Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 17, 2017 | Jun. 30, 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, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
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 | $ 3.3 | ||
Entity Common Stock, Shares Outstanding | 267,370,704 | ||
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, 2016 | ||
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, 2016 | Dec. 31, 2015 |
Real estate owned: | ||
Real estate held for investment | $ 9,271,847 | $ 9,053,599 |
Less: accumulated depreciation | (2,923,072) | (2,646,044) |
Real estate held for investment net | 6,348,775 | 6,407,555 |
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 342,282 | 124,072 |
Real estate held for disposition (net of accumulated depreciation of $553 and $830, respectively) | 1,071 | 11,775 |
Total real estate owned, net of accumulated depreciation | 6,692,128 | 6,543,402 |
Cash and cash equivalents | 2,112 | 6,742 |
Restricted Cash | 19,994 | 20,798 |
Notes receivable, net | 19,790 | 16,694 |
Investment in and advances to unconsolidated joint ventures, net | 827,025 | 938,906 |
Other assets | 118,535 | 137,302 |
Total assets | 7,679,584 | 7,663,844 |
Liabilities: | ||
Secured debt, net | 1,130,858 | 1,376,945 |
Unsecured debt, net | 2,270,620 | 2,193,850 |
Real estate taxes payable | 17,388 | 18,786 |
Accrued interest payable | 29,257 | 29,162 |
Security deposits and prepaid rent | 34,238 | 36,330 |
Distributions payable | 86,936 | 80,368 |
Accounts payable, accrued expenses, and other liabilities | 103,835 | 81,356 |
Total liabilities | 3,673,132 | 3,816,797 |
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | 909,482 | 946,436 |
Equity | ||
Common stock, $0.01 par value; 350,000,000 shares authorized 267,259,469 and 261,844,521 shares issued and outstanding at December 31, 2016 and 2015, respectively | 2,673 | 2,618 |
Additional paid-in capital | 4,635,413 | 4,447,816 |
Distributions in excess of net income | (1,585,825) | (1,584,459) |
Accumulated other comprehensive income/(loss), net | (5,609) | (12,678) |
Total stockholders' equity | 3,093,110 | 2,899,755 |
Non-controlling interest | 3,860 | 856 |
Total equity | 3,096,970 | 2,900,611 |
Total liabilities and equity | 7,679,584 | 7,663,844 |
8.00% Series E Cumulative Convertible Preferred Stock | ||
Equity | ||
Preferred stock, no par value; 50,000,000 shares authorized | 46,457 | 46,457 |
Series F Preferred Stock [Member] | ||
Equity | ||
Preferred stock, no par value; 50,000,000 shares authorized | $ 1 | $ 1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate owned: | ||
Real estate under development, accumulated depreciation | $ 0 | $ 0 |
Real estate held for disposition, accumulated depreciation | $ 553 | $ 830 |
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, Issued | 267,259,469 | 261,844,521 |
Common Stock, Shares, Outstanding | 267,259,469 | 261,844,521 |
8.00% Series E Cumulative Convertible Preferred Stock | ||
Equity | ||
Preferred Stock, Shares Issued | 2,796,903 | 2,796,903 |
Preferred Stock, Shares Outstanding | 2,796,903 | 2,796,903 |
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 Issued | 16,196,889 | 16,452,496 |
Preferred Stock, Shares Outstanding | 16,196,889 | 16,452,496 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | |||
Rental income | $ 948,461 | $ 871,928 | $ 805,002 |
Joint venture managment and other fees | 11,400 | 22,710 | 13,044 |
Total revenues | 959,861 | 894,638 | 818,046 |
OPERATING EXPENSES | |||
Property operating and maintenance | 159,947 | 155,096 | 149,428 |
Real estate taxes and insurance | 115,429 | 102,963 | 99,175 |
Property management | 26,083 | 23,978 | 22,138 |
Other operating expenses | 7,649 | 9,708 | 8,271 |
Real estate depreciation and amortization | 419,615 | 374,598 | 358,154 |
General and administrative | 49,761 | 59,690 | 47,800 |
Casualty-related charges/(recoveries), net | 732 | 2,335 | 541 |
Other depreciation and amortization | 6,023 | 6,679 | 5,775 |
Total operating expenses | 785,239 | 735,047 | 691,282 |
Operating income | 174,622 | 159,591 | 126,764 |
Income/(loss) from unconsolidated entities | 52,234 | 62,329 | (7,006) |
Interest expense | (123,031) | (121,875) | (130,454) |
Interest income and other income/(expense), net | 1,930 | 1,551 | 11,858 |
Income/(loss) before income taxes, discontinued operations and gain/(loss) on sale of real estate owned | 105,755 | 101,596 | 1,162 |
Tax benefit/(provision), net | 15,136 | ||
Income/(loss) from continuing operations | 109,529 | 105,482 | 16,260 |
Income/(loss) from discontinued operations, net of tax | 0 | 0 | 10 |
Income/(loss) before gain/(loss) on sale of real estate owned | 109,529 | 105,482 | 16,270 |
Gain/(loss) on sales of real estate owned, net of tax | 210,851 | 251,677 | 143,572 |
Net income/(loss) | 320,380 | 357,159 | 159,842 |
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (27,282) | (16,773) | (5,511) |
Net (income)/loss attributable to noncontrolling interest | 380 | 3 | (3) |
Net income/(loss) attributable to Entity | 292,718 | 340,383 | 154,334 |
Distributions to preferred stockholders | (3,717) | (3,722) | (3,724) |
Net income/(loss) attributable to common stockholders | $ 289,001 | $ 336,661 | $ 150,610 |
Earnings per weighted average common share - basic and diluted: | |||
Income/(loss) per weighted average common share: Basic | $ 1.09 | $ 1.30 | $ 0.60 |
Income/(loss) per weighted average common share: Diluted | $ 1.08 | $ 1.29 | $ 0.59 |
Weighted average number of common shares outstanding — basic | 265,386 | 258,669 | 251,528 |
Weighted average number of common shares outstanding — diluted | 267,311 | 263,752 | 253,445 |
Continuing Operations [Member] | |||
OPERATING EXPENSES | |||
Tax benefit/(provision), net | $ 3,774 | $ 3,886 | $ 15,098 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net income/(loss) | $ 320,380 | $ 357,159 | $ 159,842 |
Other comprehensive income/(loss) - derivative instruments: | |||
Unrealized holding gain/(loss) | 3,514 | (6,393) | (8,695) |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | 3,657 | 2,262 | 4,834 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 7,171 | (4,131) | (3,861) |
Comprehensive income/(loss) | 327,551 | 353,028 | 155,981 |
Comprehensive (income)/loss attributable to noncontrolling interests | (27,764) | (16,468) | (5,375) |
Comprehensive income/(loss) attributable to Entity | $ 299,787 | $ 336,560 | $ 150,606 |
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 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) | |||||||||
Conversion of Stock, Amount Issued | 4,372 | |||||||||||
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 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 | 340,383 | ||||||||||
Net income/(loss) attributable to non-controlling interests | 3 | 3 | ||||||||||
Other comprehensive income/(loss) | (3,823) | (3,823) | ||||||||||
Issuance/(forfeiture) of common and restricted shares, net | 10,194 | 3 | 10,191 | |||||||||
Issuance of common shares through public offering | (210,011) | (63) | (209,948) | $ (1) | $ (1) | |||||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership | (3,817) | (1) | (3,816) | $ 0 | $ (114) | $ (114) | ||||||
Conversion of Stock, Amount Issued | 3,817 | |||||||||||
Common stock distributions declared | (289,500) | (289,500) | 0 | |||||||||
Preferred stock distributions declared-Series E | (3,722) | (3,722) | 0 | |||||||||
Adjustment to reflect redemption value of redeemable non-controlling interests | (102,703) | (102,703) | 0 | |||||||||
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 Changes in Equity | ||||||||||||
Net income/(loss) attributable to Entity | 292,718 | 0 | ||||||||||
Net income/(loss) attributable to non-controlling interests | 322 | 0 | 322 | |||||||||
Disposition of noncontrolling interest of consolidated real estate | (1,155) | (1,155) | ||||||||||
Contribution of noncontrolling interest in consolidated real estate | 102 | 102 | ||||||||||
Long Term Incentive Plan Unit grants | 3,735 | |||||||||||
Other comprehensive income/(loss) | 7,069 | 0 | 0 | 7,069 | ||||||||
Issuance/(forfeiture) of common and restricted shares, net | 4,975 | 2 | 4,973 | |||||||||
Issuance of common shares through public offering | (173,211) | 0 | (50) | (173,161) | 0 | |||||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership | (9,466) | (3) | (9,463) | |||||||||
Conversion of Stock, Amount Issued | 9,526 | |||||||||||
Common stock distributions declared | (315,102) | (315,102) | 0 | |||||||||
Preferred stock distributions declared-Series E | (3,717) | (3,717) | ||||||||||
Adjustment to reflect redemption value of redeemable non-controlling interests | 24,735 | 24,735 | ||||||||||
Ending Balance at Dec. 31, 2016 | $ 3,096,970 | $ 46,458 | $ 2,673 | $ 4,635,413 | $ (1,585,825) | $ (5,609) | $ 3,860 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common distributions declared per share | $ 1.1800 | $ 1.1100 | $ 1.0400 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | |||
Net income/(loss) | $ 320,380 | $ 357,159 | $ 159,842 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Deprecation and amortization | 425,638 | 381,277 | 363,929 |
Gain/(loss) on sales of real estate owned, net of tax | 210,851 | 251,677 | 143,572 |
Gain (Loss) on Disposition of Real Estate, Discontinued Operations | 143,647 | ||
Tax benefit/(provision), net | (15,136) | ||
(Income)/loss from unconsolidated entities | (52,234) | (62,329) | 7,006 |
Return on investment in unconsolidated joint ventures | 57,578 | 27,012 | 4,943 |
Amortization of share-based compensation | 13,398 | 18,017 | 13,954 |
Other | 11,861 | 6,612 | 13,104 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in operating assets | (12,983) | (3,968) | (1,074) |
Increase/(decrease) in operating liabilites | (12,084) | (9,590) | (5,618) |
Net cash provided by operating activities | 536,929 | 458,627 | 397,303 |
Investing Activities | |||
Acquisition of real estate assets (net of liabilities assumed) and initial capital expenditures | (163,015) | (244,769) | (228,810) |
Proceeds from sales of real estate investments, net | (302,354) | (387,650) | (383,886) |
Development of real estate assets | (178,279) | (103,205) | (251,493) |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | (91,852) | (113,400) | (96,679) |
Capital expenditures - non-real estate assets | (4,439) | (4,049) | (5,497) |
Investment in unconsolidated joint ventures | (40,162) | (217,642) | (222,930) |
Distributions received from unconsolidated joint venture | 66,116 | 32,279 | 54,256 |
(Issuance)/repayment of notes receivable | (3,000) | (2,325) | 68,664 |
Net cash provided by/(used in) investing activities | (112,277) | (265,461) | (298,603) |
Financing Activities | |||
Payments on secured debt | (375,308) | (193,958) | (80,961) |
Proceeds from the issuance of secured debt | 50,000 | 127,600 | 5,502 |
Payments on unsecured debt | (95,053) | (325,540) | (312,500) |
Proceeds from the issuance of unsecured debt | 300,000 | 299,310 | 298,956 |
Net proceeds/(repayment) of revolving bank debt | (128,650) | (2,500) | 152,500 |
Proceeds from the issuance of common shares through public offering, net | 173,211 | 210,011 | 99,849 |
Distributions paid to non-controlling interests | (29,688) | (10,654) | (9,929) |
Distributions paid to preferred stockholders | (3,717) | (3,722) | (3,724) |
Distributions paid to common stockholders | (308,923) | (283,168) | (256,100) |
Other | (11,154) | (19,027) | (7,318) |
Net cash (used in)/provided by financing activities | (429,282) | (201,648) | (113,725) |
Net increase/(decrease) in cash and cash equivalents | (4,630) | (8,482) | (15,025) |
Cash and cash equivalents, beginning of period | 6,742 | 15,224 | 30,249 |
Cash and cash equivalents, end of period | 2,112 | 6,742 | 15,224 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 124,635 | 130,240 | 131,815 |
Income Taxes Paid, Net | 693 | (1,014) | 1,345 |
Non-cash transactions: | |||
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned | 80,583 | 0 | 54,938 |
Secured debt assumed in the consolidation of unconsolidated joint ventures | 75,796 | 0 | 0 |
Fair value adjustment of secured debt assumed in the consolidation of unconsolidated joint ventures | 4,228 | 0 | 0 |
Acquisition of communities in exchange for DownREIT units and assumption of debt | 0 | 660,832 | 0 |
Fair value adjustment of debt acquired as part of acquisition of real estate | 0 | 1,363 | 0 |
Development costs and capital expenditures Incurred but not yet paid | 46,285 | 20,375 | 34,746 |
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (260,292 shares in 2016; 112,174 shares in 2015; and 153,451 shares in 2014) | 9,466 | 3,817 | 4,372 |
Dividends Payable | 86,936 | 80,368 | 69,460 |
Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
(Income)/loss from unconsolidated entities | 3,603 | 3,711 | 4,068 |
Continuing Operations [Member] | |||
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Tax benefit/(provision), net | $ (3,774) | (3,886) | (15,098) |
1745 Shea [Member] | |||
Non-cash transactions: | |||
Secured debt assumed in the consolidation of unconsolidated joint ventures | $ 24,067 | $ 0 |
Consolidated Statements of Cas9
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-cash transactions: | |||
Number of shares of common stock converted from Operating Partnership and DownREIT Partnership noncontrolling interests | 112,174 | 153,451 | 76,291 |
Consolidated Balance Sheets (UN
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate owned: | ||
Real estate held for investment | $ 9,271,847 | $ 9,053,599 |
Less: accumulated depreciation | (2,923,072) | (2,646,044) |
Total real estate owned, net of accumulated depreciation | 6,692,128 | 6,543,402 |
Cash and cash equivalents | 2,112 | 6,742 |
Restricted Cash | 19,994 | 20,798 |
Investment in unconsolidated entities | 827,025 | 938,906 |
Other assets | 118,535 | 137,302 |
Total assets | 7,679,584 | 7,663,844 |
LIABILITIES AND CAPITAL | ||
Secured debt, net | 1,130,858 | 1,376,945 |
Real estate taxes payable | 17,388 | 18,786 |
Accrued interest payable | 29,257 | 29,162 |
Security deposits and prepaid rent | 34,238 | 36,330 |
Distributions payable | 86,936 | 80,368 |
Accounts payable, accrued expenses, and other liabilities | 103,835 | 81,356 |
Total liabilities | 3,673,132 | 3,816,797 |
Partners' Capital: | ||
Accumulated other comprehensive income/(loss), net | (5,609) | (12,678) |
Total liabilities and equity | 7,679,584 | 7,663,844 |
United Dominion Reality L.P. | ||
Real estate owned: | ||
Real estate held for investment | 3,674,704 | 3,630,905 |
Less: accumulated depreciation | (1,408,815) | (1,281,258) |
Total real estate owned, net of accumulated depreciation | 2,265,889 | 2,349,647 |
Cash and cash equivalents | 756 | 3,103 |
Restricted Cash | 11,694 | 11,344 |
Investment in unconsolidated entities | 112,867 | 166,186 |
Other assets | 24,329 | 24,528 |
Total assets | 2,415,535 | 2,554,808 |
LIABILITIES AND CAPITAL | ||
Secured debt, net | 433,974 | 475,964 |
Notes payable due to General Partner | 273,334 | 273,334 |
Real estate taxes payable | 2,104 | 2,775 |
Accrued interest payable | 1,410 | 1,550 |
Security deposits and prepaid rent | 14,593 | 15,929 |
Distributions payable | 54,192 | 50,962 |
Accounts payable, accrued expenses, and other liabilities | 17,429 | 12,964 |
Total liabilities | 797,036 | 833,478 |
Partners' Capital: | ||
General partner: 110,883 OP units outstanding at December 31, 2016 and 2015 | 1,026 | 1,110 |
Limited partners: 183,167,815 OP Units outstanding at December 31, 2016 and 2015 | 1,577,289 | 1,712,415 |
Accumulated other comprehensive income/(loss), net | (113) | (113) |
Total partners' capital | 1,578,202 | 1,713,412 |
Advances (to)/from the General Partner | (19,659) | 11,270 |
Non-controlling interest | 20,638 | 19,188 |
Total capital | 1,618,499 | 1,721,330 |
Total liabilities and equity | $ 2,415,535 | $ 2,554,808 |
Consolidated Balance Sheets (11
Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) (Parenthetical) - shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Partners' Capital: | ||||
OP units outstanding related to limited partner | 183,278,698 | 183,278,698 | 183,278,698 | 183,278,698 |
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
REVENUES | |||
Rental income | $ 948,461 | $ 871,928 | $ 805,002 |
OPERATING EXPENSES | |||
Property operating and maintenance | 159,947 | 155,096 | 149,428 |
Real estate taxes and insurance | (115,429) | (102,963) | (99,175) |
Property management | (26,083) | (23,978) | (22,138) |
Other operating expenses | (7,649) | (9,708) | (8,271) |
Real estate depreciation and amortization | 419,615 | 374,598 | 358,154 |
General and administrative | 49,761 | 59,690 | 47,800 |
Casualty-related (recoveries)/charges, net | 732 | 2,335 | 541 |
Total operating expenses | 785,239 | 735,047 | 691,282 |
Operating income | 174,622 | 159,591 | 126,764 |
Income/(loss) from unconsolidated entities | 52,234 | 62,329 | (7,006) |
Interest expense | (123,031) | (121,875) | (130,454) |
Income/(loss) from continuing operations | 109,529 | 105,482 | 16,260 |
Net income/(loss) | 320,380 | 357,159 | 159,842 |
Net income/(loss) attributable to Entity | 292,718 | 340,383 | 154,334 |
United Dominion Reality L.P. | |||
REVENUES | |||
Rental income | 404,415 | 440,408 | 422,634 |
OPERATING EXPENSES | |||
Property operating and maintenance | 65,562 | 75,373 | 75,211 |
Real estate taxes and insurance | (41,732) | (47,438) | (47,110) |
Property management | (11,122) | (12,111) | (11,622) |
Other operating expenses | (6,059) | (5,923) | (5,172) |
Real estate depreciation and amortization | 147,074 | 169,784 | 179,176 |
General and administrative | 18,808 | 27,016 | 28,541 |
Casualty-related (recoveries)/charges, net | 484 | 843 | 541 |
Total operating expenses | 290,841 | 338,488 | 347,373 |
Operating income | 113,574 | 101,920 | 75,261 |
Income/(loss) from unconsolidated entities | (37,425) | (4,659) | 0 |
Interest expense | (17,855) | (35,274) | (37,114) |
Interest expense on note payable due to General Partner | (12,212) | (5,047) | (4,603) |
Income/(loss) from continuing operations | 46,082 | 56,940 | 33,544 |
Gain/(loss) on sales of real estate owned | 33,180 | 158,123 | 63,635 |
Net income/(loss) | 79,262 | 215,063 | 97,179 |
Net (income)/loss attributable to noncontrolling interest | (1,444) | (1,762) | (952) |
Net income/(loss) attributable to Entity | $ 77,818 | $ 213,301 | $ 96,227 |
Income/(loss) per OP unit- basic and diluted: | |||
Net income/(loss) attributable to OP unitholders | $ 0.42 | $ 1.16 | $ 0.53 |
Weighted average OP units outstanding - basic and diluted | 183,279 | 183,279 | 183,279 |
Consolidated Statements of Co13
Consolidated Statements of Comprehensive Income / (Loss) (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income/(loss) | $ 320,380 | $ 357,159 | $ 159,842 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss) | 3,514 | (6,393) | (8,695) |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 7,171 | (4,131) | (3,861) |
Comprehensive income/(loss) | 327,551 | 353,028 | 155,981 |
Comprehensive income/(loss) attributable to Entity | 299,787 | 336,560 | 150,606 |
United Dominion Reality L.P. | |||
Net income/(loss) | 79,262 | 215,063 | 97,179 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss) | (4) | (82) | (285) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 12 | 1,044 | 2,275 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 8 | 962 | 1,990 |
Comprehensive income/(loss) | 79,270 | 216,025 | 99,169 |
Net (income)/loss attributable to noncontrolling interest | (1,444) | (1,762) | (952) |
Comprehensive income/(loss) attributable to Entity | $ 77,826 | $ 214,263 | $ 98,217 |
Consolidated Statements of Ch14
Consolidated Statements of Changes in Capital (UNITED DOMINION REALTY, L.P) (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Long Term Incentive Plan Unit grants | $ 3,735 | ||
Other comprehensive income (loss) | 7,171 | $ (4,131) | $ (3,861) |
United Dominion Reality L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 1,721,330 | 1,734,051 | 1,803,097 |
Net income (loss) | 79,262 | 215,063 | 97,179 |
Distributions | (216,763) | (203,852) | (191,150) |
OP Unit Redemptions for common shares of UDR | 0 | ||
Adjustment to reflect limited partners' capital at redemption value | 0 | ||
Long Term Incentive Plan Unit grants | 3,735 | 0 | 0 |
Unrealized gain on derivative financial investments | 6 | 962 | |
Other comprehensive income (loss) | 8 | 962 | 1,990 |
Net change in advances (to)/from the General Partner | 30,929 | (24,894) | 22,935 |
Balance | 1,618,499 | 1,721,330 | 1,734,051 |
United Dominion Reality L.P. | Payable/(Receivable) due to/(from) General Partner [Member] [Member] | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | (11,270) | 13,624 | (9,916) |
Net change in advances (to)/from the General Partner | 30,929 | (24,894) | 23,540 |
Balance | 19,659 | (11,270) | 13,624 |
United Dominion Reality L.P. | Accumulated Other Comprehensive Income/(Loss) | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | (113) | (1,075) | (3,065) |
Unrealized gain on derivative financial investments | 0 | 962 | |
Other comprehensive income (loss) | 1,990 | ||
Balance | (113) | (113) | (1,075) |
United Dominion Reality L.P. | Total Partner's Capital | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 1,713,412 | 1,703,001 | 1,795,934 |
Net income (loss) | 77,818 | 213,301 | 96,227 |
Distributions | (216,763) | (203,852) | (191,150) |
OP Unit Redemptions for common shares of UDR | 0 | ||
Adjustment to reflect limited partners' capital at redemption value | 0 | ||
Long Term Incentive Plan Unit grants | 3,735 | ||
Unrealized gain on derivative financial investments | 0 | 962 | |
Other comprehensive income (loss) | 1,990 | ||
Balance | 1,578,202 | 1,713,412 | 1,703,001 |
United Dominion Reality L.P. | Noncontrolling Interest | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 19,188 | 17,426 | 17,079 |
Net income (loss) | 1,444 | 1,762 | 952 |
Adjustment to reflect limited partners' capital at redemption value | 0 | ||
Balance | 20,638 | 19,188 | 17,426 |
United Dominion Reality L.P. | Class A Limited Partner | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 64,409 | 53,987 | 40,902 |
Net income (loss) | 743 | 2,201 | 920 |
Distributions | (2,328) | (2,328) | (2,328) |
OP Unit Redemptions for common shares of UDR | 0 | ||
Adjustment to reflect limited partners' capital at redemption value | 1,077 | 10,549 | 14,493 |
Balance | 63,901 | 64,409 | 53,987 |
United Dominion Reality L.P. | Limited Partners | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 268,481 | 228,493 | 176,695 |
Net income (loss) | 3,099 | 8,515 | 3,938 |
Distributions | (8,831) | (8,138) | (7,789) |
OP Unit Redemptions for common shares of UDR | (175) | (3,816) | (4,371) |
Adjustment to reflect limited partners' capital at redemption value | 3,619 | 43,427 | 60,020 |
Long Term Incentive Plan Unit grants | 3,735 | ||
Balance | 269,928 | 268,481 | 228,493 |
United Dominion Reality L.P. | Limited Partner [Member] | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 1,379,525 | 1,420,491 | 1,580,239 |
Net income (loss) | 73,928 | 202,456 | 91,311 |
Distributions | (205,472) | (193,262) | (180,917) |
OP Unit Redemptions for common shares of UDR | 175 | 3,816 | 4,371 |
Adjustment to reflect limited partners' capital at redemption value | (4,696) | (53,976) | (74,513) |
Balance | 1,243,460 | 1,379,525 | 1,420,491 |
United Dominion Reality L.P. | General Partner [Member] | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Balance | 1,110 | 1,105 | 1,163 |
Net income (loss) | 48 | 129 | 58 |
Distributions | (132) | (124) | (116) |
Adjustment to reflect limited partners' capital at redemption value | 0 | ||
Balance | 1,026 | $ 1,110 | 1,105 |
Noncontrolling Interest | United Dominion Reality L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Unrealized gain on derivative financial investments | $ 6 | ||
Net change in advances (to)/from the General Partner | $ (605) |
Consolidated Statements of Ca15
Consolidated Statements of Cash Flows (UNITED DOMINION REALTY, L.P) (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities | |||
Net income/(loss) | $ 320,380 | $ 357,159 | $ 159,842 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 419,615 | 374,598 | 358,154 |
(Gain)/loss on sale of real estate owned, net of tax | (210,851) | (251,677) | (143,572) |
Income/(loss) from unconsolidated entities | (52,234) | (62,329) | 7,006 |
Other | 11,861 | 6,612 | 13,104 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in operating assets | (12,983) | (3,968) | (1,074) |
Increase/(decrease) in operating liabilites | (12,084) | (9,590) | (5,618) |
Net cash provided by operating activities | 536,929 | 458,627 | 397,303 |
Investing Activities | |||
Acquisition of real estate assets | (163,015) | (244,769) | (228,810) |
Proceeds from sales of real estate investments, net | 302,354 | 387,650 | 383,886 |
Development of real estate assets | (178,279) | (103,205) | (251,493) |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | 91,852 | 113,400 | 96,679 |
Distributions received from unconsolidated entities | 66,116 | 32,279 | 54,256 |
Net cash provided by/(used in) investing activities | (112,277) | (265,461) | (298,603) |
Financing Activities | |||
Proceeds from the issuance of secured debt | 50,000 | 127,600 | 5,502 |
Payments on secured debt | (375,308) | (193,958) | (80,961) |
