |
Secured debt, net | 475,964 | 927,484 | |
Deconsolidation of communitites contributed to DownREIT Partnership | 0 | 0 | |
Real estate distributed to the General Partner | 0 | 0 | 74,586 |
OP Units redeemed by General Partner in partial consideration for real estate distributed | (77,041) | ||
Reallocation of Credit Facilities Debt from General Partner | 17,557 | 0 | 13,682 |
Development costs and capital expenditures Incurred but not yet paid | 3,118 | 7,254 | 6,371 |
Partnership Capital [Member] | United Dominion Reality L.P. | |||
Supplemental Information: | |||
OP Units redeemed by General Partner in partial consideration for real estate distributed | 0 | 0 | (23,329) |
UDR Lighthouse DownREIT L.P. [Member] | United Dominion Reality L.P. | |||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Gain/(loss) on sales of real estate owned | 133,500 | ||
Financing Activities | |||
Cash and cash equivalents, end of period | (140) | ||
Supplemental Information: | |||
Real Estate Investment Property, Net | (405,116) | $ 0 | $ 0 |
Secured debt, net | $ (228,390) |
Consolidation and Basis of Pres
Consolidation and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
CONSOLIDATION AND BASIS OF PRESENTATION | CONSOLIDATION AND BASIS OF PRESENTATION Organization and Formation UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities generally in high barrier-to-entry markets located in the United States. The high barrier-to-entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. At December 31, 2015 , our consolidated apartment portfolio consisted of 133 consolidated communities located in 18 markets consisting of 40,728 apartment homes. In addition, the Company has an ownership interest in 6,696 apartment homes through unconsolidated joint ventures. Basis of Presentation The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see the “Consolidated Joint Ventures” section of Note 5, Joint Ventures and Partnerships , for further discussion). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of December 31, 2015 and 2014 , there were 183,278,698 units in the Operating Partnership (“OP Units”) outstanding, of which 174,225,399 or 95.1% and 174,113,225 or 95.0% , respectively, were owned by UDR and 9,053,299 or 4.9% and 9,165,473 or 5.0% , respectively, were owned by outside limited partners. As of December 31, 2015 , there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 16,229,407 or 50.1% were owned by UDR (of which, 13,470,651 or 41.6% were held by the Operating Partnership) and 16,137,973 or 49.9% were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those mentioned in Note 4, Real Estate Owned and Note 6, Secured and Unsecured Debt, Net . |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with the ASU, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted. The early adoption provision excludes components of an entity that were sold or classified as held for sale prior to the adoption of the standard. The Company elected to early adopt this standard effective January 1, 2014, which had a significant impact on the Company’s consolidated financial statements as further discussed in Note 3, Discontinued Operations . Subsequent to the Company’s adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard is included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method, and the standard will be effective for the Company on January 1, 2017; early adoption is not permitted. The Company has not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. 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 of consolidation. Under ASU 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. 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 must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the period of adoption or retrospectively to each period presented. The Company does not expect the adoption of the new standard to result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. Upon adopting the new standard, the Company expects that the Operating Partnership and DownREIT Partnership will become VIEs as the limited partners of both entities lack substantive kick-out rights and substantive participating rights. The Company expects to be the primary beneficiary of, and continue to consolidate, both entities. 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. ASU 2015-03 did not directly address presentation or subsequent measurement of issuance costs related to line-of-credit arrangements. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies that such costs may be presented as an asset and subsequently amortized over the term of the line-of-credit arrangement. The cumulative 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 elected to early adopt ASU 2015-03 and ASU 2015-15 during the fourth quarter of 2015. As a result, for all periods presented, deferred financing costs related to secured and unsecured debt are included as reductions to Secured debt, net and Unsecured debt, net , respectively, on the accompanying Consolidated Balance Sheets and deferred financing costs related to revolving credit facilities are included within Other assets on the accompanying Consolidated Balance Sheets. At December 31, 2015, $7.9 million , $5.5 million and $12.4 million of deferred financing costs were included within Other assets , Secured debt, net , and Unsecured debt, net , respectively. At December 31, 2014, the following amounts of deferred financing costs were reclassified ( in thousands ): Deferred financing costs Other assets Secured debt, net Unsecured Debt, net December 31, 2014 As previously presented $ 22,686 $ 105,202 $ 1,361,529 $ 2,221,576 Reclassification of deferred financing costs (22,686 ) 4,880 (7,208 ) (10,598 ) As presented herein $ — $ 110,082 $ 1,354,321 $ 2,210,978 In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which requires that the cumulative impact of a measurement-period adjustment, including impacts on prior periods, be recognized in the reporting period in which the adjustment amount is determined and, therefore, eliminates the requirement to retrospectively account for the adjustment in prior periods presented. The new standard will be effective for the Company beginning on January 1, 2016 and must be applied prospectively to measurement-period adjustments that occur after the effective date. The Company will comply with the new guidance upon adoption. Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation . The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the years ended December 31, 2015 , 2014 , and 2013 were $6.3 million , $9.0 million and $11.1 million , respectively. During the years ended December 31, 2015 , 2014 , and 2013 , total interest capitalized was $16.1 million , $20.2 million , and $29.4 million , respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. Notes Receivable The following table summarizes our notes receivable, net as of December 31, 2015 and 2014 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, Note due February 2017 (a) 10.00 % $ 12,994 $ 11,869 Note due July 2017 (b) 8.00 % 2,500 2,500 Note due October 2020 (c) 8.00 % 1,200 — Total notes receivable, net $ 16,694 $ 14,369 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $13.0 million , which bears an interest rate of 10.00% per annum. During the year ended December 31, 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 , which bears an interest rate of 8.00% per annum. 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). (c) In October 2015, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million , which bears an interest rate of 8.00% per annum. During the year ended December 31, 2015 , the Company loaned $1.2 million under the note. Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). During the years ended December 31, 2015 , 2014 , and 2013 , the Company recognized $1.5 million , $3.4 million and $4.1 million , respectively, of interest income from notes receivable, of which $0.0 , $0.0 and $0.8 million , respectively, was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as variable interest entities where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a variable interest entity, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2015 , the Company did not determine any of our joint ventures or partnerships to be variable interest entities. We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units outside of permanent equity and reports the OP Units at their redemption value using the Company’s stock price at each balance sheet date. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of December 31, 2015 and 2014 , UDR’s net deferred tax asset of $11.8 million , net of valuation allowance of $0.1 million , and $7.0 million , which had no valuation allowance, respectively, was 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 tha n not (greater than 50 percent probability) to b e sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 income tax expense. Discontinued Operations Prior to the adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , the results of operations for those properties sold during the year or classified as held for sale at the end of the current year were classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Company will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Company determines that the property no longer meets the criteria for held for sale, the Company will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For performance based awards, the Company remeasures the fair value each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation. For further discussion, see Note 9, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item General and administrative . During the years ended December 31, 2015 , 2014 , and 2013 , total advertising expense was $6.4 million , $6.0 million , and $5.7 million , respectively. Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2015 , 2014 , and 2013 , the Company's other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments and marketable securities reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to redeemable noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in interest expense in the accompanying Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The (gain)/loss on marketable securities reclassified from other comprehensive income/(loss) is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2015 , 2014 , and 2013 was $(0.3) million , $(0.1) million , and $0.3 million , respectively. Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2015 , the Company held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; Metropolitan D.C.; and New York, New York markets. |
Real Estate Owned
Real Estate Owned | 12 Months Ended |
Dec. 31, 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 sale properties. As of December 31, 2015 , the Company owned and consolidated 133 communities in 10 states plus the District of Columbia totaling 40,728 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2015 and 2014 (dollars in thousands): December 31, December 31, 2014 Land $ 1,833,156 $ 1,790,281 Depreciable property — held and used: Land improvements 173,821 189,940 Building, improvements, and furniture, fixtures and equipment 7,046,622 6,225,406 Under development: Land 78,085 24,584 Building, improvements, and furniture, fixtures and equipment 45,987 153,048 Real estate held for disposition: Land 9,963 — Building, improvements, and furniture, fixtures and equipment 2,642 — Real estate owned 9,190,276 8,383,259 Accumulated depreciation (2,646,874 ) (2,434,772 ) Real estate owned, net $ 6,543,402 $ 5,948,487 Acquisitions In October 2015, the Company completed the acquisition of six Washington, D.C. area properties from Home Properties, L.P., a New York limited partnership (“Home OP”), for a total contractual purchase price of $900.6 million , which was comprised of $564.8 million of newly issued units of limited partnership interest (“DownREIT Units”) in the newly formed DownREIT Partnership issued at $35 per unit (a total of 16.1 million units), the assumption of $89.3 million of debt, $221.0 million of reverse tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”), and $25.5 million of cash. In addition, the Company issued approximately 14.0 million shares of its Series F Preferred Stock to former limited partners of Home OP, which had the right to subscribe for one share of Series F Preferred Stock for each DownREIT Unit issued in connection with the acquisitions. The Company holds a 50.1% controlling ownership interest in, and consolidates, the DownREIT Partnership. See Note 11, Noncontrolling Interests , for additional information regarding the DownREIT Partnership formation and the Company’s controlling rights in the partnership. Of the six properties acquired from Home OP, four were acquired through the DownREIT Partnership, one was acquired by the Company through a reverse Section 1031 exchange and one was acquired by the Operating Partnership through a reverse Section 1031 exchange, as reflected in the following table: Property Location Eleven55 Ripley (a) Silver Spring, MD Arbor Park of Alexandria (a) Alexandria, VA Newport Village (a) Alexandria, VA The Courts at Dulles (a) Herndon, VA 1200 East West (b) Silver Spring, MD Courts at Huntington Station (c) Alexandria, VA (a) Acquired through the DownREIT Partnership. (b) Acquired by the Company through a reverse Section 1031 exchange. (c) Acquired by the Operating Partnership through a reverse Section 1031 exchange. The Company has performed a valuation analysis of the fair market value of the assets and liabilities of the properties acquired from Home OP. The following table summarizes the allocation of the purchase price as of the acquisition date ( in thousands ): Assets: Land $ 173,924 Buildings 708,455 Intangible assets 25,455 Total assets 907,834 Liabilities: Secured debt (96,486 ) Below-market in-place leases (542 ) Total liabilities (97,028 ) Total assets acquired less liabilities assumed $ 810,806 Substantially all acquired intangible assets will be amortized in 2016 based on the average term of acquired leases of 14 months or less. The Company’s results of operations include operating revenues of $15.6 million and net loss from continuing operations of $9.2 million related to the six Washington, D.C. area properties acquired from Home OP from the acquisition date to December 31, 2015. The unaudited pro forma information below summarizes the Company’s combined results of operations for the years ended December 31, 2015 and 2014 as though the above acquisition was completed on January 1, 2014. The information for the year ended December 31, 2015 includes pro forma results for the portion of the period prior to the acquisition date and actual results from the date of acquisition through the end of the period. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor does it purport to represent the Company’s results of operations for future periods ( in thousands ): Year Ended December 31, 2015 2014 Pro forma revenues $ 943,421 $ 877,287 Pro forma net income/(loss) attributable to common stockholders $ 319,385 $ 105,875 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. All existing leases were assumed by the Company at the time of the acquisition. In 2014, the Company acquired a fully-entitled land parcel for future development located in Huntington Beach, California for $77.8 million , two communities, located in Seattle, Washington and Kirkland, Washington, with a total of 358 apartment homes for $45.5 million and $75.2 million , respectively, and a land parcel for future development located in Boston, Massachusetts for $32.2 million . The four acquisitions during the year ended December 31, 2014 were accomplished through tax-deferred Section 1031 exchanges. The Company incurred $2.1 million , $0.4 million and $0.1 million of acquisition-related costs during the years ended December 31, 2015 , 2014 , and 2013 , respectively. These expenses are reported within the line item General and Administrative on the Consolidated Statements of Operations. Dispositions During the year ended December 31, 2015 , the Company sold 12 communities with a total of 2,735 apartment homes for gross proceeds of $408.7 million , resulting in net proceeds of $387.7 million and a total gain of $251.7 million . A portion of the sale proceeds was designated for tax-deferred Section 1031 exchanges for a 2014 acquisition and the October 2015 acquisitions. During the year ended December 31, 2014, the Company sold nine communities consisting of a total of 2,500 apartment homes, an adjacent parcel of land, and one operating property for gross proceeds of $328.4 million , resulting in net proceeds of $324.4 million and a total gain, net of tax, of $138.6 million . A portion of the sale proceeds was designated for tax-deferred Section 1031 exchanges that was used to fund acquisitions of real estate as discussed above. In December 2014, the Company sold a 49% interest in 13th and Market and a 50% interest in 3033 Wilshire to MetLife for approximately $54.2 million and $8.3 million , respectively, and recognized, net of tax, a gain of $7.2 million and a loss of $2.2 million , respectively. Subsequent to the sale, the two communities are accounted for under the equity method of accounting and are included in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. See further discussion of this transaction in Note 5, Joint Ventures and Partnerships . The activity of the two communities prior to sale is classified as a component of continuing operations on the Consolidated Statements of Operations. In February 2016, the Company sold a parcel of land located in Santa Monica, California for net proceeds of approximately $9.6 million and a net gain of approximately $2.1 million . In December 2015, the Company received a nonrefundable deposit on the pending sale of a parcel of land located in Santa Monica, California. The asset is included in Real estate held for disposition on the Consolidated Balance Sheets as of December 31, 2015. The sale is expected to close in March 2016 at a gross sales price of $13.5 million . |
Joint Ventures
Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
JOINT VENTURES | JOINT VENTURES AND PARTNERSHIPS UDR has entered into joint ventures and partnerships with unrelated third parties to acquire real estate assets that are either consolidated and included in Real Estate Owned on the Consolidated Balance Sheets or are accounted for under the equity method of accounting, and are included in Investment in and Advances to Unconsolidated Joint Ventures, Net on the Consolidated Balance Sheets. The Company consolidates the entities that we control as well as any variable interest entity where we are the primary beneficiary. In addition, the Company consolidates any joint venture or partnership in which we are the general partner or managing partner and the third party does not have the ability to substantively participate in the decision-making process nor the ability to remove us as general partner or managing partner without cause. UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships. The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2015 and 2014 (dollars in thousands) : Joint Venture Location of Properties Number of Properties Number of Apartment Homes Investment at UDR’s Ownership Interest December 31, December 31, December 31, December 31, December 31, December 31, Operating and development: UDR/MetLife I Various 4 land parcels — $ 15,894 $ 13,306 17.2 % 15.7 % UDR/MetLife II (a) Various 21 operating communities 4,642 425,230 431,277 50.0 % 50.0 % Other UDR/MetLife Development Joint Ventures 1 operating community; 4 development communities (b); Various 1 land parcels 1,437 171,659 134,939 50.6 % 50.6 % UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 6 land parcels 1,130 73,469 80,302 50.0 % 50.0 % UDR/KFH Washington, D.C. 3 operating communities 660 17,211 21,596 30.0 % 30.0 % Texas (c) Texas — — — (25,901 ) — % 20.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment and preferred equity investment 703,463 655,519 Investment at Income from investments for the years ending December 31, Location Rate Years To Maturity December 31, December 31, 2015 2014 2013 Participating loan investment: Steele Creek Denver, CO 6.5% 1.6 90,747 62,707 $ 5,453 $ 2,350 $ 156 Preferred equity investment: West Coast Development Joint Venture (d) Various 6.5% — 144,696 — $ 3,692 $ — $ — Total investment in and advances to unconsolidated joint ventures, net $ 938,906 $ 718,226 (a) In September 2015, the 717 Olympic community, which is held by the UDR/MetLife II joint venture, experienced extensive water damage due a ruptured water pipe. For the year ended December 31, 2015, the Company recorded losses of $2.5 million , its proportionate share of the total losses incurred. (b) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes. As of December 31, 2015 , no apartment homes had been completed in Other UDR/MetLife Development Joint Ventures. (c) In January 2015, the eight communities held by the Texas joint venture were sold, generating net proceeds to UDR of $44.2 million . The Company recorded promote and fee income of $10.0 million and a gain of $59.4 million (including $24.2 million of previously deferred gains) in connection with the sale. (d) 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 ownership interest in a portfolio of five communities that are currently under construction (the "West Coast Development Joint Venture"). 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 are 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 December 31, 2015 of $144.7 million is inclusive of outside basis costs and our accrued but unpaid preferred return. During the year ended December 31, 2015 , the Company earned a preferred return of $5.2 million , offset by its share of the West Coast Development Joint Venture transaction expenses of $1.5 million . As of December 31, 2015 and 2014 , the Company had deferred fees and deferred profit of $6.8 million and $24.7 million , respectively, which will be recognized through earnings over the weighted average life of the related properties, upon the disposition of the properties to a third party, or upon completion of certain development obligations. The Company recognized $11.3 million , $11.3 million , and $11.2 million of management fees during the years ended December 31, 2015 , 2014 , and 2013 , respectively, for our management of the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund development, acquisitions or operations. We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not recognize any other-than-temporary decrease in the value of its other investments in unconsolidated joint ventures or partnerships during the years ended December 31, 2015 , 2014 , and 2013 . Combined summary financial information relating to all of the unconsolidated joint ventures and partnerships operations (not just our proportionate share), is presented below for the years ended December 31, 2015 , 2014 , and 2013 ( dollars in thousands): As of and For the Year Ended December 31, 2015 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 541 $ 170,062 $ 7,634 $ 22,139 $ 19,338 $ — $ 219,714 Property operating expenses (906 ) (63,516 ) (3,826 ) (11,519 ) (7,733 ) — (87,500 ) Real estate depreciation and amortization (818 ) (46,616 ) (6,897 ) (6,639 ) (14,522 ) — (75,492 ) Operating income/(loss) (1,183 ) 59,930 (3,089 ) 3,981 (2,917 ) — 56,722 Interest expense — (52,037 ) (2,566 ) (4,848 ) (5,539 ) — (64,990 ) Income/(loss) from discontinued operations (20 ) — — — — 184,138 184,118 Net income/(loss) $ (1,203 ) $ 7,893 $ (5,655 ) $ (867 ) $ (8,456 ) $ 184,138 $ 175,850 UDR recorded income (loss) from unconsolidated entities $ (513 ) $ 3,578 $ 6,088 $ (3,711 ) $ (2,537 ) $ 59,424 $ 62,329 Condensed Balance Sheets: Total real estate, net $ 92,915 $ 1,942,630 $ 604,611 $ 273,897 $ 221,704 $ — $ 3,135,757 Cash and cash equivalents 1,202 20,767 5,996 7,185 1,320 10 36,480 Other assets 174 24,914 1,921 2,317 565 — 29,891 Total assets 94,291 1,988,311 612,528 283,399 223,589 10 3,202,128 Amount due to/(from) UDR 2 — 5,929 908 427 — 7,266 Third party debt — 1,122,662 201,114 126,388 164,299 — 1,614,463 Accounts payable and accrued liabilities 395 24,244 62,267 7,137 1,480 — 95,523 Total liabilities 397 1,146,906 269,310 134,433 166,206 — 1,717,252 Total equity $ 93,894 $ 841,405 $ 343,218 $ 148,966 $ 57,383 $ 10 $ 1,484,876 UDR’s investment in and advances to unconsolidated joint ventures $ 15,894 $ 425,230 $ 407,102 $ 73,469 $ 17,211 $ — $ 938,906 As of and For the Year Ended December 31, 2014 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 727 $ 152,047 $ 1,579 $ 19,376 $ 19,724 $ — $ 193,453 Property operating expenses 618 52,150 1,122 10,711 7,498 — 72,099 Real estate depreciation and amortization 2,130 41,504 3,959 7,380 14,426 — 69,399 Operating income/(loss) (2,021 ) 58,393 (3,502 ) 1,285 (2,200 ) — 51,955 Interest expense — (48,493 ) (94 ) (4,131 ) (5,873 ) — (58,591 ) Income/(loss) from discontinued operations (31,802 ) — — — — (4,229 ) (36,031 ) Net income/(loss) $ (33,823 ) $ 9,900 $ (3,596 ) $ (2,846 ) $ (8,073 ) $ (4,229 ) $ (42,667 ) UDR recorded income/(loss) from unconsolidated entities $ (2,955 ) $ 2,814 $ 576 $ (4,068 ) $ (2,601 ) $ (772 ) $ (7,006 ) Condensed Balance Sheets: Total real estate, net $ 89,482 $ 1,986,237 $ 351,861 $ 278,600 $ 235,623 $ — $ 2,941,803 Assets held for sale 1,978 — — — — 214,218 216,196 Cash and cash equivalents 1,983 15,245 6,239 6,570 2,507 — 32,544 Other assets (a) (146 ) 12,938 1,101 3,248 708 — 17,849 Total assets (a) 93,297 2,014,420 359,201 288,418 238,838 214,218 3,208,392 Amount due to/(from) UDR 107 (444 ) 843 1,960 531 — 2,997 Third party debt (a) — 1,140,458 65,408 122,964 164,789 — 1,493,619 Liabilities held for sale 5,110 — — — — 224,596 229,706 Accounts payable and accrued liabilities (a) 749 17,573 17,851 6,766 1,396 — 44,335 Total liabilities (a) 5,966 1,157,587 84,102 131,690 166,716 224,596 1,770,657 Total equity $ 87,331 $ 856,833 $ 275,099 $ 156,728 $ 72,122 $ (10,378 ) $ 1,437,735 UDR’s investment in and advances to unconsolidated joint ventures $ 13,306 $ 431,277 $ 197,646 $ 80,302 $ 21,596 $ (25,901 ) $ 718,226 (a) The Company elected to early adopt FASB ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, and ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , during the fourth quarter of 2015. See Note 2, Significant Accounting Policies , for a complete description of the ASUs and their impact. Under the ASUs, deferred financing costs related to debt are treated as offsets to the debt instead of assets. As a result of adopting the ASUs, the following retrospective changes were made to the above table: For the Year Ended December 31, 2014 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Other assets - as previously reported $ (146 ) $ 19,589 $ 4,203 $ 3,933 $ 1,128 $ — $ 28,707 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Other assets - as presented above $ (146 ) $ 12,938 $ 1,101 $ 3,248 $ 708 $ — $ 17,849 Total assets - as previously reported $ 93,297 $ 2,021,071 $ 362,303 $ 289,103 $ 239,258 $ 214,218 $ 3,219,250 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Total assets - as presented above $ 93,297 $ 2,014,420 $ 359,201 $ 288,418 $ 238,838 $ 214,218 $ 3,208,392 Third party debt - as previously reported $ — $ 1,147,109 $ 68,510 $ 123,649 $ 165,209 $ — $ 1,504,477 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Third party debt - as presented above $ — $ 1,140,458 $ 65,408 $ 122,964 $ 164,789 $ — $ 1,493,619 Accounts payable and accrued liabilities - as previously reported $ 749 $ 17,573 $ 17,851 $ 6,766 $ 1,396 $ — $ 44,335 Deferred financing costs — — — — — — — Accounts payable and accrued liabilities - as presented above $ 749 $ 17,573 $ 17,851 $ 6,766 $ 1,396 $ — $ 44,335 Total liabilities - as previously reported $ 5,966 $ 1,164,238 $ 87,204 $ 132,375 $ 167,136 $ 224,596 $ 1,781,515 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Total liabilities - as presented above $ 5,966 $ 1,157,587 $ 84,102 $ 131,690 $ 166,716 $ 224,596 $ 1,770,657 For the Year Ended December 31, 2013 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 691 $ 109,926 $ 5,324 $ 7,680 $ 19,221 $ — $ 142,842 Property operating expenses 621 33,809 3,292 4,633 7,035 — 49,390 Real estate depreciation and amortization 115 30,122 3,564 3,830 14,199 — 51,830 Operating income/(loss) (45 ) 45,995 (1,532 ) (783 ) (2,013 ) — 41,622 Interest expense — (37,055 ) (913 ) (1,886 ) (5,872 ) — (45,726 ) Other income/(expense) — 1 — — — — 1 Income/(loss) from discontinued operations (22,388 ) — — — — (9,584 ) (31,972 ) Net income/(loss) $ (22,433 ) $ 8,941 $ (2,445 ) $ (2,669 ) $ (7,885 ) $ (9,584 ) $ (36,075 ) UDR recorded income/(loss) from unconsolidated entities $ (4,675 ) $ 4,471 $ 6,224 $ (2,851 ) $ (2,366 ) $ (1,218 ) $ (415 ) |
Secured Debt and Unsecured Debt
Secured Debt and Unsecured Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
SECURED DEBT AND UNSECURED DEBT | SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at December 31, 2015 and 2014 ( dollars in thousands): Principal Outstanding For the Year Ended December 31, 2015 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered December 31, 2015 2014 Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 442,617 $ 401,210 4.57 % 4.5 8 Fannie Mae credit facilities (b) 514,462 568,086 5.23 % 3.1 18 Deferred financing costs (4,278 ) (5,583 ) Total fixed rate secured debt, net 952,801 963,713 4.93 % 3.7 26 Variable Rate Debt Mortgage notes payable 31,337 31,337 2.19 % 1.1 1 Tax-exempt secured notes payable (c) 94,700 94,700 0.75 % 7.2 2 Fannie Mae credit facilities (b) 299,378 266,196 1.71 % 4.1 8 Deferred financing costs (1,271 ) (1,625 ) Total variable rate secured debt, net 424,144 390,608 1.53 % 4.5 11 Total Secured Debt, net 1,376,945 1,354,321 3.88 % 4.0 37 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facilities due January 2020 and December 2017, respectively (d) (h) 150,000 152,500 1.19 % 4.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (e) — — — % 3.0 1.21% Term Loan Facility due January 2021 and June 2018, respectively (d) (h) 35,000 35,000 1.21 % 5.1 Fixed Rate Debt 5.25% Medium-Term Notes due January 2015 (net of discounts of $0 and $6, respectively) (f) — 325,169 — % 0.0 5.25% Medium-Term Notes due January 2016 (i) 83,260 83,260 5.25 % 0.0 6.21% Medium-Term Note due July 2016 (j) 12,091 — 6.21 % 0.5 4.25% Medium-Term Notes due June 2018 (net of discounts of $1,037 and $1,465, respectively) (h) 298,963 298,535 4.25 % 2.4 3.70% Medium-Term Notes due October 2020 (net of discounts of $38 and $46, respectively) (h) 299,962 299,954 3.70 % 4.8 1.44% Term Loan Facility due January 2021 and June 2018, respectively (d) (h) 315,000 315,000 1.44 % 5.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $2,164 and $2,523, respectively) (h) 397,836 397,477 4.63 % 6.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $886 and $990, respectively) (h) 299,114 299,010 3.75 % 8.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 8.7 4.00% Medium-Term Notes due October 2025 (net of discount of $671 and $0, respectively) (g) (h) 299,329 — 4.00 % 9.8 Other 24 27 N/A N/A Deferred financing costs (12,373 ) (10,598 ) N/A N/A Total Unsecured Debt, net 2,193,850 2,210,978 3.64 % 5.7 Total Debt, net $ 3,570,795 $ 3,565,299 3.74 % 5.0 For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of December 31, 2015 , secured debt encumbered $2.4 billion or 25.9% of UDR’s total real estate owned based upon gross book value ( $6.8 billion or 74.1% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2015 , fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from June 2016 through November 2025 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, 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. In October 2015, the Company assumed debt with a fair market value of $96.5 million as part of our acquisition of the six communities from Home OP, as described in Note 4, Real Estate Owned . During the years ended December 31, 2015 , 2014 , and 2013 , the Company had $5.3 million , $5.1 million , and $5.1 million , respectively, of amortization expense on the fair market adjustment of debt assumed in acquisition of properties, which was included in Interest expense on the Consolidated Statements of Operations. The unamortized fair market adjustment was a net premium of $10.0 million and $6.7 million at December 31, 2015 and 2014 , respectively. (b) UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $813.8 million at December 31, 2015 . The Fannie Mae credit facilities are for terms of seven to ten years (maturing at various dates from May 2017 through July 2023 ) and bear interest at floating and fixed rates. At December 31, 2015 , $514.5 million of the outstanding balance was fixed at a weighted average interest rate of 5.23% and the remaining balance of $299.4 million on these facilities had a weighted average variable interest rate of 1.71% . Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2014 Borrowings outstanding $ 813,840 $ 834,282 Weighted average borrowings during the period ended 822,521 835,873 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 3.9 % 4.0 % (c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature on August 2019 and March 2032 . Interest on these notes is payable in monthly installments. The variable mortgage notes have interest rates of 0.75% and 0.76% , respectively, as of December 31, 2015 . (d) On October 20, 2015, the Company, as borrower, entered into a credit agreement (the “Credit Agreement”), which provides for a $1.1 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million senior unsecured term loan facility (the “Term Loan Facility”). The Credit Agreement includes an accordion feature that allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan Facility to be increased to an aggregate maximum amount of up to $2.0 billion , subject to certain conditions, including obtaining commitments from any one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2020, with two six -month extension options, subject to certain conditions. The Term Loan Facility has a scheduled maturity date of January 29, 2021. The Credit Agreement replaced (i) the Company’s previous $900 million revolving credit facility originally scheduled to mature in December 2017 and (ii) the Company’s $250 million term loan and the Company’s $100 million term loan, both originally due June 2018. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points and a facility fee of 15 basis points, and the Term Loan Facility has an interest rate equal to LIBOR plus a margin of 95 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 85 to 155 basis points, the facility fee ranges from 12.5 to 30 basis points, and the margin under the Term Loan Facility ranges from 90 to 175 basis points. The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The Company’s obligations under the Credit Agreement are guaranteed by the Operating Partnership, pursuant to a guaranty dated as of October 20, 2015. The following is a summary of short-term bank borrowings under UDR’s revolving credit facility at December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Total revolving credit facility $ 1,100,000 $ 900,000 Borrowings outstanding at end of period (1) 150,000 152,500 Weighted average daily borrowings during the period ended 353,647 291,761 Maximum daily borrowings during the period ended 541,500 625,000 Weighted average interest rate during the period ended 1.1 % 1.2 % Interest rate at end of the period 1.2 % 1.1 % (1) Excludes $2.3 million and $1.9 million of letters of credit at December 31, 2015 and 2014 , respectively. (e) In December 2015, the Company entered into a working capital credit facility, which provides for a $30 million unsecured revolving credit facility (the “Working Capital Credit Facility”) with a scheduled maturity date of January 1, 2019. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points. Depending on the Company’s credit rating, the margin ranges from 85 to 155 basis points. (f) Paid off at maturity with borrowings under the Company’s $900 million unsecured revolving credit facility. (g) On September 22, 2015, the Company issued $300 million of 4.00% senior unsecured medium-term notes due October 1, 2025. Interest is payable semi-annually beginning on April 1, 2016. The notes were priced at 99.770% of the principal amount at issuance and had a discount of $0.7 million at December 31, 2015 . The Company used the net proceeds to pay down a portion of the borrowings outstanding on its prior $900 million unsecured credit facility and for general corporate purposes. The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200 million of this debt issuance. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.55% . (h) The Operating Partnership is a guarantor at December 31, 2015 and 2014 . (i) In January 2016, we paid off $83.3 million of 5.25% medium-term notes due January 2016 with borrowings under the Company’s $1.1 billion unsecured revolving credit facility. (j) The 6.21% Medium-Term Note due July 2016 was acquired in February 2015 as part of the acquisition of an office building in Highlands Ranch, Colorado, as described in See Note 4, Real Estate Owned. The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next ten years subsequent to December 31, 2015 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt Total Debt 2016 $ 149,058 $ — $ 149,058 $ 95,053 $ 244,111 2017 179,189 96,337 275,526 — 275,526 2018 73,096 137,969 211,065 300,000 511,065 2019 247,796 67,700 315,496 — 315,496 2020 170,664 — 170,664 450,000 620,664 2021 — — — 350,000 350,000 2022 — — — 400,000 400,000 2023 — 96,409 96,409 — 96,409 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 Thereafter — 27,000 27,000 — 27,000 Subtotal 947,403 425,415 1,372,818 2,210,697 3,583,515 Non-cash (a) 5,398 (1,271 ) 4,127 (16,847 ) (12,720 ) Total $ 952,801 $ 424,144 $ 1,376,945 $ 2,193,850 $ 3,570,795 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, deferred hedge gains, and deferred financing costs. For the years ended December 31, 2015 and 2014, the Company amortized $7.0 million and $7.2 million , respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2015 . |
Income_(Loss) Per Share (Notes)
Income/(Loss) Per Share (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | INCOME/(LOSS) PER SHARE The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 105,482 $ 16,260 $ 2,340 Gain/(loss) on sale of real estate owned, net of tax 251,677 143,572 — (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (16,773 ) (5,511 ) 48 (Income)/loss from continuing operations attributable to noncontrolling interests (3 ) 3 60 Income/(loss) from continuing operations attributable to UDR, Inc. 340,383 154,324 2,448 Distributions to preferred stockholders - Series E (Convertible) (3,722 ) (3,724 ) (3,724 ) Income/(loss) from continuing operations attributable to common stockholders - basic 336,661 150,600 (1,276 ) Dilutive distributions to preferred stockholders - Series E (Convertible) 3,722 — — Income/(loss) from continuing operations attributable to common stockholders - dilutive $ 340,383 $ 150,600 $ (1,276 ) Income/(loss) from discontinued operations, net of tax $ — $ 10 $ 43,942 (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership — — (1,578 ) Income/(loss) from discontinued operations attributable to common stockholders $ — $ 10 $ 42,364 Net income/(loss) attributable to common stockholders $ 336,661 $ 150,610 $ 41,088 Denominator for income/(loss) per share - basic and diluted: Weighted average common shares outstanding 259,873 252,707 250,684 Non-vested restricted stock awards (1,204 ) (1,179 ) (715 ) Denominator for income/(loss) per share - basic 258,669 251,528 249,969 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options and unvested restricted stock 5,083 1,917 — Denominator for income/(loss) per share - diluted 263,752 253,445 249,969 Income/(loss) per weighted average common share - basic: Income/(loss) from continuing operations attributable to common stockholders $ 1.30 $ 0.60 $ (0.01 ) Income/(loss) from discontinued operations attributable to common stockholders — — 0.17 Net income/(loss) attributable to common stockholders $ 1.30 $ 0.60 $ 0.16 Income/(loss) per weighted average common share - diluted: Income/(loss) from continuing operations attributable to common stockholders $ 1.29 $ 0.59 $ (0.01 ) Income/(loss) from discontinued operations attributable to common stockholders — — 0.17 Net income/(loss) attributable to common stockholders $ 1.29 $ 0.59 $ 0.16 Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per share is computed based upon the common shares issuable from the assumed conversion of the OP Units and DownREIT 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 year ended December 31, 2015 , the Company’s Series E preferred stock, stock options, and unvested restricted stock were dilutive. The effect of the conversion of the OP Units and DownREIT Units was not dilutive, and therefore not included in the above calculations. For the year ended December 31, 2014 , the Company’s stock options and unvested restricted stock were dilutive for purposes of calculating income/(loss) per share. The effect of the conversion of the OP Units and the Company’s Series E preferred stock were not dilutive, and therefore not included in the above calculations. For the year ended December 31, 2013, the effect of the conversion of the OP Units, the Company’s Series E preferred stock, stock options and restricted stock were not included in the above calculations as the Company reported a loss from continuing operations attributable to common stockholders. The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the years ended December 31, 2015 , 2014 , and 2013 (shares in thousands) : Year Ended December 31, 2015 2014 2013 OP Units 12,947 9,247 9,337 DownREIT Units 16,229 — — Preferred Stock 3,032 3,036 3,036 Stock options and unvested restricted stock 2,051 1,917 1,584 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
STOCKHOLDERS’ EQUITY | STOCKHOLDERS’ EQUITY UDR has an effective registration statement that allows the Company to sell an undetermined number of debt and equity securities as defined in the prospectus. The Company has the ability to issue 350,000,000 shares of common stock and 50,000,000 shares of preferred shares as of December 31, 2015 . The following table presents the changes in the Company’s issued and outstanding shares of common and preferred stock for the years ended December 31, 2015 , 2014 and 2013 : Common Stock Preferred Stock Series E Series F Balance at December 31, 2012 250,139,408 2,803,812 2,464,183 Issuance/(forfeiture) of common and restricted shares, net 533,966 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 76,291 — — Balance at December 31, 2013 250,749,665 2,803,812 2,464,183 Issuance/(forfeiture) of common and restricted shares, net 801,054 — — Issuance of common shares through public offering 3,410,433 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 153,451 — — Balance at December 31, 2014 255,114,603 2,803,812 2,464,183 Issuance/(forfeiture) of common and restricted shares, net 270,628 — — Issuance of common shares through public offering 6,339,636 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 112,174 — — Conversion of Series E Cumulative Convertible shares 7,480 (6,909 ) — Issuance of Series F shares — — 13,988,313 Balance at December 31, 2015 261,844,521 2,796,903 16,452,496 Common Stock The company has an equity distribution agreement which allows it from time to time, through its sales agents, to offer and sell up to 20,000,000 shares of its common stock. Sales of such shares will be made by means of ordinary brokers’ transactions on the NYSE at market prices. As of December 31, 2015 , 13,078,931 shares were available for sale under the continuous equity program. During the year ended December 31, 2015 , the Company entered into the following equity transactions for our common stock: • Sold 3,439,636 shares of common stock through the Company’s equity distribution agreement at a weighted average price per share of $32.29 , for aggregate gross proceeds of approximately $111.0 million ; • Sold 2,900,000 shares of common stock through a public offering at a weighted average price per share of $35.00 , for aggregate gross proceeds of approximately $101.5 million . • Issued 551,293 shares of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); and • Converted 112,174 OP Units into Company common stock. Distributions are subject to the approval of the Board of Directors and are dependent upon our strategy, financial condition and operating results. UDR’s common distributions for the years ended December 31, 2015 , 2014 , and 2013 totaled $1.11 , $1.04 , and $0.94 per share, respectively. Preferred Stock The Series E Cumulative Convertible Preferred Stock (“Series E”) has no stated par value and a liquidation preference of $16.61 per share. Subject to certain adjustments and conditions, each share of the Series E is convertible at any time and from time to time at the holder’s option into one share of our common stock prior to a “Special Dividend” declared in 2008 ( 1.083 shares after the Special Dividend). The holders of the Series E are entitled to vote on an as-converted basis as a single class in combination with the holders of common stock at any meeting of our stockholders for the election of directors or for any other purpose on which the holders of common stock are entitled to vote. The Series E has no stated maturity and is not subject to any sinking fund or any mandatory redemption. Distributions declared on the Series E for the years ended December 31, 2015 , 2014 , and 2013 were $1.33 per share. The Series E is not listed on any exchange. At December 31, 2015 and 2014 , a total of 2,796,903 and 2,803,812 shares, respectively, of the Series E were outstanding. UDR is authorized to issue up to 20,000,000 shares of the Series F Preferred Stock (“Series F”). The Series F may be purchased by holders of UDR’s operating partnership units, or OP Units, at a purchase price of $0.0001 per share. OP Unitholders are entitled to subscribe for and purchase one share of UDR’s Series F for each OP Unit held. In connection with the acquisition of the six properties from Home OP and the formation of the DownREIT Partnership in October 2015, the Company issued 13,988,313 Series F shares to former limited partners of the Home OP, which had the right to subscribe for one share of Series F for each DownREIT Unit issued in connection with the acquisitions. At December 31, 2015 and 2014 , a total of 16,452,496 and 2,464,183 shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,645 and $246 , respectively. Holders of the Series F are entitled to one vote for each share of the Series F they hold, voting together with the holders of our common stock, on each matter submitted to a vote of security holders at a meeting of our stockholders. The Series F does not entitle its holders to dividends or any other rights, privileges or preferences. Distribution Reinvestment and Stock Purchase Plan UDR’s Distribution Reinvestment and Stock Purchase Plan (the “Stock Purchase Plan”) allows common and preferred stockholders the opportunity to purchase, through the reinvestment of cash dividends, additional shares of UDR’s common stock. From inception through December 31, 2008, shareholders have elected to utilize the Stock Purchase Plan to reinvest their distribution for the equivalent of 9,957,233 shares of Company common stock. Shares in the amount of 10,963,730 were reserved for issuance under the Stock Purchase Plan as of December 31, 2015 . During the year ended December 31, 2015 , UDR acquired all shares issued through the open market. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
EMPLOYEE BENEFIT PLANS | EMPLOYEE BENEFIT PLANS In May 2001, the stockholders of UDR approved the long term incentive plan (“LTIP”), which supersedes the 1985 Stock Option Plan. The LTIP authorizes the granting of awards which may take the form of options to purchase shares of common stock, stock appreciation rights, restricted stock, dividend equivalents, other stock-based awards, and any other right or interest relating to common stock or cash incentive awards to Company directors, employees and outside trustees to promote the success of the Company by linking individual’s compensation via grants of share based payment. During the year ended December 31, 2015, the LTIP was amended to set forth the terms of new classes of partnership interests in the Operating Partnership designated as LTIP Units. As of December 31, 2015, 19,000,000 shares were reserved on an unadjusted basis for issuance upon the grant or exercise of awards under the LTIP. As of December 31, 2015 , there were 9,530,769 common shares available for issuance under the LTIP. The LTIP contains change of control provisions allowing for the immediate vesting of an award upon certain events such as a merger where UDR is not the surviving entity. Upon the death or disability of an award recipient all outstanding instruments will vest and all restrictions will lapse. The LTIP specifies that in the event of a capital transaction, which includes but is not limited to stock dividends, stock splits, extraordinary cash dividends and spin-offs, the number of shares available for grant in totality or to a single individual is to be adjusted proportionately. The LTIP specifies that when a capital transaction occurs that would dilute the holder of the stock award, prior grants are to be adjusted such that the recipient is no worse as a result of the capital transaction. A summary of UDR’s stock option and restricted stock activities during the year ended December 31, 2015 is as follows: Option Outstanding Option Exercisable Restricted Stock Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of shares Weighted Average Fair Value Per Restricted Stock Balance, December 31, 2014 2,265,842 $ 12.82 2,265,842 $ 12.82 999,978 $ 23.98 Granted — — — — 551,293 32.67 Exercised (30,879 ) 25.10 (30,879 ) 25.10 — — Vested — — — — (736,204 ) 23.52 Forfeited — — — — (14,691 ) 23.24 Balance, December 31, 2015 2,234,963 $ 12.65 2,234,963 $ 12.65 800,376 $ 30.40 As of December 31, 2015 , the Company had issued 5,083,498 shares of restricted stock under the LTIP. Stock Option Plan UDR has granted stock options to our employees, subject to certain conditions. Each stock option is exercisable into one common share. There is no remaining compensation cost related to unvested stock options as of December 31, 2015 . During the year ended December 31, 2015 , stock options with a fair value of $0.3 million were exercised. The weighted average remaining contractual life on all options outstanding as of December 31, 2015 is 2.9 years . 1,830,672 of share options had exercise prices at $10.06 and 404,291 of share options had exercise prices at $24.38 . During the years ended December 31, 2015 , 2014 , and 2013 , respectively, we did not recognize any net compensation expense related to outstanding stock options. Restricted Stock Awards Restricted stock awards are granted to Company employees, officers, and directors. The restricted stock awards are valued based upon the closing sales price of UDR common stock on the date of grant. Compensation expense is recorded under the straight-line method over the vesting period, which is generally three to four years. Restricted stock awards earn dividends payable in cash. Some of the restricted stock grants are based on the Company’s performance and are subject to adjustment during the initial one year performance period. For the years ended December 31, 2015 , 2014 , and 2013 , we recognized $3.2 million , $4.2 million , and $3.6 million of compensation expense related to the amortization of restricted stock awards, respectively. The total remaining compensation cost on unvested restricted stock awards was $3.0 million and had a weighted average remaining contractual life of 1.6 years as of December 31, 2015 . Long-Term Incentive Compensation In January 2015, certain officers of the Company were awarded a restricted stock grant under the 2015 Long-Term Incentive Program (“2015 LTI”). One-third of the 2015 LTI award is based upon FFO as Adjusted over a one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary of the end of the performance period. The remaining two-thirds of the 2015 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and will vest 100% at the end of the three-year performance period. The portion of the restricted stock grant based upon FFO as Adjusted was valued based upon the closing sales price of UDR common stock on the date of grant. The portion of the restricted stock grant based upon TSR was valued at $34.14 per share on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 16.5% . In December 2014, when the LTI program was changed from a one-year to a three-year performance period, a one-time transition (“Transition LTI”) award opportunity was approved commencing in 2015. One-third of the Transition LTI award is based upon FFO as Adjusted over a one-year period and will vest at the end of the performance period. The remaining two-thirds of the Transition LTI award is based on TSR as measured relative to comparable apartment REITs over a two-year period and will vest 100% at the end of the two-year performance period. The portion of the restricted stock grant based upon FFO as Adjusted was valued based upon the closing sales price of UDR common stock on the date of grant. The portion of the restricted stock grant based upon TSR was valued at $33.68 per share on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 16.6% . The intent of the transition award is to ensure consistent reward opportunity during the phase-in period of the three-year awards under the 2015 LTI plan. In February 2014, certain officers of the Company were awarded a restricted stock grant under the 2014 Long-Term Incentive Program (“2014 LTI”). Fifty percent of the 2014 LTI award is based upon FFO as Adjusted and fifty percent is based on TSR as measured relative to comparable apartment REITs. The actual amount that vests was determined in February 2015 based upon the actual achievement of the metrics. Each award vests pro rata over three years commencing with the establishment of the award and continuing for two years following determination of the amount of the award at the end of the annual performance period. The portion of the restricted stock grant based upon FFO as Adjusted was valued based upon the closing sales price of UDR common stock on the date of grant. The portion of the restricted stock grant based upon TSR was valued at $21.15 per share on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 23.8% . Compensation expense is recorded under the accelerated method over the vesting period for the 2014 LTI. In February 2013, certain officers of the Company were awarded a restricted stock grant under the 2013 Long-Term Incentive Program (“2013 LTI”). Fifty percent of the 2013 LTI award is based upon FFO and fifty percent is based on TSR as measured relative to comparable apartment REITs. The actual amount that vests was determined in February 2014 based upon the actual achievement of the metrics. Each award vests pro rata over three years commencing with the establishment of the award and continuing for two years following determination of the amount of the award at the end of the annual performance period. The portion of the restricted stock grant based upon FFO was valued based upon the closing sales price of UDR common stock on the date of grant. The portion of the restricted stock grant based upon TSR was valued at $21.97 per share on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 15.8% . Compensation expense is recorded under the accelerated method over the vesting period for the 2013 LTI. For the years ended December 31, 2015, 2014 and 2013, we recognized $14.8 million , $9.8 million and $5.9 million , respectively, of compensation expense related to the amortization of the awards. The total remaining compensation cost on unvested LTI awards was $8.3 million and had a weighted average remaining contractual life of 0.9 years as of December 31, 2015 . Profit Sharing Plan Our profit sharing plan (the “Plan”) is a defined contribution plan covering all eligible full-time employees. Under the Plan, UDR makes discretionary profit sharing and matching contributions to the Plan as determined by the Compensation Committee of the Board of Directors. Aggregate provisions for contributions, both matching and discretionary, which are included in UDR’s Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 , and 2013 , was $1.1 million , $0.9 million , and $0.9 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For 2015 , 2014 , and 2013 , UDR believes that we have complied with the REIT requirements specified in the Code. As such, the REIT would generally not be subject to federal income taxes. For income tax purposes, distributions paid to common stockholders may consist of ordinary income, qualified dividends, capital gains, unrecaptured section 1250 gains, return of capital, or a combination thereof. Distributions that exceed our current and accumulated earnings and profits constitute a return of capital rather than taxable income and reduce the stockholder’s basis in their common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholder’s basis in the common shares, it generally will be treated as a gain from the sale or exchange of that stockholder’s common shares. Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2015 , 2014 , and 2013 : Year Ended December 31, 2015 2014 2013 Ordinary income $ 0.595 $ 0.695 $ 0.744 Qualified ordinary income — 0.139 — Long-term capital gain 0.329 0.105 0.114 Unrecaptured section 1250 gain 0.168 0.076 0.067 Total $ 1.092 $ 1.015 $ 0.925 We have a TRS that is subject to federal and state income taxes. A TRS is a C-corporation which has not elected REIT status and as such is subject to United States federal and state income tax. The components of the provision for income taxes are as follows for the years ended December 31, 2015 , 2014 , and 2013 (dollars in thousands) : Year Ended December 31, 2015 2014 2013 Income tax (benefit)/provision Current Federal $ 29 $ 147 $ (1,030 ) State 871 550 846 Total current 900 697 (184 ) Deferred Federal (4,173 ) 20,138 (6,907 ) State (613 ) 5,159 (1,190 ) Total deferred (4,786 ) 25,297 (8,097 ) Total income tax (benefit)/provision $ (3,886 ) $ 25,994 $ (8,281 ) Classification of income tax (benefit)/provision: Continuing operations $ (3,886 ) $ (15,098 ) $ (7,299 ) Gain/(loss) on sale of real estate owned — 41,087 — Discontinued operations — 5 (982 ) Deferred income taxes are provided for the change in temporary differences between the basis of certain assets and liabilities for financial reporting purposes and income tax reporting purposes. The expected future tax rates are based upon enacted tax laws. The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2015 , 2014 , and 2013 (dollars in thousands): Year Ended December 31, 2015 2014 2013 Deferred tax assets: Federal and state tax attributes $ 2,227 $ — $ 13,069 Book/tax depreciation 9,016 6,692 19,354 Construction capitalization differences — 75 — Debt and interest deductions — — 10,311 Other 707 401 — Total deferred tax assets 11,950 7,168 42,734 Valuation allowance (81 ) — (1,310 ) Net deferred tax assets 11,869 7,168 41,424 Deferred tax liabilities: Construction capitalization differences — — (3,766 ) Investment in partnerships — — (5,080 ) Other (107 ) (192 ) (305 ) Total deferred tax liabilities (107 ) (192 ) (9,151 ) Net deferred tax asset $ 11,762 $ 6,976 $ 32,273 Income tax benefit/(provision), net differed from the amounts computed by applying the U.S. statutory rate of 35% to pretax income/(loss) for the years ended December 31, 2015 , 2014 , and 2013 as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Income tax (benefit)/provision U.S. federal income tax (benefit)/provision $ (4,383 ) $ 28,819 $ (8,493 ) State income tax provision 442 2,678 46 Other items (26 ) (137 ) 246 Conversion of certain TRS entities to REITs — (5,770 ) — Valuation allowance 81 404 (80 ) Total income tax (benefit)/provision $ (3,886 ) $ 25,994 $ (8,281 ) As of December 31, 2015 , the Company, had federal net operating loss carryovers (“NOL”) of $27.1 million expiring in 2032 through 2035 , of this amount $5.7 million is available to the Company. As of December 31, 2015 , the TRS had state NOLs of approximately $64.7 million expiring in 2020 through 2032 , of this amount $4.2 million is available to the TRS. As of December 31, 2015 , the Company had a valuation allowance of $0.1 million against its state NOL. During the year ended December 31, 2015 , the Company had a net change of $0.1 million in the valuation allowance. A portion of these attributes are still available to the subsidiary REITs, but are carried at a zero effective tax rate. For the year ended December 31, 2015 , the Tax benefit/(provision), net decreased $11.2 million as compared to 2014 . The decrease was primarily a result of the Company recognizing a one-time tax benefit of $5.8 million in 2014 related to the conversion of certain taxable REIT subsidiary entities into REITs. Additionally, Gain/(loss) on sale of real estate owned, net of tax included $0.0 and approximately $41.1 million of tax for the years ended December 31, 2015 and 2014, respectively. The remaining decrease is a result of the conversion of certain TRS subsidiaries to REITs in 2014, causing a zero rate to be applied to their 2015 income. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The financial statements reflect expected future tax consequences of income tax positions presuming the taxing authorities’ full knowledge of the tax position and all relevant facts, but without considering time values. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company evaluates our tax position using a two-step process. First, we determine whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will then determine the amount of benefit to recognize and record the amount of the benefit that is more likely than not to be realized upon ultimate settlement. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in income tax expense. As of December 31, 2015 and 2014 , UDR has no material unrecognized income tax benefits/(provisions). The Company files income tax returns in federal and various state and local jurisdictions. With few exceptions, the Company is no longer subject to federal, state and local income tax examination by tax authorities for years prior to 2011. The tax years 2011 through 2014 remain open to examination by the major taxing jurisdictions to which the Company is subject. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS UDR Lighthouse DownREIT L.P. Formation In October 2015, in connection with the acquisition of the properties from Home OP, described in Note 4, Real Estate Owned , the Company, as the sole general partner and a limited partner, and the Operating Partnership, as a limited partner, entered into the Agreement of Limited Partnership (the “DownREIT Partnership Agreement”) of the DownREIT Partnership. As the sole general partner of the DownREIT Partnership, the Company has full, complete and exclusive discretion to manage and control the business of the DownREIT Partnership and to make all decisions affecting the business and assets of the DownREIT Partnership, subject to certain limitations set forth in the DownREIT Partnership Agreement. As of the closing of the transactions, the Company and the Operating Partnership owned approximately 8.5% and 41.6% , respectively, of the DownREIT Units, which they received in exchange for their contribution of the following properties to the DownREIT Partnership: Property Location Ridge at Blue Hills (a) Braintree, MA Residences at the Domain (a) Austin, TX Inwood West (b) Woburn, MA Thirty377 (b) Dallas, TX Legacy Village (b) Plano, TX Delancey at Shirlington (b) Arlington, VA Circle Towers (b) Fairfax, VA Barton Creek Landing (b) Austin, TX The Whitmore (b) Arlington, VA (a) Contributed by the Company. (b) Contributed by the Operating Partnership. The limited partners have no power to remove the Company as general partner of the DownREIT Partnership. The DownREIT Partnership is structured to make distributions in respect of DownREIT Units that will be equivalent to the distributions made to holders of the Company’s common stock. Subject to certain terms and conditions set forth in the DownREIT Partnership Agreement, limited partners in the DownREIT Partnership (other than the Company and its affiliates) have the right, commencing one year after the date of issuance, to tender their DownREIT Units for redemption for cash or, at the Company’s election, for shares of its common stock on a one-for-one basis (subject to the anti-dilution adjustments provided in the DownREIT Partnership Agreement). Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income attributable to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units 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 and DownREIT Partnership for the years ended December 31, 2015 and 2014 ( dollars in thousands ): Year Ended December 31, 2015 2014 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 282,480 $ 217,597 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 102,703 73,954 DownREIT Units issued for real estate, net 563,836 — Conversion of OP Units to Common Stock (3,817 ) (4,372 ) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 16,773 5,511 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (15,231 ) (10,077 ) Allocation of other comprehensive income/(loss) (308 ) (133 ) Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year $ 946,436 $ 282,480 The following sets forth net income/(loss) attributable to common stockholders and transfers from redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the following periods (dollars in thousands) : Year Ended December 31, 2015 2014 2013 Net income/(loss) attributable to common stockholders $ 336,661 $ 150,610 $ 41,088 Conversion of OP units to UDR Common Stock 3,817 4,372 1,817 Change in equity from net income/(loss) attributable to common stockholders and conversion of OP units to UDR Common Stock $ 340,478 $ 154,982 $ 42,905 Noncontrolling Interests Noncontrolling interests represent interests of unrelated partners in certain consolidated affiliates, and is presented as part of equity in the Consolidated Balance Sheets since these interests are not redeemable. During the years ended December 31, 2015 , 2014 , and 2013 , Net (income)/loss attributable to noncontrolling interests was less than $0.1 million . |
Fair Value of Derivatives and F
Fair Value of Derivatives and Financial Instruments | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2015, Using Total Carrying Amount in Statement of Financial Position at December 31, 2015 Fair Value Estimate at December 31, 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) $ 16,694 $ 16,938 $ — $ — $ 16,938 Derivatives - Interest rate contracts (b) 13 13 — 13 — Total assets $ 16,707 $ 16,951 $ — $ 13 $ 16,938 Derivatives - Interest rate contracts (b) $ 2,112 $ 2,112 $ — $ 2,112 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 442,617 448,019 — — 448,019 Fannie Mae credit facilities 514,462 539,050 — — 539,050 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 299,378 299,378 — — 299,378 Unsecured debt instruments (c): Commercial banks 150,000 150,000 — — 150,000 Senior unsecured notes 2,056,223 2,108,687 — — 2,108,687 Total liabilities $ 3,590,829 $ 3,673,283 $ — $ 2,112 $ 3,671,171 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 946,436 $ 946,436 $ — $ 946,436 $ — 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 banks 152,500 152,500 — — 152,500 Senior unsecured notes 2,069,076 2,144,125 — — 2,144,125 Total liabilities $ 3,593,473 $ 3,721,512 $ — $ 10,368 $ 3,711,144 Redeemable noncontrolling interests in the Operating Partnership (d) $ 282,480 $ 282,480 $ — $ 282,480 $ — (a) See Note 2 , Significant Accounting Policies. (b) See Note 13, Derivatives and Hedging Activity. (c) See Note 6, Secured Debt and Unsecured Debt, Net. (d) See Note 11, Noncontrolling Interests. There were no transfers into or out of each of the levels of the fair value hierarchy. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2015 and 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 and DownREIT Partnership have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership are classified as Level 2. Financial Instruments Not Carried at Fair Value At December 31, 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 years ended December 31, 2015 , 2014 , and 2013 . After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates. |
Derivatives and Hedging Activit
Derivatives and Hedging Activity | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITY | DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2015 , 2014 , and 2013 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt and forecasted issuances of fixed-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2015 , the Company recognized a loss of less than $0.1 million reclassified from Accumulated OCI to Interest expense due to the de-designation of a cash flow hedge and recorded no other ineffectiveness to earnings. During the years ended December 31, 2014 and 2013 , the Company recorded a gain of less than $0.1 million of ineffectiveness in earnings attributable to a timing difference between the derivative and the hedged item. Amounts reported in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets relate to deferred gains/(losses) on designated derivatives that will be reclassified to interest expense as interest payments are made on the Company’s hedged debt. Through December 31, 2016 , the Company estimates that an additional $3.0 million will be reclassified as an increase to interest expense. As of December 31, 2015 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Product Number of Instruments Notional Interest rate swaps 5 $ 315,000 Interest rate caps 2 $ 203,166 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 or the Company has elected to not apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2015 and 2014 , and a gain of $0.3 million for the year ended December 31, 2013 . As of December 31, 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 3 $ 133,107 Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2015 and 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, Derivatives designated as hedging instruments: Interest rate products $ 9 $ 86 $ 2,112 $ 10,368 Derivatives not designated as hedging instruments: Interest rate products $ 4 $ 2 $ — $ — Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 , and 2013 ( 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) Year ended December 31, Year ended December 31, Year ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate products $ (6,393 ) $ (8,695 ) $ (469 ) $ (2,251 ) $ (4,834 ) $ (6,851 ) $ (11 ) $ 3 $ — Gain/(Loss) Recognized in Interest income and other income/(expense), net Year ended December 31, Derivatives Not Designated as Hedging Instruments 2015 2014 2013 Interest rate products $ (23 ) $ (4 ) 271 Credit-risk-related Contingent Features The Company has agreements with some of its derivative counterparties that contain a provision where (1) if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations; or (2) the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. Certain of the Company’s agreements with its derivative counterparties contain provisions where, if there is a change in the Company’s financial condition that materially changes the Company’s creditworthiness in an adverse manner, the Company may be required to fully collateralize its obligations under the derivative instrument. At December 31, 2015 and 2014 , no cash collateral was posted or required to be posted by the Company or by a counterparty. The Company also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative contract, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity's creditworthiness is materially weaker than the original party to the derivative agreement. As of December 31, 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 $2.2 million . If the Company had breached any of these provisions at December 31, 2015 , it would have been required to settle its obligations under the agreements at their termination value of $2.2 million . Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions in the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 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 Net Amount Financial Instruments Cash Collateral Received December 31, 2015 $ 13 $ — $ 13 $ — $ — $ 13 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 Consolidated Balance Sheets” located in this footnote. Offsetting of Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a) Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments Cash Collateral Posted December 31, 2015 $ 2,112 $ — $ 2,112 $ — $ — $ 2,112 December 31, 2014 $ 10,368 $ — $ 10,368 $ (27 ) $ — $ 10,341 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, 2015 ( dollars in thousands ): Number of Properties Costs Incurred to Date (a) Expected Costs to Complete (unaudited) Average Ownership Stake Wholly-owned — under development 1 $ 124,072 (b) $ 217,928 100 % Wholly-owned — redevelopment 3 11,302 (b) 16,698 100 % Joint ventures: Unconsolidated joint ventures 4 497,350 81,979 (c) Various Participating loan investments 1 90,747 (d) 2,711 (e) 0 % Preferred equity investments 5 136,327 (f) — 48 % Total $ 859,798 $ 319,316 (a) Represents 100% of project costs incurred to date. (b) Costs incurred to date include $12.6 million and $1.2 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 December 31, 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 December 31, 2015 . Ground and Other Leases UDR owns six communities which are subject to ground leases expiring between 2019 and 2103 . In addition, UDR is a lessee to various operating leases related to office space rented by the Company with expiration dates through 2017 . Future minimum lease payments as of December 31, 2015 are as follows (dollars in thousands): Ground Leases (a) Office Space 2016 $ 5,444 $ 207 2017 5,444 179 2018 5,444 76 2019 5,444 76 2020 4,486 76 Thereafter 311,858 32 Total $ 338,120 $ 646 (a) For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. UDR incurred $5.5 million , $5.4 million , and $5.2 million of ground rent expense for the years ended December 31, 2015 , 2014 , and 2013 , respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $0.3 million , $1.3 million , and $1.3 million of rent expense related to office space for the years ended December 31, 2015 , 2014 , and 2013 , respectively. These costs are included in General and Administrative on the Consolidated Statements of Operations. In February 2015, the Company acquired the office building in Highlands Ranch, Colorado, which housed its corporate offices it had previously leased. See Note 4, Real Estate Owned, for additional details. Contingencies Litigation and Legal Matters The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flow. |
Reportable Segments
Reportable Segments | 12 Months Ended |
Dec. 31, 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 NOI. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. UDR’s chief operating decision maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other : • Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2014 and held as of December 31, 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 year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. • Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the years ended December 31, 2015 , 2014 , and 2013 . The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the years ended December 31, 2015 , 2014 , and 2013 , and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2015 2014 2013 Reportable apartment home segment rental income Same-Store Communities West Region $ 255,346 $ 236,175 $ 214,324 Mid-Atlantic Region 157,158 154,491 150,489 Southeast Region 103,920 98,061 93,479 Northeast Region 86,048 81,500 77,299 Southwest Region 57,670 54,810 52,302 Non-Mature Communities/Other 211,786 180,112 167,743 Total segment and consolidated rental income $ 871,928 $ 805,149 $ 755,636 Reportable apartment home segment NOI Same-Store Communities West Region $ 190,682 $ 171,973 $ 152,108 Mid-Atlantic Region 108,324 107,592 105,300 Southeast Region 69,820 65,053 61,087 Northeast Region 64,539 61,315 57,350 Southwest Region 35,767 33,725 31,925 Non-Mature Communities/Other 144,737 116,663 106,271 Total segment and consolidated NOI 613,869 556,321 514,041 Reconciling items: Joint venture management and other fees 22,710 13,044 12,442 Property management (23,978 ) (22,142 ) (20,780 ) Other operating expenses (9,708 ) (8,271 ) (7,136 ) Real estate depreciation and amortization (374,598 ) (358,154 ) (341,490 ) General and administrative (59,690 ) (47,800 ) (42,238 ) Casualty-related recoveries/(charges), net (2,335 ) (541 ) 12,253 Other depreciation and amortization (6,679 ) (5,775 ) (6,741 ) Income/(loss) from unconsolidated entities 62,329 (7,006 ) (415 ) Interest expense (121,875 ) (130,454 ) (126,083 ) Interest income and other income/(expense), net 1,551 11,837 4,681 Tax benefit/(provision), net 3,886 15,136 7,299 Gain/(loss) on sale of real estate owned, net of tax 251,677 143,647 40,449 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (16,773 ) (5,511 ) (1,530 ) Net (income)/loss attributable to noncontrolling interests (3 ) 3 60 Net income/(loss) attributable to UDR, Inc. $ 340,383 $ 154,334 $ 44,812 The following table details the assets of UDR’s reportable segments as of December 31, 2015 and 2014 (dollars in thousands) : December 31, December 31, Reportable apartment home segment assets: Same-Store communities: West Region $ 2,371,615 $ 2,336,271 Mid-Atlantic Region 1,423,888 1,440,561 Southeast Region 730,060 727,933 Northeast Region 1,109,354 1,076,656 Southwest Region 450,305 440,587 Non-mature Communities/Other 3,105,054 2,361,251 Total segment assets 9,190,276 8,383,259 Accumulated depreciation (2,646,874 ) (2,434,772 ) Total segment assets — net book value 6,543,402 5,948,487 Reconciling items: Cash and cash equivalents 6,742 15,224 Restricted cash 20,798 22,340 Notes receivable, net 16,694 14,369 Investment in and advances to unconsolidated joint ventures, net 938,906 718,226 Other assets 137,302 110,082 Total consolidated assets $ 7,663,844 $ 6,828,728 Capital expenditures related to our Same-Store Communities totaled $72.3 million , $52.5 million , and $43.0 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $12.9 million , $10.9 million , and $12.8 million for the years ended December 31, 2015 , 2014 , and 2013 , 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., Baltimore, and Richmond iii. Southeast Region — Orlando, Nashville, Tampa and Other Florida iv. Northeast Region — New York and Boston v. Southwest Region — Dallas and Austin |
Hurricane Related Charges
Hurricane Related Charges | 12 Months Ended |
Dec. 31, 2015 | |
Hurricane Related Charges [Abstract] | |
Hurricane Related Charges | -RELATED (RECOVERIES)/CHARGES During the year ended December 31, 2015, the Company recorded $2.3 million of casualty-related losses due to property damage caused by the severe snow storms on the east coast in early 2015 and water damage at a community, all of which are included in Casualty-related charges/(recoveries), net on the Consolidated Statements of Operations. During the year ended December 31, 2014, the Company recorded $0.5 million of casualty-related losses due to property damage incurred during an earthquake and a storm in California, all of which are included in Casualty-related charges/(recoveries), net on the Consolidated Statements of Operations. During the year ended December 31, 2013, the Company recorded $12.3 million of casualty-related recoveries related to damage caused by Hurricane Sandy on the east coast in October 2012, all of which are included in Casualty-related charges/(recoveries), net on the Consolidated Statements of Operations. |
Unaudited Summarized Consolidat
Unaudited Summarized Consolidated Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2015 and 2014 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2015 Rental income $ 207,047 $ 212,764 $ 217,765 $ 234,352 Income/(loss) from continuing operations 76,417 10,842 13,695 4,528 Net income/(loss) attributable to common stockholders (a) 72,891 85,924 12,361 161,270 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.28 $ 0.33 $ 0.05 $ 0.62 Diluted $ 0.28 $ 0.33 $ 0.05 $ 0.61 Weighted average number of shares outstanding Basic 256,834 257,849 259,114 260,830 Diluted 258,662 262,806 261,207 266,108 2014 Rental income (b) $ 194,352 $ 200,959 $ 203,587 $ 206,104 Income/(loss) from continuing operations (5,195 ) 4,359 10,611 6,485 Income/(loss) from discontinued operations, net of tax (87 ) 18 79 — Net income/(loss) attributable to common stockholders (a) 17,430 29,076 39,618 64,486 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic and diluted $ 0.07 $ 0.12 $ 0.16 $ 0.25 Weighted average number of shares outstanding Basic 250,177 250,255 251,655 253,983 Diluted 251,822 252,191 253,732 256,000 (a) Due to the quarterly pro-rata calculation of noncontrolling interest and rounding, the sum of the quarterly per share and/or dollar amounts may not equal the annual totals. (b) Represents rental income from continuing operations, excluding amounts classified as discontinued operations. |
Consolidation and Basis of Pr32
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
CONSOLIDATION AND BASIS OF PRESENTATION | CONSOLIDATION AND BASIS OF PRESENTATION Organization and Formation UDR, Inc. (“UDR,” the “Company,” “we,” or “our”) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities generally in high barrier-to-entry markets located in the United States. The high barrier-to-entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. At December 31, 2015 , our consolidated apartment portfolio consisted of 133 consolidated communities located in 18 markets consisting of 40,728 apartment homes. In addition, the Company has an ownership interest in 6,696 apartment homes through unconsolidated joint ventures. Basis of Presentation The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see the “Consolidated Joint Ventures” section of Note 5, Joint Ventures and Partnerships , for further discussion). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of December 31, 2015 and 2014 , there were 183,278,698 units in the Operating Partnership (“OP Units”) outstanding, of which 174,225,399 or 95.1% and 174,113,225 or 95.0% , respectively, were owned by UDR and 9,053,299 or 4.9% and 9,165,473 or 5.0% , respectively, were owned by outside limited partners. As of December 31, 2015 , there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 16,229,407 or 50.1% were owned by UDR (of which, 13,470,651 or 41.6% were held by the Operating Partnership) and 16,137,973 or 49.9% were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those mentioned in Note 4, Real Estate Owned and Note 6, Secured and Unsecured Debt, Net . |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
CONSOLIDATION AND BASIS OF PRESENTATION | CONSOLIDATION AND BASIS OF PRESENTATION United Dominion Realty, L.P. (“UDR, L.P.,” the “Operating Partnership,” “we” or “our”) is a Delaware limited partnership that owns, acquires, renovates, redevelops, manages, and disposes of multifamily apartment communities generally located in high barrier to entry markets located in the United States. The high barrier to entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. UDR, L.P. is a subsidiary of UDR, Inc. (“UDR” or the “General Partner”), a self-administered real estate investment trust, or REIT, through which UDR conducts a significant portion of its business. During the years ended December 31, 2015 , 2014 , and 2013 , rental revenues of the Operating Partnership represented 51% , 52% , and 54% , respectively, of the General Partner’s consolidated rental revenues (including those classified within discontinued operations). At December 31, 2015 , the Operating Partnership’s apartment portfolio consisted of 57 communities located in 14 markets consisting of 16,974 apartment homes. Interests in UDR, L.P. are represented by operating partnership units (“OP Units”). The Operating Partnership’s net income is allocated to the partners, which is initially based on their respective distributions made during the year and secondly, their percentage interests. Distributions are made in accordance with the terms of the Amended and Restated Agreement of Limited Partnership of United Dominion Realty, L.P. (the “Operating Partnership Agreement”), on a per unit basis that is generally equal to the dividend per share on UDR’s common stock, which is publicly traded on the New York Stock Exchange (“NYSE”) under the ticker symbol “UDR.” As of December 31, 2015 , there were 183,278,698 OP Units outstanding, of which 174,225,399 or 95.1% were owned by UDR and affiliated entities and 9,053,299 or 4.9% were owned by non-affiliated limited partners. There were 183,278,698 OP Units outstanding as of December 31, 2014 , of which 174,113,225 or 95.0% were owned by UDR and affiliated entities and 9,165,473 or 5.0% were owned by non-affiliated limited partners. As sole general partner of the Operating Partnership, UDR owned all 110,883 general partner OP units or 0.1% of the total OP Units outstanding as of December 31, 2015 and 2014 . At December 31, 2015 and 2014 , there were 183,167,815 limited partner OP Units outstanding, of which 1,873,332 were Class A Limited Partnership Units. Of the limited partner OP Units outstanding, UDR owned 174,114,516 or 95.1% and 174,002,342 or 95.0% at December 31, 2015 and 2014 , respectively. The remaining 9,053,299 or 4.9% and 9,165,473 or 5.0% of the limited partner OP Units outstanding were held by non-affiliated partners at December 31, 2015 and 2014 , respectively, of which 1,751,671 were Class A Limited Partnership units. See Note 10, Capital Structure . The Operating Partnership evaluated subsequent events through the date its financial statements were issued. No recognized or non-recognized subsequent events were noted. |
Significant Accounting Polici33
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with the ASU, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted. The early adoption provision excludes components of an entity that were sold or classified as held for sale prior to the adoption of the standard. The Company elected to early adopt this standard effective January 1, 2014, which had a significant impact on the Company’s consolidated financial statements as further discussed in Note 3, Discontinued Operations . Subsequent to the Company’s adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard is included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method, and the standard will be effective for the Company on January 1, 2017; early adoption is not permitted. The Company has not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. 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 of consolidation. Under ASU 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. 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 must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the period of adoption or retrospectively to each period presented. The Company does not expect the adoption of the new standard to result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. Upon adopting the new standard, the Company expects that the Operating Partnership and DownREIT Partnership will become VIEs as the limited partners of both entities lack substantive kick-out rights and substantive participating rights. The Company expects to be the primary beneficiary of, and continue to consolidate, both entities. 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. ASU 2015-03 did not directly address presentation or subsequent measurement of issuance costs related to line-of-credit arrangements. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies that such costs may be presented as an asset and subsequently amortized over the term of the line-of-credit arrangement. The cumulative 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 elected to early adopt ASU 2015-03 and ASU 2015-15 during the fourth quarter of 2015. As a result, for all periods presented, deferred financing costs related to secured and unsecured debt are included as reductions to Secured debt, net and Unsecured debt, net , respectively, on the accompanying Consolidated Balance Sheets and deferred financing costs related to revolving credit facilities are included within Other assets on the accompanying Consolidated Balance Sheets. At December 31, 2015, $7.9 million , $5.5 million and $12.4 million of deferred financing costs were included within Other assets , Secured debt, net , and Unsecured debt, net , respectively. At December 31, 2014, the following amounts of deferred financing costs were reclassified ( in thousands ): Deferred financing costs Other assets Secured debt, net Unsecured Debt, net December 31, 2014 As previously presented $ 22,686 $ 105,202 $ 1,361,529 $ 2,221,576 Reclassification of deferred financing costs (22,686 ) 4,880 (7,208 ) (10,598 ) As presented herein $ — $ 110,082 $ 1,354,321 $ 2,210,978 In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which requires that the cumulative impact of a measurement-period adjustment, including impacts on prior periods, be recognized in the reporting period in which the adjustment amount is determined and, therefore, eliminates the requirement to retrospectively account for the adjustment in prior periods presented. The new standard will be effective for the Company beginning on January 1, 2016 and must be applied prospectively to measurement-period adjustments that occur after the effective date. The Company will comply with the new guidance upon adoption. Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation . The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the years ended December 31, 2015 , 2014 , and 2013 were $6.3 million , $9.0 million and $11.1 million , respectively. During the years ended December 31, 2015 , 2014 , and 2013 , total interest capitalized was $16.1 million , $20.2 million , and $29.4 million , respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. Notes Receivable The following table summarizes our notes receivable, net as of December 31, 2015 and 2014 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, Note due February 2017 (a) 10.00 % $ 12,994 $ 11,869 Note due July 2017 (b) 8.00 % 2,500 2,500 Note due October 2020 (c) 8.00 % 1,200 — Total notes receivable, net $ 16,694 $ 14,369 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $13.0 million , which bears an interest rate of 10.00% per annum. During the year ended December 31, 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 , which bears an interest rate of 8.00% per annum. 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). (c) In October 2015, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million , which bears an interest rate of 8.00% per annum. During the year ended December 31, 2015 , the Company loaned $1.2 million under the note. Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). During the years ended December 31, 2015 , 2014 , and 2013 , the Company recognized $1.5 million , $3.4 million and $4.1 million , respectively, of interest income from notes receivable, of which $0.0 , $0.0 and $0.8 million , respectively, was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as variable interest entities where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a variable interest entity, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2015 , the Company did not determine any of our joint ventures or partnerships to be variable interest entities. We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units outside of permanent equity and reports the OP Units at their redemption value using the Company’s stock price at each balance sheet date. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of December 31, 2015 and 2014 , UDR’s net deferred tax asset of $11.8 million , net of valuation allowance of $0.1 million , and $7.0 million , which had no valuation allowance, respectively, was 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 tha n not (greater than 50 percent probability) to b e sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 income tax expense. Discontinued Operations Prior to the adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , the results of operations for those properties sold during the year or classified as held for sale at the end of the current year were classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Company will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Company determines that the property no longer meets the criteria for held for sale, the Company will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For performance based awards, the Company remeasures the fair value each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation. For further discussion, see Note 9, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item General and administrative . During the years ended December 31, 2015 , 2014 , and 2013 , total advertising expense was $6.4 million , $6.0 million , and $5.7 million , respectively. Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2015 , 2014 , and 2013 , the Company's other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments and marketable securities reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to redeemable noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in interest expense in the accompanying Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The (gain)/loss on marketable securities reclassified from other comprehensive income/(loss) is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2015 , 2014 , and 2013 was $(0.3) million , $(0.1) million , and $0.3 million , respectively. Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2015 , the Company held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; Metropolitan D.C.; and New York, New York markets. |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with the ASU, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted. The early adoption provision excludes components of an entity that were sold or classified as held for sale prior to the adoption of the standard. The Operating Partnership elected to early adopt this standard effective January 1, 2014, which had a significant impact on the Operating Partnership’s consolidated financial statements as further discussed in Note 3, Discontinued Operations . Subsequent to the Operating Partnership’s adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard is included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method, and the standard will be effective for the Operating Partnership on January 1, 2017; early adoption is not permitted. The Operating Partnership has not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. 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 of consolidation. Under ASU 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. 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 must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the period of adoption or retrospectively to each period presented. The Operating Partnership does not expect the adoption of the new standard to result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. Upon adopting the new standard, the Operating Partnership expects that the DownREIT Partnership will become a VIE as the limited partners lack substantive kick-out rights and substantive participating rights. The Operating Partnership does not expect to be the primary beneficiary of the DownREIT Partnership and will continue to record its interest as an equity method investment. 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. ASU 2015-03 does not directly address presentation or subsequent measurement of issuance costs related to line-of-credit arrangements. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies that such costs may be presented as an asset and subsequently amortized over the term of the line-of-credit arrangement. The cumulative 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 elected to early adopt ASU 2015-03 and ASU 2015-15 during the fourth quarter of 2015. As a result, at December 31, 2015 and 2014, deferred financing costs of $2.2 million and $4.5 million , respectively, are included as a reduction to Secured debt, net on the accompanying Consolidated Balance Sheets. At December 31, 2014, Secured debt, net previously disclosed as $932.0 million has been adjusted to $927.5 million in the accompanying Consolidated Balance Sheets. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which requires that the cumulative impact of a measurement-period adjustment, including impacts on prior periods, be recognized in the reporting period in which the adjustment amount is determined and, therefore, eliminates the requirement to retrospectively account for the adjustment in prior periods presented. The new standard will be effective for the Operating Partnership beginning on January 1, 2016 and must be applied prospectively to measurement-period adjustments that occur after the effective date. The Operating Partnership will comply with the new guidance upon adoption. Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. The Operating Partnership purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Operating Partnership estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, the Operating Partnership will assess our real estate properties for indicators of impairment. In determining whether the Operating Partnership has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates and capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation . The Operating Partnership capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the years ended December 31, 2015 , 2014 , and 2013 were $0.7 million , $2.0 million , and $2.5 million , respectively. During the years ended December 31, 2015 , 2014 , and 2013 , total interest capitalized was $0.2 million , $2.9 million , and $5.9 million , respectively. As each home in a capital project is completed and becomes available for lease-up, the Operating Partnership ceases capitalization on the related portion and depreciation commences over the estimated useful life. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Operating Partnership’s cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Operating Partnership recognizes interest income, management and other fees and incentives when earned, fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we or our General Partner retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we or our General Partner retain. The Operating Partnership recognizes any deferred gain when the property is sold to a third party. In transactions accounted by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. Derivative Financial Instruments The General Partner utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments associated with the Operating Partnership’s allocation of the General Partner’s debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partner’s cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Noncontrolling Interests The noncontrolling interests represent the General Partner’s interests in certain consolidated subsidiaries and are presented in the capital section of the Consolidated Balance Sheets since these interests are not convertible or redeemable into any other ownership interests of the Operating Partnership. During the year ended December 31, 2013, the Operating Partnership corrected an error in the General Partner’s ownership interest in one of the consolidated subsidiaries. The correction increased the General Partner’s ownership interest resulting in a cumulative adjustment increasing Net (income)/loss attributable to noncontrolling interests by $3.3 million on the Consolidated Statements of Operations with a corresponding increase to Noncontrolling interests on the Consolidated Balance Sheets. Management believes the impact of the cumulative adjustment in 2013 is immaterial to the financial statements taken as a whole. Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership follows the accounting guidance within GAAP, with respect to how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The guidance requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years (2011 through 2014) and major jurisdictions, and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. Discontinued Operations Prior to the adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , the results of operations for those properties sold during the year or classified as held for sale at the end of the current year were classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Operating Partnership or related parties will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Operating Partnership determines that the property no longer meets the criteria for held for sale, the Operating Partnership will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). Allocation of General and Administrative Expenses The Operating Partnership is charged directly for general and administrative expenses it incurs. The Operating Partnership is also charged with other general and administrative expenses that have been allocated by the General Partner to each of its subsidiaries, including the Operating Partnership, based on each subsidiary’s pro-rata portion of UDR’s total apartment homes. (See Note 7, Related Party Transactions .) Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item General and administrative . During the years ended December 31, 2015 , 2014 , and 2013 , total advertising expense from continuing and discontinued operations was $2.4 million , $2.5 million , and $2.5 million , respectively. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in capital during each period from transactions and other events and circumstances from nonowner sources, including all changes in capital during a period except for those resulting from investments by or distributions to partners, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2015 , 2014 , and 2013 , the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 9, Derivatives and Hedging Activity, for further discussion. Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2015 , the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; San Francisco, California; and New York, New York markets. |