Net cash (used in)/provided by financing activities | (429,282) | (201,648) | (113,725) |
Net increase/(decrease) in cash and cash equivalents | (4,630) | (8,482) | (15,025) |
Cash and cash equivalents, beginning of period | 6,742 | 15,224 | 30,249 |
Cash and cash equivalents, end of period | 2,112 | 6,742 | 15,224 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 124,635 | 130,240 | 131,815 |
Investment in DownREIT Partnership | 0 | 660,832 | 0 |
Secured debt, net | (1,130,858) | (1,376,945) | |
Development costs and capital expenditures Incurred but not yet paid | 46,285 | 20,375 | 34,746 |
Long Term Incentive Plan Unit grants | 3,735 | ||
Dividends Payable | 86,936 | 80,368 | 69,460 |
United Dominion Reality L.P. | |||
Operating Activities | |||
Net income/(loss) | 79,262 | 215,063 | 97,179 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 147,074 | 169,784 | 179,176 |
(Gain)/loss on sale of real estate owned, net of tax | 33,180 | (158,123) | (63,635) |
Income/(loss) from unconsolidated entities | 37,425 | 4,659 | 0 |
Other | 1,769 | 606 | 2,497 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in operating assets | (3,510) | 385 | (1,756) |
Increase/(decrease) in operating liabilites | (158) | (5,609) | (5,429) |
Net cash provided by operating activities | 228,682 | 226,765 | 208,032 |
Investing Activities | |||
Acquisition of real estate assets | 0 | (141,424) | 0 |
Proceeds from sales of real estate investments, net | 44,553 | 232,728 | 47,922 |
Development of real estate assets | 0 | (6,280) | (47,220) |
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement | 69,993 | 61,441 | 47,352 |
Distributions received from unconsolidated entities | 15,894 | 0 | 0 |
Net cash provided by/(used in) investing activities | (9,546) | 23,583 | (46,650) |
Financing Activities | |||
Advances (to)/from the General Partner, net | (180,391) | (232,764) | (153,751) |
Proceeds from the issuance of secured debt | 0 | 184,638 | 5,909 |
Payments on secured debt | (30,322) | (189,244) | (4,995) |
Distributions paid to partnership unitholders | (10,770) | (10,367) | (9,929) |
Payment of financing costs | 0 | (10) | (11) |
Net cash (used in)/provided by financing activities | (221,483) | (247,747) | (162,777) |
Net increase/(decrease) in cash and cash equivalents | (2,347) | 2,601 | (1,395) |
Cash and cash equivalents, beginning of period | 3,103 | 502 | 1,897 |
Cash and cash equivalents, end of period | 756 | 3,103 | 502 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized | 22,922 | 44,881 | 44,629 |
Investment in DownREIT Partnership | 0 | 174,822 | 0 |
Secured debt, net | (433,974) | (475,964) | |
Reallocation of Credit Facilities Debt from General Partner | 12,292 | 17,557 | 0 |
Development costs and capital expenditures Incurred but not yet paid | 5,098 | 3,118 | 7,254 |
Long Term Incentive Plan Unit grants | 3,735 | 0 | 0 |
Dividends Payable | 54,192 | 50,962 | 47,788 |
Partnership Capital [Member] | United Dominion Reality L.P. | |||
Supplemental Information: | |||
Long Term Incentive Plan Unit grants | 3,735 | ||
UDR Lighthouse DownREIT L.P. [Member] | United Dominion Reality L.P. | |||
Supplemental Information: | |||
Real estate owned, net of accumulated depreciation | 0 | (405,116) | 0 |
Secured debt, net | $ 0 | $ (228,390) | $ 0 |
Consolidation and Basis of Pres
Consolidation and Basis of Presentation | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , our consolidated apartment portfolio consisted of 127 consolidated communities located in 18 markets consisting of 39,454 apartment homes. In addition, the Company has an ownership interest in 6,849 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 6, 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, 2016 and 2015 , there were 183,278,698 units in the Operating Partnership (“OP Units”) outstanding, of which 174,230,084 or 95.1% and 174,225,399 or 95.1% , respectively, were owned by UDR and 9,048,614 or 4.9% and 9,053,299 or 4.9% , respectively, were owned by outside limited partners. As of December 31, 2016 and 2015 , there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 16,485,014 or 50.9% and 16,229,407 or 50.1% , respectively, were owned by UDR (of which, 13,470,651 or 41.6% were held by the Operating Partnership) and 15,882,366 or 49.1% and 16,137,973 or 49.9% , respectively, 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 in Note 4, Real Estate Owned, Note 6 , Joint Ventures and Partnerships and Note 7, Secured and Unsecured Debt, Net . |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for the Company on January 1, 2018; early adoption is permitted. The ASU will be applied prospectively to any transactions occurring within the period of adoption. The Company expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented; early adoption is permitted. The Company does not expect the updated standard to have a material impact on the consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . The ASU addresses specific cash flow items with the objective of reducing existing diversity in practice, including the treatment of distributions received from equity method investees. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented; early adoption is permitted. The Company elected to early adopt ASU 2016-15 in 2016 and elected to classify distributions received from equity method investees using the cumulative earnings approach. As a result, for the years ended December 31, 2015 and 2014, the following amounts classified under the adopted ASU as returns on investment in unconsolidated joint ventures were reclassified on the Consolidated Statements of Cash Flow (in thousands) : Year Ended December 31, 2015 2014 Return on investment in unconsolidated joint ventures - as previously presented $ — $ — Return on investment in unconsolidated joint ventures 27,012 4,943 Return on investment in unconsolidated joint ventures - as presented herein $ 27,012 $ 4,943 Distributions received from unconsolidated joint ventures - as previously presented $ 59,291 $ 59,199 Return on investment in unconsolidated joint ventures (27,012 ) (4,943 ) Distributions received from unconsolidated joint ventures - as presented herein $ 32,279 $ 54,256 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020; early adoption is permitted on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting . The ASU aims to simplify the accounting for share-based payments by amending the accounting for forfeitures, statutory tax withholding requirements, classification in the statements of cash flow and income taxes. The updated standard was effective for the Company on January 1, 2017, at which time the Company prospectively began accounting for forfeitures as incurred and began applying the updated rules for statutory withholdings. The adoption did not have a material impact on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Company on January 1, 2019, with early adoption permitted. While the Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to recognize right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases on any communities where we are the lessee. 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 was effective for the Company beginning on January 1, 2016. The adoption of the new standard did not 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 and DownREIT Partnership became VIEs as the limited partners of these entities lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and continues to consolidate, the entities determined to be VIEs. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method and will be effective for the Company on January 1, 2018, at which time the Company expects to adopt the updated standard using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the Company does not expect the ASU to have a material impact on the consolidated financial statements and related disclosures. Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition 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 disposition 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 disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. 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, 2016 , 2015 , and 2014 were $7.9 million , $6.3 million and $9.0 million , respectively. During the years ended December 31, 2016 , 2015 , and 2014 , total interest capitalized was $16.5 million , $16.1 million , and $20.2 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, 2016 and 2015 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, Note due February 2020 (a) 10.00 % $ 12,994 $ 12,994 Note due July 2017 (b) 8.00 % 2,500 2,500 Note due October 2020 (c) 8.00 % 1,296 1,200 Note due April 2021 (d) 10.00 % 3,000 — Total notes receivable, net $ 19,790 $ 16,694 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $13.0 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 eighth anniversary of the date of the note (February 2020). In March 2016, the terms of this secured note receivable were amended to extend the maturity from the fifth anniversary of the date of the note (February 2017) to the eighth anniversary of the date of the note (February 2020). (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million . Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (July 2017). (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million . Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). (d) In April 2016, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $15.0 million . During the year ended December 31, 2016 , the Company loaned $3.0 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 $25.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (April 2021). During the years ended December 31, 2016 , 2015 , and 2014 , the Company recognized $1.8 million , $1.5 million and $3.4 million , respectively, of interest income from notes receivable, none of which was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. 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, 2016 , 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, 2016 and 2015 , UDR’s net deferred tax asset was $0.6 million and $11.8 million , respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely 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, 2016 . UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2013 through 2015 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax benefit/(provision), net on the Consolidated Statements of Operations. Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the amended consolidation guidance. The Company first evaluates whether each entity is a VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. 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 10, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance . During the years ended December 31, 2016 , 2015 , and 2014 , total advertising expense was $6.4 million , $6.4 million , and $6.0 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, 2016 , 2015 , and 2014 , the Company's other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 14, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2016 , 2015 , and 2014 was $0.1 million , $(0.3) million , and $(0.1) 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, 2016 , 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, 2016 | |
Real Estate [Abstract] | |
REAL ESTATE OWNED | REAL ESTATE OWNED Real estate assets owned by the Company consist of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties. As of December 31, 2016 , the Company owned and consolidated 127 communities in 10 states plus the District of Columbia totaling 39,454 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2016 and 2015 (dollars in thousands): December 31, December 31, 2015 Land $ 1,801,576 $ 1,833,156 Depreciable property — held and used: Land improvements 178,701 173,821 Building, improvements, and furniture, fixtures and equipment 7,291,570 7,046,622 Under development: Land and land improvements 111,028 78,085 Building, improvements, and furniture, fixtures and equipment 231,254 45,987 Real estate held for disposition: Land and land improvements 1,104 9,963 Building, improvements, and furniture, fixtures and equipment 520 2,642 Real estate owned 9,615,753 9,190,276 Accumulated depreciation (2,923,625 ) (2,646,874 ) Real estate owned, net $ 6,692,128 $ 6,543,402 Acquisitions In November 2016, the Company acquired an operating community in Redmond, Washington with 177 apartment homes for approximately $70.5 million , which was funded with tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”) . In October 2016, the Company increased its ownership from 50% to 100% in two operating communities located in Bellevue, Washington with a total of 331 apartment homes for approximately $70.3 million in cash, which was funded with tax-deferred Section 1031 exchanges and the assumption of an incremental $37.9 million of secured debt with a weighted average interest rate of 3.67% . As a result, the Company consolidated the operating communities. The Company had previously accounted for its 50% ownership interest as an unconsolidated joint venture (see Note 6, Joint Ventures and Partnerships ). We accounted for the acquisition as a business combination resulting in a gain on consolidation of approximately $36.4 million . As a result of the consolidation, the Company increased its real estate owned by $215.0 million and secured debt by $80.0 million . In August 2016, the Company increased its ownership interest from 5% to 100% in a parcel of land in Dublin, California for a purchase price of approximately $8.5 million . As a result, the Company consolidated the parcel of land. UDR had previously accounted for its 5% interest in the parcel of land as an unconsolidated joint venture (see Note 6, Joint Ventures and Partnerships ). We accounted for the consolidation as an asset acquisition resulting in no gain or loss upon consolidation and increased our real estate owned by $8.9 million . In June 2016, the Company increased its ownership interest from 50% to 100% in a parcel of land in Los Angeles, California for a purchase price of approximately $20.1 million . As a result, the Company consolidated the parcel of land. UDR had previously accounted for its 50% interest in the parcel of land as an unconsolidated joint venture (see Note 6, Joint Ventures and Partnerships ). We accounted for the consolidation as an asset acquisition resulting in no gain or loss upon consolidation and increased our real estate owned by $31.1 million . Subsequent to the acquisition, the Company entered into a triple-net operating ground lease for the parcel of land at market terms with a third-party developer. The lessee plans to construct a multi-family community on the parcel of land. The ground lease provides the ground lessee with options to buy the fee interest in the parcel of land. The lease term is 49 years plus two 25 -year extension options, does not transfer ownership to the lessee, and does not include a bargain purchase option. 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 contractual purchase price of $900.6 million , which was comprised of $564.8 million of newly issued 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 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. In February 2015, the Company acquired an office building in Highlands Ranch, Colorado, for 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. On January 25, 2017, the Company exercised its fixed price option to purchase the joint venture partner’s ownership interest and therefore increased its ownership interest from 49% to 100% in an operating community located in Seattle, Washington with 244 apartment homes for a cash purchase price of approximately $66.0 million . As a result, as of January 25, 2017, the Company consolidated the operating community. As of December 31, 2106, the Company accounted for its 49% interest as a preferred equity investment in an unconsolidated joint venture (see Note 6, Joint Ventures and Partnerships ). The Company incurred $0.2 million , $2.1 million and $0.4 million of acquisition-related costs during the years ended December 31, 2016 , 2015 , and 2014 , respectively. These expenses are reported within the line item General and administrative on the Consolidated Statements of Operations. Dispositions In November 2016, the Company sold seven operating communities with a total 1,402 apartment homes in Baltimore, Maryland and an operating community with 380 apartment homes in Dallas, Texas for gross proceeds of $284.6 million , resulting in net proceeds of $280.5 million and a gain, net of tax, of $200.5 million . A portion of the proceeds was designated for tax-deferred Section 1031 exchanges that was used for certain 2016 acquisitions. In May 2016, the Company sold a retail center in Bellevue, Washington for gross proceeds of $45.4 million , resulting in net proceeds of $44.1 million and a gain, net of tax, of $7.3 million . A portion of the proceeds was designated for tax-deferred Section 1031 exchanges. In March 2016, the Company sold its 95% ownership interest in two parcels of land in Santa Monica, California for gross proceeds of $24.0 million , resulting in net proceeds of $22.0 million and a gain, net of tax, of $3.1 million . During the year ended December 31, 2015, the Company sold 12 operating 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 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. |
Variable Interest Entities Vari
Variable Interest Entities Variable Interest Entities | 12 Months Ended |
Dec. 31, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entity Disclosure [Text Block] | VARIABLE INTEREST ENTITIES As of January 1, 2016, the Company adopted ASU 2015-02. See discussion in Note 2, Significant Accounting Policies for further details. As a result of the adoption, the Operating Partnership and DownREIT Partnership were determined to be VIEs. As the Company was determined to be the primary beneficiary, we will continue to consolidate these entities. The Company has determined that the Operating Partnership and DownREIT Partnership are VIEs as the limited partners lack substantive kick-out rights and substantive participating rights. The Company has concluded that it is the primary beneficiary of, and therefore continues to consolidate, the Operating Partnership and DownREIT Partnership based on its role as the manager of the communities and its direct ownership interests, including all general partner interests. The Company's role as community manager and its equity interests give us the power to direct the activities that most significantly impact the economic performance and the obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the Operating Partnership and DownREIT Partnership. See the consolidated financial statements of the Operating Partnership presented within this Report and Note 4, Unconsolidated Entities , to the Operating Partnership's consolidated financial statements for the results of operations of the Operating Partnership and DownREIT Partnership, respectively. |
Joint Ventures
Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
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 , o n 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, 2016 and 2015 (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 (a) Los Angeles, CA 1 development community (b) 150 $ 25,209 $ 15,894 50.0 % 17.2 % UDR/MetLife II (c) Various 18 operating communities 4,059 311,282 425,230 50.0 % 50.0 % Other UDR/MetLife Development Joint Ventures (d) 1 operating community; Various 4 development communities (b) 1,437 160,979 171,659 50.6 % 50.6 % UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1 development community (b); 5 land parcels 1,513 72,414 73,469 50.0 % 50.0 % UDR/KFH Washington, D.C. 3 operating communities 660 12,835 17,211 30.0 % 30.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment and preferred equity investment $ 582,719 $ 703,463 Investment at Income from investments for the years ending December 31, Location Rate Years To Maturity December 31, December 31, 2016 2015 2014 Participating loan investment: Steele Creek Denver, CO 6.5% 0.6 $ 94,003 $ 90,747 $ 6,213 $ 5,453 $ 2,350 Preferred equity investment: West Coast Development Joint Venture (e) Various 6.5% (e) N/A 150,303 144,696 $ 4,561 $ 3,692 $ — Total investment in and advances to unconsolidated joint ventures, net $ 827,025 $ 938,906 (a) In August 2016, the Company increased its ownership interest from 5% to 100% in a parcel of land in Dublin, California for a purchase price of approximately $8.5 million . As a result, the Company consolidated the parcel of land and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The parcel of land was previously held in the UDR/MetLife I joint venture. In August 2016, the Company sold its 3% and 6% interests in two parcels of land located in Los Angeles, California and Bellevue, Washington, respectively, to MetLife for a sales price of approximately $3.0 million , resulting in a loss on sale to the Company of approximately $0.9 million . The parcels of land were previously held in the UDR/MetLife I joint venture and are no longer accounted for as unconsolidated joint ventures. (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, 2016, 736 apartment homes had been completed in Other UDR/MetLife Development Joint Ventures, and no apartment homes had been completed in UDR/MetLife I or in UDR/MetLife Vitruvian Park ® . (c) In September 2015, the 717 Olympic community, which is owned by the UDR/MetLife II joint venture, experienced extensive water damage due to a ruptured water pipe. For the years ended December 31, 2016 and 2015, the Company recorded casualty-related charges/(recoveries) of $(3.8) million and $2.5 million , respectively, its proportionate share of the total charges/(recoveries) recognized. In September 2016, the UDR/MetLife II joint venture sold an operating community located in Dallas, Texas with 252 apartment homes for a sales price of approximately $74.7 million , resulting in a gain of approximately $11.3 million for the Company. In October 2016, the Company increased its ownership from 50% to 100% in two operating communities located in Bellevue, Washington with a total of 331 apartment homes for a cash purchase price of approximately $70.3 million in cash and the assumption of an incremental $37.9 million of secured debt with a weighted average interest rate of 3.67% . As a result, the Company consolidated the operating communities and they are no longer accounted for as unconsolidated joint ventures (see Note 4, Real Estate Owned ). The operating communities were previously held in the UDR/MetLife II joint venture. (d) In June 2016, the Company increased its ownership interest from 50% to 100% in a parcel of land in Los Angeles, California for a purchase price of approximately $20.1 million . As a result, the Company consolidated the parcel of land and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The parcel of land was previously held in Other/UDR MetLife Development Joint Ventures. (e) As of December 31, 2016 , construction was completed on four of the five communities held by the West Coast Development Joint Venture and two of the five communities had achieved stabilization, which, for purposes of the joint venture, is defined as when a community reaches 80% occupancy for 90 consecutive days. Upon stabilization, income and expense are shared based on each partner's ownership percentage and the Company no longer receives a 6.5% preferred return on its investment in the stabilized community. The remaining three communities have not achieved stabilization and the Company continues to receive a 6.5% preferred return on its investment in those communities. 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. The joint venture partner is the general partner of the joint venture and the developer of the communities. The Company has a fixed price option to acquire the remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total purchase price will be $597.4 million . In the event the Company does not exercise its options to purchase at least two communities, the joint venture partner will be entitled to earn a contingent disposition fee equal to 6.5% return on its implied equity in the communities not acquired. The joint venture partner 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, 2016 and 2015 of $150.3 million and $144.7 million , respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. During the the year ended December 31, 2016 , the Company earned a preferred return of $4.6 million . 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 . On January 25, 2017, the Company exercised its fixed price option to purchase the joint venture partner’s ownership interest and therefore increased its ownership interest from 49% to 100% in an operating community located in Seattle, Washington with 244 apartment homes for a cash purchase price of approximately $66.0 million . As a result, as of January 25, 2017, the Company consolidated the operating community and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The operating community was one of the five communities held by the West Coast Development Joint Venture as of December 31, 2016. As of December 31, 2016 and 2015 , the Company had deferred fees and deferred profit of $9.5 million and $6.8 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 of management fees during each of the years ended December 31, 2016 , 2015 , and 2014 , 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, 2016 , 2015 , and 2014 . Condensed summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2016 , 2015 , and 2014 ( dollars in thousands): As of and For the Year Ended December 31, 2016 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Total Condensed Statements of Operations: Total revenues $ 278 $ 169,175 $ 18,090 $ 22,916 $ 19,997 $ 230,456 Property operating expenses 552 52,322 11,655 11,730 7,828 84,087 Real estate depreciation and amortization 52 46,135 16,353 6,835 14,444 83,819 Operating income/(loss) (326 ) 70,718 (9,918 ) 4,351 (2,275 ) 62,550 Interest expense — (51,173 ) (6,164 ) (5,095 ) (5,369 ) (67,801 ) Gain/(loss) on the sale of real estate (375 ) 34,201 — — — 33,826 Net income/(loss) $ (701 ) $ 53,746 $ (16,082 ) $ (744 ) $ (7,644 ) $ 28,575 UDR income/(loss) from unconsolidated entities $ (461 ) $ 56,895 $ 1,696 $ (3,603 ) $ (2,293 ) $ 52,234 Condensed Balance Sheets: Total real estate, net $ 50,656 $ 1,672,842 $ 698,694 $ 270,770 $ 208,105 $ 2,901,067 Cash and cash equivalents 1,940 13,272 8,991 7,012 1,288 32,503 Other assets 1,641 11,370 2,744 2,266 1,026 19,047 Total assets 54,237 1,697,484 710,429 280,048 210,419 2,952,617 Amount due to/(from) UDR 155 (4,711 ) 3,082 1,566 429 521 Third party debt, net — 1,128,379 375,597 124,716 165,687 1,794,379 Accounts payable and accrued liabilities 5,211 19,996 32,484 7,303 1,397 66,391 Total liabilities 5,366 1,143,664 411,163 133,585 167,513 1,861,291 Total equity $ 48,871 $ 553,820 $ 299,266 $ 146,463 $ 42,906 $ 1,091,326 UDR’s investment in and advances to unconsolidated joint ventures, net $ 25,208 $ 311,282 $ 405,286 $ 72,414 $ 12,835 $ 827,025 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 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, net — 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, net $ 15,894 $ 425,230 $ 407,102 $ 73,469 $ 17,211 $ — $ 938,906 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 income/(loss) from unconsolidated entities $ (2,955 ) $ 2,814 $ 576 $ (4,068 ) $ (2,601 ) $ (772 ) $ (7,006 ) |