Discontinued Operations (UNITED
Discontinued Operations (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2015 | |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE Effective January 1, 2014, UDR, L.P. prospectively adopted ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , for all communities not previously sold or classified as held for sale. The standard had a material impact on the Operating Partnership’s consolidated financial statements. As a result of adopting the ASU, during the year ended December 31, 2014 , gains, net of tax, of $62.5 million from disposition of real estate, excluding a $1.1 million gain related to the sale of land, are included in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations rather than in Income/(loss) from discontinued operations on the Consolidated Statements of Operations. Prior to the prospective adoption of ASU 2014-08, FASB Accounting Standards Codification ("ASC") Subtopic 205-20 required, among other things, that the primary assets and liabilities and the results of operations of the Operating Partnership’s real properties that have been sold or are held for disposition, be classified as discontinued operations and segregated in UDR, L.P.’s Consolidated Statements of Operations and Consolidated Balance Sheets. Consequently, the primary assets and liabilities and the net operating results of those properties sold or classified as held for disposition prior to January 1, 2014 are accounted for as discontinued operations for all periods presented. This presentation does not have an impact on net income available to common stockholders; it only results in the reclassification of the operating results within the Consolidated Statements of Operations for the periods ended December 31, 2015, 2014, and 2013. During the year ended December 31, 2013, the Operating Partnership sold two communities in the Sacramento market with 914 apartment homes for gross proceeds of $81.1 million . At December 31, 2015 and 2014, the Operating Partnership had no communities that met the criteria to be classified as held for sale and included in Income/(loss) from discontinued operations on the Consolidated Statements of Operations. During the years ended December 31, 2015, 2014, and 2013, the Operating Partnership recognized net gain/(loss) on the sale of depreciable properties of $0.0 , $0.0 , and $41.5 million , respectively, in Income/(loss) from discontinued operations on the Consolidated Statements of Operations. The following is a summary of income from discontinued operations for the years ended December 31, 2015, 2014, and 2013 ( dollars in thousands ): Year Ended December 31, 2015 2014 2013 Rental income $ — $ — $ 8,989 Rental expenses — — 3,149 Property management — — 247 Real estate depreciation — — 1,935 Income/(loss) attributable to disposed properties — — 3,658 Net gain/(loss) on the sale of depreciable properties — — 41,518 Income/(loss) from discontinued operations $ — $ — $ 45,176 |
Real Estate Owned (UNITED DOMIN
Real Estate Owned (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 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 sale properties. As of December 31, 2015 , the Company owned and consolidated 133 communities in 10 states plus the District of Columbia totaling 40,728 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2015 and 2014 (dollars in thousands): December 31, December 31, 2014 Land $ 1,833,156 $ 1,790,281 Depreciable property — held and used: Land improvements 173,821 189,940 Building, improvements, and furniture, fixtures and equipment 7,046,622 6,225,406 Under development: Land 78,085 24,584 Building, improvements, and furniture, fixtures and equipment 45,987 153,048 Real estate held for disposition: Land 9,963 — Building, improvements, and furniture, fixtures and equipment 2,642 — Real estate owned 9,190,276 8,383,259 Accumulated depreciation (2,646,874 ) (2,434,772 ) Real estate owned, net $ 6,543,402 $ 5,948,487 Acquisitions In October 2015, the Company completed the acquisition of six Washington, D.C. area properties from Home Properties, L.P., a New York limited partnership (“Home OP”), for a total contractual purchase price of $900.6 million , which was comprised of $564.8 million of newly issued units of limited partnership interest (“DownREIT Units”) in the newly formed DownREIT Partnership issued at $35 per unit (a total of 16.1 million units), the assumption of $89.3 million of debt, $221.0 million of reverse tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”), and $25.5 million of cash. In addition, the Company issued approximately 14.0 million shares of its Series F Preferred Stock to former limited partners of Home OP, which had the right to subscribe for one share of Series F Preferred Stock for each DownREIT Unit issued in connection with the acquisitions. The Company holds a 50.1% controlling ownership interest in, and consolidates, the DownREIT Partnership. See Note 11, Noncontrolling Interests , for additional information regarding the DownREIT Partnership formation and the Company’s controlling rights in the partnership. Of the six properties acquired from Home OP, four were acquired through the DownREIT Partnership, one was acquired by the Company through a reverse Section 1031 exchange and one was acquired by the Operating Partnership through a reverse Section 1031 exchange, as reflected in the following table: Property Location Eleven55 Ripley (a) Silver Spring, MD Arbor Park of Alexandria (a) Alexandria, VA Newport Village (a) Alexandria, VA The Courts at Dulles (a) Herndon, VA 1200 East West (b) Silver Spring, MD Courts at Huntington Station (c) Alexandria, VA (a) Acquired through the DownREIT Partnership. (b) Acquired by the Company through a reverse Section 1031 exchange. (c) Acquired by the Operating Partnership through a reverse Section 1031 exchange. The Company has performed a valuation analysis of the fair market value of the assets and liabilities of the properties acquired from Home OP. The following table summarizes the allocation of the purchase price as of the acquisition date ( in thousands ): Assets: Land $ 173,924 Buildings 708,455 Intangible assets 25,455 Total assets 907,834 Liabilities: Secured debt (96,486 ) Below-market in-place leases (542 ) Total liabilities (97,028 ) Total assets acquired less liabilities assumed $ 810,806 Substantially all acquired intangible assets will be amortized in 2016 based on the average term of acquired leases of 14 months or less. The Company’s results of operations include operating revenues of $15.6 million and net loss from continuing operations of $9.2 million related to the six Washington, D.C. area properties acquired from Home OP from the acquisition date to December 31, 2015. The unaudited pro forma information below summarizes the Company’s combined results of operations for the years ended December 31, 2015 and 2014 as though the above acquisition was completed on January 1, 2014. The information for the year ended December 31, 2015 includes pro forma results for the portion of the period prior to the acquisition date and actual results from the date of acquisition through the end of the period. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor does it purport to represent the Company’s results of operations for future periods ( in thousands ): Year Ended December 31, 2015 2014 Pro forma revenues $ 943,421 $ 877,287 Pro forma net income/(loss) attributable to common stockholders $ 319,385 $ 105,875 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. All existing leases were assumed by the Company at the time of the acquisition. In 2014, the Company acquired a fully-entitled land parcel for future development located in Huntington Beach, California for $77.8 million , two communities, located in Seattle, Washington and Kirkland, Washington, with a total of 358 apartment homes for $45.5 million and $75.2 million , respectively, and a land parcel for future development located in Boston, Massachusetts for $32.2 million . The four acquisitions during the year ended December 31, 2014 were accomplished through tax-deferred Section 1031 exchanges. The Company incurred $2.1 million , $0.4 million and $0.1 million of acquisition-related costs during the years ended December 31, 2015 , 2014 , and 2013 , respectively. These expenses are reported within the line item General and Administrative on the Consolidated Statements of Operations. Dispositions During the year ended December 31, 2015 , the Company sold 12 communities with a total of 2,735 apartment homes for gross proceeds of $408.7 million , resulting in net proceeds of $387.7 million and a total gain of $251.7 million . A portion of the sale proceeds was designated for tax-deferred Section 1031 exchanges for a 2014 acquisition and the October 2015 acquisitions. During the year ended December 31, 2014, the Company sold nine communities consisting of a total of 2,500 apartment homes, an adjacent parcel of land, and one operating property for gross proceeds of $328.4 million , resulting in net proceeds of $324.4 million and a total gain, net of tax, of $138.6 million . A portion of the sale proceeds was designated for tax-deferred Section 1031 exchanges that was used to fund acquisitions of real estate as discussed above. In December 2014, the Company sold a 49% interest in 13th and Market and a 50% interest in 3033 Wilshire to MetLife for approximately $54.2 million and $8.3 million , respectively, and recognized, net of tax, a gain of $7.2 million and a loss of $2.2 million , respectively. Subsequent to the sale, the two communities are accounted for under the equity method of accounting and are included in Investment in and advances to unconsolidated joint ventures, net on the Consolidated Balance Sheets. See further discussion of this transaction in Note 5, Joint Ventures and Partnerships . The activity of the two communities prior to sale is classified as a component of continuing operations on the Consolidated Statements of Operations. In February 2016, the Company sold a parcel of land located in Santa Monica, California for net proceeds of approximately $9.6 million and a net gain of approximately $2.1 million . In December 2015, the Company received a nonrefundable deposit on the pending sale of a parcel of land located in Santa Monica, California. The asset is included in Real estate held for disposition on the Consolidated Balance Sheets as of December 31, 2015. The sale is expected to close in March 2016 at a gross sales price of $13.5 million . |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
REAL ESTATE OWNED | REAL ESTATE OWNED Real estate assets owned by the Operating Partnership consists of income producing operating properties, properties under development, land held for future development, and sold or held for sale properties. At December 31, 2015 , the Operating Partnership owned and consolidated 57 communities in eight states plus the District of Columbia totaling 16,974 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2015 and 2014 (dollars in thousands): December 31, December 31, 2014 Land $ 833,300 $ 1,008,014 Depreciable property — held and used: Buildings, improvements, and furniture, fixtures and equipment 2,797,605 3,230,756 Real estate owned 3,630,905 4,238,770 Accumulated depreciation (1,281,258 ) (1,403,303 ) Real estate owned, net $ 2,349,647 $ 2,835,467 Acquisitions In October 2015, the Operating Partnership acquired one community in Alexandria, Virginia with 421 apartment homes for a purchase price of $142.0 million , which was funded through reverse tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”). The Operating Partnership performed a valuation analysis of the fair market value of the assets and liabilities of the acquired community as of the acquisition date. The following table summarizes the allocation of the purchase price ( in thousands ): Land $ 27,749 Buildings 111,878 Intangible assets 2,373 Total assets acquired $ 142,000 Substantially all acquired intangible assets will be amortized in 2016 based on the average term of acquired leases of 14 months or less. The Operating Partnership did not have any acquisitions during the year ended December 31, 2014 . Dispositions In connection with the formation of the DownREIT Partnership in October 2015, the Operating Partnership contributed seven operating communities to the DownREIT Partnership. The Operating Partnership recorded its contribution to the DownREIT Partnership at book value and consequently deferred a gain of $296.4 million . As a result of the contribution, the Operating Partnership lost its controlling interest and deconsolidated the seven operating communities. The Operating Partnership accounts for its investment in the DownREIT Partnership under the equity method of accounting as described in Note 5, Unconsolidated Entities . The following table summarizes the impact of the deconsolidation of the contributed assets on the Consolidated Balance Sheet at December 31, 2015 ( in thousands ): Assets Real estate held for investment $ (628,479 ) Accumulated depreciation 223,363 Real estate held for investment, net (405,116 ) Cash and cash equivalents (140 ) Other assets (1,680 ) Total assets $ (406,936 ) Liabilities Secured debt, net $ (228,390 ) Real estate taxes payable (4,123 ) Accounts payable, accrued expenses, and other liabilities (5,781 ) Total liabilities $ (238,294 ) As described in Note 5, Unconsolidated Entities , the Operating Partnership accounts for its interest in the DownREIT Partnership, including the seven contributed properties, as an equity method investment. During the year ended December 31, 2015 , the Operating Partnership sold five communities with a total of 1,149 apartment homes for gross proceeds of $250.9 million , resulting in net proceeds of $232.4 million and a total gain, net of tax, of $133.5 million . A portion of the sale proceeds were designated for Section 1031 exchanges for the October 2015 acquisition described above. 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 in January 2015. During the year ended December 31, 2014 , the Operating Partnership sold one community and an adjacent parcel of land in San Diego, California for gross proceeds of $48.7 million , resulting in a $24.4 million gain and net proceeds of $47.9 million . The Operating Partnership also recorded a gain of $39.2 million in connection with the sale of two communities, one in Tampa, Florida and one in Los Angeles, California, which was previously deferred. The total gains of $63.6 million were included in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations. |
Unconsolidated Entities (UNITED
Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 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 partner and the third party does not have the ability to substantively participate in the decision-making process nor the ability to remove us as general partner or managing partner without cause. UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are limited to our investment and except as noted below, the Company does not guarantee any debt, capital payout or other obligations associated with our joint ventures and partnerships. The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2015 and 2014 (dollars in thousands) : Joint Venture Location of Properties Number of Properties Number of Apartment Homes Investment at UDR’s Ownership Interest December 31, December 31, December 31, December 31, December 31, December 31, Operating and development: UDR/MetLife I Various 4 land parcels — $ 15,894 $ 13,306 17.2 % 15.7 % UDR/MetLife II (a) Various 21 operating communities 4,642 425,230 431,277 50.0 % 50.0 % Other UDR/MetLife Development Joint Ventures 1 operating community; 4 development communities (b); Various 1 land parcels 1,437 171,659 134,939 50.6 % 50.6 % UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 6 land parcels 1,130 73,469 80,302 50.0 % 50.0 % UDR/KFH Washington, D.C. 3 operating communities 660 17,211 21,596 30.0 % 30.0 % Texas (c) Texas — — — (25,901 ) — % 20.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment and preferred equity investment 703,463 655,519 Investment at Income from investments for the years ending December 31, Location Rate Years To Maturity December 31, December 31, 2015 2014 2013 Participating loan investment: Steele Creek Denver, CO 6.5% 1.6 90,747 62,707 $ 5,453 $ 2,350 $ 156 Preferred equity investment: West Coast Development Joint Venture (d) Various 6.5% — 144,696 — $ 3,692 $ — $ — Total investment in and advances to unconsolidated joint ventures, net $ 938,906 $ 718,226 (a) In September 2015, the 717 Olympic community, which is held by the UDR/MetLife II joint venture, experienced extensive water damage due a ruptured water pipe. For the year ended December 31, 2015, the Company recorded losses of $2.5 million , its proportionate share of the total losses incurred. (b) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes. As of December 31, 2015 , no apartment homes had been completed in Other UDR/MetLife Development Joint Ventures. (c) In January 2015, the eight communities held by the Texas joint venture were sold, generating net proceeds to UDR of $44.2 million . The Company recorded promote and fee income of $10.0 million and a gain of $59.4 million (including $24.2 million of previously deferred gains) in connection with the sale. (d) 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 ownership interest in a portfolio of five communities that are currently under construction (the "West Coast Development Joint Venture"). 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 are 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 December 31, 2015 of $144.7 million is inclusive of outside basis costs and our accrued but unpaid preferred return. During the year ended December 31, 2015 , the Company earned a preferred return of $5.2 million , offset by its share of the West Coast Development Joint Venture transaction expenses of $1.5 million . As of December 31, 2015 and 2014 , the Company had deferred fees and deferred profit of $6.8 million and $24.7 million , respectively, which will be recognized through earnings over the weighted average life of the related properties, upon the disposition of the properties to a third party, or upon completion of certain development obligations. The Company recognized $11.3 million , $11.3 million , and $11.2 million of management fees during the years ended December 31, 2015 , 2014 , and 2013 , respectively, for our management of the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund development, acquisitions or operations. We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not recognize any other-than-temporary decrease in the value of its other investments in unconsolidated joint ventures or partnerships during the years ended December 31, 2015 , 2014 , and 2013 . Combined summary financial information relating to all of the unconsolidated joint ventures and partnerships operations (not just our proportionate share), is presented below for the years ended December 31, 2015 , 2014 , and 2013 ( dollars in thousands): As of and For the Year Ended December 31, 2015 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 541 $ 170,062 $ 7,634 $ 22,139 $ 19,338 $ — $ 219,714 Property operating expenses (906 ) (63,516 ) (3,826 ) (11,519 ) (7,733 ) — (87,500 ) Real estate depreciation and amortization (818 ) (46,616 ) (6,897 ) (6,639 ) (14,522 ) — (75,492 ) Operating income/(loss) (1,183 ) 59,930 (3,089 ) 3,981 (2,917 ) — 56,722 Interest expense — (52,037 ) (2,566 ) (4,848 ) (5,539 ) — (64,990 ) Income/(loss) from discontinued operations (20 ) — — — — 184,138 184,118 Net income/(loss) $ (1,203 ) $ 7,893 $ (5,655 ) $ (867 ) $ (8,456 ) $ 184,138 $ 175,850 UDR recorded income (loss) from unconsolidated entities $ (513 ) $ 3,578 $ 6,088 $ (3,711 ) $ (2,537 ) $ 59,424 $ 62,329 Condensed Balance Sheets: Total real estate, net $ 92,915 $ 1,942,630 $ 604,611 $ 273,897 $ 221,704 $ — $ 3,135,757 Cash and cash equivalents 1,202 20,767 5,996 7,185 1,320 10 36,480 Other assets 174 24,914 1,921 2,317 565 — 29,891 Total assets 94,291 1,988,311 612,528 283,399 223,589 10 3,202,128 Amount due to/(from) UDR 2 — 5,929 908 427 — 7,266 Third party debt — 1,122,662 201,114 126,388 164,299 — 1,614,463 Accounts payable and accrued liabilities 395 24,244 62,267 7,137 1,480 — 95,523 Total liabilities 397 1,146,906 269,310 134,433 166,206 — 1,717,252 Total equity $ 93,894 $ 841,405 $ 343,218 $ 148,966 $ 57,383 $ 10 $ 1,484,876 UDR’s investment in and advances to unconsolidated joint ventures $ 15,894 $ 425,230 $ 407,102 $ 73,469 $ 17,211 $ — $ 938,906 As of and For the Year Ended December 31, 2014 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 727 $ 152,047 $ 1,579 $ 19,376 $ 19,724 $ — $ 193,453 Property operating expenses 618 52,150 1,122 10,711 7,498 — 72,099 Real estate depreciation and amortization 2,130 41,504 3,959 7,380 14,426 — 69,399 Operating income/(loss) (2,021 ) 58,393 (3,502 ) 1,285 (2,200 ) — 51,955 Interest expense — (48,493 ) (94 ) (4,131 ) (5,873 ) — (58,591 ) Income/(loss) from discontinued operations (31,802 ) — — — — (4,229 ) (36,031 ) Net income/(loss) $ (33,823 ) $ 9,900 $ (3,596 ) $ (2,846 ) $ (8,073 ) $ (4,229 ) $ (42,667 ) UDR recorded income/(loss) from unconsolidated entities $ (2,955 ) $ 2,814 $ 576 $ (4,068 ) $ (2,601 ) $ (772 ) $ (7,006 ) Condensed Balance Sheets: Total real estate, net $ 89,482 $ 1,986,237 $ 351,861 $ 278,600 $ 235,623 $ — $ 2,941,803 Assets held for sale 1,978 — — — — 214,218 216,196 Cash and cash equivalents 1,983 15,245 6,239 6,570 2,507 — 32,544 Other assets (a) (146 ) 12,938 1,101 3,248 708 — 17,849 Total assets (a) 93,297 2,014,420 359,201 288,418 238,838 214,218 3,208,392 Amount due to/(from) UDR 107 (444 ) 843 1,960 531 — 2,997 Third party debt (a) — 1,140,458 65,408 122,964 164,789 — 1,493,619 Liabilities held for sale 5,110 — — — — 224,596 229,706 Accounts payable and accrued liabilities (a) 749 17,573 17,851 6,766 1,396 — 44,335 Total liabilities (a) 5,966 1,157,587 84,102 131,690 166,716 224,596 1,770,657 Total equity $ 87,331 $ 856,833 $ 275,099 $ 156,728 $ 72,122 $ (10,378 ) $ 1,437,735 UDR’s investment in and advances to unconsolidated joint ventures $ 13,306 $ 431,277 $ 197,646 $ 80,302 $ 21,596 $ (25,901 ) $ 718,226 (a) The Company elected to early adopt FASB ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, and ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , during the fourth quarter of 2015. See Note 2, Significant Accounting Policies , for a complete description of the ASUs and their impact. Under the ASUs, deferred financing costs related to debt are treated as offsets to the debt instead of assets. As a result of adopting the ASUs, the following retrospective changes were made to the above table: For the Year Ended December 31, 2014 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Other assets - as previously reported $ (146 ) $ 19,589 $ 4,203 $ 3,933 $ 1,128 $ — $ 28,707 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Other assets - as presented above $ (146 ) $ 12,938 $ 1,101 $ 3,248 $ 708 $ — $ 17,849 Total assets - as previously reported $ 93,297 $ 2,021,071 $ 362,303 $ 289,103 $ 239,258 $ 214,218 $ 3,219,250 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Total assets - as presented above $ 93,297 $ 2,014,420 $ 359,201 $ 288,418 $ 238,838 $ 214,218 $ 3,208,392 Third party debt - as previously reported $ — $ 1,147,109 $ 68,510 $ 123,649 $ 165,209 $ — $ 1,504,477 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Third party debt - as presented above $ — $ 1,140,458 $ 65,408 $ 122,964 $ 164,789 $ — $ 1,493,619 Accounts payable and accrued liabilities - as previously reported $ 749 $ 17,573 $ 17,851 $ 6,766 $ 1,396 $ — $ 44,335 Deferred financing costs — — — — — — — Accounts payable and accrued liabilities - as presented above $ 749 $ 17,573 $ 17,851 $ 6,766 $ 1,396 $ — $ 44,335 Total liabilities - as previously reported $ 5,966 $ 1,164,238 $ 87,204 $ 132,375 $ 167,136 $ 224,596 $ 1,781,515 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Total liabilities - as presented above $ 5,966 $ 1,157,587 $ 84,102 $ 131,690 $ 166,716 $ 224,596 $ 1,770,657 For the Year Ended December 31, 2013 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 691 $ 109,926 $ 5,324 $ 7,680 $ 19,221 $ — $ 142,842 Property operating expenses 621 33,809 3,292 4,633 7,035 — 49,390 Real estate depreciation and amortization 115 30,122 3,564 3,830 14,199 — 51,830 Operating income/(loss) (45 ) 45,995 (1,532 ) (783 ) (2,013 ) — 41,622 Interest expense — (37,055 ) (913 ) (1,886 ) (5,872 ) — (45,726 ) Other income/(expense) — 1 — — — — 1 Income/(loss) from discontinued operations (22,388 ) — — — — (9,584 ) (31,972 ) Net income/(loss) $ (22,433 ) $ 8,941 $ (2,445 ) $ (2,669 ) $ (7,885 ) $ (9,584 ) $ (36,075 ) UDR recorded income/(loss) from unconsolidated entities $ (4,675 ) $ 4,471 $ 6,224 $ (2,851 ) $ (2,366 ) $ (1,218 ) $ (415 ) |
United Dominion Reality L.P. | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | UNCONSOLIDATED ENTITIES UDR Lighthouse DownREIT L.P. Formation In October 2015, in connection with the acquisition of four properties from Home Properties, L.P., UDR, Inc., as the sole general partner and a limited partner, and the Operating Partnership, as limited partner, entered into the Agreement of Limited Partnership (the “Partnership Agreement”) of the DownREIT Partnership. As the sole general partner of the DownREIT Partnership, UDR, Inc. has full, complete and exclusive discretion to manage and control the business of the DownREIT Partnership and to make all decisions affecting the business and assets of the DownREIT Partnership, subject to certain protective limitations set forth in the Partnership Agreement. As of the closing of the transactions, UDR, Inc. and the Operating Partnership owned approximately 8.5% and 41.6% , respectively, of the units of limited partnership interest in the DownREIT Partnership (“DownREIT Units”), which they received in exchange for their contribution of the following properties to the DownREIT Partnership and cash of $25.5 million : Property Location Ridge at Blue Hills (a) Braintree, MA Residences at the Domain (a) Austin, TX Inwood West (b) Woburn, MA Thirty377 (b) Dallas, TX Legacy Village (b) Plano, TX Delancey at Shirlington (b) Arlington, VA Circle Towers (b) Fairfax, VA Barton Creek Landing (b) Austin, TX The Whitmore (b) Arlington, VA (a) Contributed by UDR, Inc. (b) Contributed by the Operating Partnership. The limited partners have no power to remove UDR, Inc. as general partner of the DownREIT Partnership. The DownREIT Partnership is structured to make distributions in respect of DownREIT Units that will be equivalent to the distributions made to holders of UDR, Inc.’s common stock. Subject to certain terms and conditions set forth in the Partnership Agreement, limited partners in the DownREIT Partnership (other than UDR, Inc. and its affiliates) have the right, commencing one year after the date of issuance, to tender their DownREIT Units for redemption for cash or, at UDR Inc.’s election, for shares of its common stock on a one-for-one basis (subject to the anti-dilution adjustments provided in the Partnership Agreement). The DownREIT Partnership is accounted for by the Operating Partnership under the equity method of accounting, and is included in Investment in unconsolidated entities on the Consolidated Balance Sheets. The communities listed above that were contributed to the DownREIT Partnership by the Operating Partnership were deconsolidated by the Operating Partnership upon contribution. See Note 4, Real Estate Owned , for the impact of the deconsolidation on the Consolidated Balance Sheets. The Operating Partnership recognizes earnings or losses from its investments in unconsolidated entities consisting of our proportionate share of the net earnings or losses of the partnership. The following table summarizes the Operating Partnership’s investment in the DownREIT Partnership as of December 31, 2015 (dollars in thousands) : Entity Location of Properties Number of Properties Number of Apartment Homes Investment at UDR’s Ownership Interest December 31, December 31, December 31, December 31, December 31, December 31, Operating and development: DownREIT Partnership Various 13 operating communities 6,261 $ 166,186 $ — 41.6 % — % Combined summary financial information relating to all of the DownREIT Partnership’s operations (not just our proportionate share), is presented below for the year ended December 31, 2015 ( dollars in thousands): As of and For the Year Ended December 31, 2015 DownREIT Partnership Condensed Consolidated Statement of Operations: Rental income $ 29,933 Property operating and maintenance (9,991 ) Real estate depreciation and amortization (28,934 ) Operating income/(loss) (8,992 ) Interest expense (3,632 ) Other income/(expense) (3,180 ) Net income/(loss) $ (15,804 ) OP recorded income (loss) from unconsolidated entities $ (4,659 ) Condensed Consolidated Balance Sheet: Total real estate, net $ 1,457,244 Cash and cash equivalents 89 Other assets 37,228 Note receivable from affiliate 126,500 Amount due from UDR 35,293 Total assets 1,656,354 Secured debt, net 524,052 Accounts payable, accrued expenses and other liabilities 25,487 Total liabilities 549,539 Total equity 1,106,815 Total liabilities and equity $ 1,656,354 OP’s investment in and advances to unconsolidated joint ventures $ 166,186 The Operating Partnership’s results of operations include loss from unconsolidated entities of $4.7 million related to the acquisition of interest in the DownREIT Partnership from the acquisition date to December 31, 2015. The unaudited pro forma information below summarizes the Operating Partnership’s combined results of operations for the years ended December 31, 2015, and 2014 as though the above acquisition was completed on January 1, 2014. The information for the year ended December 31, 2015 includes pro forma results for the portion of the period prior to the acquisition date and actual results from the date of acquisition through the end of the period. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor does it purport to represent the Operating Partnership’s results of operations for future periods ( in thousands ): Year Ended December 31, 2015 2014 Pro forma net income/(loss) from unconsolidated entities $ (12,006 ) $ (26,511 ) Pro forma net income/(loss) attributable to OP unitholders $ 205,954 $ 69,716 |
Debt (UNITED DOMINION REALTY, L
Debt (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
DEBT | SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at December 31, 2015 and 2014 ( dollars in thousands): Principal Outstanding For the Year Ended December 31, 2015 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered December 31, 2015 2014 Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 442,617 $ 401,210 4.57 % 4.5 8 Fannie Mae credit facilities (b) 514,462 568,086 5.23 % 3.1 18 Deferred financing costs (4,278 ) (5,583 ) Total fixed rate secured debt, net 952,801 963,713 4.93 % 3.7 26 Variable Rate Debt Mortgage notes payable 31,337 31,337 2.19 % 1.1 1 Tax-exempt secured notes payable (c) 94,700 94,700 0.75 % 7.2 2 Fannie Mae credit facilities (b) 299,378 266,196 1.71 % 4.1 8 Deferred financing costs (1,271 ) (1,625 ) Total variable rate secured debt, net 424,144 390,608 1.53 % 4.5 11 Total Secured Debt, net 1,376,945 1,354,321 3.88 % 4.0 37 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facilities due January 2020 and December 2017, respectively (d) (h) 150,000 152,500 1.19 % 4.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (e) — — — % 3.0 1.21% Term Loan Facility due January 2021 and June 2018, respectively (d) (h) 35,000 35,000 1.21 % 5.1 Fixed Rate Debt 5.25% Medium-Term Notes due January 2015 (net of discounts of $0 and $6, respectively) (f) — 325,169 — % 0.0 5.25% Medium-Term Notes due January 2016 (i) 83,260 83,260 5.25 % 0.0 6.21% Medium-Term Note due July 2016 (j) 12,091 — 6.21 % 0.5 4.25% Medium-Term Notes due June 2018 (net of discounts of $1,037 and $1,465, respectively) (h) 298,963 298,535 4.25 % 2.4 3.70% Medium-Term Notes due October 2020 (net of discounts of $38 and $46, respectively) (h) 299,962 299,954 3.70 % 4.8 1.44% Term Loan Facility due January 2021 and June 2018, respectively (d) (h) 315,000 315,000 1.44 % 5.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $2,164 and $2,523, respectively) (h) 397,836 397,477 4.63 % 6.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $886 and $990, respectively) (h) 299,114 299,010 3.75 % 8.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 8.7 4.00% Medium-Term Notes due October 2025 (net of discount of $671 and $0, respectively) (g) (h) 299,329 — 4.00 % 9.8 Other 24 27 N/A N/A Deferred financing costs (12,373 ) (10,598 ) N/A N/A Total Unsecured Debt, net 2,193,850 2,210,978 3.64 % 5.7 Total Debt, net $ 3,570,795 $ 3,565,299 3.74 % 5.0 For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of December 31, 2015 , secured debt encumbered $2.4 billion or 25.9% of UDR’s total real estate owned based upon gross book value ( $6.8 billion or 74.1% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2015 , fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from June 2016 through November 2025 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, 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. In October 2015, the Company assumed debt with a fair market value of $96.5 million as part of our acquisition of the six communities from Home OP, as described in Note 4, Real Estate Owned . During the years ended December 31, 2015 , 2014 , and 2013 , the Company had $5.3 million , $5.1 million , and $5.1 million , respectively, of amortization expense on the fair market adjustment of debt assumed in acquisition of properties, which was included in Interest expense on the Consolidated Statements of Operations. The unamortized fair market adjustment was a net premium of $10.0 million and $6.7 million at December 31, 2015 and 2014 , respectively. (b) UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $813.8 million at December 31, 2015 . The Fannie Mae credit facilities are for terms of seven to ten years (maturing at various dates from May 2017 through July 2023 ) and bear interest at floating and fixed rates. At December 31, 2015 , $514.5 million of the outstanding balance was fixed at a weighted average interest rate of 5.23% and the remaining balance of $299.4 million on these facilities had a weighted average variable interest rate of 1.71% . Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2014 Borrowings outstanding $ 813,840 $ 834,282 Weighted average borrowings during the period ended 822,521 835,873 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 3.9 % 4.0 % (c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature on August 2019 and March 2032 . Interest on these notes is payable in monthly installments. The variable mortgage notes have interest rates of 0.75% and 0.76% , respectively, as of December 31, 2015 . (d) On October 20, 2015, the Company, as borrower, entered into a credit agreement (the “Credit Agreement”), which provides for a $1.1 billion senior unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million senior unsecured term loan facility (the “Term Loan Facility”). The Credit Agreement includes an accordion feature that allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan Facility to be increased to an aggregate maximum amount of up to $2.0 billion , subject to certain conditions, including obtaining commitments from any one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2020, with two six -month extension options, subject to certain conditions. The Term Loan Facility has a scheduled maturity date of January 29, 2021. The Credit Agreement replaced (i) the Company’s previous $900 million revolving credit facility originally scheduled to mature in December 2017 and (ii) the Company’s $250 million term loan and the Company’s $100 million term loan, both originally due June 2018. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points and a facility fee of 15 basis points, and the Term Loan Facility has an interest rate equal to LIBOR plus a margin of 95 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 85 to 155 basis points, the facility fee ranges from 12.5 to 30 basis points, and the margin under the Term Loan Facility ranges from 90 to 175 basis points. The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The Company’s obligations under the Credit Agreement are guaranteed by the Operating Partnership, pursuant to a guaranty dated as of October 20, 2015. The following is a summary of short-term bank borrowings under UDR’s revolving credit facility at December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Total revolving credit facility $ 1,100,000 $ 900,000 Borrowings outstanding at end of period (1) 150,000 152,500 Weighted average daily borrowings during the period ended 353,647 291,761 Maximum daily borrowings during the period ended 541,500 625,000 Weighted average interest rate during the period ended 1.1 % 1.2 % Interest rate at end of the period 1.2 % 1.1 % (1) Excludes $2.3 million and $1.9 million of letters of credit at December 31, 2015 and 2014 , respectively. (e) In December 2015, the Company entered into a working capital credit facility, which provides for a $30 million unsecured revolving credit facility (the “Working Capital Credit Facility”) with a scheduled maturity date of January 1, 2019. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points. Depending on the Company’s credit rating, the margin ranges from 85 to 155 basis points. (f) Paid off at maturity with borrowings under the Company’s $900 million unsecured revolving credit facility. (g) On September 22, 2015, the Company issued $300 million of 4.00% senior unsecured medium-term notes due October 1, 2025. Interest is payable semi-annually beginning on April 1, 2016. The notes were priced at 99.770% of the principal amount at issuance and had a discount of $0.7 million at December 31, 2015 . The Company used the net proceeds to pay down a portion of the borrowings outstanding on its prior $900 million unsecured credit facility and for general corporate purposes. The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200 million of this debt issuance. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.55% . (h) The Operating Partnership is a guarantor at December 31, 2015 and 2014 . (i) In January 2016, we paid off $83.3 million of 5.25% medium-term notes due January 2016 with borrowings under the Company’s $1.1 billion unsecured revolving credit facility. (j) The 6.21% Medium-Term Note due July 2016 was acquired in February 2015 as part of the acquisition of an office building in Highlands Ranch, Colorado, as described in See Note 4, Real Estate Owned. The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next ten years subsequent to December 31, 2015 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt Total Debt 2016 $ 149,058 $ — $ 149,058 $ 95,053 $ 244,111 2017 179,189 96,337 275,526 — 275,526 2018 73,096 137,969 211,065 300,000 511,065 2019 247,796 67,700 315,496 — 315,496 2020 170,664 — 170,664 450,000 620,664 2021 — — — 350,000 350,000 2022 — — — 400,000 400,000 2023 — 96,409 96,409 — 96,409 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 Thereafter — 27,000 27,000 — 27,000 Subtotal 947,403 425,415 1,372,818 2,210,697 3,583,515 Non-cash (a) 5,398 (1,271 ) 4,127 (16,847 ) (12,720 ) Total $ 952,801 $ 424,144 $ 1,376,945 $ 2,193,850 $ 3,570,795 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, deferred hedge gains, and deferred financing costs. For the years ended December 31, 2015 and 2014, the Company amortized $7.0 million and $7.2 million , respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2015 . |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
DEBT | DEBT, NET Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Operating Partnership having effectively established the fixed interest rate for the underlying debt instrument. Secured debt consists of the following as of December 31, 2015 and 2014 ( dollars in thousands ): Principal Outstanding For the Year Ended December 31, 2015 December 31, Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered 2015 2014 Fixed Rate Debt Mortgage notes payable $ 30,132 $ 378,371 3.43 % 0.6 1 Fannie Mae credit facilities 250,828 333,828 5.08 % 3.7 8 Deferred financing costs (1,627 ) (3,665 ) Total fixed rate secured debt, net 279,333 708,534 4.90 % 3.3 9 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 0.76 % 16.2 1 Fannie Mae credit facilities 170,203 192,760 1.90 % 4.7 6 Deferred financing costs (572 ) (810 ) Total variable rate secured debt, net 196,631 218,950 1.74 % 6.3 7 Total secured debt, net $ 475,964 $ 927,484 3.76 % 4.5 16 As of December 31, 2015 , an aggregate commitment of $421.0 million of the General Partner's secured credit facilities with Fannie Mae was allocated to the Operating Partnership based on the ownership of the assets securing the debt. The entire commitment was outstanding at December 31, 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 December 31, 2015 , $250.8 million of the outstanding balance was fixed at a weighted average interest rate of 5.08% and the remaining balance of $170.2 million on these facilities had a weighted average variable interest rate of 1.90% . The following is information related to the credit facilities allocated to the Operating Partnership ( dollars in thousands ): December 31, December 31, 2014 Borrowings outstanding $ 421,031 $ 526,588 Weighted average borrowings during the period ended 425,522 527,592 Maximum daily borrowings during the period ended 431,462 528,659 Weighted average interest rate during the period ended 3.8 % 4.1 % Interest rate at the end of the period 3.8 % 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 $0.0 and $6.2 million at December 31, 2015 and 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 in August 2016 and carry an interest rate of 3.43% . Secured credit facilities. At December 31, 2015 , the General Partner had borrowings against its fixed rate facilities of $514.5 million , of which $250.8 million was allocated to the Operating Partnership based on the ownership of the assets securing the debt. As of December 31, 2015 , the fixed rate Fannie Mae credit facilities allocated to the Operating Partnership had a weighted average fixed interest rate of 5.08% . Variable Rate Debt Tax-exempt secured note payable. The variable rate mortgage note payable that secures tax-exempt housing bond issues matures in March 2032 . Interest on this note is payable in monthly installments. The mortgage note payable has an interest rate of 0.76% as of December 31, 2015 . Secured credit facilities. At December 31, 2015 , the General Partner had borrowings against its variable rate facilities of $299.4 million , of which $170.2 million was allocated to the Operating Partnership based on the ownership of the assets securing the debt. As of December 31, 2015 , the variable rate borrowings under the Fannie Mae credit facilities allocated to the Operating Partnership had a weighted average floating interest rate of 1.90% . The aggregate maturities of the Operating Partnership’s secured debt due during each of the next ten calendar years subsequent to December 31, 2015 are as follows (dollars in thousands): Fixed Variable Mortgage Notes Payable Secured Credit Facilities Tax-Exempt Secured Notes Payable Secured Credit Facilities Total 2016 $ 30,132 $ 385 $ — $ — $ 30,517 2017 — 15,640 — 6,566 22,206 2018 — 48,872 — 96,327 145,199 2019 — 123,095 — — 123,095 2020 — 62,836 — — 62,836 2021 — — — — — 2022 — — — — — 2023 — — — 67,310 67,310 2024 — — — — — 2025 — — — — — Thereafter — — 27,000 — 27,000 Subtotal 30,132 250,828 27,000 170,203 478,163 Non-cash (a) (97 ) (1,530 ) (93 ) (479 ) (2,199 ) Total $ 30,035 $ 249,298 $ 26,907 $ 169,724 $ 475,964 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, deferred hedge gains, and deferred financing costs. For the years ended December 31, 2015 and 2014, the Operating Partnership amortized $1.3 million and $1.4 million , respectively, of deferred financing costs into Interest expense . Guarantor on Unsecured Debt The Operating Partnership is a guarantor on the General Partner’s unsecured revolving credit facility, with an aggregate borrowing capacity of $1.1 billion , $300 million of medium-term notes due June 2018 , $300 million of medium-term notes due October 2020 , a $350 million term loan facility due January 2021 , $400 million of medium-term notes due January 2022 , $300 million of medium-term notes due July 2024 , and $300 million of medium-term notes due October 2025 . As of December 31, 2015 and 2014 , there were outstanding borrowings of $150.0 million and $152.5 million , respectively, under the unsecured credit facility. |
Related Party Transactions (UNI
Related Party Transactions (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2015 | |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS Advances (To)/From the General Partner The Operating Partnership participates in the General Partner’s central cash management program, wherein all the Operating Partnership’s cash receipts are remitted to the General Partner and all cash disbursements are funded by the General Partner. In addition, other miscellaneous costs such as administrative expenses are incurred by the General Partner on behalf of the Operating Partnership. As a result of these various transactions between the Operating Partnership and the General Partner, the Operating Partnership had net advances (to)/from the General Partner of $(11.3) million and $13.6 million at December 31, 2015 and 2014 , respectively, which is reflected as an increase/(reduction) of capital on the Consolidated Balance Sheets. Allocation of General and Administrative Expenses The General Partner provides various general and administrative and other overhead services for the Operating Partnership including legal assistance, acquisitions analysis, marketing and advertising, and allocates these expenses to the Operating Partnership first on the basis of direct usage when identifiable, with the remainder allocated based on its pro-rata portion of UDR’s total apartment homes. During the years ended December 31, 2015 , 2014 , and 2013 , the general and administrative expenses allocated to the Operating Partnership by UDR were $21.0 million , $27.4 million , and $23.5 million , respectively, and are included in General and administrative on the Consolidated Statements of Operations. In the opinion of management, this method of allocation reflects the level of services received by the Operating Partnership from the General Partner. During the years ended December 31, 2015 , 2014 , and 2013 , the Operating Partnership incurred $17.7 million , $12.7 million , and $12.3 million , respectively, of related party management fees related to a management agreement entered into in 2011 with wholly-owned subsidiaries of our TRS. (See further discussion in paragraph below.) These related party management fees are initially recorded within the line item General and administrative on the Consolidated Statements of Operations, and a portion related to management fees charged by the TRS of the General Partner is reclassified to Property management on the Consolidated Statements of Operations. (See further discussion below.) Management Fee In 2011, the Operating Partnership entered into a management agreement with wholly-owned subsidiaries of our TRS. Under the management agreement, the Operating Partnership is charged a management fee equal to 2.75% of gross rental revenues, which is reported in Property management on the Consolidated Statements of Operations. Guaranties by the General Partner The Operating Partnership provided a “bottom dollar” guaranty to certain limited partners as part of their original contribution to the Operating Partnership. The guaranty protects the tax basis of the underlying contribution and is reflected on the OP unitholder’s Schedule K-1 tax form. The guaranty was made in the form of a note payable issued by the Operating Partnership to the General Partner at an annual interest rate of 5.18% for the years ended December 31, 2015 and 2014 , respectively. On December 31, 2013, the note was renewed at an annual interest rate of 5.18% . Interest payments are made monthly and the renewed note is due December 31, 2023. At December 31, 2015 and 2014 , the note payable due to the General Partner was $83.2 million . In 2011, the Operating Partnership also provided a “bottom dollar” guaranty in conjunction with 1,802,239 OP Units issued in partial consideration to the seller for the acquisition of an operating community. The guaranty was made in the form of a note payable issued by the Operating Partnership to the General Partner at an annual interest rate of 5.34% . Interest payments are due monthly and the note matures on August 31, 2021. At December 31, 2015 and 2014 , the note payable due to the General Partner was $5.5 million . In December 2015, the Operating Partnership provided a “bottom dollar” guaranty on three promissory notes with an aggregate value of $184.6 million . The guaranty was made in the form of a note payable issued by the Operating Partnership to the General Partner at an annual interest rate of 4.12% . Interest payments are due monthly and the notes mature on April 1, 2026. |
Fair Value of Derivatives and39
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2015, Using Total Carrying Amount in Statement of Financial Position at December 31, 2015 Fair Value Estimate at December 31, 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) $ 16,694 $ 16,938 $ — $ — $ 16,938 Derivatives - Interest rate contracts (b) 13 13 — 13 — Total assets $ 16,707 $ 16,951 $ — $ 13 $ 16,938 Derivatives - Interest rate contracts (b) $ 2,112 $ 2,112 $ — $ 2,112 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 442,617 448,019 — — 448,019 Fannie Mae credit facilities 514,462 539,050 — — 539,050 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 299,378 299,378 — — 299,378 Unsecured debt instruments (c): Commercial banks 150,000 150,000 — — 150,000 Senior unsecured notes 2,056,223 2,108,687 — — 2,108,687 Total liabilities $ 3,590,829 $ 3,673,283 $ — $ 2,112 $ 3,671,171 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 946,436 $ 946,436 $ — $ 946,436 $ — 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 banks 152,500 152,500 — — 152,500 Senior unsecured notes 2,069,076 2,144,125 — — 2,144,125 Total liabilities $ 3,593,473 $ 3,721,512 $ — $ 10,368 $ 3,711,144 Redeemable noncontrolling interests in the Operating Partnership (d) $ 282,480 $ 282,480 $ — $ 282,480 $ — (a) See Note 2 , Significant Accounting Policies. (b) See Note 13, Derivatives and Hedging Activity. (c) See Note 6, Secured Debt and Unsecured Debt, Net. (d) See Note 11, Noncontrolling Interests. There were no transfers into or out of each of the levels of the fair value hierarchy. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2015 and 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 and DownREIT Partnership have a redemption feature and are marked to their redemption value. The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership are classified as Level 2. Financial Instruments Not Carried at Fair Value At December 31, 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 years ended December 31, 2015 , 2014 , and 2013 . After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates. |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: • Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2015 and 2014 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2015, Using Total Carrying Amount in Statement of Financial Position at December 31, 2015 Fair Value Estimate at December 31, 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: Derivatives- Interest rate contracts (a) $ 8 $ 8 $ — $ 8 $ — Total assets $ 8 $ 8 $ — $ 8 $ — Secured debt instruments - fixed rate: (b) Mortgage notes payable 30,132 30,308 — — 30,308 Fannie Mae credit facilities 250,828 263,070 — — 263,070 Secured debt instruments - variable rate: (b) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Fannie Mae credit facilities 170,203 170,203 — — 170,203 Total liabilities $ 478,163 $ 490,581 $ — $ — $ 490,581 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: Derivatives - Interest rate contracts (b) $ 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 9, Derivatives and Hedging Activity. (b) See Note 6, Secured Debt, Net. There were no transfers into or out of each of the levels of the fair value hierarchy. Financial Instruments Carried at Fair Value The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate options are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Operating Partnership incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Operating Partnership has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Operating Partnership has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 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 At December 31, 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. The General Partner estimates the fair value of our debt instruments by discounting the remaining cash flows of the debt instrument at a discount rate equal to the replacement market credit spread plus the corresponding treasury yields. Factors considered in determining a replacement market credit spread include general market conditions, borrower specific credit spreads, time remaining to maturity, loan-to-value ratios and collateral quality (Level 3). The Operating Partnership records impairment losses on long-lived assets used in operations when events and circumstances indicate that the assets might be impaired and the undiscounted cash flows estimated to be generated by the future operation and disposition of those assets are less than the net book value of those assets. Cash flow estimates are based upon historical results adjusted to reflect management’s best estimate of future market and operating conditions and our estimated holding periods. The net book value of impaired assets is reduced to fair value. The General Partner’s estimates of fair value represent management’s estimates based upon Level 3 inputs such as industry trends and reference to market rates and transactions. |
Derivatives and Hedging Activ40
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015 , 2014 , and 2013 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt and forecasted issuances of fixed-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2015 , the Company recognized a loss of less than $0.1 million reclassified from Accumulated OCI to Interest expense due to the de-designation of a cash flow hedge and recorded no other ineffectiveness to earnings. During the years ended December 31, 2014 and 2013 , the Company recorded a gain of less than $0.1 million of ineffectiveness in earnings attributable to a timing difference between the derivative and the hedged item. Amounts reported in Accumulated other comprehensive income/(loss), net in the Consolidated Balance Sheets relate to deferred gains/(losses) on designated derivatives that will be reclassified to interest expense as interest payments are made on the Company’s hedged debt. Through December 31, 2016 , the Company estimates that an additional $3.0 million will be reclassified as an increase to interest expense. As of December 31, 2015 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Product Number of Instruments Notional Interest rate swaps 5 $ 315,000 Interest rate caps 2 $ 203,166 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 or the Company has elected to not apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2015 and 2014 , and a gain of $0.3 million for the year ended December 31, 2013 . As of December 31, 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 3 $ 133,107 Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2015 and 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, Derivatives designated as hedging instruments: Interest rate products $ 9 $ 86 $ 2,112 $ 10,368 Derivatives not designated as hedging instruments: Interest rate products $ 4 $ 2 $ — $ — Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 , and 2013 ( 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) Year ended December 31, Year ended December 31, Year ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate products $ (6,393 ) $ (8,695 ) $ (469 ) $ (2,251 ) $ (4,834 ) $ (6,851 ) $ (11 ) $ 3 $ — Gain/(Loss) Recognized in Interest income and other income/(expense), net Year ended December 31, Derivatives Not Designated as Hedging Instruments 2015 2014 2013 Interest rate products $ (23 ) $ (4 ) 271 Credit-risk-related Contingent Features The Company has agreements with some of its derivative counterparties that contain a provision where (1) if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations; or (2) the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. Certain of the Company’s agreements with its derivative counterparties contain provisions where, if there is a change in the Company’s financial condition that materially changes the Company’s creditworthiness in an adverse manner, the Company may be required to fully collateralize its obligations under the derivative instrument. At December 31, 2015 and 2014 , no cash collateral was posted or required to be posted by the Company or by a counterparty. The Company also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the Company’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the Company being in default on any derivative instrument obligations covered by the agreement. The Company has certain agreements with some of its derivative counterparties that contain a provision where, in the event of default by the Company or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative contract, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity's creditworthiness is materially weaker than the original party to the derivative agreement. As of December 31, 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 $2.2 million . If the Company had breached any of these provisions at December 31, 2015 , it would have been required to settle its obligations under the agreements at their termination value of $2.2 million . Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions in the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 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 Net Amount Financial Instruments Cash Collateral Received December 31, 2015 $ 13 $ — $ 13 $ — $ — $ 13 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 Consolidated Balance Sheets” located in this footnote. Offsetting of Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a) Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments Cash Collateral Posted December 31, 2015 $ 2,112 $ — $ 2,112 $ — $ — $ 2,112 December 31, 2014 $ 10,368 $ — $ 10,368 $ (27 ) $ — $ 10,341 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the “Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets” located in this footnote. |
United Dominion Reality L.P. | |
Entity Information [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 6, Secured Debt, Net. ) The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive loss in the Consolidated Balance Sheets, and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2015 , 2014 , and 2013 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt and forecasted issuances of fixed-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2015 , the Operating Partnership recognized a loss of less than $0.1 million reclassified from Accumulated OCI to Interest expense due to the de-designation of a cash flow hedge and recorded no other ineffectiveness to earnings. During the years ended December 31, 2014 , and 2013 , the Operating Partnership recorded less than $0.1 million of ineffectiveness in earnings attributable to reset date and index mismatches between the derivative and the hedged item. Amounts reported in Accumulated other comprehensive loss related to deferred gains/(losses) on designated derivatives will be reclassified to interest expense as interest payments are made on the General Partner’s hedged debt that is allocated to the Operating Partnership. During the next twelve months through December 31, 2016, we estimate that less than $0.1 million will be reclassified as an increase to interest expense. As of December 31, 2015 , the Operating Partnership had the following outstanding interest rate derivatives designated as cash flow hedges of interest rate risk ( dollars in thousands ): Product Number of Instruments Notional Interest rate caps 1 $ 96,327 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 or the General Partner has elected to not apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in losses of less than $0.1 million for the years ended December 31, 2015 , 2014 , and 2013 . As of December 31, 2015 , we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Product Number of Instruments Notional Interest rate caps 3 $ 98,932 Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets The table below presents the fair value of the Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2015 and 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (Included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, Derivatives designated as hedging instruments: Interest rate products $ 4 $ 37 $ — $ 918 Derivatives not designated as hedging instruments: Interest rate products $ 4 $ 2 $ — $ — Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 , and 2013 ( 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) Year ended December 31, Year ended December 31, Year ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate products $ (82 ) $ (285 ) $(348) $ (1,044 ) $ (2,275 ) $ (3,431 ) $ (11 ) $ — $ — Derivatives Not Designated as Hedging Instruments Gain/(Loss) Recognized in Interest income and other income/(expense), net Year ended December 31, 2015 2014 2013 Interest rate products $ (23 ) $ (3 ) $ (9 ) Credit-risk-related Contingent Features The General Partner has agreements with some of its derivative counterparties that contain a provision where (1) if the General Partner defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the General Partner could also be declared in default on its derivative obligations; or (2) the General Partner could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the General Partner’s default on the indebtedness. Certain of the General Partner’s agreements with its derivative counterparties contain provisions where if there is a change in the General Partner’s financial condition that materially changes the General Partner’s creditworthiness in an adverse manner, the General Partner may be required to fully collateralize its obligations under the derivative instrument. At December 31, 2015 and 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. As of December 31, 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 $0.0 . The General Partner has elected not to offset derivative positions in the consolidated financial statements. The table below presents the effect on the Operating Partnership's financial position had the General Partner made the election to offset its derivative positions as of December 31, 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 Net Amount Financial Instruments Cash Collateral Received December 31, 2015 $ 8 $ — $ 8 $ — $ — $ 8 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 Consolidated Balance Sheets” 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 Net Amount Financial Instruments Cash Collateral Posted December 31, 2015 $ — $ — $ — $ — $ — $ — 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 Consolidated Balance Sheets” located in this footnote. |
Capital Structure (UNITED DOMIN
Capital Structure (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2015 | |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
CAPITAL STRUCTURE | CAPITAL STRUCTURE General Partnership Units The General Partner has complete discretion to manage and control the operations and business of the Operating Partnership, which includes but is not limited to the acquisition and disposition of real property, construction of buildings and making capital improvements, and the borrowing of funds from outside lenders or UDR and its subsidiaries to finance such activities. The General Partner can generally authorize, issue, sell, redeem or purchase any OP Unit or securities of the Operating Partnership without the approval of the limited partners. The General Partner can also approve, with regard to the issuances of OP Units, the class or one or more series of classes, with designations, preferences, participating, optional or other special rights, powers and duties including rights, powers and duties senior to limited partnership interests without approval of any limited partners except holders of Class A Limited Partnership Units. There were 110,883 General Partnership units outstanding at December 31, 2015 and 2014 , all of which were held by UDR. Limited Partnership Units At December 31, 2015 and 2014 , there were 183,167,815 limited partnership units outstanding, of which 1,873,332 were Class A Limited Partnership Units. UDR owned 174,114,516 limited partnership units or 95.1% and 174,002,342 limited partnership units or 95.0% at December 31, 2015 and 2014 , respectively. The remaining 9,053,299 or 4.9% and 9,165,473 or 5.0% limited partnership units outstanding were held by non-affiliated partners at December 31, 2015 and 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 $340.1 million and $282.5 million as of December 31, 2015 and 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 of limited partnership units, without the approval of the holders of the Class A Limited Partnership Units, (iv) enter into a merger or acquisition, or (v) amend or modify the Operating Partnership Agreement in a manner that adversely affects the relative rights, preferences or privileges of the Class A Limited Partnership Units. The following table shows OP Units outstanding and OP Unit activity as of and for the years ended December 31, 2015 , 2014 , and 2013 : Class A Limited Partner UDR, Inc. Limited Partners Limited Partner General Partner Total Ending balance at December 31, 2012 1,751,671 7,643,548 174,775,152 110,883 184,281,254 OP Units redeemed for the distribution of real estate to the General partner (a) — — (1,002,556 ) — (1,002,556 ) OP redemptions for UDR stock — (76,295 ) 76,295 — — Ending balance at December 31, 2013 1,751,671 7,567,253 173,848,891 110,883 183,278,698 OP redemptions for UDR stock — (153,451 ) 153,451 — — Ending balance at December 31, 2014 1,751,671 7,413,802 174,002,342 110,883 183,278,698 OP redemptions for UDR stock — (112,174 ) 112,174 — — Ending balance at December 31, 2015 1,751,671 7,301,628 174,114,516 110,883 183,278,698 (a) In November 2013, the Operating Partnership distributed the development property Los Alisos to the General Partner as a capital distribution. Upon the distribution of the property, the Operating Partnership redeemed 1,002,556 limited partnership units owned by UDR and affiliated entities, resulting in a capital reduction of $23.3 million . Allocation of Profits and Losses Profit of the Operating Partnership is allocated in the following order: (i) to the General Partner and the Limited Partners in proportion to and up to the amount of cash distributions made during the year, and (ii) to the General Partner and Limited Partners in accordance with their percentage interests. Losses and depreciation and amortization expenses, non-recourse liabilities are allocated to the General Partner and Limited Partners in accordance with their percentage interests. Losses allocated to the Limited Partners are capped to the extent that such an allocation would not cause a deficit in the Limited Partners capital account. Such losses are, therefore, allocated to the General Partner. If any Partner’s capital balance were to fall into a deficit any income and gains are allocated to each Partner sufficient to eliminate its negative capital balance. |
Income_(Loss) Per Share (UNITED
Income/(Loss) Per Share (UNITED DOMINION REALTY, L.P.) (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Text Block] | INCOME/(LOSS) PER SHARE The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 105,482 $ 16,260 $ 2,340 Gain/(loss) on sale of real estate owned, net of tax 251,677 143,572 — (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (16,773 ) (5,511 ) 48 (Income)/loss from continuing operations attributable to noncontrolling interests (3 ) 3 60 Income/(loss) from continuing operations attributable to UDR, Inc. 340,383 154,324 2,448 Distributions to preferred stockholders - Series E (Convertible) (3,722 ) (3,724 ) (3,724 ) Income/(loss) from continuing operations attributable to common stockholders - basic 336,661 150,600 (1,276 ) Dilutive distributions to preferred stockholders - Series E (Convertible) 3,722 — — Income/(loss) from continuing operations attributable to common stockholders - dilutive $ 340,383 $ 150,600 $ (1,276 ) Income/(loss) from discontinued operations, net of tax $ — $ 10 $ 43,942 (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership — — (1,578 ) Income/(loss) from discontinued operations attributable to common stockholders $ — $ 10 $ 42,364 Net income/(loss) attributable to common stockholders $ 336,661 $ 150,610 $ 41,088 Denominator for income/(loss) per share - basic and diluted: Weighted average common shares outstanding 259,873 252,707 250,684 Non-vested restricted stock awards (1,204 ) (1,179 ) (715 ) Denominator for income/(loss) per share - basic 258,669 251,528 249,969 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options and unvested restricted stock 5,083 1,917 — Denominator for income/(loss) per share - diluted 263,752 253,445 249,969 Income/(loss) per weighted average common share - basic: Income/(loss) from continuing operations attributable to common stockholders $ 1.30 $ 0.60 $ (0.01 ) Income/(loss) from discontinued operations attributable to common stockholders — — 0.17 Net income/(loss) attributable to common stockholders $ 1.30 $ 0.60 $ 0.16 Income/(loss) per weighted average common share - diluted: Income/(loss) from continuing operations attributable to common stockholders $ 1.29 $ 0.59 $ (0.01 ) Income/(loss) from discontinued operations attributable to common stockholders — — 0.17 Net income/(loss) attributable to common stockholders $ 1.29 $ 0.59 $ 0.16 Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per share is computed based upon the common shares issuable from the assumed conversion of the OP Units and DownREIT 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 year ended December 31, 2015 , the Company’s Series E preferred stock, stock options, and unvested restricted stock were dilutive. The effect of the conversion of the OP Units and DownREIT Units was not dilutive, and therefore not included in the above calculations. For the year ended December 31, 2014 , the Company’s stock options and unvested restricted stock were dilutive for purposes of calculating income/(loss) per share. The effect of the conversion of the OP Units and the Company’s Series E preferred stock were not dilutive, and therefore not included in the above calculations. For the year ended December 31, 2013, the effect of the conversion of the OP Units, the Company’s Series E preferred stock, stock options and restricted stock were not included in the above calculations as the Company reported a loss from continuing operations attributable to common stockholders. The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the years ended December 31, 2015 , 2014 , and 2013 (shares in thousands) : Year Ended December 31, 2015 2014 2013 OP Units 12,947 9,247 9,337 DownREIT Units 16,229 — — Preferred Stock 3,032 3,036 3,036 Stock options and unvested restricted stock 2,051 1,917 1,584 |
United Dominion Reality L P [Member] | |
Earnings Per Share [Text Block] | INCOME/(LOSS) PER OPERATING PARTNERSHIP UNIT Basic income/(loss) per OP Unit is computed by dividing net income/(loss) attributable to general and limited partner unitholders by the weighted average number of general and limited partner units (including redeemable OP Units) outstanding during the year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership. For the years ended December 31, 2015 , 2014 , and 2013 , there were no dilutive instruments, and therefore, diluted income/(loss) per OP Unit and basic income/(loss) per OP Unit are the same. See Note 10, Capital Structure , for further discussion on redemption rights of OP Units. The following table sets forth the computation of basic and diluted income/(loss) per OP Unit for the periods presented ( dollars in thousands, except per OP Unit data ): Year Ended December 31, 2015 2014 2013 Numerator for income/(loss) per OP Unit — basic and diluted: Income/(loss) from continuing operations $ 56,940 $ 33,544 $ 32,766 Gain/(loss) on sale of real estate owned 158,123 63,635 — (Income)/loss from continuing operations attributable to noncontrolling interests (1,762 ) (952 ) (4,114 ) Income/(loss) from continuing operations attributable to OP unitholders $ 213,301 $ 96,227 $ 28,652 Income/(loss) from discontinued operations $ — $ — $ 45,176 (Income)/loss from discontinued operations attributable to noncontrolling interests — — (452 ) Income/(loss) from discontinued operations attributable to OP unitholders $ — $ — $ 44,724 Net income/(loss) $ 215,063 $ 97,179 $ 77,942 Net (income)/loss attributable to noncontrolling interests (1,762 ) (952 ) (4,566 ) Net income/(loss) attributable to OP unitholders $ 213,301 $ 96,227 $ 73,376 Denominator for income/(loss) per OP Unit — basic and diluted: Weighted average OP Units outstanding — basic and diluted 183,279 183,279 184,196 Income/(loss) per weighted average OP Unit — basic and diluted: Income/(loss) from continuing operations attributable to OP unitholders $ 1.16 $ 0.53 $ 0.16 Income/(loss) from discontinued operations attributable to OP unitholders — — 0.24 Net income/(loss) attributable to OP unitholders $ 1.16 $ 0.53 $ 0.40 |
Commitments and Contingencies (
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 ( dollars in thousands ): Number of Properties Costs Incurred to Date (a) Expected Costs to Complete (unaudited) Average Ownership Stake Wholly-owned — under development 1 $ 124,072 (b) $ 217,928 100 % Wholly-owned — redevelopment 3 11,302 (b) 16,698 100 % Joint ventures: Unconsolidated joint ventures 4 497,350 81,979 (c) Various Participating loan investments 1 90,747 (d) 2,711 (e) 0 % Preferred equity investments 5 136,327 (f) — 48 % Total $ 859,798 $ 319,316 (a) Represents 100% of project costs incurred to date. (b) Costs incurred to date include $12.6 million and $1.2 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 December 31, 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 December 31, 2015 . Ground and Other Leases UDR owns six communities which are subject to ground leases expiring between 2019 and 2103 . In addition, UDR is a lessee to various operating leases related to office space rented by the Company with expiration dates through 2017 . Future minimum lease payments as of December 31, 2015 are as follows (dollars in thousands): Ground Leases (a) Office Space 2016 $ 5,444 $ 207 2017 5,444 179 2018 5,444 76 2019 5,444 76 2020 4,486 76 Thereafter 311,858 32 Total $ 338,120 $ 646 (a) For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. UDR incurred $5.5 million , $5.4 million , and $5.2 million of ground rent expense for the years ended December 31, 2015 , 2014 , and 2013 , respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $0.3 million , $1.3 million , and $1.3 million of rent expense related to office space for the years ended December 31, 2015 , 2014 , and 2013 , respectively. These costs are included in General and Administrative on the Consolidated Statements of Operations. In February 2015, the Company acquired the office building in Highlands Ranch, Colorado, which housed its corporate offices it had previously leased. See Note 4, Real Estate Owned, for additional details. Contingencies Litigation and Legal Matters The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flow. |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Commitments Real Estate Under Development The following summarizes the Operating Partnership’s real estate commitments at December 31, 2015 ( dollars in thousands ): Number of Properties Costs Incurred to Date (a) Expected Costs to Complete (unaudited) Real estate communities — redevelopment 2 $ 10,093 $ 13,907 (a) Costs incurred to date include $0.7 million of accrued fixed assets for redevelopment. Ground Leases The Operating Partnership owns five communities, which are subject to ground leases expiring between 2019 and 2103. Future minimum lease payments as of December 31, 2015 are $5.4 million for each of the years ending December 31, 2016 to 2019, $4.5 million for the year ending December 31, 2020, and a total of $311.9 million for years thereafter. For purposes of our ground lease contracts, the Operating Partnership uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Operating Partnership uses the current rent over the remainder of the lease term. The Operating Partnership incurred $5.4 million , $5.3 million , and $5.1 million of ground rent expense for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Contingencies Litigation and Legal Matters The Operating Partnership is subject to various legal proceedings and claims arising in the ordinary course of business. The Operating Partnership cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The General Partner believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on the Operating Partnership’s financial condition, results of operations or cash flow. |
Reportable Segments (UNITED DOM
Reportable Segments (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 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 NOI. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. UDR’s chief operating decision maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other : • Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2014 and held as of December 31, 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 year, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. • Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management evaluates the performance of each of our apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Company’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of UDR’s total revenues during the years ended December 31, 2015 , 2014 , and 2013 . The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the years ended December 31, 2015 , 2014 , and 2013 , and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2015 2014 2013 Reportable apartment home segment rental income Same-Store Communities West Region $ 255,346 $ 236,175 $ 214,324 Mid-Atlantic Region 157,158 154,491 150,489 Southeast Region 103,920 98,061 93,479 Northeast Region 86,048 81,500 77,299 Southwest Region 57,670 54,810 52,302 Non-Mature Communities/Other 211,786 180,112 167,743 Total segment and consolidated rental income $ 871,928 $ 805,149 $ 755,636 Reportable apartment home segment NOI Same-Store Communities West Region $ 190,682 $ 171,973 $ 152,108 Mid-Atlantic Region 108,324 107,592 105,300 Southeast Region 69,820 65,053 61,087 Northeast Region 64,539 61,315 57,350 Southwest Region 35,767 33,725 31,925 Non-Mature Communities/Other 144,737 116,663 106,271 Total segment and consolidated NOI 613,869 556,321 514,041 Reconciling items: Joint venture management and other fees 22,710 13,044 12,442 Property management (23,978 ) (22,142 ) (20,780 ) Other operating expenses (9,708 ) (8,271 ) (7,136 ) Real estate depreciation and amortization (374,598 ) (358,154 ) (341,490 ) General and administrative (59,690 ) (47,800 ) (42,238 ) Casualty-related recoveries/(charges), net (2,335 ) (541 ) 12,253 Other depreciation and amortization (6,679 ) (5,775 ) (6,741 ) Income/(loss) from unconsolidated entities 62,329 (7,006 ) (415 ) Interest expense (121,875 ) (130,454 ) (126,083 ) Interest income and other income/(expense), net 1,551 11,837 4,681 Tax benefit/(provision), net 3,886 15,136 7,299 Gain/(loss) on sale of real estate owned, net of tax 251,677 143,647 40,449 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (16,773 ) (5,511 ) (1,530 ) Net (income)/loss attributable to noncontrolling interests (3 ) 3 60 Net income/(loss) attributable to UDR, Inc. $ 340,383 $ 154,334 $ 44,812 The following table details the assets of UDR’s reportable segments as of December 31, 2015 and 2014 (dollars in thousands) : December 31, December 31, Reportable apartment home segment assets: Same-Store communities: West Region $ 2,371,615 $ 2,336,271 Mid-Atlantic Region 1,423,888 1,440,561 Southeast Region 730,060 727,933 Northeast Region 1,109,354 1,076,656 Southwest Region 450,305 440,587 Non-mature Communities/Other 3,105,054 2,361,251 Total segment assets 9,190,276 8,383,259 Accumulated depreciation (2,646,874 ) (2,434,772 ) Total segment assets — net book value 6,543,402 5,948,487 Reconciling items: Cash and cash equivalents 6,742 15,224 Restricted cash 20,798 22,340 Notes receivable, net 16,694 14,369 Investment in and advances to unconsolidated joint ventures, net 938,906 718,226 Other assets 137,302 110,082 Total consolidated assets $ 7,663,844 $ 6,828,728 Capital expenditures related to our Same-Store Communities totaled $72.3 million , $52.5 million , and $43.0 million for the years ended December 31, 2015 , 2014 , and 2013 , respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $12.9 million , $10.9 million , and $12.8 million for the years ended December 31, 2015 , 2014 , and 2013 , 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., Baltimore, and Richmond iii. Southeast Region — Orlando, Nashville, Tampa and Other Florida iv. Northeast Region — New York and Boston v. Southwest Region — Dallas and Austin |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
REPORTABLE SEGMENTS | REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. The Operating Partnership has the same chief operating decision maker as that of its parent, the General Partner. The chief operating decision maker consists of several members of UDR’s executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. The Operating Partnership owns and operates multifamily apartment communities throughout the United States that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures of the Operating Partnership’s apartment communities are rental income and NOI, and are included in the chief operating decision maker’s assessment of UDR’s performance on a consolidated basis. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as total revenues less direct property operating expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations and land rent. The chief operating decision maker of the General Partner utilizes NOI as the key measure of segment profit or loss. The Operating Partnership’s two reportable segments are Same-Store Communities and Non-Mature/Other communities: • Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2014 and held as of December 31, 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 year, there is no plan to conduct substantial redevelopment activities, and the communities are not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. • Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management of the General Partner evaluates the performance of each of the Operating Partnership's apartment communities on a Same-Store Community and Non-Mature Community/Other basis, as well as individually and geographically. This is consistent with the aggregation criteria under GAAP as each of our apartment communities generally has similar economic characteristics, facilities, services, and tenants. Therefore, the Operating Partnership’s reportable segments have been aggregated by geography in a manner identical to that which is provided to the chief operating decision maker. All revenues are from external customers and no single tenant or related group of tenants contributed 10% or more of the Operating Partnership’s total revenues during the years ended December 31, 2015 , 2014 , and 2013 . The following table details rental income and NOI from continuing and discontinued operations for the Operating Partnership’s reportable segments for the years ended December 31, 2015 , 2014 , and 2013 , and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2015 2014 2013 Reportable apartment home segment rental income Same-Store Communities West Region $ 174,414 $ 160,185 $ 150,137 Mid-Atlantic Region 60,602 65,565 64,923 Southeast Region 44,981 42,568 40,730 Northeast Region 59,444 58,788 55,850 Southwest Region 20,963 26,580 25,614 Non-Mature Communities/Other 80,004 68,948 73,588 Total segment and consolidated rental income $ 440,408 $ 422,634 $ 410,842 Reportable apartment home segment NOI Same-Store Communities West Region $ 130,509 $ 117,130 $ 107,866 Mid-Atlantic Region 40,301 44,366 44,442 Southeast Region 30,106 28,111 26,590 Northeast Region 45,917 45,347 42,146 Southwest Region 13,176 16,821 16,057 Non-Mature Communities/Other 57,588 48,538 50,434 Total segment and consolidated NOI 317,597 300,313 287,535 Reconciling items: Property management (12,111 ) (11,622 ) (11,298 ) Other operating expenses (5,923 ) (5,172 ) (5,728 ) Real estate depreciation and amortization (169,784 ) (179,176 ) (181,302 ) General and administrative (27,016 ) (28,541 ) (24,808 ) Casualty-related recoveries/(charges), net (843 ) (541 ) 8,083 Income/(loss) from unconsolidated entities (4,659 ) — — Interest expense (40,321 ) (41,717 ) (36,058 ) Gain/(loss) on sale of real estate owned, net of tax 158,123 63,635 41,518 Net income/(loss) attributable to noncontrolling interests (1,762 ) (952 ) (4,566 ) Net income/(loss) attributable to OP unitholders $ 213,301 $ 96,227 $ 73,376 The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2015 and 2014 (dollars in thousands) : December 31, December 31, 2014 Reportable apartment home segment assets Same-Store Communities West Region $ 1,461,078 $ 1,433,827 Mid-Atlantic Region 410,710 686,708 Southeast Region 321,787 316,788 Northeast Region 669,082 777,375 Southwest Region — 228,997 Non-Mature Communities/Other 768,248 795,075 Total segment assets 3,630,905 4,238,770 Accumulated depreciation (1,281,258 ) (1,403,303 ) Total segment assets - net book value 2,349,647 2,835,467 Reconciling items: Cash and cash equivalents 3,103 502 Restricted cash 11,344 13,811 Investment in unconsolidated entities 166,186 — Other assets 24,528 24,029 Total consolidated assets $ 2,554,808 $ 2,873,809 Capital expenditures related to the Operating Partnership’s Same-Store Communities totaled $40.0 million and $30.6 million for the years ended December 31, 2015 and 2014 , respectively. Capital expenditures related to the Operating Partnership’s Non-Mature Communities/Other totaled $5.0 million and $3.2 million for the years ended December 31, 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. Northeast Region — New York and Boston iv. Southeast Region — Nashville, Tampa, and Other Florida v. Southwest Regio n — Dallas and Austin In October 2015, all communities within the Southwest Region were contributed to the DownREIT Partnership and deconsolidated. See Note 5, Unconsolidated Entities. |
Hurricane Related Charges (UNIT
Hurricane Related Charges (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Hurricane Related Charges | -RELATED (RECOVERIES)/CHARGES During the year ended December 31, 2015, the Company recorded $2.3 million of casualty-related losses due to property damage caused by the severe snow storms on the east coast in early 2015 and water damage at a community, all of which are included in Casualty-related charges/(recoveries), net on the Consolidated Statements of Operations. During the year ended December 31, 2014, the Company recorded $0.5 million of casualty-related losses due to property damage incurred during an earthquake and a storm in California, all of which are included in Casualty-related charges/(recoveries), net on the Consolidated Statements of Operations. During the year ended December 31, 2013, the Company recorded $12.3 million of casualty-related recoveries related to damage caused by Hurricane Sandy on the east coast in October 2012, all of which are included in Casualty-related charges/(recoveries), net on the Consolidated Statements of Operations. |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Hurricane Related Charges | -RELATED (RECOVERIES)/CHARGES |
Unaudited Summarized Consolid46
Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2015 and 2014 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2015 Rental income $ 207,047 $ 212,764 $ 217,765 $ 234,352 Income/(loss) from continuing operations 76,417 10,842 13,695 4,528 Net income/(loss) attributable to common stockholders (a) 72,891 85,924 12,361 161,270 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.28 $ 0.33 $ 0.05 $ 0.62 Diluted $ 0.28 $ 0.33 $ 0.05 $ 0.61 Weighted average number of shares outstanding Basic 256,834 257,849 259,114 260,830 Diluted 258,662 262,806 261,207 266,108 2014 Rental income (b) $ 194,352 $ 200,959 $ 203,587 $ 206,104 Income/(loss) from continuing operations (5,195 ) 4,359 10,611 6,485 Income/(loss) from discontinued operations, net of tax (87 ) 18 79 — Net income/(loss) attributable to common stockholders (a) 17,430 29,076 39,618 64,486 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic and diluted $ 0.07 $ 0.12 $ 0.16 $ 0.25 Weighted average number of shares outstanding Basic 250,177 250,255 251,655 253,983 Diluted 251,822 252,191 253,732 256,000 (a) Due to the quarterly pro-rata calculation of noncontrolling interest and rounding, the sum of the quarterly per share and/or dollar amounts may not equal the annual totals. (b) Represents rental income from continuing operations, excluding amounts classified as discontinued operations. |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA | UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2015 and 2014 is summarized in the table blow ( dollars in thousands, except per share amounts ): Three Months Ended March 31, June 30, September 30, December 31, 2015 Rental income $ 110,095 $ 113,158 $ 115,173 $ 101,982 Income/(loss) from continuing operations 12,117 15,355 14,952 14,516 Income/(loss) attributable to OP unitholders 36,346 47,383 14,617 114,955 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.20 $ 0.26 $ 0.08 $ 0.62 2014 Rental income $ 102,370 $ 104,842 $ 107,444 $ 107,978 Income/(loss) from continuing operations 6,411 8,319 8,875 9,939 Income/(loss) attributable to OP unitholders 30,533 24,426 8,637 32,631 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.17 $ 0.13 $ 0.05 $ 0.18 (a) Quarterly income/(loss) per OP Unit amounts may not total to the annual amounts. |
Schedule - III Real Estate Owne
Schedule - III Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate Owned | Initial Costs Gross Amount at Which Carried at Close of Period Encumbrances Land and Land Improvements Buildings and Improvements Total Initial Acquisition Costs Costs of Improvements Capitalized Subsequent to Acquisition Costs Land and Land Improvements Buildings & Buildings Improvements Total Carrying Value Accumulated Depreciation Date of Construction(a) Date Acquired WEST REGION Harbor at Mesa Verde $ 61,050 $ 20,476 $ 28,538 $ 49,014 $ 14,641 $ 21,314 $ 42,341 $ 63,655 $ 27,697 2003 Jun-03 27 Seventy Five Mesa Verde 36,423 99,329 110,644 209,973 92,673 112,650 189,996 302,646 87,007 1972/2013 Oct-04 Pacific Shores 42,552 7,345 22,624 29,969 9,913 7,913 31,969 39,882 20,771 2003 Jun-03 Huntington Vista 36,980 8,055 22,486 30,541 11,612 8,713 33,440 42,153 19,810 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 2,526 10,874 6,010 16,884 4,229 1969 Dec-03 Coronado at Newport — North — 62,516 46,082 108,598 29,014 66,770 70,842 137,612 44,814 2000 Oct-04 Vista Del Rey — 10,670 7,080 17,750 2,502 10,988 9,264 20,252 6,117 1969 Sep-04 Foxborough — 12,071 6,187 18,258 2,897 12,404 8,751 21,155 5,432 1969 Sep-04 Coronado South — 58,785 50,067 108,852 19,393 59,278 68,967 128,245 43,476 2000 Mar-05 1818 Platinum Triangle — 16,663 51,905 68,568 1,488 16,822 53,234 70,056 16,975 2009 Aug-10 Beach & Ocean — 12,878 — 12,878 38,710 13,007 38,581 51,588 2,841 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 125,818 25,058 125,760 150,818 19,253 2013 Oct-11 Los Alisos at Mission Viejo — 17,298 — 17,298 70,345 16,398 71,245 87,643 9,016 2014 Jun-04 ORANGE COUNTY, CA 177,005 351,315 359,742 711,057 421,532 382,189 750,400 1,132,589 307,438 2000 Post Street — 9,861 44,578 54,439 30,040 13,541 70,938 84,479 31,789 1987/2006 Dec-98 Birch Creek — 4,365 16,696 21,061 7,536 5,139 23,458 28,597 13,756 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 26,063 7,257 49,670 56,927 29,237 2010 Dec-98 Marina Playa — 6,224 23,916 30,140 10,032 6,938 33,234 40,172 19,547 1971 Dec-98 River Terrace 39,310 22,161 40,137 62,298 4,307 22,428 44,177 66,605 25,943 2005 Aug-05 CitySouth — 14,031 30,537 44,568 35,627 16,290 63,905 80,195 36,437 2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 5,046 11,458 16,591 28,049 9,622 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,088 5,758 29,242 35,000 15,221 2010 Oct-07 Edgewater — 30,657 83,872 114,529 3,689 30,690 87,528 118,218 39,217 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 6,031 773 48,367 49,140 21,469 1999 Jul-08 388 Beale — 14,253 74,104 88,357 6,271 14,316 80,312 94,628 21,255 1999 Apr-11 Channel Mission Bay — 23,625 — 23,625 128,433 23,662 128,396 152,058 15,675 2014 Sep-10 SAN FRANCISCO, CA 66,310 145,665 414,240 559,905 274,163 158,250 675,818 834,068 279,168 Crowne Pointe — 2,486 6,437 8,923 5,666 2,868 11,721 14,589 7,585 1987 Dec-98 Hilltop — 2,174 7,408 9,582 4,328 2,724 11,186 13,910 6,895 1985 Dec-98 The Hawthorne 34,934 6,474 30,226 36,700 4,621 6,644 34,677 41,321 20,306 2003 Jul-05 The Kennedy — 6,179 22,307 28,486 1,931 6,272 24,145 30,417 13,947 2005 Nov-05 Hearthstone at Merrill Creek 22,591 6,848 30,922 37,770 3,829 6,975 34,624 41,599 15,574 2000 May-08 Island Square — 21,284 89,389 110,673 4,695 21,428 93,940 115,368 40,021 2007 Jul-08 Borgata — 6,379 34,569 40,948 (7,991 ) 6,404 26,553 32,957 12,502 2001 May-07 elements too — 27,468 72,036 99,504 15,676 30,244 84,936 115,180 39,911 2010 Feb-10 989elements — 8,541 45,990 54,531 1,968 8,578 47,921 56,499 16,491 2006 Dec-09 Lightbox — 6,449 38,884 45,333 422 6,449 39,306 45,755 3,374 2014 Aug-14 Waterscape — 9,693 65,176 74,869 613 9,694 65,788 75,482 4,924 2014 Sep-14 SEATTLE, WA 57,525 103,975 443,344 547,319 35,758 108,280 474,797 583,077 181,530 Rosebeach — 8,414 17,449 25,863 3,450 8,760 20,553 29,313 12,675 1970 Sep-04 Tierra Del Rey 43,078 39,586 36,679 76,265 3,250 39,674 39,841 79,515 18,883 1999 Dec-07 The Westerly 67,700 48,182 102,364 150,546 37,220 50,722 137,044 187,766 46,474 2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 90,660 61,455 84,856 146,311 32,288 2008 Sep-07 LOS ANGELES, CA 110,778 151,833 156,492 308,325 134,580 160,611 282,294 442,905 110,320 Boronda Manor — 1,946 8,982 10,928 9,534 3,195 17,267 20,462 9,244 1979 Dec-98 Garden Court — 888 4,188 5,076 5,435 1,559 8,952 10,511 4,981 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 14,767 5,302 25,387 30,689 13,958 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,080 2,188 10,311 12,499 5,627 1977 Dec-98 Initial Costs Gross Amount at Which Carried at Close of Period Encumbrances Land and Land Improvements Buildings and Improvements Total Initial Acquisition Costs Costs of Improvements Capitalized Subsequent to Acquisition Costs Land and Land Improvements Buildings & Buildings Improvements Total Carrying Value Accumulated Depreciation Date of Construction(a) Date Acquired The Pointe At Harden Ranch — 6,388 23,854 30,242 27,357 10,021 47,578 57,599 24,926 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,089 3,295 16,866 20,161 9,293 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 6,364 2,181 10,846 13,027 5,700 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 79,626 27,741 137,207 164,948 73,729 Verano at Rancho Cucamonga Town Square 55,263 13,557 3,645 17,202 53,949 23,255 47,896 71,151 34,875 2006 Oct-02 Windemere at Sycamore Highland — 5,810 23,450 29,260 2,964 6,129 26,095 32,224 17,614 2001 Nov-02 Villas at Carlsbad — 6,517 10,718 17,235 2,876 6,780 13,331 20,111 7,826 1966 Oct-04 OTHER SOUTHERN CA 55,263 25,884 37,813 63,697 59,789 36,164 87,322 123,486 60,315 Tualatin Heights — 3,273 9,134 12,407 6,745 3,841 15,311 19,152 10,231 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 6,866 6,395 21,355 27,750 14,364 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 13,611 10,236 36,666 46,902 24,595 TOTAL WEST REGION 466,881 804,897 1,504,019 2,308,916 1,019,059 883,471 2,444,504 3,327,975 1,037,095 MID-ATLANTIC REGION Dominion Middle Ridge 29,344 3,311 13,283 16,594 6,816 3,850 19,560 23,410 14,076 1990 Jun-96 Dominion Lake Ridge 20,047 2,366 8,387 10,753 7,490 2,866 15,377 18,243 10,431 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 9,883 11,680 28,231 39,911 19,977 1938 May-02 The Whitmore — 6,418 13,411 19,829 20,734 7,495 33,068 40,563 22,988 2008 Apr-02 Ridgewood — 5,612 20,086 25,698 8,522 6,014 28,206 34,220 20,340 1988 Aug-02 DelRay Tower — 297 12,786 13,083 113,357 9,461 116,979 126,440 9,914 2014 Jan-08 Waterside Towers — 1,139 49,657 50,796 18,261 36,233 32,824 69,057 20,975 1971 Dec-03 Wellington Place at Olde Town 32,037 13,753 36,059 49,812 17,416 14,740 52,488 67,228 35,000 2008 Sep-05 Andover House — 14,357 51,577 65,934 3,769 14,379 55,324 69,703 27,837 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 7,066 1,364 110,515 111,879 51,643 2007 Dec-07 Circle Towers 70,884 32,815 107,051 139,866 13,056 33,357 119,565 152,922 53,022 1972 Mar-08 Delancey at Shirlington — 21,606 66,765 88,371 2,195 21,632 68,934 90,566 30,609 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 2,888 5,721 100,818 106,539 25,845 2009 Jun-11 Signal Hill — 13,290 — 13,290 69,769 25,510 57,549 83,059 25,243 2010 Mar-07 Capitol View on 14th — 31,393 — 31,393 94,714 31,395 94,712 126,107 17,603 2013 Sep-07 Domain College Park 31,337 7,300 — 7,300 58,032 7,307 58,025 65,332 8,008 2014 Jun-11 1200 East West — 9,748 68,022 77,770 85 9,749 68,106 77,855 878 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 78 27,749 111,956 139,705 1,682 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 76 15,566 107,615 123,181 1,402 2014 Oct-15 Arbor Park of Alexandria 95,818 50,881 159,728 210,609 99 50,881 159,827 210,708 2,428 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 150 14,700 83,981 98,681 1,277 2000 Oct-15 Newport Village 127,600 55,283 177,454 232,737 475 55,285 177,927 233,212 2,704 1968 Oct-15 METROPOLITAN, D.C. 407,067 345,666 1,307,924 1,653,590 454,931 406,934 1,701,587 2,108,521 403,882 Dominion Kings Place 14,294 1,565 7,007 8,572 4,484 1,890 11,166 13,056 8,506 1983 Dec-92 Dominion At Eden Brook — 2,361 9,384 11,745 6,787 2,977 15,555 18,532 12,406 1984 Dec-92 Ellicott Grove — 2,920 9,099 12,019 23,363 5,379 30,003 35,382 23,332 2008 Jul-94 Dominion Constant Freindship 8,783 903 4,669 5,572 4,117 1,320 8,369 9,689 6,274 1990 May-95 Lakeside Mill 12,569 2,666 10,109 12,775 5,038 2,997 14,816 17,813 11,336 1989 Dec-99 Calvert’s Walk — 4,408 24,692 29,100 7,396 4,817 31,679 36,496 20,827 1988 Mar-04 Arborview Apartments — 4,653 23,952 28,605 8,090 5,249 31,446 36,695 21,388 1992 Mar-04 Liriope Apartments — 1,620 6,791 8,411 1,374 1,653 8,132 9,785 5,352 1997 Mar-04 20 Lambourne 30,132 11,750 45,590 57,340 6,406 12,106 51,640 63,746 24,313 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 942 4,700 41,541 46,241 12,690 2009 Aug-10 BALTIMORE, MD 65,778 37,515 181,923 219,438 67,997 43,088 244,347 287,435 146,424 Gayton Pointe Townhomes — 826 5,148 5,974 29,738 3,463 32,249 35,712 27,255 2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 7,614 2,328 20,369 22,697 13,860 1987 Sep-97 Initial Costs Gross Amount at Which Carried at Close of Period Encumbrances Land and Land Improvements Buildings and Improvements Total Initial Acquisition Costs Costs of Improvements Capitalized Subsequent to Acquisition Costs Land and Land Improvements Buildings & Buildings Improvements Total Carrying Value Accumulated Depreciation Date of Construction(a) Date Acquired Carriage Homes at Wyndham — 474 30,997 31,471 7,959 3,901 35,529 39,430 24,260 1998 Nov-03 Legacy at Mayland 34,567 1,979 11,524 13,503 29,886 4,946 38,443 43,389 32,042 1969/2007 Dec-91 RICHMOND, VA 34,567 5,123 60,908 66,031 75,197 14,638 126,590 141,228 97,417 TOTAL MID-ATLANTIC REGION 507,412 388,304 1,550,755 1,939,059 598,125 464,660 2,072,524 2,537,184 647,723 SOUTHEAST REGION Seabrook — 1,846 4,155 6,001 8,427 2,763 11,665 14,428 9,531 2004 Feb-96 Altamira Place — 1,533 11,076 12,609 20,724 3,539 29,794 33,333 25,586 2007 Apr-94 Regatta Shore — 757 6,608 7,365 16,031 2,060 21,336 23,396 17,330 2007 Jun-94 Alafaya Woods 17,776 1,653 9,042 10,695 9,245 2,555 17,385 19,940 13,299 2006 Oct-94 Los Altos 21,592 2,804 12,349 15,153 10,994 4,058 22,089 26,147 15,263 2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 10,108 2,873 18,059 20,932 11,987 2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 7,249 1,738 13,291 15,029 9,051 2004 Oct-97 Ashton Waterford 23,015 3,872 17,538 21,410 4,563 4,273 21,700 25,973 13,830 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 12,894 7,264 25,182 32,446 19,618 2007 Aug-06 ORLANDO, FL 62,383 22,624 88,765 111,389 100,235 31,123 180,501 211,624 135,495 Legacy Hill — 1,148 5,867 7,015 8,807 1,764 14,058 15,822 11,246 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 10,459 2,155 21,357 23,512 14,244 1989 Dec-95 Carrington Hills — 2,117 — 2,117 34,535 4,506 32,146 36,652 21,305 1999 Dec-95 Brookridge — 708 5,461 6,169 4,830 1,162 9,837 10,999 7,007 1986 Mar-96 Breckenridge — 766 7,714 8,480 4,646 1,285 11,841 13,126 8,155 1986 Mar-97 Colonnade 16,677 1,460 16,015 17,475 5,766 1,952 21,289 23,241 12,268 1998 Jan-99 The Preserve at Brentwood 21,804 3,182 24,674 27,856 7,431 3,641 31,646 35,287 21,056 1998 Jun-04 Polo Park — 4,583 16,293 20,876 16,508 5,741 31,643 37,384 22,411 2008 May-06 NASHVILLE, TN 38,481 15,433 87,608 103,041 92,982 22,206 173,817 196,023 117,692 Summit West — 2,176 4,710 6,886 9,314 3,552 12,648 16,200 11,005 1972 Dec-92 The Breyley — 1,780 2,458 4,238 17,606 3,457 18,387 21,844 16,978 2007 Sep-93 Lakewood Place 18,230 1,395 10,647 12,042 9,654 2,709 18,987 21,696 14,531 1986 Mar-94 Cambridge Woods 12,713 1,791 7,166 8,957 9,042 2,687 15,312 17,999 11,297 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 15,659 9,304 37,207 46,511 27,055 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 7,862 11,545 44,044 55,589 28,780 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 16,107 15,119 45,262 60,381 22,082 2009 Jul-09 TAMPA, FL 30,943 32,324 122,652 154,976 85,244 48,373 191,847 240,220 131,728 The Reserve and Park at Riverbridge 39,179 15,968 56,401 72,369 9,823 16,602 65,590 82,192 40,676 1999/2001 Dec-04 OTHER FLORIDA 39,179 15,968 56,401 72,369 9,823 16,602 65,590 82,192 40,676 TOTAL SOUTHEAST REGION 170,986 86,349 355,426 441,775 288,284 118,304 611,755 730,059 425,591 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 9,730 41,496 228,649 270,145 54,457 2005 Apr-11 21 Chelsea — 36,399 107,154 143,553 12,592 36,414 119,731 156,145 28,031 2001 Aug-11 View 34 — 114,410 324,920 439,330 96,772 115,026 421,076 536,102 99,652 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 7,110 57,810 273,192 331,002 71,769 2008 Aug-11 NEW YORK, NY — 249,878 917,312 1,167,190 126,204 250,746 1,042,648 1,293,394 253,909 Garrison Square — 5,591 91,027 96,618 7,226 5,635 98,209 103,844 29,629 1887/1990 Sep-10 Ridge at Blue Hills 22,147 6,039 34,869 40,908 1,479 6,113 36,274 42,387 11,196 2007 Sep-10 Inwood West 54,919 20,778 88,096 108,874 5,121 19,324 94,671 113,995 26,028 2006 Apr-11 14 North — 10,961 51,175 62,136 6,359 11,077 57,418 68,495 16,632 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 190,695 24,584 190,695 215,279 7,259 2015 Dec-15 BOSTON, MA 77,066 67,953 265,167 333,120 210,880 66,733 477,267 544,000 90,744 TOTAL NORTHEAST REGION 77,066 317,831 1,182,479 1,500,310 337,084 317,479 1,519,915 1,837,394 344,653 SOUTHWEST REGION THIRTY377 29,361 24,036 32,951 56,987 9,332 24,382 41,937 66,319 24,256 2007 Aug-06 Legacy Village 82,734 16,882 100,102 116,984 8,827 17,407 108,404 125,811 50,919 6/7/2005 Mar-08 Garden Oaks — 2,132 5,367 7,499 1,812 6,947 2,364 9,311 1,996 1979 Mar-07 Glenwood — 7,903 554 8,457 2,105 8,159 2,403 10,562 1,583 1970 May-07 Initial Costs Gross Amount at Which Carried at Close of Period Encumbrances Land and Land Improvements Buildings and Improvements Total Initial Acquisition Costs Costs of Improvements Capitalized Subsequent to Acquisition Costs Land and Land Improvements Buildings & Buildings Improvements Total Carrying Value Accumulated Depreciation Date of Construction(a) Date Acquired Talisker of Addison — 10,440 634 11,074 2,259 10,845 2,488 13,333 2,026 1975 May-07 Springhaven — 6,688 3,354 10,042 1,543 8,359 3,226 11,585 2,465 1977 Apr-07 Clipper Pointe — 13,221 2,507 15,728 2,615 15,001 3,342 18,343 2,897 1978 May-07 Highlands of Preston — 2,151 8,168 10,319 31,543 6,044 35,818 41,862 26,252 2008 Mar-98 DALLAS, TX 112,095 83,453 153,637 237,090 60,036 97,144 199,982 297,126 112,394 Barton Creek Landing — 3,151 14,269 17,420 22,588 4,913 35,095 40,008 22,924 2010 Mar-02 Residences at the Domain 36,299 4,034 55,256 59,290 3,668 4,281 58,677 62,958 25,547 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 2,111 5,272 19,569 24,841 5,243 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 1,495 4,296 18,216 22,512 4,744 2004 Apr-12 AUSTIN, TX 36,299 16,417 104,040 120,457 29,862 18,762 131,557 150,319 58,458 TOTAL SOUTHWEST REGION 148,394 99,870 257,677 357,547 89,898 115,906 331,539 447,445 170,852 TOTAL OPERATING COMMUNITIES 1,370,739 1,697,251 4,850,356 6,547,607 2,332,450 1,899,820 6,980,237 8,880,057 2,625,914 REAL ESTATE UNDER DEVELOPMENT Pacific City — 78,085 — 78,085 45,987 78,085 45,987 124,072 — TOTAL REAL ESTATE UNDER DEVELOPMENT — 78,085 — 78,085 45,987 78,085 45,987 124,072 — LAND Waterside — 11,862 — 11,862 283 12,084 61 12,145 284 345 Harrison Street — 32,938 — 32,938 7,437 32,943 7,432 40,375 — 7 Harcourt — 884 — 884 5,045 804 5,125 5,929 — 2919 Wilshire — 6,773 — 6,773 1,563 6,773 1,563 8,336 553 Vitruvian Park ® — 4,325 — 4,325 9,510 11,319 2,516 13,835 2,098 TOTAL LAND — 56,782 — 56,782 23,838 63,923 16,697 80,620 2,935 HELD FOR DISPOSITION 3032 Wilshire — 9,963 — 9,963 2,643 9,963 2,643 12,606 830 TOTAL HELD FOR DISPOSITION — 9,963 — 9,963 2,643 9,963 2,643 12,606 830 COMMERCIAL Hanover Village — 1,624 — 1,624 — 1,104 520 1,624 553 Circle Towers Office Bldg — 1,407 — 1,407 6,021 1,380 6,048 7,428 2,683 Brookhaven Shopping Center — 4,943 — 4,943 16,785 7,793 13,935 21,728 12,496 Bellevue Plaza retail — 24,377 — 24,377 8,103 29,920 2,560 32,480 772 TOTAL COMMERCIAL — 32,351 — 32,351 30,909 40,197 23,063 63,260 16,504 Other (b) — — — — 5,356 — 5,356 5,356 62 1745 Shea Center I 11,755 3,034 20,534 23,568 737 3,034 21,271 24,305 629 TOTAL CORPORATE 11,755 3,034 20,534 23,568 6,093 3,034 26,627 29,661 691 TOTAL COMMERCIAL & CORPORATE 11,755 35,385 20,534 55,919 37,002 43,231 49,690 92,921 17,195 Deferred Financing Costs $ (5,549 ) TOTAL REAL ESTATE OWNED $ 1,376,945 $ 1,877,466 $ 4,870,890 $ 6,748,356 $ 2,441,920 $ 2,095,022 $ 7,095,254 $ 9,190,276 $ 2,646,874 (a) Date of construction or date of last major renovation. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purposes was approximately $8.3 billion at December 31, 2015. The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years . 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands) : 2015 2014 2013 Balance at beginning of the year $ 8,383,259 $ 8,207,977 $ 8,055,828 Real estate acquired 906,446 231,225 — Capital expenditures and development 203,183 326,461 452,057 Real estate sold (301,920 ) (269,681 ) (70,687 ) Real estate contributed to joint ventures — (112,344 ) (356,303 ) Consolidation of joint venture assets — — 129,437 Impairment of assets, including casualty-related impairments (692 ) (379 ) (2,355 ) Balance at end of the year $ 9,190,276 $ 8,383,259 $ 8,207,977 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2015 2014 2013 Balance at beginning of the year $ 2,434,772 $ 2,208,794 $ 1,924,682 Depreciation expense for the year 364,622 356,673 339,326 Accumulated depreciation on sales (152,520 ) (126,151 ) (34,794 ) Accumulated depreciation on real estate contributed to joint ventures — (4,228 ) (20,662 ) Accumulated depreciation on assets of consolidated joint ventures — — 1,374 Accumulated depreciation on retirements of fully depreciated assets — — (1,132 ) Write off of accumulated depreciation on casualty-related impaired assets — (316 ) — Balance at end of year $ 2,646,874 $ 2,434,772 $ 2,208,794 |
Schedule III - Real Estate Owne
Schedule III - Real Estate Owned (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | |
Schedule III - Real Estate Owned | Initial Costs Gross Amount at Which Carried at Close of Period Encumbrances Land and Land Improvements Buildings and Improvements Total Initial Acquisition Costs Costs of Improvements Capitalized Subsequent to Acquisition Costs Land and Land Improvements Buildings & Buildings Improvements Total Carrying Value Accumulated Depreciation Date of Construction(a) Date Acquired WEST REGION Harbor at Mesa Verde $ 61,050 $ 20,476 $ 28,538 $ 49,014 $ 14,641 $ 21,314 $ 42,341 $ 63,655 $ 27,697 2003 Jun-03 27 Seventy Five Mesa Verde 36,423 99,329 110,644 209,973 92,673 112,650 189,996 302,646 87,007 1972/2013 Oct-04 Pacific Shores 42,552 7,345 22,624 29,969 9,913 7,913 31,969 39,882 20,771 2003 Jun-03 Huntington Vista 36,980 8,055 22,486 30,541 11,612 8,713 33,440 42,153 19,810 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 2,526 10,874 6,010 16,884 4,229 1969 Dec-03 Coronado at Newport — North — 62,516 46,082 108,598 29,014 66,770 70,842 137,612 44,814 2000 Oct-04 Vista Del Rey — 10,670 7,080 17,750 2,502 10,988 9,264 20,252 6,117 1969 Sep-04 Foxborough — 12,071 6,187 18,258 2,897 12,404 8,751 21,155 5,432 1969 Sep-04 Coronado South — 58,785 50,067 108,852 19,393 59,278 68,967 128,245 43,476 2000 Mar-05 1818 Platinum Triangle — 16,663 51,905 68,568 1,488 16,822 53,234 70,056 16,975 2009 Aug-10 Beach & Ocean — 12,878 — 12,878 38,710 13,007 38,581 51,588 2,841 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 125,818 25,058 125,760 150,818 19,253 2013 Oct-11 Los Alisos at Mission Viejo — 17,298 — 17,298 70,345 16,398 71,245 87,643 9,016 2014 Jun-04 ORANGE COUNTY, CA 177,005 351,315 359,742 711,057 421,532 382,189 750,400 1,132,589 307,438 2000 Post Street — 9,861 44,578 54,439 30,040 13,541 70,938 84,479 31,789 1987/2006 Dec-98 Birch Creek — 4,365 16,696 21,061 7,536 5,139 23,458 28,597 13,756 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 26,063 7,257 49,670 56,927 29,237 2010 Dec-98 Marina Playa — 6,224 23,916 30,140 10,032 6,938 33,234 40,172 19,547 1971 Dec-98 River Terrace 39,310 22,161 40,137 62,298 4,307 22,428 44,177 66,605 25,943 2005 Aug-05 CitySouth — 14,031 30,537 44,568 35,627 16,290 63,905 80,195 36,437 2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 5,046 11,458 16,591 28,049 9,622 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,088 5,758 29,242 35,000 15,221 2010 Oct-07 Edgewater — 30,657 83,872 114,529 3,689 30,690 87,528 118,218 39,217 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 6,031 773 48,367 49,140 21,469 1999 Jul-08 388 Beale — 14,253 74,104 88,357 6,271 14,316 80,312 94,628 21,255 1999 Apr-11 Channel Mission Bay — 23,625 — 23,625 128,433 23,662 128,396 152,058 15,675 2014 Sep-10 SAN FRANCISCO, CA 66,310 145,665 414,240 559,905 274,163 158,250 675,818 834,068 279,168 Crowne Pointe — 2,486 6,437 8,923 5,666 2,868 11,721 14,589 7,585 1987 Dec-98 Hilltop — 2,174 7,408 9,582 4,328 2,724 11,186 13,910 6,895 1985 Dec-98 The Hawthorne 34,934 6,474 30,226 36,700 4,621 6,644 34,677 41,321 20,306 2003 Jul-05 The Kennedy — 6,179 22,307 28,486 1,931 6,272 24,145 30,417 13,947 2005 Nov-05 Hearthstone at Merrill Creek 22,591 6,848 30,922 37,770 3,829 6,975 34,624 41,599 15,574 2000 May-08 Island Square — 21,284 89,389 110,673 4,695 21,428 93,940 115,368 40,021 2007 Jul-08 Borgata — 6,379 34,569 40,948 (7,991 ) 6,404 26,553 32,957 12,502 2001 May-07 elements too — 27,468 72,036 99,504 15,676 30,244 84,936 115,180 39,911 2010 Feb-10 989elements — 8,541 45,990 54,531 1,968 8,578 47,921 56,499 16,491 2006 Dec-09 Lightbox — 6,449 38,884 45,333 422 6,449 39,306 45,755 3,374 2014 Aug-14 Waterscape — 9,693 65,176 74,869 613 9,694 65,788 75,482 4,924 2014 Sep-14 SEATTLE, WA 57,525 103,975 443,344 547,319 35,758 108,280 474,797 583,077 181,530 Rosebeach — 8,414 17,449 25,863 3,450 8,760 20,553 29,313 12,675 1970 Sep-04 Tierra Del Rey 43,078 39,586 36,679 76,265 3,250 39,674 39,841 79,515 18,883 1999 Dec-07 The Westerly 67,700 48,182 102,364 150,546 37,220 50,722 137,044 187,766 46,474 2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 90,660 61,455 84,856 146,311 32,288 2008 Sep-07 LOS ANGELES, CA 110,778 151,833 156,492 308,325 134,580 160,611 282,294 442,905 110,320 Boronda Manor — 1,946 8,982 10,928 9,534 3,195 17,267 20,462 9,244 1979 Dec-98 Garden Court — 888 4,188 5,076 5,435 1,559 8,952 10,511 4,981 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 14,767 5,302 25,387 30,689 13,958 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,080 2,188 10,311 12,499 5,627 1977 Dec-98 Initial Costs Gross Amount at Which Carried at Close of Period Encumbrances Land and Land Improvements Buildings and Improvements Total Initial Acquisition Costs Costs of Improvements Capitalized Subsequent to Acquisition Costs Land and Land Improvements Buildings & Buildings Improvements Total Carrying Value Accumulated Depreciation Date of Construction(a) Date Acquired The Pointe At Harden Ranch — 6,388 23,854 30,242 27,357 10,021 47,578 57,599 24,926 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,089 3,295 16,866 20,161 9,293 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 6,364 2,181 10,846 13,027 5,700 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 79,626 27,741 137,207 164,948 73,729 Verano at Rancho Cucamonga Town Square 55,263 13,557 3,645 17,202 53,949 23,255 47,896 71,151 34,875 2006 Oct-02 Windemere at Sycamore Highland — 5,810 23,450 29,260 2,964 6,129 26,095 32,224 17,614 2001 Nov-02 Villas at Carlsbad — 6,517 10,718 17,235 2,876 6,780 13,331 20,111 7,826 1966 Oct-04 OTHER SOUTHERN CA 55,263 25,884 37,813 63,697 59,789 36,164 87,322 123,486 60,315 Tualatin Heights — 3,273 9,134 12,407 6,745 3,841 15,311 19,152 10,231 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 6,866 6,395 21,355 27,750 14,364 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 13,611 10,236 36,666 46,902 24,595 TOTAL WEST REGION 466,881 804,897 1,504,019 2,308,916 1,019,059 883,471 2,444,504 3,327,975 1,037,095 MID-ATLANTIC REGION Dominion Middle Ridge 29,344 3,311 13,283 16,594 6,816 3,850 19,560 23,410 14,076 1990 Jun-96 Dominion Lake Ridge 20,047 2,366 8,387 10,753 7,490 2,866 15,377 18,243 10,431 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 9,883 11,680 28,231 39,911 19,977 1938 May-02 The Whitmore — 6,418 13,411 19,829 20,734 7,495 33,068 40,563 22,988 2008 Apr-02 Ridgewood — 5,612 20,086 25,698 8,522 6,014 28,206 34,220 20,340 1988 Aug-02 DelRay Tower — 297 12,786 13,083 113,357 9,461 116,979 126,440 9,914 2014 Jan-08 Waterside Towers — 1,139 49,657 50,796 18,261 36,233 32,824 69,057 20,975 1971 Dec-03 Wellington Place at Olde Town 32,037 13,753 36,059 49,812 17,416 14,740 52,488 67,228 35,000 2008 Sep-05 Andover House — 14,357 51,577 65,934 3,769 14,379 55,324 69,703 27,837 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 7,066 1,364 110,515 111,879 51,643 2007 Dec-07 Circle Towers 70,884 32,815 107,051 139,866 13,056 33,357 119,565 152,922 53,022 1972 Mar-08 Delancey at Shirlington — 21,606 66,765 88,371 2,195 21,632 68,934 90,566 30,609 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 2,888 5,721 100,818 106,539 25,845 2009 Jun-11 Signal Hill — 13,290 — 13,290 69,769 25,510 57,549 83,059 25,243 2010 Mar-07 Capitol View on 14th — 31,393 — 31,393 94,714 31,395 94,712 126,107 17,603 2013 Sep-07 Domain College Park 31,337 7,300 — 7,300 58,032 7,307 58,025 65,332 8,008 2014 Jun-11 1200 East West — 9,748 68,022 77,770 85 9,749 68,106 77,855 878 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 78 27,749 111,956 139,705 1,682 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 76 15,566 107,615 123,181 1,402 2014 Oct-15 Arbor Park of Alexandria 95,818 50,881 159,728 210,609 99 50,881 159,827 210,708 2,428 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 150 14,700 83,981 98,681 1,277 2000 Oct-15 Newport Village 127,600 55,283 177,454 232,737 475 55,285 177,927 233,212 2,704 1968 Oct-15 METROPOLITAN, D.C. 407,067 345,666 1,307,924 1,653,590 454,931 406,934 1,701,587 2,108,521 403,882 Dominion Kings Place 14,294 1,565 7,007 8,572 4,484 1,890 11,166 13,056 8,506 1983 Dec-92 Dominion At Eden Brook — 2,361 9,384 11,745 6,787 2,977 15,555 18,532 12,406 1984 Dec-92 Ellicott Grove — 2,920 9,099 12,019 23,363 5,379 30,003 35,382 23,332 2008 Jul-94 Dominion Constant Freindship 8,783 903 4,669 5,572 4,117 1,320 8,369 9,689 6,274 1990 May-95 Lakeside Mill 12,569 2,666 10,109 12,775 5,038 2,997 14,816 17,813 11,336 1989 Dec-99 Calvert’s Walk — 4,408 24,692 29,100 7,396 4,817 31,679 36,496 20,827 1988 Mar-04 Arborview Apartments — 4,653 23,952 28,605 8,090 5,249 31,446 36,695 21,388 1992 Mar-04 Liriope Apartments — 1,620 6,791 8,411 1,374 1,653 8,132 9,785 5,352 1997 Mar-04 20 Lambourne 30,132 11,750 45,590 57,340 6,406 12,106 51,640 63,746 24,313 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 942 4,700 41,541 46,241 12,690 2009 Aug-10 BALTIMORE, MD 65,778 37,515 181,923 219,438 67,997 43,088 244,347 287,435 146,424 Gayton Pointe Townhomes — 826 5,148 5,974 29,738 3,463 32,249 35,712 27,255 2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 7,614 2,328 20,369 22,697 13,860 1987 Sep-97 Initial Costs Gross Amount at Which Carried at Close of Period Encumbrances Land and Land Improvements Buildings and Improvements Total Initial Acquisition Costs Costs of Improvements Capitalized Subsequent to Acquisition Costs Land and Land Improvements Buildings & Buildings Improvements Total Carrying Value Accumulated Depreciation Date of Construction(a) Date Acquired Carriage Homes at Wyndham — 474 30,997 31,471 7,959 3,901 35,529 39,430 24,260 1998 Nov-03 Legacy at Mayland 34,567 1,979 11,524 13,503 29,886 4,946 38,443 43,389 32,042 1969/2007 Dec-91 RICHMOND, VA 34,567 5,123 60,908 66,031 75,197 14,638 126,590 141,228 97,417 TOTAL MID-ATLANTIC REGION 507,412 388,304 1,550,755 1,939,059 598,125 464,660 2,072,524 2,537,184 647,723 SOUTHEAST REGION Seabrook — 1,846 4,155 6,001 8,427 2,763 11,665 14,428 9,531 2004 Feb-96 Altamira Place — 1,533 11,076 12,609 20,724 3,539 29,794 33,333 25,586 2007 Apr-94 Regatta Shore — 757 6,608 7,365 16,031 2,060 21,336 23,396 17,330 2007 Jun-94 Alafaya Woods 17,776 1,653 9,042 10,695 9,245 2,555 17,385 19,940 13,299 2006 Oct-94 Los Altos 21,592 2,804 12,349 15,153 10,994 4,058 22,089 26,147 15,263 2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 10,108 2,873 18,059 20,932 11,987 2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 7,249 1,738 13,291 15,029 9,051 2004 Oct-97 Ashton Waterford 23,015 3,872 17,538 21,410 4,563 4,273 21,700 25,973 13,830 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 12,894 7,264 25,182 32,446 19,618 2007 Aug-06 ORLANDO, FL 62,383 22,624 88,765 111,389 100,235 31,123 180,501 211,624 135,495 Legacy Hill — 1,148 5,867 7,015 8,807 1,764 14,058 15,822 11,246 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 10,459 2,155 21,357 23,512 14,244 1989 Dec-95 Carrington Hills — 2,117 — 2,117 34,535 4,506 32,146 36,652 21,305 1999 Dec-95 Brookridge — 708 5,461 6,169 4,830 1,162 9,837 10,999 7,007 1986 Mar-96 Breckenridge — 766 7,714 8,480 4,646 1,285 11,841 13,126 8,155 1986 Mar-97 Colonnade 16,677 1,460 16,015 17,475 5,766 1,952 21,289 23,241 12,268 1998 Jan-99 The Preserve at Brentwood 21,804 3,182 24,674 27,856 7,431 3,641 31,646 35,287 21,056 1998 Jun-04 Polo Park — 4,583 16,293 20,876 16,508 5,741 31,643 37,384 22,411 2008 May-06 NASHVILLE, TN 38,481 15,433 87,608 103,041 92,982 22,206 173,817 196,023 117,692 Summit West — 2,176 4,710 6,886 9,314 3,552 12,648 16,200 11,005 1972 Dec-92 The Breyley — 1,780 2,458 4,238 17,606 3,457 18,387 21,844 16,978 2007 Sep-93 Lakewood Place 18,230 1,395 10,647 12,042 9,654 2,709 18,987 21,696 14,531 1986 Mar-94 Cambridge Woods 12,713 1,791 7,166 8,957 9,042 2,687 15,312 17,999 11,297 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 15,659 9,304 37,207 46,511 27,055 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 7,862 11,545 44,044 55,589 28,780 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 16,107 15,119 45,262 60,381 22,082 2009 Jul-09 TAMPA, FL 30,943 32,324 122,652 154,976 85,244 48,373 191,847 240,220 131,728 The Reserve and Park at Riverbridge 39,179 15,968 56,401 72,369 9,823 16,602 65,590 82,192 40,676 1999/2001 Dec-04 OTHER FLORIDA 39,179 15,968 56,401 72,369 9,823 16,602 65,590 82,192 40,676 TOTAL SOUTHEAST REGION 170,986 86,349 355,426 441,775 288,284 118,304 611,755 730,059 425,591 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 9,730 41,496 228,649 270,145 54,457 2005 Apr-11 21 Chelsea — 36,399 107,154 143,553 12,592 36,414 119,731 156,145 28,031 2001 Aug-11 View 34 — 114,410 324,920 439,330 96,772 115,026 421,076 536,102 99,652 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 7,110 57,810 273,192 331,002 71,769 2008 Aug-11 NEW YORK, NY — 249,878 917,312 1,167,190 126,204 250,746 1,042,648 1,293,394 253,909 Garrison Square — 5,591 91,027 96,618 7,226 5,635 98,209 103,844 29,629 1887/1990 Sep-10 Ridge at Blue Hills 22,147 6,039 34,869 40,908 1,479 6,113 36,274 42,387 11,196 2007 Sep-10 Inwood West 54,919 20,778 88,096 108,874 5,121 19,324 94,671 113,995 26,028 2006 Apr-11 14 North — 10,961 51,175 62,136 6,359 11,077 57,418 68,495 16,632 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 190,695 24,584 190,695 215,279 7,259 2015 Dec-15 BOSTON, MA 77,066 67,953 265,167 333,120 210,880 66,733 477,267 544,000 90,744 TOTAL NORTHEAST REGION 77,066 317,831 1,182,479 1,500,310 337,084 317,479 1,519,915 1,837,394 344,653 SOUTHWEST REGION THIRTY377 29,361 24,036 32,951 56,987 9,332 24,382 41,937 66,319 24,256 2007 Aug-06 Legacy Village 82,734 16,882 100,102 116,984 8,827 17,407 108,404 125,811 50,919 6/7/2005 Mar-08 Garden Oaks — 2,132 5,367 7,499 1,812 6,947 2,364 9,311 1,996 1979 Mar-07 Glenwood — 7,903 554 8,457 2,105 8,159 2,403 10,562 1,583 1970 May-07 Initial Costs Gross Amount at Which Carried at Close of Period Encumbrances Land and Land Improvements Buildings and Improvements Total Initial Acquisition Costs Costs of Improvements Capitalized Subsequent to Acquisition Costs Land and Land Improvements Buildings & Buildings Improvements Total Carrying Value Accumulated Depreciation Date of Construction(a) Date Acquired Talisker of Addison — 10,440 634 11,074 2,259 10,845 2,488 13,333 2,026 1975 May-07 Springhaven — 6,688 3,354 10,042 1,543 8,359 3,226 11,585 2,465 1977 Apr-07 Clipper Pointe — 13,221 2,507 15,728 2,615 15,001 3,342 18,343 2,897 1978 May-07 Highlands of Preston — 2,151 8,168 10,319 31,543 6,044 35,818 41,862 26,252 2008 Mar-98 DALLAS, TX 112,095 83,453 153,637 237,090 60,036 97,144 199,982 297,126 112,394 Barton Creek Landing — 3,151 14,269 17,420 22,588 4,913 35,095 40,008 22,924 2010 Mar-02 Residences at the Domain 36,299 4,034 55,256 59,290 3,668 4,281 58,677 62,958 25,547 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 2,111 5,272 19,569 24,841 5,243 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 1,495 4,296 18,216 22,512 4,744 2004 Apr-12 AUSTIN, TX 36,299 16,417 104,040 120,457 29,862 18,762 131,557 150,319 58,458 TOTAL SOUTHWEST REGION 148,394 99,870 257,677 357,547 89,898 115,906 331,539 447,445 170,852 TOTAL OPERATING COMMUNITIES 1,370,739 1,697,251 4,850,356 6,547,607 2,332,450 1,899,820 6,980,237 8,880,057 2,625,914 REAL ESTATE UNDER DEVELOPMENT Pacific City — 78,085 — 78,085 45,987 78,085 45,987 124,072 — TOTAL REAL ESTATE UNDER DEVELOPMENT — 78,085 — 78,085 45,987 78,085 45,987 124,072 — LAND Waterside — 11,862 — 11,862 283 12,084 61 12,145 284 345 Harrison Street — 32,938 — 32,938 7,437 32,943 7,432 40,375 — 7 Harcourt — 884 — 884 5,045 804 5,125 5,929 — 2919 Wilshire — 6,773 — 6,773 1,563 6,773 1,563 8,336 553 Vitruvian Park ® — 4,325 — 4,325 9,510 11,319 2,516 13,835 2,098 TOTAL LAND — 56,782 — 56,782 23,838 63,923 16,697 80,620 2,935 HELD FOR DISPOSITION 3032 Wilshire — 9,963 — 9,963 2,643 9,963 2,643 12,606 830 TOTAL HELD FOR DISPOSITION — 9,963 — 9,963 2,643 9,963 2,643 12,606 830 COMMERCIAL Hanover Village — 1,624 — 1,624 — 1,104 520 1,624 553 Circle Towers Office Bldg — 1,407 — 1,407 6,021 1,380 6,048 7,428 2,683 Brookhaven Shopping Center — 4,943 — 4,943 16,785 7,793 13,935 21,728 12,496 Bellevue Plaza retail — 24,377 — 24,377 8,103 29,920 2,560 32,480 772 TOTAL COMMERCIAL — 32,351 — 32,351 30,909 40,197 23,063 63,260 16,504 Other (b) — — — — 5,356 — 5,356 5,356 62 1745 Shea Center I 11,755 3,034 20,534 23,568 737 3,034 21,271 24,305 629 TOTAL CORPORATE 11,755 3,034 20,534 23,568 6,093 3,034 26,627 29,661 691 TOTAL COMMERCIAL & CORPORATE 11,755 35,385 20,534 55,919 37,002 43,231 49,690 92,921 17,195 Deferred Financing Costs $ (5,549 ) TOTAL REAL ESTATE OWNED $ 1,376,945 $ 1,877,466 $ 4,870,890 $ 6,748,356 $ 2,441,920 $ 2,095,022 $ 7,095,254 $ 9,190,276 $ 2,646,874 (a) Date of construction or date of last major renovation. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purposes was approximately $8.3 billion at December 31, 2015. The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years . 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands) : 2015 2014 2013 Balance at beginning of the year $ 8,383,259 $ 8,207,977 $ 8,055,828 Real estate acquired 906,446 231,225 — Capital expenditures and development 203,183 326,461 452,057 Real estate sold (301,920 ) (269,681 ) (70,687 ) Real estate contributed to joint ventures — (112,344 ) (356,303 ) Consolidation of joint venture assets — — 129,437 Impairment of assets, including casualty-related impairments (692 ) (379 ) (2,355 ) Balance at end of the year $ 9,190,276 $ 8,383,259 $ 8,207,977 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2015 2014 2013 Balance at beginning of the year $ 2,434,772 $ 2,208,794 $ 1,924,682 Depreciation expense for the year 364,622 356,673 339,326 Accumulated depreciation on sales (152,520 ) (126,151 ) (34,794 ) Accumulated depreciation on real estate contributed to joint ventures — (4,228 ) (20,662 ) Accumulated depreciation on assets of consolidated joint ventures — — 1,374 Accumulated depreciation on retirements of fully depreciated assets — — (1,132 ) Write off of accumulated depreciation on casualty-related impaired assets — (316 ) — Balance at end of year $ 2,646,874 $ 2,434,772 $ 2,208,794 |
United Dominion Reality L.P. | |
Real Estate and Accumulated Depreciation [Line Items] | |
Schedule III - Real Estate Owned | Initial Costs Gross Amount at Which Carried at Close of Period Encumbrances Land and Land Improvements Building and Improvements Total Initial Acquisition Costs Cost of Improvements Capitalized Subsequent to Acquisition Costs Land and Land Improvements Buildings & Buildings Improvements Total Carrying Value Accumulated Depreciation Date of Construction (a) Date Acquired WEST REGION Harbor at Mesa Verde $ 61,050 $ 20,476 $ 28,538 $ 49,014 $ 14,641 $ 21,314 $ 42,341 $ 63,655 $ 27,697 2003 Jun-03 27 Seventy Five Mesa Verde 36,423 99,329 110,644 209,973 92,673 112,650 189,996 302,646 87,007 1972/2013 Oct-04 Pacific Shores 42,552 7,345 22,624 29,969 9,913 7,913 31,969 39,882 20,771 2003 Jun-03 Huntington Vista 36,980 8,055 22,486 30,541 11,612 8,713 33,440 42,153 19,810 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 2,526 10,874 6,010 16,884 4,229 1969 Dec-03 Coronado at Newport — North — 62,516 46,082 108,598 29,014 66,770 70,842 137,612 44,814 2000 Oct-04 Vista Del Rey — 10,670 7,080 17,750 2,502 10,988 9,264 20,252 6,117 1969 Sep-04 Coronado South — 58,785 50,067 108,852 19,393 59,278 68,967 128,245 43,476 2000 Mar-05 ORANGE COUNTY, CA 177,005 267,405 301,650 569,055 182,274 298,500 452,829 751,329 253,921 2000 Post Street — 9,861 44,578 54,439 30,040 10,249 61,701 71,950 25,684 1987/2006 Dec-98 Birch Creek — 4,365 16,696 21,061 7,536 5,139 23,458 28,597 13,756 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 26,063 7,257 49,670 56,927 29,237 2010 Dec-98 Marina Playa — 6,224 23,916 30,140 10,032 6,938 33,234 40,172 19,547 1971 Dec-98 River Terrace 39,310 22,161 40,137 62,298 4,307 22,428 44,177 66,605 25,943 2005 Aug-05 CitySouth — 14,031 30,537 44,568 35,627 16,290 63,905 80,195 36,437 2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 5,046 11,458 16,591 28,049 9,622 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,088 5,758 29,242 35,000 15,221 2010 Oct-07 Edgewater — 30,657 83,872 114,529 3,689 30,690 87,528 118,218 39,217 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 6,031 773 48,367 49,140 21,469 1999 Jul-08 SAN FRANCISCO, CA 66,310 107,787 340,136 447,923 139,459 116,980 457,873 574,853 236,133 Rosebeach — 8,414 17,449 25,863 3,450 8,760 20,553 29,313 12,675 1970 Sep-04 Tierra Del Rey 43,078 39,586 36,679 76,265 3,250 39,674 39,841 79,515 18,883 1999 Dec-07 LOS ANGELES, CA 43,078 48,000 54,128 102,128 6,700 48,434 60,394 108,828 31,558 Crowne Pointe — 2,486 6,437 8,923 5,666 2,868 11,721 14,589 7,585 1987 Dec-98 Hilltop — 2,174 7,408 9,582 4,328 2,724 11,186 13,910 6,895 1985 Dec-98 The Kennedy — 6,179 22,307 28,486 1,931 6,272 24,145 30,417 13,947 2005 Nov-05 Hearthstone at Merrill Creek 22,591 6,848 30,922 37,770 3,829 6,975 34,624 41,599 15,574 2000 May-08 Island Square — 21,284 89,389 110,673 4,695 21,428 93,940 115,368 40,021 2007 Jul-08 SEATTLE, WA 22,591 38,971 156,463 195,434 20,449 40,267 175,616 215,883 84,022 Boronda Manor — 1,946 8,982 10,928 9,534 3,195 17,267 20,462 9,244 1979 Dec-98 Garden Court — 888 4,188 5,076 5,435 1,559 8,952 10,511 4,981 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 14,767 5,302 25,387 30,689 13,958 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,080 2,188 10,311 12,499 5,627 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 27,357 10,021 47,578 57,599 24,926 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,089 3,295 16,866 20,161 9,293 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 6,364 2,181 10,846 13,027 5,700 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 79,626 27,741 137,207 164,948 73,729 Verano at Rancho Cucamonga Town Square 55,262 13,557 3,645 17,202 53,949 23,255 47,896 71,151 34,875 2006 Oct-02 Villas at Carlsbad — 6,517 10,718 17,235 2,876 6,780 13,331 20,111 7,826 1966 Oct-04 OTHER SOUTHERN CA 55,262 20,074 14,363 34,437 56,825 30,035 61,227 91,262 42,701 Tualatin Heights — 3,273 9,134 12,407 6,745 3,841 15,311 19,152 10,231 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 6,866 6,395 21,355 27,750 14,364 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 13,611 10,236 36,666 46,902 24,595 TOTAL WEST REGION 364,246 508,462 959,128 1,467,590 498,944 572,193 1,381,812 1,954,005 746,659 MID-ATLANTIC REGION Ridgewood — 5,612 20,086 25,698 8,522 6,014 28,206 34,220 20,340 1988 Aug-02 DelRey Tower — 297 12,786 13,083 113,357 9,461 116,979 126,440 9,914 2014 Jan-08 Initial Costs Gross Amount at Which Carried at Close of Period Encumbrances Land and Land Improvements Building and Improvements Total Initial Acquisition Costs Cost of Improvements Capitalized Subsequent to Acquisition Costs Land and Land Improvements Buildings & Buildings Improvements Total Carrying Value Accumulated Depreciation Date of Construction (a) Date Acquired Wellington Place at Olde Town 32,037 13,753 36,059 49,812 17,416 14,740 52,488 67,228 35,000 2008 Sep-05 Andover House — 14,357 51,577 65,934 3,769 14,379 55,324 69,703 27,837 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 7,066 1,364 110,450 111,814 51,578 2007 Dec-07 Courts at Huntington Station — 27,749 111,878 139,627 78 27,749 111,956 139,705 1,682 2011 Oct-15 METROPOLITAN D.C. 32,037 62,905 336,062 398,967 150,208 73,707 475,403 549,110 146,351 Lakeside Mill 12,569 2,666 10,109 12,775 5,038 2,997 14,816 17,813 11,336 1989 Dec-99 Calvert’s Walk — 4,408 24,692 29,100 7,396 4,817 31,679 36,496 20,827 1988 Mar-04 Liriope Apartments — 1,620 6,791 8,411 1,374 1,653 8,132 9,785 5,352 1997 Mar-04 20 Lambourne 30,132 11,750 45,590 57,340 6,406 12,106 51,640 63,746 24,313 2003 Mar-08 BALTIMORE, MD 42,701 20,444 87,182 107,626 20,214 21,573 106,267 127,840 61,828 TOTAL MID-ATLANTIC REGION 74,738 83,349 423,244 506,593 170,422 95,280 581,670 676,950 208,179 SOUTHEAST REGION Inlet Bay — 7,702 23,150 30,852 15,659 9,304 37,207 46,511 27,055 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 7,862 11,545 44,044 55,589 28,780 2001 Dec-04 TAMPA, FL — 18,571 60,008 78,579 23,521 20,849 81,251 102,100 55,835 Legacy Hill — 1,148 5,867 7,015 8,807 1,764 14,058 15,822 11,246 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 10,459 2,155 21,357 23,512 14,244 1989 Dec-95 Carrington Hills — 2,117 — 2,117 34,535 4,506 32,146 36,652 21,305 1999 Dec-95 Brookridge — 708 5,461 6,169 4,830 1,162 9,837 10,999 7,007 1986 Mar-96 Breckenridge — 766 7,714 8,480 4,646 1,285 11,841 13,126 8,155 1986 Mar-97 Polo Park — 4,583 16,293 20,876 16,508 5,741 31,643 37,384 22,411 2008 May-06 NASHVILLE, TN — 10,791 46,919 57,710 79,785 16,613 120,882 137,495 84,368 The Reserve and Park at Riverbridge 39,179 15,968 56,401 72,369 9,823 16,602 65,590 82,192 40,676 1999/2001 Dec-04 OTHER FLORIDA 39,179 15,968 56,401 72,369 9,823 16,602 65,590 82,192 40,676 TOTAL SOUTHEAST REGION 39,179 45,330 163,328 208,658 113,129 54,064 267,723 321,787 180,879 NORTHEAST REGION 14 North — 10,961 51,175 62,136 6,359 11,077 57,418 68,495 16,632 2005 Apr-11 BOSTON, MA — 10,961 51,175 62,136 6,359 11,077 57,418 68,495 16,632 10 Hanover Square — 41,432 218,983 260,415 9,730 41,496 228,649 270,145 54,457 2005 Apr-11 95 Wall Street — 57,637 266,255 323,892 7,110 57,810 273,192 331,002 71,769 2008 Aug-11 NEW YORK, NY — 99,069 485,238 584,307 16,840 99,306 501,841 601,147 126,226 TOTAL NORTHEAST REGION — 110,030 536,413 646,443 23,199 110,383 559,259 669,642 142,858 TOTAL OPERATING COMMUNITIES 478,163 747,171 2,082,113 2,829,284 805,694 831,920 2,790,464 3,622,384 1,278,575 COMMERCIAL Circle Towers Office Bldg — 1,407 — 1,407 6,021 1,380 6,048 7,428 2,683 TOTAL COMMERCIAL — 1,407 — 1,407 6,021 1,380 6,048 7,428 2,683 Other (b) — — — — 1,093 — 1,093 1,093 — TOTAL CORPORATE — — — — 1,093 — 1,093 1,093 — TOTAL COMMERCIAL & CORPORATE — 1,407 — 1,407 7,114 1,380 7,141 8,521 2,683 Deferred Financing Costs $ (2,199 ) TOTAL REAL ESTATE OWNED $ 475,964 $ 748,578 $ 2,082,113 $ 2,830,691 $ 812,808 $ 833,300 $ 2,797,605 $ 3,630,905 $ 1,281,258 (a) Date of construction or date of last major renovation. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purpose was approximately $3.0 billion at December 31, 2015. The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years . 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands ): 2015 2014 2013 Balance at beginning of the year $ 4,238,770 $ 4,188,480 $ 4,182,920 Real estate acquired 139,627 — — Capital expenditures and development 61,196 91,682 151,002 Real estate sold (180,069 ) (41,013 ) (70,687 ) Real estate transferred to the General Partner — — (74,755 ) Real estate deconsolidated (628,479 ) — — Casualty-related impairment of assets (140 ) (379 ) — Balance at end of year $ 3,630,905 $ 4,238,770 $ 4,188,480 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2015 2014 2013 Balance at beginning of the year $ 1,403,303 $ 1,241,574 $ 1,097,133 Depreciation expense for the year 168,495 178,719 179,404 Accumulated depreciation on sales (67,177 ) (16,674 ) (34,794 ) Accumulated depreciation on property transferred to the General Partner — — (169 ) Accumulated depreciation on property deconsolidated (223,363 ) — — Write off of accumulated depreciation on casualty-related impaired assets — (316 ) — Balance at end of year $ 1,281,258 $ 1,403,303 $ 1,241,574 |
Significant Accounting Polici49
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with the ASU, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted. The early adoption provision excludes components of an entity that were sold or classified as held for sale prior to the adoption of the standard. The Company elected to early adopt this standard effective January 1, 2014, which had a significant impact on the Company’s consolidated financial statements as further discussed in Note 3, Discontinued Operations . Subsequent to the Company’s adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard is included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method, and the standard will be effective for the Company on January 1, 2017; early adoption is not permitted. The Company has not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. 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 of consolidation. Under ASU 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. 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 must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the period of adoption or retrospectively to each period presented. The Company does not expect the adoption of the new standard to result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. Upon adopting the new standard, the Company expects that the Operating Partnership and DownREIT Partnership will become VIEs as the limited partners of both entities lack substantive kick-out rights and substantive participating rights. The Company expects to be the primary beneficiary of, and continue to consolidate, both entities. 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. ASU 2015-03 did not directly address presentation or subsequent measurement of issuance costs related to line-of-credit arrangements. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies that such costs may be presented as an asset and subsequently amortized over the term of the line-of-credit arrangement. The cumulative 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 elected to early adopt ASU 2015-03 and ASU 2015-15 during the fourth quarter of 2015. As a result, for all periods presented, deferred financing costs related to secured and unsecured debt are included as reductions to Secured debt, net and Unsecured debt, net , respectively, on the accompanying Consolidated Balance Sheets and deferred financing costs related to revolving credit facilities are included within Other assets on the accompanying Consolidated Balance Sheets. At December 31, 2015, $7.9 million , $5.5 million and $12.4 million of deferred financing costs were included within Other assets , Secured debt, net , and Unsecured debt, net , respectively. At December 31, 2014, the following amounts of deferred financing costs were reclassified ( in thousands ): Deferred financing costs Other assets Secured debt, net Unsecured Debt, net December 31, 2014 As previously presented $ 22,686 $ 105,202 $ 1,361,529 $ 2,221,576 Reclassification of deferred financing costs (22,686 ) 4,880 (7,208 ) (10,598 ) As presented herein $ — $ 110,082 $ 1,354,321 $ 2,210,978 |
Real estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation . The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the years ended December 31, 2015 , 2014 , and 2013 were $6.3 million , $9.0 million and $11.1 million , respectively. During the years ended December 31, 2015 , 2014 , and 2013 , total interest capitalized was $16.1 million , $20.2 million , and $29.4 million , respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life. |
Cash and cash equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. |
Restricted cash | Restricted Cash Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. |
Revenue and real estate sales gain recognition | Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. |
Notes Receivable | Notes Receivable The following table summarizes our notes receivable, net as of December 31, 2015 and 2014 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, Note due February 2017 (a) 10.00 % $ 12,994 $ 11,869 Note due July 2017 (b) 8.00 % 2,500 2,500 Note due October 2020 (c) 8.00 % 1,200 — Total notes receivable, net $ 16,694 $ 14,369 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $13.0 million , which bears an interest rate of 10.00% per annum. During the year ended December 31, 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 , which bears an interest rate of 8.00% per annum. 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). (c) In October 2015, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million , which bears an interest rate of 8.00% per annum. During the year ended December 31, 2015 , the Company loaned $1.2 million under the note. Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). During the years ended December 31, 2015 , 2014 , and 2013 , the Company recognized $1.5 million , $3.4 million and $4.1 million , respectively, of interest income from notes receivable, of which $0.0 , $0.0 and $0.8 million , respectively, was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. |
Investment in joint ventures | Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as variable interest entities where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term “joint venture” or “partnership” when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a variable interest entity, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partner’s ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partner’s primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2015 , the Company did not determine any of our joint ventures or partnerships to be variable interest entities. We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investment’s carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from management’s judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. |
Derivative financial instruments | Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. |
Redeemable noncontrolling interests in the Operating Partnership | Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units outside of permanent equity and reports the OP Units at their redemption value using the Company’s stock price at each balance sheet date. |
Income Taxes | Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of December 31, 2015 and 2014 , UDR’s net deferred tax asset of $11.8 million , net of valuation allowance of $0.1 million , and $7.0 million , which had no valuation allowance, respectively, was 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 tha n not (greater than 50 percent probability) to b e sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 income tax expense. |
Discontinued operations | Discontinued Operations Prior to the adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , the results of operations for those properties sold during the year or classified as held for sale at the end of the current year were classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Company will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Company determines that the property no longer meets the criteria for held for sale, the Company will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). |
Stock-based employee compensation plans | Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For performance based awards, the Company remeasures the fair value each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. |
Advertising costs | Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item |
Cost of raising capital | Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. |
Comprehensive income | Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2015 , 2014 , and 2013 , the Company's other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments and marketable securities reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to redeemable noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in interest expense in the accompanying Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The (gain)/loss on marketable securities reclassified from other comprehensive income/(loss) is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2015 , 2014 , and 2013 was $(0.3) million , $(0.1) million , and $0.3 million , respectively. |
Use of estimates | Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
Market concentration risk | Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2015 , the Company held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; Metropolitan D.C.; and New York, New York markets. |
Significant Accounting Polici50
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with the ASU, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted. The early adoption provision excludes components of an entity that were sold or classified as held for sale prior to the adoption of the standard. The Company elected to early adopt this standard effective January 1, 2014, which had a significant impact on the Company’s consolidated financial statements as further discussed in Note 3, Discontinued Operations . Subsequent to the Company’s adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard is included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method, and the standard will be effective for the Company on January 1, 2017; early adoption is not permitted. The Company has not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. 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 of consolidation. Under ASU 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. 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 must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the period of adoption or retrospectively to each period presented. The Company does not expect the adoption of the new standard to result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. Upon adopting the new standard, the Company expects that the Operating Partnership and DownREIT Partnership will become VIEs as the limited partners of both entities lack substantive kick-out rights and substantive participating rights. The Company expects to be the primary beneficiary of, and continue to consolidate, both entities. 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. ASU 2015-03 did not directly address presentation or subsequent measurement of issuance costs related to line-of-credit arrangements. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies that such costs may be presented as an asset and subsequently amortized over the term of the line-of-credit arrangement. The cumulative 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 elected to early adopt ASU 2015-03 and ASU 2015-15 during the fourth quarter of 2015. As a result, for all periods presented, deferred financing costs related to secured and unsecured debt are included as reductions to Secured debt, net and Unsecured debt, net , respectively, on the accompanying Consolidated Balance Sheets and deferred financing costs related to revolving credit facilities are included within Other assets on the accompanying Consolidated Balance Sheets. At December 31, 2015, $7.9 million , $5.5 million and $12.4 million of deferred financing costs were included within Other assets , Secured debt, net , and Unsecured debt, net , respectively. At December 31, 2014, the following amounts of deferred financing costs were reclassified ( in thousands ): Deferred financing costs Other assets Secured debt, net Unsecured Debt, net December 31, 2014 As previously presented $ 22,686 $ 105,202 $ 1,361,529 $ 2,221,576 Reclassification of deferred financing costs (22,686 ) 4,880 (7,208 ) (10,598 ) As presented herein $ — $ 110,082 $ 1,354,321 $ 2,210,978 |
Real estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation . The Company capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the years ended December 31, 2015 , 2014 , and 2013 were $6.3 million , $9.0 million and $11.1 million , respectively. During the years ended December 31, 2015 , 2014 , and 2013 , total interest capitalized was $16.1 million , $20.2 million , and $29.4 million , respectively. As each home in a capital project is completed and becomes available for lease-up, the Company ceases capitalization on the related portion and depreciation commences over the estimated useful life. |
Cash and cash equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Company’s cash and cash equivalents are held at major commercial banks. |
Restricted cash | Restricted Cash Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. |
Derivative financial instruments | Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. |
Revenue and real estate sales gain recognition | Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Company recognizes interest income, management and other fees and incentives when earned, and the amounts are fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we retain. The Company recognizes any deferred gain when the property is sold to a third party. In transactions accounted for by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. |
Discontinued operations | Discontinued Operations Prior to the adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , the results of operations for those properties sold during the year or classified as held for sale at the end of the current year were classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Company will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Company determines that the property no longer meets the criteria for held for sale, the Company will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at the lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). |
Income taxes | Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (“TRS”). Income taxes for our TRS are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rate is recognized in earnings in the period of the enactment date. The Company’s deferred tax assets are generally the result of differing depreciable lives on capitalized assets and timing of expense recognition for certain accrued liabilities. As of December 31, 2015 and 2014 , UDR’s net deferred tax asset of $11.8 million , net of valuation allowance of $0.1 million , and $7.0 million , which had no valuation allowance, respectively, was 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 tha n not (greater than 50 percent probability) to b e sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 income tax expense. |
Advertising costs | Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item |
Comprehensive income | Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2015 , 2014 , and 2013 , the Company's other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments and marketable securities reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to redeemable noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in interest expense in the accompanying Consolidated Statements of Operations. See Note 13, Derivatives and Hedging Activity, for further discussion. The (gain)/loss on marketable securities reclassified from other comprehensive income/(loss) is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2015 , 2014 , and 2013 was $(0.3) million , $(0.1) million , and $0.3 million , respectively. |
Use of estimates | Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
Market concentration risk | Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2015 , the Company held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; Metropolitan D.C.; and New York, New York markets. |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , which incorporates a requirement that a disposition represent a strategic shift in an entity’s operations into the definition of a discontinued operation. In accordance with the ASU, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. The standard requires prospective application and will be effective for interim and annual periods beginning on or after December 15, 2014, with early adoption permitted. The early adoption provision excludes components of an entity that were sold or classified as held for sale prior to the adoption of the standard. The Operating Partnership elected to early adopt this standard effective January 1, 2014, which had a significant impact on the Operating Partnership’s consolidated financial statements as further discussed in Note 3, Discontinued Operations . Subsequent to the Operating Partnership’s adoption of ASU 2014-08, the sale of real estate that does not meet the definition of a discontinued operation under the standard is included in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The updated standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method, and the standard will be effective for the Operating Partnership on January 1, 2017; early adoption is not permitted. The Operating Partnership has not yet selected a transition method and we are currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. 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 of consolidation. Under ASU 2015-02, companies will need to re-evaluate whether an entity meets the criteria to be considered a variable interest entity (“VIE”) or whether the consolidation of an entity should be assessed under the voting model. 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 must be applied using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the period of adoption or retrospectively to each period presented. The Operating Partnership does not expect the adoption of the new standard to result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. Upon adopting the new standard, the Operating Partnership expects that the DownREIT Partnership will become a VIE as the limited partners lack substantive kick-out rights and substantive participating rights. The Operating Partnership does not expect to be the primary beneficiary of the DownREIT Partnership and will continue to record its interest as an equity method investment. 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. ASU 2015-03 does not directly address presentation or subsequent measurement of issuance costs related to line-of-credit arrangements. In August 2015, the FASB issued ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , which clarifies that such costs may be presented as an asset and subsequently amortized over the term of the line-of-credit arrangement. The cumulative 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 elected to early adopt ASU 2015-03 and ASU 2015-15 during the fourth quarter of 2015. As a result, at December 31, 2015 and 2014, deferred financing costs of $2.2 million and $4.5 million , respectively, are included as a reduction to Secured debt, net on the accompanying Consolidated Balance Sheets. At December 31, 2014, Secured debt, net previously disclosed as $932.0 million has been adjusted to $927.5 million in the accompanying Consolidated Balance Sheets. In September 2015, the FASB issued ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments , which requires that the cumulative impact of a measurement-period adjustment, including impacts on prior periods, be recognized in the reporting period in which the adjustment amount is determined and, therefore, eliminates the requirement to retrospectively account for the adjustment in prior periods presented. The new standard will be effective for the Operating Partnership beginning on January 1, 2016 and must be applied prospectively to measurement-period adjustments that occur after the effective date. The Operating Partnership will comply with the new guidance upon adoption. |
Real estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. The Operating Partnership purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Operating Partnership estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, the Operating Partnership will assess our real estate properties for indicators of impairment. In determining whether the Operating Partnership has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates and capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for sale generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for sale is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for sale properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for sale properties are capitalized at cost. Depreciation is not recorded on real estate held for sale. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 35 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation . The Operating Partnership capitalizes costs directly related to the predevelopment, development, and redevelopment of a capital project, which include, but are not limited to, interest, real estate taxes, insurance, and allocated development and redevelopment overhead related to support costs for personnel working on the capital projects. We use our professional judgment in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. These costs, excluding the direct costs of development and redevelopment and capitalized interest, for the years ended December 31, 2015 , 2014 , and 2013 were $0.7 million , $2.0 million , and $2.5 million , respectively. During the years ended December 31, 2015 , 2014 , and 2013 , total interest capitalized was $0.2 million , $2.9 million , and $5.9 million , respectively. As each home in a capital project is completed and becomes available for lease-up, the Operating Partnership ceases capitalization on the related portion and depreciation commences over the estimated useful life. |
Cash and cash equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Operating Partnership’s cash and cash equivalents are held at major commercial banks. |
Restricted cash | Restricted Cash Restricted cash consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. |
Derivative financial instruments | Derivative Financial Instruments The General Partner utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments associated with the Operating Partnership’s allocation of the General Partner’s debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partner’s cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. |
Non-controlling interests | Noncontrolling Interests The noncontrolling interests represent the General Partner’s interests in certain consolidated subsidiaries and are presented in the capital section of the Consolidated Balance Sheets since these interests are not convertible or redeemable into any other ownership interests of the Operating Partnership. During the year ended December 31, 2013, the Operating Partnership corrected an error in the General Partner’s ownership interest in one of the consolidated subsidiaries. The correction increased the General Partner’s ownership interest resulting in a cumulative adjustment increasing Net (income)/loss attributable to noncontrolling interests by $3.3 million on the Consolidated Statements of Operations with a corresponding increase to Noncontrolling interests on the Consolidated Balance Sheets. Management believes the impact of the cumulative adjustment in 2013 is immaterial to the financial statements taken as a whole. |
Revenue and real estate sales gain recognition | Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Operating Partnership recognizes interest income, management and other fees and incentives when earned, fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we or our General Partner retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we or our General Partner retain. The Operating Partnership recognizes any deferred gain when the property is sold to a third party. In transactions accounted by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. |
Discontinued operations | Discontinued Operations Prior to the adoption of ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity , the results of operations for those properties sold during the year or classified as held for sale at the end of the current year were classified as discontinued operations in the current and prior periods. Further, to meet the discontinued operations criteria, the Operating Partnership or related parties will not have any significant continuing involvement in the ownership or operation of the property after the sale or disposition. Once a property is classified as held for sale, depreciation is no longer recorded. However, if the Operating Partnership determines that the property no longer meets the criteria for held for sale, the Operating Partnership will recapture any unrecorded depreciation on the property. The assets and liabilities, if any, of properties classified as held for sale are presented separately on the Consolidated Balance Sheets at lower of their carrying amount or their estimated fair value less the costs to sell the assets. (See Note 3, Discontinued Operations and Assets Held for Sale, for further discussion). |
Earnings per Operating Partnership Unit | Basic income/(loss) per OP Unit is computed by dividing net income/(loss) attributable to general and limited partner unitholders by the weighted average number of general and limited partner units (including redeemable OP Units) outstanding during the year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership. For the years ended December 31, 2015 , 2014 , and 2013 , there were no dilutive instruments, and therefore, diluted income/(loss) per OP Unit and basic income/(loss) per OP Unit are the same. See Note 10, Capital Structure , for further discussion on redemption rights of OP Units. |
Allocation of General and Administrative Expenses | Allocation of General and Administrative Expenses The Operating Partnership is charged directly for general and administrative expenses it incurs. The Operating Partnership is also charged with other general and administrative expenses that have been allocated by the General Partner to each of its subsidiaries, including the Operating Partnership, based on each subsidiary’s pro-rata portion of UDR’s total apartment homes. (See Note 7, Related Party Transactions .) |
Income taxes | Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership follows the accounting guidance within GAAP, with respect to how uncertain tax positions should be recognized, measured, presented, and disclosed in the financial statements. The guidance requires the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years (2011 through 2014) and major jurisdictions, and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. |
Advertising costs | Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item General and administrative . During the years ended December 31, 2015 , 2014 , and 2013 , total advertising expense from continuing and discontinued operations was $2.4 million , $2.5 million , and $2.5 million , respectively. |
Comprehensive income | Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in capital during each period from transactions and other events and circumstances from nonowner sources, including all changes in capital during a period except for those resulting from investments by or distributions to partners, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2015 , 2014 , and 2013 , the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 9, Derivatives and Hedging Activity, for further discussion. |
Use of estimates | Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
Market concentration risk | Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2015 , the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; San Francisco, California; and New York, New York markets. |
Income_(Loss) Per Share (UNIT51
Income/(Loss) Per Share (UNITED DOMINION REALTY, L.P.) Income/(Loss) Per Share (UNITED DOMNION REALTY, L.P.) (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
United Dominion Reality L P [Member] | |
Earnings Per Share, Policy [Policy Text Block] | Basic income/(loss) per OP Unit is computed by dividing net income/(loss) attributable to general and limited partner unitholders by the weighted average number of general and limited partner units (including redeemable OP Units) outstanding during the year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership. For the years ended December 31, 2015 , 2014 , and 2013 , there were no dilutive instruments, and therefore, diluted income/(loss) per OP Unit and basic income/(loss) per OP Unit are the same. See Note 10, Capital Structure , for further discussion on redemption rights of OP Units. |
Significant Accounting Polici52
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Notes receivable | Notes Receivable The following table summarizes our notes receivable, net as of December 31, 2015 and 2014 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, Note due February 2017 (a) 10.00 % $ 12,994 $ 11,869 Note due July 2017 (b) 8.00 % 2,500 2,500 Note due October 2020 (c) 8.00 % 1,200 — Total notes receivable, net $ 16,694 $ 14,369 |
Computation of basic and diluted earning per share | The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 105,482 $ 16,260 $ 2,340 Gain/(loss) on sale of real estate owned, net of tax 251,677 143,572 — (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (16,773 ) (5,511 ) 48 (Income)/loss from continuing operations attributable to noncontrolling interests (3 ) 3 60 Income/(loss) from continuing operations attributable to UDR, Inc. 340,383 154,324 2,448 Distributions to preferred stockholders - Series E (Convertible) (3,722 ) (3,724 ) (3,724 ) Income/(loss) from continuing operations attributable to common stockholders - basic 336,661 150,600 (1,276 ) Dilutive distributions to preferred stockholders - Series E (Convertible) 3,722 — — Income/(loss) from continuing operations attributable to common stockholders - dilutive $ 340,383 $ 150,600 $ (1,276 ) Income/(loss) from discontinued operations, net of tax $ — $ 10 $ 43,942 (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership — — (1,578 ) Income/(loss) from discontinued operations attributable to common stockholders $ — $ 10 $ 42,364 Net income/(loss) attributable to common stockholders $ 336,661 $ 150,610 $ 41,088 Denominator for income/(loss) per share - basic and diluted: Weighted average common shares outstanding 259,873 252,707 250,684 Non-vested restricted stock awards (1,204 ) (1,179 ) (715 ) Denominator for income/(loss) per share - basic 258,669 251,528 249,969 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options and unvested restricted stock 5,083 1,917 — Denominator for income/(loss) per share - diluted 263,752 253,445 249,969 Income/(loss) per weighted average common share - basic: Income/(loss) from continuing operations attributable to common stockholders $ 1.30 $ 0.60 $ (0.01 ) Income/(loss) from discontinued operations attributable to common stockholders — — 0.17 Net income/(loss) attributable to common stockholders $ 1.30 $ 0.60 $ 0.16 Income/(loss) per weighted average common share - diluted: Income/(loss) from continuing operations attributable to common stockholders $ 1.29 $ 0.59 $ (0.01 ) Income/(loss) from discontinued operations attributable to common stockholders — — 0.17 Net income/(loss) attributable to common stockholders $ 1.29 $ 0.59 $ 0.16 |
Real Estate Owned (Tables)
Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor does it purport to represent the Company’s results of operations for future periods ( in thousands ): Year Ended December 31, 2015 2014 Pro forma revenues $ 943,421 $ 877,287 Pro forma net income/(loss) attributable to common stockholders $ 319,385 $ 105,875 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the allocation of the purchase price as of the acquisition date ( in thousands ): Assets: Land $ 173,924 Buildings 708,455 Intangible assets 25,455 Total assets 907,834 Liabilities: Secured debt (96,486 ) Below-market in-place leases (542 ) Total liabilities (97,028 ) Total assets acquired less liabilities assumed $ 810,806 |
Summary of carrying amounts for real estate owned (at cost) | The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2015 and 2014 (dollars in thousands): December 31, December 31, 2014 Land $ 1,833,156 $ 1,790,281 Depreciable property — held and used: Land improvements 173,821 189,940 Building, improvements, and furniture, fixtures and equipment 7,046,622 6,225,406 Under development: Land 78,085 24,584 Building, improvements, and furniture, fixtures and equipment 45,987 153,048 Real estate held for disposition: Land 9,963 — Building, improvements, and furniture, fixtures and equipment 2,642 — Real estate owned 9,190,276 8,383,259 Accumulated depreciation (2,646,874 ) (2,434,772 ) Real estate owned, net $ 6,543,402 $ 5,948,487 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of (loss)/income from discontinued operations | The following is a summary of Income/(loss) from discontinued operations, net of tax for the years ended December 31, 2015 , 2014 , and 2013 ( dollars in thousands ): Year Ended December 31, 2015 2014 2013 Rental income $ — $ 147 $ 9,152 Rental expenses — 225 3,511 Property management — 4 252 Real estate depreciation — — 1,958 Interest income and other (income)/expense, net — 21 (62 ) Income/(loss) attributable to disposed properties and assets held for sale — (103 ) 3,493 Net gain/(loss) on the sale of depreciable property — 75 41,919 Impairment charges — — (2,355 ) Income tax benefit/(provision) — 38 885 Income/(loss) from discontinued operations, net of tax $ — $ 10 $ 43,942 Income/(loss) from discontinued operations attributable to UDR, Inc. $ — $ 10 $ 42,364 |
Joint Ventures (Tables)
Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of investments in unconsolidated joint ventures | The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2015 and 2014 (dollars in thousands) : Joint Venture Location of Properties Number of Properties Number of Apartment Homes Investment at UDR’s Ownership Interest December 31, December 31, December 31, December 31, December 31, December 31, Operating and development: UDR/MetLife I Various 4 land parcels — $ 15,894 $ 13,306 17.2 % 15.7 % UDR/MetLife II (a) Various 21 operating communities 4,642 425,230 431,277 50.0 % 50.0 % Other UDR/MetLife Development Joint Ventures 1 operating community; 4 development communities (b); Various 1 land parcels 1,437 171,659 134,939 50.6 % 50.6 % UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 6 land parcels 1,130 73,469 80,302 50.0 % 50.0 % UDR/KFH Washington, D.C. 3 operating communities 660 17,211 21,596 30.0 % 30.0 % Texas (c) Texas — — — (25,901 ) — % 20.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment and preferred equity investment 703,463 655,519 Investment at Income from investments for the years ending December 31, Location Rate Years To Maturity December 31, December 31, 2015 2014 2013 Participating loan investment: Steele Creek Denver, CO 6.5% 1.6 90,747 62,707 $ 5,453 $ 2,350 $ 156 Preferred equity investment: West Coast Development Joint Venture (d) Various 6.5% — 144,696 — $ 3,692 $ — $ — Total investment in and advances to unconsolidated joint ventures, net $ 938,906 $ 718,226 (a) In September 2015, the 717 Olympic community, which is held by the UDR/MetLife II joint venture, experienced extensive water damage due a ruptured water pipe. For the year ended December 31, 2015, the Company recorded losses of $2.5 million , its proportionate share of the total losses incurred. (b) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes. As of December 31, 2015 , no apartment homes had been completed in Other UDR/MetLife Development Joint Ventures. (c) In January 2015, the eight communities held by the Texas joint venture were sold, generating net proceeds to UDR of $44.2 million . The Company recorded promote and fee income of $10.0 million and a gain of $59.4 million (including $24.2 million of previously deferred gains) in connection with the sale. (d) 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 ownership interest in a portfolio of five communities that are currently under construction (the "West Coast Development Joint Venture"). 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 are 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 December 31, 2015 of $144.7 million is inclusive of outside basis costs and our accrued but unpaid preferred return. During the year ended December 31, 2015 , the Company earned a preferred return of $5.2 million , offset by its share of the West Coast Development Joint Venture transaction expenses of $1.5 million . |
Financial information relating to unconsolidated joint ventures operations | Combined summary financial information relating to all of the unconsolidated joint ventures and partnerships operations (not just our proportionate share), is presented below for the years ended December 31, 2015 , 2014 , and 2013 ( dollars in thousands): As of and For the Year Ended December 31, 2015 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 541 $ 170,062 $ 7,634 $ 22,139 $ 19,338 $ — $ 219,714 Property operating expenses (906 ) (63,516 ) (3,826 ) (11,519 ) (7,733 ) — (87,500 ) Real estate depreciation and amortization (818 ) (46,616 ) (6,897 ) (6,639 ) (14,522 ) — (75,492 ) Operating income/(loss) (1,183 ) 59,930 (3,089 ) 3,981 (2,917 ) — 56,722 Interest expense — (52,037 ) (2,566 ) (4,848 ) (5,539 ) — (64,990 ) Income/(loss) from discontinued operations (20 ) — — — — 184,138 184,118 Net income/(loss) $ (1,203 ) $ 7,893 $ (5,655 ) $ (867 ) $ (8,456 ) $ 184,138 $ 175,850 UDR recorded income (loss) from unconsolidated entities $ (513 ) $ 3,578 $ 6,088 $ (3,711 ) $ (2,537 ) $ 59,424 $ 62,329 Condensed Balance Sheets: Total real estate, net $ 92,915 $ 1,942,630 $ 604,611 $ 273,897 $ 221,704 $ — $ 3,135,757 Cash and cash equivalents 1,202 20,767 5,996 7,185 1,320 10 36,480 Other assets 174 24,914 1,921 2,317 565 — 29,891 Total assets 94,291 1,988,311 612,528 283,399 223,589 10 3,202,128 Amount due to/(from) UDR 2 — 5,929 908 427 — 7,266 Third party debt — 1,122,662 201,114 126,388 164,299 — 1,614,463 Accounts payable and accrued liabilities 395 24,244 62,267 7,137 1,480 — 95,523 Total liabilities 397 1,146,906 269,310 134,433 166,206 — 1,717,252 Total equity $ 93,894 $ 841,405 $ 343,218 $ 148,966 $ 57,383 $ 10 $ 1,484,876 UDR’s investment in and advances to unconsolidated joint ventures $ 15,894 $ 425,230 $ 407,102 $ 73,469 $ 17,211 $ — $ 938,906 As of and For the Year Ended December 31, 2014 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 727 $ 152,047 $ 1,579 $ 19,376 $ 19,724 $ — $ 193,453 Property operating expenses 618 52,150 1,122 10,711 7,498 — 72,099 Real estate depreciation and amortization 2,130 41,504 3,959 7,380 14,426 — 69,399 Operating income/(loss) (2,021 ) 58,393 (3,502 ) 1,285 (2,200 ) — 51,955 Interest expense — (48,493 ) (94 ) (4,131 ) (5,873 ) — (58,591 ) Income/(loss) from discontinued operations (31,802 ) — — — — (4,229 ) (36,031 ) Net income/(loss) $ (33,823 ) $ 9,900 $ (3,596 ) $ (2,846 ) $ (8,073 ) $ (4,229 ) $ (42,667 ) UDR recorded income/(loss) from unconsolidated entities $ (2,955 ) $ 2,814 $ 576 $ (4,068 ) $ (2,601 ) $ (772 ) $ (7,006 ) Condensed Balance Sheets: Total real estate, net $ 89,482 $ 1,986,237 $ 351,861 $ 278,600 $ 235,623 $ — $ 2,941,803 Assets held for sale 1,978 — — — — 214,218 216,196 Cash and cash equivalents 1,983 15,245 6,239 6,570 2,507 — 32,544 Other assets (a) (146 ) 12,938 1,101 3,248 708 — 17,849 Total assets (a) 93,297 2,014,420 359,201 288,418 238,838 214,218 3,208,392 Amount due to/(from) UDR 107 (444 ) 843 1,960 531 — 2,997 Third party debt (a) — 1,140,458 65,408 122,964 164,789 — 1,493,619 Liabilities held for sale 5,110 — — — — 224,596 229,706 Accounts payable and accrued liabilities (a) 749 17,573 17,851 6,766 1,396 — 44,335 Total liabilities (a) 5,966 1,157,587 84,102 131,690 166,716 224,596 1,770,657 Total equity $ 87,331 $ 856,833 $ 275,099 $ 156,728 $ 72,122 $ (10,378 ) $ 1,437,735 UDR’s investment in and advances to unconsolidated joint ventures $ 13,306 $ 431,277 $ 197,646 $ 80,302 $ 21,596 $ (25,901 ) $ 718,226 (a) The Company elected to early adopt FASB ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, and ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , during the fourth quarter of 2015. See Note 2, Significant Accounting Policies , for a complete description of the ASUs and their impact. Under the ASUs, deferred financing costs related to debt are treated as offsets to the debt instead of assets. As a result of adopting the ASUs, the following retrospective changes were made to the above table: For the Year Ended December 31, 2014 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Other assets - as previously reported $ (146 ) $ 19,589 $ 4,203 $ 3,933 $ 1,128 $ — $ 28,707 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Other assets - as presented above $ (146 ) $ 12,938 $ 1,101 $ 3,248 $ 708 $ — $ 17,849 Total assets - as previously reported $ 93,297 $ 2,021,071 $ 362,303 $ 289,103 $ 239,258 $ 214,218 $ 3,219,250 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Total assets - as presented above $ 93,297 $ 2,014,420 $ 359,201 $ 288,418 $ 238,838 $ 214,218 $ 3,208,392 Third party debt - as previously reported $ — $ 1,147,109 $ 68,510 $ 123,649 $ 165,209 $ — $ 1,504,477 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Third party debt - as presented above $ — $ 1,140,458 $ 65,408 $ 122,964 $ 164,789 $ — $ 1,493,619 Accounts payable and accrued liabilities - as previously reported $ 749 $ 17,573 $ 17,851 $ 6,766 $ 1,396 $ — $ 44,335 Deferred financing costs — — — — — — — Accounts payable and accrued liabilities - as presented above $ 749 $ 17,573 $ 17,851 $ 6,766 $ 1,396 $ — $ 44,335 Total liabilities - as previously reported $ 5,966 $ 1,164,238 $ 87,204 $ 132,375 $ 167,136 $ 224,596 $ 1,781,515 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Total liabilities - as presented above $ 5,966 $ 1,157,587 $ 84,102 $ 131,690 $ 166,716 $ 224,596 $ 1,770,657 For the Year Ended December 31, 2013 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 691 $ 109,926 $ 5,324 $ 7,680 $ 19,221 $ — $ 142,842 Property operating expenses 621 33,809 3,292 4,633 7,035 — 49,390 Real estate depreciation and amortization 115 30,122 3,564 3,830 14,199 — 51,830 Operating income/(loss) (45 ) 45,995 (1,532 ) (783 ) (2,013 ) — 41,622 Interest expense — (37,055 ) (913 ) (1,886 ) (5,872 ) — (45,726 ) Other income/(expense) — 1 — — — — 1 Income/(loss) from discontinued operations (22,388 ) — — — — (9,584 ) (31,972 ) Net income/(loss) $ (22,433 ) $ 8,941 $ (2,445 ) $ (2,669 ) $ (7,885 ) $ (9,584 ) $ (36,075 ) UDR recorded income/(loss) from unconsolidated entities $ (4,675 ) $ 4,471 $ 6,224 $ (2,851 ) $ (2,366 ) $ (1,218 ) $ (415 ) |
Secured Debt and Unsecured De56
Secured Debt and Unsecured Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Secured debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2015 and 2014 ( dollars in thousands): Principal Outstanding For the Year Ended December 31, 2015 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered December 31, 2015 2014 Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 442,617 $ 401,210 4.57 % 4.5 8 Fannie Mae credit facilities (b) 514,462 568,086 5.23 % 3.1 18 Deferred financing costs (4,278 ) (5,583 ) Total fixed rate secured debt, net 952,801 963,713 4.93 % 3.7 26 Variable Rate Debt Mortgage notes payable 31,337 31,337 2.19 % 1.1 1 Tax-exempt secured notes payable (c) 94,700 94,700 0.75 % 7.2 2 Fannie Mae credit facilities (b) 299,378 266,196 1.71 % 4.1 8 Deferred financing costs (1,271 ) (1,625 ) Total variable rate secured debt, net 424,144 390,608 1.53 % 4.5 11 Total Secured Debt, net 1,376,945 1,354,321 3.88 % 4.0 37 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facilities due January 2020 and December 2017, respectively (d) (h) 150,000 152,500 1.19 % 4.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (e) — — — % 3.0 1.21% Term Loan Facility due January 2021 and June 2018, respectively (d) (h) 35,000 35,000 1.21 % 5.1 Fixed Rate Debt 5.25% Medium-Term Notes due January 2015 (net of discounts of $0 and $6, respectively) (f) — 325,169 — % 0.0 5.25% Medium-Term Notes due January 2016 (i) 83,260 83,260 5.25 % 0.0 6.21% Medium-Term Note due July 2016 (j) 12,091 — 6.21 % 0.5 4.25% Medium-Term Notes due June 2018 (net of discounts of $1,037 and $1,465, respectively) (h) 298,963 298,535 4.25 % 2.4 3.70% Medium-Term Notes due October 2020 (net of discounts of $38 and $46, respectively) (h) 299,962 299,954 3.70 % 4.8 1.44% Term Loan Facility due January 2021 and June 2018, respectively (d) (h) 315,000 315,000 1.44 % 5.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $2,164 and $2,523, respectively) (h) 397,836 397,477 4.63 % 6.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $886 and $990, respectively) (h) 299,114 299,010 3.75 % 8.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 8.7 4.00% Medium-Term Notes due October 2025 (net of discount of $671 and $0, respectively) (g) (h) 299,329 — 4.00 % 9.8 Other 24 27 N/A N/A Deferred financing costs (12,373 ) (10,598 ) N/A N/A Total Unsecured Debt, net 2,193,850 2,210,978 3.64 % 5.7 Total Debt, net $ 3,570,795 $ 3,565,299 3.74 % 5.0 |
Secured credit facilities | Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2014 Borrowings outstanding $ 813,840 $ 834,282 Weighted average borrowings during the period ended 822,521 835,873 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 3.9 % 4.0 % |
Aggregate maturities of secured debt | The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next ten years subsequent to December 31, 2015 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt Total Debt 2016 $ 149,058 $ — $ 149,058 $ 95,053 $ 244,111 2017 179,189 96,337 275,526 — 275,526 2018 73,096 137,969 211,065 300,000 511,065 2019 247,796 67,700 315,496 — 315,496 2020 170,664 — 170,664 450,000 620,664 2021 — — — 350,000 350,000 2022 — — — 400,000 400,000 2023 — 96,409 96,409 — 96,409 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 Thereafter — 27,000 27,000 — 27,000 Subtotal 947,403 425,415 1,372,818 2,210,697 3,583,515 Non-cash (a) 5,398 (1,271 ) 4,127 (16,847 ) (12,720 ) Total $ 952,801 $ 424,144 $ 1,376,945 $ 2,193,850 $ 3,570,795 |
Summary of short-term bank borrowings under bank credit facility | The following is a summary of short-term bank borrowings under UDR’s revolving credit facility at December 31, 2015 and 2014 (dollars in thousands): December 31, 2015 December 31, 2014 Total revolving credit facility $ 1,100,000 $ 900,000 Borrowings outstanding at end of period (1) 150,000 152,500 Weighted average daily borrowings during the period ended 353,647 291,761 Maximum daily borrowings during the period ended 541,500 625,000 Weighted average interest rate during the period ended 1.1 % 1.2 % Interest rate at end of the period 1.2 % 1.1 % |
Income_(Loss) Per Share Income_
Income/(Loss) Per Share Income/(Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 105,482 $ 16,260 $ 2,340 Gain/(loss) on sale of real estate owned, net of tax 251,677 143,572 — (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (16,773 ) (5,511 ) 48 (Income)/loss from continuing operations attributable to noncontrolling interests (3 ) 3 60 Income/(loss) from continuing operations attributable to UDR, Inc. 340,383 154,324 2,448 Distributions to preferred stockholders - Series E (Convertible) (3,722 ) (3,724 ) (3,724 ) Income/(loss) from continuing operations attributable to common stockholders - basic 336,661 150,600 (1,276 ) Dilutive distributions to preferred stockholders - Series E (Convertible) 3,722 — — Income/(loss) from continuing operations attributable to common stockholders - dilutive $ 340,383 $ 150,600 $ (1,276 ) Income/(loss) from discontinued operations, net of tax $ — $ 10 $ 43,942 (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership — — (1,578 ) Income/(loss) from discontinued operations attributable to common stockholders $ — $ 10 $ 42,364 Net income/(loss) attributable to common stockholders $ 336,661 $ 150,610 $ 41,088 Denominator for income/(loss) per share - basic and diluted: Weighted average common shares outstanding 259,873 252,707 250,684 Non-vested restricted stock awards (1,204 ) (1,179 ) (715 ) Denominator for income/(loss) per share - basic 258,669 251,528 249,969 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options and unvested restricted stock 5,083 1,917 — Denominator for income/(loss) per share - diluted 263,752 253,445 249,969 Income/(loss) per weighted average common share - basic: Income/(loss) from continuing operations attributable to common stockholders $ 1.30 $ 0.60 $ (0.01 ) Income/(loss) from discontinued operations attributable to common stockholders — — 0.17 Net income/(loss) attributable to common stockholders $ 1.30 $ 0.60 $ 0.16 Income/(loss) per weighted average common share - diluted: Income/(loss) from continuing operations attributable to common stockholders $ 1.29 $ 0.59 $ (0.01 ) Income/(loss) from discontinued operations attributable to common stockholders — — 0.17 Net income/(loss) attributable to common stockholders $ 1.29 $ 0.59 $ 0.16 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the years ended December 31, 2015 , 2014 , and 2013 (shares in thousands) : Year Ended December 31, 2015 2014 2013 OP Units 12,947 9,247 9,337 DownREIT Units 16,229 — — Preferred Stock 3,032 3,036 3,036 Stock options and unvested restricted stock 2,051 1,917 1,584 |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Stockholders Equity [Table Text Block] | The following table presents the changes in the Company’s issued and outstanding shares of common and preferred stock for the years ended December 31, 2015 , 2014 and 2013 : Common Stock Preferred Stock Series E Series F Balance at December 31, 2012 250,139,408 2,803,812 2,464,183 Issuance/(forfeiture) of common and restricted shares, net 533,966 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 76,291 — — Balance at December 31, 2013 250,749,665 2,803,812 2,464,183 Issuance/(forfeiture) of common and restricted shares, net 801,054 — — Issuance of common shares through public offering 3,410,433 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 153,451 — — Balance at December 31, 2014 255,114,603 2,803,812 2,464,183 Issuance/(forfeiture) of common and restricted shares, net 270,628 — — Issuance of common shares through public offering 6,339,636 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 112,174 — — Conversion of Series E Cumulative Convertible shares 7,480 (6,909 ) — Issuance of Series F shares — — 13,988,313 Balance at December 31, 2015 261,844,521 2,796,903 16,452,496 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock option and restricted stock activities | A summary of UDR’s stock option and restricted stock activities during the year ended December 31, 2015 is as follows: Option Outstanding Option Exercisable Restricted Stock Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Number of shares Weighted Average Fair Value Per Restricted Stock Balance, December 31, 2014 2,265,842 $ 12.82 2,265,842 $ 12.82 999,978 $ 23.98 Granted — — — — 551,293 32.67 Exercised (30,879 ) 25.10 (30,879 ) 25.10 — — Vested — — — — (736,204 ) 23.52 Forfeited — — — — (14,691 ) 23.24 Balance, December 31, 2015 2,234,963 $ 12.65 2,234,963 $ 12.65 800,376 $ 30.40 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of taxable distributions paid per common share | Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2015 , 2014 , and 2013 : Year Ended December 31, 2015 2014 2013 Ordinary income $ 0.595 $ 0.695 $ 0.744 Qualified ordinary income — 0.139 — Long-term capital gain 0.329 0.105 0.114 Unrecaptured section 1250 gain 0.168 0.076 0.067 Total $ 1.092 $ 1.015 $ 0.925 |