Secured Debt and Unsecured Debt
Secured Debt and Unsecured Debt | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 ( dollars in thousands): Principal Outstanding For the Year Ended December 31, 2016 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered December 31, 2016 2015 Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 402,996 $ 442,617 4.04 % 6.3 7 Fannie Mae credit facilities (b) 355,836 514,462 5.06 % 2.8 10 Deferred financing costs (2,681 ) (4,278 ) Total fixed rate secured debt, net 756,151 952,801 4.53 % 4.7 17 Variable Rate Debt Mortgage notes payable (c) — 31,337 — % — — Tax-exempt secured notes payable (d) 94,700 94,700 1.39 % 6.2 2 Fannie Mae credit facilities (b) 280,946 299,378 2.13 % 3.2 7 Deferred financing costs (939 ) (1,271 ) Total variable rate secured debt, net 374,707 424,144 1.95 % 4.0 9 Total Secured Debt, net 1,130,858 1,376,945 3.66 % 4.4 26 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facilities due January 2020 (e) (j) — 150,000 1.37 % 3.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,350 — 1.67 % 2.0 Term Loan Facility due January 2021 (e) (j) 35,000 35,000 1.56 % 4.1 Fixed Rate Debt 5.25% Medium-Term Notes due January 2016 (g) — 83,260 — % — 6.21% Medium-Term Notes due July 2016 (g) — 12,091 — % — 4.25% Medium-Term Notes due June 2018 (net of discounts of $608 and $1,037, respectively) (j) 299,392 298,963 4.25 % 1.4 3.70% Medium-Term Notes due October 2020 (net of discounts of $30 and $38, respectively) (j) 299,970 299,962 3.70 % 3.8 2.23% Term Loan Facility due January 2021 (e) (j) 315,000 315,000 2.23 % 4.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,805 and $2,164, respectively) (j) 398,195 397,836 4.63 % 5.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $782 and $886, respectively) (j) 299,218 299,114 3.75 % 7.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 7.7 4.00% Medium-Term Notes due October 2025 (net of discount of $602 and $671, respectively) (h) (j) 299,398 299,329 4.00 % 8.8 2.95% Medium-Term Notes due September 2026 (i) (j) 300,000 — 2.95 % 9.7 Other 21 24 Deferred financing costs (12,568 ) (12,373 ) Total Unsecured Debt, net 2,270,620 2,193,850 3.73 % 5.7 Total Debt, net $ 3,401,478 $ 3,570,795 3.79 % 5.3 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, 2016 , secured debt encumbered $2.1 billion or 21.5% of UDR’s total real estate owned based upon gross book value ( $7.5 billion or 78.5% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2016 , fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from May 2019 through November 2026 and carry interest rates ranging from 3.15% to 5.86% . On November 1, 2016, the Company entered into a $25.0 million fixed rate mortgage note due November 5, 2026 with an interest rate of 3.15% . Interest is payable monthly. On June 1, 2016, the Company entered into a $25.0 million fixed rate mortgage note due June 5, 2026 with an interest rate of 3.35% . Interest is payable monthly. The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the life of the underlying debt instrument. In October 2016, the Company assumed debt with a fair market value of $80.0 million , inclusive of a $4.2 million fair market value adjustment, as part of our acquisition of two operating communities in Bellevue, Washington, as described in Note 4, Real Estate Owned . During the years ended December 31, 2016 , 2015 , and 2014 , the Company had $2.9 million , $5.3 million , and $5.1 million , respectively, of amortization on the fair market adjustment of debt assumed in the acquisition of properties, which was included in Interest expense on the Consolidated Statements of Operations. The unamortized fair market adjustment was a net premium of $11.2 million and $10.0 million at December 31, 2016 and 2015 , respectively. (b) UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $636.8 million at December 31, 2016 . 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, 2016 , $355.8 million of the outstanding balance was fixed and had a weighted average interest rate of 5.06% and the remaining balance of $280.9 million had a weighted average variable interest rate of 2.13% . The Company prepaid a portion of the secured credit facility due in May 2017 with a portion of the proceeds from the notes offering in August 2016, as described in (i) below. Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2015 Borrowings outstanding $ 636,782 $ 813,840 Weighted average borrowings during the period ended 737,802 822,521 Maximum daily borrowings during the period ended 813,544 834,003 Weighted average interest rate during the period ended 3.9 % 4.0 % Weighted average interest rate at the end of the period 3.8 % 3.9 % (c) In July 2016, the Company paid off the $31.3 million variable rate mortgage note payable with borrowings under its $1.1 billion unsecured revolving credit facility. (d) 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 rate mortgage notes have interest rates ranging from 1.33% to 1.42% as of December 31, 2016 . (e) The Company has 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 for these facilities (the "Credit Agreement") allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan Facility to be increased to an aggregate maximum amount of up to $2.0 billion , subject to certain conditions, including obtaining commitments from 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. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points and a facility fee of 15 basis points, and the Term Loan Facility has an interest rate equal to LIBOR plus a margin of 95 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 85 to 155 basis points, the facility fee ranges from 12.5 to 30 basis points, and the margin under the Term Loan Facility ranges from 90 to 175 basis points. The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The following is a summary of short-term bank borrowings under UDR’s revolving credit facility at December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — 150,000 Weighted average daily borrowings during the period ended 161,505 353,647 Maximum daily borrowings during the period ended 340,000 541,500 Weighted average interest rate during the period ended 1.4 % 1.1 % Interest rate at end of the period — % 1.2 % (1) Excludes $2.9 million and $2.3 million of letters of credit at December 31, 2016 and 2015 , respectively. (f) The Company has a working capital credit facility, which provides for a $75 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. In July 2016, the Company amended the working capital credit facility to increase the maximum borrowing capacity from $30 million to $75 million . The scheduled maturity date and interest rate were unchanged by the amendment. The following is a summary of short-term bank borrowings under UDR’s working capital credit facility at December 31, 2016 and December 31, 2015 (dollars in thousands): December 31, December 31, 2015 Total revolving credit facility $ 75,000 $ 30,000 Borrowings outstanding at end of period 21,350 — Weighted average daily borrowings during the period ended 21,936 — Maximum daily borrowings during the period ended 69,633 — Weighted average interest rate during the period ended 1.4 % — % Interest rate at end of the period 1.7 % — % (g) Paid off at maturity with borrowings under the Company’s $1.1 billion unsecured revolving credit facility. (h) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.55% . (i) On August 23, 2016, the Company issued $300 million of 2.95% senior unsecured medium-term notes due September 1, 2026. Interest is payable semi-annually beginning on March 1, 2017. The notes were priced at 100% of the principal amount at issuance. The Company used the net proceeds to prepay secured debt due in May 2017, pay down a portion of the borrowings outstanding on its $1.1 billion unsecured credit facility and for general corporate purposes. (j) The Operating Partnership is a guarantor of the debt. The aggregate maturities, including amortizing principal payments of secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2016 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt Total Debt 2017 $ 4,433 $ 46,568 $ 51,001 $ — $ 51,001 2018 74,637 137,969 212,606 300,000 512,606 2019 249,395 67,700 317,095 21,350 338,445 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 350,000 351,117 2022 1,157 — 1,157 400,000 401,157 2023 41,245 96,409 137,654 — 137,654 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 Thereafter — 27,000 27,000 — 27,000 Subtotal 747,660 375,646 1,123,306 2,286,994 3,410,300 Non-cash (a) 8,491 (939 ) 7,552 (16,374 ) (8,822 ) Total $ 756,151 $ 374,707 $ 1,130,858 $ 2,270,620 $ 3,401,478 (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, 2016 and 2015, the Company amortized $4.5 million and $7.0 million , respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2016 . On January 23, 2017, the Company entered into an unsecured commercial paper note program. Under the terms of the program, the Company may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $500 million . The notes are sold under customary terms in the United States commercial paper note market and rank pari passu with all of the Company’s other unsecured senior indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The Company intends to use the commercial paper program as an alternative funding source for amounts that would have otherwise been outstanding on the revolving credit facility and intends to manage the use of the commercial paper program so that the maximum combined amount outstanding under the commercial paper program and the revolving credit facility will not exceed the maximum borrowings permitted under the credit facility of $1.1 billion . As of February 17, 2017 , the Company had issued $120.0 million of commercial paper notes, for one month terms, at a weighted average annualized rate of 1.16% . |
Income_(Loss) Per Share (Notes)
Income/(Loss) Per Share (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 109,529 $ 105,482 $ 16,260 Gain/(loss) on sale of real estate owned, net of tax 210,851 251,677 143,572 (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (27,282 ) (16,773 ) (5,511 ) (Income)/loss from continuing operations attributable to noncontrolling interests (380 ) (3 ) 3 Income/(loss) from continuing operations attributable to UDR, Inc. 292,718 340,383 154,324 Distributions to preferred stockholders - Series E (Convertible) (3,717 ) (3,722 ) (3,724 ) Income/(loss) from continuing operations attributable to common stockholders - basic 289,001 336,661 150,600 Dilutive distributions to preferred stockholders - Series E (Convertible) — 3,722 — Income/(loss) from continuing operations attributable to common stockholders - diluted $ 289,001 $ 340,383 $ 150,600 Income/(loss) from discontinued operations, net of tax $ — $ — $ 10 (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership — — — Income/(loss) from discontinued operations attributable to common stockholders $ — $ — $ 10 Net income/(loss) attributable to common stockholders $ 289,001 $ 336,661 $ 150,610 Denominator for income/(loss) per share - basic and diluted: Weighted average common shares outstanding 266,211 259,873 252,707 Non-vested restricted stock awards (825 ) (1,204 ) (1,179 ) Denominator for income/(loss) per share - basic 265,386 258,669 251,528 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options, unvested LTIP Units and unvested restricted stock 1,925 5,083 1,917 Denominator for income/(loss) per share - diluted 267,311 263,752 253,445 Income/(loss) per weighted average common share - basic: Income/(loss) from continuing operations attributable to common stockholders $ 1.09 $ 1.30 $ 0.60 Income/(loss) from discontinued operations attributable to common stockholders — — — Net income/(loss) attributable to common stockholders $ 1.09 $ 1.30 $ 0.60 Income/(loss) per weighted average common share - diluted: Income/(loss) from continuing operations attributable to common stockholders $ 1.08 $ 1.29 $ 0.59 Income/(loss) from discontinued operations attributable to common stockholders — — — Net income/(loss) attributable to common stockholders $ 1.08 $ 1.29 $ 0.59 Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per common share is computed based upon the weighted average number of common shares outstanding plus the common shares issuable from the assumed conversion of the OP Units and DownREIT Units, convertible preferred stock, stock options, unvested long-term incentive plan units (“LTIP Units”) and unvested 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, 2016 , the Company’s stock options and unvested restricted stock were dilutive. The effect of the conversion of the OP Units, DownREIT Units, LTIP Units and the Company’s Series E preferred stock was not dilutive, and therefore not included in the above calculations. 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. 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, 2016 , 2015 , and 2014 (shares in thousands) : Year Ended December 31, 2016 2015 2014 OP/DownREIT Units 25,130 12,947 9,247 Preferred Stock 3,028 3,032 3,036 Stock options, unvested LTIP Units and unvested restricted stock 1,925 2,051 1,917 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 . 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, 2016 , 2015 and 2014 : Common Stock Preferred Stock Series E Series F 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 Issuance/(forfeiture) of common and restricted shares, net 154,656 — — Issuance of common shares through public offering 5,000,000 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 4,685 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 255,607 — — Forfeiture of Series F shares — — (255,607 ) Balance at December 31, 2016 267,259,469 2,796,903 16,196,889 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, 2016 , 13,078,931 shares were available for sale under the continuous equity program. During the year ended December 31, 2016 , the Company entered into the following equity transactions for our common stock: • Sold 5,000,000 shares of common stock through a public offering at a weighted average price per share of $34.73 , for aggregate gross proceeds of approximately $173.7 million . • Issued 447,744 shares of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); • Converted 4,685 OP Units into Company common stock; and • Converted 255,607 DownREIT Units into Company common stock, resulting in the forfeiture of the same number of Series F Preferred Shares. 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, 2016 , 2015 , and 2014 totaled $1.18 , $1.11 , and $1.04 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, 2016 , 2015 , and 2014 were $1.33 per share. The Series E is not listed on any exchange. At December 31, 2016 and 2015 , a total of 2,796,903 shares of the Series E were outstanding. UDR is authorized to issue up to 20,000,000 shares of the Series F Preferred Stock (“Series F”). The Series F may be purchased by holders of OP Units and DownREIT Units, at a purchase price of $0.0001 per share. OP/DownREIT Unitholders are entitled to subscribe for and purchase one share of UDR’s Series F for each OP/DownREIT 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. During the year ended December 31, 2016 , 255,607 of the Series F shares were forfeited upon the conversion of DownREIT Units into Company common stock. There were no conversions during the year ended December 31, 2015 . At December 31, 2016 and 2015 , a total of 16,196,889 and 16,452,496 shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,620 and $1,645 , 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, 2016 . During the year ended December 31, 2016 , UDR acquired all shares issued through the open market. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
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. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes, meaning that initially they are not economically equivalent in value to a share of our common stock, but over time can increase in value to one-for-one parity with common stock by operation of special tax rules applicable to profits interests. Until and unless such parity is reached, the value that an executive will realize for a given number of vested LTIP units is less than the value of an equal number of shares of our common stock. As of December 31, 2016, 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, 2016 , there were 9,192,402 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, 2016 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, 2015 2,234,963 $ 12.65 2,234,963 $ 12.65 800,376 $ 30.40 Granted — — — — 447,744 35.54 Exercised — — — — — — Vested — — — — (492,776 ) 28.29 Forfeited — — — — (109,377 ) 32.51 Balance, December 31, 2016 2,234,963 $ 12.65 2,234,963 $ 12.65 645,967 $ 35.12 As of December 31, 2016 , the Company had issued 5,640,619 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, 2016 . During the year ended December 31, 2016 , no stock options were exercised. The weighted average remaining contractual life on all options outstanding as of December 31, 2016 is 1.9 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, 2016 , 2015 , and 2014 , 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, 2016 , 2015 , and 2014 , we recognized $3.4 million , $3.2 million , and $4.2 million of compensation expense, net of capitalization, related to the amortization of restricted stock awards, respectively. The total remaining compensation cost on unvested restricted stock awards was $3.7 million and had a weighted average remaining contractual life of 1.8 years as of December 31, 2016 . Long-Term Incentive Compensation In January 2016, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2016 Long-Term Incentive Program (“2016 LTI”). For both restricted stock grants and LTIP Unit grants, one-third of the 2016 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 2016 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 or $36.97 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon FFO as Adjusted was valued at $16.64 per unit on the grant date, inclusive of a 10% discount. The portion of the restricted stock grant based upon TSR was valued at $41.22 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 21.8% . The portion of the LTIP Unit grant based upon TSR was valued at $19.15 per unit on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 21.8% . 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, 2016 , 2015 , and 2014 , we recognized $10.0 million , $14.8 million and $9.8 million , respectively, of compensation expense, net of capitalization, related to the amortization of the awards. The total remaining compensation cost on unvested LTI awards was $6.5 million and had a weighted average remaining contractual life of 1.1 years as of December 31, 2016 . 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, 2016 , 2015 , and 2014 , was $1.3 million , $1.1 million , and $0.9 million , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For 2016 , 2015 , and 2014 , 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, 2016 , 2015 , and 2014 : Year Ended December 31, 2016 2015 2014 Ordinary income $ 0.708 $ 0.595 $ 0.695 Qualified ordinary income — — 0.139 Long-term capital gain 0.309 0.329 0.105 Unrecaptured section 1250 gain 0.145 0.168 0.076 Total $ 1.162 $ 1.092 $ 1.015 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, 2016 , 2015 , and 2014 (dollars in thousands) : Year Ended December 31, 2016 2015 2014 Income tax (benefit)/provision Current Federal $ 69 $ 29 $ 147 State 372 871 550 Total current 441 900 697 Deferred Federal 9,814 (4,173 ) 20,138 State 1,319 (613 ) 5,159 Total deferred 11,133 (4,786 ) 25,297 Total income tax (benefit)/provision $ 11,574 $ (3,886 ) $ 25,994 Classification of income tax (benefit)/provision: Continuing operations $ (3,774 ) $ (3,886 ) $ (15,098 ) Gain/(loss) on sale of real estate owned 15,348 — 41,087 Discontinued operations — — 5 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, 2016 , 2015 , and 2014 (dollars in thousands): Year Ended December 31, 2016 2015 2014 Deferred tax assets: Federal and state tax attributes $ 536 $ 2,227 $ — Book/tax depreciation — 9,016 6,692 Construction capitalization differences — — 75 Other 190 707 401 Total deferred tax assets 726 11,950 7,168 Valuation allowance (6 ) (81 ) — Net deferred tax assets 720 11,869 7,168 Deferred tax liabilities: Other (92 ) (107 ) (192 ) Total deferred tax liabilities (92 ) (107 ) (192 ) Net deferred tax asset $ 628 $ 11,762 $ 6,976 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, 2016 , 2015 , and 2014 as follows (dollars in thousands): Year Ended December 31, 2016 2015 2014 Income tax (benefit)/provision U.S. federal income tax (benefit)/provision $ 12,577 $ (4,383 ) $ 28,819 State income tax provision 1,370 442 2,678 Other items 134 (26 ) (137 ) Conversion of certain TRS entities to REITs (2,436 ) — (5,770 ) Valuation allowance (71 ) 81 404 Total income tax (benefit)/provision $ 11,574 $ (3,886 ) $ 25,994 As of December 31, 2016 , the Company had federal net operating loss carryovers (“NOL”) of $22.2 million expiring in 2032 through 2035 and state NOLs of $68.6 million expiring in 2020 through 2032 . 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, 2016 , Tax benefit/(provision), net decreased $0.1 million as compared to 2015 . The decrease was primarily attributable to a one-time tax benefit of $2.4 million in 2016 related to the conversion of certain taxable REIT subsidiary entities into REITs, offset by an increase in the NOI of properties in the TRS. Additionally, Gain/(loss) on sale of real estate owned, net of tax included approximately $15.3 million of tax provision. 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 Tax benefit/(provision), net . As of December 31, 2016 and 2015 , 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 2012. The tax years 2013 through 2015 remain open to examination by the major taxing jurisdictions to which the Company is subject. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
NONCONTROLLING INTERESTS | NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income attributable to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the years ended December 31, 2016 and 2015 ( dollars in thousands ): Year Ended December 31, 2016 2015 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 946,436 $ 282,480 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (24,735 ) 102,703 DownREIT Units issued for real estate, net — 563,836 Conversion of OP Units/DownREIT Units to Common Stock (9,526 ) (3,817 ) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 27,282 16,773 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (30,077 ) (15,231 ) Allocation of other comprehensive income/(loss) 102 (308 ) Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year $ 909,482 $ 946,436 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, 2016 2015 2014 Net income/(loss) attributable to common stockholders $ 289,001 $ 336,661 $ 150,610 Conversion of OP Units/DownREIT Units to UDR Common Stock 9,526 3,817 4,372 Change in equity from net income/(loss) attributable to common stockholders and conversion of OP units and DownREIT Units to UDR Common Stock $ 298,527 $ 340,478 $ 154,982 Noncontrolling Interests Noncontrolling interests represent interests of unrelated partners and unvested LTIP Units 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, 2016 , 2015 , and 2014 , Net (income)/loss attributable to noncontrolling interests was $(0.4) million , less than $(0.1) million , and less than $0.1 million , respectively. The Company grants LTIP Units to certain employees and non-employee directors. The LTIP Units represent an ownership interest in the Operating Partnership and have vesting terms of between one and three years, specific to the individual grants. Noncontrolling interests related to long-term incentive plan units represent the unvested LTIP Units of these employees and non-employee directors in the Operating Partnership. The net income/(loss) allocated to the LTIP Units is included in Net (income)/loss attributable to noncontrolling interests on the Consolidated Statements of Operations. |