Schedule of components of the provision for income taxes | The components of the provision for income taxes are as follows for the years ended December 31, 2015 , 2014 , and 2013 (dollars in thousands) : Year Ended December 31, 2015 2014 2013 Income tax (benefit)/provision Current Federal $ 29 $ 147 $ (1,030 ) State 871 550 846 Total current 900 697 (184 ) Deferred Federal (4,173 ) 20,138 (6,907 ) State (613 ) 5,159 (1,190 ) Total deferred (4,786 ) 25,297 (8,097 ) Total income tax (benefit)/provision $ (3,886 ) $ 25,994 $ (8,281 ) Classification of income tax (benefit)/provision: Continuing operations $ (3,886 ) $ (15,098 ) $ (7,299 ) Gain/(loss) on sale of real estate owned — 41,087 — Discontinued operations — 5 (982 ) |
Schedule of components of TRS deferred tax assets and liabilities | The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2015 , 2014 , and 2013 (dollars in thousands): Year Ended December 31, 2015 2014 2013 Deferred tax assets: Federal and state tax attributes $ 2,227 $ — $ 13,069 Book/tax depreciation 9,016 6,692 19,354 Construction capitalization differences — 75 — Debt and interest deductions — — 10,311 Other 707 401 — Total deferred tax assets 11,950 7,168 42,734 Valuation allowance (81 ) — (1,310 ) Net deferred tax assets 11,869 7,168 41,424 Deferred tax liabilities: Construction capitalization differences — — (3,766 ) Investment in partnerships — — (5,080 ) Other (107 ) (192 ) (305 ) Total deferred tax liabilities (107 ) (192 ) (9,151 ) Net deferred tax asset $ 11,762 $ 6,976 $ 32,273 |
Schedule of effective income tax rate reconciliation | Income tax benefit/(provision), net differed from the amounts computed by applying the U.S. statutory rate of 35% to pretax income/(loss) for the years ended December 31, 2015 , 2014 , and 2013 as follows (dollars in thousands): Year Ended December 31, 2015 2014 2013 Income tax (benefit)/provision U.S. federal income tax (benefit)/provision $ (4,383 ) $ 28,819 $ (8,493 ) State income tax provision 442 2,678 46 Other items (26 ) (137 ) 246 Conversion of certain TRS entities to REITs — (5,770 ) — Valuation allowance 81 404 (80 ) Total income tax (benefit)/provision $ (3,886 ) $ 25,994 $ (8,281 ) |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Noncontrolling Interest [Abstract] | |
Redeemable noncontrolling interests in the Operating Partnership | The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the years ended December 31, 2015 and 2014 ( dollars in thousands ): Year Ended December 31, 2015 2014 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 282,480 $ 217,597 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 102,703 73,954 DownREIT Units issued for real estate, net 563,836 — Conversion of OP Units to Common Stock (3,817 ) (4,372 ) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 16,773 5,511 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (15,231 ) (10,077 ) Allocation of other comprehensive income/(loss) (308 ) (133 ) Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year $ 946,436 $ 282,480 The following sets forth net income/(loss) attributable to common stockholders and transfers from redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the following periods (dollars in thousands) : Year Ended December 31, 2015 2014 2013 Net income/(loss) attributable to common stockholders $ 336,661 $ 150,610 $ 41,088 Conversion of OP units to UDR Common Stock 3,817 4,372 1,817 Change in equity from net income/(loss) attributable to common stockholders and conversion of OP units to UDR Common Stock $ 340,478 $ 154,982 $ 42,905 |
Fair Value of Derivatives and62
Fair Value of Derivatives and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2015, Using Total Carrying Amount in Statement of Financial Position at December 31, 2015 Fair Value Estimate at December 31, 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) $ 16,694 $ 16,938 $ — $ — $ 16,938 Derivatives - Interest rate contracts (b) 13 13 — 13 — Total assets $ 16,707 $ 16,951 $ — $ 13 $ 16,938 Derivatives - Interest rate contracts (b) $ 2,112 $ 2,112 $ — $ 2,112 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 442,617 448,019 — — 448,019 Fannie Mae credit facilities 514,462 539,050 — — 539,050 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 299,378 299,378 — — 299,378 Unsecured debt instruments (c): Commercial banks 150,000 150,000 — — 150,000 Senior unsecured notes 2,056,223 2,108,687 — — 2,108,687 Total liabilities $ 3,590,829 $ 3,673,283 $ — $ 2,112 $ 3,671,171 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 946,436 $ 946,436 $ — $ 946,436 $ — 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 banks 152,500 152,500 — — 152,500 Senior unsecured notes 2,069,076 2,144,125 — — 2,144,125 Total liabilities $ 3,593,473 $ 3,721,512 $ — $ 10,368 $ 3,711,144 Redeemable noncontrolling interests in the Operating Partnership (d) $ 282,480 $ 282,480 $ — $ 282,480 $ — (a) See Note 2 , Significant Accounting Policies. (b) See Note 13, Derivatives and Hedging Activity. (c) |
Derivatives and Hedging Activ63
Derivatives and Hedging Activity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative [Line Items] | |
Offsetting Assets [Table Text Block] | The Company has elected not to offset derivative positions in the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 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 Net Amount Financial Instruments Cash Collateral Received December 31, 2015 $ 13 $ — $ 13 $ — $ — $ 13 December 31, 2014 $ 88 $ — $ 88 $ (27 ) $ — $ 61 |
Offsetting Liabilities [Table Text Block] | Offsetting of Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a) Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments Cash Collateral Posted December 31, 2015 $ 2,112 $ — $ 2,112 $ — $ — $ 2,112 December 31, 2014 $ 10,368 $ — $ 10,368 $ (27 ) $ — $ 10,341 |
Outstanding interest rate derivatives | As of December 31, 2015 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Product Number of Instruments Notional Interest rate swaps 5 $ 315,000 Interest rate caps 2 $ 203,166 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 or the Company has elected to not apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2015 and 2014 , and a gain of $0.3 million for the year ended December 31, 2013 . As of December 31, 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 3 $ 133,107 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2015 and 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, Derivatives designated as hedging instruments: Interest rate products $ 9 $ 86 $ 2,112 $ 10,368 Derivatives not designated as hedging instruments: Interest rate products $ 4 $ 2 $ — $ — |
Effect of Company's derivative financial instruments on Consolidated Statements of Operation | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 , and 2013 ( 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) Year ended December 31, Year ended December 31, Year ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate products $ (6,393 ) $ (8,695 ) $ (469 ) $ (2,251 ) $ (4,834 ) $ (6,851 ) $ (11 ) $ 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 Year ended December 31, Derivatives Not Designated as Hedging Instruments 2015 2014 2013 Interest rate products $ (23 ) $ (4 ) 271 |
Commitments and Contingencies64
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of real estate commitments | The following summarizes the Company’s real estate commitments at December 31, 2015 ( dollars in thousands ): Number of Properties Costs Incurred to Date (a) Expected Costs to Complete (unaudited) Average Ownership Stake Wholly-owned — under development 1 $ 124,072 (b) $ 217,928 100 % Wholly-owned — redevelopment 3 11,302 (b) 16,698 100 % Joint ventures: Unconsolidated joint ventures 4 497,350 81,979 (c) Various Participating loan investments 1 90,747 (d) 2,711 (e) 0 % Preferred equity investments 5 136,327 (f) — 48 % Total $ 859,798 $ 319,316 |
Schedule of future minimum lease payments | Future minimum lease payments as of December 31, 2015 are as follows (dollars in thousands): Ground Leases (a) Office Space 2016 $ 5,444 $ 207 2017 5,444 179 2018 5,444 76 2019 5,444 76 2020 4,486 76 Thereafter 311,858 32 Total $ 338,120 $ 646 (a) For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. |
Reportable Segment (Tables)
Reportable Segment (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2015 , 2014 , and 2013 , and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2015 2014 2013 Reportable apartment home segment rental income Same-Store Communities West Region $ 255,346 $ 236,175 $ 214,324 Mid-Atlantic Region 157,158 154,491 150,489 Southeast Region 103,920 98,061 93,479 Northeast Region 86,048 81,500 77,299 Southwest Region 57,670 54,810 52,302 Non-Mature Communities/Other 211,786 180,112 167,743 Total segment and consolidated rental income $ 871,928 $ 805,149 $ 755,636 Reportable apartment home segment NOI Same-Store Communities West Region $ 190,682 $ 171,973 $ 152,108 Mid-Atlantic Region 108,324 107,592 105,300 Southeast Region 69,820 65,053 61,087 Northeast Region 64,539 61,315 57,350 Southwest Region 35,767 33,725 31,925 Non-Mature Communities/Other 144,737 116,663 106,271 Total segment and consolidated NOI 613,869 556,321 514,041 Reconciling items: Joint venture management and other fees 22,710 13,044 12,442 Property management (23,978 ) (22,142 ) (20,780 ) Other operating expenses (9,708 ) (8,271 ) (7,136 ) Real estate depreciation and amortization (374,598 ) (358,154 ) (341,490 ) General and administrative (59,690 ) (47,800 ) (42,238 ) Casualty-related recoveries/(charges), net (2,335 ) (541 ) 12,253 Other depreciation and amortization (6,679 ) (5,775 ) (6,741 ) Income/(loss) from unconsolidated entities 62,329 (7,006 ) (415 ) Interest expense (121,875 ) (130,454 ) (126,083 ) Interest income and other income/(expense), net 1,551 11,837 4,681 Tax benefit/(provision), net 3,886 15,136 7,299 Gain/(loss) on sale of real estate owned, net of tax 251,677 143,647 40,449 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (16,773 ) (5,511 ) (1,530 ) Net (income)/loss attributable to noncontrolling interests (3 ) 3 60 Net income/(loss) attributable to UDR, Inc. $ 340,383 $ 154,334 $ 44,812 |
Details of assets of UDR's reportable segments | The following table details the assets of UDR’s reportable segments as of December 31, 2015 and 2014 (dollars in thousands) : December 31, December 31, Reportable apartment home segment assets: Same-Store communities: West Region $ 2,371,615 $ 2,336,271 Mid-Atlantic Region 1,423,888 1,440,561 Southeast Region 730,060 727,933 Northeast Region 1,109,354 1,076,656 Southwest Region 450,305 440,587 Non-mature Communities/Other 3,105,054 2,361,251 Total segment assets 9,190,276 8,383,259 Accumulated depreciation (2,646,874 ) (2,434,772 ) Total segment assets — net book value 6,543,402 5,948,487 Reconciling items: Cash and cash equivalents 6,742 15,224 Restricted cash 20,798 22,340 Notes receivable, net 16,694 14,369 Investment in and advances to unconsolidated joint ventures, net 938,906 718,226 Other assets 137,302 110,082 Total consolidated assets $ 7,663,844 $ 6,828,728 |
Unaudited Summarized Consolid66
Unaudited Summarized Consolidated Quarterly Financial Data Unaudited Summarized Consolidated Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | Selected consolidated quarterly financial data for the years ended December 31, 2015 and 2014 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2015 Rental income $ 207,047 $ 212,764 $ 217,765 $ 234,352 Income/(loss) from continuing operations 76,417 10,842 13,695 4,528 Net income/(loss) attributable to common stockholders (a) 72,891 85,924 12,361 161,270 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.28 $ 0.33 $ 0.05 $ 0.62 Diluted $ 0.28 $ 0.33 $ 0.05 $ 0.61 Weighted average number of shares outstanding Basic 256,834 257,849 259,114 260,830 Diluted 258,662 262,806 261,207 266,108 2014 Rental income (b) $ 194,352 $ 200,959 $ 203,587 $ 206,104 Income/(loss) from continuing operations (5,195 ) 4,359 10,611 6,485 Income/(loss) from discontinued operations, net of tax (87 ) 18 79 — Net income/(loss) attributable to common stockholders (a) 17,430 29,076 39,618 64,486 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic and diluted $ 0.07 $ 0.12 $ 0.16 $ 0.25 Weighted average number of shares outstanding Basic 250,177 250,255 251,655 253,983 Diluted 251,822 252,191 253,732 256,000 (a) Due to the quarterly pro-rata calculation of noncontrolling interest and rounding, the sum of the quarterly per share and/or dollar amounts may not equal the annual totals. (b) Represents rental income from continuing operations, excluding amounts classified as discontinued operations. |
Discontinued Operations (UNIT67
Discontinued Operations (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Summary of income from discontinued operations | The following is a summary of Income/(loss) from discontinued operations, net of tax for the years ended December 31, 2015 , 2014 , and 2013 ( dollars in thousands ): Year Ended December 31, 2015 2014 2013 Rental income $ — $ 147 $ 9,152 Rental expenses — 225 3,511 Property management — 4 252 Real estate depreciation — — 1,958 Interest income and other (income)/expense, net — 21 (62 ) Income/(loss) attributable to disposed properties and assets held for sale — (103 ) 3,493 Net gain/(loss) on the sale of depreciable property — 75 41,919 Impairment charges — — (2,355 ) Income tax benefit/(provision) — 38 885 Income/(loss) from discontinued operations, net of tax $ — $ 10 $ 43,942 Income/(loss) from discontinued operations attributable to UDR, Inc. $ — $ 10 $ 42,364 |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Summary of income from discontinued operations | The following is a summary of income from discontinued operations for the years ended December 31, 2015, 2014, and 2013 ( dollars in thousands ): Year Ended December 31, 2015 2014 2013 Rental income $ — $ — $ 8,989 Rental expenses — — 3,149 Property management — — 247 Real estate depreciation — — 1,935 Income/(loss) attributable to disposed properties — — 3,658 Net gain/(loss) on the sale of depreciable properties — — 41,518 Income/(loss) from discontinued operations $ — $ — $ 45,176 The following table summarizes the impact of the deconsolidation of the contributed assets on the Consolidated Balance Sheet at December 31, 2015 ( in thousands ): Assets Real estate held for investment $ (628,479 ) Accumulated depreciation 223,363 Real estate held for investment, net (405,116 ) Cash and cash equivalents (140 ) Other assets (1,680 ) Total assets $ (406,936 ) Liabilities Secured debt, net $ (228,390 ) Real estate taxes payable (4,123 ) Accounts payable, accrued expenses, and other liabilities (5,781 ) Total liabilities $ (238,294 ) |
Real Estate Owned (UNITED DOM68
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Schedule of (loss)/income from discontinued operations | The following is a summary of Income/(loss) from discontinued operations, net of tax for the years ended December 31, 2015 , 2014 , and 2013 ( dollars in thousands ): Year Ended December 31, 2015 2014 2013 Rental income $ — $ 147 $ 9,152 Rental expenses — 225 3,511 Property management — 4 252 Real estate depreciation — — 1,958 Interest income and other (income)/expense, net — 21 (62 ) Income/(loss) attributable to disposed properties and assets held for sale — (103 ) 3,493 Net gain/(loss) on the sale of depreciable property — 75 41,919 Impairment charges — — (2,355 ) Income tax benefit/(provision) — 38 885 Income/(loss) from discontinued operations, net of tax $ — $ 10 $ 43,942 Income/(loss) from discontinued operations attributable to UDR, Inc. $ — $ 10 $ 42,364 |
Summary of carrying amounts for real estate owned (at cost) | The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2015 and 2014 (dollars in thousands): December 31, December 31, 2014 Land $ 1,833,156 $ 1,790,281 Depreciable property — held and used: Land improvements 173,821 189,940 Building, improvements, and furniture, fixtures and equipment 7,046,622 6,225,406 Under development: Land 78,085 24,584 Building, improvements, and furniture, fixtures and equipment 45,987 153,048 Real estate held for disposition: Land 9,963 — Building, improvements, and furniture, fixtures and equipment 2,642 — Real estate owned 9,190,276 8,383,259 Accumulated depreciation (2,646,874 ) (2,434,772 ) Real estate owned, net $ 6,543,402 $ 5,948,487 |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Schedule of (loss)/income from discontinued operations | The following is a summary of income from discontinued operations for the years ended December 31, 2015, 2014, and 2013 ( dollars in thousands ): Year Ended December 31, 2015 2014 2013 Rental income $ — $ — $ 8,989 Rental expenses — — 3,149 Property management — — 247 Real estate depreciation — — 1,935 Income/(loss) attributable to disposed properties — — 3,658 Net gain/(loss) on the sale of depreciable properties — — 41,518 Income/(loss) from discontinued operations $ — $ — $ 45,176 The following table summarizes the impact of the deconsolidation of the contributed assets on the Consolidated Balance Sheet at December 31, 2015 ( in thousands ): Assets Real estate held for investment $ (628,479 ) Accumulated depreciation 223,363 Real estate held for investment, net (405,116 ) Cash and cash equivalents (140 ) Other assets (1,680 ) Total assets $ (406,936 ) Liabilities Secured debt, net $ (228,390 ) Real estate taxes payable (4,123 ) Accounts payable, accrued expenses, and other liabilities (5,781 ) Total liabilities $ (238,294 ) |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The following table summarizes the allocation of the purchase price ( in thousands ): Land $ 27,749 Buildings 111,878 Intangible assets 2,373 Total assets acquired $ 142,000 |
Summary of carrying amounts for real estate owned (at cost) | The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2015 and 2014 (dollars in thousands): December 31, December 31, 2014 Land $ 833,300 $ 1,008,014 Depreciable property — held and used: Buildings, improvements, and furniture, fixtures and equipment 2,797,605 3,230,756 Real estate owned 3,630,905 4,238,770 Accumulated depreciation (1,281,258 ) (1,403,303 ) Real estate owned, net $ 2,349,647 $ 2,835,467 |
Unconsolidated Entities (UNIT69
Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor does it purport to represent the Company’s results of operations for future periods ( in thousands ): Year Ended December 31, 2015 2014 Pro forma revenues $ 943,421 $ 877,287 Pro forma net income/(loss) attributable to common stockholders $ 319,385 $ 105,875 |
Summary of investments in unconsolidated joint ventures | The Company recognizes earnings or losses from our investments in unconsolidated joint ventures and partnerships consisting of our proportionate share of the net earnings or losses of the joint ventures and partnerships. In addition, we may earn fees for providing management services to the unconsolidated joint ventures and partnerships. The following table summarizes the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2015 and 2014 (dollars in thousands) : Joint Venture Location of Properties Number of Properties Number of Apartment Homes Investment at UDR’s Ownership Interest December 31, December 31, December 31, December 31, December 31, December 31, Operating and development: UDR/MetLife I Various 4 land parcels — $ 15,894 $ 13,306 17.2 % 15.7 % UDR/MetLife II (a) Various 21 operating communities 4,642 425,230 431,277 50.0 % 50.0 % Other UDR/MetLife Development Joint Ventures 1 operating community; 4 development communities (b); Various 1 land parcels 1,437 171,659 134,939 50.6 % 50.6 % UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 6 land parcels 1,130 73,469 80,302 50.0 % 50.0 % UDR/KFH Washington, D.C. 3 operating communities 660 17,211 21,596 30.0 % 30.0 % Texas (c) Texas — — — (25,901 ) — % 20.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment and preferred equity investment 703,463 655,519 Investment at Income from investments for the years ending December 31, Location Rate Years To Maturity December 31, December 31, 2015 2014 2013 Participating loan investment: Steele Creek Denver, CO 6.5% 1.6 90,747 62,707 $ 5,453 $ 2,350 $ 156 Preferred equity investment: West Coast Development Joint Venture (d) Various 6.5% — 144,696 — $ 3,692 $ — $ — Total investment in and advances to unconsolidated joint ventures, net $ 938,906 $ 718,226 (a) In September 2015, the 717 Olympic community, which is held by the UDR/MetLife II joint venture, experienced extensive water damage due a ruptured water pipe. For the year ended December 31, 2015, the Company recorded losses of $2.5 million , its proportionate share of the total losses incurred. (b) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes. As of December 31, 2015 , no apartment homes had been completed in Other UDR/MetLife Development Joint Ventures. (c) In January 2015, the eight communities held by the Texas joint venture were sold, generating net proceeds to UDR of $44.2 million . The Company recorded promote and fee income of $10.0 million and a gain of $59.4 million (including $24.2 million of previously deferred gains) in connection with the sale. (d) 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 ownership interest in a portfolio of five communities that are currently under construction (the "West Coast Development Joint Venture"). 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 are 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 December 31, 2015 of $144.7 million is inclusive of outside basis costs and our accrued but unpaid preferred return. During the year ended December 31, 2015 , the Company earned a preferred return of $5.2 million , offset by its share of the West Coast Development Joint Venture transaction expenses of $1.5 million . |
Summarized Income Statement Relating to Unconsolidated Joint Ventures [Table Text Block] | Combined summary financial information relating to all of the unconsolidated joint ventures and partnerships operations (not just our proportionate share), is presented below for the years ended December 31, 2015 , 2014 , and 2013 ( dollars in thousands): As of and For the Year Ended December 31, 2015 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 541 $ 170,062 $ 7,634 $ 22,139 $ 19,338 $ — $ 219,714 Property operating expenses (906 ) (63,516 ) (3,826 ) (11,519 ) (7,733 ) — (87,500 ) Real estate depreciation and amortization (818 ) (46,616 ) (6,897 ) (6,639 ) (14,522 ) — (75,492 ) Operating income/(loss) (1,183 ) 59,930 (3,089 ) 3,981 (2,917 ) — 56,722 Interest expense — (52,037 ) (2,566 ) (4,848 ) (5,539 ) — (64,990 ) Income/(loss) from discontinued operations (20 ) — — — — 184,138 184,118 Net income/(loss) $ (1,203 ) $ 7,893 $ (5,655 ) $ (867 ) $ (8,456 ) $ 184,138 $ 175,850 UDR recorded income (loss) from unconsolidated entities $ (513 ) $ 3,578 $ 6,088 $ (3,711 ) $ (2,537 ) $ 59,424 $ 62,329 Condensed Balance Sheets: Total real estate, net $ 92,915 $ 1,942,630 $ 604,611 $ 273,897 $ 221,704 $ — $ 3,135,757 Cash and cash equivalents 1,202 20,767 5,996 7,185 1,320 10 36,480 Other assets 174 24,914 1,921 2,317 565 — 29,891 Total assets 94,291 1,988,311 612,528 283,399 223,589 10 3,202,128 Amount due to/(from) UDR 2 — 5,929 908 427 — 7,266 Third party debt — 1,122,662 201,114 126,388 164,299 — 1,614,463 Accounts payable and accrued liabilities 395 24,244 62,267 7,137 1,480 — 95,523 Total liabilities 397 1,146,906 269,310 134,433 166,206 — 1,717,252 Total equity $ 93,894 $ 841,405 $ 343,218 $ 148,966 $ 57,383 $ 10 $ 1,484,876 UDR’s investment in and advances to unconsolidated joint ventures $ 15,894 $ 425,230 $ 407,102 $ 73,469 $ 17,211 $ — $ 938,906 As of and For the Year Ended December 31, 2014 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 727 $ 152,047 $ 1,579 $ 19,376 $ 19,724 $ — $ 193,453 Property operating expenses 618 52,150 1,122 10,711 7,498 — 72,099 Real estate depreciation and amortization 2,130 41,504 3,959 7,380 14,426 — 69,399 Operating income/(loss) (2,021 ) 58,393 (3,502 ) 1,285 (2,200 ) — 51,955 Interest expense — (48,493 ) (94 ) (4,131 ) (5,873 ) — (58,591 ) Income/(loss) from discontinued operations (31,802 ) — — — — (4,229 ) (36,031 ) Net income/(loss) $ (33,823 ) $ 9,900 $ (3,596 ) $ (2,846 ) $ (8,073 ) $ (4,229 ) $ (42,667 ) UDR recorded income/(loss) from unconsolidated entities $ (2,955 ) $ 2,814 $ 576 $ (4,068 ) $ (2,601 ) $ (772 ) $ (7,006 ) Condensed Balance Sheets: Total real estate, net $ 89,482 $ 1,986,237 $ 351,861 $ 278,600 $ 235,623 $ — $ 2,941,803 Assets held for sale 1,978 — — — — 214,218 216,196 Cash and cash equivalents 1,983 15,245 6,239 6,570 2,507 — 32,544 Other assets (a) (146 ) 12,938 1,101 3,248 708 — 17,849 Total assets (a) 93,297 2,014,420 359,201 288,418 238,838 214,218 3,208,392 Amount due to/(from) UDR 107 (444 ) 843 1,960 531 — 2,997 Third party debt (a) — 1,140,458 65,408 122,964 164,789 — 1,493,619 Liabilities held for sale 5,110 — — — — 224,596 229,706 Accounts payable and accrued liabilities (a) 749 17,573 17,851 6,766 1,396 — 44,335 Total liabilities (a) 5,966 1,157,587 84,102 131,690 166,716 224,596 1,770,657 Total equity $ 87,331 $ 856,833 $ 275,099 $ 156,728 $ 72,122 $ (10,378 ) $ 1,437,735 UDR’s investment in and advances to unconsolidated joint ventures $ 13,306 $ 431,277 $ 197,646 $ 80,302 $ 21,596 $ (25,901 ) $ 718,226 (a) The Company elected to early adopt FASB ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, and ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements , during the fourth quarter of 2015. See Note 2, Significant Accounting Policies , for a complete description of the ASUs and their impact. Under the ASUs, deferred financing costs related to debt are treated as offsets to the debt instead of assets. As a result of adopting the ASUs, the following retrospective changes were made to the above table: For the Year Ended December 31, 2014 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Other assets - as previously reported $ (146 ) $ 19,589 $ 4,203 $ 3,933 $ 1,128 $ — $ 28,707 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Other assets - as presented above $ (146 ) $ 12,938 $ 1,101 $ 3,248 $ 708 $ — $ 17,849 Total assets - as previously reported $ 93,297 $ 2,021,071 $ 362,303 $ 289,103 $ 239,258 $ 214,218 $ 3,219,250 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Total assets - as presented above $ 93,297 $ 2,014,420 $ 359,201 $ 288,418 $ 238,838 $ 214,218 $ 3,208,392 Third party debt - as previously reported $ — $ 1,147,109 $ 68,510 $ 123,649 $ 165,209 $ — $ 1,504,477 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Third party debt - as presented above $ — $ 1,140,458 $ 65,408 $ 122,964 $ 164,789 $ — $ 1,493,619 Accounts payable and accrued liabilities - as previously reported $ 749 $ 17,573 $ 17,851 $ 6,766 $ 1,396 $ — $ 44,335 Deferred financing costs — — — — — — — Accounts payable and accrued liabilities - as presented above $ 749 $ 17,573 $ 17,851 $ 6,766 $ 1,396 $ — $ 44,335 Total liabilities - as previously reported $ 5,966 $ 1,164,238 $ 87,204 $ 132,375 $ 167,136 $ 224,596 $ 1,781,515 Deferred financing costs — (6,651 ) (3,102 ) (685 ) (420 ) — (10,858 ) Total liabilities - as presented above $ 5,966 $ 1,157,587 $ 84,102 $ 131,690 $ 166,716 $ 224,596 $ 1,770,657 For the Year Ended December 31, 2013 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Texas Total Condensed Statements of Operations: Total revenues $ 691 $ 109,926 $ 5,324 $ 7,680 $ 19,221 $ — $ 142,842 Property operating expenses 621 33,809 3,292 4,633 7,035 — 49,390 Real estate depreciation and amortization 115 30,122 3,564 3,830 14,199 — 51,830 Operating income/(loss) (45 ) 45,995 (1,532 ) (783 ) (2,013 ) — 41,622 Interest expense — (37,055 ) (913 ) (1,886 ) (5,872 ) — (45,726 ) Other income/(expense) — 1 — — — — 1 Income/(loss) from discontinued operations (22,388 ) — — — — (9,584 ) (31,972 ) Net income/(loss) $ (22,433 ) $ 8,941 $ (2,445 ) $ (2,669 ) $ (7,885 ) $ (9,584 ) $ (36,075 ) UDR recorded income/(loss) from unconsolidated entities $ (4,675 ) $ 4,471 $ 6,224 $ (2,851 ) $ (2,366 ) $ (1,218 ) $ (415 ) |
United Dominion Reality L.P. | |
Schedule of Equity Method Investments [Line Items] | |
Business Acquisition, Pro Forma Information [Table Text Block] | The unaudited pro forma information below summarizes the Operating Partnership’s combined results of operations for the years ended December 31, 2015, and 2014 as though the above acquisition was completed on January 1, 2014. The information for the year ended December 31, 2015 includes pro forma results for the portion of the period prior to the acquisition date and actual results from the date of acquisition through the end of the period. The supplemental pro forma operating data is not necessarily indicative of what the actual results of operations would have been assuming the transaction had been completed as set forth above, nor does it purport to represent the Operating Partnership’s results of operations for future periods ( in thousands ): Year Ended December 31, 2015 2014 Pro forma net income/(loss) from unconsolidated entities $ (12,006 ) $ (26,511 ) Pro forma net income/(loss) attributable to OP unitholders $ 205,954 $ 69,716 |
Summary of investments in unconsolidated joint ventures | The following table summarizes the Operating Partnership’s investment in the DownREIT Partnership as of December 31, 2015 (dollars in thousands) : Entity Location of Properties Number of Properties Number of Apartment Homes Investment at UDR’s Ownership Interest December 31, December 31, December 31, December 31, December 31, December 31, Operating and development: DownREIT Partnership Various 13 operating communities 6,261 $ 166,186 $ — 41.6 % — % |
Summarized Income Statement Relating to Unconsolidated Joint Ventures [Table Text Block] | Combined summary financial information relating to all of the DownREIT Partnership’s operations (not just our proportionate share), is presented below for the year ended December 31, 2015 ( dollars in thousands): As of and For the Year Ended December 31, 2015 DownREIT Partnership Condensed Consolidated Statement of Operations: Rental income $ 29,933 Property operating and maintenance (9,991 ) Real estate depreciation and amortization (28,934 ) Operating income/(loss) (8,992 ) Interest expense (3,632 ) Other income/(expense) (3,180 ) Net income/(loss) $ (15,804 ) OP recorded income (loss) from unconsolidated entities $ (4,659 ) Condensed Consolidated Balance Sheet: Total real estate, net $ 1,457,244 Cash and cash equivalents 89 Other assets 37,228 Note receivable from affiliate 126,500 Amount due from UDR 35,293 Total assets 1,656,354 Secured debt, net 524,052 Accounts payable, accrued expenses and other liabilities 25,487 Total liabilities 549,539 Total equity 1,106,815 Total liabilities and equity $ 1,656,354 OP’s investment in and advances to unconsolidated joint ventures $ 166,186 |
Debt (UNITED DOMINION REALTY,70
Debt (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Secured debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2015 and 2014 ( dollars in thousands): Principal Outstanding For the Year Ended December 31, 2015 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered December 31, 2015 2014 Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 442,617 $ 401,210 4.57 % 4.5 8 Fannie Mae credit facilities (b) 514,462 568,086 5.23 % 3.1 18 Deferred financing costs (4,278 ) (5,583 ) Total fixed rate secured debt, net 952,801 963,713 4.93 % 3.7 26 Variable Rate Debt Mortgage notes payable 31,337 31,337 2.19 % 1.1 1 Tax-exempt secured notes payable (c) 94,700 94,700 0.75 % 7.2 2 Fannie Mae credit facilities (b) 299,378 266,196 1.71 % 4.1 8 Deferred financing costs (1,271 ) (1,625 ) Total variable rate secured debt, net 424,144 390,608 1.53 % 4.5 11 Total Secured Debt, net 1,376,945 1,354,321 3.88 % 4.0 37 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facilities due January 2020 and December 2017, respectively (d) (h) 150,000 152,500 1.19 % 4.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (e) — — — % 3.0 1.21% Term Loan Facility due January 2021 and June 2018, respectively (d) (h) 35,000 35,000 1.21 % 5.1 Fixed Rate Debt 5.25% Medium-Term Notes due January 2015 (net of discounts of $0 and $6, respectively) (f) — 325,169 — % 0.0 5.25% Medium-Term Notes due January 2016 (i) 83,260 83,260 5.25 % 0.0 6.21% Medium-Term Note due July 2016 (j) 12,091 — 6.21 % 0.5 4.25% Medium-Term Notes due June 2018 (net of discounts of $1,037 and $1,465, respectively) (h) 298,963 298,535 4.25 % 2.4 3.70% Medium-Term Notes due October 2020 (net of discounts of $38 and $46, respectively) (h) 299,962 299,954 3.70 % 4.8 1.44% Term Loan Facility due January 2021 and June 2018, respectively (d) (h) 315,000 315,000 1.44 % 5.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $2,164 and $2,523, respectively) (h) 397,836 397,477 4.63 % 6.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $886 and $990, respectively) (h) 299,114 299,010 3.75 % 8.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 8.7 4.00% Medium-Term Notes due October 2025 (net of discount of $671 and $0, respectively) (g) (h) 299,329 — 4.00 % 9.8 Other 24 27 N/A N/A Deferred financing costs (12,373 ) (10,598 ) N/A N/A Total Unsecured Debt, net 2,193,850 2,210,978 3.64 % 5.7 Total Debt, net $ 3,570,795 $ 3,565,299 3.74 % 5.0 |
Secured credit facilities | Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2014 Borrowings outstanding $ 813,840 $ 834,282 Weighted average borrowings during the period ended 822,521 835,873 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 3.9 % 4.0 % |
Aggregate maturities of secured debt | The aggregate maturities, including amortizing principal payments of secured debt, of total debt for the next ten years subsequent to December 31, 2015 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt Total Debt 2016 $ 149,058 $ — $ 149,058 $ 95,053 $ 244,111 2017 179,189 96,337 275,526 — 275,526 2018 73,096 137,969 211,065 300,000 511,065 2019 247,796 67,700 315,496 — 315,496 2020 170,664 — 170,664 450,000 620,664 2021 — — — 350,000 350,000 2022 — — — 400,000 400,000 2023 — 96,409 96,409 — 96,409 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 Thereafter — 27,000 27,000 — 27,000 Subtotal 947,403 425,415 1,372,818 2,210,697 3,583,515 Non-cash (a) 5,398 (1,271 ) 4,127 (16,847 ) (12,720 ) Total $ 952,801 $ 424,144 $ 1,376,945 $ 2,193,850 $ 3,570,795 |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Secured debt instruments | Secured debt consists of the following as of December 31, 2015 and 2014 ( dollars in thousands ): Principal Outstanding For the Year Ended December 31, 2015 December 31, Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered 2015 2014 Fixed Rate Debt Mortgage notes payable $ 30,132 $ 378,371 3.43 % 0.6 1 Fannie Mae credit facilities 250,828 333,828 5.08 % 3.7 8 Deferred financing costs (1,627 ) (3,665 ) Total fixed rate secured debt, net 279,333 708,534 4.90 % 3.3 9 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 0.76 % 16.2 1 Fannie Mae credit facilities 170,203 192,760 1.90 % 4.7 6 Deferred financing costs (572 ) (810 ) Total variable rate secured debt, net 196,631 218,950 1.74 % 6.3 7 Total secured debt, net $ 475,964 $ 927,484 3.76 % 4.5 16 |
Secured credit facilities | The following is information related to the credit facilities allocated to the Operating Partnership ( dollars in thousands ): December 31, December 31, 2014 Borrowings outstanding $ 421,031 $ 526,588 Weighted average borrowings during the period ended 425,522 527,592 Maximum daily borrowings during the period ended 431,462 528,659 Weighted average interest rate during the period ended 3.8 % 4.1 % Interest rate at the end of the period 3.8 % 4.0 % |
Aggregate maturities of secured debt | The aggregate maturities of the Operating Partnership’s secured debt due during each of the next ten calendar years subsequent to December 31, 2015 are as follows (dollars in thousands): Fixed Variable Mortgage Notes Payable Secured Credit Facilities Tax-Exempt Secured Notes Payable Secured Credit Facilities Total 2016 $ 30,132 $ 385 $ — $ — $ 30,517 2017 — 15,640 — 6,566 22,206 2018 — 48,872 — 96,327 145,199 2019 — 123,095 — — 123,095 2020 — 62,836 — — 62,836 2021 — — — — — 2022 — — — — — 2023 — — — 67,310 67,310 2024 — — — — — 2025 — — — — — Thereafter — — 27,000 — 27,000 Subtotal 30,132 250,828 27,000 170,203 478,163 Non-cash (a) (97 ) (1,530 ) (93 ) (479 ) (2,199 ) Total $ 30,035 $ 249,298 $ 26,907 $ 169,724 $ 475,964 |
Fair Value of Derivatives and71
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2015 and 2014 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2015, Using Total Carrying Amount in Statement of Financial Position at December 31, 2015 Fair Value Estimate at December 31, 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) $ 16,694 $ 16,938 $ — $ — $ 16,938 Derivatives - Interest rate contracts (b) 13 13 — 13 — Total assets $ 16,707 $ 16,951 $ — $ 13 $ 16,938 Derivatives - Interest rate contracts (b) $ 2,112 $ 2,112 $ — $ 2,112 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 442,617 448,019 — — 448,019 Fannie Mae credit facilities 514,462 539,050 — — 539,050 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 299,378 299,378 — — 299,378 Unsecured debt instruments (c): Commercial banks 150,000 150,000 — — 150,000 Senior unsecured notes 2,056,223 2,108,687 — — 2,108,687 Total liabilities $ 3,590,829 $ 3,673,283 $ — $ 2,112 $ 3,671,171 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 946,436 $ 946,436 $ — $ 946,436 $ — 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 banks 152,500 152,500 — — 152,500 Senior unsecured notes 2,069,076 2,144,125 — — 2,144,125 Total liabilities $ 3,593,473 $ 3,721,512 $ — $ 10,368 $ 3,711,144 Redeemable noncontrolling interests in the Operating Partnership (d) $ 282,480 $ 282,480 $ — $ 282,480 $ — (a) See Note 2 , Significant Accounting Policies. (b) See Note 13, Derivatives and Hedging Activity. (c) |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Estimated fair values | The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2015 and 2014 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2015, Using Total Carrying Amount in Statement of Financial Position at December 31, 2015 Fair Value Estimate at December 31, 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: Derivatives- Interest rate contracts (a) $ 8 $ 8 $ — $ 8 $ — Total assets $ 8 $ 8 $ — $ 8 $ — Secured debt instruments - fixed rate: (b) Mortgage notes payable 30,132 30,308 — — 30,308 Fannie Mae credit facilities 250,828 263,070 — — 263,070 Secured debt instruments - variable rate: (b) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Fannie Mae credit facilities 170,203 170,203 — — 170,203 Total liabilities $ 478,163 $ 490,581 $ — $ — $ 490,581 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: Derivatives - Interest rate contracts (b) $ 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 9, Derivatives and Hedging Activity. (b) See Note 6, Secured Debt, Net. |
Derivatives and Hedging Activ72
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Offsetting Assets [Table Text Block] | The Company has elected not to offset derivative positions in the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 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 Net Amount Financial Instruments Cash Collateral Received December 31, 2015 $ 13 $ — $ 13 $ — $ — $ 13 December 31, 2014 $ 88 $ — $ 88 $ (27 ) $ — $ 61 |
Outstanding interest rate derivatives | As of December 31, 2015 , the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Product Number of Instruments Notional Interest rate swaps 5 $ 315,000 Interest rate caps 2 $ 203,166 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 or the Company has elected to not apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2015 and 2014 , and a gain of $0.3 million for the year ended December 31, 2013 . As of December 31, 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 3 $ 133,107 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2015 and 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, Derivatives designated as hedging instruments: Interest rate products $ 9 $ 86 $ 2,112 $ 10,368 Derivatives not designated as hedging instruments: Interest rate products $ 4 $ 2 $ — $ — |
Effect of Company's derivative financial instruments on Consolidated Statements of Operation | The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 , and 2013 ( 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) Year ended December 31, Year ended December 31, Year ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate products $ (6,393 ) $ (8,695 ) $ (469 ) $ (2,251 ) $ (4,834 ) $ (6,851 ) $ (11 ) $ 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 Year ended December 31, Derivatives Not Designated as Hedging Instruments 2015 2014 2013 Interest rate products $ (23 ) $ (4 ) 271 |
Offsetting Liabilities [Table Text Block] | Offsetting of Derivative Liabilities Gross Amounts of Recognized Liabilities Gross Amounts Offset in the Consolidated Balance Sheets Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a) Gross Amounts Not Offset in the Consolidated Balance Sheets Net Amount Financial Instruments Cash Collateral Posted December 31, 2015 $ 2,112 $ — $ 2,112 $ — $ — $ 2,112 December 31, 2014 $ 10,368 $ — $ 10,368 $ (27 ) $ — $ 10,341 |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Offsetting Assets [Table Text Block] | The General Partner has elected not to offset derivative positions in the consolidated financial statements. The table below presents the effect on the Operating Partnership's financial position had the General Partner made the election to offset its derivative positions as of December 31, 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 Net Amount Financial Instruments Cash Collateral Received December 31, 2015 $ 8 $ — $ 8 $ — $ — $ 8 December 31, 2014 $ 39 $ — $ 39 $ — $ — $ 39 |
Outstanding interest rate derivatives | As of December 31, 2015 , the Operating Partnership had the following outstanding interest rate derivatives designated as cash flow hedges of interest rate risk ( dollars in thousands ): Product Number of Instruments Notional Interest rate caps 1 $ 96,327 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 or the General Partner has elected to not apply hedge accounting. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in losses of less than $0.1 million for the years ended December 31, 2015 , 2014 , and 2013 . As of December 31, 2015 , we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Product Number of Instruments Notional Interest rate caps 3 $ 98,932 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | The table below presents the fair value of the Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2015 and 2014 ( dollars in thousands ): Asset Derivatives (included in Other assets ) Liability Derivatives (Included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, Derivatives designated as hedging instruments: Interest rate products $ 4 $ 37 $ — $ 918 Derivatives not designated as hedging instruments: Interest rate products $ 4 $ 2 $ — $ — |
Effect of Company's derivative financial instruments on Consolidated Statements of Operation | The tables below present the effect of the derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2015 , 2014 , and 2013 ( 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) Year ended December 31, Year ended December 31, Year ended December 31, 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate products $ (82 ) $ (285 ) $(348) $ (1,044 ) $ (2,275 ) $ (3,431 ) $ (11 ) $ — $ — |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | Derivatives Not Designated as Hedging Instruments Gain/(Loss) Recognized in Interest income and other income/(expense), net Year ended December 31, 2015 2014 2013 Interest rate products $ (23 ) $ (3 ) $ (9 ) |
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 Net Amount Financial Instruments Cash Collateral Posted December 31, 2015 $ — $ — $ — $ — $ — $ — 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 Consolidated Balance Sheets” located in this footnote. |
Capital Structure (UNITED DOM73
Capital Structure (UNITED DOMINION REALTY, L.P.) Capital Structure (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Schedule of OP Unit activity and OP units outstanding | The following table shows OP Units outstanding and OP Unit activity as of and for the years ended December 31, 2015 , 2014 , and 2013 : Class A Limited Partner UDR, Inc. Limited Partners Limited Partner General Partner Total Ending balance at December 31, 2012 1,751,671 7,643,548 174,775,152 110,883 184,281,254 OP Units redeemed for the distribution of real estate to the General partner (a) — — (1,002,556 ) — (1,002,556 ) OP redemptions for UDR stock — (76,295 ) 76,295 — — Ending balance at December 31, 2013 1,751,671 7,567,253 173,848,891 110,883 183,278,698 OP redemptions for UDR stock — (153,451 ) 153,451 — — Ending balance at December 31, 2014 1,751,671 7,413,802 174,002,342 110,883 183,278,698 OP redemptions for UDR stock — (112,174 ) 112,174 — — Ending balance at December 31, 2015 1,751,671 7,301,628 174,114,516 110,883 183,278,698 |
Income_(Loss) Per Share (UNIT74
Income/(Loss) Per Share (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted income/(loss) per share for the periods presented (dollars and shares in thousands, except per share data): Year Ended December 31, 2015 2014 2013 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 105,482 $ 16,260 $ 2,340 Gain/(loss) on sale of real estate owned, net of tax 251,677 143,572 — (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (16,773 ) (5,511 ) 48 (Income)/loss from continuing operations attributable to noncontrolling interests (3 ) 3 60 Income/(loss) from continuing operations attributable to UDR, Inc. 340,383 154,324 2,448 Distributions to preferred stockholders - Series E (Convertible) (3,722 ) (3,724 ) (3,724 ) Income/(loss) from continuing operations attributable to common stockholders - basic 336,661 150,600 (1,276 ) Dilutive distributions to preferred stockholders - Series E (Convertible) 3,722 — — Income/(loss) from continuing operations attributable to common stockholders - dilutive $ 340,383 $ 150,600 $ (1,276 ) Income/(loss) from discontinued operations, net of tax $ — $ 10 $ 43,942 (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership — — (1,578 ) Income/(loss) from discontinued operations attributable to common stockholders $ — $ 10 $ 42,364 Net income/(loss) attributable to common stockholders $ 336,661 $ 150,610 $ 41,088 Denominator for income/(loss) per share - basic and diluted: Weighted average common shares outstanding 259,873 252,707 250,684 Non-vested restricted stock awards (1,204 ) (1,179 ) (715 ) Denominator for income/(loss) per share - basic 258,669 251,528 249,969 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options and unvested restricted stock 5,083 1,917 — Denominator for income/(loss) per share - diluted 263,752 253,445 249,969 Income/(loss) per weighted average common share - basic: Income/(loss) from continuing operations attributable to common stockholders $ 1.30 $ 0.60 $ (0.01 ) Income/(loss) from discontinued operations attributable to common stockholders — — 0.17 Net income/(loss) attributable to common stockholders $ 1.30 $ 0.60 $ 0.16 Income/(loss) per weighted average common share - diluted: Income/(loss) from continuing operations attributable to common stockholders $ 1.29 $ 0.59 $ (0.01 ) Income/(loss) from discontinued operations attributable to common stockholders — — 0.17 Net income/(loss) attributable to common stockholders $ 1.29 $ 0.59 $ 0.16 |
United Dominion Reality L.P. | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table sets forth the computation of basic and diluted income/(loss) per OP Unit for the periods presented ( dollars in thousands, except per OP Unit data ): Year Ended December 31, 2015 2014 2013 Numerator for income/(loss) per OP Unit — basic and diluted: Income/(loss) from continuing operations $ 56,940 $ 33,544 $ 32,766 Gain/(loss) on sale of real estate owned 158,123 63,635 — (Income)/loss from continuing operations attributable to noncontrolling interests (1,762 ) (952 ) (4,114 ) Income/(loss) from continuing operations attributable to OP unitholders $ 213,301 $ 96,227 $ 28,652 Income/(loss) from discontinued operations $ — $ — $ 45,176 (Income)/loss from discontinued operations attributable to noncontrolling interests — — (452 ) Income/(loss) from discontinued operations attributable to OP unitholders $ — $ — $ 44,724 Net income/(loss) $ 215,063 $ 97,179 $ 77,942 Net (income)/loss attributable to noncontrolling interests (1,762 ) (952 ) (4,566 ) Net income/(loss) attributable to OP unitholders $ 213,301 $ 96,227 $ 73,376 Denominator for income/(loss) per OP Unit — basic and diluted: Weighted average OP Units outstanding — basic and diluted 183,279 183,279 184,196 Income/(loss) per weighted average OP Unit — basic and diluted: Income/(loss) from continuing operations attributable to OP unitholders $ 1.16 $ 0.53 $ 0.16 Income/(loss) from discontinued operations attributable to OP unitholders — — 0.24 Net income/(loss) attributable to OP unitholders $ 1.16 $ 0.53 $ 0.40 |
Commitments and Contingencies75
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Summary of real estate commitments | The following summarizes the Company’s real estate commitments at December 31, 2015 ( dollars in thousands ): Number of Properties Costs Incurred to Date (a) Expected Costs to Complete (unaudited) Average Ownership Stake Wholly-owned — under development 1 $ 124,072 (b) $ 217,928 100 % Wholly-owned — redevelopment 3 11,302 (b) 16,698 100 % Joint ventures: Unconsolidated joint ventures 4 497,350 81,979 (c) Various Participating loan investments 1 90,747 (d) 2,711 (e) 0 % Preferred equity investments 5 136,327 (f) — 48 % Total $ 859,798 $ 319,316 |
Reportable Segments (UNITED D76
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the years ended December 31, 2015 , 2014 , and 2013 , and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2015 2014 2013 Reportable apartment home segment rental income Same-Store Communities West Region $ 255,346 $ 236,175 $ 214,324 Mid-Atlantic Region 157,158 154,491 150,489 Southeast Region 103,920 98,061 93,479 Northeast Region 86,048 81,500 77,299 Southwest Region 57,670 54,810 52,302 Non-Mature Communities/Other 211,786 180,112 167,743 Total segment and consolidated rental income $ 871,928 $ 805,149 $ 755,636 Reportable apartment home segment NOI Same-Store Communities West Region $ 190,682 $ 171,973 $ 152,108 Mid-Atlantic Region 108,324 107,592 105,300 Southeast Region 69,820 65,053 61,087 Northeast Region 64,539 61,315 57,350 Southwest Region 35,767 33,725 31,925 Non-Mature Communities/Other 144,737 116,663 106,271 Total segment and consolidated NOI 613,869 556,321 514,041 Reconciling items: Joint venture management and other fees 22,710 13,044 12,442 Property management (23,978 ) (22,142 ) (20,780 ) Other operating expenses (9,708 ) (8,271 ) (7,136 ) Real estate depreciation and amortization (374,598 ) (358,154 ) (341,490 ) General and administrative (59,690 ) (47,800 ) (42,238 ) Casualty-related recoveries/(charges), net (2,335 ) (541 ) 12,253 Other depreciation and amortization (6,679 ) (5,775 ) (6,741 ) Income/(loss) from unconsolidated entities 62,329 (7,006 ) (415 ) Interest expense (121,875 ) (130,454 ) (126,083 ) Interest income and other income/(expense), net 1,551 11,837 4,681 Tax benefit/(provision), net 3,886 15,136 7,299 Gain/(loss) on sale of real estate owned, net of tax 251,677 143,647 40,449 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (16,773 ) (5,511 ) (1,530 ) Net (income)/loss attributable to noncontrolling interests (3 ) 3 60 Net income/(loss) attributable to UDR, Inc. $ 340,383 $ 154,334 $ 44,812 |
Details of assets of UDR's reportable segments | The following table details the assets of UDR’s reportable segments as of December 31, 2015 and 2014 (dollars in thousands) : December 31, December 31, Reportable apartment home segment assets: Same-Store communities: West Region $ 2,371,615 $ 2,336,271 Mid-Atlantic Region 1,423,888 1,440,561 Southeast Region 730,060 727,933 Northeast Region 1,109,354 1,076,656 Southwest Region 450,305 440,587 Non-mature Communities/Other 3,105,054 2,361,251 Total segment assets 9,190,276 8,383,259 Accumulated depreciation (2,646,874 ) (2,434,772 ) Total segment assets — net book value 6,543,402 5,948,487 Reconciling items: Cash and cash equivalents 6,742 15,224 Restricted cash 20,798 22,340 Notes receivable, net 16,694 14,369 Investment in and advances to unconsolidated joint ventures, net 938,906 718,226 Other assets 137,302 110,082 Total consolidated assets $ 7,663,844 $ 6,828,728 |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | The following table details rental income and NOI from continuing and discontinued operations for the Operating Partnership’s reportable segments for the years ended December 31, 2015 , 2014 , and 2013 , and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2015 2014 2013 Reportable apartment home segment rental income Same-Store Communities West Region $ 174,414 $ 160,185 $ 150,137 Mid-Atlantic Region 60,602 65,565 64,923 Southeast Region 44,981 42,568 40,730 Northeast Region 59,444 58,788 55,850 Southwest Region 20,963 26,580 25,614 Non-Mature Communities/Other 80,004 68,948 73,588 Total segment and consolidated rental income $ 440,408 $ 422,634 $ 410,842 Reportable apartment home segment NOI Same-Store Communities West Region $ 130,509 $ 117,130 $ 107,866 Mid-Atlantic Region 40,301 44,366 44,442 Southeast Region 30,106 28,111 26,590 Northeast Region 45,917 45,347 42,146 Southwest Region 13,176 16,821 16,057 Non-Mature Communities/Other 57,588 48,538 50,434 Total segment and consolidated NOI 317,597 300,313 287,535 Reconciling items: Property management (12,111 ) (11,622 ) (11,298 ) Other operating expenses (5,923 ) (5,172 ) (5,728 ) Real estate depreciation and amortization (169,784 ) (179,176 ) (181,302 ) General and administrative (27,016 ) (28,541 ) (24,808 ) Casualty-related recoveries/(charges), net (843 ) (541 ) 8,083 Income/(loss) from unconsolidated entities (4,659 ) — — Interest expense (40,321 ) (41,717 ) (36,058 ) Gain/(loss) on sale of real estate owned, net of tax 158,123 63,635 41,518 Net income/(loss) attributable to noncontrolling interests (1,762 ) (952 ) (4,566 ) Net income/(loss) attributable to OP unitholders $ 213,301 $ 96,227 $ 73,376 |
Details of assets of UDR's reportable segments | The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2015 and 2014 (dollars in thousands) : December 31, December 31, 2014 Reportable apartment home segment assets Same-Store Communities West Region $ 1,461,078 $ 1,433,827 Mid-Atlantic Region 410,710 686,708 Southeast Region 321,787 316,788 Northeast Region 669,082 777,375 Southwest Region — 228,997 Non-Mature Communities/Other 768,248 795,075 Total segment assets 3,630,905 4,238,770 Accumulated depreciation (1,281,258 ) (1,403,303 ) Total segment assets - net book value 2,349,647 2,835,467 Reconciling items: Cash and cash equivalents 3,103 502 Restricted cash 11,344 13,811 Investment in unconsolidated entities 166,186 — Other assets 24,528 24,029 Total consolidated assets $ 2,554,808 $ 2,873,809 |
Unaudited Summarized Consolid77
Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Schedule of quarterly financial information | Selected consolidated quarterly financial data for the years ended December 31, 2015 and 2014 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2015 Rental income $ 207,047 $ 212,764 $ 217,765 $ 234,352 Income/(loss) from continuing operations 76,417 10,842 13,695 4,528 Net income/(loss) attributable to common stockholders (a) 72,891 85,924 12,361 161,270 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.28 $ 0.33 $ 0.05 $ 0.62 Diluted $ 0.28 $ 0.33 $ 0.05 $ 0.61 Weighted average number of shares outstanding Basic 256,834 257,849 259,114 260,830 Diluted 258,662 262,806 261,207 266,108 2014 Rental income (b) $ 194,352 $ 200,959 $ 203,587 $ 206,104 Income/(loss) from continuing operations (5,195 ) 4,359 10,611 6,485 Income/(loss) from discontinued operations, net of tax (87 ) 18 79 — Net income/(loss) attributable to common stockholders (a) 17,430 29,076 39,618 64,486 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic and diluted $ 0.07 $ 0.12 $ 0.16 $ 0.25 Weighted average number of shares outstanding Basic 250,177 250,255 251,655 253,983 Diluted 251,822 252,191 253,732 256,000 (a) Due to the quarterly pro-rata calculation of noncontrolling interest and rounding, the sum of the quarterly per share and/or dollar amounts may not equal the annual totals. (b) Represents rental income from continuing operations, excluding amounts classified as discontinued operations. |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Schedule of quarterly financial information | Selected consolidated quarterly financial data for the years ended December 31, 2015 and 2014 is summarized in the table blow ( dollars in thousands, except per share amounts ): Three Months Ended March 31, June 30, September 30, December 31, 2015 Rental income $ 110,095 $ 113,158 $ 115,173 $ 101,982 Income/(loss) from continuing operations 12,117 15,355 14,952 14,516 Income/(loss) attributable to OP unitholders 36,346 47,383 14,617 114,955 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.20 $ 0.26 $ 0.08 $ 0.62 2014 Rental income $ 102,370 $ 104,842 $ 107,444 $ 107,978 Income/(loss) from continuing operations 6,411 8,319 8,875 9,939 Income/(loss) attributable to OP unitholders 30,533 24,426 8,637 32,631 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.17 $ 0.13 $ 0.05 $ 0.18 (a) Quarterly income/(loss) per OP Unit amounts may not total to the annual amounts |
Consolidation and Basis of Pr78
Consolidation and Basis of Presentation (Details) | Dec. 31, 2015Communities | Dec. 31, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2015Apartment_Homes | Dec. 31, 2015shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013shares | Dec. 31, 2012shares |
Consolidation and Basis of Presentation [Line Items] | ||||||||
Number of Real Estate Properties | 133 | 2 | ||||||
Investment Building and Building Improvements, and Furniture, Fixtures and Equipment | $ | $ 7,046,622,000 | $ 6,225,406,000 | ||||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||||||
Number of markets operating within | $ | 18 | |||||||
Number of apartments owned | Apartment_Homes | 40,728 | |||||||
Joint venture, number of homes in communities | Apartment_Homes | 6,696 | |||||||
Operating Partnership outstanding units | 183,278,698 | 183,278,698 | ||||||
OP units outstanding related to limited partner | 183,278,698 | 183,278,698 | 183,278,698 | 184,281,254 | ||||
General Partner [Member] | ||||||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||||||
OP units outstanding related to limited partner | 174,225,399 | 174,113,225 | ||||||
Percentage of units outstanding owned by limited partners | 95.00% | |||||||
Limited Partner [Member] | ||||||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||||||
Percentage of units outstanding owned by limited partners | 95.10% | |||||||
Non-affiliated Partners | ||||||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||||||
OP units outstanding related to limited partner | 9,053,299 | 9,165,473 | ||||||
Percentage of units outstanding owned by limited partners | 4.90% | 5.00% | ||||||
UDR Lighthouse DownREIT L.P. [Member] | ||||||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||||||
Operating Partnership outstanding units | 32,367,380 | |||||||
United Dominion Reality L.P. | UDR Lighthouse DownREIT L.P. [Member] | ||||||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||||||
Operating Partnership outstanding units | 13,470,651 | |||||||
Percentage of units outstanding owned by limited partners | 41.60% | |||||||
General Partner [Member] | UDR Lighthouse DownREIT L.P. [Member] | ||||||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||||||
Operating Partnership outstanding units | 16,229,407 | 0 | 0 | |||||
General Partners Capital Account Units Owned Percentage | 50.10% | |||||||
Limited Partner [Member] | ||||||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||||||
OP units outstanding related to limited partner | 7,301,628 | 7,413,802 | 7,567,253 | 7,643,548 | ||||
Limited Partner [Member] | UDR Lighthouse DownREIT L.P. [Member] | ||||||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||||||
Operating Partnership outstanding units | 16,137,973 | |||||||
Percentage of units outstanding owned by limited partners | 49.90% |
Significant Accounting Polici79
Significant Accounting Policies (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 20, 2015 | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)$ / shares | Sep. 30, 2014USD ($)$ / shares | Jun. 30, 2014USD ($)$ / shares | Mar. 31, 2014USD ($)$ / shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | ||
Accounting Policies [Line Items] | |||||||||||||
Deferred Finance Costs, Net | $ 0 | $ 0 | |||||||||||
Document Period End Date | Dec. 31, 2015 | ||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Development costs excluding direct costs and capitalized interest | $ 6,300,000 | 9,000,000 | $ 11,100,000 | ||||||||||
Interest capitalized during period | 16,100,000 | 20,200,000 | 29,400,000 | ||||||||||
Notes receivable | $ 16,694,000 | 14,369,000 | 16,694,000 | 14,369,000 | |||||||||
Number of extension options on loan | 2 | ||||||||||||
Extension period of option on loan | 6 months | ||||||||||||
Note maturity public capital threshold | 5,000,000 | ||||||||||||
Note receivable interest income | 1,500,000 | 3,400,000 | 4,100,000 | ||||||||||
Deferred tax asset | 11,762,000 | 6,976,000 | 11,762,000 | 6,976,000 | 32,273,000 | ||||||||
Net of a valuation allowance | 81,000 | 0 | 81,000 | 0 | 1,310,000 | ||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 100,000 | ||||||||||||
Numerator for earnings per share — basic and diluted: | |||||||||||||
Net (loss)/income attributable to common stockholders | 161,270,000 | $ 12,361,000 | $ 85,924,000 | $ 72,891,000 | $ 64,486,000 | $ 39,618,000 | $ 29,076,000 | $ 17,430,000 | $ 336,661,000 | $ 150,610,000 | $ 41,088,000 | ||
Weighted average common shares outstanding | shares | 259,873,000 | 252,707,000 | 250,684,000 | ||||||||||
Net income/(loss) attributable to common stockholders — basic and diluted (in dollars per share) | $ / shares | [1] | $ 0.25 | $ 0.16 | $ 0.12 | $ 0.07 | ||||||||
Advertising expense | $ 6,400,000 | $ 6,000,000 | $ 5,700,000 | ||||||||||
Income Tax Expense (Benefit) | (3,886,000) | 25,994,000 | (8,281,000) | ||||||||||
Income Tax Examination, Penalties and Interest Accrued | 0 | $ 0 | |||||||||||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.1 | ||||||||||||
Interest Income, Related Party | $ 0 | 0 | 800,000 | ||||||||||
(Issuance)/repayment of notes receivable | (2,325,000) | 68,664,000 | $ (19,027,000) | ||||||||||
Other Assets | 137,302,000 | $ 110,082,000 | 137,302,000 | 110,082,000 | |||||||||
Secured debt, net | 1,376,945,000 | 1,354,321,000 | 1,376,945,000 | 1,354,321,000 | |||||||||
Unsecured debt, net | $ 2,193,850,000 | 2,210,978,000 | $ 2,193,850,000 | 2,210,978,000 | |||||||||
Note due February 2017 | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Notes receivable | 11,869,000 | 11,869,000 | |||||||||||
Note Receivable Interest Rate | 10.00% | 10.00% | |||||||||||
Aggregate Commitment on Note Receivable | $ 12,994,000 | $ 12,994,000 | |||||||||||
Increase (Decrease) in Notes Receivables | 1,100,000 | ||||||||||||
Note maturity public capital threshold | 5,000,000 | ||||||||||||
Other | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Notes receivable | $ 2,500,000 | 2,500,000 | $ 2,500,000 | 2,500,000 | |||||||||
Note Receivable Interest Rate | 8.00% | 8.00% | |||||||||||
Note due October 2020 [Member] | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Notes receivable | $ 1,200,000 | 0 | $ 1,200,000 | $ 0 | |||||||||
Note Receivable Interest Rate | 8.00% | 8.00% | |||||||||||
Aggregate Commitment on Note Receivable | $ 2,000,000 | $ 2,000,000 | |||||||||||
Note maturity public capital threshold | $ 10,000,000 | ||||||||||||
OP Units | |||||||||||||
Numerator for earnings per share — basic and diluted: | |||||||||||||
Antidilutive securities | shares | 12,947,000 | 9,247,000 | 9,337,000 | ||||||||||
Preferred Stock | |||||||||||||
Numerator for earnings per share — basic and diluted: | |||||||||||||
Antidilutive securities | shares | 3,032,000 | 3,036,000 | 3,036,000 | ||||||||||
Stock options and unvested restricted stock | |||||||||||||
Numerator for earnings per share — basic and diluted: | |||||||||||||
Antidilutive securities | shares | 2,051,000 | 1,917,000 | 1,584,000 | ||||||||||
Minimum | Buildings | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 35 years | ||||||||||||
Minimum | Building improvements | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 10 years | ||||||||||||
Minimum | Furniture, fixtures, equipment, and other assets | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 3 years | ||||||||||||
Maximum | Buildings | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 55 years | ||||||||||||
Maximum | Building improvements | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 35 years | ||||||||||||
Maximum | Furniture, fixtures, equipment, and other assets | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 10 years | ||||||||||||
RedeemableNoncontrollingInterest [Member] | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | $ (308,000) | $ (133,000) | $ 250,000 | ||||||||||
Continuing Operations [Member] | |||||||||||||
Numerator for earnings per share — basic and diluted: | |||||||||||||
Income Tax Expense (Benefit) | (3,886,000) | (15,098,000) | (7,299,000) | ||||||||||
Discontinued Operations [Member] | |||||||||||||
Numerator for earnings per share — basic and diluted: | |||||||||||||
Income Tax Expense (Benefit) | 0 | 5,000 | (982,000) | ||||||||||
United Dominion Reality L P [Member] | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Deferred Finance Costs, Net | 2,199,000 | 4,500,000 | $ 2,199,000 | 4,500,000 | |||||||||
Document Period End Date | Dec. 31, 2015 | ||||||||||||
Deferred Tax Liabilities, Net | 0 | $ 0 | |||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Development costs excluding direct costs and capitalized interest | 700,000 | 2,000,000 | 2,500,000 | ||||||||||
Interest capitalized during period | 200,000 | 2,900,000 | 5,900,000 | ||||||||||
Numerator for earnings per share — basic and diluted: | |||||||||||||
Advertising expense | $ 2,400,000 | 2,500,000 | $ 2,500,000 | ||||||||||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.10 | ||||||||||||
Other Assets | 24,528,000 | 24,029,000 | $ 24,528,000 | 24,029,000 | |||||||||
Secured debt, net | 475,964,000 | 927,484,000 | $ 475,964,000 | 927,484,000 | |||||||||
United Dominion Reality L P [Member] | Minimum | Buildings | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 35 years | ||||||||||||
United Dominion Reality L P [Member] | Minimum | Building improvements | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 10 years | ||||||||||||
United Dominion Reality L P [Member] | Minimum | Furniture, fixtures, equipment, and other assets | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 3 years | ||||||||||||
United Dominion Reality L P [Member] | Maximum | Buildings | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 55 years | ||||||||||||
United Dominion Reality L P [Member] | Maximum | Building improvements | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 35 years | ||||||||||||
United Dominion Reality L P [Member] | Maximum | Furniture, fixtures, equipment, and other assets | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Estimated useful lives | 10 years | ||||||||||||
Preferred Stock | |||||||||||||
Numerator for earnings per share — basic and diluted: | |||||||||||||
Preferred stock, shares redeemed | shares | 0 | ||||||||||||
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||
Significant Accounting Policies (Textual) [Abstract] | |||||||||||||
Notes receivable | 16,694,000 | 14,369,000 | $ 16,694,000 | 14,369,000 | |||||||||
Secured Debt [Member] | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Deferred Finance Costs, Net | 5,549,000 | 5,549,000 | |||||||||||
Unsecured Debt [Member] | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Deferred Finance Costs, Net | (12,400,000) | (12,400,000) | |||||||||||
Reclassification of Deferred Financing Costs [Member] | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Deferred Finance Costs, Net | 22,686,000 | 22,686,000 | |||||||||||
Other Assets [Member] | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Deferred Finance Costs, Net | (7,900,000) | (4,880,000) | (7,900,000) | (4,880,000) | |||||||||
Scenario, Previously Reported [Member] | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Deferred Finance Costs, Net | (22,686,000) | (22,686,000) | |||||||||||
Numerator for earnings per share — basic and diluted: | |||||||||||||
Other Assets | 105,202,000 | 105,202,000 | |||||||||||
Secured debt, net | 1,361,529,000 | 1,361,529,000 | |||||||||||
Unsecured debt, net | 2,221,576,000 | 2,221,576,000 | |||||||||||
Scenario, Previously Reported [Member] | United Dominion Reality L P [Member] | |||||||||||||
Numerator for earnings per share — basic and diluted: | |||||||||||||
Secured debt, net | 931,959,000 | 931,959,000 | |||||||||||
Secured Debt [Member] | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Deferred Finance Costs, Net | 7,208,000 | 7,208,000 | |||||||||||
Unsecured Debt [Member] | |||||||||||||
Accounting Policies [Line Items] | |||||||||||||
Deferred Finance Costs, Net | $ 12,373,000 | $ 10,598,000 | $ 12,373,000 | $ 10,598,000 | |||||||||
[1] | . |
Real Estate Owned (Details)
Real Estate Owned (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ||||
Land | $ 1,833,156 | $ 1,790,281 | ||
Summary of carrying amounts for real estate owned (at cost) | ||||
Land Improvements | 173,821 | 189,940 | ||
Investment Building and Building Improvements, and Furniture, Fixtures and Equipment | 7,046,622 | 6,225,406 | ||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 124,072 | 177,632 | ||
Sold or held for sale: | ||||
Real estate owned | 9,190,276 | 8,383,259 | ||
Real Estates Owned Accumulated Depreciation | 2,646,874 | 2,434,772 | ||
Accumulated depreciation | (2,646,874) | (2,434,772) | $ (2,208,794) | $ (1,924,682) |
Total real estate owned, net of accumulated depreciation | 6,543,402 | 5,948,487 | ||
Land | ||||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 78,085 | 24,584 | ||
Sold or held for sale: | ||||
Sold or held for sale | 9,963 | 0 | ||
Construction in progress | ||||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 45,987 | 153,048 | ||
Building and improvements | ||||
Sold or held for sale: | ||||
Sold or held for sale | 2,642 | 0 | ||
United Dominion Reality L.P. | ||||
Property, Plant and Equipment [Line Items] | ||||
Land | 833,300 | 1,008,014 | ||
Sold or held for sale: | ||||
Real estate owned | 3,630,905 | 4,238,770 | ||
Accumulated depreciation | (1,281,258) | (1,403,303) | $ (1,241,574) | $ (1,097,133) |
Total real estate owned, net of accumulated depreciation | $ 2,349,647 | $ 2,835,467 |
Real Estate Owned Real Estate O
Real Estate Owned Real Estate Owned (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | $ 173,924 |
Business Acquisition Purchase Price Allocation Buildings and Improvements | 708,455 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 25,455 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 907,834 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | (96,486) |
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Below Market Leases | (542) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | (97,028) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | $ 810,806 |
Real Estate Owned Real Estate82
Real Estate Owned Real Estate Owned (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Business Acquisition, Pro Forma Revenue | $ 943,421 | $ 877,287 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 319,385 | $ 105,875 |
Real Estate Owned (Details Text
Real Estate Owned (Details Textual) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||
Feb. 19, 2016USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)Communities | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015$ / shares | Dec. 31, 2015Communities$ / shares | Dec. 31, 2015$ / shares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2015Apartment_Homes$ / shares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014USD ($)Communitiesshares | Dec. 31, 2013USD ($)CommunitiesApartment_Homesshares | Dec. 31, 2015Communities | Dec. 31, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2015Apartment_Homes | Dec. 31, 2015ft² | Dec. 31, 2015States | |
Real Estate Properties [Line Items] | |||||||||||||||||||||||
Revenues | $ 894,638 | $ 818,046 | $ 758,926 | ||||||||||||||||||||
Document Period End Date | Dec. 31, 2015 | ||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Number of apartment homes owned and consolidated by the Company | Apartment_Homes | 40,728 | ||||||||||||||||||||||
Communities Sold | 12 | 9 | |||||||||||||||||||||
Apartment Homes Sold | 2,500 | 2,735 | 914 | ||||||||||||||||||||
Deferred Gain on Sale of Property | $ 24,700 | 24,700 | $ 6,800 | ||||||||||||||||||||
Joint venture, number of homes in communities | Apartment_Homes | 6,696 | ||||||||||||||||||||||
Number of apartment homes acquired | 358 | ||||||||||||||||||||||
Acquisition-related costs | 2,100 | 400 | $ 100 | ||||||||||||||||||||
Number of Real Estate Properties | 133 | 2 | |||||||||||||||||||||
Number of States in which Entity Operates | 10 | ||||||||||||||||||||||
Number of Communities Acquired | 4 | ||||||||||||||||||||||
Other Cost and Expense, Operating | 9,708 | 8,271 | 7,136 | ||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 408,700 | 328,400 | 81,100 | ||||||||||||||||||||
Payments for (Proceeds from) Investments | (387,650) | (383,886) | (250,043) | ||||||||||||||||||||
Gain/(loss) on sales of real estate owned, net of tax | 251,677 | 143,572 | 0 | ||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 138,600 | ||||||||||||||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 0 | 0 | 63,595 | ||||||||||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 4,528 | $ 13,695 | $ 10,842 | $ 76,417 | $ 6,485 | $ 10,611 | $ 4,359 | $ (5,195) | $ 105,482 | $ 16,260 | 2,340 | ||||||||||||
Payments for Delayed Tax Exempt Exchange | 221,000 | ||||||||||||||||||||||
CALIFORNIA | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Number of Communities Acquired | 2 | ||||||||||||||||||||||
Home Acquisition [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 89,300 | ||||||||||||||||||||||
Number of Properties Purchased | 6 | ||||||||||||||||||||||
Business Combination, Consideration Transferred | $ 900,600 | ||||||||||||||||||||||
Business Acquisition, Share Price | $ / shares | $ 35 | $ 35 | $ 35 | $ 35 | $ 35 | $ 35 | $ 35 | ||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 16,100,000 | ||||||||||||||||||||||
Cash Acquired from Acquisition | $ 25,500 | ||||||||||||||||||||||
Texas JV | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Communities Sold | 8 | ||||||||||||||||||||||
Deferred Gain on Sale of Property | 24,200 | ||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 44,200 | ||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 59,400 | ||||||||||||||||||||||
Operating Community [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Communities Sold | 1 | ||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 142,500 | ||||||||||||||||||||||
Operating Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | 50.00% | ||||||||||||||||||||
Number of Units in Real Estate Property | 1,130 | ||||||||||||||||||||||
Number of Real Estate Properties | 3 | ||||||||||||||||||||||
Operating Community [Member] | Texas JV | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Equity method investment, ownership percent | 20.00% | 20.00% | 0.00% | ||||||||||||||||||||
Development Community [Member] | Texas JV | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Number of Units in Real Estate Property | 0 | ||||||||||||||||||||||
Number of Real Estate Properties | 0 | ||||||||||||||||||||||
Land | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,100 | ||||||||||||||||||||||
Lightbox [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Property, Plant and Equipment, Additions | 45,500 | ||||||||||||||||||||||
Waterscape [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Property, Plant and Equipment, Additions | 75,200 | ||||||||||||||||||||||
Graybar [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Property, Plant and Equipment, Additions | $ 32,200 | ||||||||||||||||||||||
Operating Community [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Payments for (Proceeds from) Investments | (324,400) | ||||||||||||||||||||||
Land | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Property, Plant and Equipment, Additions | 77,800 | ||||||||||||||||||||||
13th & Market [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Equity method investment, ownership percent | 49.00% | ||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 54,200 | ||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 7,200 | ||||||||||||||||||||||
3033 Wilshire | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Equity method investment, ownership percent | 50.00% | ||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 8,300 | ||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 2,200 | ||||||||||||||||||||||
UDR Lighthouse DownREIT L.P. [Member] | |||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||
Revenues | 15,600 | ||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 9,200 | ||||||||||||||||||||||
1745 Shea [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 24,067 | 0 | 0 | ||||||||||||||||||||
Square Footage | ft² | 120,000 | ||||||||||||||||||||||
1745 Shea [Member] | Office Building [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Property, Plant and Equipment, Additions | 24,000 | ||||||||||||||||||||||
United Dominion Reality L.P. | |||||||||||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||||||||||
Revenues | 440,408 | $ 422,634 | $ 410,842 | ||||||||||||||||||||
Document Period End Date | Dec. 31, 2015 | ||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Number of apartment homes owned and consolidated by the Company | Apartment_Homes | 16,974 | ||||||||||||||||||||||
Communities Sold | 5 | 1 | 2 | ||||||||||||||||||||
Apartment Homes Sold | Apartment_Homes | 1,149 | 914 | |||||||||||||||||||||
Deferred Gain on Sale of Property | $ 24,622 | $ 24,622 | $ 0 | ||||||||||||||||||||
Property, Plant and Equipment, Additions | 142,000 | ||||||||||||||||||||||
Number of apartment homes acquired | 421 | ||||||||||||||||||||||
Number of Real Estate Properties | Communities | 57 | ||||||||||||||||||||||
Number of States in which Entity Operates | States | 8 | ||||||||||||||||||||||
Other Cost and Expense, Operating | 5,923 | 5,172 | $ 5,728 | ||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 250,900 | 48,700 | 81,100 | ||||||||||||||||||||
Payments for (Proceeds from) Investments | (232,400) | (47,900) | |||||||||||||||||||||
Gain/(loss) on sales of real estate owned, net of tax | 158,123 | 63,635 | 0 | ||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 24,400 | ||||||||||||||||||||||
Communities Held For Sale | Communities | 0 | 0 | |||||||||||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 14,516 | $ 14,952 | $ 15,355 | $ 12,117 | $ 9,939 | $ 8,875 | $ 8,319 | $ 6,411 | 56,940 | $ 33,544 | $ 32,766 | ||||||||||||
United Dominion Reality L.P. | Home Acquisition [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Number of Properties Purchased | 1 | ||||||||||||||||||||||
United Dominion Reality L.P. | Operating Community [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 62,500 | ||||||||||||||||||||||
United Dominion Reality L.P. | Land | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,100 | ||||||||||||||||||||||
Affiliated Entity [Member] | Home Acquisition [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Number of Properties Purchased | 1 | ||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 13,500 | ||||||||||||||||||||||
Payments for (Proceeds from) Investments | (9,600) | ||||||||||||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 2,100 | ||||||||||||||||||||||
UDR DownREIT Unit [Member] | Home Acquisition [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 564,800 | ||||||||||||||||||||||
Series F Preferred Stock [Member] | Home Acquisition [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 13,988,313 | 270,628 | 801,054 | 533,966 | |||||||||||||||||||
UDR DownREIT Unit [Member] | |||||||||||||||||||||||
Real Estate Owned (Textual) [Abstract] | |||||||||||||||||||||||
Equity method investment, ownership percent | 50.10% |
Discontinued Operations (Detail
Discontinued Operations (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015 | Dec. 31, 2015Communities | Dec. 31, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2015Apartment_Homes | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)Communities | |
Gain/(loss) on sales of real estate owned, net of tax | $ 251,677,000 | $ 143,572,000 | $ 0 | ||||||||
Document Period End Date | Dec. 31, 2015 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 138,600,000 | ||||||||||
Discontinued Operations (Textual) [Abstract] | |||||||||||
Discontinued operations, number of communities sold | Communities | 1 | 2 | |||||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 75,000 | $ 41,919,000 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | 408,700,000 | 328,400,000 | $ 81,100,000 | ||||||||
Number of communities sold | 12 | 9 | |||||||||
Number of apartment homes sold | 2,500 | 2,735 | 914 | ||||||||
Impairment loss, net of tax | 0 | 0 | $ 1,470,000 | ||||||||
Summary of income from discontinued operations | |||||||||||
Rental income | 0 | 147,000 | 9,152,000 | ||||||||
Rental expenses | 0 | 225,000 | 3,511,000 | ||||||||
Property management fee | 0 | 4,000 | 252,000 | ||||||||
Real estate depreciation | 0 | 0 | 1,958,000 | ||||||||
Interest | 0 | 21,000 | (62,000) | ||||||||
Income before net gain on the sale of property | 0 | (103,000) | 3,493,000 | ||||||||
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | (2,355,000) | ||||||||
Income tax expense | 0 | 38,000 | 885,000 | ||||||||
Income/(loss) from discontinued operations, net of tax | $ 0 | $ 79,000 | $ 18,000 | $ (87,000) | 0 | 10,000 | 43,942,000 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | $ 10,000 | $ 42,364,000 | ||||||||
Land | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,100,000 | ||||||||||
Operating Community [Member] | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 142,500,000 | ||||||||||
Discontinued Operations (Textual) [Abstract] | |||||||||||
Number of communities sold | 1 |
Joint Ventures (Details)
Joint Ventures (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015USD ($)Communities | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015 | Dec. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 133 | 2 | |||
Investment in and advances to unconsolidated joint ventures, net | $ 718,226 | $ 938,906 | |||
Deferred Gain on Sale of Property | 24,700 | 6,800 | |||
MetLife I | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to unconsolidated joint ventures, net | 13,306 | 15,894 | |||
MetLife I | Operating Community [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 4 | ||||
Number of Units in Real Estate Property | 0 | ||||
Investment in and advances to unconsolidated joint ventures, net | $ 13,306 | 15,894 | |||
Equity method investment, ownership percent | 15.70% | 17.20% | |||
MetLife II | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to unconsolidated joint ventures, net | $ 431,277 | 425,230 | |||
MetLife II | Operating Community [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 21 | ||||
Number of Units in Real Estate Property | 4,642 | ||||
Investment in and advances to unconsolidated joint ventures, net | $ 431,277 | 425,230 | |||
Equity method investment, ownership percent | 50.00% | 50.00% | |||
Unconsolidated Joint Venture Other MetLife [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to unconsolidated joint ventures, net | $ 197,646 | 407,102 | |||
Unconsolidated Joint Venture Other MetLife [Member] | Operating Community [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
Number of Units in Real Estate Property | 1,437 | ||||
Investment in and advances to unconsolidated joint ventures, net | $ 134,939 | 171,659 | |||
Equity method investment, ownership percent | 50.60% | 50.60% | |||
Unconsolidated Joint Venture Other MetLife [Member] | Development Community [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 4 | ||||
Unconsolidated Joint Venture Other MetLife [Member] | Land Parcel | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
Unconsolidated Joint Venture Vitruvian Park [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to unconsolidated joint ventures, net | $ 80,302 | 73,469 | |||
Unconsolidated Joint Venture Vitruvian Park [Member] | Operating Community [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 3 | ||||
Number of Units in Real Estate Property | 1,130 | ||||
Investment in and advances to unconsolidated joint ventures, net | $ 80,302 | 73,469 | |||
Equity method investment, ownership percent | 50.00% | 50.00% | |||
Unconsolidated Joint Venture Vitruvian Park [Member] | Land Parcel [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 6 | ||||
KFH | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to unconsolidated joint ventures, net | $ 21,596 | 17,211 | |||
KFH | Operating Community [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 3 | ||||
Number of Units in Real Estate Property | 660 | ||||
Investment in and advances to unconsolidated joint ventures, net | $ 21,596 | 17,211 | |||
Equity method investment, ownership percent | 30.00% | 30.00% | |||
Texas JV | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to unconsolidated joint ventures, net | $ (25,901) | 0 | |||
Deferred Gain on Sale of Property | 24,200 | ||||
Texas JV | Operating Community [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity method investment, ownership percent | 20.00% | 0.00% | |||
Texas JV | Development Community [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of Real Estate Properties | 0 | ||||
Number of Units in Real Estate Property | 0 | ||||
Investment in and advances to unconsolidated joint ventures, net | $ (25,901) | 0 | |||
Unconsolidated Joint Ventures [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to unconsolidated joint ventures, net | 655,519 | 703,463 | |||
Participating Loan Investment Steele Creek Denver Colorado [Member] | Development Community [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to unconsolidated joint ventures, net | 62,707 | 90,747 | |||
Participating Loan, Interest Rate, Stated Percentage | 6.50% | ||||
Participating Loan Years to Maturity | 1 year 7 months 6 days | ||||
Income from Participating Loan | $ 5,453 | 2,350 | $ 156 | ||
Preferred Equity Investment West Coast Development JV [Member] | Development Community [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Investment in and advances to unconsolidated joint ventures, net | 0 | $ 144,696 | |||
Participating Loan, Interest Rate, Stated Percentage | 6.50% | ||||
Participating Loan Years to Maturity | 0 months | ||||
Income from Participating Loan | $ 3,692 | $ 0 | $ 0 |
Joint Ventures (Details 1)
Joint Ventures (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | $ 219,714 | $ 193,453 | $ 142,842 |
Real estate depreciation and amortization | (75,492) | 69,399 | 51,830 |
Net loss | 175,850 | (42,667) | (36,075) |
Income/(loss) from unconsolidated entities | 62,329 | (7,006) | (415) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 3,135,757 | 2,941,803 | |
Total assets | 3,202,128 | 3,208,392 | |
Amount due to UDR | 7,266 | 2,997 | |
Third party debt | 1,614,463 | 1,493,619 | |
Total liabilities | 1,717,252 | 1,770,657 | |
Total equity | 1,484,876 | 1,437,735 | |
Investment in and advances to unconsolidated joint ventures, net | 938,906 | 718,226 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 229,706 | ||
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 216,196 | ||
Property operating expenses | (87,500) | 72,099 | 49,390 |
Operating income/(loss) | 56,722 | 51,955 | 41,622 |
Interest expense | (64,990) | (58,591) | (45,726) |
Other income/(expense) | 1 | ||
Income/(loss) from discontinued operations | 184,118 | (36,031) | (31,972) |
Cash and cash equivalents | 36,480 | 32,544 | |
Other assets | 29,891 | 17,849 | |
Deferred Finance Costs, Net | 0 | ||
Accounts payable and accrued liabilities | 95,523 | 44,335 | |
MetLife I | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 541 | 727 | 691 |
Real estate depreciation and amortization | (818) | 2,130 | 115 |
Net loss | (1,203) | (33,823) | (22,433) |
Income/(loss) from unconsolidated entities | (513) | (2,955) | (4,675) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 92,915 | 89,482 | |
Total assets | 94,291 | 93,297 | |
Amount due to UDR | 2 | 107 | |
Third party debt | 0 | 0 | |
Total liabilities | 397 | 5,966 | |
Total equity | 93,894 | 87,331 | |
Investment in and advances to unconsolidated joint ventures, net | 15,894 | 13,306 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 5,110 | ||
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 1,978 | ||
Property operating expenses | (906) | 618 | 621 |
Operating income/(loss) | (1,183) | (2,021) | (45) |
Interest expense | 0 | 0 | 0 |
Other income/(expense) | 0 | ||
Income/(loss) from discontinued operations | (20) | (31,802) | (22,388) |
Cash and cash equivalents | 1,202 | 1,983 | |
Other assets | 174 | (146) | |
Accounts payable and accrued liabilities | 395 | 749 | |
MetLife II | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 170,062 | 152,047 | 109,926 |
Real estate depreciation and amortization | (46,616) | 41,504 | 30,122 |
Net loss | 7,893 | 9,900 | 8,941 |
Income/(loss) from unconsolidated entities | 3,578 | 2,814 | 4,471 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 1,942,630 | 1,986,237 | |
Total assets | 1,988,311 | 2,014,420 | |
Amount due to UDR | 0 | (444) | |
Third party debt | 1,122,662 | 1,140,458 | |
Total liabilities | 1,146,906 | 1,157,587 | |
Total equity | 841,405 | 856,833 | |
Investment in and advances to unconsolidated joint ventures, net | 425,230 | 431,277 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 0 | ||
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 0 | ||
Property operating expenses | (63,516) | 52,150 | 33,809 |
Operating income/(loss) | 59,930 | 58,393 | 45,995 |
Interest expense | (52,037) | (48,493) | (37,055) |
Other income/(expense) | 1 | ||
Income/(loss) from discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents | 20,767 | 15,245 | |
Other assets | 24,914 | 12,938 | |
Accounts payable and accrued liabilities | 24,244 | 17,573 | |
Unconsolidated Joint Venture Other MetLife [Member] | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 7,634 | 1,579 | 5,324 |
Real estate depreciation and amortization | (6,897) | 3,959 | 3,564 |
Net loss | (5,655) | (3,596) | (2,445) |
Income/(loss) from unconsolidated entities | 6,088 | 576 | 6,224 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 604,611 | 351,861 | |
Total assets | 612,528 | 359,201 | |
Amount due to UDR | 5,929 | 843 | |
Third party debt | 201,114 | 65,408 | |
Total liabilities | 269,310 | 84,102 | |
Total equity | 343,218 | 275,099 | |
Investment in and advances to unconsolidated joint ventures, net | 407,102 | 197,646 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 0 | ||
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 0 | ||
Property operating expenses | (3,826) | 1,122 | 3,292 |
Operating income/(loss) | (3,089) | (3,502) | (1,532) |
Interest expense | (2,566) | (94) | (913) |
Other income/(expense) | 0 | ||
Income/(loss) from discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents | 5,996 | 6,239 | |
Other assets | 1,921 | 1,101 | |
Accounts payable and accrued liabilities | 62,267 | 17,851 | |
Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 22,139 | 19,376 | 7,680 |
Real estate depreciation and amortization | (6,639) | 7,380 | 3,830 |
Net loss | (867) | (2,846) | (2,669) |
Income/(loss) from unconsolidated entities | (3,711) | (4,068) | (2,851) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 273,897 | 278,600 | |
Total assets | 283,399 | 288,418 | |
Amount due to UDR | 908 | 1,960 | |
Third party debt | 126,388 | 122,964 | |
Total liabilities | 134,433 | 131,690 | |
Total equity | 148,966 | 156,728 | |
Investment in and advances to unconsolidated joint ventures, net | 73,469 | 80,302 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 0 | ||
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 0 | ||
Property operating expenses | (11,519) | 10,711 | 4,633 |
Operating income/(loss) | 3,981 | 1,285 | (783) |
Interest expense | (4,848) | (4,131) | (1,886) |
Other income/(expense) | 0 | ||
Income/(loss) from discontinued operations | 0 | 0 | 0 |
Cash and cash equivalents | 7,185 | 6,570 | |
Other assets | 2,317 | 3,248 | |
Accounts payable and accrued liabilities | 7,137 | 6,766 | |
Texas JV | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 0 | 0 | 0 |
Real estate depreciation and amortization | 0 | 0 | 0 |
Net loss | 184,138 | (4,229) | (9,584) |
Income/(loss) from unconsolidated entities | 59,424 | (772) | (1,218) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 0 | 0 | |
Total assets | 10 | 214,218 | |
Amount due to UDR | 0 | 0 | |
Third party debt | 0 | 0 | |
Total liabilities | 0 | 224,596 | |
Total equity | 10 | (10,378) | |
Investment in and advances to unconsolidated joint ventures, net | 0 | (25,901) | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 224,596 | ||
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 214,218 | ||
Property operating expenses | 0 | 0 | 0 |