Fair Value of Derivatives and F
Fair Value of Derivatives and Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2016, Using Total Carrying Amount in Statement of Financial Position at December 31, 2016 Fair Value Estimate at December 31, 2016 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) $ 19,790 $ 19,645 $ — $ — $ 19,645 Derivatives - Interest rate contracts (b) 4,360 4,360 — 4,360 — Total assets $ 24,150 $ 24,005 $ — $ 4,360 $ 19,645 Derivatives - Interest rate contracts (b) $ 413 $ 413 $ — $ 413 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 402,996 396,045 — — 396,045 Fannie Mae credit facilities 355,836 365,693 — — 365,693 Secured debt instruments- variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 280,946 280,946 — — 280,946 Unsecured debt instruments (c): Unsecured credit facilities 21,350 21,350 — — 21,350 Senior unsecured notes 2,261,838 2,304,492 — — 2,304,492 Total liabilities $ 3,418,079 $ 3,463,639 $ — $ 413 $ 3,463,226 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 909,482 $ 909,482 $ — $ 909,482 $ — 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) Unsecured credit facilities 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 $ — (a) See Note 2 , Significant Accounting Policies. (b) See Note 14, Derivatives and Hedging Activity. (c) See Note 7, Secured Debt and Unsecured Debt, Net. (d) See Note 12, 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, 2016 and 2015 , 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, 2016 , 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, 2016 , 2015 , and 2014 . After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates. |
Derivatives and Hedging Activit
Derivatives and Hedging Activity | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 , and 2014 , 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, 2016 , the Company recorded no ineffectiveness to 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 year ended December 31, 2014 , 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 related to derivatives that will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through December 31, 2017 , the Company estimates that an additional $1.7 million will be reclassified as an increase to interest expense. As of December 31, 2016 , 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 (a) 3 $ 315,000 Interest rate caps 2 $ 203,166 (a) The three interest rate swaps noted in the table above mature in January and April 2017. During 2016, the Company entered into four forward starting interest rate swaps, with an aggregate notional amount of $315.0 million , which mature in January 2020 and are effective in January and April 2017 upon the expiration of the three swaps that existed as of December 31, 2016. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2016 , 2015 , and 2014 . As of December 31, 2016 , 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, 2016 and 2015 ( 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 $ 4,359 $ 9 $ 413 $ 2,112 Derivatives not designated as hedging instruments: Interest rate products $ 1 $ 4 $ — $ — 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, 2016 , 2015 , and 2014 ( dollars in thousands ): Derivatives in Cash Flow Hedging Relationships Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Gain/(Loss) Recognized in Interest expense (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year ended December 31, Year ended December 31, Year ended December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 Interest rate products $ 3,514 $ (6,393 ) $ (8,695 ) $ (3,657 ) $ (2,251 ) $ (4,834 ) $ — $ (11 ) $ 3 Gain/(Loss) Recognized in Interest income and other income/(expense), net Year ended December 31, Derivatives Not Designated as Hedging Instruments 2016 2015 2014 Interest rate products $ (3 ) $ (23 ) (4 ) 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, 2016 and 2015 , 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 agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity's creditworthiness is materially weaker than the original party to the derivative agreement. As of December 31, 2016 , 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 $3.8 million . If the Company had breached any of these provisions at December 31, 2016 , it may have been required to settle its obligations under the agreements at their termination value of $3.8 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, 2016 and December 31, 2015 ( 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, 2016 $ 4,360 $ — $ 4,360 $ (221 ) $ — $ 4,139 December 31, 2015 $ 13 $ — $ 13 $ — $ — $ 13 (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, 2016 $ 413 $ — $ 413 $ (221 ) $ — $ 192 December 31, 2015 $ 2,112 $ — $ 2,112 $ — $ — $ 2,112 (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, 2016 | |
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, 2016 ( dollars in thousands ): Number of Properties Costs Incurred to Date (a) Expected Costs to Complete (unaudited) Average Ownership Stake Wholly-owned — under development 2 $ 342,282 (b) $ 366,218 100 % Wholly-owned — redevelopment 3 14,659 (b) 10,341 100 % Joint ventures: Unconsolidated joint ventures 6 697,484 78,395 (c) 50 % Participating loan investments 1 94,003 (d) — 0 % Preferred equity investments 1 26,529 (e) — 48 % Total $ 1,174,957 $ 454,954 (a) Represents 100% of project costs incurred as of December 31, 2016 . (b) Costs incurred as of December 31, 2016 include $23.3 million and $1.5 million of accrued fixed assets for development and redevelopment, respectively. (c) Represents UDR’s proportionate share of expected remaining costs to complete the developments. (d) Represents the participating loan balance funded as of December 31, 2016 . (e) Represents UDR’s investment in the West Coast Development Joint Venture for the properties under development as of December 31, 2016 . Ground and Other Leases UDR owns five communities which are subject to ground leases expiring between 2044 and 2103 , including extension options. In addition, UDR is a lessee to various operating leases related to office space rented by the Company with expiration dates through 2021 . Future minimum lease payments as of December 31, 2016 are as follows (dollars in thousands): Ground Leases (a) Office Space 2017 $ 5,548 $ 179 2018 5,548 76 2019 5,548 76 2020 5,548 76 2021 5,548 32 Thereafter 334,604 — Total $ 362,344 $ 439 (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 , $5.5 million , and $5.4 million of ground rent expense for the years ended December 31, 2016 , 2015 , and 2014 , respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $0.3 million , $0.3 million , and $1.3 million of rent expense related to office space for the years ended December 31, 2016 , 2015 , and 2014 , 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, 2016 | |
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, 2015 and held as of December 31, 2016 . 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, 2016 , 2015 , and 2014 . The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the years ended December 31, 2016 , 2015 , and 2014 , and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2016 2015 2014 Reportable apartment home segment rental income Same-Store Communities West Region $ 298,469 $ 278,602 $ 246,764 Mid-Atlantic Region 144,069 140,423 136,786 Northeast Region 130,285 124,478 115,981 Southeast Region 111,318 103,920 98,060 Southwest Region 41,273 39,166 37,139 Non-Mature Communities/Other 223,047 185,339 170,419 Total segment and consolidated rental income $ 948,461 $ 871,928 $ 805,149 Reportable apartment home segment NOI Same-Store Communities West Region $ 223,140 $ 207,137 $ 177,299 Mid-Atlantic Region 99,375 95,713 94,188 Northeast Region 93,083 89,039 82,110 Southeast Region 76,359 69,820 65,053 Southwest Region 25,600 24,407 22,830 Non-Mature Communities/Other 155,528 127,753 114,841 Total segment and consolidated NOI 673,085 613,869 556,321 Reconciling items: Joint venture management and other fees 11,400 22,710 13,044 Property management (26,083 ) (23,978 ) (22,142 ) Other operating expenses (7,649 ) (9,708 ) (8,271 ) Real estate depreciation and amortization (419,615 ) (374,598 ) (358,154 ) General and administrative (49,761 ) (59,690 ) (47,800 ) Casualty-related recoveries/(charges), net (732 ) (2,335 ) (541 ) Other depreciation and amortization (6,023 ) (6,679 ) (5,775 ) Income/(loss) from unconsolidated entities 52,234 62,329 (7,006 ) Interest expense (123,031 ) (121,875 ) (130,454 ) Interest income and other income/(expense), net 1,930 1,551 11,837 Tax benefit/(provision), net 3,774 3,886 15,136 Gain/(loss) on sale of real estate owned, net of tax 210,851 251,677 143,647 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (27,282 ) (16,773 ) (5,511 ) Net (income)/loss attributable to noncontrolling interests (380 ) (3 ) 3 Net income/(loss) attributable to UDR, Inc. $ 292,718 $ 340,383 $ 154,334 The following table details the assets of UDR’s reportable segments as of December 31, 2016 and 2015 (dollars in thousands) : December 31, December 31, Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,752,900 $ 2,721,184 Mid-Atlantic Region 1,402,642 1,381,916 Northeast Region 1,634,988 1,621,555 Southeast Region 746,761 730,060 Southwest Region 283,260 276,306 Non-Mature Communities/Other 2,795,202 2,459,255 Total segment assets 9,615,753 9,190,276 Accumulated depreciation (2,923,625 ) (2,646,874 ) Total segment assets — net book value 6,692,128 6,543,402 Reconciling items: Cash and cash equivalents 2,112 6,742 Restricted cash 19,994 20,798 Notes receivable, net 19,790 16,694 Investment in and advances to unconsolidated joint ventures, net 827,025 938,906 Other assets 118,535 137,302 Total consolidated assets $ 7,679,584 $ 7,663,844 Capital expenditures related to our Same-Store Communities totaled $84.8 million , $67.1 million , and $47.7 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $11.5 million , $18.1 million , and $15.7 million for the years ended December 31, 2016 , 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., Richmond and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Orlando, Nashville, Tampa and Other Florida v. Southwest Region — Dallas and Austin |
Unaudited Summarized Consolidat
Unaudited Summarized Consolidated Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2016 Rental income $ 231,957 $ 236,168 $ 240,255 $ 240,081 Income/(loss) from continuing operations 8,534 12,249 29,466 59,280 Net income/(loss) attributable to common stockholders (a) 9,464 17,017 26,027 236,687 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.04 $ 0.06 $ 0.10 $ 0.89 Diluted $ 0.04 $ 0.06 $ 0.10 $ 0.88 Weighted average number of common shares outstanding: Basic 262,456 266,268 266,301 266,498 Diluted 264,285 268,174 268,305 271,551 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 common shares outstanding: Basic 256,834 257,849 259,114 260,830 Diluted 258,662 262,806 261,207 266,108 (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. |
Consolidation and Basis of Pr32
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , our consolidated apartment portfolio consisted of 127 consolidated communities located in 18 markets consisting of 39,454 apartment homes. In addition, the Company has an ownership interest in 6,849 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 6, 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, 2016 and 2015 , there were 183,278,698 units in the Operating Partnership (“OP Units”) outstanding, of which 174,230,084 or 95.1% and 174,225,399 or 95.1% , respectively, were owned by UDR and 9,048,614 or 4.9% and 9,053,299 or 4.9% , respectively, were owned by outside limited partners. As of December 31, 2016 and 2015 , there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 16,485,014 or 50.9% and 16,229,407 or 50.1% , respectively, were owned by UDR (of which, 13,470,651 or 41.6% were held by the Operating Partnership) and 15,882,366 or 49.1% and 16,137,973 or 49.9% , respectively, 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 in Note 4, Real Estate Owned, Note 6 , Joint Ventures and Partnerships and Note 7, 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, 2016 , 2015 , and 2014 , rental revenues of the Operating Partnership represented 43% , 51% , and 52% , respectively, of the General Partner’s consolidated rental revenues. At December 31, 2016 , the Operating Partnership’s apartment portfolio consisted of 54 communities located in 14 markets consisting of 16,698 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, 2016 , there were 183,278,698 OP Units outstanding, of which 174,230,084 or 95.1% were owned by UDR and affiliated entities and 9,048,614 or 4.9% were owned by non-affiliated limited partners. There were 183,278,698 OP Units outstanding as of December 31, 2015 , 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. 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, 2016 and 2015 . At December 31, 2016 and 2015 , 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 174,119,201 or 95.1% and 174,114,516 or 95.1% at December 31, 2016 and 2015 , respectively. The remaining 9,048,614 or 4.9% and 9,053,299 or 4.9% of the limited partner OP Units outstanding were held by non-affiliated partners at December 31, 2016 and 2015 , respectively, of which 1,751,671 were Class A Limited Partnership units. See Note 9, Capital Structure . The Operating Partnership evaluated subsequent events through the date its financial statements were issued. No recognized or non-recognized subsequent events were noted. |
Significant Accounting Polici33
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for the Company on January 1, 2018; early adoption is permitted. The ASU will be applied prospectively to any transactions occurring within the period of adoption. The Company expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented; early adoption is permitted. The Company does not expect the updated standard to have a material impact on the consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . The ASU addresses specific cash flow items with the objective of reducing existing diversity in practice, including the treatment of distributions received from equity method investees. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented; early adoption is permitted. The Company elected to early adopt ASU 2016-15 in 2016 and elected to classify distributions received from equity method investees using the cumulative earnings approach. As a result, for the years ended December 31, 2015 and 2014, the following amounts classified under the adopted ASU as returns on investment in unconsolidated joint ventures were reclassified on the Consolidated Statements of Cash Flow (in thousands) : Year Ended December 31, 2015 2014 Return on investment in unconsolidated joint ventures - as previously presented $ — $ — Return on investment in unconsolidated joint ventures 27,012 4,943 Return on investment in unconsolidated joint ventures - as presented herein $ 27,012 $ 4,943 Distributions received from unconsolidated joint ventures - as previously presented $ 59,291 $ 59,199 Return on investment in unconsolidated joint ventures (27,012 ) (4,943 ) Distributions received from unconsolidated joint ventures - as presented herein $ 32,279 $ 54,256 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020; early adoption is permitted on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting . The ASU aims to simplify the accounting for share-based payments by amending the accounting for forfeitures, statutory tax withholding requirements, classification in the statements of cash flow and income taxes. The updated standard was effective for the Company on January 1, 2017, at which time the Company prospectively began accounting for forfeitures as incurred and began applying the updated rules for statutory withholdings. The adoption did not have a material impact on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Company on January 1, 2019, with early adoption permitted. While the Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to recognize right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases on any communities where we are the lessee. 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 was effective for the Company beginning on January 1, 2016. The adoption of the new standard did not 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 and DownREIT Partnership became VIEs as the limited partners of these entities lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and continues to consolidate, the entities determined to be VIEs. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method and will be effective for the Company on January 1, 2018, at which time the Company expects to adopt the updated standard using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the Company does not expect the ASU to have a material impact on the consolidated financial statements and related disclosures. Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition 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 disposition 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 disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. 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, 2016 , 2015 , and 2014 were $7.9 million , $6.3 million and $9.0 million , respectively. During the years ended December 31, 2016 , 2015 , and 2014 , total interest capitalized was $16.5 million , $16.1 million , and $20.2 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, 2016 and 2015 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, Note due February 2020 (a) 10.00 % $ 12,994 $ 12,994 Note due July 2017 (b) 8.00 % 2,500 2,500 Note due October 2020 (c) 8.00 % 1,296 1,200 Note due April 2021 (d) 10.00 % 3,000 — Total notes receivable, net $ 19,790 $ 16,694 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $13.0 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 eighth anniversary of the date of the note (February 2020). In March 2016, the terms of this secured note receivable were amended to extend the maturity from the fifth anniversary of the date of the note (February 2017) to the eighth anniversary of the date of the note (February 2020). (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million . Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (July 2017). (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million . Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). (d) In April 2016, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $15.0 million . During the year ended December 31, 2016 , the Company loaned $3.0 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 $25.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (April 2021). During the years ended December 31, 2016 , 2015 , and 2014 , the Company recognized $1.8 million , $1.5 million and $3.4 million , respectively, of interest income from notes receivable, none of which was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. 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, 2016 , 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, 2016 and 2015 , UDR’s net deferred tax asset was $0.6 million and $11.8 million , respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely 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, 2016 . UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2013 through 2015 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax benefit/(provision), net on the Consolidated Statements of Operations. Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the amended consolidation guidance. The Company first evaluates whether each entity is a VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. 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 10, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance . During the years ended December 31, 2016 , 2015 , and 2014 , total advertising expense was $6.4 million , $6.4 million , and $6.0 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, 2016 , 2015 , and 2014 , the Company's other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 14, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2016 , 2015 , and 2014 was $0.1 million , $(0.3) million , and $(0.1) 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, 2016 , 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 January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transfered assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for the Operating Partnership on January 1, 2018; early adoption is permitted. The ASU will be applied prospectively to any transactions occurring within the period of adoption. The Operating Partnership expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard will be effective for the Operating Partnership on January 1, 2018 and must be applied retrospectively to all periods presented; early adoption is permitted. The Operating Partnership does not expect the updated standard to have a material impact on the consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . The ASU addresses specific cash flow items with the objective of reducing existing diversity in practice, including the treatment of distributions received from equity method investees. The updated standard will be effective for the Operating Partnership on January 1, 2018 and must be applied retrospectively to all periods presented; early adoption is permitted. The Operating Partnership elected to early adopt ASU 2016-15 in 2016. The adoption did not have an impact on the Operating Partnership’s consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Operating Partnership on January 1, 2020; early adoption is permitted on January 1, 2019. The Operating Partnership is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting . The ASU aims to simplify the accounting for share-based payments by amending the accounting for forfeitures, statutory tax withholding requirements, classification in the statements of cash flow and income taxes. The updated standard will be effective for the Operating Partnership on January 1, 2017, with early adoption permitted. The update requires a prospective, retrospective or modified retrospective approach, depending on the type of amendment. The Operating Partnership does not expect the updated standard to have a material impact on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Operating Partnership on January 1, 2019, with early adoption permitted. While the Operating Partnership is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to recognize right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases on any communities where we are the lessee. 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 was effective for the Operating Partnership beginning on January 1, 2016. The adoption of the new standard did not result in the consolidation of entities not previously consolidated or the deconsolidation of any entities previously consolidated. Upon adopting the new standard, UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”) became a VIE as the limited partners lack substantive kick-out rights and substantive participating rights. The Operating Partnership is not the primary beneficiary of the DownREIT Partnership and will continue to account for its interest as an equity method investment. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method and will be effective for the Operating Partnership on January 1, 2018, at which time the Operating Partnership expects to adopt the updated standard using the modified retrospective approach. However, as the majority of the Operating Partnership’s revenue is from rental income related to leases, the Operating Partnership does not expect the ASU to have a material impact on the consolidated financial statements and related disclosures. Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. The Operating Partnership purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Operating Partnership estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, the Operating Partnership will assess our real estate properties for indicators of impairment. In determining whether the Operating Partnership has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates and capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition 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 disposition 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 disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. 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, 2016 , 2015 , and 2014 were $0.6 million , $0.7 million , and $2.0 million , respectively. During the years ended December 31, 2016 , 2015 , and 2014 , total interest capitalized was $0.2 million , $0.2 million , and $2.9 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, 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/(loss) 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. Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years (2013 through 2015) of tax jurisdictions and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations. 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 reasonably anticipated benefits to the parties. (See Note 6, Related Party Transactions .) Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance . During the years ended December 31, 2016 , 2015 , and 2014 , total advertising expense from continuing and discontinued operations was $2.2 million , $2.4 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 unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2016 , 2015 , and 2014 , the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 8, Derivatives and Hedging Activity, for further discussion. Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2016 , the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; San Francisco, California; Metropolitan D.C. and New York, New York markets. |