Operating income/(loss) | 0 | 0 | 0 |
Interest expense | 0 | 0 | 0 |
Other income/(expense) | 0 | ||
Income/(loss) from discontinued operations | 184,138 | (4,229) | (9,584) |
Cash and cash equivalents | 10 | 0 | |
Other assets | 0 | 0 | |
Accounts payable and accrued liabilities | 0 | 0 | |
KFH | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 19,338 | 19,724 | 19,221 |
Real estate depreciation and amortization | (14,522) | 14,426 | 14,199 |
Net loss | (8,456) | (8,073) | (7,885) |
Income/(loss) from unconsolidated entities | (2,537) | (2,601) | (2,366) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 221,704 | 235,623 | |
Total assets | 223,589 | 238,838 | |
Amount due to UDR | 427 | 531 | |
Third party debt | 164,299 | 164,789 | |
Total liabilities | 166,206 | 166,716 | |
Total equity | 57,383 | 72,122 | |
Investment in and advances to unconsolidated joint ventures, net | 17,211 | 21,596 | |
Equity Method of Investment Summarized Financial Information, Liabilities Sold or Held For Sale | 0 | ||
Equity Method of Investment Summarized Financial Information, Assets Sold or Held For Sale | 0 | ||
Property operating expenses | (7,733) | 7,498 | 7,035 |
Operating income/(loss) | (2,917) | (2,200) | (2,013) |
Interest expense | (5,539) | (5,873) | (5,872) |
Other income/(expense) | 0 | ||
Income/(loss) from discontinued operations | 0 | 0 | $ 0 |
Cash and cash equivalents | 1,320 | 2,507 | |
Other assets | 565 | 708 | |
Accounts payable and accrued liabilities | 1,480 | 1,396 | |
Unconsolidated Joint Ventures [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Investment in and advances to unconsolidated joint ventures, net | 703,463 | 655,519 | |
Scenario, Previously Reported [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total assets | 3,219,250 | ||
Third party debt | 1,504,477 | ||
Total liabilities | 1,781,515 | ||
Other assets | 28,707 | ||
Deferred Finance Costs, Net | 22,686 | ||
Accounts payable and accrued liabilities | 44,335 | ||
Scenario, Previously Reported [Member] | MetLife I | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total assets | 93,297 | ||
Third party debt | 0 | ||
Total liabilities | 5,966 | ||
Other assets | (146) | ||
Accounts payable and accrued liabilities | 749 | ||
Scenario, Previously Reported [Member] | MetLife II | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total assets | 2,021,071 | ||
Third party debt | 1,147,109 | ||
Total liabilities | 1,164,238 | ||
Other assets | 19,589 | ||
Accounts payable and accrued liabilities | 17,573 | ||
Scenario, Previously Reported [Member] | Unconsolidated Joint Venture Other MetLife [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total assets | 362,303 | ||
Third party debt | 68,510 | ||
Total liabilities | 87,204 | ||
Other assets | 4,203 | ||
Accounts payable and accrued liabilities | 17,851 | ||
Scenario, Previously Reported [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total assets | 289,103 | ||
Third party debt | 123,649 | ||
Total liabilities | 132,375 | ||
Other assets | 3,933 | ||
Accounts payable and accrued liabilities | 6,766 | ||
Scenario, Previously Reported [Member] | Texas JV | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total assets | 214,218 | ||
Third party debt | 0 | ||
Total liabilities | 224,596 | ||
Other assets | 0 | ||
Accounts payable and accrued liabilities | 0 | ||
Scenario, Previously Reported [Member] | KFH | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Total assets | 239,258 | ||
Third party debt | 165,209 | ||
Total liabilities | 167,136 | ||
Other assets | 1,128 | ||
Accounts payable and accrued liabilities | 1,396 | ||
Other Assets [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | $ 7,900 | 4,880 | |
Other Assets [Member] | MetLife I | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Other Assets [Member] | MetLife II | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (6,651) | ||
Other Assets [Member] | Unconsolidated Joint Venture Other MetLife [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (3,102) | ||
Other Assets [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (685) | ||
Other Assets [Member] | Texas JV | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Other Assets [Member] | KFH | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (420) | ||
Other Assets [Member] | Unconsolidated Joint Ventures [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (10,858) | ||
Assets, Total [Member] | MetLife I | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Assets, Total [Member] | MetLife II | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (6,651) | ||
Assets, Total [Member] | Unconsolidated Joint Venture Other MetLife [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (3,102) | ||
Assets, Total [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (685) | ||
Assets, Total [Member] | Texas JV | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Assets, Total [Member] | KFH | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (420) | ||
Assets, Total [Member] | Unconsolidated Joint Ventures [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (10,858) | ||
Debt [Member] | MetLife I | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Debt [Member] | MetLife II | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (6,651) | ||
Debt [Member] | Unconsolidated Joint Venture Other MetLife [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (3,102) | ||
Debt [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (685) | ||
Debt [Member] | Texas JV | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Debt [Member] | KFH | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (420) | ||
Debt [Member] | Unconsolidated Joint Ventures [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (10,858) | ||
Accounts Payable and Accrued Liabilities [Member] | MetLife I | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Accounts Payable and Accrued Liabilities [Member] | MetLife II | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Accounts Payable and Accrued Liabilities [Member] | Unconsolidated Joint Venture Other MetLife [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Accounts Payable and Accrued Liabilities [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Accounts Payable and Accrued Liabilities [Member] | Texas JV | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Accounts Payable and Accrued Liabilities [Member] | KFH | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Accounts Payable and Accrued Liabilities [Member] | Unconsolidated Joint Ventures [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Liabilities, Total [Member] | MetLife I | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Liabilities, Total [Member] | MetLife II | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (6,651) | ||
Liabilities, Total [Member] | Unconsolidated Joint Venture Other MetLife [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (3,102) | ||
Liabilities, Total [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (685) | ||
Liabilities, Total [Member] | Texas JV | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | 0 | ||
Liabilities, Total [Member] | KFH | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | (420) | ||
Liabilities, Total [Member] | Unconsolidated Joint Ventures [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Deferred Finance Costs, Net | $ (10,858) |
Joint Ventures (Details Textual
Joint Ventures (Details Textual) | 1 Months Ended | 2 Months Ended | 12 Months Ended | ||||||||
Oct. 20, 2015 | Feb. 19, 2016USD ($) | Dec. 31, 2015Communities | Dec. 31, 2015Communities | Dec. 31, 2015Communities | Dec. 31, 2015USD ($)Communities | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2015Apartment_Homes | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Casualty-related (recoveries)/charges, net | $ (2,335,000) | $ (541,000) | $ 12,253,000 | ||||||||
Joint Ventures | |||||||||||
Real Estate Investment Property, Net | 5,770,855,000 | $ 6,407,555,000 | |||||||||
Joint venture, number of homes in communities | Apartment_Homes | 6,696 | ||||||||||
Unamortized discount | 6,700,000 | 10,000,000 | |||||||||
First installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | 244,111,000 | ||||||||||
Second installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | 275,526,000 | ||||||||||
Interest expense incurred during period | 121,875,000 | 130,454,000 | 126,083,000 | ||||||||
Investment in and advances to unconsolidated joint ventures, net | 718,226,000 | 938,906,000 | |||||||||
Weighted Average Interest Rate | 3.74% | ||||||||||
Payments to acquire equity method investments | 217,642,000 | 222,930,000 | 43,291,000 | ||||||||
Document Period End Date | Dec. 31, 2015 | ||||||||||
Deferred gains on the sale of depreciable property | 24,700,000 | 6,800,000 | |||||||||
Communities Sold | 12 | 9 | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 408,700,000 | 328,400,000 | 81,100,000 | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 138,600,000 | ||||||||||
Management fees for our involvement in the joint ventures | 11,300,000 | 11,300,000 | 11,200,000 | ||||||||
Real Estate Owned Gross | 8,383,259,000 | 9,190,276,000 | |||||||||
Secured debt, net | 1,354,321,000 | $ 1,376,945,000 | |||||||||
SEC Schedule III, Real Estate, Cost of Real Estate Sold | $ 301,920,000 | 269,681,000 | 70,687,000 | ||||||||
Number of Real Estate Properties | 133 | 133 | 133 | 133 | 2 | ||||||
Number of extension options on loan | 2 | ||||||||||
Extension period of option on loan | 6 months | ||||||||||
Number of markets operating within | 18 | ||||||||||
Subsequent Event [Member] | |||||||||||
Joint Ventures | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 13,500,000 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 2,100,000 | ||||||||||
Land | |||||||||||
Joint Ventures | |||||||||||
Property, Plant and Equipment, Additions | $ 77,800,000 | ||||||||||
717 Olympic [Member] | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Casualty-related (recoveries)/charges, net | 2,500,000 | ||||||||||
Unconsolidated Joint Venture Other MetLife [Member] | |||||||||||
Joint Ventures | |||||||||||
Investment in and advances to unconsolidated joint ventures, net | 197,646,000 | $ 407,102,000 | |||||||||
Unconsolidated Joint Venture Vitruvian Park [Member] | |||||||||||
Joint Ventures | |||||||||||
Investment in and advances to unconsolidated joint ventures, net | 80,302,000 | 73,469,000 | |||||||||
MetLife I | |||||||||||
Joint Ventures | |||||||||||
Investment in and advances to unconsolidated joint ventures, net | 13,306,000 | 15,894,000 | |||||||||
MetLife II | |||||||||||
Joint Ventures | |||||||||||
Investment in and advances to unconsolidated joint ventures, net | 431,277,000 | 425,230,000 | |||||||||
KFH | |||||||||||
Joint Ventures | |||||||||||
Investment in and advances to unconsolidated joint ventures, net | 21,596,000 | 17,211,000 | |||||||||
Texas JV | |||||||||||
Joint Ventures | |||||||||||
Investment in and advances to unconsolidated joint ventures, net | $ (25,901,000) | 0 | |||||||||
Deferred gains on the sale of depreciable property | 24,200,000 | ||||||||||
Communities Sold | 8 | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 44,200,000 | ||||||||||
Fee Income from the Sale of Real Estate | 10,000,000 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 59,400,000 | ||||||||||
Unconsolidated Joint Venture Wolff [Member] | |||||||||||
Joint Ventures | |||||||||||
Initial investment in equity method investment | 136,300,000 | ||||||||||
Equity method investment, ownership percent | 4800.00% | ||||||||||
Total Fixed Price Option Sales Price | 597,400,000 | ||||||||||
Number of markets operating within | 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 | ||||||||||
Land | |||||||||||
Joint Ventures | |||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,100,000 | ||||||||||
Land | Unconsolidated Joint Venture Other MetLife [Member] | |||||||||||
Joint Ventures | |||||||||||
Number of Real Estate Properties | 1 | ||||||||||
Land | MetLife I | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Number of apartments of development community | 0 | ||||||||||
Operating Community [Member] | |||||||||||
Joint Ventures | |||||||||||
Communities Sold | 1 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 142,500,000 | ||||||||||
Operating Community [Member] | Unconsolidated Joint Venture Other MetLife [Member] | |||||||||||
Joint Ventures | |||||||||||
Number of Units in Real Estate Property | 1,437 | ||||||||||
Equity method investment, ownership percent | 50.60% | 50.60% | |||||||||
Investment in and advances to unconsolidated joint ventures, net | $ 134,939,000 | 171,659,000 | |||||||||
Number of Real Estate Properties | 1 | ||||||||||
Operating Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | |||||||||||
Joint Ventures | |||||||||||
Number of Units in Real Estate Property | 1,130 | ||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | |||||||||
Investment in and advances to unconsolidated joint ventures, net | $ 80,302,000 | 73,469,000 | |||||||||
Number of Real Estate Properties | 3 | ||||||||||
Operating Community [Member] | MetLife I | |||||||||||
Joint Ventures | |||||||||||
Number of Units in Real Estate Property | 0 | ||||||||||
Equity method investment, ownership percent | 15.70% | 17.20% | |||||||||
Investment in and advances to unconsolidated joint ventures, net | $ 13,306,000 | 15,894,000 | |||||||||
Number of Real Estate Properties | 4 | ||||||||||
Operating Community [Member] | MetLife II | |||||||||||
Joint Ventures | |||||||||||
Number of Units in Real Estate Property | 4,642 | ||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | |||||||||
Investment in and advances to unconsolidated joint ventures, net | $ 431,277,000 | 425,230,000 | |||||||||
Number of Real Estate Properties | 21 | ||||||||||
Operating Community [Member] | KFH | |||||||||||
Joint Ventures | |||||||||||
Number of Units in Real Estate Property | 660 | ||||||||||
Equity method investment, ownership percent | 30.00% | 30.00% | |||||||||
Investment in and advances to unconsolidated joint ventures, net | $ 21,596,000 | 17,211,000 | |||||||||
Number of Real Estate Properties | 3 | ||||||||||
Operating Community [Member] | Texas JV | |||||||||||
Joint Ventures | |||||||||||
Equity method investment, ownership percent | 20.00% | 0.00% | |||||||||
Operating Community [Member] | Unconsolidated Joint Venture Wolff [Member] | |||||||||||
Joint Ventures | |||||||||||
Number of Units in Real Estate Property | 1,533 | ||||||||||
Number of Real Estate Properties | 2 | ||||||||||
Development Community [Member] | Unconsolidated Joint Venture Other MetLife [Member] | |||||||||||
Joint Ventures | |||||||||||
Number of Real Estate Properties | 4 | ||||||||||
Development Community [Member] | Texas JV | |||||||||||
Joint Ventures | |||||||||||
Number of Units in Real Estate Property | 0 | ||||||||||
Investment in and advances to unconsolidated joint ventures, net | $ (25,901,000) | 0 | |||||||||
Number of Real Estate Properties | 0 | ||||||||||
Development Community [Member] | Participating Loan Investment Steele Creek Denver Colorado [Member] | |||||||||||
Joint Ventures | |||||||||||
Investment in and advances to unconsolidated joint ventures, net | 62,707,000 | 90,747,000 | |||||||||
Income from Participating Loan | 5,453,000 | 2,350,000 | 156,000 | ||||||||
Development Community [Member] | Unconsolidated Joint Venture Wolff [Member] | |||||||||||
Joint Ventures | |||||||||||
Number of Real Estate Properties | 5 | ||||||||||
Development Community [Member] | Preferred Equity Investment West Coast Development JV [Member] | |||||||||||
Joint Ventures | |||||||||||
Investment in and advances to unconsolidated joint ventures, net | 0 | $ 144,696,000 | |||||||||
Income from Participating Loan | 3,692,000 | $ 0 | $ 0 | ||||||||
Equity Method Investment, Preferred Return | 5,200,000 | ||||||||||
Equity Method Investment, Transaction Expenses | 1,500,000 | ||||||||||
Participating Loan Investment Steele Creek Denver Colorado [Member] | |||||||||||
Joint Ventures | |||||||||||
Number of Real Estate Properties | 1 | ||||||||||
13th & Market [Member] | |||||||||||
Joint Ventures | |||||||||||
Equity method investment, ownership percent | 49.00% | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 54,200,000 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 7,200,000 | ||||||||||
3033 Wilshire | |||||||||||
Joint Ventures | |||||||||||
Equity method investment, ownership percent | 50.00% | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 8,300,000 | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 2,200,000 |
Secured Debt and Unsecured De88
Secured Debt and Unsecured Debt (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Unamortized discount | $ 10,000 | $ 6,700 |
Weighted Average Interest Rate | 3.74% | |
Weighted Average Years to Maturity | 5 years 10 days | |
Deferred Finance Costs, Net | 0 | |
Borrowings outstanding | $ 2,300 | 1,900 |
Total Unsecured Debt | 2,193,850 | 2,210,978 |
Total Debt | 3,570,795 | 3,565,299 |
Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 952,801 | 963,713 |
Weighted Average Interest Rate | 4.93% | |
Weighted Average Years to Maturity | 3 years 8 months 19 days | |
Number of Communities Encumbered | 26 | |
Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 424,144 | 390,608 |
Weighted Average Interest Rate | 1.53% | |
Weighted Average Years to Maturity | 4 years 6 months 10 days | |
Number of Communities Encumbered | 11 | |
Unsecured Revolving Credit Facility due October Two Thousand Fifteen [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.19% | |
Weighted Average Years to Maturity | 4 years 30 days | |
Borrowings outstanding | $ 150,000 | 152,500 |
Tax Exempt Notes Payable [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.75% | |
Weighted Average Years to Maturity | 7 years 2 months 8 days | |
Number of Communities Encumbered | 2 | |
Line of Credit [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Debt, Weighted Average Interest Rate | 5.23% | |
Weighted Average Years to Maturity | 3 years 20 days | |
Number of Communities Encumbered | 18 | |
Line of Credit [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate at Period End | 1.71% | |
Weighted Average Years to Maturity | 4 years 19 days | |
Number of Communities Encumbered | 8 | |
Mortgages [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.57% | |
Weighted Average Years to Maturity | 4 years 6 months 3 days | |
Number of Communities Encumbered | 8 | |
Mortgages [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.19% | |
Weighted Average Years to Maturity | 1 year 26 days | |
Number of Communities Encumbered | 1 | |
Five Point Two Five Percent, Medium Term Notes, Due January 2015 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 0 | 6 |
Weighted Average Interest Rate | 0.00% | |
Weighted Average Years to Maturity | 0 years | |
Senior Unsecured Notes | $ 0 | 325,169 |
Four Point Two Five Percentage Medium-Term Notes due June 2018 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 1,037 | 1,465 |
Weighted Average Interest Rate | 4.25% | |
Weighted Average Years to Maturity | 2 years 5 months 1 day | |
Senior Unsecured Notes | $ 298,963 | 298,535 |
ThreePointSevenTermNotesDueOctober2020 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Years to Maturity | 4 years 9 months 1 day | |
Senior Unsecured Notes | $ 299,962 | 299,954 |
1.44% Term notes due January 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.44% | |
Weighted Average Years to Maturity | 5 years 29 days | |
Senior Unsecured Notes | $ 315,000 | 315,000 |
Three point seven percent medium term note due October 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 38 | 46 |
Weighted Average Interest Rate | 3.70% | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 1,376,945 | 1,354,321 |
Weighted Average Interest Rate | 3.88% | |
Weighted Average Years to Maturity | 3 years 11 months 19 days | |
Number of Communities Encumbered | 37 | |
Total Debt | $ 1,376,945 | |
Secured Debt [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Total Debt | 952,801 | |
Secured Debt [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Total Debt | $ 424,144 | |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.64% | |
Weighted Average Years to Maturity | 5 years 8 months 8 days | |
Total Unsecured Debt | $ 2,193,850 | 2,210,978 |
Total Debt | 2,193,850 | |
Four Point Six Three Percent Term Medium Notes Due January Two Thousand Twenty-Two [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 2,164 | 2,523 |
Weighted Average Interest Rate | 4.63% | |
Weighted Average Years to Maturity | 6 years 10 days | |
Senior Unsecured Notes | $ 397,836 | 397,477 |
3.75 MTN Due July 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 938 | 990 |
Weighted Average Interest Rate | 3.75% | |
Weighted Average Years to Maturity | 8 years 6 months 1 day | |
Senior Unsecured Notes | $ 299,114 | 299,010 |
Eight Point Five Zero Percent, Debentures, Due September 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 8.50% | |
Weighted Average Years to Maturity | 8 years 8 months 15 days | |
Senior Unsecured Notes | $ 15,644 | 15,644 |
4.00% MTN Due October 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Unamortized discount | $ 671 | 0 |
Weighted Average Interest Rate | 4.00% | |
Weighted Average Years to Maturity | 9 years 9 months 1 day | |
Senior Unsecured Notes | $ 299,329 | 0 |
Others [Member] | ||
Debt Instrument [Line Items] | ||
Senior Unsecured Notes | $ 24 | 27 |
Unsecured Working Capital Credit Facility due January 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.00% | |
Weighted Average Years to Maturity | 3 years | |
Borrowings outstanding | $ 0 | 0 |
1.21% Term Loan Facility due January 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.21% | |
Weighted Average Years to Maturity | 5 years 29 days | |
Senior Unsecured Notes | $ 35,000 | 35,000 |
Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.25% | |
Weighted Average Years to Maturity | 15 days | |
Senior Unsecured Notes | $ 83,260 | 83,260 |
6.21 Medium Term Note, Due January 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 6.21% | |
Weighted Average Years to Maturity | 6 months 5 days | |
Senior Unsecured Notes | $ 12,091 | 0 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Tax Exempt Notes Payable [Member] | Tax Exempt Notes Payable [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 94,700 | 94,700 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Line of Credit [Member] | Line of Credit [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 514,462 | 568,086 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Line of Credit [Member] | Line of Credit [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 299,378 | 266,196 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Mortgages [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 442,617 | 401,210 |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Mortgages [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | 31,337 | 31,337 |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | (12,373) | (10,598) |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | (7,208) | |
Secured Debt [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | (1,271) | (1,625) |
Secured Debt [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ (4,278) | $ (5,583) |
Secured Debt and Unsecured De89
Secured Debt and Unsecured Debt (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Secured credit facilities | |||
Borrowings outstanding | $ 2,300 | $ 1,900 | |
Fannie Mae | |||
Secured credit facilities | |||
Borrowings outstanding | 813,840 | $ 834,282 | |
Weighted average daily borrowings during the period ended | 822,521 | $ 835,873 | |
Maximum daily borrowings during the period ended | $ 834,003 | $ 837,564 | |
Weighted average interest rate during the period ended | 4.02% | 4.10% | |
Weighted average interest rate at the end of the period | 3.93% | 4.00% |
Secured Debt and Unsecured De90
Secured Debt and Unsecured Debt (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Borrowings outstanding at end of period | $ 2,300 | $ 1,900 |
Unsecured Commercial Bank Credit Facility | ||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Total revolving credit facility | 2,000,000 | 900,000 |
Weighted average daily borrowings during the period ended | 353,647 | 291,761 |
Maximum daily borrowings during the period ended | $ 541,500 | $ 625,000 |
Weighted average interest rate during the period ended | 1.10% | 1.20% |
Interest rate at the end of the period | 1.20% | 1.10% |
Secured Debt and Unsecured De91
Secured Debt and Unsecured Debt (Details 3) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Aggregate maturities of debt | ||
2,013 | $ 244,111 | |
2,014 | 275,526 | |
2,015 | 511,065 | |
2,016 | 315,496 | |
2,017 | 620,664 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 350,000 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 400,000 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 96,409 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 315,644 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 427,600 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 27,000 | |
Long-term Debt, Gross | 3,583,515 | |
Debt Instrument, Unamortized Discount (Premium), Net | (12,720) | |
Total Debt | 3,570,795 | $ 3,565,299 |
Secured Debt [Member] | ||
Aggregate maturities of debt | ||
2,013 | 149,058 | |
2,014 | 275,526 | |
2,015 | 211,065 | |
2,016 | 315,496 | |
2,017 | 170,664 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 96,409 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 127,600 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 27,000 | |
Long-term Debt, Gross | 1,372,818 | |
Debt Instrument, Unamortized Discount (Premium), Net | 4,127 | |
Total Debt | 1,376,945 | |
Secured Debt [Member] | Fixed Rate Debt | ||
Aggregate maturities of debt | ||
2,013 | 149,058 | |
2,014 | 179,189 | |
2,015 | 73,096 | |
2,016 | 247,796 | |
2,017 | 170,664 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 127,600 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 0 | |
Long-term Debt, Gross | 947,403 | |
Debt Instrument, Unamortized Discount (Premium), Net | 5,398 | |
Total Debt | 952,801 | |
Secured Debt [Member] | Variable Rate Debt | ||
Aggregate maturities of debt | ||
2,013 | 0 | |
2,014 | 96,337 | |
2,015 | 137,969 | |
2,016 | 67,700 | |
2,017 | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 96,409 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 0 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 27,000 | |
Long-term Debt, Gross | 425,415 | |
Debt Instrument, Unamortized Discount (Premium), Net | (1,271) | |
Total Debt | 424,144 | |
Unsecured Debt [Member] | ||
Aggregate maturities of debt | ||
2,013 | 95,053 | |
2,014 | 0 | |
2,015 | 300,000 | |
2,016 | 0 | |
2,017 | 450,000 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 350,000 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 400,000 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 315,644 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 300,000 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 0 | |
Long-term Debt, Gross | 2,210,697 | |
Debt Instrument, Unamortized Discount (Premium), Net | (16,847) | |
Total Debt | $ 2,193,850 |
Secured Debt and Unsecured De92
Secured Debt and Unsecured Debt (Details Textual) | Jun. 27, 2014 | Sep. 26, 2013 | Oct. 20, 2015 | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Debt Instrument [Line Items] | |||||||
Amortization of Financing Costs | $ 7,000,000 | $ 7,200,000 | |||||
Secured Debt (Textual) [Abstract] | |||||||
Secured debt amount which encumbers real estate owned based upon book value | $ 2,400,000,000 | ||||||
Percentage of secured debt which encumbers real estate owned based upon book value | 25.90% | ||||||
Secured debt amount of real estate owned which is unencumbered | $ 6,800,000,000 | ||||||
Percentage of secured debt of real estate owned which is unencumbered | 74.10% | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ 96,486,000 | ||||||
Unamortized fair market adjustment | $ 10,000,000 | 6,700,000 | |||||
Weighted Average Interest Rate | 3.74% | ||||||
Long-term Line of Credit | $ 2,300,000 | 1,900,000 | |||||
Number of extension options on loan | 2 | ||||||
Extension period of option on loan | 6 months | ||||||
Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 952,801,000 | 963,713,000 | |||||
Weighted Average Interest Rate | 4.93% | ||||||
Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 424,144,000 | 390,608,000 | |||||
Weighted Average Interest Rate | 1.53% | ||||||
Five Point Two Five Percent, Medium Term Notes, Due January 2015 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Unamortized fair market adjustment | $ 0 | 6,000 | |||||
Weighted Average Interest Rate | 0.00% | ||||||
Senior Notes | $ 0 | 325,169,000 | |||||
3.75 MTN Due July 2024 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Unamortized fair market adjustment | $ 938,000 | 990,000 | |||||
Weighted Average Interest Rate | 3.75% | ||||||
Debt Instrument, Maturity Date | Jul. 31, 2024 | ||||||
Senior Notes | $ 299,114,000 | 299,010,000 | |||||
Mortgages [Member] | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt instrument, maturity date range, start | Jun. 1, 2016 | ||||||
Debt instrument, maturity date range, end | Nov. 1, 2025 | ||||||
Notes payable minimum interest rates range | 3.43% | ||||||
Notes payable maximum interest rates range | 6.16% | ||||||
Weighted Average Interest Rate | 4.57% | ||||||
Mortgages [Member] | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 2.19% | ||||||
Debt Assumed As Part of Acquisition [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Amortization of Debt Discount (Premium) | $ 5,300,000 | 5,100,000 | $ 5,100,000 | ||||
Fannie Mae credit facilities | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt instrument, maturity date range, start | May 1, 2017 | ||||||
Debt instrument, maturity date range, end | Jul. 1, 2023 | ||||||
Debt, Weighted Average Interest Rate | 5.23% | ||||||
Fannie Mae credit facilities | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Interest rate at the end of the period | 1.71% | ||||||
Tax-exempt secured notes payable | Variable Rate Debt | |||||||
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 | 0.75% | ||||||
Notes payable maximum interest rates range | 0.76% | ||||||
Unsecured Revolving Credit Facility due October 2015 | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 1.19% | ||||||
Long-term Line of Credit | $ 150,000,000 | 152,500,000 | |||||
4.63% Medium-Term Notes due January 2022 | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Unamortized fair market adjustment | $ 2,164,000 | 2,523,000 | |||||
Weighted Average Interest Rate | 4.63% | ||||||
Senior Notes | $ 397,836,000 | 397,477,000 | |||||
ThreePointSevenTermNotesDueOctober2020 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt Instrument, Maturity Date | Oct. 1, 2020 | ||||||
Senior Notes | 299,962,000 | 299,954,000 | |||||
Fannie Mae | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Long-term Line of Credit | $ 813,840,000 | $ 834,282,000 | |||||
Interest rate at the end of the period | 3.93% | 4.00% | |||||
Unsecured Debt [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 3.64% | ||||||
Line of Credit Facility, Interest Rate Description | 95 | ||||||
Line of Credit Facility, Description Range Low | 90 | ||||||
Line of Credit Facility, Description Range High | 175 | ||||||
Unsecured Working Capital Credit Facility due January 2019 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 0.00% | ||||||
Long-term Line of Credit | $ 0 | $ 0 | |||||
Line of Credit Facility, Interest Rate Description | 90 | ||||||
Line of Credit Facility, Description Range Low | 85 | ||||||
Line of Credit Facility, Description Range High | 155 | ||||||
Revolving Credit Facility [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Line of Credit Facility, Interest Rate Description | 90 | ||||||
Line of Credit Facility, Commitment Fee Description | 15 | ||||||
Line of Credit Facility, Description Range Low | 85 | ||||||
Line of Credit Facility, Description Range High | 155 | ||||||
Line of Credit Facility, Commitment Fee Description Range Low | 12.5 | ||||||
Line of Credit Facility, Commitment Fee Description Range High | 30 | ||||||
4.00% MTN Due October 2025 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Unamortized fair market adjustment | $ 671,000 | 0 | |||||
Portion of Medium Term Note subject to Interest Rate Swaps | 200,000,000 | ||||||
Medium-term Notes | $ 300,000,000 | ||||||
Weighted Average Interest Rate | 4.00% | ||||||
Fixed interest rate | 4.00% | ||||||
Debt Instrument, Maturity Date | Oct. 1, 2025 | ||||||
Percentage of Debt Instrument Price | 99.77% | ||||||
Long-term Debt, Weighted Average Interest Rate | 4.55% | ||||||
Senior Notes | $ 299,329,000 | 0 | |||||
Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 5.25% | ||||||
Senior Notes | $ 83,260,000 | 83,260,000 | |||||
6.21 Medium Term Note, Due January 2016 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 6.21% | ||||||
Senior Notes | $ 12,091,000 | 0 | |||||
UDR Bank Credit Facility | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Credit facilities with aggregate commitment | $ 2,000,000,000 | $ 900,000,000 | |||||
Interest rate at the end of the period | 1.20% | 1.10% | |||||
UDR Bank Credit Facility | Unsecured Debt [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Credit facilities with aggregate commitment | $ 350,000,000 | ||||||
UDR Bank Credit Facility | Revolving Credit Facility [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Credit facilities with aggregate commitment | 1,100,000,000 | ||||||
Unsecured Working Capital Credit Facility due January 2019 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Credit facilities with aggregate commitment | $ 30,000,000 | ||||||
Beginning of range of initial term of debt [Member] | Fannie Mae credit facilities | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt Instrument, Term | 7 years | ||||||
End of range of inital term of debt [Member] | Fannie Mae credit facilities | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt Instrument, Term | 10 years | ||||||
Fair Value, Measurements, Recurring [Member] | Fannie Mae credit facilities | Reported Value Measurement [Member] | Fannie Mae credit facilities | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 514,462,000 | $ 568,086,000 | |||||
Fair Value, Measurements, Recurring [Member] | Fannie Mae credit facilities | Reported Value Measurement [Member] | Fannie Mae credit facilities | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | 299,378,000 | 266,196,000 | |||||
Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Reported Value Measurement [Member] | Mortgages [Member] | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | 442,617,000 | 401,210,000 | |||||
Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Reported Value Measurement [Member] | Mortgages [Member] | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | 31,337,000 | 31,337,000 | |||||
United Dominion Reality L.P. | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of Financing Costs | 1,300,000 | 1,400,000 | |||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 475,964,000 | 927,484,000 | |||||
Weighted Average Interest Rate | 3.76% | ||||||
United Dominion Reality L.P. | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 279,333,000 | 708,534,000 | |||||
Weighted Average Interest Rate | 4.90% | ||||||
United Dominion Reality L.P. | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 196,631,000 | 218,950,000 | |||||
Weighted Average Interest Rate | 1.74% | ||||||
United Dominion Reality L.P. | Mortgages [Member] | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Notes payable minimum interest rates range | 3.43% | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 30,132,000 | 378,371,000 | |||||
Weighted Average Interest Rate | 3.43% | ||||||
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 5.08% | ||||||
United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Weighted Average Interest Rate | 1.90% | ||||||
United Dominion Reality L.P. | 4.63% Medium-Term Notes due January 2022 | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Debt instrument, maturity date range, end | Jan. 1, 2022 | ||||||
United Dominion Reality L.P. | Fannie Mae | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Long-term Line of Credit | $ 421,031,000 | $ 526,588,000 | |||||
Interest rate at the end of the period | 3.80% | 4.00% | |||||
United Dominion Reality L.P. | Fair Value, Measurements, Recurring [Member] | Fannie Mae credit facilities | Reported Value Measurement [Member] | Fannie Mae credit facilities | Fixed Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 250,828,000 | $ 333,828,000 | |||||
United Dominion Reality L.P. | Fair Value, Measurements, Recurring [Member] | Fannie Mae credit facilities | Reported Value Measurement [Member] | Fannie Mae credit facilities | Variable Rate Debt | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | 170,203,000 | $ 192,760,000 | |||||
Financial Guarantee | United Dominion Reality L.P. | 3.75 MTN Due July 2024 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Guarantor borrowing capacity | $ 300,000,000 | ||||||
Financial Guarantee | United Dominion Reality L.P. | 4.63% Medium-Term Notes due January 2022 | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Guarantor borrowing capacity | 400,000,000 | ||||||
Financial Guarantee | United Dominion Reality L.P. | 2.90% Term Notes due January 2016 | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Guarantor borrowing capacity | 250,000,000 | ||||||
Financial Guarantee | United Dominion Reality L.P. | 1.68% Term Notes due December 2016 | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Guarantor borrowing capacity | $ 100,000,000 | ||||||
Financial Guarantee | United Dominion Reality L.P. | 4.00% MTN Due October 2025 [Member] | |||||||
Secured Debt (Textual) [Abstract] | |||||||
Guarantor borrowing capacity | $ 300,000,000 |
Income_(Loss) Per Share (Detail
Income/(Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Income/(loss) from discontinued operations attributable to common stockholders | $ 0 | $ 0 | $ 0.17 | |||||||||||||
Earnings Per Share, Basic | $ 0.62 | [1] | $ 0.05 | [1] | $ 0.33 | [1] | $ 0.28 | [1] | $ 1.30 | $ 0.60 | $ 0.16 | |||||
Income/(Loss) Continuing Operations Available to Common Stockholders - Dilutive | $ 340,383 | $ 150,600 | $ (1,276) | |||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ 1.29 | $ 0.59 | $ (0.01) | |||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 4,528 | $ 13,695 | $ 10,842 | $ 76,417 | $ 6,485 | $ 10,611 | $ 4,359 | $ (5,195) | $ 105,482 | $ 16,260 | $ 2,340 | |||||
Gain/(loss) on sales of real estate owned, net of tax | 251,677 | 143,572 | 0 | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | 48 | |||||||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | 3 | (3) | (60) | |||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 340,383 | 154,324 | 2,448 | |||||||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (3) | 3 | 60 | |||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 16,773 | 5,511 | 1,530 | |||||||||||||
Dividends, Preferred Stock | (3,722) | (3,724) | (3,724) | |||||||||||||
Net (loss)/income attributable to common stockholders | $ 161,270 | $ 12,361 | $ 85,924 | $ 72,891 | 64,486 | 39,618 | 29,076 | 17,430 | 336,661 | 150,610 | 41,088 | |||||
Net income/(loss) | 357,159 | 159,842 | 46,282 | |||||||||||||
Income/(loss) from discontinued operations, net of tax | $ 0 | $ 79 | $ 18 | $ (87) | 0 | 10 | 43,942 | |||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | (1,578) | |||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 10 | $ 42,364 | |||||||||||||
Weighted Average Number of Shares Issued, Basic | 259,873 | 252,707 | 250,684 | |||||||||||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | (1,204) | (1,179) | ||||||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ (715) | |||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 260,830 | 259,114 | 257,849 | 256,834 | 253,983 | 251,655 | 250,255 | 250,177 | 258,669 | 251,528 | 249,969 | |||||
Net income/(loss) attributable to common stockholders — basic and diluted (in dollars per share) | [1] | $ 0.25 | $ 0.16 | $ 0.12 | $ 0.07 | |||||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 5,083 | 1,917 | 0 | |||||||||||||
Weighted average number of common shares outstanding — diluted | 266,108 | 261,207 | 262,806 | 258,662 | 256,000 | 253,732 | 252,191 | 251,822 | 263,752 | 253,445 | 249,969 | |||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 1.30 | $ 0.60 | $ (0.01) | |||||||||||||
Income/(loss) from discontinued operations attributable to common stockholders | 0 | 0 | 0.17 | |||||||||||||
Earnings Per Share, Diluted | $ 0.61 | $ 0.05 | $ 0.33 | $ 0.28 | $ 1.29 | $ 0.59 | $ 0.16 | |||||||||
Income/(Loss) Continuing Operations Available to Common Stockholders - Basic | $ 336,661 | $ 150,600 | $ (1,276) | |||||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, ESOP Convertible Preferred Stock | 3,722 | 0 | $ 0 | |||||||||||||
RedeemableNoncontrollingInterest [Member] | ||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | $ 16,773 | $ 5,511 | ||||||||||||||
[1] | . |
Income_(Loss) Per Share Incom94
Income/(Loss) Per Share Income/(Loss) Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Weighted Average Number Diluted Shares Outstanding Adjustment | 0 | ||
Partners' Capital Account, Units | 183,278,698 | 183,278,698 | |
OP Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 12,947,000 | 9,247,000 | 9,337,000 |
Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,032,000 | 3,036,000 | 3,036,000 |
Stock Compensation Plan [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,051,000 | 1,917,000 | 1,584,000 |
UDR Lighthouse DownREIT L.P. [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Partners' Capital Account, Units | 32,367,380 | ||
UDR Lighthouse DownREIT L.P. [Member] | General Partner [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Partners' Capital Account, Units | 16,229,407 | 0 | 0 |
Stockholders' Equity Stockhol95
Stockholders' Equity Stockholders' Equity (Details) - shares | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 112,174 | ||||
Stock Issued During Period, Shares, New Issues | 3,439,636 | ||||
Common Stock | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0 | ||||
Series E Preferred Stock [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0 | ||||
Common Stock | |||||
Shares, Issued | 261,844,521 | 261,844,521 | 255,114,603 | 250,749,665 | 250,139,408 |
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 112,174 | 153,451 | 76,291 | ||
Stock Issued During Period, Shares, New Issues | 6,339,636 | 3,410,433 | |||
Common Stock | Series E Preferred Stock [Member] | |||||
Stock Issued During Period, Shares, New Issues | 7,480 | ||||
Preferred Stock | |||||
Redemption of 6.75% Series G Cumulative Redeemable Shares, Shares | 0 | ||||
Preferred Stock | Series F Preferred Stock [Member] | |||||
Shares, Issued | 16,452,496 | 16,452,496 | 2,464,183 | 2,464,183 | 2,464,183 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0 | 0 | 0 | ||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 0 | 0 | 0 | ||
Redemption of 6.75% Series G Cumulative Redeemable Shares, Shares | 0 | 0 | |||
Preferred Stock | Series E Preferred Stock [Member] | |||||
Shares, Issued | 2,796,903 | 2,796,903 | 2,803,812 | 2,803,812 | 2,803,812 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0 | 0 | 0 | ||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 0 | 0 | 0 | ||
Redemption of 6.75% Series G Cumulative Redeemable Shares, Shares | 6,909 | 0 | |||
Home Acquisition [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 16,100,000 | ||||
Home Acquisition [Member] | Series F Preferred Stock [Member] | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 13,988,313 | 270,628 | 801,054 | 533,966 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2008 | |
Class of Stock [Line Items] | ||||
Shares Issued, Price Per Share | $ 32.29 | |||
Proceeds from Issuance of Common Stock | $ 111,000,000 | |||
Common stock, shares authorized | 350,000,000 | 350,000,000 | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Stock Issued During Period, Shares, New Issues | 3,439,636 | |||
Common distributions declared per share | $ 1.11 | $ 1.0400 | $ 0.9400 | |
Preferred stock, par or state value per share | $ 0 | 0 | ||
Stock issued during period, shares, Distribution Reinvestment and Stock Purchase Plan | 9,957,233 | |||
Shares reserved for issuance under the Stock Purchase Plan | 10,963,730 | |||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 112,174 | |||
Equity Distribution Agreement [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized | 20,000,000 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 13,078,931 | |||
Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, liquidation preference per share | $ 16.61 | |||
Number of common stock shares to which each preferred share is convertible after special dividend | 1.083 | |||
Declared preferred stock dividend | $ 1.33 | $ 1.33 | $ 1.33 | |
Preferred stock, shares outstanding | 2,796,903 | 2,803,812 | ||
Series F Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 20,000,000 | |||
Preferred stock, shares outstanding | 16,452,496 | 2,464,183 | ||
Preferred stock, par or state value per share | $ 0.0001 | |||
Preferred stock, value, issued | $ 1,645 | $ 246 | ||
Restricted Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 551,293 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 14,691 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period Net of Forfeitures | 551,293 | |||
Preferred Stock | Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 0 | 0 | 0 | |
Preferred Stock | Series F Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 0 | 0 | 0 | |
Common Stock | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 6,339,636 | 3,410,433 | ||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 112,174 | 153,451 | 76,291 | |
Common Stock | Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 7,480 | |||
Common Stock | Sales [Member] | ||||
Class of Stock [Line Items] | ||||
Shares Issued, Price Per Share | $ 35 | |||
Proceeds from Issuance of Common Stock | $ 101,500,000 | |||
Common Stock | Common Stock | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 2,900,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Options Outstanding, Number of Options | ||
Balance, December 31, 2011 | 2,265,842 | |
Granted | 0 | |
Balance, December 31, 2012 | 2,234,963 | 2,265,842 |
Options Outstanding, Weighted Average Exercise Price | ||
Balance, December 31, 2011 (in dollars per share) | $ 12.82 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 25.10 | |
Forfeited (in dollars per share) | 0 | |
Balance, December 31, 2012 (in dollars per share) | $ 12.65 | $ 12.82 |
Options Exercisable, Number of Options | ||
Number of Options | 2,234,963 | 2,265,842 |
Options Exercisable, Weighted Average Exercise Price | ||
Weighted Average Exercise Price (in dollars per share) | $ 12.65 | $ 12.82 |
Restricted Stock, Number Of shares | ||
Vested | 0 | |
Restricted Stock, Weighted Average Fair Value Per Restricted Stock | ||
Vested (in dollars per share) | $ 0 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 0 | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 3,000,000 | |
Options Outstanding, Number of Options | ||
Exercised | 0 | |
Options Outstanding, Weighted Average Exercise Price | ||
Exercised (in dollars per share) | $ 0 | |
Restricted Stock, Number Of shares | ||
Balance, December 31, 2011 | 999,978 | |
Granted | 551,293 | |
Vested | (736,204) | |
Forfeited | (14,691) | |
Balance, December 31, 2012 | 800,376 | 999,978 |
Restricted Stock, Weighted Average Fair Value Per Restricted Stock | ||
Balance, December 31, 2011 (in dollars per share) | $ 23.98 | |
Granted (in dollars per share) | 32.67 | |
Vested (in dollars per share) | 23.52 | |
Forfeited (in dollars per share) | 23.24 | |
Balance, December 31, 2012 (in dollars per share) | $ 30.40 | $ 23.98 |
Outstanding [Member] | ||
Options Outstanding, Number of Options | ||
Exercised | (30,879) | |
Exercisable [Member] | ||
Options Outstanding, Number of Options | ||
Exercised | 30,879 |
Employee Benefit Plans (Detai98
Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Issued | 5,083,498 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,234,963 | 2,265,842 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 300,000 | ||
Number of share options exercisable | 2,234,963 | 2,265,842 | |
Range One | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of share options exercisable | 1,830,672 | ||
Share options exercise price, lower range limit | $ 10.06 | ||
Range Two | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of share options exercisable | 404,291 | ||
Share options exercise price, lower range limit | $ 24.38 | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total remaining compensation cost related to unvested share options | $ 0 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total remaining compensation cost related to unvested share options | $ 3,000,000 | ||
Weighted average remaining contractual life | 1 year 7 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 32.67 | ||
Stock based compensation expense | $ 3,200,000 | $ 4,200,000 | $ 3,600,000 |
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 3 years | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total remaining compensation cost related to unvested share options | $ 8,300,000 | ||
Weighted average remaining contractual life | 11 months | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.15 | $ 21.97 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.80% | 15.80% | |
Stock based compensation expense | $ 14,800,000 | $ 9,800,000 | $ 5,900,000 |
2015 LTIP [Member] | Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 34.14 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 16.50% | ||
Transition LTI [Member] | Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 33.68 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 16.60% | ||
Long Term Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for issuance under plan | 19,000,000 | ||
Shares available for issuance under plan | 9,530,769 | ||
Profit Sharing Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate provisions for contributions | $ 1,100,000 | $ 900,000 | $ 900,000 |
Income Taxes (Details)
Income Taxes (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Taxable Distributions Paid Per Common Share [Abstract] | |||
Ordinary income | $ 0.595 | $ 0.695 | $ 0.744 |
Taxable Distributions Paid Per Common Share Qualified Ordinary Income | 0 | 0.139 | 0 |
Long-term capital gain | 0.329 | 0.105 | 0.114 |
Unrecapture section 1250 gain | 0.168 | 0.076 | 0.067 |
Taxable distributions per common share | $ 1.092 | $ 1.015 | $ 0.925 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current | |||
Federal | $ 29 | $ 147 | $ (1,030) |
State | 871 | 550 | 846 |
Total current | 900 | 697 | (184) |
Deferred | |||
Federal | (4,173) | 20,138 | (6,907) |
State | (613) | 5,159 | (1,190) |
Total deferred | (4,786) | 25,297 | (8,097) |
Total income tax expense/(benefit) | (3,886) | 25,994 | (8,281) |
Continuing Operations [Member] | |||
Deferred | |||
Total income tax expense/(benefit) | (3,886) | (15,098) | (7,299) |
Tax Benefit of Taxable Subsidiary | (7,299) | ||
Sale of Real Estate [Member] | |||
Deferred | |||
Total income tax expense/(benefit) | 0 | 41,087 | 0 |
Discontinued Operations [Member] | |||
Deferred | |||
Total income tax expense/(benefit) | $ 0 | $ 5 | $ (982) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | |||
Federal and state tax attributes | $ 2,227 | $ 0 | $ 13,069 |
Book/tax depreciation | 9,016 | 6,692 | 19,354 |
Construction capitalization differences | 0 | 75 | 0 |
Debt and interest deductions | 0 | 0 | 10,311 |
Other | 707 | 401 | 0 |
Total deferred tax assets | 11,950 | 7,168 | 42,734 |
Valuation allowance | (81) | 0 | (1,310) |
Net deferred tax assets | 11,869 | 7,168 | 41,424 |
Deferred Tax Liabilities, Deferred Expense, Other Capitalized Costs | 0 | 0 | (3,766) |
Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | 0 | 0 | (5,080) |
Deferred tax liabilities: | |||
Other | (107) | (192) | (305) |
Total deferred tax liabilities | (107) | (192) | (9,151) |
Net deferred tax asset | $ 11,762 | $ 6,976 | $ 32,273 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Income tax expense/(benefit) | |||
U.S. federal income tax expense/(benefit) | $ (4,383) | $ 28,819 | $ (8,493) |
State income tax provision | 442 | 2,678 | 46 |
Other items | (26) | (137) | 246 |
Income Tax (benefit)/expense, Conversion of certain TRS entities to REITs | 0 | (5,770) | 0 |
Valuation allowance | 81 | 404 | (80) |
Total income tax expense/(benefit) | (3,886) | 25,994 | $ (8,281) |
Unrecognized Tax Benefits | $ 0 | $ 0 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Valuation allowance | $ 81,000 | $ 0 | $ 1,310,000 |
Change in valuation allowance of deferred tax assets | 100,000 | ||
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items, Change | (11,200,000) | ||
Income Tax (benefit)/expense, Conversion of certain TRS entities to REITs | 0 | 5,770,000 | $ 0 |
Income Tax expense from the Gain on the Sale of Real Estate | 0 | 41,100,000 | |
Unrecognized Tax Benefits | 0 | $ 0 | |
Internal Revenue Service (IRS) | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss carryforwards | 27,100,000 | ||
2020 through 2030 | State | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss carryforwards | 64,700,000 | ||
Prior to conversion [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance | 100,000 | ||
UDR, Inc. | Internal Revenue Service (IRS) | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss carryforwards | $ 5,700,000 | ||
Taxable REIT Subsidiaries | |||
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 0.00% | ||
Taxable REIT Subsidiaries | 2020 through 2030 | State | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss carryforwards | $ 4,200,000 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | |
Noncontrolling Interest [Line Items] | |||||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ 3 | $ (3) | $ (60) | ||||||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | $ 946,436 | $ 282,480 | 946,436 | 282,480 | 217,597 | ||||||
Net (loss)/income attributable to common stockholders | 161,270 | $ 12,361 | $ 85,924 | $ 72,891 | 64,486 | $ 39,618 | $ 29,076 | $ 17,430 | $ 336,661 | 150,610 | 41,088 |
Number of Apartment Homes Acquired | 358 | ||||||||||
Change in equity from net loss income attributable to common stockholders and conversion of operating partnership units to companys common stock | $ 340,478 | 154,982 | 42,905 | ||||||||
Number of Communities Acquired | 4 | ||||||||||
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Beginning redeemable non-controlling interests in the Operating Partnership | $ 282,480 | $ 282,480 | |||||||||
Mark to market adjustment to redeemable non-controlling interests in the Operating Partnership | $ 102,703 | $ 73,954 | 3,656 | ||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 563,836 | 0 | |||||||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership | $ (3,817) | $ (4,372) | (1,817) | ||||||||
Net income attributable to redeemable non-controlling interests in the Operating Partnership | 16,773 | 5,511 | 1,530 | ||||||||
Distributions to redeemable non-controlling interests in the Operating Partnership | 15,231 | 10,077 | |||||||||
Ending redeemable non-controlling interests in the Operating Partnership | $ 946,436 | $ 282,480 | 946,436 | 282,480 | |||||||
Net income/(loss) attributable to non-controlling interests | $ 3 | (3) | (60) | ||||||||
UDR DownREIT Unit [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 50.10% | 50.10% | |||||||||
Noncontrolling Interest | |||||||||||
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Net income/(loss) attributable to non-controlling interests | $ 3 | (3) | (60) | ||||||||
RedeemableNoncontrollingInterest [Member] | |||||||||||
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | $ (308) | $ (133) | $ 250 | ||||||||
UDR, Inc. | UDR DownREIT Unit [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 8.50% | 8.50% | |||||||||
United Dominion Reality L.P. | UDR DownREIT Unit [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 41.60% | 41.60% |
Fair Value of Derivatives an105
Fair Value of Derivatives and Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financing Receivable, Net | $ 16,694 | $ 14,369 | |
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Derivative Asset | 13 | 88 | |
Derivative Liability | 2,112 | 10,368 | |
Secured debt instruments - variable rate | |||
Long-term Line of Credit | 2,300 | 1,900 | |
Unsecured debt instruments | |||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 946,436 | 282,480 | |
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | 946,436 | 282,480 | $ 217,597 |
Carrying Amount | Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Financing Receivable, Net | 16,694 | 14,369 | |
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Total assets | 16,707 | 14,457 | |
Unsecured debt instruments | |||
Total liabilities | 3,590,829 | 3,593,473 | |
Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Derivative Liability | 10,368 | ||
Carrying Amount | Senior unsecured notes | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments | 2,056,223 | 2,069,076 | |
Fair Value | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Notes receivable | 16,938 | 14,808 | |
Total assets | 16,951 | 14,896 | |
Unsecured debt instruments | |||
Total liabilities | 3,673,283 | 3,721,512 | |
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | 946,436 | 282,480 | |
Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Derivative Asset Designated as Hedging Instrument, Fair Value | 13 | 88 | |
Derivatives - Interest rate contracts | 2,112 | 10,368 | |
Fair Value | Mortgages [Member] | Fair Value, Measurements, Recurring | |||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 448,019 | 415,663 | |
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 31,337 | 31,337 | |
Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 94,700 | 94,700 | |
Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 539,050 | 606,623 | |
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 299,378 | 266,196 | |
Unsecured debt instruments | |||
Unsecured debt instruments | 150,000 | 152,500 | |
Fair Value | Senior unsecured notes | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments | 2,108,687 | 2,144,125 | |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Notes receivable | 0 | 0 | |
Total assets | 0 | 0 | |
Unsecured debt instruments | |||
Total liabilities | 0 | 0 | |
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | 0 | 0 | |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Interest rate contracts | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Derivative Asset Designated as Hedging Instrument, Fair Value | 0 | 0 | |
Derivatives - Interest rate contracts | 0 | 0 | |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Mortgages [Member] | Fair Value, Measurements, Recurring | |||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 0 | 0 | |
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 0 | 0 | |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 0 | 0 | |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 0 | 0 | |
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 0 | 0 | |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Commercial bank | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments | 0 | 0 | |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Senior unsecured notes | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments | 0 | 0 | |
Fair Value | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Notes receivable | 0 | 0 | |
Total assets | 13 | 88 | |
Unsecured debt instruments | |||
Total liabilities | 2,112 | 10,368 | |
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | 946,436 | 282,480 | |
Fair Value | Significant Other Observable Inputs (Level 2) | Interest rate contracts | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Derivative Asset Designated as Hedging Instrument, Fair Value | 13 | 88 | |
Derivatives - Interest rate contracts | 2,112 | 10,368 | |
Fair Value | Significant Other Observable Inputs (Level 2) | Mortgages [Member] | Fair Value, Measurements, Recurring | |||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 0 | 0 | |
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 0 | 0 | |
Fair Value | Significant Other Observable Inputs (Level 2) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 0 | 0 | |
Fair Value | Significant Other Observable Inputs (Level 2) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 0 | 0 | |
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 0 | 0 | |
Fair Value | Significant Other Observable Inputs (Level 2) | Commercial bank | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments | 0 | 0 | |
Fair Value | Significant Other Observable Inputs (Level 2) | Senior unsecured notes | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments | 0 | 0 | |
Fair Value | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Notes receivable | 16,938 | 14,808 | |
Total assets | 16,938 | 14,808 | |
Unsecured debt instruments | |||
Total liabilities | 3,671,171 | 3,711,144 | |
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | 0 | 0 | |
Fair Value | Significant Unobservable Inputs (Level 3) | Interest rate contracts | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Derivative Asset Designated as Hedging Instrument, Fair Value | 0 | 0 | |
Derivatives - Interest rate contracts | 0 | 0 | |
Fair Value | Significant Unobservable Inputs (Level 3) | Mortgages [Member] | Fair Value, Measurements, Recurring | |||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 448,019 | 415,663 | |
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 31,337 | 31,337 | |
Fair Value | Significant Unobservable Inputs (Level 3) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 94,700 | 94,700 | |
Fair Value | Significant Unobservable Inputs (Level 3) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||
Secured debt instruments - fixed rate | |||
Secured debt instruments - fixed rate | 539,050 | 606,623 | |
Secured debt instruments - variable rate | |||
Secured debt instruments - variable rate | 299,378 | 266,196 | |
Fair Value | Significant Unobservable Inputs (Level 3) | Commercial bank | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments | 150,000 | 152,500 | |
Fair Value | Significant Unobservable Inputs (Level 3) | Senior unsecured notes | Fair Value, Measurements, Recurring | |||
Unsecured debt instruments | |||
Unsecured debt instruments | 2,108,687 | 2,144,125 | |
Fixed Rate Debt | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured Debt Including Debt on Real Estate Held for Sale | 952,801 | 963,713 | |
Variable Rate Debt | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured Debt Including Debt on Real Estate Held for Sale | 424,144 | 390,608 | |
Unsecured Revolving Credit Facility due October 2015 | |||
Secured debt instruments - variable rate | |||
Long-term Line of Credit | 150,000 | 152,500 | |
Tax-exempt secured notes payable | Variable Rate Debt | Carrying Amount | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured Debt Including Debt on Real Estate Held for Sale | 94,700 | 94,700 | |
Fannie Mae credit facilities | Fixed Rate Debt | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured Debt Including Debt on Real Estate Held for Sale | 514,462 | 568,086 | |
Fannie Mae credit facilities | Variable Rate Debt | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured Debt Including Debt on Real Estate Held for Sale | 299,378 | 266,196 | |
Mortgages [Member] | Fixed Rate Debt | Carrying Amount | Mortgages [Member] | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured Debt Including Debt on Real Estate Held for Sale | 442,617 | 401,210 | |
Mortgages [Member] | Variable Rate Debt | Carrying Amount | Mortgages [Member] | Fair Value, Measurements, Recurring | |||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | |||
Secured Debt Including Debt on Real Estate Held for Sale | $ 31,337 | $ 31,337 |
Derivatives and Hedging Acti106
Derivatives and Hedging Activity (Details) $ in Thousands | Dec. 31, 2015USD ($)instruments |
Designated as Hedging Instrument | Interest rate swaps | |
Derivative [Line Items] | |
Number of Instruments | 5 |
Derivative, Notional Amount | $ 315,000 |
Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | 2 |
Derivative, Notional Amount | $ 203,166 |
Not Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | instruments | 3 |
Derivative, Notional Amount | $ 133,107 |
Derivatives and Hedging Acti107
Derivatives and Hedging Activity (Details 1) - Interest rate products - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other assets | Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | $ 9 | $ 86 |
Other assets | Not Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 4 | 2 |
Other liabilities | Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 2,112 | 10,368 |
Other liabilities | Not Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Liability Not Designated as Hedging Instrument, Fair Value | $ 0 | $ 0 |
Derivatives and Hedging Acti108
Derivatives and Hedging Activity (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | $ (6,393) | $ (8,695) | $ (469) |
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | (23) | (4) | 271 |
Interest rate products | Cash Flow Hedging | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | (469) | ||
Interest rate products | Interest expense | Cash Flow Hedging | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | 2,251 | 4,834 | 6,851 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net, Total | $ (11) | $ 3 | $ 0 |
Derivatives and Hedging Acti109
Derivatives and Hedging Activity (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Derivative, Collateral, Obligation to Return Cash | $ 0 | $ 0 | |
Derivatives And Hedging Activity (Textual) [Abstract] | |||
Cash flow hedge ineffectiveness in earnings materiality | 0 | ||
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | $ 3,000 | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | (23) | (4) | $ 271 |
Payment required to pay for contract termination | 2,200 | ||
Interest expense | Cash Flow Hedging | Interest rate products | |||
Derivatives And Hedging Activity (Textual) [Abstract] | |||
Reclassified loss from Other Comprehensive Income/(Loss) to earnings | $ 11 | $ (3) | $ 0 |
Commitments and Contingencie110
Commitments and Contingencies (Details) - Dec. 31, 2015 $ in Thousands | Communities | Total | USD ($) | |
Long-term Purchase Commitment [Line Items] | ||||
Number of Properties | 133 | 2 | ||
Costs Incurred to Date | $ 859,798 | |||
Expected Costs to Complete | [1] | 319,316 | ||
Wholly-owned — under development | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of Properties | 1 | |||
Costs Incurred to Date | 124,072 | |||
Purchase Commitment, Remaining Minimum Amount Committed | 217,928 | |||
Average Ownership Stake | 100.00% | |||
Wholly-owned — redevelopment | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of Properties | 3 | |||
Costs Incurred to Date | 11,302 | |||
Purchase Commitment, Remaining Minimum Amount Committed | 16,698 | |||
Average Ownership Stake | 100.00% | |||
Unconsolidated joint ventures | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of Properties | 4 | |||
Costs Incurred to Date | 497,350 | |||
Purchase Commitment, Remaining Minimum Amount Committed | 81,979 | |||
Participating Loan Investment Steele Creek Denver Colorado [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of Properties | 1 | |||
Costs Incurred to Date | 90,747 | |||
Purchase Commitment, Remaining Minimum Amount Committed | 2,711 | |||
Average Ownership Stake | 0.00% | |||
Preferred Equity Investment West Coast Development JV [Member] | ||||
Long-term Purchase Commitment [Line Items] | ||||
Number of Properties | 5 | |||
Costs Incurred to Date | 136,327 | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 0 | |||
Average Ownership Stake | 48.00% | |||
[1] | Represents 100% of project costs incurred to date. |
Commitments and Contingencie111
Commitments and Contingencies (Details 1) $ in Thousands | Dec. 31, 2015USD ($) | |
Office Space [Member] | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,015 | $ 207 | |
2,016 | 179 | |
2,018 | 76 | |
2,019 | 76 | |
2,017 | 76 | |
Thereafter | 32 | |
Total | 646 | |
Ground Leases [Member] | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,015 | 5,444 | |
2,016 | 5,444 | |
2,018 | 5,444 | |
2,019 | 5,444 | |
2,017 | 4,486 | |
Thereafter | 311,858 | |
Total | $ 338,120 | [1] |
[1] | For purposes of our ground lease contracts, the Company uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. |
Commitments and Contingencie112
Commitments and Contingencies (Details Textual) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015USD ($)Communities | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | 133 | 2 | ||
Wholly-owned — redevelopment | ||||
Real Estate Properties [Line Items] | ||||
Development costs and capital expenditures Incurred but not yet paid | $ 1.2 | |||
Number of Real Estate Properties | 3 | |||
Wholly-owned — under development | ||||
Real Estate Properties [Line Items] | ||||
Development costs and capital expenditures Incurred but not yet paid | 12.6 | |||
Number of Real Estate Properties | 1 | |||
Office Space [Member] | ||||
Real Estate Properties [Line Items] | ||||
Rent expense | $ 0.3 | $ 1.3 | $ 1.3 | |
Ground Leases [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | Communities | 6 | |||
Rent expense | $ 5.5 | $ 5.4 | $ 5.2 |
Reportable Segments (Details)
Reportable Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Segments | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
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 | |||||||||
Reportable apartment home segment rental income | $ 894,638 | $ 818,046 | $ 758,926 | |||||||||
Reportable apartment home segment NOI | 613,869 | 556,321 | 514,041 | |||||||||
Joint Venture Managment and Other Fees | 22,710 | 13,044 | 12,442 | |||||||||
Reconciling items: | ||||||||||||
Property management | (23,978) | (22,142) | (20,780) | |||||||||
Other operating expenses | (9,708) | (8,271) | (7,136) | |||||||||
Depreciation and amortization | (374,598) | (358,154) | (341,490) | |||||||||
General and administrative | (59,690) | (47,800) | (42,238) | |||||||||
Casualty-related (recoveries)/charges, net | (2,335) | (541) | 12,253 | |||||||||
Other depreciation and amortization | (6,679) | (5,775) | (6,741) | |||||||||
Income/(loss) from unconsolidated entities | 62,329 | (7,006) | (415) | |||||||||
Interest Expense | (121,875) | (130,454) | (126,083) | |||||||||
Interest and Other Income Including Discontinued Operations | 1,551 | 11,837 | 4,681 | |||||||||
Tax benefit/(expense) of taxable REIT subsidiary, net | 3,886 | 15,136 | 7,299 | |||||||||
Gain Loss on the Sale of Real Estate, Including Discontinued Operations | 251,677 | 143,647 | 40,449 | |||||||||
Redeemable non-controlling interests in OP | (16,773) | (5,511) | (1,530) | |||||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | (3) | 3 | 60 | |||||||||
Net income/(loss) attributable to Entity | 340,383 | 154,334 | 44,812 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | $ 9,190,276 | $ 8,383,259 | 9,190,276 | 8,383,259 | ||||||||
Accumulated depreciation | (2,646,874) | (2,434,772) | (2,646,874) | (2,434,772) | ||||||||
Total real estate owned, net of accumulated depreciation | 6,543,402 | 5,948,487 | 6,543,402 | 5,948,487 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 6,742 | 15,224 | 6,742 | 15,224 | 30,249 | $ 12,115 | ||||||
Restricted Cash | 20,798 | 22,340 | 20,798 | 22,340 | ||||||||
Deferred financing costs, net | 0 | 0 | ||||||||||
Notes receivable | 16,694 | 14,369 | 16,694 | 14,369 | ||||||||
Investment in and advances to unconsolidated joint ventures, net | 938,906 | 718,226 | 938,906 | 718,226 | ||||||||
Other assets | 137,302 | 110,082 | 137,302 | 110,082 | ||||||||
Total assets | 7,663,844 | 6,828,728 | 7,663,844 | 6,828,728 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 203,183 | 326,461 | 452,057 | |||||||||
Same Communities | ||||||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 72,300 | 52,500 | 43,000 | |||||||||
Same Communities Western Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 255,346 | 236,175 | 214,324 | |||||||||
Reportable apartment home segment NOI | 190,682 | 171,973 | 152,108 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 2,371,615 | 2,336,271 | 2,371,615 | 2,336,271 | ||||||||
Same Communities Mid-Atlantic Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 157,158 | 154,491 | 150,489 | |||||||||
Reportable apartment home segment NOI | 108,324 | 107,592 | 105,300 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,423,888 | 1,440,561 | 1,423,888 | 1,440,561 | ||||||||
Same Communities Southeastern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 103,920 | 98,061 | 93,479 | |||||||||
Reportable apartment home segment NOI | 69,820 | 65,053 | 61,087 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 730,060 | 727,933 | 730,060 | 727,933 | ||||||||
Same Communities Southwestern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 57,670 | 54,810 | 52,302 | |||||||||
Reportable apartment home segment NOI | 35,767 | 33,725 | 31,925 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 450,305 | 440,587 | 450,305 | 440,587 | ||||||||
Same Communities Northeast Region [Member] | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 86,048 | 81,500 | 77,299 | |||||||||
Reportable apartment home segment NOI | 64,539 | 61,315 | 57,350 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,109,354 | 1,076,656 | 1,109,354 | 1,076,656 | ||||||||
Non-Mature communities/Other | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 211,786 | 180,112 | 167,743 | |||||||||
Reportable apartment home segment NOI | 144,737 | 116,663 | 106,271 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 3,105,054 | 2,361,251 | 3,105,054 | 2,361,251 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 12,900 | 10,900 | 12,800 | |||||||||
Total Communities [Member] | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | $ 871,928 | 805,149 | $ 755,636 | |||||||||
United Dominion Reality L.P. | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Related party 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 | ||||||||||
Reportable apartment home segment rental income | $ 440,408 | 422,634 | $ 410,842 | |||||||||
Reportable apartment home segment NOI | 317,597 | 300,313 | 287,535 | |||||||||
Reconciling items: | ||||||||||||
Property management | (12,111) | (11,622) | (11,298) | |||||||||
Other operating expenses | (5,923) | (5,172) | (5,728) | |||||||||
Depreciation and amortization | (169,784) | (179,176) | (181,302) | |||||||||
General and administrative | (27,016) | (28,541) | (24,808) | |||||||||
Casualty-related (recoveries)/charges, net | (843) | (541) | 8,083 | |||||||||
Income/(loss) from unconsolidated entities | (4,659) | 0 | 0 | |||||||||
Interest Expense | (40,321) | (41,717) | (36,058) | |||||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | (1,762) | (952) | (4,566) | |||||||||
Net (loss)/gain on sale of depreciable property | 158,123 | 63,635 | 41,518 | |||||||||
Net income/(loss) attributable to Entity | 114,955 | $ 14,617 | $ 47,383 | $ 36,346 | 32,631 | $ 8,637 | $ 24,426 | $ 30,533 | 213,301 | 96,227 | 73,376 | |
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 3,630,905 | 4,238,770 | 3,630,905 | 4,238,770 | ||||||||
Total real estate owned, net of accumulated depreciation | 2,349,647 | 2,835,467 | 2,349,647 | 2,835,467 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 3,103 | 502 | 3,103 | 502 | 1,897 | $ 2,804 | ||||||
Deferred financing costs, net | (2,199) | (4,500) | (2,199) | (4,500) | ||||||||
Investment in and advances to unconsolidated joint ventures, net | 166,186 | 0 | 166,186 | 0 | ||||||||
Other assets | 24,528 | 24,029 | 24,528 | 24,029 | ||||||||
Total assets | 2,554,808 | 2,873,809 | 2,554,808 | 2,873,809 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 61,196 | 91,682 | 151,002 | |||||||||
United Dominion Reality L.P. | Same Communities Western Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 174,414 | 160,185 | 150,137 | |||||||||
Reportable apartment home segment NOI | 130,509 | 117,130 | 107,866 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,461,078 | 1,433,827 | 1,461,078 | 1,433,827 | ||||||||
United Dominion Reality L.P. | Same Communities Mid-Atlantic Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 60,602 | 65,565 | 64,923 | |||||||||
Reportable apartment home segment NOI | 40,301 | 44,366 | 44,442 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 410,710 | 686,708 | 410,710 | 686,708 | ||||||||
United Dominion Reality L.P. | Same Communities Southeastern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 44,981 | 42,568 | 40,730 | |||||||||
Reportable apartment home segment NOI | 30,106 | 28,111 | 26,590 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 321,787 | 316,788 | 321,787 | 316,788 | ||||||||
United Dominion Reality L.P. | Same Communities Southwestern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 20,963 | 26,580 | 25,614 | |||||||||
Reportable apartment home segment NOI | 13,176 | 16,821 | 16,057 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 0 | 228,997 | 0 | 228,997 | ||||||||
United Dominion Reality L.P. | Same Communities Northeast Region [Member] | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 59,444 | 58,788 | 55,850 | |||||||||
Reportable apartment home segment NOI | 45,917 | 45,347 | 42,146 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 669,082 | 777,375 | 669,082 | 777,375 | ||||||||
United Dominion Reality L.P. | Non-Mature communities/Other | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 80,004 | 68,948 | 73,588 | |||||||||
Reportable apartment home segment NOI | 57,588 | 48,538 | $ 50,434 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | $ 768,248 | $ 795,075 | 768,248 | 795,075 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | $ 5,000 | $ 3,200 | ||||||||||
United Dominion Reality L.P. | Minimum | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Percent occupancy to be considered a community | 90.00% | |||||||||||
Community Threshold, Period Above Occupancy Threshold | 3 months | |||||||||||
United Dominion Reality L.P. | Taxable REIT Subsidiaries | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Related party management fee percentage | 2.75% |
Hurricane Related Charges (Deta
Hurricane Related Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Hurricane Related Charges [Line Items] | |||
Casualty-related (recoveries)/charges, net | $ (2,335) | $ (541) | $ 12,253 |
United Dominion Reality L.P. | |||
Hurricane Related Charges [Line Items] | |||
Casualty-related (recoveries)/charges, net | $ (843) | $ (541) | $ 8,083 |
Unaudited Summarized Consoli115
Unaudited Summarized Consolidated Quarterly Financial Data Unaudited Summarized Consolidated Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Rental income | [1] | $ 234,352 | $ 217,765 | $ 212,764 | $ 207,047 | $ 206,104 | $ 203,587 | $ 200,959 | $ 194,352 | |||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 4,528 | 13,695 | 10,842 | 76,417 | 6,485 | 10,611 | 4,359 | (5,195) | $ 105,482 | $ 16,260 | $ 2,340 | |||||
Income/(loss) from discontinued operations, net of tax | 0 | 79 | 18 | (87) | 0 | 10 | 43,942 | |||||||||
Net (loss)/income attributable to stakeholders | $ 161,270 | $ 12,361 | $ 85,924 | $ 72,891 | $ 64,486 | $ 39,618 | $ 29,076 | $ 17,430 | $ 336,661 | $ 150,610 | $ 41,088 | |||||
Earnings Per Share, Basic | $ 0.62 | [2] | $ 0.05 | [2] | $ 0.33 | [2] | $ 0.28 | [2] | $ 1.30 | $ 0.60 | $ 0.16 | |||||
Earnings Per Share, Diluted | $ 0.61 | $ 0.05 | $ 0.33 | $ 0.28 | $ 1.29 | $ 0.59 | $ 0.16 | |||||||||
Earnings per weighted average common share - basic and diluted: | ||||||||||||||||
Net (loss)/income attributable to common stockholders — basic and diluted (in dollars per share) | [2] | $ 0.25 | $ 0.16 | $ 0.12 | $ 0.07 | |||||||||||
Weighted Average Number of Shares Outstanding, Basic | 260,830 | 259,114 | 257,849 | 256,834 | 253,983 | 251,655 | 250,255 | 250,177 | 258,669 | 251,528 | 249,969 | |||||
Weighted average number of common shares outstanding — diluted | 266,108 | 261,207 | 262,806 | 258,662 | 256,000 | 253,732 | 252,191 | 251,822 | 263,752 | 253,445 | 249,969 | |||||
[1] | Represents rental income from continuing operations, excluding amounts classified as discontinued operations. | |||||||||||||||
[2] | . |
Consolidation and Basis of P116
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) (Details) | 12 Months Ended | ||||||||
Dec. 31, 2015Communities | Dec. 31, 2014shares | Dec. 31, 2013shares | Dec. 31, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2015Apartment_Homes | Dec. 31, 2015shares | Dec. 31, 2015Markets | Dec. 31, 2012shares | |
Consolidation and Basis of Presentation [Line Items] | |||||||||
Number of Real Estate Properties | 133 | 2 | |||||||
Number of markets operating within | $ | 18 | ||||||||
Number of apartments owned | Apartment_Homes | 40,728 | ||||||||
Operating Partnership outstanding units | 183,278,698 | 183,278,698 | |||||||
OP units outstanding related to limited partner | 183,278,698 | 183,278,698 | 183,278,698 | 184,281,254 | |||||
Limited Partner [Member] | |||||||||
Consolidation and Basis of Presentation [Line Items] | |||||||||
Percentage of units outstanding owned by limited partners | 95.10% | ||||||||
United Dominion Reality L.P. | |||||||||
Consolidation and Basis of Presentation [Line Items] | |||||||||
Rental revenues percent of General Partner's consolidated rental revenues | 51.00% | 52.00% | 54.00% | ||||||
Number of Real Estate Properties | Communities | 57 | ||||||||
Number of markets operating within | Markets | 14 | ||||||||
Number of apartments owned | Apartment_Homes | 16,974 | ||||||||
OP units outstanding related to general partner | 110,883 | 110,883 | |||||||
Percentage of total outstanding Operating Partnership units represented by General Partnership units outstanding | 0.10% | ||||||||
OP units outstanding related to limited partner | 183,167,815 | 183,167,815 | |||||||
UDR, Inc. | |||||||||
Consolidation and Basis of Presentation [Line Items] | |||||||||
OP units outstanding related to limited partner | 174,002,342 | 174,114,516 | |||||||
Percentage of units outstanding owned by limited partners | 95.00% | 95.10% | |||||||
Non-affiliated Partners | |||||||||
Consolidation and Basis of Presentation [Line Items] | |||||||||
OP units outstanding related to limited partner | 9,165,473 | 9,053,299 | |||||||
Percentage of units outstanding owned by limited partners | 5.00% | 4.90% | |||||||
General Partner [Member] | |||||||||
Consolidation and Basis of Presentation [Line Items] | |||||||||
OP units outstanding related to limited partner | 174,113,225 | 174,225,399 | |||||||
Percentage of units outstanding owned by limited partners | 95.00% | ||||||||
Class A Limited Partner | |||||||||
Consolidation and Basis of Presentation [Line Items] | |||||||||
OP units outstanding related to limited partner | 1,751,671 | ||||||||
Class A Limited Partner | United Dominion Reality L.P. | |||||||||
Consolidation and Basis of Presentation [Line Items] | |||||||||
OP units outstanding related to limited partner | 1,751,671 | 1,873,332 |
Consolidation and Basis of P117
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P. - Phantoms) (Details) - shares | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Limited partnership units owned | 183,278,698 | 183,278,698 | 183,278,698 | 184,281,254 |
United Dominion Reality L.P. | ||||
General Partners' Capital Account, Units Outstanding | 110,883 | 110,883 | ||
Limited partnership units owned | 183,167,815 | 183,167,815 |
Significant Accounting Polic118
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Accounting Policies [Line Items] | |||
Deferred Finance Costs, Net | $ 0 | ||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.1 | ||
Development costs excluding direct costs and capitalized interest | $ 6,300 | 9,000 | $ 11,100 |
Interest capitalized during period | 16,100 | 20,200 | 29,400 |
Advertising expense | 6,400 | 6,000 | 5,700 |
Secured debt, net | $ 1,376,945 | 1,354,321 | |
Minimum | Buildings | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 35 years | ||
Minimum | Building improvements | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
Minimum | Furniture, fixtures, equipment, and other assets | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
Maximum | Buildings | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 55 years | ||
Maximum | Building improvements | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 35 years | ||
Maximum | Furniture, fixtures, equipment, and other assets | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
United Dominion Reality L.P. | |||
Accounting Policies [Line Items] | |||
Deferred Finance Costs, Net | $ (2,199) | (4,500) | |
Cumulative Adjustment to Net Income Attributable to Noncontrolling Interest | 3,300 | ||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.10 | ||
Development costs excluding direct costs and capitalized interest | $ 700 | 2,000 | 2,500 |
Interest capitalized during period | 200 | 2,900 | 5,900 |
Advertising expense | 2,400 | 2,500 | $ 2,500 |
Secured debt, net | $ 475,964 | 927,484 | |
United Dominion Reality L.P. | Minimum | Buildings | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 35 years | ||
United Dominion Reality L.P. | Minimum | Building improvements | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
United Dominion Reality L.P. | Minimum | Furniture, fixtures, equipment, and other assets | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 3 years | ||
United Dominion Reality L.P. | Maximum | Buildings | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 55 years | ||
United Dominion Reality L.P. | Maximum | Building improvements | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 35 years | ||
United Dominion Reality L.P. | Maximum | Furniture, fixtures, equipment, and other assets | |||
Accounting Policies [Line Items] | |||
Estimated useful lives | 10 years | ||
Scenario, Previously Reported [Member] | |||
Accounting Policies [Line Items] | |||
Deferred Finance Costs, Net | 22,686 | ||
Secured debt, net | 1,361,529 | ||
Scenario, Previously Reported [Member] | United Dominion Reality L.P. | |||
Accounting Policies [Line Items] | |||
Secured debt, net | $ 931,959 |
Discontinued Operations (UNI119
Discontinued Operations (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2014USD ($)Communities | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015Communities | Dec. 31, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2015Apartment_Homes | Dec. 31, 2014USD ($)Communities | Dec. 31, 2013USD ($)CommunitiesApartment_Homes | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 138,600 | |||||||||
Discontinued Operations (Textual) [Abstract] | ||||||||||
Number of communities sold | 12 | 9 | ||||||||
Number of apartment homes sold | 2,500 | 2,735 | 914 | |||||||
Proceeds from Sale of Property, Plant, and Equipment | 408,700 | $ 328,400 | $ 81,100 | |||||||
Summary of income from discontinued operations | ||||||||||
Rental income | 0 | 147 | 9,152 | |||||||
Rental expenses | 0 | 225 | 3,511 | |||||||
Property management fee | 0 | 4 | 252 | |||||||
Real estate depreciation | 0 | 0 | 1,958 | |||||||
Interest | 0 | 21 | (62) | |||||||
Income before net gain on the sale of property | 0 | (103) | 3,493 | |||||||
Income/(loss) from discontinued operations | $ 0 | $ 79 | $ 18 | $ (87) | 0 | 10 | $ 43,942 | |||
United Dominion Reality L.P. | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 24,400 | |||||||||
Discontinued Operations (Textual) [Abstract] | ||||||||||
Number of communities sold | 5 | 1 | 2 | |||||||
Number of apartment homes sold | Apartment_Homes | 1,149 | 914 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | 250,900 | $ 48,700 | $ 81,100 | |||||||
Number of communities held for sale | Communities | 0 | 0 | ||||||||
Summary of income from discontinued operations | ||||||||||
Rental income | 0 | $ 0 | 8,989 | |||||||
Rental expenses | 0 | 0 | 3,149 | |||||||
Property management fee | 0 | 0 | 247 | |||||||
Real estate depreciation | 0 | 0 | 1,935 | |||||||
Income before net gain on the sale of property | 0 | 0 | 3,658 | |||||||
Net (loss)/gain on the sale of depreciable property | 0 | 0 | 41,518 | |||||||
Income/(loss) from discontinued operations | 0 | $ 0 | $ 45,176 | |||||||
Operating Community [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 142,500 | |||||||||
Discontinued Operations (Textual) [Abstract] | ||||||||||
Number of communities sold | 1 | |||||||||
Operating Community [Member] | United Dominion Reality L.P. | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 62,500 | |||||||||
Land | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,100 | |||||||||
Land | United Dominion Reality L.P. | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 1,100 |
Real Estate Owned (UNITED DO120
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ||||
Land | $ 1,833,156 | $ 1,790,281 | ||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | 124,072 | 177,632 | ||
Real estate owned | 9,190,276 | 8,383,259 | ||
Real Estate Investment Property, Accumulated Depreciation | 2,646,044 | 2,434,772 | ||
Accumulated depreciation | (2,646,874) | (2,434,772) | $ (2,208,794) | $ (1,924,682) |
Total real estate owned, net of accumulated depreciation | 6,543,402 | 5,948,487 | ||
Land | ||||
Held for sale: | ||||
Sold or held for sale | 9,963 | 0 | ||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | 78,085 | 24,584 | ||
Building and improvements | ||||
Held for sale: | ||||
Sold or held for sale | 2,642 | 0 | ||
Construction in progress | ||||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | 45,987 | 153,048 | ||
United Dominion Reality L.P. | ||||
Property, Plant and Equipment [Line Items] | ||||
Land | 833,300 | 1,008,014 | ||
Depreciable property - held and used: | ||||
Building and improvements | 2,797,605 | 3,230,756 | ||
Under development: | ||||
Real estate owned | 3,630,905 | 4,238,770 | ||
Real Estate Investment Property, Accumulated Depreciation | 1,281,258 | 1,403,303 | ||
Accumulated depreciation | (1,281,258) | (1,403,303) | $ (1,241,574) | $ (1,097,133) |
Total real estate owned, net of accumulated depreciation | $ 2,349,647 | $ 2,835,467 |
Real Estate Owned (UNITED DO121
Real Estate Owned (UNITED DOMINION REALTY, L.P.) Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | $ 173,924 |
Business Acquisition Purchase Price Allocation Buildings and Improvements | 708,455 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 25,455 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 907,834 |
United Dominion Reality L.P. | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Land | 27,749 |
Business Acquisition Purchase Price Allocation Buildings and Improvements | 111,878 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 2,373 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 142,000 |
Real Estate Owned (UNITED DO122
Real Estate Owned (UNITED DOMINION REALTY, L.P.) Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate Investment Property, at Cost | $ 9,053,599 | $ 8,205,627 | ||
Real estate held for investment, net | 6,407,555 | 5,770,855 | ||
Cash and Cash Equivalents, at Carrying Value | 6,742 | 15,224 | $ 30,249 | $ 12,115 |
Other Assets | 137,302 | 110,082 | ||
Assets | 7,663,844 | 6,828,728 | ||
Secured debt, net | 1,376,945 | 1,354,321 | ||
Taxes Payable | 18,786 | 15,978 | ||
Accounts payable, accrued expenses, and other liabilities | (81,356) | (91,282) | ||
Liabilities | 3,816,797 | 3,810,298 | ||
United Dominion Reality L.P. | ||||
Real Estate Investment Property, at Cost | 3,630,905 | 4,238,770 | ||
Cash and Cash Equivalents, at Carrying Value | 3,103 | 502 | 1,897 | $ 2,804 |
Other Assets | 24,528 | 24,029 | ||
Assets | 2,554,808 | 2,873,809 | ||
Secured debt, net | 475,964 | 927,484 | ||
Taxes Payable | 2,775 | 7,061 | ||
Accounts payable, accrued expenses, and other liabilities | (12,964) | (22,436) | ||
Liabilities | 833,478 | 1,139,758 | ||
UDR Lighthouse DownREIT L.P. [Member] | United Dominion Reality L.P. | ||||
Real Estate Investment Property, at Cost | (628,479) | 0 | 0 | |
Real Estate Owned, Accumulated Depreciation | 223,363 | 0 | 0 | |
Real estate held for investment, net | (405,116) | $ 0 | $ 0 | |
Cash and Cash Equivalents, at Carrying Value | (140) | |||
Other Assets | (1,680) | |||
Assets | (406,936) | |||
Secured debt, net | (228,390) | |||
Taxes Payable | (4,123) | |||
Accounts payable, accrued expenses, and other liabilities | (5,781) | |||
Liabilities | $ (238,294) |
Real Estate Owned (UNITED DO123
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details Textual) $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2015Communities | Dec. 31, 2015Communities | Dec. 31, 2015USD ($)Communities | Dec. 31, 2015CommunitiesApartment_Homes | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)CommunitiesApartment_Homes | Dec. 31, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2015Apartment_Homes | Dec. 31, 2015States | |
Real Estate Properties [Line Items] | ||||||||||
Number of Real Estate Properties | 133 | 133 | 133 | 133 | 2 | |||||
Number of States in which Entity Operates | 10 | |||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||
Number of apartments owned | Apartment_Homes | 40,728 | |||||||||
Number of apartment homes acquired | 358 | |||||||||
Development costs excluding direct costs and capitalized interest | $ 6,300 | $ 9,000 | $ 11,100 | |||||||
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | 16,100 | 20,200 | 29,400 | |||||||
Other Cost and Expense, Operating | 9,708 | 8,271 | $ 7,136 | |||||||
Communities Sold | 12 | 9 | ||||||||
Apartment Homes Sold | 2,500 | 2,735 | 914 | |||||||
Proceeds from Sale of Property, Plant, and Equipment | 408,700 | 328,400 | $ 81,100 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment | 138,600 | |||||||||
Payments for (Proceeds from) Investments | (387,650) | (383,886) | (250,043) | |||||||
Gain/(loss) on sales of real estate owned | $ 251,677 | 143,572 | 0 | |||||||
Deferred Gain on Sale of Property | 24,700 | $ 6,800 | ||||||||
United Dominion Reality L.P. | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of Communities Deconsolidated | 7 | |||||||||
Number of Real Estate Properties | Communities | 57 | 57 | 57 | 57 | ||||||
Number of States in which Entity Operates | States | 8 | |||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||
Number of apartments owned | Apartment_Homes | 16,974 | |||||||||
Number of communities acquired apartment homes are within | Communities | 1 | |||||||||
Number of apartment homes acquired | 421 | |||||||||
Property, Plant and Equipment, Additions | $ 142,000 | |||||||||
Development costs excluding direct costs and capitalized interest | 700 | 2,000 | 2,500 | |||||||
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | 200 | 2,900 | 5,900 | |||||||
Other Cost and Expense, Operating | 5,923 | $ 5,172 | $ 5,728 | |||||||
Communities Sold | 5 | 1 | 2 | |||||||
Apartment Homes Sold | Apartment_Homes | 1,149 | 914 | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | 250,900 | $ 48,700 | $ 81,100 | |||||||
Gain (Loss) on Disposition of Property Plant Equipment | 24,400 | |||||||||
Payments for (Proceeds from) Investments | (232,400) | (47,900) | ||||||||
Gain/(loss) on sales of real estate owned | 158,123 | 63,635 | $ 0 | |||||||
Deferred Gain on Sale of Property | $ 24,622 | 0 | ||||||||
Unconsolidated Joint Venture Four Texas [Member] | United Dominion Reality L.P. | ||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||
Communities Sold | 2 | |||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 39,200 | |||||||||
UDR Lighthouse DownREIT L.P. [Member] | United Dominion Reality L.P. | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Number of Real Estate Properties | 13 | |||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||
Deferred Gain on Sale of Property | $ 296,400 | |||||||||
UDR Lighthouse DownREIT L.P. [Member] | United Dominion Reality L.P. | ||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||
Gain/(loss) on sales of real estate owned | $ 133,500 |
Unconsolidated Entities (UNI124
Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | Dec. 31, 2015Communities | Dec. 31, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 133 | 2 | ||
Investment in unconsolidated entities | $ 938,906 | $ 718,226 | ||
United Dominion Reality L.P. | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | Communities | 57 | |||
Investment in unconsolidated entities | $ 166,186 | 0 | ||
United Dominion Reality L.P. | UDR Lighthouse DownREIT L.P. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Real Estate Properties | 13 | |||
Number of Units in Real Estate Property | 6,261 | |||
Investment in unconsolidated entities | $ 0 | |||
Equity Method Investment, Ownership Percentage | 41.60% | 0.00% |
Unconsolidated Entities (UNI125
Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Revenue | $ 219,714 | $ 193,453 | $ 142,842 |
Equity Method Investment Summarized Financial Information Property Operating Expense | (87,500) | 72,099 | 49,390 |
Equity Method Investment Summarized Financial Information Depreciation Amortization | (75,492) | 69,399 | 51,830 |
Equity Method of Investment Summarized Financial Information Operating income/(loss) | 56,722 | 51,955 | 41,622 |
Equity Method Investment Summarized Financial Information Interest expense | (64,990) | (58,591) | (45,726) |
Equity Method Investment Summarized Financial Information Other income/(expense) | 1 | ||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | 175,850 | (42,667) | (36,075) |
Income/(loss) from unconsolidated entities | 62,329 | (7,006) | (415) |
Equity Method Investment Summarized Financial Information Real Estate, Net | 3,135,757 | 2,941,803 | |
Equity Method Investment Summarized Financial Information Cash and cash equivalents | 36,480 | 32,544 | |
Equity Method Investment Summarized Financial Information Other assets | 29,891 | 17,849 | |
Equity Method Investment Summarized Financial Information Amount Due to Related Party | 7,266 | 2,997 | |
Equity Method Investment, Summarized Financial Information, Assets | 3,202,128 | 3,208,392 | |
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | 95,523 | 44,335 | |
Equity Method Investment, Summarized Financial Information, Liabilities | 1,717,252 | 1,770,657 | |
Equity Method Investment Summarized Financial Information, Equity | 1,484,876 | 1,437,735 | |
Investment in unconsolidated entities | 938,906 | 718,226 | |
UDR Lighthouse DownREIT L.P. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Net Income (Loss) | (15,804) | ||
United Dominion Reality L.P. | |||
Schedule of Equity Method Investments [Line Items] | |||
Income/(loss) from unconsolidated entities | (4,659) | 0 | $ 0 |
Investment in unconsolidated entities | 166,186 | 0 | |
United Dominion Reality L.P. | UDR Lighthouse DownREIT L.P. [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Equity Method Investment, Summarized Financial Information, Revenue | 29,933 | ||
Equity Method Investment Summarized Financial Information Property Operating Expense | (9,991) | ||
Equity Method Investment Summarized Financial Information Depreciation Amortization | (28,934) | ||
Equity Method of Investment Summarized Financial Information Operating income/(loss) | (8,992) | ||
Equity Method Investment Summarized Financial Information Interest expense | (3,632) | ||
Equity Method Investment Summarized Financial Information Other income/(expense) | (3,180) | ||
Equity Method Investment Summarized Financial Information Real Estate, Net | 1,457,244 | ||
Equity Method Investment Summarized Financial Information Cash and cash equivalents | 89 | ||
Equity Method Investment Summarized Financial Information Other assets | 37,228 | ||
Equity Method Investment Summarized Financial Information, Notes Receivable | 126,500 | ||
Equity Method Investment Summarized Financial Information Amount Due to Related Party | 35,293 | ||
Equity Method Investment, Summarized Financial Information, Assets | 1,656,354 | ||
Equity Method Investments Summarized Financial Information Secured Debt, net | 524,052 | ||
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities | 25,487 | ||
Equity Method Investment, Summarized Financial Information, Liabilities | 549,539 | ||
Equity Method Investment Summarized Financial Information, Equity | 1,106,815 | ||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity | $ 1,656,354 | ||
Investment in unconsolidated entities | $ 0 |
Unconsolidated Entities (UNI126
Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Net Income (Loss) | $ 319,385 | $ 105,875 |
United Dominion Reality L.P. | ||
Business Acquisition Pro Forma Net Income (Loss) from Equity Method Investments | (12,006) | (26,511) |
Business Acquisition, Pro Forma Net Income (Loss) | $ 205,954 | $ 69,716 |
Unconsolidated Entities (UNI127
Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income/(loss) from unconsolidated entities | $ 62,329 | $ (7,006) | $ (415) |
UDR DownREIT Unit [Member] | |||
Equity Method Investment, Ownership Percentage | 50.10% | ||
UDR DownREIT Unit [Member] | United Dominion Reality L.P. | |||
Equity Method Investment, Ownership Percentage | 41.60% | ||
UDR DownREIT Unit [Member] | UDR, Inc. | |||
Equity Method Investment, Ownership Percentage | 8.50% | ||
United Dominion Reality L.P. | |||
Income/(loss) from unconsolidated entities | $ (4,659) | $ 0 | $ 0 |
Cash Received in Equity Method Investment Exchange | $ 25,500 |
Debt (UNITED DOMINION REALTY128
Debt (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015USD ($)Communities | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.74% | |
Weighted Average Years to Maturity | 5 years 10 days | |
Deferred Finance Costs, Net | $ 0 | |
Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 952,801 | 963,713 |
Weighted Average Interest Rate | 4.93% | |
Weighted Average Years to Maturity | 3 years 8 months 19 days | |
Number of Communities Encumbered | 26 | |
Fixed Rate Debt | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.57% | |
Weighted Average Years to Maturity | 4 years 6 months 3 days | |
Number of Communities Encumbered | 8 | |
Fixed Rate Debt | Fannie Mae credit facilities | ||
Debt Instrument [Line Items] | ||
Weighted Average Years to Maturity | 3 years 20 days | |
Number of Communities Encumbered | 18 | |
Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 424,144 | 390,608 |
Weighted Average Interest Rate | 1.53% | |
Weighted Average Years to Maturity | 4 years 6 months 10 days | |
Number of Communities Encumbered | 11 | |
Variable Rate Debt | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 2.19% | |
Weighted Average Years to Maturity | 1 year 26 days | |
Number of Communities Encumbered | 1 | |
Variable Rate Debt | Tax-exempt secured notes payable | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.75% | |
Weighted Average Years to Maturity | 7 years 2 months 8 days | |
Number of Communities Encumbered | 2 | |
Variable Rate Debt | Fannie Mae credit facilities | ||
Debt Instrument [Line Items] | ||
Weighted Average Years to Maturity | 4 years 19 days | |
Number of Communities Encumbered | 8 | |
United Dominion Reality L.P. | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 475,964 | 927,484 |
Weighted Average Interest Rate | 3.76% | |
Weighted Average Years to Maturity | 4 years 6 months 14 days | |
Number of Communities Encumbered | Communities | 16 | |
Deferred Finance Costs, Net | $ (2,199) | (4,500) |
United Dominion Reality L.P. | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 279,333 | 708,534 |
Weighted Average Interest Rate | 4.90% | |
Weighted Average Years to Maturity | 3 years 3 months 9 days | |
Number of Communities Encumbered | Communities | 9 | |
United Dominion Reality L.P. | Fixed Rate Debt | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 30,132 | 378,371 |
Weighted Average Interest Rate | 3.43% | |
Weighted Average Years to Maturity | 7 months 2 days | |
Number of Communities Encumbered | Communities | 1 | |
United Dominion Reality L.P. | Fixed Rate Debt | Fannie Mae credit facilities | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.08% | |
Weighted Average Years to Maturity | 3 years 7 months 27 days | |
Number of Communities Encumbered | Communities | 8 | |
United Dominion Reality L.P. | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 196,631 | 218,950 |
Weighted Average Interest Rate | 1.74% | |
Weighted Average Years to Maturity | 6 years 3 months | |
Number of Communities Encumbered | Communities | 7 | |
United Dominion Reality L.P. | Variable Rate Debt | Tax-exempt secured notes payable | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 27,000 | 27,000 |
Weighted Average Interest Rate | 0.76% | |
Weighted Average Years to Maturity | 16 years 2 months 19 days | |
Number of Communities Encumbered | Communities | 1 | |
United Dominion Reality L.P. | Variable Rate Debt | Fannie Mae credit facilities | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.90% | |
Weighted Average Years to Maturity | 4 years 8 months 1 day | |
Number of Communities Encumbered | Communities | 6 | |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | (7,208) | |
Secured Debt [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ (4,278) | (5,583) |
Secured Debt [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | (1,271) | (1,625) |
Secured Debt [Member] | United Dominion Reality L.P. | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | (1,627) | (3,665) |
Secured Debt [Member] | United Dominion Reality L.P. | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ (572) | $ (810) |
Debt (UNITED DOMINION REALTY129
Debt (UNITED DOMINION REALTY, L.P.) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Borrowings outstanding | $ 2,300 | $ 1,900 | |
Fannie Mae | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | 813,840 | $ 834,282 | |
Weighted average daily borrowings during the period ended | 822,521 | $ 835,873 | |
Maximum daily borrowings during the period ended | $ 834,003 | $ 837,564 | |
Weighted average interest rate during the period ended | 4.02% | 4.10% | |
Interest rate at the end of the period | 3.93% | 4.00% | |
United Dominion Reality L.P. | Fannie Mae | |||
Debt Instrument [Line Items] | |||
Borrowings outstanding | $ 421,031 | $ 526,588 | |
Weighted average daily borrowings during the period ended | 425,522 | $ 527,592 | |
Maximum daily borrowings during the period ended | $ 431,462 | $ 528,659 | |
Weighted average interest rate during the period ended | 3.80% | 4.10% | |
Interest rate at the end of the period | 3.80% | 4.00% |
Debt (UNITED DOMINION REALTY130
Debt (UNITED DOMINION REALTY, L.P.) (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,013 | $ 244,111 | |
2,014 | 275,526 | |
2,015 | 511,065 | |
2,016 | 315,496 | |
2,017 | 620,664 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 350,000 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 400,000 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 96,409 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 315,644 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 427,600 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 27,000 | |
Long-term Debt, Gross | 3,583,515 | |
Debt Instrument, Unamortized Discount (Premium), Net | (12,720) | |
Total | 1,376,945 | $ 1,354,321 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,013 | 149,058 | |
2,014 | 275,526 | |
2,015 | 211,065 | |
2,016 | 315,496 | |
2,017 | 170,664 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 96,409 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 127,600 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 27,000 | |
Long-term Debt, Gross | 1,372,818 | |
Debt Instrument, Unamortized Discount (Premium), Net | 4,127 | |
Secured Debt [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
2,013 | 149,058 | |
2,014 | 179,189 | |
2,015 | 73,096 | |
2,016 | 247,796 | |
2,017 | 170,664 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 127,600 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 0 | |
Long-term Debt, Gross | 947,403 | |
Debt Instrument, Unamortized Discount (Premium), Net | 5,398 | |
Secured Debt [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
2,013 | 0 | |
2,014 | 96,337 | |
2,015 | 137,969 | |
2,016 | 67,700 | |
2,017 | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 96,409 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 0 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 27,000 | |
Long-term Debt, Gross | 425,415 | |
Debt Instrument, Unamortized Discount (Premium), Net | (1,271) | |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,013 | 95,053 | |
2,014 | 0 | |
2,015 | 300,000 | |
2,016 | 0 | |
2,017 | 450,000 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 350,000 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 400,000 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 315,644 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 300,000 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 0 | |
Long-term Debt, Gross | 2,210,697 | |
Debt Instrument, Unamortized Discount (Premium), Net | (16,847) | |
United Dominion Reality L.P. | ||
Debt Instrument [Line Items] | ||
2,013 | 30,517 | |
2,014 | 22,206 | |
2,015 | 145,199 | |
2,016 | 123,095 | |
2,017 | 62,836 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 67,310 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 0 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 27,000 | |
Long-term Debt, Gross | 478,163 | |
Debt Instrument, Unamortized Discount (Premium), Net | (2,199) | |
Total | 475,964 | $ 927,484 |
United Dominion Reality L.P. | Mortgages [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
2,013 | 30,132 | |
2,014 | 0 | |
2,015 | 0 | |
2,016 | 0 | |
2,017 | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 0 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 0 | |
Total | 30,035 | |
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
2,013 | 385 | |
2,014 | 15,640 | |
2,015 | 48,872 | |
2,016 | 123,095 | |
2,017 | 62,836 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 0 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 0 | |
Total | 249,298 | |
United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
2,013 | 0 | |
2,014 | 6,566 | |
2,015 | 96,327 | |
2,016 | 0 | |
2,017 | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 67,310 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 0 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 0 | |
Total | 169,724 | |
United Dominion Reality L.P. | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 27,000 | |
Debt Instrument, Unamortized Discount (Premium), Net | (93) | |
United Dominion Reality L.P. | Secured Debt [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 30,132 | |
Debt Instrument, Unamortized Discount (Premium), Net | (97) | |
United Dominion Reality L.P. | Secured Debt [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 250,828 | |
Debt Instrument, Unamortized Discount (Premium), Net | (1,530) | |
United Dominion Reality L.P. | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | 170,203 | |
Debt Instrument, Unamortized Discount (Premium), Net | (479) | |
United Dominion Reality L.P. | Tax-exempt secured notes payable | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
2,013 | 0 | |
2,014 | 0 | |
2,015 | 0 | |
2,016 | 0 | |
2,017 | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Six | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Seven | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Eight | 0 | |
Long-Term Debt, Maturities, Repayment of Principal in Year Nine | 0 | |
Long-Term Debt, Maturities, Repayments of Principal in Year Ten | 0 | |
Long-Term Debt, Maturities, Repayments of Principal after Year Ten | 27,000 | |
Total | $ 26,907 |
Debt (UNITED DOMINION REALTY131
Debt (UNITED DOMINION REALTY, L.P.) (Details Textual) - USD ($) | Jun. 27, 2014 | Sep. 26, 2013 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||||||
Amortization of Financing Costs | $ 7,000,000 | $ 7,200,000 | ||||
Borrowings outstanding | $ 2,300,000 | 1,900,000 | ||||
Debt Instrument, Interest Rate During Period | 3.74% | |||||
UDR Bank Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Total revolving credit facility | $ 2,000,000,000 | 900,000,000 | ||||
Fixed Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 952,801,000 | 963,713,000 | ||||
Debt Instrument, Interest Rate During Period | 4.93% | |||||
Variable Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 424,144,000 | 390,608,000 | ||||
Debt Instrument, Interest Rate During Period | 1.53% | |||||
Fannie Mae | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings outstanding | $ 813,840,000 | 834,282,000 | ||||
Fannie Mae credit facilities | Fixed Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt, Weighted Average Interest Rate | 5.23% | |||||
Debt Instrument, Maturity Date Range, Start | May 1, 2017 | |||||
Debt Instrument, Maturity Date Range, End | Jul. 1, 2023 | |||||
Fannie Mae credit facilities | Variable Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate at Period End | 1.71% | |||||
Mortgages [Member] | Fixed Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 4.57% | |||||
Debt Instrument, Maturity Date Range, Start | Jun. 1, 2016 | |||||
Debt Instrument, Maturity Date Range, End | Nov. 1, 2025 | |||||
Notes payable minimum interest rates range | 3.43% | |||||
Notes payable maximum interest rates range | 6.16% | |||||
Mortgages [Member] | Variable Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 2.19% | |||||
Tax-exempt secured notes payable | Variable Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 0.75% | |||||
Unsecured Revolving Credit Facility due October 2015 | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings outstanding | $ 150,000,000 | 152,500,000 | ||||
Debt Instrument, Interest Rate During Period | 1.19% | |||||
Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 5.25% | |||||
4.25% Medium-Term Notes due June 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 4.25% | |||||
Three point seven percent medium term note due October 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 3.70% | |||||
ThreePointSevenTermNotesDueOctober2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity Date | Oct. 1, 2020 | |||||
1.44% Term notes due January 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 1.44% | |||||
Debt Instrument, Maturity Date | Jan. 29, 2021 | |||||
4.63% Medium-Term Notes due January 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 4.63% | |||||
3.75 MTN Due July 2024 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 3.75% | |||||
Debt Instrument, Maturity Date | Jul. 31, 2024 | |||||
4.00% MTN Due October 2025 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 4.00% | |||||
Debt Instrument, Maturity Date | Oct. 1, 2025 | |||||
United Dominion Reality L.P. | ||||||
Debt Instrument [Line Items] | ||||||
Amortization of Financing Costs | $ 1,300,000 | 1,400,000 | ||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 475,964,000 | 927,484,000 | ||||
Debt Instrument, Interest Rate During Period | 3.76% | |||||
Reallocation of Credit Facilities Debt from General Partner | $ 17,557,000 | 0 | $ 13,682,000 | |||
Unamortized fair market adjustment | 0 | 6,200,000 | ||||
United Dominion Reality L.P. | Fixed Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 279,333,000 | 708,534,000 | ||||
Debt Instrument, Interest Rate During Period | 4.90% | |||||
United Dominion Reality L.P. | Variable Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 196,631,000 | 218,950,000 | ||||
Debt Instrument, Interest Rate During Period | 1.74% | |||||
United Dominion Reality L.P. | Fannie Mae | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings outstanding | $ 421,031,000 | 526,588,000 | ||||
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 5.08% | |||||
United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate During Period | 1.90% | |||||
United Dominion Reality L.P. | Mortgages [Member] | Fixed Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 30,132,000 | 378,371,000 | ||||
Debt Instrument, Interest Rate During Period | 3.43% | |||||
Notes payable minimum interest rates range | 3.43% | |||||
United Dominion Reality L.P. | Tax-exempt secured notes payable | Variable Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 27,000,000 | 27,000,000 | ||||
Debt Instrument, Interest Rate During Period | 0.76% | |||||
Debt Instrument, Maturity Date Range, End | Mar. 1, 2032 | |||||
United Dominion Reality L.P. | 2.90% Term Notes due January 2016 | Financial Guarantee | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor borrowing capacity | $ 250,000,000 | |||||
United Dominion Reality L.P. | 1.68% Term Notes due December 2016 | Financial Guarantee | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor borrowing capacity | $ 100,000,000 | |||||
United Dominion Reality L.P. | 4.25% Medium-Term Notes due June 2018 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity Date Range, End | Jun. 1, 2018 | |||||
United Dominion Reality L.P. | 4.25% Medium-Term Notes due June 2018 | Financial Guarantee | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor borrowing capacity | $ 300,000,000 | |||||
United Dominion Reality L.P. | Three point seven percent medium term note due October 2020 [Member] | Financial Guarantee | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor borrowing capacity | 300,000,000 | |||||
United Dominion Reality L.P. | 1.44% Term notes due January 2021 [Member] | Financial Guarantee | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor borrowing capacity | $ 350,000,000 | |||||
United Dominion Reality L.P. | 4.63% Medium-Term Notes due January 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Maturity Date Range, End | Jan. 1, 2022 | |||||
United Dominion Reality L.P. | 4.63% Medium-Term Notes due January 2022 | Financial Guarantee | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor borrowing capacity | $ 400,000,000 | |||||
United Dominion Reality L.P. | 3.75 MTN Due July 2024 [Member] | Financial Guarantee | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor borrowing capacity | 300,000,000 | |||||
United Dominion Reality L.P. | 4.00% MTN Due October 2025 [Member] | Financial Guarantee | ||||||
Debt Instrument [Line Items] | ||||||
Guarantor borrowing capacity | $ 300,000,000 | |||||
Beginning of range of initial term of debt [Member] | Fannie Mae credit facilities | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Term | 7 years | |||||
End of range of inital term of debt [Member] | Fannie Mae credit facilities | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Term | 10 years | |||||
Fannie Mae credit facilities | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae credit facilities | Fixed Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 514,462,000 | 568,086,000 | ||||
Fannie Mae credit facilities | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Fannie Mae credit facilities | Variable Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | 299,378,000 | 266,196,000 | ||||
Fannie Mae credit facilities | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | 250,828,000 | 333,828,000 | ||||
Fannie Mae credit facilities | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | 170,203,000 | 192,760,000 | ||||
Mortgages [Member] | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Fixed Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | 442,617,000 | 401,210,000 | ||||
Mortgages [Member] | Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Variable Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 31,337,000 | $ 31,337,000 |
Related Party Transactions (132
Related Party Transactions (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | |
Related Party Transaction [Line Items] | |||||
Related party management fees | $ 17,700 | $ 12,700 | $ 12,300 | ||
United Dominion Reality L.P. | |||||
Related Party Transaction [Line Items] | |||||
Net receivable balances from General Partner | $ 11,270 | (13,624) | |||
Related party management fee percentage | 2.75% | ||||
Notes payable due to General Partner | $ 273,334 | 88,696 | |||
United Dominion Reality L.P. | Taxable REIT Subsidiaries | |||||
Related Party Transaction [Line Items] | |||||
Related party management fee percentage | 2.75% | ||||
United Dominion Reality L.P. | UDR, Inc. | |||||
Related Party Transaction [Line Items] | |||||
General and administrative expenses allocated to the Operating Partnership by UDR | $ 21,000 | $ 27,400 | $ 23,500 | ||
United Dominion Reality L.P. | UDR, Inc. | Bottom Dollar guaranty | |||||
Related Party Transaction [Line Items] | |||||
Related party guaranty note payable interest rate | 5.18% | 5.18% | |||
Notes payable due to General Partner | 83,200 | $ 83,300 | |||
United Dominion Reality L.P. | UDR, Inc. | Guaranty related to community acquisition | |||||
Related Party Transaction [Line Items] | |||||
Notes payable due to General Partner | 5,500 | $ 5,500 | |||
Number of OP Units issued as consideration for acquisition guaranteed by related party note payable (in shares) | 1,802,239 | ||||
United Dominion Reality L.P. | UDR, Inc. | Note for 184.6 million [Member] | |||||
Related Party Transaction [Line Items] | |||||
Notes payable due to General Partner | $ 184,600 | ||||
Note for 83.2 million [Member] | United Dominion Reality L.P. | UDR, Inc. | Guaranty related to community acquisition | |||||
Related Party Transaction [Line Items] | |||||
Related party guaranty note payable interest rate | 5.18% | ||||
Note for 5 million [Member] | United Dominion Reality L.P. | UDR, Inc. | Guaranty related to community acquisition | |||||
Related Party Transaction [Line Items] | |||||
Related party guaranty note payable interest rate | 5.34% | ||||
Note for 184.6 million [Member] | United Dominion Reality L.P. | UDR, Inc. | Guaranty related to community acquisition | |||||
Related Party Transaction [Line Items] | |||||
Related party guaranty note payable interest rate | 4.12% |
Fair Value of Derivatives an133
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Carrying Amount | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | $ 16,707 | $ 14,457 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,590,829 | 3,593,473 |
Fair Value | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 16,951 | 14,896 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,673,283 | 3,721,512 |
Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 13 | 88 |
Derivatives - Interest rate contracts | 2,112 | 10,368 |
Fair Value | Mortgages [Member] | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 448,019 | 415,663 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 31,337 | 31,337 |
Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 94,700 | 94,700 |
Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 539,050 | 606,623 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 299,378 | 266,196 |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 0 | 0 |
Secured debt instruments - variable rate | ||
Total liabilities | 0 | 0 |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Derivatives - Interest rate contracts | 0 | 0 |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Mortgages [Member] | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Fair Value | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 13 | 88 |
Secured debt instruments - variable rate | ||
Total liabilities | 2,112 | 10,368 |
Fair Value | Significant Other Observable Inputs (Level 2) | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 13 | 88 |
Derivatives - Interest rate contracts | 2,112 | 10,368 |
Fair Value | Significant Other Observable Inputs (Level 2) | Mortgages [Member] | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Fair Value | Significant Other Observable Inputs (Level 2) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Fair Value | Significant Other Observable Inputs (Level 2) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
Fair Value | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 16,938 | 14,808 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,671,171 | 3,711,144 |
Fair Value | Significant Unobservable Inputs (Level 3) | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Derivatives - Interest rate contracts | 0 | 0 |
Fair Value | Significant Unobservable Inputs (Level 3) | Mortgages [Member] | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 448,019 | 415,663 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 31,337 | 31,337 |
Fair Value | Significant Unobservable Inputs (Level 3) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 94,700 | 94,700 |
Fair Value | Significant Unobservable Inputs (Level 3) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 539,050 | 606,623 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 299,378 | 266,196 |
United Dominion Reality L.P. | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 8 | 39 |
Derivatives - Interest rate contracts | 0 | 918 |
United Dominion Reality L.P. | Carrying Amount | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 8 | 39 |
Secured debt instruments - variable rate | ||
Total liabilities | 478,163 | 932,877 |
United Dominion Reality L.P. | Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 8 | 39 |
Derivatives - Interest rate contracts | 918 | |
United Dominion Reality L.P. | Carrying Amount | Mortgages [Member] | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 30,132 | 378,371 |
United Dominion Reality L.P. | Carrying Amount | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 27,000 | 27,000 |
United Dominion Reality L.P. | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 250,828 | 333,828 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 170,203 | 192,760 |
United Dominion Reality L.P. | Fair Value | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 8 | 39 |
Secured debt instruments - variable rate | ||
Total liabilities | 490,581 | 967,983 |
United Dominion Reality L.P. | Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 8 | 39 |
Derivatives - Interest rate contracts | 918 | |
United Dominion Reality L.P. | Fair Value | Mortgages [Member] | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 30,308 | 391,835 |
United Dominion Reality L.P. | Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 27,000 | 27,000 |
United Dominion Reality L.P. | Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 263,070 | 355,470 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 170,203 | 192,760 |
United Dominion Reality L.P. | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 0 | 0 |
Secured debt instruments - variable rate | ||
Total liabilities | 0 | 0 |
United Dominion Reality L.P. | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Derivatives - Interest rate contracts | 0 | |
United Dominion Reality L.P. | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Mortgages [Member] | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
United Dominion Reality L.P. | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
United Dominion Reality L.P. | Fair Value | Quoted Prices in Active Markets for Identical Assets or Liabilities (Level 1) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
United Dominion Reality L.P. | Fair Value | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 8 | 39 |
Secured debt instruments - variable rate | ||
Total liabilities | 0 | 918 |
United Dominion Reality L.P. | Fair Value | Significant Other Observable Inputs (Level 2) | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 8 | 39 |
Derivatives - Interest rate contracts | 918 | |
United Dominion Reality L.P. | Fair Value | Significant Other Observable Inputs (Level 2) | Mortgages [Member] | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
United Dominion Reality L.P. | Fair Value | Significant Other Observable Inputs (Level 2) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
United Dominion Reality L.P. | Fair Value | Significant Other Observable Inputs (Level 2) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 0 | 0 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 0 | 0 |
United Dominion Reality L.P. | Fair Value | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 0 | 0 |
Secured debt instruments - variable rate | ||
Total liabilities | 490,581 | 967,065 |
United Dominion Reality L.P. | Fair Value | Significant Unobservable Inputs (Level 3) | Interest rate contracts | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | 0 |
Derivatives - Interest rate contracts | 0 | |
United Dominion Reality L.P. | Fair Value | Significant Unobservable Inputs (Level 3) | Mortgages [Member] | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 30,308 | 391,835 |
United Dominion Reality L.P. | Fair Value | Significant Unobservable Inputs (Level 3) | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 27,000 | 27,000 |
United Dominion Reality L.P. | Fair Value | Significant Unobservable Inputs (Level 3) | Fannie Mae credit facilities | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 263,070 | 355,470 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | $ 170,203 | $ 192,760 |
Derivatives and Hedging Acti134
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | Dec. 31, 2015USD ($)instruments |
Designated as Hedging Instrument | Interest rate swaps | |
Derivative [Line Items] | |
Number of Instruments | 5 |
Derivative, Notional Amount | $ 315,000 |
Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | 2 |
Derivative, Notional Amount | $ 203,166 |
Not Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | instruments | 3 |
Derivative, Notional Amount | $ 133,107 |
United Dominion Reality L.P. | Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | 1 |
Derivative, Notional Amount | $ 96,327 |
United Dominion Reality L.P. | Not Designated as Hedging Instrument | Interest rate caps | |
Derivative [Line Items] | |
Number of Instruments | instruments | 3 |
Derivative, Notional Amount | $ 98,932 |
Derivatives and Hedging Acti135
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Interest rate products | Other Assets [Member] | Designated as Hedging Instrument | ||
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 | Other Assets [Member] | Not Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 4 | 2 |
Interest rate products | Other liabilities | Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 2,112 | 10,368 |
Interest rate products | Other liabilities | Not Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liability Not Designated as Hedging Instrument, Fair Value | 0 | 0 |
United Dominion Reality L.P. | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 8 | 39 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 918 |
United Dominion Reality L.P. | Interest rate products | Other Assets [Member] | Designated as Hedging Instrument | ||
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. | Interest rate products | Other Assets [Member] | Not Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Asset Not Designated as Hedging Instrument, Fair Value | 4 | 2 |
United Dominion Reality L.P. | Interest rate products | Other liabilities | Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 918 |
United Dominion Reality L.P. | Interest rate products | Other liabilities | Not Designated as Hedging Instrument | ||
Derivative Assets (Liabilities), at Fair Value, Net, by Balance Sheet Classification [Abstract] | ||
Derivative Liability Not Designated as Hedging Instrument, Fair Value | $ 0 | $ 0 |
Derivatives and Hedging Acti136
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | $ (23) | $ (4) | $ 271 |
Interest rate products | Interest expense | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | (2,251) | (4,834) | (6,851) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | (11) | 3 | 0 |
United Dominion Reality L.P. | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | 1,044 | 2,275 | 2,652 |
United Dominion Reality L.P. | Interest rate products | Other Income Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | (23) | (3) | (9) |
United Dominion Reality L.P. | Interest rate products | Interest expense | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | (348) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | (1,044) | (2,275) | (3,431) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ (11) | $ 0 | $ 0 |
Derivatives and Hedging Acti137
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | $ (6,393) | $ (8,695) | $ (469) |
Derivative, Collateral, Obligation to Return Securities | 0 | 27 | |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 13 | 61 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 | |
Derivative Asset | 13 | 88 | |
United Dominion Reality L P [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | (82) | (285) | (348) |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 | |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 8 | 39 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 8 | 39 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 | |
Derivative Asset | $ 8 | $ 39 | |
Interest rate contracts | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | $ (469) |
Derivatives and Hedging Acti138
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 4) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative [Line Items] | ||
Derivative Liability | $ 2,112 | $ 10,368 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 27 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 2,112 | 10,341 |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
United Dominion Reality L.P. | ||
Derivative [Line Items] | ||
Derivative Liability | 0 | 918 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 918 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 918 |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | $ 0 | $ 0 |
Derivatives and Hedging Acti139
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Entity Information [Line Items] | |||
Derivative, Collateral, Obligation to Return Cash | $ 0 | $ 0 | |
Losses in the fair value of derivatives not designated in hedging relationships | 23,000 | 4,000 | $ (271,000) |
Payment required to pay for contract termination | 2,200,000 | ||
United Dominion Reality L.P. | |||
Entity Information [Line Items] | |||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Fair value of derivatives in a net liability position | 0 | ||
Interest rate contracts | Other Income Expense [Member] | United Dominion Reality L.P. | |||
Entity Information [Line Items] | |||
Losses in the fair value of derivatives not designated in hedging relationships | 23,000 | 3,000 | 9,000 |
Cash Flow Hedging | Interest rate contracts | Interest expense | |||
Entity Information [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net, Total | (11,000) | 3,000 | 0 |
Cash Flow Hedging | Interest rate contracts | Interest expense | United Dominion Reality L.P. | |||
Entity Information [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net, Total | $ (11,000) | $ 0 | $ 0 |
Capital Structure (UNITED DO140
Capital Structure (UNITED DOMINION REALTY, L.P.) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Limited Partners' Capital Account [Line Items] | |||
Balance | 183,278,698 | 183,278,698 | 184,281,254 |
Partners' Capital Account, Units, Redeemed | 0 | 0 | 0 |
OP Units issued for acquisitions of real estate | (1,002,556) | ||
Balance | 183,278,698 | 183,278,698 | 183,278,698 |
UDR, Inc. | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 174,002,342 | ||
Balance | 174,114,516 | 174,002,342 | |
Class A Limited Partner | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 1,751,671 | ||
Limited Partner | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 7,413,802 | 7,567,253 | 7,643,548 |
Partners' Capital Account, Units, Redeemed | (112,174) | (153,451) | (76,295) |
OP Units issued for acquisitions of real estate | 0 | ||
Balance | 7,301,628 | 7,413,802 | 7,567,253 |
Limited Partner | UDR, Inc. | |||
Limited Partners' Capital Account [Line Items] | |||
Limited Partners' Capital Account, Units Redeemed | 1,002,556 | ||
Balance | 174,002,342 | 173,848,891 | 174,775,152 |
Partners' Capital Account, Units, Redeemed | (112,174) | (153,451) | (76,295) |
OP Units issued for acquisitions of real estate | (1,002,556) | ||
Balance | 174,114,516 | 174,002,342 | 173,848,891 |
Limited Partner | Class A Limited Partner | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 1,751,671 | 1,751,671 | 1,751,671 |
Partners' Capital Account, Units, Redeemed | 0 | 0 | 0 |
OP Units issued for acquisitions of real estate | 0 | ||
Balance | 1,751,671 | 1,751,671 | 1,751,671 |
General Partner | UDR, Inc. | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 110,883 | 110,883 | 110,883 |
Partners' Capital Account, Units, Redeemed | 0 | 0 | 0 |
OP Units issued for acquisitions of real estate | 0 | ||
Balance | 110,883 | 110,883 | 110,883 |
Capital Structure (UNITED DO141
Capital Structure (UNITED DOMINION REALTY, L.P.) (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 183,278,698 | 183,278,698 | 183,278,698 | 184,281,254 |
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | $ 946,436 | $ 282,480 | $ 217,597 | |
United Dominion Reality L.P. | ||||
Limited Partners' Capital Account [Line Items] | ||||
General Partners' Capital Account, Units Outstanding | 110,883 | 110,883 | ||
Limited partnership units owned | 183,167,815 | 183,167,815 | ||
Required period to be outstanding before unit is redeemable | 1 year | |||
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | $ 340,100 | |||
UDR, Inc. | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 174,114,516 | 174,002,342 | ||
Percentage of units | 95.10% | 95.00% | ||
Non-affiliated Partners | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 9,053,299 | 9,165,473 | ||
Percentage of units | 4.90% | 5.00% | ||
Class A Limited Partner | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 1,751,671 | |||
Cumulative, annual, non-compounded preferred return on Class A Partnership units | 8.00% | |||
Value of Class A Partnership units (in dollars per share) | $ 16.61 | |||
Class A Limited Partner | United Dominion Reality L.P. | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 1,873,332 | 1,751,671 | ||
Limited Partner [Member] | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 7,301,628 | 7,413,802 | 7,567,253 | 7,643,548 |
Limited Partner [Member] | UDR, Inc. | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited Partners' Capital Account, Units Redeemed | 1,002,556 | |||
Limited partnership units owned | 174,114,516 | 174,002,342 | 173,848,891 | 174,775,152 |
Limited Partner [Member] | Class A Limited Partner | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 1,751,671 | 1,751,671 | 1,751,671 | 1,751,671 |
Partnership Capital [Member] | United Dominion Reality L.P. | ||||
Limited Partners' Capital Account [Line Items] | ||||
OP Units issued for real estate | $ 23,300 |
Income_(Loss) Per Share (UNI142
Income/(Loss) Per Share (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2015 | [1] | Sep. 30, 2015 | [1] | Jun. 30, 2015 | [1] | Mar. 31, 2015 | [1] | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | $ 48 | ||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 340,383 | $ 154,324 | 2,448 | ||||||||||||
Income/(loss) from discontinued operations | $ 0 | $ 79 | $ 18 | $ (87) | 0 | 10 | 43,942 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 357,159 | 159,842 | 46,282 | ||||||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 16,468 | 5,375 | 1,720 | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | (1,578) | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 10 | 42,364 | ||||||||||||
United Dominion Reality L.P. | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 213,301 | 96,227 | 28,652 | ||||||||||||
Income/(loss) from discontinued operations | 0 | 0 | 45,176 | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 215,063 | 97,179 | 77,942 | ||||||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | $ 1,762 | $ 952 | $ 4,566 | ||||||||||||
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 183,279 | 183,279 | 184,196 | ||||||||||||
Income (Loss) from Continuing Operations, Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $ 1.16 | $ 0.53 | $ 0.16 | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted | 0 | 0 | 0.24 | ||||||||||||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $ 0.62 | $ 0.08 | $ 0.26 | $ 0.20 | $ 0.18 | $ 0.05 | $ 0.13 | $ 0.17 | $ 1.16 | $ 0.53 | $ 0.40 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | $ 0 | $ 0 | $ (452) | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 0 | 44,724 | ||||||||||||
Noncontrolling Interest | United Dominion Reality L.P. | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | $ (4,114) | ||||||||||||||
[1] | Quarterly income/(loss) per OP Unit amounts may not total to the annual amounts |
Commitments and Contingencie143
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015USD ($)Communities | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015 | Dec. 31, 2015USD ($) | ||
Real Estate Properties [Line Items] | ||||||
Number of Real Estate Properties | 133 | 2 | ||||
Costs Incurred to Date | $ 859,798 | |||||
Expected Costs to Complete | [1] | 319,316 | ||||
United Dominion Reality L.P. | ||||||
Real Estate Properties [Line Items] | ||||||
Development costs and capital expenditures Incurred but not yet paid | $ 3,118 | $ 7,254 | $ 6,371 | |||
Number of Real Estate Properties | Communities | 57 | |||||
Ground Leases [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Real Estate Properties | Communities | 6 | |||||
2,015 | 5,444 | |||||
2,016 | 5,444 | |||||
2,017 | 4,486 | |||||
2,018 | 5,444 | |||||
2,019 | 5,444 | |||||
Thereafter | 311,858 | |||||
Rent expense | $ 5,500 | 5,400 | 5,200 | |||
Ground Leases [Member] | United Dominion Reality L.P. | ||||||
Real Estate Properties [Line Items] | ||||||
Number of Real Estate Properties | Communities | 5 | |||||
2,015 | 5,400 | |||||
2,016 | 5,400 | |||||
2,017 | 4,500 | |||||
2,018 | 5,400 | |||||
2,019 | 5,400 | |||||
Thereafter | 311,900 | |||||
Rent expense | $ 5,400 | $ 5,300 | $ 5,100 | |||
Wholly-owned — redevelopment | ||||||
Real Estate Properties [Line Items] | ||||||
Development costs and capital expenditures Incurred but not yet paid | 1,200 | |||||
Number of Real Estate Properties | 3 | |||||
Costs Incurred to Date | 11,302 | |||||
Purchase Commitment, Remaining Minimum Amount Committed | 16,698 | |||||
Wholly-owned — redevelopment | United Dominion Reality L.P. | ||||||
Real Estate Properties [Line Items] | ||||||
Development costs and capital expenditures Incurred but not yet paid | $ 700 | |||||
Number of Real Estate Properties | 2 | |||||
Costs Incurred to Date | 10,093 | |||||
Purchase Commitment, Remaining Minimum Amount Committed | $ 13,907 | |||||
[1] | Represents 100% of project costs incurred to date. |
Reportable Segments (UNITED 144
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Segments | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | |
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 | |||||||||
Reportable apartment home segment rental income | $ 894,638 | $ 818,046 | $ 758,926 | |||||||||
Reportable apartment home segment NOI | 613,869 | 556,321 | 514,041 | |||||||||
Reconciling items: | ||||||||||||
Property management | (23,978) | (22,142) | (20,780) | |||||||||
Other operating expenses | (9,708) | (8,271) | (7,136) | |||||||||
Segment Reporting Reconciling Items Cost of Services Depreciation and Amortization | 374,598 | 358,154 | 341,490 | |||||||||
Gain/(loss) on sales of real estate owned, net of tax | 251,677 | 143,572 | 0 | |||||||||
General and administrative | (59,690) | (47,800) | (42,238) | |||||||||
Casualty-related (recoveries)/charges, net | (2,335) | (541) | 12,253 | |||||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | (3) | 3 | 60 | |||||||||
Net income/(loss) attributable to Entity | 340,383 | 154,334 | 44,812 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | $ 9,190,276 | $ 8,383,259 | 9,190,276 | 8,383,259 | ||||||||
Real Estate Investment Property, Accumulated Depreciation | 2,646,044 | 2,434,772 | 2,646,044 | 2,434,772 | ||||||||
Accumulated depreciation | (2,646,874) | (2,434,772) | (2,646,874) | (2,434,772) | ||||||||
Total real estate owned, net of accumulated depreciation | 6,543,402 | 5,948,487 | 6,543,402 | 5,948,487 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 6,742 | 15,224 | 6,742 | 15,224 | 30,249 | $ 12,115 | ||||||
Deferred financing costs, net | 0 | 0 | ||||||||||
Other assets | 137,302 | 110,082 | 137,302 | 110,082 | ||||||||
Total assets | 7,663,844 | 6,828,728 | 7,663,844 | 6,828,728 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 203,183 | 326,461 | 452,057 | |||||||||
Income/(loss) from unconsolidated entities | 62,329 | (7,006) | (415) | |||||||||
Interest Expense | (121,875) | (130,454) | (126,083) | |||||||||
Investment in and advances to unconsolidated joint ventures, net | 938,906 | 718,226 | 938,906 | 718,226 | ||||||||
Same Communities | ||||||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 72,300 | 52,500 | 43,000 | |||||||||
Same Communities Western Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 255,346 | 236,175 | 214,324 | |||||||||
Reportable apartment home segment NOI | 190,682 | 171,973 | 152,108 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 2,371,615 | 2,336,271 | 2,371,615 | 2,336,271 | ||||||||
Same Communities Mid-Atlantic Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 157,158 | 154,491 | 150,489 | |||||||||
Reportable apartment home segment NOI | 108,324 | 107,592 | 105,300 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,423,888 | 1,440,561 | 1,423,888 | 1,440,561 | ||||||||
Same Communities Northeast Region [Member] | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 86,048 | 81,500 | 77,299 | |||||||||
Reportable apartment home segment NOI | 64,539 | 61,315 | 57,350 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,109,354 | 1,076,656 | 1,109,354 | 1,076,656 | ||||||||
Same Communities Southeastern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 103,920 | 98,061 | 93,479 | |||||||||
Reportable apartment home segment NOI | 69,820 | 65,053 | 61,087 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 730,060 | 727,933 | 730,060 | 727,933 | ||||||||
Same Communities Southwestern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 57,670 | 54,810 | 52,302 | |||||||||
Reportable apartment home segment NOI | 35,767 | 33,725 | 31,925 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 450,305 | 440,587 | 450,305 | 440,587 | ||||||||
Non-Mature communities/Other | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 211,786 | 180,112 | 167,743 | |||||||||
Reportable apartment home segment NOI | 144,737 | 116,663 | 106,271 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 3,105,054 | 2,361,251 | 3,105,054 | 2,361,251 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | $ 12,900 | 10,900 | $ 12,800 | |||||||||
United Dominion Reality L.P. | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Related party 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 | ||||||||||
Reportable apartment home segment rental income | $ 440,408 | 422,634 | $ 410,842 | |||||||||
Reportable apartment home segment NOI | 317,597 | 300,313 | 287,535 | |||||||||
Reconciling items: | ||||||||||||
Property management | (12,111) | (11,622) | (11,298) | |||||||||
Other operating expenses | (5,923) | (5,172) | (5,728) | |||||||||
Segment Reporting Reconciling Items Cost of Services Depreciation and Amortization | 169,784 | 179,176 | 181,302 | |||||||||
Gain/(loss) on sales of real estate owned, net of tax | 158,123 | 63,635 | 0 | |||||||||
General and administrative | (27,016) | (28,541) | (24,808) | |||||||||
Casualty-related (recoveries)/charges, net | (843) | (541) | 8,083 | |||||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | (1,762) | (952) | (4,566) | |||||||||
Net income/(loss) attributable to Entity | 114,955 | $ 14,617 | $ 47,383 | $ 36,346 | 32,631 | $ 8,637 | $ 24,426 | $ 30,533 | 213,301 | 96,227 | 73,376 | |
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 3,630,905 | 4,238,770 | 3,630,905 | 4,238,770 | ||||||||
Real Estate Investment Property, Accumulated Depreciation | 1,281,258 | 1,403,303 | 1,281,258 | 1,403,303 | ||||||||
Total real estate owned, net of accumulated depreciation | 2,349,647 | 2,835,467 | 2,349,647 | 2,835,467 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 3,103 | 502 | 3,103 | 502 | 1,897 | $ 2,804 | ||||||
Deferred financing costs, net | (2,199) | (4,500) | (2,199) | (4,500) | ||||||||
Other assets | 24,528 | 24,029 | 24,528 | 24,029 | ||||||||
Total assets | 2,554,808 | 2,873,809 | 2,554,808 | 2,873,809 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 61,196 | 91,682 | 151,002 | |||||||||
Income/(loss) from unconsolidated entities | (4,659) | 0 | 0 | |||||||||
Interest Expense | (40,321) | (41,717) | (36,058) | |||||||||
Net (loss)/gain on sale of depreciable property | 158,123 | 63,635 | 41,518 | |||||||||
Restricted cash | 11,344 | 13,811 | 11,344 | 13,811 | ||||||||
Investment in and advances to unconsolidated joint ventures, net | 166,186 | 0 | 166,186 | 0 | ||||||||
United Dominion Reality L.P. | Same-Store [Member] | ||||||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 40,000 | 30,600 | ||||||||||
United Dominion Reality L.P. | Same Communities Western Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 174,414 | 160,185 | 150,137 | |||||||||
Reportable apartment home segment NOI | 130,509 | 117,130 | 107,866 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,461,078 | 1,433,827 | 1,461,078 | 1,433,827 | ||||||||
United Dominion Reality L.P. | Same Communities Mid-Atlantic Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 60,602 | 65,565 | 64,923 | |||||||||
Reportable apartment home segment NOI | 40,301 | 44,366 | 44,442 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 410,710 | 686,708 | 410,710 | 686,708 | ||||||||
United Dominion Reality L.P. | Same Communities Northeast Region [Member] | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 59,444 | 58,788 | 55,850 | |||||||||
Reportable apartment home segment NOI | 45,917 | 45,347 | 42,146 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 669,082 | 777,375 | 669,082 | 777,375 | ||||||||
United Dominion Reality L.P. | Same Communities Southeastern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 44,981 | 42,568 | 40,730 | |||||||||
Reportable apartment home segment NOI | 30,106 | 28,111 | 26,590 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 321,787 | 316,788 | 321,787 | 316,788 | ||||||||
United Dominion Reality L.P. | Same Communities Southwestern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 20,963 | 26,580 | 25,614 | |||||||||
Reportable apartment home segment NOI | 13,176 | 16,821 | 16,057 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 0 | 228,997 | 0 | 228,997 | ||||||||
United Dominion Reality L.P. | Non-Mature communities/Other | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 80,004 | 68,948 | 73,588 | |||||||||
Reportable apartment home segment NOI | 57,588 | 48,538 | $ 50,434 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | $ 768,248 | $ 795,075 | 768,248 | 795,075 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | $ 5,000 | $ 3,200 | ||||||||||
United Dominion Reality L.P. | Minimum | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Percent occupancy to be considered a community | 90.00% | |||||||||||
Community Threshold, Period Above Occupancy Threshold | 3 months |
Hurricane Related Charges (U145
Hurricane Related Charges (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Hurricane Related Charges [Line Items] | |||
Casualty-related (recoveries)/charges, net | $ (2,335) | $ (541) | $ 12,253 |
United Dominion Reality L.P. | |||
Hurricane Related Charges [Line Items] | |||
Casualty-related (recoveries)/charges, net | $ (843) | $ (541) | $ 8,083 |
Unaudited Summarized Consoli146
Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Rental income | [1] | $ 234,352 | $ 217,765 | $ 212,764 | $ 207,047 | $ 206,104 | $ 203,587 | $ 200,959 | $ 194,352 | |||||||
Income/(loss) from continuing operations | 4,528 | 13,695 | 10,842 | 76,417 | 6,485 | 10,611 | 4,359 | (5,195) | $ 105,482 | $ 16,260 | $ 2,340 | |||||
Income/(loss) from discontinued operations | 0 | 79 | 18 | (87) | 0 | 10 | 43,942 | |||||||||
Net income/(loss) attributable to Entity | 340,383 | 154,334 | 44,812 | |||||||||||||
Net (loss)/income attributable to stakeholders | 161,270 | 12,361 | 85,924 | 72,891 | $ 64,486 | $ 39,618 | $ 29,076 | $ 17,430 | 336,661 | 150,610 | 41,088 | |||||
Earnings per weighted average common share - basic and diluted: | ||||||||||||||||
Net (loss)/income attributable to common stockholders — basic and diluted (in dollars per share) | [2] | $ 0.25 | $ 0.16 | $ 0.12 | $ 0.07 | |||||||||||
United Dominion Reality L.P. | ||||||||||||||||
Quarterly Financial Data [Abstract] | ||||||||||||||||
Rental income | 101,982 | 115,173 | 113,158 | 110,095 | $ 107,978 | $ 107,444 | $ 104,842 | $ 102,370 | 440,408 | 422,634 | 401,853 | |||||
Income/(loss) from continuing operations | 14,516 | 14,952 | 15,355 | 12,117 | 9,939 | 8,875 | 8,319 | 6,411 | 56,940 | 33,544 | 32,766 | |||||
Income/(loss) from discontinued operations | 0 | 0 | 45,176 | |||||||||||||
Net income/(loss) attributable to Entity | $ 114,955 | $ 14,617 | $ 47,383 | $ 36,346 | $ 32,631 | $ 8,637 | $ 24,426 | $ 30,533 | $ 213,301 | $ 96,227 | $ 73,376 | |||||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted | $ 0.62 | [3] | $ 0.08 | [3] | $ 0.26 | [3] | $ 0.20 | [3] | $ 0.18 | $ 0.05 | $ 0.13 | $ 0.17 | $ 1.16 | $ 0.53 | $ 0.40 | |
[1] | Represents rental income from continuing operations, excluding amounts classified as discontinued operations. | |||||||||||||||
[2] | . | |||||||||||||||
[3] | Quarterly income/(loss) per OP Unit amounts may not total to the annual amounts |
Schedule - III Real Estate O147
Schedule - III Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Deferred Finance Costs, Net | $ 0 | |||||
Total Carrying Value | $ 8,383,259 | $ 8,207,977 | $ 8,055,828 | $ 9,190,276 | 8,383,259 | |
Accumulated Depreciation | 2,434,772 | 2,208,794 | 1,924,682 | 2,646,874 | $ 2,434,772 | |
Aggregate cost for federal income tax purposes | 8,300,000 | |||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at beginning of the year | 8,383,259 | 8,207,977 | 8,055,828 | |||
Real estate acquired | 906,446 | 231,225 | 0 | |||
Capital expenditures and development | 203,183 | 326,461 | 452,057 | |||
Real estate sold | (301,920) | (269,681) | (70,687) | |||
Hurricane related impairment of assets | (692) | (379) | (2,355) | |||
Balance at end of the year | 9,190,276 | 8,383,259 | 8,207,977 | |||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at beginning of the year | 2,434,772 | 2,208,794 | 1,924,682 | |||
Depreciation expense for the year | 364,622 | 356,673 | 339,326 | |||
Accumulated depreciation on sales | (152,520) | (126,151) | (34,794) | |||
Accumulated depreciation on retirements of fully depreciated assets | 0 | 0 | (1,132) | |||
SEC Schedule III, Real Estate Accumulated Depreciation, Other Additions | 0 | 0 | 1,374 | |||
Write off of accumulated depreciation on hurricane related impaired assets | 0 | (316) | 0 | |||
Balance at end of year | $ 2,646,874 | 2,434,772 | 2,208,794 | |||
Estimated depreciable lives of buildings range beginning | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable life for all buildings | 35 years | |||||
Estimated depreciable lives of buildings range end | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Depreciable life for all buildings | 55 years | |||||
Total Operating Properties [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 1,370,739 | |||||
Initial Costs, Land and Land Improvements | 1,697,251 | |||||
Initial Costs, Buildings and Improvements | 4,850,356 | |||||
Total Initial Acquisition Costs | 6,547,607 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,332,450 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,899,820 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,980,237 | |||||
Total Carrying Value | $ 8,880,057 | 8,880,057 | ||||
Accumulated Depreciation | 2,625,914 | 2,625,914 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 8,880,057 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 2,625,914 | |||||
Other | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [1] | 0 | ||||
Initial Costs, Land and Land Improvements | [1] | 0 | ||||
Initial Costs, Buildings and Improvements | [1] | 0 | ||||
Total Initial Acquisition Costs | [1] | 0 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | [1] | 5,356 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | [1] | 0 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | [1] | 5,356 | ||||
Total Carrying Value | [1] | 5,356 | 5,356 | |||
Accumulated Depreciation | [1] | 62 | 62 | |||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | [1] | 5,356 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | [1] | 62 | ||||
1745 Shea [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | [1] | 11,755 | ||||
Initial Costs, Land and Land Improvements | [1] | 3,034 | ||||
Initial Costs, Buildings and Improvements | [1] | 20,534 | ||||
Total Initial Acquisition Costs | [1] | 23,568 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | [1] | 737 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | [1] | 3,034 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | [1] | 21,271 | ||||
Total Carrying Value | [1] | 24,305 | 24,305 | |||
Accumulated Depreciation | [1] | 629 | 629 | |||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | [1] | 24,305 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | [1] | 629 | ||||
TOTAL CORPORATE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 11,755 | |||||
Initial Costs, Land and Land Improvements | 3,034 | |||||
Initial Costs, Buildings and Improvements | 20,534 | |||||
Total Initial Acquisition Costs | 23,568 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,093 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,034 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,627 | |||||
Total Carrying Value | 29,661 | 29,661 | ||||
Accumulated Depreciation | 691 | 691 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 29,661 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 691 | |||||
Real Estate Under Development | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 78,085 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 78,085 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 45,987 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 78,085 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,987 | |||||
Total Carrying Value | 124,072 | 124,072 | ||||
Accumulated Depreciation | 0 | 0 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 124,072 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 0 | |||||
Real Estate Under Development | Pacific City [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 78,085 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 78,085 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 45,987 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 78,085 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,987 | |||||
Total Carrying Value | 124,072 | 124,072 | ||||
Accumulated Depreciation | 0 | 0 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 124,072 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 0 | |||||
Land | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 56,782 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 56,782 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,838 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 63,923 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,697 | |||||
Total Carrying Value | 80,620 | 80,620 | ||||
Accumulated Depreciation | 2,935 | 2,935 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 80,620 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 2,935 | |||||
Land | 2919 Wilshire | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,773 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 6,773 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,563 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,773 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,563 | |||||
Total Carrying Value | 8,336 | 8,336 | ||||
Accumulated Depreciation | 553 | 553 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 8,336 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 553 | |||||
Land | 7 Hardcourt | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 884 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 884 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,045 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 804 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 5,125 | |||||
Total Carrying Value | 5,929 | 5,929 | ||||
Accumulated Depreciation | 0 | 0 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 5,929 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 0 | |||||
Land | 345 Harrison Street [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 32,938 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 32,938 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,437 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 32,943 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,432 | |||||
Total Carrying Value | 40,375 | 40,375 | ||||
Accumulated Depreciation | 0 | 0 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 40,375 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 0 | |||||
Land | Waterside | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 11,862 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 11,862 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 283 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,084 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 61 | |||||
Total Carrying Value | 12,145 | 12,145 | ||||
Accumulated Depreciation | 284 | 284 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 12,145 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 284 | |||||
Land | Vitruvian | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,325 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 4,325 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,510 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,319 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,516 | |||||
Total Carrying Value | 13,835 | 13,835 | ||||
Accumulated Depreciation | 2,098 | 2,098 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 13,835 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 2,098 | |||||
Real Estate Held for Disposition [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 9,963 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 9,963 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,643 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,963 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,643 | |||||
Total Carrying Value | 12,606 | 12,606 | ||||
Accumulated Depreciation | 830 | 830 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 12,606 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 830 | |||||
Real Estate Held for Disposition [Member] | 3032 Wilshire | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 9,963 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 9,963 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,643 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,963 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,643 | |||||
Total Carrying Value | 12,606 | 12,606 | ||||
Accumulated Depreciation | 830 | 830 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 12,606 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 830 | |||||
Commercial Held for Development | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 32,351 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 32,351 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 30,909 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,197 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,063 | |||||
Total Carrying Value | 63,260 | 63,260 | ||||
Accumulated Depreciation | 16,504 | 16,504 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 63,260 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 16,504 | |||||
Commercial Held for Development | Hanover Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,624 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 1,624 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 0 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,104 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 520 | |||||
Total Carrying Value | 1,624 | 1,624 | ||||
Accumulated Depreciation | 553 | 553 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 1,624 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 553 | |||||
Commercial Held for Development | Circle Towers Office Bldg | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,407 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 1,407 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,021 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,048 | |||||
Total Carrying Value | 7,428 | 7,428 | ||||
Accumulated Depreciation | 2,683 | 2,683 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 7,428 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 2,683 | |||||
Commercial Held for Development | Brookhaven Shopping Center | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,943 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 4,943 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,785 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,793 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,935 | |||||
Total Carrying Value | 21,728 | 21,728 | ||||
Accumulated Depreciation | 12,496 | 12,496 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 21,728 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 12,496 | |||||
Commercial Held for Development | Bellevue Plaza retail | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 24,377 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 24,377 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,103 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 29,920 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,560 | |||||
Total Carrying Value | 32,480 | 32,480 | ||||
Accumulated Depreciation | 772 | 772 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 32,480 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 772 | |||||
Commercial Held for Development | TOTAL COMMERCIAL & CORPORATE | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 11,755 | |||||
Initial Costs, Land and Land Improvements | 35,385 | |||||
Initial Costs, Buildings and Improvements | 20,534 | |||||
Total Initial Acquisition Costs | 55,919 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,002 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 43,231 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,690 | |||||
Total Carrying Value | 92,921 | 92,921 | ||||
Accumulated Depreciation | 17,195 | 17,195 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 92,921 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 17,195 | |||||
Commercial Held for Development | Total Real Estate Owned | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 1,376,945 | |||||
Initial Costs, Land and Land Improvements | 1,877,466 | |||||
Initial Costs, Buildings and Improvements | 4,870,890 | |||||
Total Initial Acquisition Costs | 6,748,356 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,441,920 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,095,022 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,095,254 | |||||
Total Carrying Value | 9,190,276 | 9,190,276 | ||||
Accumulated Depreciation | 2,646,874 | 2,646,874 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 9,190,276 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 2,646,874 | |||||
Western Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 466,881 | |||||
Initial Costs, Land and Land Improvements | 804,897 | |||||
Initial Costs, Buildings and Improvements | 1,504,019 | |||||
Total Initial Acquisition Costs | 2,308,916 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,019,059 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 883,471 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,444,504 | |||||
Total Carrying Value | 3,327,975 | 3,327,975 | ||||
Accumulated Depreciation | 1,037,095 | 1,037,095 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 3,327,975 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 1,037,095 | |||||
Western Region | Harbor at Mesa Verde | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 61,050 | |||||
Initial Costs, Land and Land Improvements | 20,476 | |||||
Initial Costs, Buildings and Improvements | 28,538 | |||||
Total Initial Acquisition Costs | 49,014 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,641 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,314 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 42,341 | |||||
Total Carrying Value | 63,655 | 63,655 | ||||
Accumulated Depreciation | 27,697 | 27,697 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 63,655 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 27,697 | |||||
Western Region | 27 Seventy FIve Mesa Verde [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 36,423 | |||||
Initial Costs, Land and Land Improvements | 99,329 | |||||
Initial Costs, Buildings and Improvements | 110,644 | |||||
Total Initial Acquisition Costs | 209,973 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 92,673 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 112,650 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 189,996 | |||||
Total Carrying Value | 302,646 | 302,646 | ||||
Accumulated Depreciation | 87,007 | 87,007 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 302,646 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 87,007 | |||||
Western Region | Pacific Shores | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 42,552 | |||||
Initial Costs, Land and Land Improvements | 7,345 | |||||
Initial Costs, Buildings and Improvements | 22,624 | |||||
Total Initial Acquisition Costs | 29,969 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,913 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,913 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,969 | |||||
Total Carrying Value | 39,882 | 39,882 | ||||
Accumulated Depreciation | 20,771 | 20,771 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 39,882 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 20,771 | |||||
Western Region | Huntington Vista | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 36,980 | |||||
Initial Costs, Land and Land Improvements | 8,055 | |||||
Initial Costs, Buildings and Improvements | 22,486 | |||||
Total Initial Acquisition Costs | 30,541 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,612 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,713 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,440 | |||||
Total Carrying Value | 42,153 | 42,153 | ||||
Accumulated Depreciation | 19,810 | 19,810 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 42,153 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 19,810 | |||||
Western Region | Missions at Back Bay | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 229 | |||||
Initial Costs, Buildings and Improvements | 14,129 | |||||
Total Initial Acquisition Costs | 14,358 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,526 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,874 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,010 | |||||
Total Carrying Value | 16,884 | 16,884 | ||||
Accumulated Depreciation | 4,229 | 4,229 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 16,884 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 4,229 | |||||
Western Region | Coronado at Newport — North | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 62,516 | |||||
Initial Costs, Buildings and Improvements | 46,082 | |||||
Total Initial Acquisition Costs | 108,598 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,014 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 66,770 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 70,842 | |||||
Total Carrying Value | 137,612 | 137,612 | ||||
Accumulated Depreciation | 44,814 | 44,814 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 137,612 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 44,814 | |||||
Western Region | Vista Del Rey | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,670 | |||||
Initial Costs, Buildings and Improvements | 7,080 | |||||
Total Initial Acquisition Costs | 17,750 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,502 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,988 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,264 | |||||
Total Carrying Value | 20,252 | 20,252 | ||||
Accumulated Depreciation | 6,117 | 6,117 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 20,252 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 6,117 | |||||
Western Region | Foxborough | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 12,071 | |||||
Initial Costs, Buildings and Improvements | 6,187 | |||||
Total Initial Acquisition Costs | 18,258 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,897 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,404 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,751 | |||||
Total Carrying Value | 21,155 | 21,155 | ||||
Accumulated Depreciation | 5,432 | 5,432 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 21,155 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 5,432 | |||||
Western Region | Coronado South | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 58,785 | |||||
Initial Costs, Buildings and Improvements | 50,067 | |||||
Total Initial Acquisition Costs | 108,852 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 19,393 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 59,278 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,967 | |||||
Total Carrying Value | 128,245 | 128,245 | ||||
Accumulated Depreciation | 43,476 | 43,476 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 128,245 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 43,476 | |||||
Western Region | 1818 Platinum Triangle | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 16,663 | |||||
Initial Costs, Buildings and Improvements | 51,905 | |||||
Total Initial Acquisition Costs | 68,568 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,488 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,822 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,234 | |||||
Total Carrying Value | 70,056 | 70,056 | ||||
Accumulated Depreciation | 16,975 | 16,975 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 70,056 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 16,975 | |||||
Western Region | Beach & Ocean [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 12,878 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 12,878 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 38,710 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,007 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,581 | |||||
Total Carrying Value | 51,588 | 51,588 | ||||
Accumulated Depreciation | 2,841 | 2,841 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 51,588 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 2,841 | |||||
Western Region | ORANGE COUNTY, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 177,005 | |||||
Initial Costs, Land and Land Improvements | 351,315 | |||||
Initial Costs, Buildings and Improvements | 359,742 | |||||
Total Initial Acquisition Costs | 711,057 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 421,532 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 382,189 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 750,400 | |||||
Total Carrying Value | 1,132,589 | 1,132,589 | ||||
Accumulated Depreciation | 307,438 | 307,438 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 1,132,589 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 307,438 | |||||
Western Region | 2000 Post Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 9,861 | |||||
Initial Costs, Buildings and Improvements | 44,578 | |||||
Total Initial Acquisition Costs | 54,439 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 30,040 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,541 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 70,938 | |||||
Total Carrying Value | 84,479 | 84,479 | ||||
Accumulated Depreciation | 31,789 | 31,789 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 84,479 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 31,789 | |||||
Western Region | Birch Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,365 | |||||
Initial Costs, Buildings and Improvements | 16,696 | |||||
Total Initial Acquisition Costs | 21,061 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,536 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,139 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,458 | |||||
Total Carrying Value | 28,597 | 28,597 | ||||
Accumulated Depreciation | 13,756 | 13,756 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 28,597 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 13,756 | |||||
Western Region | Highlands Of Marin | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,996 | |||||
Initial Costs, Buildings and Improvements | 24,868 | |||||
Total Initial Acquisition Costs | 30,864 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 26,063 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,257 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,670 | |||||
Total Carrying Value | 56,927 | 56,927 | ||||
Accumulated Depreciation | 29,237 | 29,237 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 56,927 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 29,237 | |||||
Western Region | Marina Playa | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,224 | |||||
Initial Costs, Buildings and Improvements | 23,916 | |||||
Total Initial Acquisition Costs | 30,140 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,032 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,938 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,234 | |||||
Total Carrying Value | 40,172 | 40,172 | ||||
Accumulated Depreciation | 19,547 | 19,547 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 40,172 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 19,547 | |||||
Western Region | River Terrace | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,310 | |||||
Initial Costs, Land and Land Improvements | 22,161 | |||||
Initial Costs, Buildings and Improvements | 40,137 | |||||
Total Initial Acquisition Costs | 62,298 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,307 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,428 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,177 | |||||
Total Carrying Value | 66,605 | 66,605 | ||||
Accumulated Depreciation | 25,943 | 25,943 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 66,605 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 25,943 | |||||
Western Region | CitySouth | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 14,031 | |||||
Initial Costs, Buildings and Improvements | 30,537 | |||||
Total Initial Acquisition Costs | 44,568 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 35,627 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,290 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,905 | |||||
Total Carrying Value | 80,195 | 80,195 | ||||
Accumulated Depreciation | 36,437 | 36,437 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 80,195 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 36,437 | |||||
Western Region | Bay Terrace | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 8,545 | |||||
Initial Costs, Buildings and Improvements | 14,458 | |||||
Total Initial Acquisition Costs | 23,003 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,046 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,458 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,591 | |||||
Total Carrying Value | 28,049 | 28,049 | ||||
Accumulated Depreciation | 9,622 | 9,622 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 28,049 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 9,622 | |||||
Western Region | Highlands of Marin Phase II | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,353 | |||||
Initial Costs, Buildings and Improvements | 18,559 | |||||
Total Initial Acquisition Costs | 23,912 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,088 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,758 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,242 | |||||
Total Carrying Value | 35,000 | 35,000 | ||||
Accumulated Depreciation | 15,221 | 15,221 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 35,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 15,221 | |||||
Western Region | Edgewater | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 30,657 | |||||
Initial Costs, Buildings and Improvements | 83,872 | |||||
Total Initial Acquisition Costs | 114,529 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,689 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,690 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 87,528 | |||||
Total Carrying Value | 118,218 | 118,218 | ||||
Accumulated Depreciation | 39,217 | 39,217 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 118,218 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 39,217 | |||||
Western Region | Almaden Lake Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 27,000 | |||||
Initial Costs, Land and Land Improvements | 594 | |||||
Initial Costs, Buildings and Improvements | 42,515 | |||||
Total Initial Acquisition Costs | 43,109 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,031 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 773 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,367 | |||||
Total Carrying Value | 49,140 | 49,140 | ||||
Accumulated Depreciation | 21,469 | 21,469 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 49,140 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 21,469 | |||||
Western Region | 388 Beale | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 14,253 | |||||
Initial Costs, Buildings and Improvements | 74,104 | |||||
Total Initial Acquisition Costs | 88,357 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,271 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,316 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 80,312 | |||||
Total Carrying Value | 94,628 | 94,628 | ||||
Accumulated Depreciation | 21,255 | 21,255 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 94,628 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 21,255 | |||||
Western Region | Channel @ Mission Bay [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 23,625 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 23,625 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 128,433 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,662 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 128,396 | |||||
Total Carrying Value | 152,058 | 152,058 | ||||
Accumulated Depreciation | 15,675 | 15,675 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 152,058 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 15,675 | |||||
Western Region | SAN FRANCISCO, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 66,310 | |||||
Initial Costs, Land and Land Improvements | 145,665 | |||||
Initial Costs, Buildings and Improvements | 414,240 | |||||
Total Initial Acquisition Costs | 559,905 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 274,163 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 158,250 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 675,818 | |||||
Total Carrying Value | 834,068 | 834,068 | ||||
Accumulated Depreciation | 279,168 | 279,168 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 834,068 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 279,168 | |||||
Western Region | Rosebeach | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 8,414 | |||||
Initial Costs, Buildings and Improvements | 17,449 | |||||
Total Initial Acquisition Costs | 25,863 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,450 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,760 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,553 | |||||
Total Carrying Value | 29,313 | 29,313 | ||||
Accumulated Depreciation | 12,675 | 12,675 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 29,313 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 12,675 | |||||
Western Region | Tierra Del Rey | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 43,078 | |||||
Initial Costs, Land and Land Improvements | 39,586 | |||||
Initial Costs, Buildings and Improvements | 36,679 | |||||
Total Initial Acquisition Costs | 76,265 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,250 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,674 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,841 | |||||
Total Carrying Value | 79,515 | 79,515 | ||||
Accumulated Depreciation | 18,883 | 18,883 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 79,515 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 18,883 | |||||
Western Region | The Westerly | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 67,700 | |||||
Initial Costs, Land and Land Improvements | 48,182 | |||||
Initial Costs, Buildings and Improvements | 102,364 | |||||
Total Initial Acquisition Costs | 150,546 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,220 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,722 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 137,044 | |||||
Total Carrying Value | 187,766 | 187,766 | ||||
Accumulated Depreciation | 46,474 | 46,474 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 187,766 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 46,474 | |||||
Western Region | Jefferson at Marina del Rey | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 55,651 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 55,651 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 90,660 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 61,455 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 84,856 | |||||
Total Carrying Value | 146,311 | 146,311 | ||||
Accumulated Depreciation | 32,288 | 32,288 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 146,311 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 32,288 | |||||
Western Region | LOS ANGELES, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 110,778 | |||||
Initial Costs, Land and Land Improvements | 151,833 | |||||
Initial Costs, Buildings and Improvements | 156,492 | |||||
Total Initial Acquisition Costs | 308,325 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 134,580 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 160,611 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 282,294 | |||||
Total Carrying Value | 442,905 | 442,905 | ||||
Accumulated Depreciation | 110,320 | 110,320 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 442,905 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 110,320 | |||||
Western Region | Crowne Pointe | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,486 | |||||
Initial Costs, Buildings and Improvements | 6,437 | |||||
Total Initial Acquisition Costs | 8,923 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,666 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,868 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,721 | |||||
Total Carrying Value | 14,589 | 14,589 | ||||
Accumulated Depreciation | 7,585 | 7,585 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 14,589 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 7,585 | |||||
Western Region | Hilltop | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,174 | |||||
Initial Costs, Buildings and Improvements | 7,408 | |||||
Total Initial Acquisition Costs | 9,582 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,328 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,724 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,186 | |||||
Total Carrying Value | 13,910 | 13,910 | ||||
Accumulated Depreciation | 6,895 | 6,895 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 13,910 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 6,895 | |||||
Western Region | The Hawthorne | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 34,934 | |||||
Initial Costs, Land and Land Improvements | 6,474 | |||||
Initial Costs, Buildings and Improvements | 30,226 | |||||
Total Initial Acquisition Costs | 36,700 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,621 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,644 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,677 | |||||
Total Carrying Value | 41,321 | 41,321 | ||||
Accumulated Depreciation | 20,306 | 20,306 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 41,321 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 20,306 | |||||
Western Region | The Kennedy | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,179 | |||||
Initial Costs, Buildings and Improvements | 22,307 | |||||
Total Initial Acquisition Costs | 28,486 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,931 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,272 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,145 | |||||
Total Carrying Value | 30,417 | 30,417 | ||||
Accumulated Depreciation | 13,947 | 13,947 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 30,417 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 13,947 | |||||
Western Region | Hearthstone at Merrill Creek | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 22,591 | |||||
Initial Costs, Land and Land Improvements | 6,848 | |||||
Initial Costs, Buildings and Improvements | 30,922 | |||||
Total Initial Acquisition Costs | 37,770 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,829 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,975 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,624 | |||||
Total Carrying Value | 41,599 | 41,599 | ||||
Accumulated Depreciation | 15,574 | 15,574 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 41,599 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 15,574 | |||||
Western Region | Island Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 21,284 | |||||
Initial Costs, Buildings and Improvements | 89,389 | |||||
Total Initial Acquisition Costs | 110,673 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,695 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,428 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 93,940 | |||||
Total Carrying Value | 115,368 | 115,368 | ||||
Accumulated Depreciation | 40,021 | 40,021 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 115,368 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 40,021 | |||||
Western Region | Borgata | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,379 | |||||
Initial Costs, Buildings and Improvements | 34,569 | |||||
Total Initial Acquisition Costs | 40,948 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | (7,991) | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,404 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,553 | |||||
Total Carrying Value | 32,957 | 32,957 | ||||
Accumulated Depreciation | 12,502 | 12,502 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 32,957 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 12,502 | |||||
Western Region | elements too | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 27,468 | |||||
Initial Costs, Buildings and Improvements | 72,036 | |||||
Total Initial Acquisition Costs | 99,504 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,676 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,244 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 84,936 | |||||
Total Carrying Value | 115,180 | 115,180 | ||||
Accumulated Depreciation | 39,911 | 39,911 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 115,180 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 39,911 | |||||
Western Region | 989elements | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 8,541 | |||||