Real Estate Owned (UNITED DOMIN
Real Estate Owned (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
REAL ESTATE OWNED | REAL ESTATE OWNED Real estate assets owned by the Company consist of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties. As of December 31, 2016 , the Company owned and consolidated 127 communities in 10 states plus the District of Columbia totaling 39,454 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2016 and 2015 (dollars in thousands): December 31, December 31, 2015 Land $ 1,801,576 $ 1,833,156 Depreciable property — held and used: Land improvements 178,701 173,821 Building, improvements, and furniture, fixtures and equipment 7,291,570 7,046,622 Under development: Land and land improvements 111,028 78,085 Building, improvements, and furniture, fixtures and equipment 231,254 45,987 Real estate held for disposition: Land and land improvements 1,104 9,963 Building, improvements, and furniture, fixtures and equipment 520 2,642 Real estate owned 9,615,753 9,190,276 Accumulated depreciation (2,923,625 ) (2,646,874 ) Real estate owned, net $ 6,692,128 $ 6,543,402 Acquisitions In November 2016, the Company acquired an operating community in Redmond, Washington with 177 apartment homes for approximately $70.5 million , which was funded with tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”) . In October 2016, the Company increased its ownership from 50% to 100% in two operating communities located in Bellevue, Washington with a total of 331 apartment homes for approximately $70.3 million in cash, which was funded with tax-deferred Section 1031 exchanges and the assumption of an incremental $37.9 million of secured debt with a weighted average interest rate of 3.67% . As a result, the Company consolidated the operating communities. The Company had previously accounted for its 50% ownership interest as an unconsolidated joint venture (see Note 6, Joint Ventures and Partnerships ). We accounted for the acquisition as a business combination resulting in a gain on consolidation of approximately $36.4 million . As a result of the consolidation, the Company increased its real estate owned by $215.0 million and secured debt by $80.0 million . In August 2016, the Company increased its ownership interest from 5% to 100% in a parcel of land in Dublin, California for a purchase price of approximately $8.5 million . As a result, the Company consolidated the parcel of land. UDR had previously accounted for its 5% interest in the parcel of land as an unconsolidated joint venture (see Note 6, Joint Ventures and Partnerships ). We accounted for the consolidation as an asset acquisition resulting in no gain or loss upon consolidation and increased our real estate owned by $8.9 million . In June 2016, the Company increased its ownership interest from 50% to 100% in a parcel of land in Los Angeles, California for a purchase price of approximately $20.1 million . As a result, the Company consolidated the parcel of land. UDR had previously accounted for its 50% interest in the parcel of land as an unconsolidated joint venture (see Note 6, Joint Ventures and Partnerships ). We accounted for the consolidation as an asset acquisition resulting in no gain or loss upon consolidation and increased our real estate owned by $31.1 million . Subsequent to the acquisition, the Company entered into a triple-net operating ground lease for the parcel of land at market terms with a third-party developer. The lessee plans to construct a multi-family community on the parcel of land. The ground lease provides the ground lessee with options to buy the fee interest in the parcel of land. The lease term is 49 years plus two 25 -year extension options, does not transfer ownership to the lessee, and does not include a bargain purchase option. 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 contractual purchase price of $900.6 million , which was comprised of $564.8 million of newly issued 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 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. In February 2015, the Company acquired an office building in Highlands Ranch, Colorado, for 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. On January 25, 2017, the Company exercised its fixed price option to purchase the joint venture partner’s ownership interest and therefore increased its ownership interest from 49% to 100% in an operating community located in Seattle, Washington with 244 apartment homes for a cash purchase price of approximately $66.0 million . As a result, as of January 25, 2017, the Company consolidated the operating community. As of December 31, 2106, the Company accounted for its 49% interest as a preferred equity investment in an unconsolidated joint venture (see Note 6, Joint Ventures and Partnerships ). The Company incurred $0.2 million , $2.1 million and $0.4 million of acquisition-related costs during the years ended December 31, 2016 , 2015 , and 2014 , respectively. These expenses are reported within the line item General and administrative on the Consolidated Statements of Operations. Dispositions In November 2016, the Company sold seven operating communities with a total 1,402 apartment homes in Baltimore, Maryland and an operating community with 380 apartment homes in Dallas, Texas for gross proceeds of $284.6 million , resulting in net proceeds of $280.5 million and a gain, net of tax, of $200.5 million . A portion of the proceeds was designated for tax-deferred Section 1031 exchanges that was used for certain 2016 acquisitions. In May 2016, the Company sold a retail center in Bellevue, Washington for gross proceeds of $45.4 million , resulting in net proceeds of $44.1 million and a gain, net of tax, of $7.3 million . A portion of the proceeds was designated for tax-deferred Section 1031 exchanges. In March 2016, the Company sold its 95% ownership interest in two parcels of land in Santa Monica, California for gross proceeds of $24.0 million , resulting in net proceeds of $22.0 million and a gain, net of tax, of $3.1 million . During the year ended December 31, 2015, the Company sold 12 operating 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 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. |
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 disposition properties. At December 31, 2016 , the Operating Partnership owned and consolidated 54 communities in eight states plus the District of Columbia totaling 16,698 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2016 and 2015 (dollars in thousands): December 31, December 31, 2015 Land $ 836,644 $ 833,300 Depreciable property — held and used: Buildings, improvements, and furniture, fixtures and equipment 2,838,060 2,797,605 Real estate owned 3,674,704 3,630,905 Accumulated depreciation (1,408,815 ) (1,281,258 ) Real estate owned, net $ 2,265,889 $ 2,349,647 Acquisitions The Operating Partnership did not have any acquisitions during the year ended December 31, 2016 . 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 with 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. Dispositions During the year ended December 31, 2016 , the Operating Partnership sold two operating communities in Baltimore, Maryland with a total of 276 apartment homes for gross proceeds of $45.3 million , resulting in net proceeds of $44.6 million and a gain, net of tax, of $33.2 million . 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 gave up 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 4, Unconsolidated Entities . During the year ended December 31, 2015 , the Operating Partnership sold five operating 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 gain of $133.5 million . A portion of the sale proceeds was designated for tax-deferred 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. |
Unconsolidated Entities (UNITED
Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
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 , o n 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, 2016 and 2015 (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 (a) Los Angeles, CA 1 development community (b) 150 $ 25,209 $ 15,894 50.0 % 17.2 % UDR/MetLife II (c) Various 18 operating communities 4,059 311,282 425,230 50.0 % 50.0 % Other UDR/MetLife Development Joint Ventures (d) 1 operating community; Various 4 development communities (b) 1,437 160,979 171,659 50.6 % 50.6 % UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1 development community (b); 5 land parcels 1,513 72,414 73,469 50.0 % 50.0 % UDR/KFH Washington, D.C. 3 operating communities 660 12,835 17,211 30.0 % 30.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment and preferred equity investment $ 582,719 $ 703,463 Investment at Income from investments for the years ending December 31, Location Rate Years To Maturity December 31, December 31, 2016 2015 2014 Participating loan investment: Steele Creek Denver, CO 6.5% 0.6 $ 94,003 $ 90,747 $ 6,213 $ 5,453 $ 2,350 Preferred equity investment: West Coast Development Joint Venture (e) Various 6.5% (e) N/A 150,303 144,696 $ 4,561 $ 3,692 $ — Total investment in and advances to unconsolidated joint ventures, net $ 827,025 $ 938,906 (a) In August 2016, the Company increased its ownership interest from 5% to 100% in a parcel of land in Dublin, California for a purchase price of approximately $8.5 million . As a result, the Company consolidated the parcel of land and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The parcel of land was previously held in the UDR/MetLife I joint venture. In August 2016, the Company sold its 3% and 6% interests in two parcels of land located in Los Angeles, California and Bellevue, Washington, respectively, to MetLife for a sales price of approximately $3.0 million , resulting in a loss on sale to the Company of approximately $0.9 million . The parcels of land were previously held in the UDR/MetLife I joint venture and are no longer accounted for as unconsolidated joint ventures. (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, 2016, 736 apartment homes had been completed in Other UDR/MetLife Development Joint Ventures, and no apartment homes had been completed in UDR/MetLife I or in UDR/MetLife Vitruvian Park ® . (c) In September 2015, the 717 Olympic community, which is owned by the UDR/MetLife II joint venture, experienced extensive water damage due to a ruptured water pipe. For the years ended December 31, 2016 and 2015, the Company recorded casualty-related charges/(recoveries) of $(3.8) million and $2.5 million , respectively, its proportionate share of the total charges/(recoveries) recognized. In September 2016, the UDR/MetLife II joint venture sold an operating community located in Dallas, Texas with 252 apartment homes for a sales price of approximately $74.7 million , resulting in a gain of approximately $11.3 million for the Company. In October 2016, the Company increased its ownership from 50% to 100% in two operating communities located in Bellevue, Washington with a total of 331 apartment homes for a cash purchase price of approximately $70.3 million in cash and the assumption of an incremental $37.9 million of secured debt with a weighted average interest rate of 3.67% . As a result, the Company consolidated the operating communities and they are no longer accounted for as unconsolidated joint ventures (see Note 4, Real Estate Owned ). The operating communities were previously held in the UDR/MetLife II joint venture. (d) In June 2016, the Company increased its ownership interest from 50% to 100% in a parcel of land in Los Angeles, California for a purchase price of approximately $20.1 million . As a result, the Company consolidated the parcel of land and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The parcel of land was previously held in Other/UDR MetLife Development Joint Ventures. (e) As of December 31, 2016 , construction was completed on four of the five communities held by the West Coast Development Joint Venture and two of the five communities had achieved stabilization, which, for purposes of the joint venture, is defined as when a community reaches 80% occupancy for 90 consecutive days. Upon stabilization, income and expense are shared based on each partner's ownership percentage and the Company no longer receives a 6.5% preferred return on its investment in the stabilized community. The remaining three communities have not achieved stabilization and the Company continues to receive a 6.5% preferred return on its investment in those communities. 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. The joint venture partner is the general partner of the joint venture and the developer of the communities. The Company has a fixed price option to acquire the remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total purchase price will be $597.4 million . In the event the Company does not exercise its options to purchase at least two communities, the joint venture partner will be entitled to earn a contingent disposition fee equal to 6.5% return on its implied equity in the communities not acquired. The joint venture partner 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, 2016 and 2015 of $150.3 million and $144.7 million , respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. During the the year ended December 31, 2016 , the Company earned a preferred return of $4.6 million . 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 . On January 25, 2017, the Company exercised its fixed price option to purchase the joint venture partner’s ownership interest and therefore increased its ownership interest from 49% to 100% in an operating community located in Seattle, Washington with 244 apartment homes for a cash purchase price of approximately $66.0 million . As a result, as of January 25, 2017, the Company consolidated the operating community and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The operating community was one of the five communities held by the West Coast Development Joint Venture as of December 31, 2016. As of December 31, 2016 and 2015 , the Company had deferred fees and deferred profit of $9.5 million and $6.8 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 of management fees during each of the years ended December 31, 2016 , 2015 , and 2014 , 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, 2016 , 2015 , and 2014 . Condensed summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2016 , 2015 , and 2014 ( dollars in thousands): As of and For the Year Ended December 31, 2016 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Total Condensed Statements of Operations: Total revenues $ 278 $ 169,175 $ 18,090 $ 22,916 $ 19,997 $ 230,456 Property operating expenses 552 52,322 11,655 11,730 7,828 84,087 Real estate depreciation and amortization 52 46,135 16,353 6,835 14,444 83,819 Operating income/(loss) (326 ) 70,718 (9,918 ) 4,351 (2,275 ) 62,550 Interest expense — (51,173 ) (6,164 ) (5,095 ) (5,369 ) (67,801 ) Gain/(loss) on the sale of real estate (375 ) 34,201 — — — 33,826 Net income/(loss) $ (701 ) $ 53,746 $ (16,082 ) $ (744 ) $ (7,644 ) $ 28,575 UDR income/(loss) from unconsolidated entities $ (461 ) $ 56,895 $ 1,696 $ (3,603 ) $ (2,293 ) $ 52,234 Condensed Balance Sheets: Total real estate, net $ 50,656 $ 1,672,842 $ 698,694 $ 270,770 $ 208,105 $ 2,901,067 Cash and cash equivalents 1,940 13,272 8,991 7,012 1,288 32,503 Other assets 1,641 11,370 2,744 2,266 1,026 19,047 Total assets 54,237 1,697,484 710,429 280,048 210,419 2,952,617 Amount due to/(from) UDR 155 (4,711 ) 3,082 1,566 429 521 Third party debt, net — 1,128,379 375,597 124,716 165,687 1,794,379 Accounts payable and accrued liabilities 5,211 19,996 32,484 7,303 1,397 66,391 Total liabilities 5,366 1,143,664 411,163 133,585 167,513 1,861,291 Total equity $ 48,871 $ 553,820 $ 299,266 $ 146,463 $ 42,906 $ 1,091,326 UDR’s investment in and advances to unconsolidated joint ventures, net $ 25,208 $ 311,282 $ 405,286 $ 72,414 $ 12,835 $ 827,025 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 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, net — 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, net $ 15,894 $ 425,230 $ 407,102 $ 73,469 $ 17,211 $ — $ 938,906 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 income/(loss) from unconsolidated entities $ (2,955 ) $ 2,814 $ 576 $ (4,068 ) $ (2,601 ) $ (772 ) $ (7,006 ) |
United Dominion Reality L.P. | |
Schedule of Equity Method Investments [Line Items] | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | UNCONSOLIDATED ENTITIES 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 of December 31, 2016 , UDR, Inc. and the Operating Partnership owned approximately 9.3% and 41.6% , respectively, of the DownREIT Units, which they received in exchange for their contribution of properties to the DownREIT Partnership and cash of $25.5 million . 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. The limited partners have no power to remove UDR, Inc. as the 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 that were contributed to the DownREIT Partnership by the Operating Partnership were deconsolidated by the Operating Partnership upon contribution. See Note 3, 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 in accordance with the Partnership Agreement. As of December 31, 2016 , the DownREIT Partnership owned 13 communities with 6,261 apartment homes. The Operating Partnership’s investment in the DownREIT Partnership was $112.9 million and $166.2 million as of December 31, 2016 and 2015 , respectively. Financial statements required under Rule 3-09 of Regulation S-X for the DownREIT Partnership are included as Exhibit 99.1 to this report. |
Debt (UNITED DOMINION REALTY, L
Debt (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
DEBT | SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at December 31, 2016 and 2015 ( dollars in thousands): Principal Outstanding For the Year Ended December 31, 2016 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered December 31, 2016 2015 Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 402,996 $ 442,617 4.04 % 6.3 7 Fannie Mae credit facilities (b) 355,836 514,462 5.06 % 2.8 10 Deferred financing costs (2,681 ) (4,278 ) Total fixed rate secured debt, net 756,151 952,801 4.53 % 4.7 17 Variable Rate Debt Mortgage notes payable (c) — 31,337 — % — — Tax-exempt secured notes payable (d) 94,700 94,700 1.39 % 6.2 2 Fannie Mae credit facilities (b) 280,946 299,378 2.13 % 3.2 7 Deferred financing costs (939 ) (1,271 ) Total variable rate secured debt, net 374,707 424,144 1.95 % 4.0 9 Total Secured Debt, net 1,130,858 1,376,945 3.66 % 4.4 26 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facilities due January 2020 (e) (j) — 150,000 1.37 % 3.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,350 — 1.67 % 2.0 Term Loan Facility due January 2021 (e) (j) 35,000 35,000 1.56 % 4.1 Fixed Rate Debt 5.25% Medium-Term Notes due January 2016 (g) — 83,260 — % — 6.21% Medium-Term Notes due July 2016 (g) — 12,091 — % — 4.25% Medium-Term Notes due June 2018 (net of discounts of $608 and $1,037, respectively) (j) 299,392 298,963 4.25 % 1.4 3.70% Medium-Term Notes due October 2020 (net of discounts of $30 and $38, respectively) (j) 299,970 299,962 3.70 % 3.8 2.23% Term Loan Facility due January 2021 (e) (j) 315,000 315,000 2.23 % 4.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,805 and $2,164, respectively) (j) 398,195 397,836 4.63 % 5.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $782 and $886, respectively) (j) 299,218 299,114 3.75 % 7.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 7.7 4.00% Medium-Term Notes due October 2025 (net of discount of $602 and $671, respectively) (h) (j) 299,398 299,329 4.00 % 8.8 2.95% Medium-Term Notes due September 2026 (i) (j) 300,000 — 2.95 % 9.7 Other 21 24 Deferred financing costs (12,568 ) (12,373 ) Total Unsecured Debt, net 2,270,620 2,193,850 3.73 % 5.7 Total Debt, net $ 3,401,478 $ 3,570,795 3.79 % 5.3 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, 2016 , secured debt encumbered $2.1 billion or 21.5% of UDR’s total real estate owned based upon gross book value ( $7.5 billion or 78.5% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2016 , fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from May 2019 through November 2026 and carry interest rates ranging from 3.15% to 5.86% . On November 1, 2016, the Company entered into a $25.0 million fixed rate mortgage note due November 5, 2026 with an interest rate of 3.15% . Interest is payable monthly. On June 1, 2016, the Company entered into a $25.0 million fixed rate mortgage note due June 5, 2026 with an interest rate of 3.35% . Interest is payable monthly. The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the life of the underlying debt instrument. In October 2016, the Company assumed debt with a fair market value of $80.0 million , inclusive of a $4.2 million fair market value adjustment, as part of our acquisition of two operating communities in Bellevue, Washington, as described in Note 4, Real Estate Owned . During the years ended December 31, 2016 , 2015 , and 2014 , the Company had $2.9 million , $5.3 million , and $5.1 million , respectively, of amortization on the fair market adjustment of debt assumed in the acquisition of properties, which was included in Interest expense on the Consolidated Statements of Operations. The unamortized fair market adjustment was a net premium of $11.2 million and $10.0 million at December 31, 2016 and 2015 , respectively. (b) UDR has three secured credit facilities with Fannie Mae with an aggregate commitment of $636.8 million at December 31, 2016 . 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, 2016 , $355.8 million of the outstanding balance was fixed and had a weighted average interest rate of 5.06% and the remaining balance of $280.9 million had a weighted average variable interest rate of 2.13% . The Company prepaid a portion of the secured credit facility due in May 2017 with a portion of the proceeds from the notes offering in August 2016, as described in (i) below. Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2015 Borrowings outstanding $ 636,782 $ 813,840 Weighted average borrowings during the period ended 737,802 822,521 Maximum daily borrowings during the period ended 813,544 834,003 Weighted average interest rate during the period ended 3.9 % 4.0 % Weighted average interest rate at the end of the period 3.8 % 3.9 % (c) In July 2016, the Company paid off the $31.3 million variable rate mortgage note payable with borrowings under its $1.1 billion unsecured revolving credit facility. (d) 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 rate mortgage notes have interest rates ranging from 1.33% to 1.42% as of December 31, 2016 . (e) The Company has 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 for these facilities (the "Credit Agreement") allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan Facility to be increased to an aggregate maximum amount of up to $2.0 billion , subject to certain conditions, including obtaining commitments from 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. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 90 basis points and a facility fee of 15 basis points, and the Term Loan Facility has an interest rate equal to LIBOR plus a margin of 95 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 85 to 155 basis points, the facility fee ranges from 12.5 to 30 basis points, and the margin under the Term Loan Facility ranges from 90 to 175 basis points. The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The following is a summary of short-term bank borrowings under UDR’s revolving credit facility at December 31, 2016 and 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — 150,000 Weighted average daily borrowings during the period ended 161,505 353,647 Maximum daily borrowings during the period ended 340,000 541,500 Weighted average interest rate during the period ended 1.4 % 1.1 % Interest rate at end of the period — % 1.2 % (1) Excludes $2.9 million and $2.3 million of letters of credit at December 31, 2016 and 2015 , respectively. (f) The Company has a working capital credit facility, which provides for a $75 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. In July 2016, the Company amended the working capital credit facility to increase the maximum borrowing capacity from $30 million to $75 million . The scheduled maturity date and interest rate were unchanged by the amendment. The following is a summary of short-term bank borrowings under UDR’s working capital credit facility at December 31, 2016 and December 31, 2015 (dollars in thousands): December 31, December 31, 2015 Total revolving credit facility $ 75,000 $ 30,000 Borrowings outstanding at end of period 21,350 — Weighted average daily borrowings during the period ended 21,936 — Maximum daily borrowings during the period ended 69,633 — Weighted average interest rate during the period ended 1.4 % — % Interest rate at end of the period 1.7 % — % (g) Paid off at maturity with borrowings under the Company’s $1.1 billion unsecured revolving credit facility. (h) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.55% . (i) On August 23, 2016, the Company issued $300 million of 2.95% senior unsecured medium-term notes due September 1, 2026. Interest is payable semi-annually beginning on March 1, 2017. The notes were priced at 100% of the principal amount at issuance. The Company used the net proceeds to prepay secured debt due in May 2017, pay down a portion of the borrowings outstanding on its $1.1 billion unsecured credit facility and for general corporate purposes. (j) The Operating Partnership is a guarantor of the debt. The aggregate maturities, including amortizing principal payments of secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2016 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt Total Debt 2017 $ 4,433 $ 46,568 $ 51,001 $ — $ 51,001 2018 74,637 137,969 212,606 300,000 512,606 2019 249,395 67,700 317,095 21,350 338,445 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 350,000 351,117 2022 1,157 — 1,157 400,000 401,157 2023 41,245 96,409 137,654 — 137,654 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 Thereafter — 27,000 27,000 — 27,000 Subtotal 747,660 375,646 1,123,306 2,286,994 3,410,300 Non-cash (a) 8,491 (939 ) 7,552 (16,374 ) (8,822 ) Total $ 756,151 $ 374,707 $ 1,130,858 $ 2,270,620 $ 3,401,478 (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, 2016 and 2015, the Company amortized $4.5 million and $7.0 million , respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2016 . On January 23, 2017, the Company entered into an unsecured commercial paper note program. Under the terms of the program, the Company may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $500 million . The notes are sold under customary terms in the United States commercial paper note market and rank pari passu with all of the Company’s other unsecured senior indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The Company intends to use the commercial paper program as an alternative funding source for amounts that would have otherwise been outstanding on the revolving credit facility and intends to manage the use of the commercial paper program so that the maximum combined amount outstanding under the commercial paper program and the revolving credit facility will not exceed the maximum borrowings permitted under the credit facility of $1.1 billion . As of February 17, 2017 , the Company had issued $120.0 million of commercial paper notes, for one month terms, at a weighted average annualized rate of 1.16% . |
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, 2016 and 2015 ( dollars in thousands ): Principal Outstanding For the Year Ended December 31, 2016 December 31, Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered 2016 2015 Fixed Rate Debt Mortgage notes payable $ — $ 30,132 — % — — Fannie Mae credit facilities 244,912 250,828 5.05 % 2.8 7 Deferred financing costs (1,070 ) (1,627 ) Total fixed rate secured debt, net 243,842 279,333 5.05 % 2.8 7 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 1.33 % 15.2 1 Fannie Mae credit facilities 163,637 170,203 2.32 % 3.8 3 Deferred financing costs (505 ) (572 ) Total variable rate secured debt, net 190,132 196,631 2.18 % 5.4 4 Total secured debt, net $ 433,974 $ 475,964 3.94 % 4.0 11 As of December 31, 2016 , an aggregate commitment of $408.5 million of the General Partner's secured credit facilities with Fannie Mae was allocated to the Operating Partnership based on the ownership of the assets securing the debt. The entire commitment was outstanding at December 31, 2016 . The portions of the Fannie Mae credit facilities allocated to the Operating Partnership mature at various dates from December 2018 through July 2023 and bear interest at floating and fixed rates. At December 31, 2016 , $244.9 million of the outstanding balance was fixed and had a weighted average interest rate of 5.05% and the remaining balance of $163.6 million on these facilities had a weighted average variable interest rate of 2.32% . The following information relates to the credit facilities allocated to the Operating Partnership ( dollars in thousands ): December 31, December 31, 2015 Borrowings outstanding $ 408,549 $ 421,031 Weighted average borrowings during the period ended 414,759 425,522 Maximum daily borrowings during the period ended 421,001 431,462 Weighted average interest rate during the period ended 3.9 % 3.8 % Interest rate at the end of the period 4.0 % 3.8 % The Operating Partnership may from time to time acquire properties subject to fixed rate debt instruments. In those situations, management will record the secured debt at its estimated fair value and amortize any difference between the fair value and par to interest expense over the life of the underlying debt instrument. The Operating Partnership did not have any unamortized fair value adjustments associated with the fixed rate debt instruments on the Operating Partnership’s properties. Fixed Rate Debt At December 31, 2016 , the General Partner had borrowings against its fixed rate facilities of $355.8 million , of which $244.9 million was allocated to the Operating Partnership based on the ownership of the assets securing the debt. As of December 31, 2016 , the fixed rate Fannie Mae credit facilities allocated to the Operating Partnership had a weighted average fixed interest rate of 5.05% . 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 1.33% as of December 31, 2016 . Secured credit facilities. At December 31, 2016 , the General Partner had borrowings against its variable rate facilities of $280.9 million , of which $163.6 million was allocated to the Operating Partnership based on the ownership of the assets securing the debt. As of December 31, 2016 , the variable rate borrowings under the Fannie Mae credit facilities allocated to the Operating Partnership had a weighted average floating interest rate of 2.32% . The aggregate maturities of the Operating Partnership’s secured debt due during each of the next ten calendar years subsequent to December 31, 2016 are as follows (dollars in thousands): Fixed Variable Secured Credit Facilities Tax-Exempt Secured Notes Payable Secured Credit Facilities Total 2017 $ — $ — $ — $ — 2018 48,872 — 96,327 145,199 2019 133,204 — — 133,204 2020 62,836 — — 62,836 2021 — — — — 2022 — — — — 2023 — — 67,310 67,310 2024 — — — — 2025 — — — — 2026 — — — — Thereafter — 27,000 — 27,000 Subtotal 244,912 27,000 163,637 435,549 Non-cash (a) (1,070 ) (86 ) (419 ) (1,575 ) Total $ 243,842 $ 26,914 $ 163,218 $ 433,974 (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, 2016 and 2015, the Operating Partnership amortized $0.6 million and $1.3 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 , $300 million of medium-term notes due October 2025 and $300 million of medium-term notes due September 2026 . As of December 31, 2016 and 2015 , the outstanding balance under the unsecured revolving credit facility was $0.0 and $150.0 million , respectively. On January 23, 2017, the General Partner entered into an unsecured commercial paper note program. Under the terms of the program, the General Partner may issue unsecured commercial paper notes up to a maximum aggregate amount outstanding of $500 million . The notes are fully and unconditionally guaranteed by the Operating Partnership. As of February 17, 2017 , the Company had issued $120.0 million of commercial paper notes, for one month terms, at a weighted average annualized rate of 1.16% . |
Related Party Transactions (UNI
Related Party Transactions (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
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 $19.7 million and $(11.3) million at December 31, 2016 and 2015 , respectively, which is reflected as increases/(decreases) of capital on the Consolidated Balance Sheets. Allocation of General and Administrative Expenses The General Partner shares various general and administrative costs, employees and other overhead costs with the Operating Partnership including legal assistance, acquisitions analysis, marketing, human resources, IT, accounting, rent, supplies and advertising, and allocates these costs to the Operating Partnership first on the basis of direct usage when identifiable, with the remainder allocated based on the reasonably anticipated benefits to the parties. During the years ended December 31, 2016 , 2015 , and 2014 , the general and administrative expenses allocated to the Operating Partnership by UDR were $15.4 million , $21.0 million , and $27.4 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, 2016 and 2015, the Operating Partnership reimbursed the General Partner $14.5 million and $17.7 million , respectively, for shared services related to corporate level property management costs incurred by the General Partner. In lieu of these shared cost reimbursements, during 2014, the Operating Partnership incurred $12.7 million of related party management fees to wholly-owned subsidiaries of UDR’s taxable REIT subsidiary (“TRS”). These shared cost reimbursements and related party management fees are initially recorded within the line item General and administrative on the Consolidated Statements of Operations, and a portion related to management costs is reclassified to Property management on the Consolidated Statements of Operations. (See further discussion below.) Shared Services/Management Fee During the years ended December 31, 2016 and 2015, the Operating Partnership began to self-manage its own properties and entered into an Inter-Company Employee and Cost Sharing Agreement with the General Partner. This agreement provides for reimbursements to the General Partner for the Operating Partnership’s allocable share of costs incurred by the General Partner for (a) shared services of corporate level property management employees and related support functions and costs, and (b) general and administrative costs. As discussed above, the reimbursement for shared services is classified in Property management on the Consolidated Statements of Operations. In 2011 through 2014, the Operating Partnership was a party to a management agreement with wholly-owned subsidiaries of UDR’s TRS. Under the management agreement, the Operating Partnership was charged a management fee equal to 2.75% of gross rental revenues, which is classified in Property management on the Consolidated Statements of Operations. Notes Payable to the General Partner As of both December 31, 2016 and 2015 , the Operating Partnership had $273.3 million of unsecured notes payable to the General Partner at annual interest rates between 4.12% and 5.34% . Certain limited partners of the Operating Partnership have provided guarantees or reimbursement agreements related to these notes payable. The guarantees were provided by the limited partners in conjunction with their contribution of properties to the Operating Partnership. The notes mature on August 31, 2021 , December 31, 2023 and April 1, 2026 , and interest payments are made monthly. The Operating Partnership recognized interest expense on the notes payable of $12.2 million , $5.0 million and $4.6 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. |
Fair Value of Derivatives and38
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2016, Using Total Carrying Amount in Statement of Financial Position at December 31, 2016 Fair Value Estimate at December 31, 2016 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) $ 19,790 $ 19,645 $ — $ — $ 19,645 Derivatives - Interest rate contracts (b) 4,360 4,360 — 4,360 — Total assets $ 24,150 $ 24,005 $ — $ 4,360 $ 19,645 Derivatives - Interest rate contracts (b) $ 413 $ 413 $ — $ 413 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 402,996 396,045 — — 396,045 Fannie Mae credit facilities 355,836 365,693 — — 365,693 Secured debt instruments- variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 280,946 280,946 — — 280,946 Unsecured debt instruments (c): Unsecured credit facilities 21,350 21,350 — — 21,350 Senior unsecured notes 2,261,838 2,304,492 — — 2,304,492 Total liabilities $ 3,418,079 $ 3,463,639 $ — $ 413 $ 3,463,226 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 909,482 $ 909,482 $ — $ 909,482 $ — 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) Unsecured credit facilities 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 $ — (a) See Note 2 , Significant Accounting Policies. (b) See Note 14, Derivatives and Hedging Activity. (c) See Note 7, Secured Debt and Unsecured Debt, Net. (d) See Note 12, 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, 2016 and 2015 , 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, 2016 , 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, 2016 , 2015 , and 2014 . After determining an other-than-temporary decrease in the value of an equity method investment has occurred, we estimate the fair value of our investment by estimating the proceeds we would receive upon a hypothetical liquidation of the investment at the date of measurement. Inputs reflect management’s best estimate of what market participants would use in pricing the investment giving consideration to the terms of the joint venture agreement and the estimated discounted future cash flows to be generated from the underlying joint venture assets. The inputs and assumptions utilized to estimate the future cash flows of the underlying assets are based upon the Company’s evaluation of the economy, market trends, operating results, and other factors, including judgments regarding costs to complete any construction activities, lease up and occupancy rates, rental rates, inflation rates, capitalization rates utilized to estimate the projected cash flows at the disposition, and discount rates. |
United Dominion Reality L.P. | |
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, 2016 and 2015 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2016, Using Total Carrying Amount in Statement of Financial Position at December 31, 2016 Fair Value Estimate at December 31, 2016 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) $ 1 $ 1 $ — $ 1 $ — Total assets $ 1 $ 1 $ — $ 1 $ — Secured debt instruments - fixed rate: (b) Fannie Mae credit facilities $ 244,912 $ 251,664 $ — $ — $ 251,664 Secured debt instruments - variable rate: (b) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Fannie Mae credit facilities 163,637 163,637 — — 163,637 Total liabilities $ 435,549 $ 442,301 $ — $ — $ 442,301 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 (a) See Note 8, Derivatives and Hedging Activity. (b) See Note 5, 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 General Partner, on behalf of the Operating Partnership, incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Operating Partnership has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the General Partner, on behalf of the Operating Partnership, has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2016 and December 31, 2015 , 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, 2016 , 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 Activ39
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 , and 2014 , 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, 2016 , the Company recorded no ineffectiveness to 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 year ended December 31, 2014 , 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 related to derivatives that will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. Through December 31, 2017 , the Company estimates that an additional $1.7 million will be reclassified as an increase to interest expense. As of December 31, 2016 , 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 (a) 3 $ 315,000 Interest rate caps 2 $ 203,166 (a) The three interest rate swaps noted in the table above mature in January and April 2017. During 2016, the Company entered into four forward starting interest rate swaps, with an aggregate notional amount of $315.0 million , which mature in January 2020 and are effective in January and April 2017 upon the expiration of the three swaps that existed as of December 31, 2016. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2016 , 2015 , and 2014 . As of December 31, 2016 , 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, 2016 and 2015 ( 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 $ 4,359 $ 9 $ 413 $ 2,112 Derivatives not designated as hedging instruments: Interest rate products $ 1 $ 4 $ — $ — 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, 2016 , 2015 , and 2014 ( dollars in thousands ): Derivatives in Cash Flow Hedging Relationships Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Gain/(Loss) Recognized in Interest expense (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year ended December 31, Year ended December 31, Year ended December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 Interest rate products $ 3,514 $ (6,393 ) $ (8,695 ) $ (3,657 ) $ (2,251 ) $ (4,834 ) $ — $ (11 ) $ 3 Gain/(Loss) Recognized in Interest income and other income/(expense), net Year ended December 31, Derivatives Not Designated as Hedging Instruments 2016 2015 2014 Interest rate products $ (3 ) $ (23 ) (4 ) 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, 2016 and 2015 , 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 agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity's creditworthiness is materially weaker than the original party to the derivative agreement. As of December 31, 2016 , 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 $3.8 million . If the Company had breached any of these provisions at December 31, 2016 , it may have been required to settle its obligations under the agreements at their termination value of $3.8 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, 2016 and December 31, 2015 ( 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, 2016 $ 4,360 $ — $ 4,360 $ (221 ) $ — $ 4,139 December 31, 2015 $ 13 $ — $ 13 $ — $ — $ 13 (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, 2016 $ 413 $ — $ 413 $ (221 ) $ — $ 192 December 31, 2015 $ 2,112 $ — $ 2,112 $ — $ — $ 2,112 (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 has been allocated to the Operating Partnership based on the General Partner’s underlying debt instruments allocated to the Operating Partnership. (See Note 5, 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 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, 2016 , 2015 , and 2014 , such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. During the year ended December 31, 2016 , the Operating Partnership recorded no gain or loss from ineffectiveness. During the year ended December 31, 2015 , the Operating Partnership recognized a loss of less than $0.1 million reclassified from Accumulated other comprehensive income/(loss), net to Interest expense due to the de-designation of a cash flow hedge and recorded no other ineffectiveness to earnings. During the year ended December 31, 2014 , the Operating Partnership recorded no gain or loss from ineffectiveness. Amounts reported in Accumulated other comprehensive income/(loss), net related to derivatives will be reclassified to interest expense as interest payments are made on the General Partner’s variable-rate debt that is allocated to the Operating Partnership. Through December 31, 2017, we estimate that less than $0.1 million will be reclassified as an increase to interest expense. As of December 31, 2016 , 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. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in an adjustment to earnings of less than $0.1 million for the years ended December 31, 2016 , 2015 , and 2014 . As of December 31, 2016 , 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, 2016 and 2015 ( 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 $ — $ — Derivatives not designated as hedging instruments: Interest rate products $ 1 $ 4 $ — $ — 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, 2016 , 2015 , and 2014 ( dollars in thousands ): Derivatives in Cash Flow Hedging Relationships Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Gain/(Loss) Recognized in Interest expense (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year ended December 31, Year ended December 31, Year ended December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 Interest rate products $ (4 ) $ (82 ) $(285) $ (12 ) $ (1,044 ) $ (2,275 ) $ — $ (11 ) $ — Derivatives Not Designated as Hedging Instruments Gain/(Loss) Recognized in Interest income and other income/(expense), net Year ended December 31, 2016 2015 2014 Interest rate products $ (3 ) $ (23 ) $ (3 ) 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, 2016 and 2015 , no cash collateral was posted or required to be posted by the General Partner or by a counterparty. The General Partner also has an agreement with a derivative counterparty that incorporates the loan and financial covenant provisions of the General Partner’s indebtedness with a lender affiliate of the derivative counterparty. Failure to comply with these covenant provisions would result in the General Partner being in default on any derivative instrument obligations covered by the agreement. The General Partner has certain agreements with some of its derivative counterparties that contain a provision where in the event of default by the General Partner or the counterparty, the right of setoff may be exercised. Any amount payable to one party by the other party may be reduced by its setoff against any amounts payable by the other party. Events that give rise to default by either party may include, but are not limited to, the failure to pay or deliver payment under the derivative agreement, the failure to comply with or perform under the derivative agreement, bankruptcy, a merger without assumption of the derivative agreement, or in a merger, a surviving entity’s creditworthiness is materially weaker than the original party to the derivative agreement. As of December 31, 2016 , 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 zero . 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, 2016 and December 31, 2015 : 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, 2016 $ 1 $ — $ 1 $ — $ — $ 1 December 31, 2015 $ 8 $ — $ 8 $ — $ — $ 8 (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, 2016 $ — $ — $ — $ — $ — $ — December 31, 2015 $ — $ — $ — $ — $ — $ — (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. |
Capital Structure (UNITED DOMIN