Initial Costs, Buildings and Improvements | 45,990 | |||||
Total Initial Acquisition Costs | 54,531 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,968 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,578 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,921 | |||||
Total Carrying Value | 56,499 | 56,499 | ||||
Accumulated Depreciation | 16,491 | 16,491 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 56,499 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 16,491 | |||||
Western Region | Lightbox [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,449 | |||||
Initial Costs, Buildings and Improvements | 38,884 | |||||
Total Initial Acquisition Costs | 45,333 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 422 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,449 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,306 | |||||
Total Carrying Value | 45,755 | 45,755 | ||||
Accumulated Depreciation | 3,374 | 3,374 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 45,755 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 3,374 | |||||
Western Region | Waterscape [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 9,693 | |||||
Initial Costs, Buildings and Improvements | 65,176 | |||||
Total Initial Acquisition Costs | 74,869 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 613 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,694 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,788 | |||||
Total Carrying Value | 75,482 | 75,482 | ||||
Accumulated Depreciation | 4,924 | 4,924 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 75,482 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 4,924 | |||||
Western Region | SEATTLE, WA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 57,525 | |||||
Initial Costs, Land and Land Improvements | 103,975 | |||||
Initial Costs, Buildings and Improvements | 443,344 | |||||
Total Initial Acquisition Costs | 547,319 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 35,758 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 108,280 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 474,797 | |||||
Total Carrying Value | 583,077 | 583,077 | ||||
Accumulated Depreciation | 181,530 | 181,530 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 583,077 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 181,530 | |||||
Western Region | Villas at Carlsbad | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,517 | |||||
Initial Costs, Buildings and Improvements | 10,718 | |||||
Total Initial Acquisition Costs | 17,235 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,876 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,780 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,331 | |||||
Total Carrying Value | 20,111 | 20,111 | ||||
Accumulated Depreciation | 7,826 | 7,826 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 20,111 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 7,826 | |||||
Western Region | Boronda Manor | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,946 | |||||
Initial Costs, Buildings and Improvements | 8,982 | |||||
Total Initial Acquisition Costs | 10,928 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,534 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,195 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,267 | |||||
Total Carrying Value | 20,462 | 20,462 | ||||
Accumulated Depreciation | 9,244 | 9,244 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 20,462 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 9,244 | |||||
Western Region | Garden Court | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 888 | |||||
Initial Costs, Buildings and Improvements | 4,188 | |||||
Total Initial Acquisition Costs | 5,076 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,435 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,559 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,952 | |||||
Total Carrying Value | 10,511 | 10,511 | ||||
Accumulated Depreciation | 4,981 | 4,981 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 10,511 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 4,981 | |||||
Western Region | Cambridge Court | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,039 | |||||
Initial Costs, Buildings and Improvements | 12,883 | |||||
Total Initial Acquisition Costs | 15,922 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,767 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,302 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,387 | |||||
Total Carrying Value | 30,689 | 30,689 | ||||
Accumulated Depreciation | 13,958 | 13,958 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 30,689 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 13,958 | |||||
Western Region | Laurel Tree | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,304 | |||||
Initial Costs, Buildings and Improvements | 5,115 | |||||
Total Initial Acquisition Costs | 6,419 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,080 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,188 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,311 | |||||
Total Carrying Value | 12,499 | 12,499 | ||||
Accumulated Depreciation | 5,627 | 5,627 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 12,499 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 5,627 | |||||
Western Region | The Pointe At Harden Ranch | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,388 | |||||
Initial Costs, Buildings and Improvements | 23,854 | |||||
Total Initial Acquisition Costs | 30,242 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 27,357 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,021 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,578 | |||||
Total Carrying Value | 57,599 | 57,599 | ||||
Accumulated Depreciation | 24,926 | 24,926 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 57,599 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 24,926 | |||||
Western Region | The Pointe At Northridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,044 | |||||
Initial Costs, Buildings and Improvements | 8,028 | |||||
Total Initial Acquisition Costs | 10,072 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,089 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,295 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,866 | |||||
Total Carrying Value | 20,161 | 20,161 | ||||
Accumulated Depreciation | 9,293 | 9,293 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 20,161 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 9,293 | |||||
Western Region | The Pointe At Westlake | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,329 | |||||
Initial Costs, Buildings and Improvements | 5,334 | |||||
Total Initial Acquisition Costs | 6,663 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,364 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,181 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,846 | |||||
Total Carrying Value | 13,027 | 13,027 | ||||
Accumulated Depreciation | 5,700 | 5,700 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 13,027 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 5,700 | |||||
Western Region | MONTEREY PENINSULA, CA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 16,938 | |||||
Initial Costs, Buildings and Improvements | 68,384 | |||||
Total Initial Acquisition Costs | 85,322 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 79,626 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,741 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 137,207 | |||||
Total Carrying Value | 164,948 | 164,948 | ||||
Accumulated Depreciation | 73,729 | 73,729 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 164,948 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 73,729 | |||||
Western Region | Verano at Rancho Cucamonga Town Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 55,263 | |||||
Initial Costs, Land and Land Improvements | 13,557 | |||||
Initial Costs, Buildings and Improvements | 3,645 | |||||
Total Initial Acquisition Costs | 17,202 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 53,949 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,255 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,896 | |||||
Total Carrying Value | 71,151 | 71,151 | ||||
Accumulated Depreciation | 34,875 | 34,875 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 71,151 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 34,875 | |||||
Western Region | Windemere at Sycamore Highland | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,810 | |||||
Initial Costs, Buildings and Improvements | 23,450 | |||||
Total Initial Acquisition Costs | 29,260 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,964 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,129 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,095 | |||||
Total Carrying Value | 32,224 | 32,224 | ||||
Accumulated Depreciation | 17,614 | 17,614 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 32,224 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 17,614 | |||||
Western Region | Other Southern CA [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 55,263 | |||||
Initial Costs, Land and Land Improvements | 25,884 | |||||
Initial Costs, Buildings and Improvements | 37,813 | |||||
Total Initial Acquisition Costs | 63,697 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 59,789 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,164 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 87,322 | |||||
Total Carrying Value | 123,486 | 123,486 | ||||
Accumulated Depreciation | 60,315 | 60,315 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 123,486 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 60,315 | |||||
Western Region | Tualatin Heights | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,273 | |||||
Initial Costs, Buildings and Improvements | 9,134 | |||||
Total Initial Acquisition Costs | 12,407 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,745 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,841 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,311 | |||||
Total Carrying Value | 19,152 | 19,152 | ||||
Accumulated Depreciation | 10,231 | 10,231 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 19,152 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 10,231 | |||||
Western Region | Hunt Club | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,014 | |||||
Initial Costs, Buildings and Improvements | 14,870 | |||||
Total Initial Acquisition Costs | 20,884 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,866 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,395 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,355 | |||||
Total Carrying Value | 27,750 | 27,750 | ||||
Accumulated Depreciation | 14,364 | 14,364 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 27,750 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 14,364 | |||||
Western Region | PORTLAND, OR | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 9,287 | |||||
Initial Costs, Buildings and Improvements | 24,004 | |||||
Total Initial Acquisition Costs | 33,291 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,611 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,236 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,666 | |||||
Total Carrying Value | 46,902 | 46,902 | ||||
Accumulated Depreciation | 24,595 | 24,595 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 46,902 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 24,595 | |||||
Western Region | The Residences at Bella Terra | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 25,000 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 25,000 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 125,818 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,058 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 125,760 | |||||
Total Carrying Value | 150,818 | 150,818 | ||||
Accumulated Depreciation | 19,253 | 19,253 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 150,818 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 19,253 | |||||
Western Region | Los Alisos [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 17,298 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 17,298 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 70,345 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,398 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 71,245 | |||||
Total Carrying Value | 87,643 | 87,643 | ||||
Accumulated Depreciation | 9,016 | 9,016 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 87,643 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 9,016 | |||||
Mid Atlantic Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 507,412 | |||||
Initial Costs, Land and Land Improvements | 388,304 | |||||
Initial Costs, Buildings and Improvements | 1,550,755 | |||||
Total Initial Acquisition Costs | 1,939,059 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 598,125 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 464,660 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,072,524 | |||||
Total Carrying Value | 2,537,184 | 2,537,184 | ||||
Accumulated Depreciation | 647,723 | 647,723 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 2,537,184 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 647,723 | |||||
Mid Atlantic Region | Dominion Middle Ridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 29,344 | |||||
Initial Costs, Land and Land Improvements | 3,311 | |||||
Initial Costs, Buildings and Improvements | 13,283 | |||||
Total Initial Acquisition Costs | 16,594 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,816 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,850 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,560 | |||||
Total Carrying Value | 23,410 | 23,410 | ||||
Accumulated Depreciation | 14,076 | 14,076 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 23,410 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 14,076 | |||||
Mid Atlantic Region | Dominion Lake Ridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 20,047 | |||||
Initial Costs, Land and Land Improvements | 2,366 | |||||
Initial Costs, Buildings and Improvements | 8,387 | |||||
Total Initial Acquisition Costs | 10,753 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,490 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,866 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,377 | |||||
Total Carrying Value | 18,243 | 18,243 | ||||
Accumulated Depreciation | 10,431 | 10,431 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 18,243 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 10,431 | |||||
Mid Atlantic Region | Presidential Greens | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 11,238 | |||||
Initial Costs, Buildings and Improvements | 18,790 | |||||
Total Initial Acquisition Costs | 30,028 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,883 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,680 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,231 | |||||
Total Carrying Value | 39,911 | 39,911 | ||||
Accumulated Depreciation | 19,977 | 19,977 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 39,911 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 19,977 | |||||
Mid Atlantic Region | The Whitmore | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,418 | |||||
Initial Costs, Buildings and Improvements | 13,411 | |||||
Total Initial Acquisition Costs | 19,829 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,734 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,495 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,068 | |||||
Total Carrying Value | 40,563 | 40,563 | ||||
Accumulated Depreciation | 22,988 | 22,988 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 40,563 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 22,988 | |||||
Mid Atlantic Region | Ridgewood | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,612 | |||||
Initial Costs, Buildings and Improvements | 20,086 | |||||
Total Initial Acquisition Costs | 25,698 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,522 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,014 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,206 | |||||
Total Carrying Value | 34,220 | 34,220 | ||||
Accumulated Depreciation | 20,340 | 20,340 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 34,220 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 20,340 | |||||
Mid Atlantic Region | Waterside Towers | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,139 | |||||
Initial Costs, Buildings and Improvements | 49,657 | |||||
Total Initial Acquisition Costs | 50,796 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,261 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,233 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,824 | |||||
Total Carrying Value | 69,057 | 69,057 | ||||
Accumulated Depreciation | 20,975 | 20,975 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 69,057 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 20,975 | |||||
Mid Atlantic Region | Wellington Place at Olde Town | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 32,037 | |||||
Initial Costs, Land and Land Improvements | 13,753 | |||||
Initial Costs, Buildings and Improvements | 36,059 | |||||
Total Initial Acquisition Costs | 49,812 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,416 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,740 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,488 | |||||
Total Carrying Value | 67,228 | 67,228 | ||||
Accumulated Depreciation | 35,000 | 35,000 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 67,228 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 35,000 | |||||
Mid Atlantic Region | Andover House | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 14,357 | |||||
Initial Costs, Buildings and Improvements | 51,577 | |||||
Total Initial Acquisition Costs | 65,934 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,769 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,379 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 55,324 | |||||
Total Carrying Value | 69,703 | 69,703 | ||||
Accumulated Depreciation | 27,837 | 27,837 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 69,703 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 27,837 | |||||
Mid Atlantic Region | Sullivan Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,137 | |||||
Initial Costs, Buildings and Improvements | 103,676 | |||||
Total Initial Acquisition Costs | 104,813 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,066 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,364 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 110,515 | |||||
Total Carrying Value | 111,879 | 111,879 | ||||
Accumulated Depreciation | 51,643 | 51,643 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 111,879 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 51,643 | |||||
Mid Atlantic Region | Circle Towers | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 70,884 | |||||
Initial Costs, Land and Land Improvements | 32,815 | |||||
Initial Costs, Buildings and Improvements | 107,051 | |||||
Total Initial Acquisition Costs | 139,866 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,056 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 33,357 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 119,565 | |||||
Total Carrying Value | 152,922 | 152,922 | ||||
Accumulated Depreciation | 53,022 | 53,022 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 152,922 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 53,022 | |||||
Mid Atlantic Region | Delancey at Shirlington | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 21,606 | |||||
Initial Costs, Buildings and Improvements | 66,765 | |||||
Total Initial Acquisition Costs | 88,371 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,195 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,632 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,934 | |||||
Total Carrying Value | 90,566 | 90,566 | ||||
Accumulated Depreciation | 30,609 | 30,609 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 90,566 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 30,609 | |||||
Mid Atlantic Region | View 14 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,710 | |||||
Initial Costs, Buildings and Improvements | 97,941 | |||||
Total Initial Acquisition Costs | 103,651 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,888 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,721 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 100,818 | |||||
Total Carrying Value | 106,539 | 106,539 | ||||
Accumulated Depreciation | 25,845 | 25,845 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 106,539 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 25,845 | |||||
Mid Atlantic Region | Signal Hill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 13,290 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 13,290 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 69,769 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,510 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,549 | |||||
Total Carrying Value | 83,059 | 83,059 | ||||
Accumulated Depreciation | 25,243 | 25,243 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 83,059 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 25,243 | |||||
Mid Atlantic Region | METROPOLITAN DC | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 407,067 | |||||
Initial Costs, Land and Land Improvements | 345,666 | |||||
Initial Costs, Buildings and Improvements | 1,307,924 | |||||
Total Initial Acquisition Costs | 1,653,590 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 454,931 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 406,934 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,701,587 | |||||
Total Carrying Value | 2,108,521 | 2,108,521 | ||||
Accumulated Depreciation | 403,882 | 403,882 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 2,108,521 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 403,882 | |||||
Mid Atlantic Region | Dominion Kings Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 14,294 | |||||
Initial Costs, Land and Land Improvements | 1,565 | |||||
Initial Costs, Buildings and Improvements | 7,007 | |||||
Total Initial Acquisition Costs | 8,572 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,484 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,890 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,166 | |||||
Total Carrying Value | 13,056 | 13,056 | ||||
Accumulated Depreciation | 8,506 | 8,506 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 13,056 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 8,506 | |||||
Mid Atlantic Region | Dominion At Eden Brook | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,361 | |||||
Initial Costs, Buildings and Improvements | 9,384 | |||||
Total Initial Acquisition Costs | 11,745 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,787 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,977 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,555 | |||||
Total Carrying Value | 18,532 | 18,532 | ||||
Accumulated Depreciation | 12,406 | 12,406 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 18,532 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 12,406 | |||||
Mid Atlantic Region | Ellicott Grove | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,920 | |||||
Initial Costs, Buildings and Improvements | 9,099 | |||||
Total Initial Acquisition Costs | 12,019 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,363 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,379 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,003 | |||||
Total Carrying Value | 35,382 | 35,382 | ||||
Accumulated Depreciation | 23,332 | 23,332 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 35,382 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 23,332 | |||||
Mid Atlantic Region | Dominion Constant Friendship | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 8,783 | |||||
Initial Costs, Land and Land Improvements | 903 | |||||
Initial Costs, Buildings and Improvements | 4,669 | |||||
Total Initial Acquisition Costs | 5,572 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,117 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,320 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,369 | |||||
Total Carrying Value | 9,689 | 9,689 | ||||
Accumulated Depreciation | 6,274 | 6,274 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 9,689 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 6,274 | |||||
Mid Atlantic Region | Lakeside Mill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 12,569 | |||||
Initial Costs, Land and Land Improvements | 2,666 | |||||
Initial Costs, Buildings and Improvements | 10,109 | |||||
Total Initial Acquisition Costs | 12,775 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,038 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,997 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,816 | |||||
Total Carrying Value | 17,813 | 17,813 | ||||
Accumulated Depreciation | 11,336 | 11,336 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 17,813 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 11,336 | |||||
Mid Atlantic Region | Calvert’s Walk | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,408 | |||||
Initial Costs, Buildings and Improvements | 24,692 | |||||
Total Initial Acquisition Costs | 29,100 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,396 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,817 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,679 | |||||
Total Carrying Value | 36,496 | 36,496 | ||||
Accumulated Depreciation | 20,827 | 20,827 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 36,496 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 20,827 | |||||
Mid Atlantic Region | Arborview Apartments | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,653 | |||||
Initial Costs, Buildings and Improvements | 23,952 | |||||
Total Initial Acquisition Costs | 28,605 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,090 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,249 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,446 | |||||
Total Carrying Value | 36,695 | 36,695 | ||||
Accumulated Depreciation | 21,388 | 21,388 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 36,695 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 21,388 | |||||
Mid Atlantic Region | Liriope Apartments | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,620 | |||||
Initial Costs, Buildings and Improvements | 6,791 | |||||
Total Initial Acquisition Costs | 8,411 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,374 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,653 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,132 | |||||
Total Carrying Value | 9,785 | 9,785 | ||||
Accumulated Depreciation | 5,352 | 5,352 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 9,785 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 5,352 | |||||
Mid Atlantic Region | 20 Lambourne | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,132 | |||||
Initial Costs, Land and Land Improvements | 11,750 | |||||
Initial Costs, Buildings and Improvements | 45,590 | |||||
Total Initial Acquisition Costs | 57,340 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,406 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,106 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 51,640 | |||||
Total Carrying Value | 63,746 | 63,746 | ||||
Accumulated Depreciation | 24,313 | 24,313 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 63,746 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 24,313 | |||||
Mid Atlantic Region | Domain Brewers Hill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,669 | |||||
Initial Costs, Buildings and Improvements | 40,630 | |||||
Total Initial Acquisition Costs | 45,299 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 942 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,700 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,541 | |||||
Total Carrying Value | 46,241 | 46,241 | ||||
Accumulated Depreciation | 12,690 | 12,690 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 46,241 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 12,690 | |||||
Mid Atlantic Region | BALTIMORE, MD | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 65,778 | |||||
Initial Costs, Land and Land Improvements | 37,515 | |||||
Initial Costs, Buildings and Improvements | 181,923 | |||||
Total Initial Acquisition Costs | 219,438 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 67,997 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 43,088 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 244,347 | |||||
Total Carrying Value | 287,435 | 287,435 | ||||
Accumulated Depreciation | 146,424 | 146,424 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 287,435 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 146,424 | |||||
Mid Atlantic Region | Gayton Pointe Townhomes | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 826 | |||||
Initial Costs, Buildings and Improvements | 5,148 | |||||
Total Initial Acquisition Costs | 5,974 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,738 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,463 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,249 | |||||
Total Carrying Value | 35,712 | 35,712 | ||||
Accumulated Depreciation | 27,255 | 27,255 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 35,712 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 27,255 | |||||
Mid Atlantic Region | Waterside At Ironbridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,844 | |||||
Initial Costs, Buildings and Improvements | 13,239 | |||||
Total Initial Acquisition Costs | 15,083 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,614 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,328 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,369 | |||||
Total Carrying Value | 22,697 | 22,697 | ||||
Accumulated Depreciation | 13,860 | 13,860 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 22,697 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 13,860 | |||||
Mid Atlantic Region | Carriage Homes at Wyndham | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 474 | |||||
Initial Costs, Buildings and Improvements | 30,997 | |||||
Total Initial Acquisition Costs | 31,471 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,959 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,901 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,529 | |||||
Total Carrying Value | 39,430 | 39,430 | ||||
Accumulated Depreciation | 24,260 | 24,260 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 39,430 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 24,260 | |||||
Mid Atlantic Region | Legacy at Mayland | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 34,567 | |||||
Initial Costs, Land and Land Improvements | 1,979 | |||||
Initial Costs, Buildings and Improvements | 11,524 | |||||
Total Initial Acquisition Costs | 13,503 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,886 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,946 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,443 | |||||
Total Carrying Value | 43,389 | 43,389 | ||||
Accumulated Depreciation | 32,042 | 32,042 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 43,389 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 32,042 | |||||
Mid Atlantic Region | RICHMOND, VA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 34,567 | |||||
Initial Costs, Land and Land Improvements | 5,123 | |||||
Initial Costs, Buildings and Improvements | 60,908 | |||||
Total Initial Acquisition Costs | 66,031 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 75,197 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,638 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 126,590 | |||||
Total Carrying Value | 141,228 | 141,228 | ||||
Accumulated Depreciation | 97,417 | 97,417 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 141,228 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 97,417 | |||||
Mid Atlantic Region | DelRey Tower [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 297 | |||||
Initial Costs, Buildings and Improvements | 12,786 | |||||
Total Initial Acquisition Costs | 13,083 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 113,357 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,461 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 116,979 | |||||
Total Carrying Value | 126,440 | 126,440 | ||||
Accumulated Depreciation | 9,914 | 9,914 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 126,440 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 9,914 | |||||
Mid Atlantic Region | Capitol View on 14th | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 31,393 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 31,393 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 94,714 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,395 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 94,712 | |||||
Total Carrying Value | 126,107 | 126,107 | ||||
Accumulated Depreciation | 17,603 | 17,603 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 126,107 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 17,603 | |||||
Mid Atlantic Region | Domain College Park [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 31,337 | |||||
Initial Costs, Land and Land Improvements | 7,300 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 7,300 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 58,032 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,307 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,025 | |||||
Total Carrying Value | 65,332 | 65,332 | ||||
Accumulated Depreciation | 8,008 | 8,008 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 65,332 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 8,008 | |||||
Mid Atlantic Region | 1200 East West [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 9,748 | |||||
Initial Costs, Buildings and Improvements | 68,022 | |||||
Total Initial Acquisition Costs | 77,770 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 85 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,749 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,106 | |||||
Total Carrying Value | 77,855 | 77,855 | ||||
Accumulated Depreciation | 878 | 878 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 77,855 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 878 | |||||
Mid Atlantic Region | Courts at Huntington Station [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 27,749 | |||||
Initial Costs, Buildings and Improvements | 111,878 | |||||
Total Initial Acquisition Costs | 139,627 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 78 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,749 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 111,956 | |||||
Total Carrying Value | 139,705 | 139,705 | ||||
Accumulated Depreciation | 1,682 | 1,682 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 139,705 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 1,682 | |||||
Mid Atlantic Region | Eleven55 Ripley [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 15,566 | |||||
Initial Costs, Buildings and Improvements | 107,539 | |||||
Total Initial Acquisition Costs | 123,105 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 76 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,566 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 107,615 | |||||
Total Carrying Value | 123,181 | 123,181 | ||||
Accumulated Depreciation | 1,402 | 1,402 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 123,181 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 1,402 | |||||
Mid Atlantic Region | Arbor Park of Alexandria [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 95,818 | |||||
Initial Costs, Land and Land Improvements | 50,881 | |||||
Initial Costs, Buildings and Improvements | 159,728 | |||||
Total Initial Acquisition Costs | 210,609 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 99 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,881 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 159,827 | |||||
Total Carrying Value | 210,708 | 210,708 | ||||
Accumulated Depreciation | 2,428 | 2,428 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 210,708 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 2,428 | |||||
Mid Atlantic Region | Courts at Dulles [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 14,697 | |||||
Initial Costs, Buildings and Improvements | 83,834 | |||||
Total Initial Acquisition Costs | 98,531 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 150 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,700 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 83,981 | |||||
Total Carrying Value | 98,681 | 98,681 | ||||
Accumulated Depreciation | 1,277 | 1,277 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 98,681 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 1,277 | |||||
Mid Atlantic Region | Newport Village [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 127,600 | |||||
Initial Costs, Land and Land Improvements | 55,283 | |||||
Initial Costs, Buildings and Improvements | 177,454 | |||||
Total Initial Acquisition Costs | 232,737 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 475 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 55,285 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 177,927 | |||||
Total Carrying Value | 233,212 | 233,212 | ||||
Accumulated Depreciation | 2,704 | 2,704 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 233,212 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 2,704 | |||||
Southeastern Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 170,986 | |||||
Initial Costs, Land and Land Improvements | 86,349 | |||||
Initial Costs, Buildings and Improvements | 355,426 | |||||
Total Initial Acquisition Costs | 441,775 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 288,284 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 118,304 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 611,755 | |||||
Total Carrying Value | 730,059 | 730,059 | ||||
Accumulated Depreciation | 425,591 | 425,591 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 730,059 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 425,591 | |||||
Southeastern Region | Summit West | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,176 | |||||
Initial Costs, Buildings and Improvements | 4,710 | |||||
Total Initial Acquisition Costs | 6,886 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,314 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,552 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,648 | |||||
Total Carrying Value | 16,200 | 16,200 | ||||
Accumulated Depreciation | 11,005 | 11,005 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 16,200 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 11,005 | |||||
Southeastern Region | The Breyley | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,780 | |||||
Initial Costs, Buildings and Improvements | 2,458 | |||||
Total Initial Acquisition Costs | 4,238 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,606 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,457 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,387 | |||||
Total Carrying Value | 21,844 | 21,844 | ||||
Accumulated Depreciation | 16,978 | 16,978 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 21,844 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 16,978 | |||||
Southeastern Region | Lakewood Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 18,230 | |||||
Initial Costs, Land and Land Improvements | 1,395 | |||||
Initial Costs, Buildings and Improvements | 10,647 | |||||
Total Initial Acquisition Costs | 12,042 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,654 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,709 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,987 | |||||
Total Carrying Value | 21,696 | 21,696 | ||||
Accumulated Depreciation | 14,531 | 14,531 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 21,696 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 14,531 | |||||
Southeastern Region | Cambridge Woods | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 12,713 | |||||
Initial Costs, Land and Land Improvements | 1,791 | |||||
Initial Costs, Buildings and Improvements | 7,166 | |||||
Total Initial Acquisition Costs | 8,957 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,042 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,687 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,312 | |||||
Total Carrying Value | 17,999 | 17,999 | ||||
Accumulated Depreciation | 11,297 | 11,297 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 17,999 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 11,297 | |||||
Southeastern Region | Inlet Bay | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 7,702 | |||||
Initial Costs, Buildings and Improvements | 23,150 | |||||
Total Initial Acquisition Costs | 30,852 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,659 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,304 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,207 | |||||
Total Carrying Value | 46,511 | 46,511 | ||||
Accumulated Depreciation | 27,055 | 27,055 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 46,511 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 27,055 | |||||
Southeastern Region | MacAlpine Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,869 | |||||
Initial Costs, Buildings and Improvements | 36,858 | |||||
Total Initial Acquisition Costs | 47,727 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,862 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,545 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,044 | |||||
Total Carrying Value | 55,589 | 55,589 | ||||
Accumulated Depreciation | 28,780 | 28,780 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 55,589 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 28,780 | |||||
Southeastern Region | The Vintage Lofts at West End | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,611 | |||||
Initial Costs, Buildings and Improvements | 37,663 | |||||
Total Initial Acquisition Costs | 44,274 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,107 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,119 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,262 | |||||
Total Carrying Value | 60,381 | 60,381 | ||||
Accumulated Depreciation | 22,082 | 22,082 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 60,381 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 22,082 | |||||
Southeastern Region | TAMPA, FL | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 30,943 | |||||
Initial Costs, Land and Land Improvements | 32,324 | |||||
Initial Costs, Buildings and Improvements | 122,652 | |||||
Total Initial Acquisition Costs | 154,976 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 85,244 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 48,373 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 191,847 | |||||
Total Carrying Value | 240,220 | 240,220 | ||||
Accumulated Depreciation | 131,728 | 131,728 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 240,220 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 131,728 | |||||
Southeastern Region | Seabrook | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,846 | |||||
Initial Costs, Buildings and Improvements | 4,155 | |||||
Total Initial Acquisition Costs | 6,001 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,427 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,763 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,665 | |||||
Total Carrying Value | 14,428 | 14,428 | ||||
Accumulated Depreciation | 9,531 | 9,531 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 14,428 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 9,531 | |||||
Southeastern Region | Altamira Place | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,533 | |||||
Initial Costs, Buildings and Improvements | 11,076 | |||||
Total Initial Acquisition Costs | 12,609 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,724 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,539 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,794 | |||||
Total Carrying Value | 33,333 | 33,333 | ||||
Accumulated Depreciation | 25,586 | 25,586 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 33,333 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 25,586 | |||||
Southeastern Region | Regatta Shore | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 757 | |||||
Initial Costs, Buildings and Improvements | 6,608 | |||||
Total Initial Acquisition Costs | 7,365 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,031 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,060 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,336 | |||||
Total Carrying Value | 23,396 | 23,396 | ||||
Accumulated Depreciation | 17,330 | 17,330 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 23,396 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 17,330 | |||||
Southeastern Region | Alafaya Woods | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 17,776 | |||||
Initial Costs, Land and Land Improvements | 1,653 | |||||
Initial Costs, Buildings and Improvements | 9,042 | |||||
Total Initial Acquisition Costs | 10,695 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,245 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,555 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,385 | |||||
Total Carrying Value | 19,940 | 19,940 | ||||
Accumulated Depreciation | 13,299 | 13,299 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 19,940 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 13,299 | |||||
Southeastern Region | Los Altos | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 21,592 | |||||
Initial Costs, Land and Land Improvements | 2,804 | |||||
Initial Costs, Buildings and Improvements | 12,349 | |||||
Total Initial Acquisition Costs | 15,153 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,994 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,058 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,089 | |||||
Total Carrying Value | 26,147 | 26,147 | ||||
Accumulated Depreciation | 15,263 | 15,263 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 26,147 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 15,263 | |||||
Southeastern Region | Lotus Landing | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,185 | |||||
Initial Costs, Buildings and Improvements | 8,639 | |||||
Total Initial Acquisition Costs | 10,824 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,108 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,873 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,059 | |||||
Total Carrying Value | 20,932 | 20,932 | ||||
Accumulated Depreciation | 11,987 | 11,987 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 20,932 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 11,987 | |||||
Southeastern Region | Seville On The Green | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,282 | |||||
Initial Costs, Buildings and Improvements | 6,498 | |||||
Total Initial Acquisition Costs | 7,780 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,249 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,738 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,291 | |||||
Total Carrying Value | 15,029 | 15,029 | ||||
Accumulated Depreciation | 9,051 | 9,051 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 15,029 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 9,051 | |||||
Southeastern Region | Ashton @ Waterford | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 23,015 | |||||
Initial Costs, Land and Land Improvements | 3,872 | |||||
Initial Costs, Buildings and Improvements | 17,538 | |||||
Total Initial Acquisition Costs | 21,410 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,563 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,273 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,700 | |||||
Total Carrying Value | 25,973 | 25,973 | ||||
Accumulated Depreciation | 13,830 | 13,830 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 25,973 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 13,830 | |||||
Southeastern Region | Arbors at Lee Vista DCO | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,692 | |||||
Initial Costs, Buildings and Improvements | 12,860 | |||||
Total Initial Acquisition Costs | 19,552 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,894 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,264 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,182 | |||||
Total Carrying Value | 32,446 | 32,446 | ||||
Accumulated Depreciation | 19,618 | 19,618 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 32,446 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 19,618 | |||||
Southeastern Region | ORLANDO, FL | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 62,383 | |||||
Initial Costs, Land and Land Improvements | 22,624 | |||||
Initial Costs, Buildings and Improvements | 88,765 | |||||
Total Initial Acquisition Costs | 111,389 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 100,235 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,123 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 180,501 | |||||
Total Carrying Value | 211,624 | 211,624 | ||||
Accumulated Depreciation | 135,495 | 135,495 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 211,624 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 135,495 | |||||
Southeastern Region | Legacy Hill | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,148 | |||||
Initial Costs, Buildings and Improvements | 5,867 | |||||
Total Initial Acquisition Costs | 7,015 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,807 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,764 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,058 | |||||
Total Carrying Value | 15,822 | 15,822 | ||||
Accumulated Depreciation | 11,246 | 11,246 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 15,822 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 11,246 | |||||
Southeastern Region | Hickory Run | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 1,469 | |||||
Initial Costs, Buildings and Improvements | 11,584 | |||||
Total Initial Acquisition Costs | 13,053 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,459 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,155 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,357 | |||||
Total Carrying Value | 23,512 | 23,512 | ||||
Accumulated Depreciation | 14,244 | 14,244 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 23,512 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 14,244 | |||||
Southeastern Region | Carrington Hills | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,117 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 2,117 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 34,535 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,506 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,146 | |||||
Total Carrying Value | 36,652 | 36,652 | ||||
Accumulated Depreciation | 21,305 | 21,305 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 36,652 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 21,305 | |||||
Southeastern Region | Brookridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 708 | |||||
Initial Costs, Buildings and Improvements | 5,461 | |||||
Total Initial Acquisition Costs | 6,169 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,830 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,162 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,837 | |||||
Total Carrying Value | 10,999 | 10,999 | ||||
Accumulated Depreciation | 7,007 | 7,007 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 10,999 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 7,007 | |||||
Southeastern Region | Breckenridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 766 | |||||
Initial Costs, Buildings and Improvements | 7,714 | |||||
Total Initial Acquisition Costs | 8,480 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,646 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,285 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,841 | |||||
Total Carrying Value | 13,126 | 13,126 | ||||
Accumulated Depreciation | 8,155 | 8,155 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 13,126 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 8,155 | |||||
Southeastern Region | Colonnade | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 16,677 | |||||
Initial Costs, Land and Land Improvements | 1,460 | |||||
Initial Costs, Buildings and Improvements | 16,015 | |||||
Total Initial Acquisition Costs | 17,475 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,766 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,952 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,289 | |||||
Total Carrying Value | 23,241 | 23,241 | ||||
Accumulated Depreciation | 12,268 | 12,268 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 23,241 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 12,268 | |||||
Southeastern Region | The Preserve at Brentwood | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 21,804 | |||||
Initial Costs, Land and Land Improvements | 3,182 | |||||
Initial Costs, Buildings and Improvements | 24,674 | |||||
Total Initial Acquisition Costs | 27,856 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,431 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,641 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,646 | |||||
Total Carrying Value | 35,287 | 35,287 | ||||
Accumulated Depreciation | 21,056 | 21,056 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 35,287 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 21,056 | |||||
Southeastern Region | Polo Park | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,583 | |||||
Initial Costs, Buildings and Improvements | 16,293 | |||||
Total Initial Acquisition Costs | 20,876 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,508 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,741 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,643 | |||||
Total Carrying Value | 37,384 | 37,384 | ||||
Accumulated Depreciation | 22,411 | 22,411 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 37,384 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 22,411 | |||||
Southeastern Region | NASHVILLE, TN | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 38,481 | |||||
Initial Costs, Land and Land Improvements | 15,433 | |||||
Initial Costs, Buildings and Improvements | 87,608 | |||||
Total Initial Acquisition Costs | 103,041 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 92,982 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,206 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 173,817 | |||||
Total Carrying Value | 196,023 | 196,023 | ||||
Accumulated Depreciation | 117,692 | 117,692 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 196,023 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 117,692 | |||||
Southeastern Region | The Reserve and Park at Riverbridge | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,179 | |||||
Initial Costs, Land and Land Improvements | 15,968 | |||||
Initial Costs, Buildings and Improvements | 56,401 | |||||
Total Initial Acquisition Costs | 72,369 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,823 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,602 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,590 | |||||
Total Carrying Value | 82,192 | 82,192 | ||||
Accumulated Depreciation | 40,676 | 40,676 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 82,192 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 40,676 | |||||
Southeastern Region | OTHER FLORIDA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 39,179 | |||||
Initial Costs, Land and Land Improvements | 15,968 | |||||
Initial Costs, Buildings and Improvements | 56,401 | |||||
Total Initial Acquisition Costs | 72,369 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,823 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,602 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,590 | |||||
Total Carrying Value | 82,192 | 82,192 | ||||
Accumulated Depreciation | 40,676 | 40,676 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 82,192 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 40,676 | |||||
Northeast Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 77,066 | |||||
Initial Costs, Land and Land Improvements | 317,831 | |||||
Initial Costs, Buildings and Improvements | 1,182,479 | |||||
Total Initial Acquisition Costs | 1,500,310 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 337,084 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 317,479 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,519,915 | |||||
Total Carrying Value | 1,837,394 | 1,837,394 | ||||
Accumulated Depreciation | 344,653 | 344,653 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 1,837,394 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 344,653 | |||||
Northeast Region | Garrison Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,591 | |||||
Initial Costs, Buildings and Improvements | 91,027 | |||||
Total Initial Acquisition Costs | 96,618 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,226 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,635 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 98,209 | |||||
Total Carrying Value | 103,844 | 103,844 | ||||
Accumulated Depreciation | 29,629 | 29,629 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 103,844 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 29,629 | |||||
Northeast Region | Ridge at Blue Hills | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 22,147 | |||||
Initial Costs, Land and Land Improvements | 6,039 | |||||
Initial Costs, Buildings and Improvements | 34,869 | |||||
Total Initial Acquisition Costs | 40,908 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,479 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,113 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,274 | |||||
Total Carrying Value | 42,387 | 42,387 | ||||
Accumulated Depreciation | 11,196 | 11,196 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 42,387 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 11,196 | |||||
Northeast Region | Inwood West | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 54,919 | |||||
Initial Costs, Land and Land Improvements | 20,778 | |||||
Initial Costs, Buildings and Improvements | 88,096 | |||||
Total Initial Acquisition Costs | 108,874 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,121 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,324 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 94,671 | |||||
Total Carrying Value | 113,995 | 113,995 | ||||
Accumulated Depreciation | 26,028 | 26,028 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 113,995 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 26,028 | |||||
Northeast Region | 14 North | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,961 | |||||
Initial Costs, Buildings and Improvements | 51,175 | |||||
Total Initial Acquisition Costs | 62,136 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,359 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,077 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,418 | |||||
Total Carrying Value | 68,495 | 68,495 | ||||
Accumulated Depreciation | 16,632 | 16,632 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 68,495 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 16,632 | |||||
Northeast Region | BOSTON, MA | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 77,066 | |||||
Initial Costs, Land and Land Improvements | 67,953 | |||||
Initial Costs, Buildings and Improvements | 265,167 | |||||
Total Initial Acquisition Costs | 333,120 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 210,880 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 66,733 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 477,267 | |||||
Total Carrying Value | 544,000 | 544,000 | ||||
Accumulated Depreciation | 90,744 | 90,744 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 544,000 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 90,744 | |||||
Northeast Region | 10 Hanover Square | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 41,432 | |||||
Initial Costs, Buildings and Improvements | 218,983 | |||||
Total Initial Acquisition Costs | 260,415 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,730 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,496 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 228,649 | |||||
Total Carrying Value | 270,145 | 270,145 | ||||
Accumulated Depreciation | 54,457 | 54,457 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 270,145 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 54,457 | |||||
Northeast Region | 21 Chelsea | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 36,399 | |||||
Initial Costs, Buildings and Improvements | 107,154 | |||||
Total Initial Acquisition Costs | 143,553 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,592 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,414 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 119,731 | |||||
Total Carrying Value | 156,145 | 156,145 | ||||
Accumulated Depreciation | 28,031 | 28,031 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 156,145 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 28,031 | |||||
Northeast Region | View 34 [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 114,410 | |||||
Initial Costs, Buildings and Improvements | 324,920 | |||||
Total Initial Acquisition Costs | 439,330 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 96,772 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 115,026 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 421,076 | |||||
Total Carrying Value | 536,102 | 536,102 | ||||
Accumulated Depreciation | 99,652 | 99,652 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 536,102 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 99,652 | |||||
Northeast Region | 95 Wall Street | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 57,637 | |||||
Initial Costs, Buildings and Improvements | 266,255 | |||||
Total Initial Acquisition Costs | 323,892 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,110 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 57,810 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 273,192 | |||||
Total Carrying Value | 331,002 | 331,002 | ||||
Accumulated Depreciation | 71,769 | 71,769 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 331,002 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 71,769 | |||||
Northeast Region | NEW YORK, NY | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 249,878 | |||||
Initial Costs, Buildings and Improvements | 917,312 | |||||
Total Initial Acquisition Costs | 1,167,190 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 126,204 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 250,746 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,042,648 | |||||
Total Carrying Value | 1,293,394 | 1,293,394 | ||||
Accumulated Depreciation | 253,909 | 253,909 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 1,293,394 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 253,909 | |||||
Northeast Region | Pier 4 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 24,584 | |||||
Initial Costs, Buildings and Improvements | 0 | |||||
Total Initial Acquisition Costs | 24,584 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 190,695 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,584 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 190,695 | |||||
Total Carrying Value | 215,279 | 215,279 | ||||
Accumulated Depreciation | 7,259 | 7,259 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 215,279 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 7,259 | |||||
Southwestern Region | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 148,394 | |||||
Initial Costs, Land and Land Improvements | 99,870 | |||||
Initial Costs, Buildings and Improvements | 257,677 | |||||
Total Initial Acquisition Costs | 357,547 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 89,898 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 115,906 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 331,539 | |||||
Total Carrying Value | 447,445 | 447,445 | ||||
Accumulated Depreciation | 170,852 | 170,852 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 447,445 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 170,852 | |||||
Southwestern Region | THIRTY377 | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 29,361 | |||||
Initial Costs, Land and Land Improvements | 24,036 | |||||
Initial Costs, Buildings and Improvements | 32,951 | |||||
Total Initial Acquisition Costs | 56,987 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,332 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,382 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,937 | |||||
Total Carrying Value | 66,319 | 66,319 | ||||
Accumulated Depreciation | 24,256 | 24,256 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 66,319 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 24,256 | |||||
Southwestern Region | Legacy Village | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 82,734 | |||||
Initial Costs, Land and Land Improvements | 16,882 | |||||
Initial Costs, Buildings and Improvements | 100,102 | |||||
Total Initial Acquisition Costs | 116,984 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,827 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,407 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 108,404 | |||||
Total Carrying Value | 125,811 | 125,811 | ||||
Accumulated Depreciation | 50,919 | 50,919 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 125,811 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 50,919 | |||||
Southwestern Region | Garden Oaks | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,132 | |||||
Initial Costs, Buildings and Improvements | 5,367 | |||||
Total Initial Acquisition Costs | 7,499 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,812 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,947 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,364 | |||||
Total Carrying Value | 9,311 | 9,311 | ||||
Accumulated Depreciation | 1,996 | 1,996 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 9,311 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 1,996 | |||||
Southwestern Region | Glenwood | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 7,903 | |||||
Initial Costs, Buildings and Improvements | 554 | |||||
Total Initial Acquisition Costs | 8,457 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,105 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,159 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,403 | |||||
Total Carrying Value | 10,562 | 10,562 | ||||
Accumulated Depreciation | 1,583 | 1,583 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 10,562 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 1,583 | |||||
Southwestern Region | Talisker of Addison | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 10,440 | |||||
Initial Costs, Buildings and Improvements | 634 | |||||
Total Initial Acquisition Costs | 11,074 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,259 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,845 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,488 | |||||
Total Carrying Value | 13,333 | 13,333 | ||||
Accumulated Depreciation | 2,026 | 2,026 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 13,333 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 2,026 | |||||
Southwestern Region | Springhaven | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 6,688 | |||||
Initial Costs, Buildings and Improvements | 3,354 | |||||
Total Initial Acquisition Costs | 10,042 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,543 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,359 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,226 | |||||
Total Carrying Value | 11,585 | 11,585 | ||||
Accumulated Depreciation | 2,465 | 2,465 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 11,585 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 2,465 | |||||
Southwestern Region | Clipper Pointe | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 13,221 | |||||
Initial Costs, Buildings and Improvements | 2,507 | |||||
Total Initial Acquisition Costs | 15,728 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,615 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,001 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,342 | |||||
Total Carrying Value | 18,343 | 18,343 | ||||
Accumulated Depreciation | 2,897 | 2,897 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 18,343 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 2,897 | |||||
Southwestern Region | Highlands of Preston | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 2,151 | |||||
Initial Costs, Buildings and Improvements | 8,168 | |||||
Total Initial Acquisition Costs | 10,319 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 31,543 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,044 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,818 | |||||
Total Carrying Value | 41,862 | 41,862 | ||||
Accumulated Depreciation | 26,252 | 26,252 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 41,862 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 26,252 | |||||
Southwestern Region | DALLAS, TX | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 112,095 | |||||
Initial Costs, Land and Land Improvements | 83,453 | |||||
Initial Costs, Buildings and Improvements | 153,637 | |||||
Total Initial Acquisition Costs | 237,090 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 60,036 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 97,144 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 199,982 | |||||
Total Carrying Value | 297,126 | 297,126 | ||||
Accumulated Depreciation | 112,394 | 112,394 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 297,126 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 112,394 | |||||
Southwestern Region | Barton Creek Landing | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 3,151 | |||||
Initial Costs, Buildings and Improvements | 14,269 | |||||
Total Initial Acquisition Costs | 17,420 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 22,588 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,913 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,095 | |||||
Total Carrying Value | 40,008 | 40,008 | ||||
Accumulated Depreciation | 22,924 | 22,924 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 40,008 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 22,924 | |||||
Southwestern Region | Residences at the Domain | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 36,299 | |||||
Initial Costs, Land and Land Improvements | 4,034 | |||||
Initial Costs, Buildings and Improvements | 55,256 | |||||
Total Initial Acquisition Costs | 59,290 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,668 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,281 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,677 | |||||
Total Carrying Value | 62,958 | 62,958 | ||||
Accumulated Depreciation | 25,547 | 25,547 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 62,958 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 25,547 | |||||
Southwestern Region | Red Stone Ranch | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 5,084 | |||||
Initial Costs, Buildings and Improvements | 17,646 | |||||
Total Initial Acquisition Costs | 22,730 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,111 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,272 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,569 | |||||
Total Carrying Value | 24,841 | 24,841 | ||||
Accumulated Depreciation | 5,243 | 5,243 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 24,841 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 5,243 | |||||
Southwestern Region | Lakeline Villas | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 0 | |||||
Initial Costs, Land and Land Improvements | 4,148 | |||||
Initial Costs, Buildings and Improvements | 16,869 | |||||
Total Initial Acquisition Costs | 21,017 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,495 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,296 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,216 | |||||
Total Carrying Value | 22,512 | 22,512 | ||||
Accumulated Depreciation | 4,744 | 4,744 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 22,512 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 4,744 | |||||
Southwestern Region | AUSTIN, TX | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Encumbrances | 36,299 | |||||
Initial Costs, Land and Land Improvements | 16,417 | |||||
Initial Costs, Buildings and Improvements | 104,040 | |||||
Total Initial Acquisition Costs | 120,457 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,862 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 18,762 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 131,557 | |||||
Total Carrying Value | 150,319 | 150,319 | ||||
Accumulated Depreciation | 58,458 | 58,458 | ||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Balance at end of the year | 150,319 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Balance at end of year | 58,458 | |||||
Corporate Joint Venture [Member] | ||||||
Real Estate Owned, Gross [Roll Forward] | ||||||
Real estate acquired | 0 | 0 | 129,437 | |||
Retirement of fully depreciated assets | 0 | (112,344) | (356,303) | |||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | ||||||
Accumulated depreciation on retirements of fully depreciated assets | $ 0 | $ (4,228) | $ (20,662) | |||
Secured Debt [Member] | ||||||
Real Estate and Accumulated Depreciation [Line Items] | ||||||
Deferred Finance Costs, Net | $ (5,549) | |||||
[1] | Includes unallocated accruals and capital expenditures.The aggregate cost for federal income tax purposes was approximately $8.3 billion at December 31, 2015. The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. |
Schedule III - Real Estate O148
Schedule III - Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Deferred Finance Costs, Net | $ 0 | ||||||
Total Carrying Value | $ 8,383,259 | $ 8,207,977 | $ 8,055,828 | $ 9,190,276 | 8,383,259 | $ 8,207,977 | |
Accumulated Depreciation | 2,434,772 | 2,208,794 | 1,924,682 | 2,646,874 | 2,434,772 | 2,208,794 | |
Aggregate cost for federal income tax purposes | 8,300,000 | ||||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at beginning of the year | 8,383,259 | 8,207,977 | 8,055,828 | ||||
Real estate acquired | 906,446 | 231,225 | 0 | ||||
Capital expenditures and development | 203,183 | 326,461 | 452,057 | ||||
Real estate sold | (301,920) | (269,681) | (70,687) | ||||
Real Estate Investment Property, at Cost | 9,053,599 | 8,205,627 | |||||
Hurricane related impairment of assets | (692) | (379) | (2,355) | ||||
Balance at end of the year | 9,190,276 | 8,383,259 | 8,207,977 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at beginning of the year | 2,434,772 | 2,208,794 | 1,924,682 | ||||
Depreciation expense for the year | 364,622 | 356,673 | 339,326 | ||||
Accumulated depreciation on sales | (152,520) | (126,151) | (34,794) | ||||
Accumulated depreciation on retirements of fully depreciated asset | 0 | 0 | (1,132) | ||||
Write off of accumulated depreciation on hurricane related impaired assets | 0 | (316) | 0 | ||||
Balance at end of year | $ 2,646,874 | 2,434,772 | 2,208,794 | ||||
Estimated depreciable lives of buildings range beginning | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Depreciable life for all buildings | 35 years | ||||||
Estimated depreciable lives of buildings range end | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Depreciable life for all buildings | 55 years | ||||||
Other | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | [1] | 0 | |||||
Initial Costs, Land and Land Improvements | [1] | 0 | |||||
Initial Costs, Buildings and Improvements | [1] | 0 | |||||
Total Initial Acquisition Costs | [1] | 0 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | [1] | 5,356 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | [1] | 0 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | [1] | 5,356 | |||||
Total Carrying Value | [1] | $ 5,356 | 5,356 | ||||
Accumulated Depreciation | [1] | 62 | 62 | ||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | [1] | 5,356 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | [1] | 62 | |||||
TOTAL CORPORATE | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 11,755 | ||||||
Initial Costs, Land and Land Improvements | 3,034 | ||||||
Initial Costs, Buildings and Improvements | 20,534 | ||||||
Total Initial Acquisition Costs | 23,568 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,093 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,034 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,627 | ||||||
Total Carrying Value | 29,661 | 29,661 | |||||
Accumulated Depreciation | 691 | 691 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 29,661 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 691 | ||||||
Real Estate Under Development | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 78,085 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 78,085 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 45,987 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 78,085 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,987 | ||||||
Total Carrying Value | 124,072 | 124,072 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 124,072 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 0 | ||||||
Land | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 56,782 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 56,782 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,838 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 63,923 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,697 | ||||||
Total Carrying Value | 80,620 | 80,620 | |||||
Accumulated Depreciation | 2,935 | 2,935 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 80,620 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 2,935 | ||||||
Commercial Held for Development | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 32,351 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 32,351 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 30,909 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,197 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,063 | ||||||
Total Carrying Value | 63,260 | 63,260 | |||||
Accumulated Depreciation | 16,504 | 16,504 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 63,260 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 16,504 | ||||||
Commercial Held for Development | TOTAL COMMERCIAL & CORPORATE | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 11,755 | ||||||
Initial Costs, Land and Land Improvements | 35,385 | ||||||
Initial Costs, Buildings and Improvements | 20,534 | ||||||
Total Initial Acquisition Costs | 55,919 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,002 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 43,231 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,690 | ||||||
Total Carrying Value | 92,921 | 92,921 | |||||
Accumulated Depreciation | 17,195 | 17,195 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 92,921 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 17,195 | ||||||
Commercial Held for Development | Total Real Estate Owned | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 1,376,945 | ||||||
Initial Costs, Land and Land Improvements | 1,877,466 | ||||||
Initial Costs, Buildings and Improvements | 4,870,890 | ||||||
Total Initial Acquisition Costs | 6,748,356 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,441,920 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,095,022 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,095,254 | ||||||
Total Carrying Value | 9,190,276 | 9,190,276 | |||||
Accumulated Depreciation | 2,646,874 | 2,646,874 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 9,190,276 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 2,646,874 | ||||||
Western Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 466,881 | ||||||
Initial Costs, Land and Land Improvements | 804,897 | ||||||
Initial Costs, Buildings and Improvements | 1,504,019 | ||||||
Total Initial Acquisition Costs | 2,308,916 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,019,059 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 883,471 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,444,504 | ||||||
Total Carrying Value | 3,327,975 | 3,327,975 | |||||
Accumulated Depreciation | 1,037,095 | 1,037,095 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 3,327,975 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 1,037,095 | ||||||
Western Region | Harbor at Mesa Verde | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 61,050 | ||||||
Initial Costs, Land and Land Improvements | 20,476 | ||||||
Initial Costs, Buildings and Improvements | 28,538 | ||||||
Total Initial Acquisition Costs | 49,014 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,641 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,314 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 42,341 | ||||||
Total Carrying Value | 63,655 | 63,655 | |||||
Accumulated Depreciation | 27,697 | 27,697 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 63,655 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 27,697 | ||||||
Western Region | 27 Seventy FIve Mesa Verde [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 36,423 | ||||||
Initial Costs, Land and Land Improvements | 99,329 | ||||||
Initial Costs, Buildings and Improvements | 110,644 | ||||||
Total Initial Acquisition Costs | 209,973 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 92,673 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 112,650 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 189,996 | ||||||
Total Carrying Value | 302,646 | 302,646 | |||||
Accumulated Depreciation | 87,007 | 87,007 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 302,646 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 87,007 | ||||||
Western Region | Pacific Shores | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 42,552 | ||||||
Initial Costs, Land and Land Improvements | 7,345 | ||||||
Initial Costs, Buildings and Improvements | 22,624 | ||||||
Total Initial Acquisition Costs | 29,969 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,913 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,913 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,969 | ||||||
Total Carrying Value | 39,882 | 39,882 | |||||
Accumulated Depreciation | 20,771 | 20,771 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 39,882 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 20,771 | ||||||
Western Region | Huntington Vista | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 36,980 | ||||||
Initial Costs, Land and Land Improvements | 8,055 | ||||||
Initial Costs, Buildings and Improvements | 22,486 | ||||||
Total Initial Acquisition Costs | 30,541 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,612 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,713 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,440 | ||||||
Total Carrying Value | 42,153 | 42,153 | |||||
Accumulated Depreciation | 19,810 | 19,810 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 42,153 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 19,810 | ||||||
Western Region | Missions at Back Bay | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 229 | ||||||
Initial Costs, Buildings and Improvements | 14,129 | ||||||
Total Initial Acquisition Costs | 14,358 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,526 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,874 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,010 | ||||||
Total Carrying Value | 16,884 | 16,884 | |||||
Accumulated Depreciation | 4,229 | 4,229 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 16,884 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 4,229 | ||||||
Western Region | Coronado at Newport — North | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 62,516 | ||||||
Initial Costs, Buildings and Improvements | 46,082 | ||||||
Total Initial Acquisition Costs | 108,598 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,014 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 66,770 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 70,842 | ||||||
Total Carrying Value | 137,612 | 137,612 | |||||
Accumulated Depreciation | 44,814 | 44,814 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 137,612 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 44,814 | ||||||
Western Region | Vista Del Rey | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 10,670 | ||||||
Initial Costs, Buildings and Improvements | 7,080 | ||||||
Total Initial Acquisition Costs | 17,750 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,502 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,988 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,264 | ||||||
Total Carrying Value | 20,252 | 20,252 | |||||
Accumulated Depreciation | 6,117 | 6,117 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,252 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 6,117 | ||||||
Western Region | Coronado South | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 58,785 | ||||||
Initial Costs, Buildings and Improvements | 50,067 | ||||||
Total Initial Acquisition Costs | 108,852 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 19,393 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 59,278 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,967 | ||||||
Total Carrying Value | 128,245 | 128,245 | |||||
Accumulated Depreciation | 43,476 | 43,476 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 128,245 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 43,476 | ||||||
Western Region | ORANGE COUNTY, CA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 177,005 | ||||||
Initial Costs, Land and Land Improvements | 351,315 | ||||||
Initial Costs, Buildings and Improvements | 359,742 | ||||||
Total Initial Acquisition Costs | 711,057 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 421,532 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 382,189 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 750,400 | ||||||
Total Carrying Value | 1,132,589 | 1,132,589 | |||||
Accumulated Depreciation | 307,438 | 307,438 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 1,132,589 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 307,438 | ||||||
Western Region | 2000 Post Street | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 9,861 | ||||||
Initial Costs, Buildings and Improvements | 44,578 | ||||||
Total Initial Acquisition Costs | 54,439 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 30,040 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,541 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 70,938 | ||||||
Total Carrying Value | 84,479 | 84,479 | |||||
Accumulated Depreciation | 31,789 | 31,789 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 84,479 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 31,789 | ||||||
Western Region | Birch Creek | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 4,365 | ||||||
Initial Costs, Buildings and Improvements | 16,696 | ||||||
Total Initial Acquisition Costs | 21,061 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,536 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,139 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,458 | ||||||
Total Carrying Value | 28,597 | 28,597 | |||||
Accumulated Depreciation | 13,756 | 13,756 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 28,597 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 13,756 | ||||||
Western Region | Highlands Of Marin | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 5,996 | ||||||
Initial Costs, Buildings and Improvements | 24,868 | ||||||
Total Initial Acquisition Costs | 30,864 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 26,063 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,257 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,670 | ||||||
Total Carrying Value | 56,927 | 56,927 | |||||
Accumulated Depreciation | 29,237 | 29,237 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 56,927 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 29,237 | ||||||
Western Region | Marina Playa | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,224 | ||||||
Initial Costs, Buildings and Improvements | 23,916 | ||||||
Total Initial Acquisition Costs | 30,140 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,032 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,938 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,234 | ||||||
Total Carrying Value | 40,172 | 40,172 | |||||
Accumulated Depreciation | 19,547 | 19,547 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 40,172 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 19,547 | ||||||
Western Region | The Westerly | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 67,700 | ||||||
Initial Costs, Land and Land Improvements | 48,182 | ||||||
Initial Costs, Buildings and Improvements | 102,364 | ||||||
Total Initial Acquisition Costs | 150,546 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,220 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,722 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 137,044 | ||||||
Total Carrying Value | 187,766 | 187,766 | |||||
Accumulated Depreciation | 46,474 | 46,474 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 187,766 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 46,474 | ||||||
Western Region | River Terrace | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 39,310 | ||||||
Initial Costs, Land and Land Improvements | 22,161 | ||||||
Initial Costs, Buildings and Improvements | 40,137 | ||||||
Total Initial Acquisition Costs | 62,298 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,307 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,428 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,177 | ||||||
Total Carrying Value | 66,605 | 66,605 | |||||
Accumulated Depreciation | 25,943 | 25,943 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 66,605 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 25,943 | ||||||
Western Region | CitySouth | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 14,031 | ||||||
Initial Costs, Buildings and Improvements | 30,537 | ||||||
Total Initial Acquisition Costs | 44,568 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 35,627 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,290 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,905 | ||||||
Total Carrying Value | 80,195 | 80,195 | |||||
Accumulated Depreciation | 36,437 | 36,437 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 80,195 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 36,437 | ||||||
Western Region | Bay Terrace | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 8,545 | ||||||
Initial Costs, Buildings and Improvements | 14,458 | ||||||
Total Initial Acquisition Costs | 23,003 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,046 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,458 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,591 | ||||||
Total Carrying Value | 28,049 | 28,049 | |||||
Accumulated Depreciation | 9,622 | 9,622 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 28,049 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,622 | ||||||
Western Region | Highlands of Marin Phase II | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 5,353 | ||||||
Initial Costs, Buildings and Improvements | 18,559 | ||||||
Total Initial Acquisition Costs | 23,912 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,088 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,758 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,242 | ||||||
Total Carrying Value | 35,000 | 35,000 | |||||
Accumulated Depreciation | 15,221 | 15,221 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 35,000 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 15,221 | ||||||
Western Region | Edgewater | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 30,657 | ||||||
Initial Costs, Buildings and Improvements | 83,872 | ||||||
Total Initial Acquisition Costs | 114,529 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,689 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,690 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 87,528 | ||||||
Total Carrying Value | 118,218 | 118,218 | |||||
Accumulated Depreciation | 39,217 | 39,217 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 118,218 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 39,217 | ||||||
Western Region | Almaden Lake Village | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 27,000 | ||||||
Initial Costs, Land and Land Improvements | 594 | ||||||
Initial Costs, Buildings and Improvements | 42,515 | ||||||
Total Initial Acquisition Costs | 43,109 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,031 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 773 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,367 | ||||||
Total Carrying Value | 49,140 | 49,140 | |||||
Accumulated Depreciation | 21,469 | 21,469 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 49,140 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,469 | ||||||
Western Region | SAN FRANCISCO, CA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 66,310 | ||||||
Initial Costs, Land and Land Improvements | 145,665 | ||||||
Initial Costs, Buildings and Improvements | 414,240 | ||||||
Total Initial Acquisition Costs | 559,905 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 274,163 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 158,250 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 675,818 | ||||||
Total Carrying Value | 834,068 | 834,068 | |||||
Accumulated Depreciation | 279,168 | 279,168 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 834,068 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 279,168 | ||||||
Western Region | Rosebeach | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 8,414 | ||||||
Initial Costs, Buildings and Improvements | 17,449 | ||||||
Total Initial Acquisition Costs | 25,863 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,450 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,760 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,553 | ||||||
Total Carrying Value | 29,313 | 29,313 | |||||
Accumulated Depreciation | 12,675 | 12,675 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 29,313 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 12,675 | ||||||
Western Region | Other Southern CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 55,263 | ||||||
Initial Costs, Land and Land Improvements | 25,884 | ||||||
Initial Costs, Buildings and Improvements | 37,813 | ||||||
Total Initial Acquisition Costs | 63,697 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 59,789 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,164 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 87,322 | ||||||
Total Carrying Value | 123,486 | 123,486 | |||||
Accumulated Depreciation | 60,315 | 60,315 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 123,486 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 60,315 | ||||||
Western Region | Tierra Del Rey | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 43,078 | ||||||
Initial Costs, Land and Land Improvements | 39,586 | ||||||
Initial Costs, Buildings and Improvements | 36,679 | ||||||
Total Initial Acquisition Costs | 76,265 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,250 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,674 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,841 | ||||||
Total Carrying Value | 79,515 | 79,515 | |||||
Accumulated Depreciation | 18,883 | 18,883 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 79,515 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 18,883 | ||||||
Western Region | LOS ANGELES, CA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 110,778 | ||||||