Capital Structure (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 , all of which were held by UDR. Limited Partnership Units At December 31, 2016 and 2015 , there were 183,167,815 limited partnership units outstanding, of which 1,873,332 were Class A Limited Partnership Units. UDR owned 174,119,201 or 95.1% and 174,114,516 or 95.1% , of OP Units outstanding at December 31, 2016 and 2015 , respectively, of which 121,661 were Class A Limited Partnership Units. The remaining 9,048,614 or 4.9% and 9,053,299 or 4.9% of OP Units units outstanding were held by non-affiliated partners at December 31, 2016 and 2015 , 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 $330.1 million and $340.1 million as of December 31, 2016 and 2015 , respectively, based on the value of UDR’s common stock at each period end. A limited partner has no right to receive any distributions from the Operating Partnership on or after the date of redemption of its OP Units. Class A Limited Partnership Units Class A Limited Partnership Units have a cumulative, annual, non-compounded preferred return, which is equal to 8% based on a value of $16.61 per Class A Limited Partnership Unit. Holders of the Class A Limited Partnership Units exclusively possess certain voting rights. The Operating Partnership may not do the following without approval of the holders of the Class A Limited Partnership Units: (i) increase the authorized or issued amount of Class A Limited Partnership Units, (ii) reclassify any other partnership interest into Class A Limited Partnership Units, (iii) create, authorize or issue any obligations or security convertible into or the right to purchase Class A Limited Partnership Units, (iv) enter into a merger or acquisition, or (v) amend or modify the Operating Partnership Agreement in a manner that adversely affects the relative rights, preferences or privileges of the Class A Limited Partnership Units. The following table shows OP Units outstanding and OP Unit activity as of and for the years ended December 31, 2016 , 2015 , and 2014 : Class A Limited Partners UDR, Inc. Limited Partners Limited Partner Class A Limited Partner General Partner Total Ending balance at December 31, 2013 1,751,671 7,567,253 173,727,230 121,661 110,883 183,278,698 OP redemptions for UDR stock — (153,451 ) 153,451 — — — Ending balance at December 31, 2014 1,751,671 7,413,802 173,880,681 121,661 110,883 183,278,698 OP redemptions for UDR stock — (112,174 ) 112,174 — — — Ending balance at December 31, 2015 1,751,671 7,301,628 173,992,855 121,661 110,883 183,278,698 OP redemptions for UDR stock — (4,685 ) 4,685 — — — Ending balance at December 31, 2016 1,751,671 7,296,943 173,997,540 121,661 110,883 183,278,698 LTIP Units UDR grants long-term incentive plan units ("LTIP Units") to certain employees and non-employee directors. The LTIP Units represent an ownership interest in the Operating Partnership and have voting and distribution rights consistent with OP Units. The LTIP Units are subject to the terms of UDR's long-term incentive plan. Two classes of LTIP Units are granted, Class 1 LTIP Units and Class 2 LTIP Units. Class 1 LTIP Units are granted to non-employee directors and vest after one year. Class 2 LTIP Units are granted to certain employees and vest over a period from one to three years subject to certain performance and market conditions being achieved. Vested LTIP Units may be converted into OP Units provided that such LTIP Units have been outstanding for at least two years from the date of grant. Allocation of Profits and Losses Profit of the Operating Partnership is allocated in the following order: (i) to the General Partner and the Limited Partners in proportion to and up to the amount of cash distributions made during the year, and (ii) to the General Partner and Limited Partners in accordance with their percentage interests. Losses and depreciation and amortization expenses, non-recourse liabilities are allocated to the General Partner and Limited Partners in accordance with their percentage interests. Losses allocated to the Limited Partners are capped to the extent that such an allocation would not cause a deficit in the Limited Partners’ capital account. Such losses are, therefore, allocated to the General Partner. If any Partner’s capital balance were to fall into a deficit, any income and gains are allocated to each Partner sufficient to eliminate its negative capital balance. |
Income_(Loss) Per Share (UNITED
Income/(Loss) Per Share (UNITED DOMINION REALTY, L.P.) (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 109,529 $ 105,482 $ 16,260 Gain/(loss) on sale of real estate owned, net of tax 210,851 251,677 143,572 (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (27,282 ) (16,773 ) (5,511 ) (Income)/loss from continuing operations attributable to noncontrolling interests (380 ) (3 ) 3 Income/(loss) from continuing operations attributable to UDR, Inc. 292,718 340,383 154,324 Distributions to preferred stockholders - Series E (Convertible) (3,717 ) (3,722 ) (3,724 ) Income/(loss) from continuing operations attributable to common stockholders - basic 289,001 336,661 150,600 Dilutive distributions to preferred stockholders - Series E (Convertible) — 3,722 — Income/(loss) from continuing operations attributable to common stockholders - diluted $ 289,001 $ 340,383 $ 150,600 Income/(loss) from discontinued operations, net of tax $ — $ — $ 10 (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership — — — Income/(loss) from discontinued operations attributable to common stockholders $ — $ — $ 10 Net income/(loss) attributable to common stockholders $ 289,001 $ 336,661 $ 150,610 Denominator for income/(loss) per share - basic and diluted: Weighted average common shares outstanding 266,211 259,873 252,707 Non-vested restricted stock awards (825 ) (1,204 ) (1,179 ) Denominator for income/(loss) per share - basic 265,386 258,669 251,528 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options, unvested LTIP Units and unvested restricted stock 1,925 5,083 1,917 Denominator for income/(loss) per share - diluted 267,311 263,752 253,445 Income/(loss) per weighted average common share - basic: Income/(loss) from continuing operations attributable to common stockholders $ 1.09 $ 1.30 $ 0.60 Income/(loss) from discontinued operations attributable to common stockholders — — — Net income/(loss) attributable to common stockholders $ 1.09 $ 1.30 $ 0.60 Income/(loss) per weighted average common share - diluted: Income/(loss) from continuing operations attributable to common stockholders $ 1.08 $ 1.29 $ 0.59 Income/(loss) from discontinued operations attributable to common stockholders — — — Net income/(loss) attributable to common stockholders $ 1.08 $ 1.29 $ 0.59 Basic income/(loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income/(loss) per common share is computed based upon the weighted average number of common shares outstanding plus the common shares issuable from the assumed conversion of the OP Units and DownREIT Units, convertible preferred stock, stock options, unvested long-term incentive plan units (“LTIP Units”) and unvested 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, 2016 , the Company’s stock options and unvested restricted stock were dilutive. The effect of the conversion of the OP Units, DownREIT Units, LTIP Units and the Company’s Series E preferred stock was not dilutive, and therefore not included in the above calculations. 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. 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, 2016 , 2015 , and 2014 (shares in thousands) : Year Ended December 31, 2016 2015 2014 OP/DownREIT Units 25,130 12,947 9,247 Preferred Stock 3,028 3,032 3,036 Stock options, unvested LTIP Units and unvested restricted stock 1,925 2,051 1,917 |
Commitments and Contingencies (
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 ( dollars in thousands ): Number of Properties Costs Incurred to Date (a) Expected Costs to Complete (unaudited) Average Ownership Stake Wholly-owned — under development 2 $ 342,282 (b) $ 366,218 100 % Wholly-owned — redevelopment 3 14,659 (b) 10,341 100 % Joint ventures: Unconsolidated joint ventures 6 697,484 78,395 (c) 50 % Participating loan investments 1 94,003 (d) — 0 % Preferred equity investments 1 26,529 (e) — 48 % Total $ 1,174,957 $ 454,954 (a) Represents 100% of project costs incurred as of December 31, 2016 . (b) Costs incurred as of December 31, 2016 include $23.3 million and $1.5 million of accrued fixed assets for development and redevelopment, respectively. (c) Represents UDR’s proportionate share of expected remaining costs to complete the developments. (d) Represents the participating loan balance funded as of December 31, 2016 . (e) Represents UDR’s investment in the West Coast Development Joint Venture for the properties under development as of December 31, 2016 . Ground and Other Leases UDR owns five communities which are subject to ground leases expiring between 2044 and 2103 , including extension options. In addition, UDR is a lessee to various operating leases related to office space rented by the Company with expiration dates through 2021 . Future minimum lease payments as of December 31, 2016 are as follows (dollars in thousands): Ground Leases (a) Office Space 2017 $ 5,548 $ 179 2018 5,548 76 2019 5,548 76 2020 5,548 76 2021 5,548 32 Thereafter 334,604 — Total $ 362,344 $ 439 (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 , $5.5 million , and $5.4 million of ground rent expense for the years ended December 31, 2016 , 2015 , and 2014 , respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $0.3 million , $0.3 million , and $1.3 million of rent expense related to office space for the years ended December 31, 2016 , 2015 , and 2014 , 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 Redevelopment The following summarizes the Operating Partnership’s real estate commitments at December 31, 2016 ( dollars in thousands ): Number of Properties Costs Incurred to Date (a) Expected Costs to Complete (unaudited) Real estate communities — redevelopment 1 $ 6,289 $ 711 (a) Costs incurred to date include $0.9 million of accrued fixed assets for redevelopment. Ground Leases The Operating Partnership owns five communities which are subject to ground leases expiring between 2044 and 2103 , including extension options. Future minimum lease payments as of December 31, 2016 are $5.5 million for each of the years ending December 31, 2017 to 2021 and a total of $334.6 million for years thereafter. For purposes of our ground lease contracts, the Operating Partnership uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a reset provision based on the communities appraised value or consumer price index but does not include a specified minimum lease payment, the Operating Partnership uses the current rent over the remainder of the lease term. The Operating Partnership incurred $5.5 million , $5.4 million , and $5.3 million of ground rent expense for the years ended December 31, 2016 , 2015 , and 2014 , 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, 2016 | |
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, 2015 and held as of December 31, 2016 . 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, 2016 , 2015 , and 2014 . The following table details rental income and NOI from continuing and discontinued operations for UDR’s reportable segments for the years ended December 31, 2016 , 2015 , and 2014 , and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2016 2015 2014 Reportable apartment home segment rental income Same-Store Communities West Region $ 298,469 $ 278,602 $ 246,764 Mid-Atlantic Region 144,069 140,423 136,786 Northeast Region 130,285 124,478 115,981 Southeast Region 111,318 103,920 98,060 Southwest Region 41,273 39,166 37,139 Non-Mature Communities/Other 223,047 185,339 170,419 Total segment and consolidated rental income $ 948,461 $ 871,928 $ 805,149 Reportable apartment home segment NOI Same-Store Communities West Region $ 223,140 $ 207,137 $ 177,299 Mid-Atlantic Region 99,375 95,713 94,188 Northeast Region 93,083 89,039 82,110 Southeast Region 76,359 69,820 65,053 Southwest Region 25,600 24,407 22,830 Non-Mature Communities/Other 155,528 127,753 114,841 Total segment and consolidated NOI 673,085 613,869 556,321 Reconciling items: Joint venture management and other fees 11,400 22,710 13,044 Property management (26,083 ) (23,978 ) (22,142 ) Other operating expenses (7,649 ) (9,708 ) (8,271 ) Real estate depreciation and amortization (419,615 ) (374,598 ) (358,154 ) General and administrative (49,761 ) (59,690 ) (47,800 ) Casualty-related recoveries/(charges), net (732 ) (2,335 ) (541 ) Other depreciation and amortization (6,023 ) (6,679 ) (5,775 ) Income/(loss) from unconsolidated entities 52,234 62,329 (7,006 ) Interest expense (123,031 ) (121,875 ) (130,454 ) Interest income and other income/(expense), net 1,930 1,551 11,837 Tax benefit/(provision), net 3,774 3,886 15,136 Gain/(loss) on sale of real estate owned, net of tax 210,851 251,677 143,647 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (27,282 ) (16,773 ) (5,511 ) Net (income)/loss attributable to noncontrolling interests (380 ) (3 ) 3 Net income/(loss) attributable to UDR, Inc. $ 292,718 $ 340,383 $ 154,334 The following table details the assets of UDR’s reportable segments as of December 31, 2016 and 2015 (dollars in thousands) : December 31, December 31, Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,752,900 $ 2,721,184 Mid-Atlantic Region 1,402,642 1,381,916 Northeast Region 1,634,988 1,621,555 Southeast Region 746,761 730,060 Southwest Region 283,260 276,306 Non-Mature Communities/Other 2,795,202 2,459,255 Total segment assets 9,615,753 9,190,276 Accumulated depreciation (2,923,625 ) (2,646,874 ) Total segment assets — net book value 6,692,128 6,543,402 Reconciling items: Cash and cash equivalents 2,112 6,742 Restricted cash 19,994 20,798 Notes receivable, net 19,790 16,694 Investment in and advances to unconsolidated joint ventures, net 827,025 938,906 Other assets 118,535 137,302 Total consolidated assets $ 7,679,584 $ 7,663,844 Capital expenditures related to our Same-Store Communities totaled $84.8 million , $67.1 million , and $47.7 million for the years ended December 31, 2016 , 2015 , and 2014 , respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $11.5 million , $18.1 million , and $15.7 million for the years ended December 31, 2016 , 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., Richmond and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Orlando, Nashville, Tampa and Other Florida 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 the Operating Partnership’s performance on a consolidated basis. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as total revenues less direct property operating expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI are property management costs, which are the Operating Partnership’s allocable share of costs incurred by the General Partner for shared services of corporate level property management employees and related support functions and costs. The chief operating decision maker of the General Partner utilizes NOI as the key measure of segment profit or loss. The Operating Partnership’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other : • Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2015 and held as of December 31, 2016 . 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, 2016 , 2015 , and 2014 . The following table details rental income and NOI for the Operating Partnership’s reportable segments for the years ended December 31, 2016 , 2015 , and 2014 , and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2016 2015 2014 Reportable apartment home segment rental income Same-Store Communities West Region $ 183,153 $ 169,621 $ 153,951 Mid-Atlantic Region 38,987 37,502 37,216 Northeast Region 53,036 51,086 48,493 Southeast Region 47,792 44,981 42,568 Non-Mature Communities/Other 81,447 137,218 140,406 Total segment and consolidated rental income $ 404,415 $ 440,408 $ 422,634 Reportable apartment home segment NOI Same-Store Communities West Region $ 137,784 $ 126,600 $ 111,467 Mid-Atlantic Region 26,525 25,281 25,604 Northeast Region 40,704 39,765 37,788 Southeast Region 32,519 30,106 28,111 Non-Mature Communities/Other 59,589 95,845 97,343 Total segment and consolidated NOI 297,121 317,597 300,313 Reconciling items: Property management (11,122 ) (12,111 ) (11,622 ) Other operating expenses (6,059 ) (5,923 ) (5,172 ) Real estate depreciation and amortization (147,074 ) (169,784 ) (179,176 ) General and administrative (18,808 ) (27,016 ) (28,541 ) Casualty-related recoveries/(charges), net (484 ) (843 ) (541 ) Income/(loss) from unconsolidated entities (37,425 ) (4,659 ) — Interest expense (30,067 ) (40,321 ) (41,717 ) Gain/(loss) on sale of real estate owned 33,180 158,123 63,635 Net income/(loss) attributable to noncontrolling interests (1,444 ) (1,762 ) (952 ) Net income/(loss) attributable to OP unitholders $ 77,818 $ 213,301 $ 96,227 The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2016 and 2015 (dollars in thousands) : December 31, December 31, 2015 Reportable apartment home segment assets Same-Store Communities West Region $ 1,521,762 $ 1,497,867 Mid-Atlantic Region 388,893 383,111 Northeast Region 674,928 669,082 Southeast Region 328,729 321,787 Non-Mature Communities/Other 760,392 759,058 Total segment assets 3,674,704 3,630,905 Accumulated depreciation (1,408,815 ) (1,281,258 ) Total segment assets - net book value 2,265,889 2,349,647 Reconciling items: Cash and cash equivalents 756 3,103 Restricted cash 11,694 11,344 Investment in unconsolidated entities 112,867 166,186 Other assets 24,329 24,528 Total consolidated assets $ 2,415,535 $ 2,554,808 Capital expenditures related to the Operating Partnership’s Same-Store Communities totaled $41.7 million and $31.6 million for the years ended December 31, 2016 and 2015 , respectively. Capital expenditures related to the Operating Partnership’s Non-Mature Communities/Other totaled $2.4 million and $13.4 million for the years ended December 31, 2016 and 2015 , 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 |
Unaudited Summarized Consolid44
Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2016 Rental income $ 231,957 $ 236,168 $ 240,255 $ 240,081 Income/(loss) from continuing operations 8,534 12,249 29,466 59,280 Net income/(loss) attributable to common stockholders (a) 9,464 17,017 26,027 236,687 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.04 $ 0.06 $ 0.10 $ 0.89 Diluted $ 0.04 $ 0.06 $ 0.10 $ 0.88 Weighted average number of common shares outstanding: Basic 262,456 266,268 266,301 266,498 Diluted 264,285 268,174 268,305 271,551 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 common shares outstanding: Basic 256,834 257,849 259,114 260,830 Diluted 258,662 262,806 261,207 266,108 (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. |
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, 2016 and 2015 is summarized in the table below ( dollars in thousands, except per share amounts ): Three Months Ended March 31, June 30, September 30, December 31, 2016 Rental income $ 98,786 $ 100,892 $ 102,595 $ 102,142 Income/(loss) from continuing operations 5,131 11,394 11,885 17,672 Income/(loss) attributable to OP unitholders 4,787 11,044 11,517 50,470 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.03 $ 0.06 $ 0.06 $ 0.27 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 (a) Quarterly net income/(loss) per weighted average 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, 2016 | |
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 $ 17,240 $ 21,806 $ 44,448 $ 66,254 $ 29,331 2003 Jun-03 27 Seventy Five Mesa Verde 36,423 99,329 110,644 209,973 95,047 112,935 192,085 305,020 101,329 1972/2013 Oct-04 Pacific Shores 42,552 7,345 22,624 29,969 10,836 7,974 32,831 40,805 21,939 2003 Jun-03 Huntington Vista 36,980 8,055 22,486 30,541 12,778 9,047 34,272 43,319 21,224 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,098 10,951 6,505 17,456 4,506 1969 Dec-03 Eight 80 Newport Beach — North — 62,516 46,082 108,598 37,967 68,031 78,534 146,565 47,601 2000/2016 Oct-04 Eight 80 Newport Beach — South — 58,785 50,067 108,852 27,603 60,314 76,141 136,455 45,661 2000/2016 Mar-05 Vista Del Rey — 10,670 7,080 17,750 3,146 11,066 9,830 20,896 6,505 1969 Sep-04 Foxborough — 12,071 6,187 18,258 3,466 12,430 9,294 21,724 5,753 1969 Sep-04 1818 Platinum Triangle — 16,663 51,905 68,568 1,952 16,901 53,619 70,520 20,288 2009 Aug-10 Beach & Ocean — 12,878 — 12,878 38,796 13,017 38,657 51,674 5,327 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 126,243 25,071 126,172 151,243 27,388 2013 Oct-11 Los Alisos at Mission Viejo — 17,298 — 17,298 70,366 16,462 71,202 87,664 13,561 2014 Jun-04 ORANGE COUNTY, CA 177,005 351,315 359,742 711,057 448,538 386,005 773,590 1,159,595 350,413 2000 Post Street — 9,861 44,578 54,439 33,188 14,313 73,314 87,627 34,677 1987/2016 Dec-98 Birch Creek — 4,365 16,696 21,061 7,773 5,142 23,692 28,834 14,688 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 26,932 7,643 50,153 57,796 31,243 2010 Dec-98 Marina Playa — 6,224 23,916 30,140 10,927 7,080 33,987 41,067 20,789 1971 Dec-98 River Terrace 38,495 22,161 40,137 62,298 5,036 22,563 44,771 67,334 27,326 2005 Aug-05 CitySouth — 14,031 30,537 44,568 36,210 16,297 64,481 80,778 40,345 2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 5,490 11,479 17,014 28,493 10,240 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,136 5,758 29,290 35,048 16,838 2010 Oct-07 Edgewater — 30,657 83,872 114,529 9,876 30,701 93,704 124,405 44,392 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 6,923 886 49,146 50,032 24,602 1999 Jul-08 388 Beale — 14,253 74,104 88,357 7,927 14,319 81,965 96,284 26,324 1999 Apr-11 Channel Mission Bay — 23,625 — 23,625 129,282 23,683 129,224 152,907 24,083 2014 Sep-10 SAN FRANCISCO, CA 65,495 145,665 414,240 559,905 290,700 159,864 690,741 850,605 315,547 Crowne Pointe — 2,486 6,437 8,923 6,903 3,082 12,744 15,826 8,180 1987 Dec-98 Hilltop — 2,174 7,408 9,582 4,841 2,727 11,696 14,423 7,389 1985 Dec-98 The Hawthorne — 6,474 30,226 36,700 5,620 6,673 35,647 42,320 21,678 2003 Jul-05 The Kennedy — 6,179 22,307 28,486 2,479 6,280 24,685 30,965 14,674 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 4,338 7,009 35,099 42,108 17,826 2000 May-08 Island Square — 21,284 89,389 110,673 5,450 21,538 94,585 116,123 45,522 2007 Jul-08 Borgata — 6,379 24,569 30,948 5,049 6,418 29,579 35,997 14,416 2001/2016 May-07 elements too — 27,468 72,036 99,504 16,514 30,244 85,774 116,018 45,959 2010 Feb-10 989elements — 8,541 45,990 54,531 2,356 8,583 48,304 56,887 19,372 2006 Dec-09 Lightbox — 6,449 38,884 45,333 585 6,470 39,448 45,918 5,932 2014 Aug-14 Waterscape — 9,693 65,176 74,869 813 9,704 65,978 75,682 8,861 2014 Sep-14 Ashton Bellevue 50,059 8,287 124,939 133,226 186 8,353 125,059 133,412 1,685 2009 Oct-16 TEN20 29,518 5,247 76,587 81,834 386 5,291 76,929 82,220 1,039 2009 Oct-16 Milehouse — 5,976 63,041 69,017 18 5,976 63,059 69,035 596 2016 Nov-16 SEATTLE, WA 79,577 123,485 697,911 821,396 55,538 128,348 748,586 876,934 213,129 Rosebeach — 8,414 17,449 25,863 4,070 8,787 21,146 29,933 13,517 1970 Sep-04 Tierra Del Rey 43,078 39,586 36,679 76,265 4,236 39,696 40,805 80,501 21,234 1999 Dec-07 The Westerly 67,700 48,182 102,364 150,546 38,235 50,796 137,985 188,781 57,413 2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 91,599 61,549 85,701 147,250 37,031 2008 Sep-07 LOS ANGELES, CA 110,778 151,833 156,492 308,325 138,140 160,828 285,637 446,465 129,195 Boronda Manor — 1,946 8,982 10,928 9,967 3,232 17,663 20,895 9,879 1979 Dec-98 Garden Court — 888 4,188 5,076 5,655 1,600 9,131 10,731 5,338 1973 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 Cambridge Court — 3,039 12,883 15,922 15,744 5,407 26,259 31,666 14,911 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,293 2,223 10,489 12,712 6,008 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 28,743 10,139 48,846 58,985 26,688 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,487 3,345 17,214 20,559 9,874 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 6,794 2,236 11,221 13,457 6,145 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 83,683 28,182 140,823 169,005 78,843 Verano at Rancho Cucamonga Town Square 55,263 13,557 3,645 17,202 54,509 23,290 48,421 71,711 36,766 2006 Oct-02 Windemere at Sycamore Highland — 5,810 23,450 29,260 3,331 6,168 26,423 32,591 18,455 2001 Nov-02 Villas at Carlsbad — 6,517 10,718 17,235 3,354 6,819 13,770 20,589 8,416 1966 Oct-04 OTHER SOUTHERN CA 55,263 25,884 37,813 63,697 61,194 36,277 88,614 124,891 63,637 Tualatin Heights — 3,273 9,134 12,407 7,115 3,881 15,641 19,522 10,794 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,153 6,483 21,554 28,037 15,190 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 14,268 10,364 37,195 47,559 25,984 TOTAL WEST REGION 488,118 824,407 1,758,586 2,582,993 1,092,061 909,868 2,765,186 3,675,054 1,176,748 MID-ATLANTIC REGION Dominion Middle Ridge 21,478 3,311 13,283 16,594 7,077 3,891 19,780 23,671 14,646 1990 Jun-96 Dominion Lake Ridge — 2,366 8,387 10,753 7,978 2,918 15,813 18,731 10,993 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 10,556 11,705 28,879 40,584 21,082 1938 May-02 The Whitmore — 6,418 13,411 19,829 21,313 7,505 33,637 41,142 24,435 2008 Apr-02 Ridgewood — 5,612 20,086 25,698 9,418 6,087 29,029 35,116 21,187 1988 Aug-02 DelRay Tower — 297 12,786 13,083 113,740 9,484 117,339 126,823 17,547 2014 Jan-08 Waterside Towers — 1,139 49,657 50,796 21,756 36,485 36,067 72,552 22,610 1971 Dec-03 Wellington Place at Olde Town 31,373 13,753 36,059 49,812 18,201 14,770 53,243 68,013 36,833 2008 Sep-05 Andover House — 14,357 51,577 65,934 4,506 14,401 56,039 70,440 31,072 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 8,368 1,510 111,671 113,181 58,412 2007 Dec-07 Circle Towers — 32,815 107,051 139,866 17,054 33,425 123,495 156,920 61,100 1972 Mar-08 Delancey at Shirlington — 21,606 66,765 88,371 3,286 21,636 70,021 91,657 34,684 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 4,157 5,721 102,087 107,808 31,753 2009 Jun-11 Signal Hill — 13,290 — 13,290 70,271 25,499 58,062 83,561 29,152 2010 Mar-07 Capitol View on 14th — 31,393 — 31,393 94,799 31,395 94,797 126,192 23,793 2013 Sep-07 Domain College Park — 7,300 — 7,300 58,381 7,335 58,346 65,681 11,780 2014 Jun-11 1200 East West — 9,748 68,022 77,770 890 9,750 68,910 78,660 4,679 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 1,495 27,752 113,370 141,122 8,987 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 1,156 15,576 108,685 124,261 7,427 2014 Oct-15 Arbor Park of Alexandria 92,468 50,881 159,728 210,609 1,273 50,881 161,001 211,882 12,750 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 4,666 14,714 88,483 103,197 7,007 2000 Oct-15 Newport Village 127,600 55,283 177,454 232,737 8,082 55,376 185,443 240,819 14,724 1968 Oct-15 METROPOLITAN, D.C. 272,919 345,666 1,307,924 1,653,590 488,423 407,816 1,734,197 2,142,013 506,653 Gayton Pointe Townhomes — 826 5,148 5,974 30,124 3,509 32,589 36,098 28,530 2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 8,457 2,394 21,146 23,540 14,529 1987 Sep-97 Carriage Homes at Wyndham — 474 30,997 31,471 8,455 3,912 36,014 39,926 25,281 1998 Nov-03 Legacy at Mayland 33,850 1,979 11,524 13,503 30,706 5,027 39,182 44,209 33,519 1969/2007 Dec-91 RICHMOND, VA 33,850 5,123 60,908 66,031 77,742 