Initial Costs, Land and Land Improvements | 151,833 | ||||||
Initial Costs, Buildings and Improvements | 156,492 | ||||||
Total Initial Acquisition Costs | 308,325 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 134,580 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 160,611 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 282,294 | ||||||
Total Carrying Value | 442,905 | 442,905 | |||||
Accumulated Depreciation | 110,320 | 110,320 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 442,905 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 110,320 | ||||||
Western Region | Crowne Pointe | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 2,486 | ||||||
Initial Costs, Buildings and Improvements | 6,437 | ||||||
Total Initial Acquisition Costs | 8,923 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,666 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,868 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,721 | ||||||
Total Carrying Value | 14,589 | 14,589 | |||||
Accumulated Depreciation | 7,585 | 7,585 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 14,589 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 7,585 | ||||||
Western Region | Hilltop | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 2,174 | ||||||
Initial Costs, Buildings and Improvements | 7,408 | ||||||
Total Initial Acquisition Costs | 9,582 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,328 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,724 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,186 | ||||||
Total Carrying Value | 13,910 | 13,910 | |||||
Accumulated Depreciation | 6,895 | 6,895 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 13,910 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 6,895 | ||||||
Western Region | The Kennedy | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,179 | ||||||
Initial Costs, Buildings and Improvements | 22,307 | ||||||
Total Initial Acquisition Costs | 28,486 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,931 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,272 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,145 | ||||||
Total Carrying Value | 30,417 | 30,417 | |||||
Accumulated Depreciation | 13,947 | 13,947 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 30,417 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 13,947 | ||||||
Western Region | Hearthstone at Merrill Creek | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 22,591 | ||||||
Initial Costs, Land and Land Improvements | 6,848 | ||||||
Initial Costs, Buildings and Improvements | 30,922 | ||||||
Total Initial Acquisition Costs | 37,770 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,829 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,975 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,624 | ||||||
Total Carrying Value | 41,599 | 41,599 | |||||
Accumulated Depreciation | 15,574 | 15,574 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 41,599 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 15,574 | ||||||
Western Region | Island Square | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 21,284 | ||||||
Initial Costs, Buildings and Improvements | 89,389 | ||||||
Total Initial Acquisition Costs | 110,673 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,695 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,428 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 93,940 | ||||||
Total Carrying Value | 115,368 | 115,368 | |||||
Accumulated Depreciation | 40,021 | 40,021 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 115,368 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 40,021 | ||||||
Western Region | SEATTLE, WA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 57,525 | ||||||
Initial Costs, Land and Land Improvements | 103,975 | ||||||
Initial Costs, Buildings and Improvements | 443,344 | ||||||
Total Initial Acquisition Costs | 547,319 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 35,758 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 108,280 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 474,797 | ||||||
Total Carrying Value | 583,077 | 583,077 | |||||
Accumulated Depreciation | 181,530 | 181,530 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 583,077 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 181,530 | ||||||
Western Region | Villas at Carlsbad | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,517 | ||||||
Initial Costs, Buildings and Improvements | 10,718 | ||||||
Total Initial Acquisition Costs | 17,235 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,876 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,780 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,331 | ||||||
Total Carrying Value | 20,111 | 20,111 | |||||
Accumulated Depreciation | 7,826 | 7,826 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,111 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 7,826 | ||||||
Western Region | Boronda Manor | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,946 | ||||||
Initial Costs, Buildings and Improvements | 8,982 | ||||||
Total Initial Acquisition Costs | 10,928 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,534 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,195 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,267 | ||||||
Total Carrying Value | 20,462 | 20,462 | |||||
Accumulated Depreciation | 9,244 | 9,244 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,462 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,244 | ||||||
Western Region | Garden Court | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 888 | ||||||
Initial Costs, Buildings and Improvements | 4,188 | ||||||
Total Initial Acquisition Costs | 5,076 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,435 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,559 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,952 | ||||||
Total Carrying Value | 10,511 | 10,511 | |||||
Accumulated Depreciation | 4,981 | 4,981 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 10,511 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 4,981 | ||||||
Western Region | Cambridge Court | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 3,039 | ||||||
Initial Costs, Buildings and Improvements | 12,883 | ||||||
Total Initial Acquisition Costs | 15,922 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,767 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,302 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,387 | ||||||
Total Carrying Value | 30,689 | 30,689 | |||||
Accumulated Depreciation | 13,958 | 13,958 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 30,689 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 13,958 | ||||||
Western Region | Laurel Tree | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,304 | ||||||
Initial Costs, Buildings and Improvements | 5,115 | ||||||
Total Initial Acquisition Costs | 6,419 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,080 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,188 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,311 | ||||||
Total Carrying Value | 12,499 | 12,499 | |||||
Accumulated Depreciation | 5,627 | 5,627 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 12,499 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 5,627 | ||||||
Western Region | The Pointe At Harden Ranch | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,388 | ||||||
Initial Costs, Buildings and Improvements | 23,854 | ||||||
Total Initial Acquisition Costs | 30,242 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 27,357 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,021 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,578 | ||||||
Total Carrying Value | 57,599 | 57,599 | |||||
Accumulated Depreciation | 24,926 | 24,926 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 57,599 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 24,926 | ||||||
Western Region | The Pointe At Northridge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 2,044 | ||||||
Initial Costs, Buildings and Improvements | 8,028 | ||||||
Total Initial Acquisition Costs | 10,072 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,089 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,295 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,866 | ||||||
Total Carrying Value | 20,161 | 20,161 | |||||
Accumulated Depreciation | 9,293 | 9,293 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,161 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,293 | ||||||
Western Region | The Pointe At Westlake | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,329 | ||||||
Initial Costs, Buildings and Improvements | 5,334 | ||||||
Total Initial Acquisition Costs | 6,663 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,364 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,181 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,846 | ||||||
Total Carrying Value | 13,027 | 13,027 | |||||
Accumulated Depreciation | 5,700 | 5,700 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 13,027 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 5,700 | ||||||
Western Region | MONTEREY PENINSULA, CA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 16,938 | ||||||
Initial Costs, Buildings and Improvements | 68,384 | ||||||
Total Initial Acquisition Costs | 85,322 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 79,626 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,741 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 137,207 | ||||||
Total Carrying Value | 164,948 | 164,948 | |||||
Accumulated Depreciation | 73,729 | 73,729 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 164,948 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 73,729 | ||||||
Western Region | Verano at Rancho Cucamonga Town Square | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 55,263 | ||||||
Initial Costs, Land and Land Improvements | 13,557 | ||||||
Initial Costs, Buildings and Improvements | 3,645 | ||||||
Total Initial Acquisition Costs | 17,202 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 53,949 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,255 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,896 | ||||||
Total Carrying Value | 71,151 | 71,151 | |||||
Accumulated Depreciation | 34,875 | 34,875 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 71,151 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 34,875 | ||||||
Western Region | Tualatin Heights | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 3,273 | ||||||
Initial Costs, Buildings and Improvements | 9,134 | ||||||
Total Initial Acquisition Costs | 12,407 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,745 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,841 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,311 | ||||||
Total Carrying Value | 19,152 | 19,152 | |||||
Accumulated Depreciation | 10,231 | 10,231 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 19,152 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 10,231 | ||||||
Western Region | Hunt Club | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,014 | ||||||
Initial Costs, Buildings and Improvements | 14,870 | ||||||
Total Initial Acquisition Costs | 20,884 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,866 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,395 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,355 | ||||||
Total Carrying Value | 27,750 | 27,750 | |||||
Accumulated Depreciation | 14,364 | 14,364 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 27,750 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 14,364 | ||||||
Western Region | PORTLAND, OR | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 9,287 | ||||||
Initial Costs, Buildings and Improvements | 24,004 | ||||||
Total Initial Acquisition Costs | 33,291 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,611 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,236 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,666 | ||||||
Total Carrying Value | 46,902 | 46,902 | |||||
Accumulated Depreciation | 24,595 | 24,595 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 46,902 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 24,595 | ||||||
Mid Atlantic Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 507,412 | ||||||
Initial Costs, Land and Land Improvements | 388,304 | ||||||
Initial Costs, Buildings and Improvements | 1,550,755 | ||||||
Total Initial Acquisition Costs | 1,939,059 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 598,125 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 464,660 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,072,524 | ||||||
Total Carrying Value | 2,537,184 | 2,537,184 | |||||
Accumulated Depreciation | 647,723 | 647,723 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 2,537,184 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 647,723 | ||||||
Mid Atlantic Region | The Whitmore | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,418 | ||||||
Initial Costs, Buildings and Improvements | 13,411 | ||||||
Total Initial Acquisition Costs | 19,829 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,734 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,495 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,068 | ||||||
Total Carrying Value | 40,563 | 40,563 | |||||
Accumulated Depreciation | 22,988 | 22,988 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 40,563 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 22,988 | ||||||
Mid Atlantic Region | Ridgewood | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 5,612 | ||||||
Initial Costs, Buildings and Improvements | 20,086 | ||||||
Total Initial Acquisition Costs | 25,698 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,522 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,014 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,206 | ||||||
Total Carrying Value | 34,220 | 34,220 | |||||
Accumulated Depreciation | 20,340 | 20,340 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 34,220 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 20,340 | ||||||
Mid Atlantic Region | Wellington Place at Olde Town | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 32,037 | ||||||
Initial Costs, Land and Land Improvements | 13,753 | ||||||
Initial Costs, Buildings and Improvements | 36,059 | ||||||
Total Initial Acquisition Costs | 49,812 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,416 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,740 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,488 | ||||||
Total Carrying Value | 67,228 | 67,228 | |||||
Accumulated Depreciation | 35,000 | 35,000 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 67,228 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 35,000 | ||||||
Mid Atlantic Region | Andover House | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 14,357 | ||||||
Initial Costs, Buildings and Improvements | 51,577 | ||||||
Total Initial Acquisition Costs | 65,934 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,769 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,379 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 55,324 | ||||||
Total Carrying Value | 69,703 | 69,703 | |||||
Accumulated Depreciation | 27,837 | 27,837 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 69,703 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 27,837 | ||||||
Mid Atlantic Region | Sullivan Place | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,137 | ||||||
Initial Costs, Buildings and Improvements | 103,676 | ||||||
Total Initial Acquisition Costs | 104,813 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,066 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,364 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 110,515 | ||||||
Total Carrying Value | 111,879 | 111,879 | |||||
Accumulated Depreciation | 51,643 | 51,643 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 111,879 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 51,643 | ||||||
Mid Atlantic Region | Courts at Huntington Station [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 27,749 | ||||||
Initial Costs, Buildings and Improvements | 111,878 | ||||||
Total Initial Acquisition Costs | 139,627 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 78 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,749 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 111,956 | ||||||
Total Carrying Value | 139,705 | 139,705 | |||||
Accumulated Depreciation | 1,682 | 1,682 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 139,705 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 1,682 | ||||||
Mid Atlantic Region | Circle Towers | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 70,884 | ||||||
Initial Costs, Land and Land Improvements | 32,815 | ||||||
Initial Costs, Buildings and Improvements | 107,051 | ||||||
Total Initial Acquisition Costs | 139,866 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,056 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 33,357 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 119,565 | ||||||
Total Carrying Value | 152,922 | 152,922 | |||||
Accumulated Depreciation | 53,022 | 53,022 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 152,922 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 53,022 | ||||||
Mid Atlantic Region | Delancey at Shirlington | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 21,606 | ||||||
Initial Costs, Buildings and Improvements | 66,765 | ||||||
Total Initial Acquisition Costs | 88,371 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,195 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,632 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,934 | ||||||
Total Carrying Value | 90,566 | 90,566 | |||||
Accumulated Depreciation | 30,609 | 30,609 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 90,566 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 30,609 | ||||||
Mid Atlantic Region | METROPOLITAN DC | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 407,067 | ||||||
Initial Costs, Land and Land Improvements | 345,666 | ||||||
Initial Costs, Buildings and Improvements | 1,307,924 | ||||||
Total Initial Acquisition Costs | 1,653,590 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 454,931 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 406,934 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,701,587 | ||||||
Total Carrying Value | 2,108,521 | 2,108,521 | |||||
Accumulated Depreciation | 403,882 | 403,882 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 2,108,521 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 403,882 | ||||||
Mid Atlantic Region | Lakeside Mill | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 12,569 | ||||||
Initial Costs, Land and Land Improvements | 2,666 | ||||||
Initial Costs, Buildings and Improvements | 10,109 | ||||||
Total Initial Acquisition Costs | 12,775 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,038 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,997 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,816 | ||||||
Total Carrying Value | 17,813 | 17,813 | |||||
Accumulated Depreciation | 11,336 | 11,336 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 17,813 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 11,336 | ||||||
Mid Atlantic Region | Calvert’s Walk | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 4,408 | ||||||
Initial Costs, Buildings and Improvements | 24,692 | ||||||
Total Initial Acquisition Costs | 29,100 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,396 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,817 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,679 | ||||||
Total Carrying Value | 36,496 | 36,496 | |||||
Accumulated Depreciation | 20,827 | 20,827 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 36,496 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 20,827 | ||||||
Mid Atlantic Region | Liriope Apartments | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,620 | ||||||
Initial Costs, Buildings and Improvements | 6,791 | ||||||
Total Initial Acquisition Costs | 8,411 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,374 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,653 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,132 | ||||||
Total Carrying Value | 9,785 | 9,785 | |||||
Accumulated Depreciation | 5,352 | 5,352 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 9,785 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 5,352 | ||||||
Mid Atlantic Region | 20 Lambourne | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 30,132 | ||||||
Initial Costs, Land and Land Improvements | 11,750 | ||||||
Initial Costs, Buildings and Improvements | 45,590 | ||||||
Total Initial Acquisition Costs | 57,340 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,406 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,106 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 51,640 | ||||||
Total Carrying Value | 63,746 | 63,746 | |||||
Accumulated Depreciation | 24,313 | 24,313 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 63,746 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 24,313 | ||||||
Mid Atlantic Region | BALTIMORE, MD | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 65,778 | ||||||
Initial Costs, Land and Land Improvements | 37,515 | ||||||
Initial Costs, Buildings and Improvements | 181,923 | ||||||
Total Initial Acquisition Costs | 219,438 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 67,997 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 43,088 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 244,347 | ||||||
Total Carrying Value | 287,435 | 287,435 | |||||
Accumulated Depreciation | 146,424 | 146,424 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 287,435 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 146,424 | ||||||
Mid Atlantic Region | DelRey Tower [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 297 | ||||||
Initial Costs, Buildings and Improvements | 12,786 | ||||||
Total Initial Acquisition Costs | 13,083 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 113,357 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,461 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 116,979 | ||||||
Total Carrying Value | 126,440 | 126,440 | |||||
Accumulated Depreciation | 9,914 | 9,914 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 126,440 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,914 | ||||||
Southeastern Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 170,986 | ||||||
Initial Costs, Land and Land Improvements | 86,349 | ||||||
Initial Costs, Buildings and Improvements | 355,426 | ||||||
Total Initial Acquisition Costs | 441,775 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 288,284 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 118,304 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 611,755 | ||||||
Total Carrying Value | 730,059 | 730,059 | |||||
Accumulated Depreciation | 425,591 | 425,591 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 730,059 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 425,591 | ||||||
Southeastern Region | Inlet Bay | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 7,702 | ||||||
Initial Costs, Buildings and Improvements | 23,150 | ||||||
Total Initial Acquisition Costs | 30,852 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,659 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,304 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,207 | ||||||
Total Carrying Value | 46,511 | 46,511 | |||||
Accumulated Depreciation | 27,055 | 27,055 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 46,511 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 27,055 | ||||||
Southeastern Region | MacAlpine Place | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 10,869 | ||||||
Initial Costs, Buildings and Improvements | 36,858 | ||||||
Total Initial Acquisition Costs | 47,727 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,862 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,545 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,044 | ||||||
Total Carrying Value | 55,589 | 55,589 | |||||
Accumulated Depreciation | 28,780 | 28,780 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 55,589 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 28,780 | ||||||
Southeastern Region | TAMPA, FL | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 30,943 | ||||||
Initial Costs, Land and Land Improvements | 32,324 | ||||||
Initial Costs, Buildings and Improvements | 122,652 | ||||||
Total Initial Acquisition Costs | 154,976 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 85,244 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 48,373 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 191,847 | ||||||
Total Carrying Value | 240,220 | 240,220 | |||||
Accumulated Depreciation | 131,728 | 131,728 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 240,220 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 131,728 | ||||||
Southeastern Region | Legacy Hill | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,148 | ||||||
Initial Costs, Buildings and Improvements | 5,867 | ||||||
Total Initial Acquisition Costs | 7,015 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,807 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,764 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,058 | ||||||
Total Carrying Value | 15,822 | 15,822 | |||||
Accumulated Depreciation | 11,246 | 11,246 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 15,822 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 11,246 | ||||||
Southeastern Region | Hickory Run | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,469 | ||||||
Initial Costs, Buildings and Improvements | 11,584 | ||||||
Total Initial Acquisition Costs | 13,053 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,459 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,155 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,357 | ||||||
Total Carrying Value | 23,512 | 23,512 | |||||
Accumulated Depreciation | 14,244 | 14,244 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 23,512 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 14,244 | ||||||
Southeastern Region | Carrington Hills | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 2,117 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 2,117 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 34,535 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,506 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,146 | ||||||
Total Carrying Value | 36,652 | 36,652 | |||||
Accumulated Depreciation | 21,305 | 21,305 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 36,652 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,305 | ||||||
Southeastern Region | Brookridge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 708 | ||||||
Initial Costs, Buildings and Improvements | 5,461 | ||||||
Total Initial Acquisition Costs | 6,169 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,830 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,162 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,837 | ||||||
Total Carrying Value | 10,999 | 10,999 | |||||
Accumulated Depreciation | 7,007 | 7,007 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 10,999 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 7,007 | ||||||
Southeastern Region | Breckenridge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 766 | ||||||
Initial Costs, Buildings and Improvements | 7,714 | ||||||
Total Initial Acquisition Costs | 8,480 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,646 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,285 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,841 | ||||||
Total Carrying Value | 13,126 | 13,126 | |||||
Accumulated Depreciation | 8,155 | 8,155 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 13,126 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 8,155 | ||||||
Southeastern Region | Polo Park | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 4,583 | ||||||
Initial Costs, Buildings and Improvements | 16,293 | ||||||
Total Initial Acquisition Costs | 20,876 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,508 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,741 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,643 | ||||||
Total Carrying Value | 37,384 | 37,384 | |||||
Accumulated Depreciation | 22,411 | 22,411 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 37,384 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 22,411 | ||||||
Southeastern Region | NASHVILLE, TN | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 38,481 | ||||||
Initial Costs, Land and Land Improvements | 15,433 | ||||||
Initial Costs, Buildings and Improvements | 87,608 | ||||||
Total Initial Acquisition Costs | 103,041 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 92,982 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,206 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 173,817 | ||||||
Total Carrying Value | 196,023 | 196,023 | |||||
Accumulated Depreciation | 117,692 | 117,692 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 196,023 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 117,692 | ||||||
Southeastern Region | The Reserve and Park at Riverbridge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 39,179 | ||||||
Initial Costs, Land and Land Improvements | 15,968 | ||||||
Initial Costs, Buildings and Improvements | 56,401 | ||||||
Total Initial Acquisition Costs | 72,369 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,823 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,602 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,590 | ||||||
Total Carrying Value | 82,192 | 82,192 | |||||
Accumulated Depreciation | 40,676 | 40,676 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 82,192 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 40,676 | ||||||
Southeastern Region | OTHER FLORIDA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 39,179 | ||||||
Initial Costs, Land and Land Improvements | 15,968 | ||||||
Initial Costs, Buildings and Improvements | 56,401 | ||||||
Total Initial Acquisition Costs | 72,369 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,823 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,602 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,590 | ||||||
Total Carrying Value | 82,192 | 82,192 | |||||
Accumulated Depreciation | 40,676 | 40,676 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 82,192 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 40,676 | ||||||
Northeast Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 77,066 | ||||||
Initial Costs, Land and Land Improvements | 317,831 | ||||||
Initial Costs, Buildings and Improvements | 1,182,479 | ||||||
Total Initial Acquisition Costs | 1,500,310 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 337,084 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 317,479 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,519,915 | ||||||
Total Carrying Value | 1,837,394 | 1,837,394 | |||||
Accumulated Depreciation | 344,653 | 344,653 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 1,837,394 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 344,653 | ||||||
Northeast Region | Inwood West | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 54,919 | ||||||
Initial Costs, Land and Land Improvements | 20,778 | ||||||
Initial Costs, Buildings and Improvements | 88,096 | ||||||
Total Initial Acquisition Costs | 108,874 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,121 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,324 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 94,671 | ||||||
Total Carrying Value | 113,995 | 113,995 | |||||
Accumulated Depreciation | 26,028 | 26,028 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 113,995 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 26,028 | ||||||
Northeast Region | 14 North | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 10,961 | ||||||
Initial Costs, Buildings and Improvements | 51,175 | ||||||
Total Initial Acquisition Costs | 62,136 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,359 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,077 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,418 | ||||||
Total Carrying Value | 68,495 | 68,495 | |||||
Accumulated Depreciation | 16,632 | 16,632 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 68,495 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 16,632 | ||||||
Northeast Region | BOSTON, MA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 77,066 | ||||||
Initial Costs, Land and Land Improvements | 67,953 | ||||||
Initial Costs, Buildings and Improvements | 265,167 | ||||||
Total Initial Acquisition Costs | 333,120 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 210,880 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 66,733 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 477,267 | ||||||
Total Carrying Value | 544,000 | 544,000 | |||||
Accumulated Depreciation | 90,744 | 90,744 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 544,000 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 90,744 | ||||||
Northeast Region | 10 Hanover Square | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 41,432 | ||||||
Initial Costs, Buildings and Improvements | 218,983 | ||||||
Total Initial Acquisition Costs | 260,415 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,730 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,496 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 228,649 | ||||||
Total Carrying Value | 270,145 | 270,145 | |||||
Accumulated Depreciation | 54,457 | 54,457 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 270,145 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 54,457 | ||||||
Northeast Region | 95 Wall Street | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 57,637 | ||||||
Initial Costs, Buildings and Improvements | 266,255 | ||||||
Total Initial Acquisition Costs | 323,892 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,110 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 57,810 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 273,192 | ||||||
Total Carrying Value | 331,002 | 331,002 | |||||
Accumulated Depreciation | 71,769 | 71,769 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 331,002 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 71,769 | ||||||
Northeast Region | NEW YORK, NY | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 249,878 | ||||||
Initial Costs, Buildings and Improvements | 917,312 | ||||||
Total Initial Acquisition Costs | 1,167,190 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 126,204 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 250,746 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,042,648 | ||||||
Total Carrying Value | 1,293,394 | 1,293,394 | |||||
Accumulated Depreciation | 253,909 | 253,909 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 1,293,394 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 253,909 | ||||||
Southwestern Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 148,394 | ||||||
Initial Costs, Land and Land Improvements | 99,870 | ||||||
Initial Costs, Buildings and Improvements | 257,677 | ||||||
Total Initial Acquisition Costs | 357,547 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 89,898 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 115,906 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 331,539 | ||||||
Total Carrying Value | 447,445 | 447,445 | |||||
Accumulated Depreciation | 170,852 | 170,852 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 447,445 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 170,852 | ||||||
Southwestern Region | THIRTY377 | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 29,361 | ||||||
Initial Costs, Land and Land Improvements | 24,036 | ||||||
Initial Costs, Buildings and Improvements | 32,951 | ||||||
Total Initial Acquisition Costs | 56,987 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,332 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,382 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,937 | ||||||
Total Carrying Value | 66,319 | 66,319 | |||||
Accumulated Depreciation | 24,256 | 24,256 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 66,319 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 24,256 | ||||||
Southwestern Region | Legacy Village | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 82,734 | ||||||
Initial Costs, Land and Land Improvements | 16,882 | ||||||
Initial Costs, Buildings and Improvements | 100,102 | ||||||
Total Initial Acquisition Costs | 116,984 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,827 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,407 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 108,404 | ||||||
Total Carrying Value | 125,811 | 125,811 | |||||
Accumulated Depreciation | 50,919 | 50,919 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 125,811 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 50,919 | ||||||
Southwestern Region | DALLAS, TX | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 112,095 | ||||||
Initial Costs, Land and Land Improvements | 83,453 | ||||||
Initial Costs, Buildings and Improvements | 153,637 | ||||||
Total Initial Acquisition Costs | 237,090 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 60,036 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 97,144 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 199,982 | ||||||
Total Carrying Value | 297,126 | 297,126 | |||||
Accumulated Depreciation | 112,394 | 112,394 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 297,126 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 112,394 | ||||||
Southwestern Region | Barton Creek Landing | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 3,151 | ||||||
Initial Costs, Buildings and Improvements | 14,269 | ||||||
Total Initial Acquisition Costs | 17,420 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 22,588 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,913 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,095 | ||||||
Total Carrying Value | 40,008 | 40,008 | |||||
Accumulated Depreciation | 22,924 | 22,924 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 40,008 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 22,924 | ||||||
Southwestern Region | AUSTIN, TX | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 36,299 | ||||||
Initial Costs, Land and Land Improvements | 16,417 | ||||||
Initial Costs, Buildings and Improvements | 104,040 | ||||||
Total Initial Acquisition Costs | 120,457 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,862 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 18,762 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 131,557 | ||||||
Total Carrying Value | 150,319 | 150,319 | |||||
Accumulated Depreciation | 58,458 | 58,458 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 150,319 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 58,458 | ||||||
United Dominion Reality L.P. | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Deferred Finance Costs, Net | (2,199) | (4,500) | |||||
Total Carrying Value | 4,238,770 | 4,188,480 | 4,182,920 | 3,630,905 | 4,238,770 | 4,188,480 | |
Accumulated Depreciation | 1,403,303 | 1,241,574 | 1,097,133 | 1,281,258 | 1,403,303 | 1,241,574 | |
Aggregate cost for federal income tax purposes | 3,000,000 | ||||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at beginning of the year | 4,238,770 | 4,188,480 | 4,182,920 | ||||
Real estate acquired | 139,627 | 0 | |||||
Capital expenditures and development | 61,196 | 91,682 | 151,002 | ||||
Real estate sold | (180,069) | (41,013) | (70,687) | ||||
Real Estate Investment Property, at Cost | 3,630,905 | 4,238,770 | |||||
Hurricane related impairment of assets | (140) | (379) | 0 | ||||
Balance at end of the year | 3,630,905 | 4,238,770 | 4,188,480 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at beginning of the year | 1,403,303 | 1,241,574 | 1,097,133 | ||||
Depreciation expense for the year | 168,495 | 178,719 | 179,404 | ||||
Accumulated depreciation on sales | (67,177) | (16,674) | (34,794) | ||||
Write off of accumulated depreciation on hurricane related impaired assets | 0 | (316) | 0 | ||||
Balance at end of year | $ 1,281,258 | 1,403,303 | 1,241,574 | ||||
United Dominion Reality L.P. | Estimated depreciable lives of buildings range beginning | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Depreciable life for all buildings | 35 years | ||||||
United Dominion Reality L.P. | Estimated depreciable lives of buildings range end | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Depreciable life for all buildings | 55 years | ||||||
United Dominion Reality L.P. | Los Alisos | |||||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Retirement of fully depreciated assets | $ 0 | 0 | (74,755) | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Accumulated depreciation on retirements of fully depreciated asset | 0 | 0 | (169) | ||||
United Dominion Reality L.P. | Other | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | [2] | 0 | |||||
Initial Costs, Land and Land Improvements | [2] | 0 | |||||
Initial Costs, Buildings and Improvements | [2] | 0 | |||||
Total Initial Acquisition Costs | [2] | 0 | |||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | [2] | 1,093 | |||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | [2] | 0 | |||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | [2] | 1,093 | |||||
Total Carrying Value | [2] | 1,093 | 1,093 | ||||
Accumulated Depreciation | [2] | 0 | 0 | ||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | [2] | 1,093 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | [2] | 0 | |||||
United Dominion Reality L.P. | TOTAL CORPORATE | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 0 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 0 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,093 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 0 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,093 | ||||||
Total Carrying Value | 1,093 | 1,093 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 1,093 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 0 | ||||||
United Dominion Reality L.P. | Commercial Held for Development | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,407 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 1,407 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,021 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,048 | ||||||
Total Carrying Value | 7,428 | 7,428 | |||||
Accumulated Depreciation | 2,683 | 2,683 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 7,428 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 2,683 | ||||||
United Dominion Reality L.P. | Commercial Held for Development | Office Building [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,407 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 1,407 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,021 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,048 | ||||||
Total Carrying Value | 7,428 | 7,428 | |||||
Accumulated Depreciation | 2,683 | 2,683 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 7,428 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 2,683 | ||||||
United Dominion Reality L.P. | Commercial Held for Development | TOTAL COMMERCIAL & CORPORATE | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,407 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 1,407 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,114 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,380 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,141 | ||||||
Total Carrying Value | 8,521 | 8,521 | |||||
Accumulated Depreciation | 2,683 | 2,683 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 8,521 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 2,683 | ||||||
United Dominion Reality L.P. | Commercial Held for Development | Total Real Estate Owned | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 475,964 | ||||||
Initial Costs, Land and Land Improvements | 748,578 | ||||||
Initial Costs, Buildings and Improvements | 2,082,113 | ||||||
Total Initial Acquisition Costs | 2,830,691 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 812,808 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 833,300 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,797,605 | ||||||
Total Carrying Value | 3,630,905 | 3,630,905 | |||||
Accumulated Depreciation | 1,281,258 | 1,281,258 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 3,630,905 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 1,281,258 | ||||||
United Dominion Reality L.P. | Western Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 364,246 | ||||||
Initial Costs, Land and Land Improvements | 508,462 | ||||||
Initial Costs, Buildings and Improvements | 959,128 | ||||||
Total Initial Acquisition Costs | 1,467,590 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 498,944 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 572,193 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,381,812 | ||||||
Total Carrying Value | 1,954,005 | 1,954,005 | |||||
Accumulated Depreciation | 746,659 | 746,659 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 1,954,005 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 746,659 | ||||||
United Dominion Reality L.P. | Western Region | Harbor at Mesa Verde | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 61,050 | ||||||
Initial Costs, Land and Land Improvements | 20,476 | ||||||
Initial Costs, Buildings and Improvements | 28,538 | ||||||
Total Initial Acquisition Costs | 49,014 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,641 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,314 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 42,341 | ||||||
Total Carrying Value | 63,655 | 63,655 | |||||
Accumulated Depreciation | 27,697 | 27,697 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 63,655 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 27,697 | ||||||
United Dominion Reality L.P. | Western Region | 27 Seventy FIve Mesa Verde [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 36,423 | ||||||
Initial Costs, Land and Land Improvements | 99,329 | ||||||
Initial Costs, Buildings and Improvements | 110,644 | ||||||
Total Initial Acquisition Costs | 209,973 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 92,673 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 112,650 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 189,996 | ||||||
Total Carrying Value | 302,646 | 302,646 | |||||
Accumulated Depreciation | 87,007 | 87,007 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 302,646 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 87,007 | ||||||
United Dominion Reality L.P. | Western Region | Pacific Shores | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 42,552 | ||||||
Initial Costs, Land and Land Improvements | 7,345 | ||||||
Initial Costs, Buildings and Improvements | 22,624 | ||||||
Total Initial Acquisition Costs | 29,969 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,913 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,913 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,969 | ||||||
Total Carrying Value | 39,882 | 39,882 | |||||
Accumulated Depreciation | 20,771 | 20,771 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 39,882 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 20,771 | ||||||
United Dominion Reality L.P. | Western Region | Huntington Vista | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 36,980 | ||||||
Initial Costs, Land and Land Improvements | 8,055 | ||||||
Initial Costs, Buildings and Improvements | 22,486 | ||||||
Total Initial Acquisition Costs | 30,541 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,612 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,713 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,440 | ||||||
Total Carrying Value | 42,153 | 42,153 | |||||
Accumulated Depreciation | 19,810 | 19,810 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 42,153 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 19,810 | ||||||
United Dominion Reality L.P. | Western Region | Missions at Back Bay | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 229 | ||||||
Initial Costs, Buildings and Improvements | 14,129 | ||||||
Total Initial Acquisition Costs | 14,358 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,526 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,874 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,010 | ||||||
Total Carrying Value | 16,884 | 16,884 | |||||
Accumulated Depreciation | 4,229 | 4,229 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 16,884 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 4,229 | ||||||
United Dominion Reality L.P. | Western Region | Coronado at Newport — North | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 62,516 | ||||||
Initial Costs, Buildings and Improvements | 46,082 | ||||||
Total Initial Acquisition Costs | 108,598 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,014 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 66,770 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 70,842 | ||||||
Total Carrying Value | 137,612 | 137,612 | |||||
Accumulated Depreciation | 44,814 | 44,814 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 137,612 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 44,814 | ||||||
United Dominion Reality L.P. | Western Region | Vista Del Rey | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 10,670 | ||||||
Initial Costs, Buildings and Improvements | 7,080 | ||||||
Total Initial Acquisition Costs | 17,750 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,502 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,988 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,264 | ||||||
Total Carrying Value | 20,252 | 20,252 | |||||
Accumulated Depreciation | 6,117 | 6,117 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,252 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 6,117 | ||||||
United Dominion Reality L.P. | Western Region | Coronado South | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 58,785 | ||||||
Initial Costs, Buildings and Improvements | 50,067 | ||||||
Total Initial Acquisition Costs | 108,852 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 19,393 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 59,278 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,967 | ||||||
Total Carrying Value | 128,245 | 128,245 | |||||
Accumulated Depreciation | 43,476 | 43,476 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 128,245 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 43,476 | ||||||
United Dominion Reality L.P. | Western Region | ORANGE COUNTY, CA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 177,005 | ||||||
Initial Costs, Land and Land Improvements | 267,405 | ||||||
Initial Costs, Buildings and Improvements | 301,650 | ||||||
Total Initial Acquisition Costs | 569,055 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 182,274 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 298,500 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 452,829 | ||||||
Total Carrying Value | 751,329 | 751,329 | |||||
Accumulated Depreciation | 253,921 | 253,921 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 751,329 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 253,921 | ||||||
United Dominion Reality L.P. | Western Region | 2000 Post Street | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 9,861 | ||||||
Initial Costs, Buildings and Improvements | 44,578 | ||||||
Total Initial Acquisition Costs | 54,439 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 30,040 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,249 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 61,701 | ||||||
Total Carrying Value | 71,950 | 71,950 | |||||
Accumulated Depreciation | 25,684 | 25,684 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 71,950 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 25,684 | ||||||
United Dominion Reality L.P. | Western Region | Birch Creek | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 4,365 | ||||||
Initial Costs, Buildings and Improvements | 16,696 | ||||||
Total Initial Acquisition Costs | 21,061 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,536 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,139 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,458 | ||||||
Total Carrying Value | 28,597 | 28,597 | |||||
Accumulated Depreciation | 13,756 | 13,756 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 28,597 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 13,756 | ||||||
United Dominion Reality L.P. | Western Region | Highlands Of Marin | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 5,996 | ||||||
Initial Costs, Buildings and Improvements | 24,868 | ||||||
Total Initial Acquisition Costs | 30,864 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 26,063 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,257 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,670 | ||||||
Total Carrying Value | 56,927 | 56,927 | |||||
Accumulated Depreciation | 29,237 | 29,237 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 56,927 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 29,237 | ||||||
United Dominion Reality L.P. | Western Region | Marina Playa | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,224 | ||||||
Initial Costs, Buildings and Improvements | 23,916 | ||||||
Total Initial Acquisition Costs | 30,140 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,032 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,938 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,234 | ||||||
Total Carrying Value | 40,172 | 40,172 | |||||
Accumulated Depreciation | 19,547 | 19,547 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 40,172 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 19,547 | ||||||
United Dominion Reality L.P. | Western Region | River Terrace | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 39,310 | ||||||
Initial Costs, Land and Land Improvements | 22,161 | ||||||
Initial Costs, Buildings and Improvements | 40,137 | ||||||
Total Initial Acquisition Costs | 62,298 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,307 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,428 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,177 | ||||||
Total Carrying Value | 66,605 | 66,605 | |||||
Accumulated Depreciation | 25,943 | 25,943 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 66,605 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 25,943 | ||||||
United Dominion Reality L.P. | Western Region | CitySouth | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 14,031 | ||||||
Initial Costs, Buildings and Improvements | 30,537 | ||||||
Total Initial Acquisition Costs | 44,568 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 35,627 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,290 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,905 | ||||||
Total Carrying Value | 80,195 | 80,195 | |||||
Accumulated Depreciation | 36,437 | 36,437 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 80,195 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 36,437 | ||||||
United Dominion Reality L.P. | Western Region | Bay Terrace | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 8,545 | ||||||
Initial Costs, Buildings and Improvements | 14,458 | ||||||
Total Initial Acquisition Costs | 23,003 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,046 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,458 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,591 | ||||||
Total Carrying Value | 28,049 | 28,049 | |||||
Accumulated Depreciation | 9,622 | 9,622 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 28,049 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,622 | ||||||
United Dominion Reality L.P. | Western Region | Highlands of Marin Phase II | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 5,353 | ||||||
Initial Costs, Buildings and Improvements | 18,559 | ||||||
Total Initial Acquisition Costs | 23,912 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,088 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,758 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,242 | ||||||
Total Carrying Value | 35,000 | 35,000 | |||||
Accumulated Depreciation | 15,221 | 15,221 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 35,000 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 15,221 | ||||||
United Dominion Reality L.P. | Western Region | Edgewater | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 30,657 | ||||||
Initial Costs, Buildings and Improvements | 83,872 | ||||||
Total Initial Acquisition Costs | 114,529 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,689 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,690 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 87,528 | ||||||
Total Carrying Value | 118,218 | 118,218 | |||||
Accumulated Depreciation | 39,217 | 39,217 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 118,218 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 39,217 | ||||||
United Dominion Reality L.P. | Western Region | Almaden Lake Village | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 27,000 | ||||||
Initial Costs, Land and Land Improvements | 594 | ||||||
Initial Costs, Buildings and Improvements | 42,515 | ||||||
Total Initial Acquisition Costs | 43,109 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,031 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 773 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,367 | ||||||
Total Carrying Value | 49,140 | 49,140 | |||||
Accumulated Depreciation | 21,469 | 21,469 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 49,140 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,469 | ||||||
United Dominion Reality L.P. | Western Region | SAN FRANCISCO, CA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 66,310 | ||||||
Initial Costs, Land and Land Improvements | 107,787 | ||||||
Initial Costs, Buildings and Improvements | 340,136 | ||||||
Total Initial Acquisition Costs | 447,923 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 139,459 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 116,980 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 457,873 | ||||||
Total Carrying Value | 574,853 | 574,853 | |||||
Accumulated Depreciation | 236,133 | 236,133 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 574,853 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 236,133 | ||||||
United Dominion Reality L.P. | Western Region | Rosebeach | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 8,414 | ||||||
Initial Costs, Buildings and Improvements | 17,449 | ||||||
Total Initial Acquisition Costs | 25,863 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,450 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,760 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,553 | ||||||
Total Carrying Value | 29,313 | 29,313 | |||||
Accumulated Depreciation | 12,675 | 12,675 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 29,313 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 12,675 | ||||||
United Dominion Reality L.P. | Western Region | Other Southern CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 55,262 | ||||||
Initial Costs, Land and Land Improvements | 20,074 | ||||||
Initial Costs, Buildings and Improvements | 14,363 | ||||||
Total Initial Acquisition Costs | 34,437 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 56,825 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,035 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 61,227 | ||||||
Total Carrying Value | 91,262 | 91,262 | |||||
Accumulated Depreciation | 42,701 | 42,701 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 91,262 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 42,701 | ||||||
United Dominion Reality L.P. | Western Region | Tierra Del Rey | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 43,078 | ||||||
Initial Costs, Land and Land Improvements | 39,586 | ||||||
Initial Costs, Buildings and Improvements | 36,679 | ||||||
Total Initial Acquisition Costs | 76,265 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,250 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,674 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,841 | ||||||
Total Carrying Value | 79,515 | 79,515 | |||||
Accumulated Depreciation | 18,883 | 18,883 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 79,515 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 18,883 | ||||||
United Dominion Reality L.P. | Western Region | LOS ANGELES, CA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 43,078 | ||||||
Initial Costs, Land and Land Improvements | 48,000 | ||||||
Initial Costs, Buildings and Improvements | 54,128 | ||||||
Total Initial Acquisition Costs | 102,128 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,700 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 48,434 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,394 | ||||||
Total Carrying Value | 108,828 | 108,828 | |||||
Accumulated Depreciation | 31,558 | 31,558 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 108,828 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 31,558 | ||||||
United Dominion Reality L.P. | Western Region | Crowne Pointe | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 2,486 | ||||||
Initial Costs, Buildings and Improvements | 6,437 | ||||||
Total Initial Acquisition Costs | 8,923 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,666 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,868 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,721 | ||||||
Total Carrying Value | 14,589 | 14,589 | |||||
Accumulated Depreciation | 7,585 | 7,585 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 14,589 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 7,585 | ||||||
United Dominion Reality L.P. | Western Region | Hilltop | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 2,174 | ||||||
Initial Costs, Buildings and Improvements | 7,408 | ||||||
Total Initial Acquisition Costs | 9,582 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,328 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,724 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,186 | ||||||
Total Carrying Value | 13,910 | 13,910 | |||||
Accumulated Depreciation | 6,895 | 6,895 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 13,910 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 6,895 | ||||||
United Dominion Reality L.P. | Western Region | The Kennedy | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,179 | ||||||
Initial Costs, Buildings and Improvements | 22,307 | ||||||
Total Initial Acquisition Costs | 28,486 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,931 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,272 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,145 | ||||||
Total Carrying Value | 30,417 | 30,417 | |||||
Accumulated Depreciation | 13,947 | 13,947 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 30,417 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 13,947 | ||||||
United Dominion Reality L.P. | Western Region | Hearthstone at Merrill Creek | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 22,591 | ||||||
Initial Costs, Land and Land Improvements | 6,848 | ||||||
Initial Costs, Buildings and Improvements | 30,922 | ||||||
Total Initial Acquisition Costs | 37,770 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,829 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,975 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,624 | ||||||
Total Carrying Value | 41,599 | 41,599 | |||||
Accumulated Depreciation | 15,574 | 15,574 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 41,599 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 15,574 | ||||||
United Dominion Reality L.P. | Western Region | Island Square | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 21,284 | ||||||
Initial Costs, Buildings and Improvements | 89,389 | ||||||
Total Initial Acquisition Costs | 110,673 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,695 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,428 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 93,940 | ||||||
Total Carrying Value | 115,368 | 115,368 | |||||
Accumulated Depreciation | 40,021 | 40,021 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 115,368 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 40,021 | ||||||
United Dominion Reality L.P. | Western Region | SEATTLE, WA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 22,591 | ||||||
Initial Costs, Land and Land Improvements | 38,971 | ||||||
Initial Costs, Buildings and Improvements | 156,463 | ||||||
Total Initial Acquisition Costs | 195,434 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,449 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,267 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 175,616 | ||||||
Total Carrying Value | 215,883 | 215,883 | |||||
Accumulated Depreciation | 84,022 | 84,022 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 215,883 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 84,022 | ||||||
United Dominion Reality L.P. | Western Region | Villas at Carlsbad | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,517 | ||||||
Initial Costs, Buildings and Improvements | 10,718 | ||||||
Total Initial Acquisition Costs | 17,235 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,876 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,780 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,331 | ||||||
Total Carrying Value | 20,111 | 20,111 | |||||
Accumulated Depreciation | 7,826 | 7,826 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,111 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 7,826 | ||||||
United Dominion Reality L.P. | Western Region | Boronda Manor | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,946 | ||||||
Initial Costs, Buildings and Improvements | 8,982 | ||||||
Total Initial Acquisition Costs | 10,928 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,534 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,195 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,267 | ||||||
Total Carrying Value | 20,462 | 20,462 | |||||
Accumulated Depreciation | 9,244 | 9,244 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,462 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,244 | ||||||
United Dominion Reality L.P. | Western Region | Garden Court | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 888 | ||||||
Initial Costs, Buildings and Improvements | 4,188 | ||||||
Total Initial Acquisition Costs | 5,076 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,435 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,559 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,952 | ||||||
Total Carrying Value | 10,511 | 10,511 | |||||
Accumulated Depreciation | 4,981 | 4,981 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 10,511 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 4,981 | ||||||
United Dominion Reality L.P. | Western Region | Cambridge Court | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 3,039 | ||||||
Initial Costs, Buildings and Improvements | 12,883 | ||||||
Total Initial Acquisition Costs | 15,922 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,767 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,302 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,387 | ||||||
Total Carrying Value | 30,689 | 30,689 | |||||
Accumulated Depreciation | 13,958 | 13,958 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 30,689 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 13,958 | ||||||
United Dominion Reality L.P. | Western Region | Laurel Tree | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,304 | ||||||
Initial Costs, Buildings and Improvements | 5,115 | ||||||
Total Initial Acquisition Costs | 6,419 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,080 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,188 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,311 | ||||||
Total Carrying Value | 12,499 | 12,499 | |||||
Accumulated Depreciation | 5,627 | 5,627 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 12,499 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 5,627 | ||||||
United Dominion Reality L.P. | Western Region | The Pointe At Harden Ranch | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,388 | ||||||
Initial Costs, Buildings and Improvements | 23,854 | ||||||
Total Initial Acquisition Costs | 30,242 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 27,357 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,021 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,578 | ||||||
Total Carrying Value | 57,599 | 57,599 | |||||
Accumulated Depreciation | 24,926 | 24,926 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 57,599 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 24,926 | ||||||
United Dominion Reality L.P. | Western Region | The Pointe At Northridge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 2,044 | ||||||
Initial Costs, Buildings and Improvements | 8,028 | ||||||
Total Initial Acquisition Costs | 10,072 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,089 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,295 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,866 | ||||||
Total Carrying Value | 20,161 | 20,161 | |||||
Accumulated Depreciation | 9,293 | 9,293 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,161 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,293 | ||||||
United Dominion Reality L.P. | Western Region | The Pointe At Westlake | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,329 | ||||||
Initial Costs, Buildings and Improvements | 5,334 | ||||||
Total Initial Acquisition Costs | 6,663 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,364 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,181 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,846 | ||||||
Total Carrying Value | 13,027 | 13,027 | |||||
Accumulated Depreciation | 5,700 | 5,700 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 13,027 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 5,700 | ||||||
United Dominion Reality L.P. | Western Region | MONTEREY PENINSULA, CA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 16,938 | ||||||
Initial Costs, Buildings and Improvements | 68,384 | ||||||
Total Initial Acquisition Costs | 85,322 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 79,626 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,741 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 137,207 | ||||||
Total Carrying Value | 164,948 | 164,948 | |||||
Accumulated Depreciation | 73,729 | 73,729 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 164,948 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 73,729 | ||||||
United Dominion Reality L.P. | Western Region | Verano at Rancho Cucamonga Town Square | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 55,262 | ||||||
Initial Costs, Land and Land Improvements | 13,557 | ||||||
Initial Costs, Buildings and Improvements | 3,645 | ||||||
Total Initial Acquisition Costs | 17,202 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 53,949 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,255 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,896 | ||||||
Total Carrying Value | 71,151 | 71,151 | |||||
Accumulated Depreciation | 34,875 | 34,875 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 71,151 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 34,875 | ||||||
United Dominion Reality L.P. | Western Region | Tualatin Heights | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 3,273 | ||||||
Initial Costs, Buildings and Improvements | 9,134 | ||||||
Total Initial Acquisition Costs | 12,407 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,745 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,841 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,311 | ||||||
Total Carrying Value | 19,152 | 19,152 | |||||
Accumulated Depreciation | 10,231 | 10,231 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 19,152 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 10,231 | ||||||
United Dominion Reality L.P. | Western Region | Hunt Club | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,014 | ||||||
Initial Costs, Buildings and Improvements | 14,870 | ||||||
Total Initial Acquisition Costs | 20,884 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,866 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,395 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,355 | ||||||
Total Carrying Value | 27,750 | 27,750 | |||||
Accumulated Depreciation | 14,364 | 14,364 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 27,750 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 14,364 | ||||||
United Dominion Reality L.P. | Western Region | PORTLAND, OR | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 9,287 | ||||||
Initial Costs, Buildings and Improvements | 24,004 | ||||||
Total Initial Acquisition Costs | 33,291 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,611 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,236 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,666 | ||||||
Total Carrying Value | 46,902 | 46,902 | |||||
Accumulated Depreciation | 24,595 | 24,595 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 46,902 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 24,595 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 74,738 | ||||||
Initial Costs, Land and Land Improvements | 83,349 | ||||||
Initial Costs, Buildings and Improvements | 423,244 | ||||||
Total Initial Acquisition Costs | 506,593 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 170,422 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 95,280 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 581,670 | ||||||
Total Carrying Value | 676,950 | 676,950 | |||||
Accumulated Depreciation | 208,179 | 208,179 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 676,950 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 208,179 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | Ridgewood | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 5,612 | ||||||
Initial Costs, Buildings and Improvements | 20,086 | ||||||
Total Initial Acquisition Costs | 25,698 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,522 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,014 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,206 | ||||||
Total Carrying Value | 34,220 | 34,220 | |||||
Accumulated Depreciation | 20,340 | 20,340 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 34,220 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 20,340 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | Wellington Place at Olde Town | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 32,037 | ||||||
Initial Costs, Land and Land Improvements | 13,753 | ||||||
Initial Costs, Buildings and Improvements | 36,059 | ||||||
Total Initial Acquisition Costs | 49,812 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,416 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,740 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,488 | ||||||
Total Carrying Value | 67,228 | 67,228 | |||||
Accumulated Depreciation | 35,000 | 35,000 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 67,228 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 35,000 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | Andover House | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 14,357 | ||||||
Initial Costs, Buildings and Improvements | 51,577 | ||||||
Total Initial Acquisition Costs | 65,934 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,769 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,379 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 55,324 | ||||||
Total Carrying Value | 69,703 | 69,703 | |||||
Accumulated Depreciation | 27,837 | 27,837 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 69,703 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 27,837 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | Sullivan Place | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,137 | ||||||
Initial Costs, Buildings and Improvements | 103,676 | ||||||
Total Initial Acquisition Costs | 104,813 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,066 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,364 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 110,450 | ||||||
Total Carrying Value | 111,814 | 111,814 | |||||
Accumulated Depreciation | 51,578 | 51,578 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 111,814 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 51,578 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | Courts at Huntington Station [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 27,749 | ||||||
Initial Costs, Buildings and Improvements | 111,878 | ||||||
Total Initial Acquisition Costs | 139,627 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 78 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,749 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 111,956 | ||||||
Total Carrying Value | 139,705 | 139,705 | |||||
Accumulated Depreciation | 1,682 | 1,682 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 139,705 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 1,682 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | METROPOLITAN DC | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 32,037 | ||||||
Initial Costs, Land and Land Improvements | 62,905 | ||||||
Initial Costs, Buildings and Improvements | 336,062 | ||||||
Total Initial Acquisition Costs | 398,967 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 150,208 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 73,707 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 475,403 | ||||||
Total Carrying Value | 549,110 | 549,110 | |||||
Accumulated Depreciation | 146,351 | 146,351 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 549,110 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 146,351 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | Lakeside Mill | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 12,569 | ||||||
Initial Costs, Land and Land Improvements | 2,666 | ||||||
Initial Costs, Buildings and Improvements | 10,109 | ||||||
Total Initial Acquisition Costs | 12,775 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,038 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,997 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,816 | ||||||
Total Carrying Value | 17,813 | 17,813 | |||||
Accumulated Depreciation | 11,336 | 11,336 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 17,813 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 11,336 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | Calvert’s Walk | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 4,408 | ||||||
Initial Costs, Buildings and Improvements | 24,692 | ||||||
Total Initial Acquisition Costs | 29,100 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,396 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,817 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,679 | ||||||
Total Carrying Value | 36,496 | 36,496 | |||||
Accumulated Depreciation | 20,827 | 20,827 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 36,496 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 20,827 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | Liriope Apartments | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,620 | ||||||
Initial Costs, Buildings and Improvements | 6,791 | ||||||
Total Initial Acquisition Costs | 8,411 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,374 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,653 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,132 | ||||||
Total Carrying Value | 9,785 | 9,785 | |||||
Accumulated Depreciation | 5,352 | 5,352 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 9,785 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 5,352 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | 20 Lambourne | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 30,132 | ||||||
Initial Costs, Land and Land Improvements | 11,750 | ||||||
Initial Costs, Buildings and Improvements | 45,590 | ||||||
Total Initial Acquisition Costs | 57,340 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,406 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,106 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 51,640 | ||||||
Total Carrying Value | 63,746 | 63,746 | |||||
Accumulated Depreciation | 24,313 | 24,313 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 63,746 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 24,313 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | BALTIMORE, MD | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 42,701 | ||||||
Initial Costs, Land and Land Improvements | 20,444 | ||||||
Initial Costs, Buildings and Improvements | 87,182 | ||||||
Total Initial Acquisition Costs | 107,626 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,214 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,573 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 106,267 | ||||||
Total Carrying Value | 127,840 | 127,840 | |||||
Accumulated Depreciation | 61,828 | 61,828 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 127,840 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 61,828 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | DelRey Tower [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 297 | ||||||
Initial Costs, Buildings and Improvements | 12,786 | ||||||
Total Initial Acquisition Costs | 13,083 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 113,357 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,461 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 116,979 | ||||||
Total Carrying Value | 126,440 | 126,440 | |||||
Accumulated Depreciation | 9,914 | 9,914 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 126,440 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,914 | ||||||
United Dominion Reality L.P. | Southeastern Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 39,179 | ||||||
Initial Costs, Land and Land Improvements | 45,330 | ||||||
Initial Costs, Buildings and Improvements | 163,328 | ||||||
Total Initial Acquisition Costs | 208,658 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 113,129 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 54,064 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 267,723 | ||||||
Total Carrying Value | 321,787 | 321,787 | |||||
Accumulated Depreciation | 180,879 | 180,879 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 321,787 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 180,879 | ||||||
United Dominion Reality L.P. | Southeastern Region | Inlet Bay | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 7,702 | ||||||
Initial Costs, Buildings and Improvements | 23,150 | ||||||
Total Initial Acquisition Costs | 30,852 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,659 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,304 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,207 | ||||||
Total Carrying Value | 46,511 | 46,511 | |||||
Accumulated Depreciation | 27,055 | 27,055 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 46,511 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 27,055 | ||||||
United Dominion Reality L.P. | Southeastern Region | MacAlpine Place | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 10,869 | ||||||
Initial Costs, Buildings and Improvements | 36,858 | ||||||
Total Initial Acquisition Costs | 47,727 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,862 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,545 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,044 | ||||||
Total Carrying Value | 55,589 | 55,589 | |||||
Accumulated Depreciation | 28,780 | 28,780 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 55,589 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 28,780 | ||||||
United Dominion Reality L.P. | Southeastern Region | TAMPA, FL | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 18,571 | ||||||
Initial Costs, Buildings and Improvements | 60,008 | ||||||
Total Initial Acquisition Costs | 78,579 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,521 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 20,849 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 81,251 | ||||||
Total Carrying Value | 102,100 | 102,100 | |||||
Accumulated Depreciation | 55,835 | 55,835 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 102,100 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 55,835 | ||||||
United Dominion Reality L.P. | Southeastern Region | Legacy Hill | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,148 | ||||||
Initial Costs, Buildings and Improvements | 5,867 | ||||||
Total Initial Acquisition Costs | 7,015 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,807 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,764 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,058 | ||||||
Total Carrying Value | 15,822 | 15,822 | |||||
Accumulated Depreciation | 11,246 | 11,246 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 15,822 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 11,246 | ||||||
United Dominion Reality L.P. | Southeastern Region | Hickory Run | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 1,469 | ||||||
Initial Costs, Buildings and Improvements | 11,584 | ||||||
Total Initial Acquisition Costs | 13,053 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,459 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,155 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,357 | ||||||
Total Carrying Value | 23,512 | 23,512 | |||||
Accumulated Depreciation | 14,244 | 14,244 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 23,512 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 14,244 | ||||||
United Dominion Reality L.P. | Southeastern Region | Carrington Hills | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 2,117 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 2,117 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 34,535 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,506 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,146 | ||||||
Total Carrying Value | 36,652 | 36,652 | |||||
Accumulated Depreciation | 21,305 | 21,305 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 36,652 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,305 | ||||||
United Dominion Reality L.P. | Southeastern Region | Brookridge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 708 | ||||||
Initial Costs, Buildings and Improvements | 5,461 | ||||||
Total Initial Acquisition Costs | 6,169 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,830 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,162 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,837 | ||||||
Total Carrying Value | 10,999 | 10,999 | |||||
Accumulated Depreciation | 7,007 | 7,007 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 10,999 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 7,007 | ||||||
United Dominion Reality L.P. | Southeastern Region | Breckenridge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 766 | ||||||
Initial Costs, Buildings and Improvements | 7,714 | ||||||
Total Initial Acquisition Costs | 8,480 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,646 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,285 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,841 | ||||||
Total Carrying Value | 13,126 | 13,126 | |||||
Accumulated Depreciation | 8,155 | 8,155 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 13,126 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 8,155 | ||||||
United Dominion Reality L.P. | Southeastern Region | Polo Park | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 4,583 | ||||||
Initial Costs, Buildings and Improvements | 16,293 | ||||||
Total Initial Acquisition Costs | 20,876 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,508 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,741 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,643 | ||||||
Total Carrying Value | 37,384 | 37,384 | |||||
Accumulated Depreciation | 22,411 | 22,411 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 37,384 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 22,411 | ||||||
United Dominion Reality L.P. | Southeastern Region | NASHVILLE, TN | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 10,791 | ||||||
Initial Costs, Buildings and Improvements | 46,919 | ||||||
Total Initial Acquisition Costs | 57,710 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 79,785 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,613 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 120,882 | ||||||
Total Carrying Value | 137,495 | 137,495 | |||||
Accumulated Depreciation | 84,368 | 84,368 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 137,495 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 84,368 | ||||||
United Dominion Reality L.P. | Southeastern Region | The Reserve and Park at Riverbridge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 39,179 | ||||||
Initial Costs, Land and Land Improvements | 15,968 | ||||||
Initial Costs, Buildings and Improvements | 56,401 | ||||||
Total Initial Acquisition Costs | 72,369 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,823 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,602 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,590 | ||||||
Total Carrying Value | 82,192 | 82,192 | |||||
Accumulated Depreciation | 40,676 | 40,676 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 82,192 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 40,676 | ||||||
United Dominion Reality L.P. | Southeastern Region | OTHER FLORIDA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 39,179 | ||||||
Initial Costs, Land and Land Improvements | 15,968 | ||||||
Initial Costs, Buildings and Improvements | 56,401 | ||||||
Total Initial Acquisition Costs | 72,369 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,823 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,602 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,590 | ||||||
Total Carrying Value | 82,192 | 82,192 | |||||
Accumulated Depreciation | 40,676 | 40,676 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 82,192 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 40,676 | ||||||
United Dominion Reality L.P. | Northeast Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 110,030 | ||||||
Initial Costs, Buildings and Improvements | 536,413 | ||||||
Total Initial Acquisition Costs | 646,443 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,199 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 110,383 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 559,259 | ||||||
Total Carrying Value | 669,642 | 669,642 | |||||
Accumulated Depreciation | 142,858 | 142,858 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 669,642 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 142,858 | ||||||
United Dominion Reality L.P. | Northeast Region | 14 North | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 10,961 | ||||||
Initial Costs, Buildings and Improvements | 51,175 | ||||||
Total Initial Acquisition Costs | 62,136 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,359 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,077 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,418 | ||||||
Total Carrying Value | 68,495 | 68,495 | |||||
Accumulated Depreciation | 16,632 | 16,632 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 68,495 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 16,632 | ||||||
United Dominion Reality L.P. | Northeast Region | BOSTON, MA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 10,961 | ||||||
Initial Costs, Buildings and Improvements | 51,175 | ||||||
Total Initial Acquisition Costs | 62,136 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,359 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,077 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,418 | ||||||
Total Carrying Value | 68,495 | 68,495 | |||||
Accumulated Depreciation | 16,632 | 16,632 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 68,495 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 16,632 | ||||||
United Dominion Reality L.P. | Northeast Region | 10 Hanover Square | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 41,432 | ||||||
Initial Costs, Buildings and Improvements | 218,983 | ||||||
Total Initial Acquisition Costs | 260,415 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,730 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,496 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 228,649 | ||||||
Total Carrying Value | 270,145 | 270,145 | |||||
Accumulated Depreciation | 54,457 | 54,457 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 270,145 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 54,457 | ||||||
United Dominion Reality L.P. | Northeast Region | 95 Wall Street | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 57,637 | ||||||
Initial Costs, Buildings and Improvements | 266,255 | ||||||
Total Initial Acquisition Costs | 323,892 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,110 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 57,810 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 273,192 | ||||||
Total Carrying Value | 331,002 | 331,002 | |||||
Accumulated Depreciation | 71,769 | 71,769 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 331,002 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 71,769 | ||||||
United Dominion Reality L.P. | Northeast Region | NEW YORK, NY | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 99,069 | ||||||
Initial Costs, Buildings and Improvements | 485,238 | ||||||
Total Initial Acquisition Costs | 584,307 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,840 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 99,306 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 501,841 | ||||||
Total Carrying Value | 601,147 | 601,147 | |||||
Accumulated Depreciation | 126,226 | 126,226 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 601,147 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 126,226 | ||||||
United Dominion Reality L.P. | Total Operating Properties [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 478,163 | ||||||
Initial Costs, Land and Land Improvements | 747,171 | ||||||
Initial Costs, Buildings and Improvements | 2,082,113 | ||||||
Total Initial Acquisition Costs | 2,829,284 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 805,694 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 831,920 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,790,464 | ||||||
Total Carrying Value | 3,622,384 | 3,622,384 | |||||
Accumulated Depreciation | 1,278,575 | 1,278,575 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 3,622,384 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 1,278,575 | ||||||
Corporate Joint Venture [Member] | |||||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Real estate acquired | 0 | 0 | 129,437 | ||||
Retirement of fully depreciated assets | 0 | (112,344) | (356,303) | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Accumulated depreciation on retirements of fully depreciated asset | $ 0 | $ (4,228) | $ (20,662) | ||||
UDR Lighthouse DownREIT L.P. [Member] | United Dominion Reality L.P. | |||||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Real Estate Investment Property, at Cost | (628,479) | 0 | 0 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Real Estate Owned, Accumulated Depreciation | $ (223,363) | $ 0 | $ 0 | ||||
[1] | Includes unallocated accruals and capital expenditures.The aggregate cost for federal income tax purposes was approximately $8.3 billion at December 31, 2015. The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. | ||||||
[2] | Includes unallocated accruals and capital expenditures.The aggregate cost for federal income tax purpose was approximately $3.0 billion at December 31, 2015. |