14,842 128,931 143,773 101,859 Calvert’s Walk — 4,408 24,692 29,100 7,732 4,884 31,948 36,832 21,879 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 8,131 12,224 53,247 65,471 27,526 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 1,647 4,762 42,184 46,946 15,168 2009 Aug-10 BALTIMORE, MD — 20,827 110,912 131,739 17,510 21,870 127,379 149,249 64,573 TOTAL MID-ATLANTIC REGION 306,769 371,616 1,479,744 1,851,360 583,675 444,528 1,990,507 2,435,035 673,085 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 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 12,581 41,571 231,425 272,996 66,557 2005 Apr-11 21 Chelsea — 36,399 107,154 143,553 13,109 36,416 120,246 156,662 35,335 2001 Aug-11 View 34 — 114,410 324,920 439,330 99,494 115,037 423,787 538,824 126,818 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 8,793 57,972 274,713 332,685 88,704 2008 Aug-11 NEW YORK, NY — 249,878 917,312 1,167,190 133,977 250,996 1,050,171 1,301,167 317,414 Garrison Square — 5,591 91,027 96,618 8,718 5,637 99,699 105,336 35,663 1887/1990 Sep-10 Ridge at Blue Hills 25,000 6,039 34,869 40,908 2,443 6,184 37,167 43,351 13,499 2007 Sep-10 Inwood West 53,350 20,778 88,096 108,874 7,622 19,429 97,067 116,496 32,202 2006 Apr-11 14 North — 10,961 51,175 62,136 7,672 11,094 58,714 69,808 20,723 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 201,018 24,585 201,017 225,602 17,906 2015 Dec-15 BOSTON, MA 78,350 67,953 265,167 333,120 227,473 66,929 493,664 560,593 119,993 TOTAL NORTHEAST REGION 78,350 317,831 1,182,479 1,500,310 361,450 317,925 1,543,835 1,861,760 437,407 SOUTHEAST REGION Seabrook — 1,846 4,155 6,001 9,101 2,895 12,207 15,102 10,007 2004 Feb-96 Altamira Place — 1,533 11,076 12,609 21,216 3,582 30,243 33,825 26,714 2007 Apr-94 Regatta Shore — 757 6,608 7,365 16,628 2,136 21,857 23,993 18,267 2007 Jun-94 Alafaya Woods — 1,653 9,042 10,695 9,937 2,564 18,068 20,632 13,996 2006 Oct-94 Los Altos — 2,804 12,349 15,153 11,697 4,163 22,687 26,850 16,290 2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 10,614 2,943 18,495 21,438 12,784 2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 7,505 1,751 13,534 15,285 9,586 2004 Oct-97 Ashton Waterford — 3,872 17,538 21,410 4,982 4,317 22,075 26,392 14,743 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 13,579 7,355 25,776 33,131 20,595 2007 Aug-06 ORLANDO, FL — 22,624 88,765 111,389 105,259 31,706 184,942 216,648 142,982 Legacy Hill — 1,148 5,867 7,015 9,351 1,882 14,484 16,366 11,674 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 11,462 2,216 22,299 24,515 15,071 1989 Dec-95 Carrington Hills — 2,117 — 2,117 35,400 4,577 32,940 37,517 22,595 1999 Dec-95 Brookridge — 708 5,461 6,169 5,621 1,283 10,507 11,790 7,439 1986 Mar-96 Breckenridge — 766 7,714 8,480 5,109 1,383 12,206 13,589 8,613 1986 Mar-97 Colonnade 16,331 1,460 16,015 17,475 6,397 1,997 21,875 23,872 13,150 1998 Jan-99 The Preserve at Brentwood 25,090 3,182 24,674 27,856 8,287 3,709 32,434 36,143 22,257 1998 Jun-04 Polo Park 23,550 4,583 16,293 20,876 16,798 5,781 31,893 37,674 23,980 2008 May-06 NASHVILLE, TN 64,971 15,433 87,608 103,041 98,425 22,828 178,638 201,466 124,779 Summit West — 2,176 4,710 6,886 10,042 3,617 13,311 16,928 11,632 1972 Dec-92 The Breyley — 1,780 2,458 4,238 17,938 3,642 18,534 22,176 17,716 2007 Sep-93 Lakewood Place — 1,395 10,647 12,042 10,793 2,794 20,041 22,835 15,279 1986 Mar-94 Cambridge Woods 12,450 1,791 7,166 8,957 9,729 2,760 15,926 18,686 11,947 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 16,397 9,505 37,744 47,249 28,569 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 8,897 11,699 44,925 56,624 30,408 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 16,470 15,111 45,633 60,744 25,145 2009 Jul-09 TAMPA, FL 12,450 32,324 122,652 154,976 90,266 49,128 196,114 245,242 140,696 The Reserve and Park at Riverbridge 39,787 15,968 56,401 72,369 11,036 16,721 66,684 83,405 43,050 1999/2001 Dec-04 OTHER FLORIDA 39,787 15,968 56,401 72,369 11,036 16,721 66,684 83,405 43,050 TOTAL SOUTHEAST REGION 117,208 86,349 355,426 441,775 304,986 120,383 626,378 746,761 451,507 SOUTHWEST REGION Thirty377 25,000 24,036 32,951 56,987 11,831 24,382 44,436 68,818 26,542 2007 Aug-06 Legacy Village 82,734 16,882 100,102 116,984 11,943 18,041 110,886 128,927 57,766 2005/06/07 Mar-08 Garden Oaks — 2,132 5,367 7,499 2,174 6,988 2,685 9,673 2,155 1979 Mar-07 Glenwood — 7,903 554 8,457 2,646 8,174 2,929 11,103 1,804 1970 May-07 Talisker of Addison — 10,440 634 11,074 3,085 10,882 3,277 14,159 2,261 1975 May-07 Springhaven — 6,688 3,354 10,042 1,889 8,387 3,544 11,931 2,717 1977 Apr-07 Clipper Pointe — 13,221 2,507 15,728 3,013 15,016 3,725 18,741 3,176 1978 May-07 DALLAS, TX 107,734 81,302 145,469 226,771 36,581 91,870 171,482 263,352 96,421 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 Barton Creek Landing — 3,151 14,269 17,420 23,150 5,071 35,499 40,570 24,964 2010 Mar-02 Residences at the Domain 36,299 4,034 55,256 59,290 9,946 4,285 64,951 69,236 29,516 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 2,602 5,409 19,923 25,332 6,870 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 1,854 4,378 18,493 22,871 6,168 2004 Apr-12 AUSTIN, TX 36,299 16,417 104,040 120,457 37,552 19,143 138,866 158,009 67,518 TOTAL SOUTHWEST REGION 144,033 97,719 249,509 347,228 74,133 111,013 310,348 421,361 163,939 TOTAL OPERATING COMMUNITIES 1,134,478 1,697,922 5,025,744 6,723,666 2,416,305 1,903,717 7,236,254 9,139,971 2,902,686 REAL ESTATE UNDER DEVELOPMENT The Residences at Pacific City — 78,085 — 78,085 156,190 78,085 156,190 234,275 — 345Harrison Street — 32,938 — 32,938 75,069 32,943 75,064 108,007 — TOTAL REAL ESTATE UNDER DEVELOPMENT — 111,023 — 111,023 231,259 111,028 231,254 342,282 — LAND Waterside — 11,862 — 11,862 222 12,084 — 12,084 309 7 Harcourt — 884 — 884 5,530 804 5,610 6,414 — Vitruvian Park ® — 4,325 — 4,325 9,208 11,326 2,207 13,533 2,175 Wilshire at LaJolla — 31,105 — 31,105 112 31,217 — 31,217 — Dublin Land — 8,922 — 8,922 259 8,922 259 9,181 — TOTAL LAND — 57,098 — 57,098 15,331 64,353 8,076 72,429 2,484 HELD FOR DISPOSITION Hanover Village — 1,624 — 1,624 — 1,104 520 1,624 553 TOTAL HELD FOR DISPOSITION — 1,624 — 1,624 — 1,104 520 1,624 553 COMMERCIAL Circle Towers Office Bldg — 1,407 — 1,407 6,110 1,380 6,137 7,517 3,138 Brookhaven Shopping Center — 4,943 — 4,943 17,363 7,793 14,513 22,306 13,321 TOTAL COMMERCIAL — 6,350 — 6,350 23,473 9,173 20,650 29,823 16,459 Other (b) — — — — 5,011 — 5,011 5,011 74 1745 Shea Center I — 3,034 20,534 23,568 1,045 3,034 21,579 24,613 1,369 TOTAL CORPORATE — 3,034 20,534 23,568 6,056 3,034 26,590 29,624 1,443 TOTAL COMMERCIAL & CORPORATE — 9,384 20,534 29,918 29,529 12,207 47,240 59,447 17,902 Deferred Financing Costs $ (3,620 ) TOTAL REAL ESTATE OWNED $ 1,130,858 $ 1,877,051 $ 5,046,278 $ 6,923,329 $ 2,692,424 $ 2,092,409 $ 7,523,344 $ 9,615,753 $ 2,923,625 (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 $8.7 billion at December 31, 2016 ( unaudited ). 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) : 2016 2015 2014 Balance at beginning of the year $ 9,190,276 $ 8,383,259 $ 8,207,977 Real estate acquired 324,104 906,446 231,225 Capital expenditures and development 339,813 203,183 326,461 Real estate sold (238,440 ) (301,920 ) (269,681 ) Real estate contributed to joint ventures — — (112,344 ) Impairment of assets, including casualty-related impairments — (692 ) (379 ) Balance at end of the year $ 9,615,753 $ 9,190,276 $ 8,383,259 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2016 2015 2014 Balance at beginning of the year $ 2,646,874 $ 2,434,772 $ 2,208,794 Depreciation expense for the year 398,904 364,622 356,673 Accumulated depreciation on sales (122,153 ) (152,520 ) (126,151 ) Accumulated depreciation on real estate contributed to joint ventures — — (4,228 ) Write off of accumulated depreciation on casualty-related impaired assets — — (316 ) Balance at end of year $ 2,923,625 $ 2,646,874 $ 2,434,772 |
Schedule III - Real Estate Owne
Schedule III - Real Estate Owned (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2016 | |
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 $ 17,240 $ 21,806 $ 44,448 $ 66,254 $ 29,331 2003 Jun-03 27 Seventy Five Mesa Verde 36,423 99,329 110,644 209,973 95,047 112,935 192,085 305,020 101,329 1972/2013 Oct-04 Pacific Shores 42,552 7,345 22,624 29,969 10,836 7,974 32,831 40,805 21,939 2003 Jun-03 Huntington Vista 36,980 8,055 22,486 30,541 12,778 9,047 34,272 43,319 21,224 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,098 10,951 6,505 17,456 4,506 1969 Dec-03 Eight 80 Newport Beach — North — 62,516 46,082 108,598 37,967 68,031 78,534 146,565 47,601 2000/2016 Oct-04 Eight 80 Newport Beach — South — 58,785 50,067 108,852 27,603 60,314 76,141 136,455 45,661 2000/2016 Mar-05 Vista Del Rey — 10,670 7,080 17,750 3,146 11,066 9,830 20,896 6,505 1969 Sep-04 Foxborough — 12,071 6,187 18,258 3,466 12,430 9,294 21,724 5,753 1969 Sep-04 1818 Platinum Triangle — 16,663 51,905 68,568 1,952 16,901 53,619 70,520 20,288 2009 Aug-10 Beach & Ocean — 12,878 — 12,878 38,796 13,017 38,657 51,674 5,327 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 126,243 25,071 126,172 151,243 27,388 2013 Oct-11 Los Alisos at Mission Viejo — 17,298 — 17,298 70,366 16,462 71,202 87,664 13,561 2014 Jun-04 ORANGE COUNTY, CA 177,005 351,315 359,742 711,057 448,538 386,005 773,590 1,159,595 350,413 2000 Post Street — 9,861 44,578 54,439 33,188 14,313 73,314 87,627 34,677 1987/2016 Dec-98 Birch Creek — 4,365 16,696 21,061 7,773 5,142 23,692 28,834 14,688 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 26,932 7,643 50,153 57,796 31,243 2010 Dec-98 Marina Playa — 6,224 23,916 30,140 10,927 7,080 33,987 41,067 20,789 1971 Dec-98 River Terrace 38,495 22,161 40,137 62,298 5,036 22,563 44,771 67,334 27,326 2005 Aug-05 CitySouth — 14,031 30,537 44,568 36,210 16,297 64,481 80,778 40,345 2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 5,490 11,479 17,014 28,493 10,240 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,136 5,758 29,290 35,048 16,838 2010 Oct-07 Edgewater — 30,657 83,872 114,529 9,876 30,701 93,704 124,405 44,392 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 6,923 886 49,146 50,032 24,602 1999 Jul-08 388 Beale — 14,253 74,104 88,357 7,927 14,319 81,965 96,284 26,324 1999 Apr-11 Channel Mission Bay — 23,625 — 23,625 129,282 23,683 129,224 152,907 24,083 2014 Sep-10 SAN FRANCISCO, CA 65,495 145,665 414,240 559,905 290,700 159,864 690,741 850,605 315,547 Crowne Pointe — 2,486 6,437 8,923 6,903 3,082 12,744 15,826 8,180 1987 Dec-98 Hilltop — 2,174 7,408 9,582 4,841 2,727 11,696 14,423 7,389 1985 Dec-98 The Hawthorne — 6,474 30,226 36,700 5,620 6,673 35,647 42,320 21,678 2003 Jul-05 The Kennedy — 6,179 22,307 28,486 2,479 6,280 24,685 30,965 14,674 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 4,338 7,009 35,099 42,108 17,826 2000 May-08 Island Square — 21,284 89,389 110,673 5,450 21,538 94,585 116,123 45,522 2007 Jul-08 Borgata — 6,379 24,569 30,948 5,049 6,418 29,579 35,997 14,416 2001/2016 May-07 elements too — 27,468 72,036 99,504 16,514 30,244 85,774 116,018 45,959 2010 Feb-10 989elements — 8,541 45,990 54,531 2,356 8,583 48,304 56,887 19,372 2006 Dec-09 Lightbox — 6,449 38,884 45,333 585 6,470 39,448 45,918 5,932 2014 Aug-14 Waterscape — 9,693 65,176 74,869 813 9,704 65,978 75,682 8,861 2014 Sep-14 Ashton Bellevue 50,059 8,287 124,939 133,226 186 8,353 125,059 133,412 1,685 2009 Oct-16 TEN20 29,518 5,247 76,587 81,834 386 5,291 76,929 82,220 1,039 2009 Oct-16 Milehouse — 5,976 63,041 69,017 18 5,976 63,059 69,035 596 2016 Nov-16 SEATTLE, WA 79,577 123,485 697,911 821,396 55,538 128,348 748,586 876,934 213,129 Rosebeach — 8,414 17,449 25,863 4,070 8,787 21,146 29,933 13,517 1970 Sep-04 Tierra Del Rey 43,078 39,586 36,679 76,265 4,236 39,696 40,805 80,501 21,234 1999 Dec-07 The Westerly 67,700 48,182 102,364 150,546 38,235 50,796 137,985 188,781 57,413 2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 91,599 61,549 85,701 147,250 37,031 2008 Sep-07 LOS ANGELES, CA 110,778 151,833 156,492 308,325 138,140 160,828 285,637 446,465 129,195 Boronda Manor — 1,946 8,982 10,928 9,967 3,232 17,663 20,895 9,879 1979 Dec-98 Garden Court — 888 4,188 5,076 5,655 1,600 9,131 10,731 5,338 1973 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 Cambridge Court — 3,039 12,883 15,922 15,744 5,407 26,259 31,666 14,911 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,293 2,223 10,489 12,712 6,008 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 28,743 10,139 48,846 58,985 26,688 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,487 3,345 17,214 20,559 9,874 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 6,794 2,236 11,221 13,457 6,145 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 83,683 28,182 140,823 169,005 78,843 Verano at Rancho Cucamonga Town Square 55,263 13,557 3,645 17,202 54,509 23,290 48,421 71,711 36,766 2006 Oct-02 Windemere at Sycamore Highland — 5,810 23,450 29,260 3,331 6,168 26,423 32,591 18,455 2001 Nov-02 Villas at Carlsbad — 6,517 10,718 17,235 3,354 6,819 13,770 20,589 8,416 1966 Oct-04 OTHER SOUTHERN CA 55,263 25,884 37,813 63,697 61,194 36,277 88,614 124,891 63,637 Tualatin Heights — 3,273 9,134 12,407 7,115 3,881 15,641 19,522 10,794 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,153 6,483 21,554 28,037 15,190 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 14,268 10,364 37,195 47,559 25,984 TOTAL WEST REGION 488,118 824,407 1,758,586 2,582,993 1,092,061 909,868 2,765,186 3,675,054 1,176,748 MID-ATLANTIC REGION Dominion Middle Ridge 21,478 3,311 13,283 16,594 7,077 3,891 19,780 23,671 14,646 1990 Jun-96 Dominion Lake Ridge — 2,366 8,387 10,753 7,978 2,918 15,813 18,731 10,993 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 10,556 11,705 28,879 40,584 21,082 1938 May-02 The Whitmore — 6,418 13,411 19,829 21,313 7,505 33,637 41,142 24,435 2008 Apr-02 Ridgewood — 5,612 20,086 25,698 9,418 6,087 29,029 35,116 21,187 1988 Aug-02 DelRay Tower — 297 12,786 13,083 113,740 9,484 117,339 126,823 17,547 2014 Jan-08 Waterside Towers — 1,139 49,657 50,796 21,756 36,485 36,067 72,552 22,610 1971 Dec-03 Wellington Place at Olde Town 31,373 13,753 36,059 49,812 18,201 14,770 53,243 68,013 36,833 2008 Sep-05 Andover House — 14,357 51,577 65,934 4,506 14,401 56,039 70,440 31,072 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 8,368 1,510 111,671 113,181 58,412 2007 Dec-07 Circle Towers — 32,815 107,051 139,866 17,054 33,425 123,495 156,920 61,100 1972 Mar-08 Delancey at Shirlington — 21,606 66,765 88,371 3,286 21,636 70,021 91,657 34,684 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 4,157 5,721 102,087 107,808 31,753 2009 Jun-11 Signal Hill — 13,290 — 13,290 70,271 25,499 58,062 83,561 29,152 2010 Mar-07 Capitol View on 14th — 31,393 — 31,393 94,799 31,395 94,797 126,192 23,793 2013 Sep-07 Domain College Park — 7,300 — 7,300 58,381 7,335 58,346 65,681 11,780 2014 Jun-11 1200 East West — 9,748 68,022 77,770 890 9,750 68,910 78,660 4,679 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 1,495 27,752 113,370 141,122 8,987 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 1,156 15,576 108,685 124,261 7,427 2014 Oct-15 Arbor Park of Alexandria 92,468 50,881 159,728 210,609 1,273 50,881 161,001 211,882 12,750 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 4,666 14,714 88,483 103,197 7,007 2000 Oct-15 Newport Village 127,600 55,283 177,454 232,737 8,082 55,376 185,443 240,819 14,724 1968 Oct-15 METROPOLITAN, D.C. 272,919 345,666 1,307,924 1,653,590 488,423 407,816 1,734,197 2,142,013 506,653 Gayton Pointe Townhomes — 826 5,148 5,974 30,124 3,509 32,589 36,098 28,530 2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 8,457 2,394 21,146 23,540 14,529 1987 Sep-97 Carriage Homes at Wyndham — 474 30,997 31,471 8,455 3,912 36,014 39,926 25,281 1998 Nov-03 Legacy at Mayland 33,850 1,979 11,524 13,503 30,706 5,027 39,182 44,209 33,519 1969/2007 Dec-91 RICHMOND, VA 33,850 5,123 60,908 66,031 77,742 14,842 128,931 143,773 101,859 Calvert’s Walk — 4,408 24,692 29,100 7,732 4,884 31,948 36,832 21,879 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 8,131 12,224 53,247 65,471 27,526 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 1,647 4,762 42,184 46,946 15,168 2009 Aug-10 BALTIMORE, MD — 20,827 110,912 131,739 17,510 21,870 127,379 149,249 64,573 TOTAL MID-ATLANTIC REGION 306,769 371,616 1,479,744 1,851,360 583,675 444,528 1,990,507 2,435,035 673,085 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 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 12,581 41,571 231,425 272,996 66,557 2005 Apr-11 21 Chelsea — 36,399 107,154 143,553 13,109 36,416 120,246 156,662 35,335 2001 Aug-11 View 34 — 114,410 324,920 439,330 99,494 115,037 423,787 538,824 126,818 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 8,793 57,972 274,713 332,685 88,704 2008 Aug-11 NEW YORK, NY — 249,878 917,312 1,167,190 133,977 250,996 1,050,171 1,301,167 317,414 Garrison Square — 5,591 91,027 96,618 8,718 5,637 99,699 105,336 35,663 1887/1990 Sep-10 Ridge at Blue Hills 25,000 6,039 34,869 40,908 2,443 6,184 37,167 43,351 13,499 2007 Sep-10 Inwood West 53,350 20,778 88,096 108,874 7,622 19,429 97,067 116,496 32,202 2006 Apr-11 14 North — 10,961 51,175 62,136 7,672 11,094 58,714 69,808 20,723 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 201,018 24,585 201,017 225,602 17,906 2015 Dec-15 BOSTON, MA 78,350 67,953 265,167 333,120 227,473 66,929 493,664 560,593 119,993 TOTAL NORTHEAST REGION 78,350 317,831 1,182,479 1,500,310 361,450 317,925 1,543,835 1,861,760 437,407 SOUTHEAST REGION Seabrook — 1,846 4,155 6,001 9,101 2,895 12,207 15,102 10,007 2004 Feb-96 Altamira Place — 1,533 11,076 12,609 21,216 3,582 30,243 33,825 26,714 2007 Apr-94 Regatta Shore — 757 6,608 7,365 16,628 2,136 21,857 23,993 18,267 2007 Jun-94 Alafaya Woods — 1,653 9,042 10,695 9,937 2,564 18,068 20,632 13,996 2006 Oct-94 Los Altos — 2,804 12,349 15,153 11,697 4,163 22,687 26,850 16,290 2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 10,614 2,943 18,495 21,438 12,784 2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 7,505 1,751 13,534 15,285 9,586 2004 Oct-97 Ashton Waterford — 3,872 17,538 21,410 4,982 4,317 22,075 26,392 14,743 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 13,579 7,355 25,776 33,131 20,595 2007 Aug-06 ORLANDO, FL — 22,624 88,765 111,389 105,259 31,706 184,942 216,648 142,982 Legacy Hill — 1,148 5,867 7,015 9,351 1,882 14,484 16,366 11,674 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 11,462 2,216 22,299 24,515 15,071 1989 Dec-95 Carrington Hills — 2,117 — 2,117 35,400 4,577 32,940 37,517 22,595 1999 Dec-95 Brookridge — 708 5,461 6,169 5,621 1,283 10,507 11,790 7,439 1986 Mar-96 Breckenridge — 766 7,714 8,480 5,109 1,383 12,206 13,589 8,613 1986 Mar-97 Colonnade 16,331 1,460 16,015 17,475 6,397 1,997 21,875 23,872 13,150 1998 Jan-99 The Preserve at Brentwood 25,090 3,182 24,674 27,856 8,287 3,709 32,434 36,143 22,257 1998 Jun-04 Polo Park 23,550 4,583 16,293 20,876 16,798 5,781 31,893 37,674 23,980 2008 May-06 NASHVILLE, TN 64,971 15,433 87,608 103,041 98,425 22,828 178,638 201,466 124,779 Summit West — 2,176 4,710 6,886 10,042 3,617 13,311 16,928 11,632 1972 Dec-92 The Breyley — 1,780 2,458 4,238 17,938 3,642 18,534 22,176 17,716 2007 Sep-93 Lakewood Place — 1,395 10,647 12,042 10,793 2,794 20,041 22,835 15,279 1986 Mar-94 Cambridge Woods 12,450 1,791 7,166 8,957 9,729 2,760 15,926 18,686 11,947 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 16,397 9,505 37,744 47,249 28,569 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 8,897 11,699 44,925 56,624 30,408 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 16,470 15,111 45,633 60,744 25,145 2009 Jul-09 TAMPA, FL 12,450 32,324 122,652 154,976 90,266 49,128 196,114 245,242 140,696 The Reserve and Park at Riverbridge 39,787 15,968 56,401 72,369 11,036 16,721 66,684 83,405 43,050 1999/2001 Dec-04 OTHER FLORIDA 39,787 15,968 56,401 72,369 11,036 16,721 66,684 83,405 43,050 TOTAL SOUTHEAST REGION 117,208 86,349 355,426 441,775 304,986 120,383 626,378 746,761 451,507 SOUTHWEST REGION Thirty377 25,000 24,036 32,951 56,987 11,831 24,382 44,436 68,818 26,542 2007 Aug-06 Legacy Village 82,734 16,882 100,102 116,984 11,943 18,041 110,886 128,927 57,766 2005/06/07 Mar-08 Garden Oaks — 2,132 5,367 7,499 2,174 6,988 2,685 9,673 2,155 1979 Mar-07 Glenwood — 7,903 554 8,457 2,646 8,174 2,929 11,103 1,804 1970 May-07 Talisker of Addison — 10,440 634 11,074 3,085 10,882 3,277 14,159 2,261 1975 May-07 Springhaven — 6,688 3,354 10,042 1,889 8,387 3,544 11,931 2,717 1977 Apr-07 Clipper Pointe — 13,221 2,507 15,728 3,013 15,016 3,725 18,741 3,176 1978 May-07 DALLAS, TX 107,734 81,302 145,469 226,771 36,581 91,870 171,482 263,352 96,421 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 Barton Creek Landing — 3,151 14,269 17,420 23,150 5,071 35,499 40,570 24,964 2010 Mar-02 Residences at the Domain 36,299 4,034 55,256 59,290 9,946 4,285 64,951 69,236 29,516 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 2,602 5,409 19,923 25,332 6,870 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 1,854 4,378 18,493 22,871 6,168 2004 Apr-12 AUSTIN, TX 36,299 16,417 104,040 120,457 37,552 19,143 138,866 158,009 67,518 TOTAL SOUTHWEST REGION 144,033 97,719 249,509 347,228 74,133 111,013 310,348 421,361 163,939 TOTAL OPERATING COMMUNITIES 1,134,478 1,697,922 5,025,744 6,723,666 2,416,305 1,903,717 7,236,254 9,139,971 2,902,686 REAL ESTATE UNDER DEVELOPMENT The Residences at Pacific City — 78,085 — 78,085 156,190 78,085 156,190 234,275 — 345Harrison Street — 32,938 — 32,938 75,069 32,943 75,064 108,007 — TOTAL REAL ESTATE UNDER DEVELOPMENT — 111,023 — 111,023 231,259 111,028 231,254 342,282 — LAND Waterside — 11,862 — 11,862 222 12,084 — 12,084 309 7 Harcourt — 884 — 884 5,530 804 5,610 6,414 — Vitruvian Park ® — 4,325 — 4,325 9,208 11,326 2,207 13,533 2,175 Wilshire at LaJolla — 31,105 — 31,105 112 31,217 — 31,217 — Dublin Land — 8,922 — 8,922 259 8,922 259 9,181 — TOTAL LAND — 57,098 — 57,098 15,331 64,353 8,076 72,429 2,484 HELD FOR DISPOSITION Hanover Village — 1,624 — 1,624 — 1,104 520 1,624 553 TOTAL HELD FOR DISPOSITION — 1,624 — 1,624 — 1,104 520 1,624 553 COMMERCIAL Circle Towers Office Bldg — 1,407 — 1,407 6,110 1,380 6,137 7,517 3,138 Brookhaven Shopping Center — 4,943 — 4,943 17,363 7,793 14,513 22,306 13,321 TOTAL COMMERCIAL — 6,350 — 6,350 23,473 9,173 20,650 29,823 16,459 Other (b) — — — — 5,011 — 5,011 5,011 74 1745 Shea Center I — 3,034 20,534 23,568 1,045 3,034 21,579 24,613 1,369 TOTAL CORPORATE — 3,034 20,534 23,568 6,056 3,034 26,590 29,624 1,443 TOTAL COMMERCIAL & CORPORATE — 9,384 20,534 29,918 29,529 12,207 47,240 59,447 17,902 Deferred Financing Costs $ (3,620 ) TOTAL REAL ESTATE OWNED $ 1,130,858 $ 1,877,051 $ 5,046,278 $ 6,923,329 $ 2,692,424 $ 2,092,409 $ 7,523,344 $ 9,615,753 $ 2,923,625 (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 $8.7 billion at December 31, 2016 ( unaudited ). 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) : 2016 2015 2014 Balance at beginning of the year $ 9,190,276 $ 8,383,259 $ 8,207,977 Real estate acquired 324,104 906,446 231,225 Capital expenditures and development 339,813 203,183 326,461 Real estate sold (238,440 ) (301,920 ) (269,681 ) Real estate contributed to joint ventures — — (112,344 ) Impairment of assets, including casualty-related impairments — (692 ) (379 ) Balance at end of the year $ 9,615,753 $ 9,190,276 $ 8,383,259 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2016 2015 2014 Balance at beginning of the year $ 2,646,874 $ 2,434,772 $ 2,208,794 Depreciation expense for the year 398,904 364,622 356,673 Accumulated depreciation on sales (122,153 ) (152,520 ) (126,151 ) Accumulated depreciation on real estate contributed to joint ventures — — (4,228 ) Write off of accumulated depreciation on casualty-related impaired assets — — (316 ) Balance at end of year $ 2,923,625 $ 2,646,874 $ 2,434,772 |
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 $ 17,240 $ 21,806 $ 44,448 $ 66,254 $ 29,331 2003 Jun-03 27 Seventy Five Mesa Verde 36,423 99,329 110,644 209,973 95,047 112,935 192,085 305,020 101,329 1972/2013 Oct-04 Pacific Shores 42,552 7,345 22,624 29,969 10,836 7,974 32,831 40,805 21,939 2003 Jun-03 Huntington Vista 36,980 8,055 22,486 30,541 12,778 9,047 34,272 43,319 21,224 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,098 10,951 6,505 17,456 4,506 1969 Dec-03 Coronado at Newport — North — 62,516 46,082 108,598 37,967 68,031 78,534 146,565 47,601 2000/2016 Oct-04 Vista Del Rey — 10,670 7,080 17,750 3,146 11,066 9,830 20,896 6,505 1969 Sep-04 Coronado South — 58,785 50,067 108,852 27,603 60,314 76,141 136,455 45,661 2000/2016 Mar-05 ORANGE COUNTY, CA 177,005 267,405 301,650 569,055 207,715 302,124 474,646 776,770 278,096 2000 Post Street — 9,861 44,578 54,439 20,657 11,021 64,075 75,096 28,006 1987/2016 Dec-98 Birch Creek — 4,365 16,696 21,061 7,773 5,142 23,692 28,834 14,688 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 26,932 7,643 50,153 57,796 31,243 2010 Dec-98 Marina Playa — 6,224 23,916 30,140 10,927 7,080 33,987 41,067 20,789 1971 Dec-98 River Terrace 38,493 22,161 40,137 62,298 5,036 22,563 44,771 67,334 27,326 2005 Aug-05 CitySouth — 14,031 30,537 44,568 36,210 16,297 64,481 80,778 40,345 2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 5,490 11,479 17,014 28,493 10,240 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,136 5,758 29,290 35,048 16,838 2010 Oct-07 Edgewater — 30,657 83,872 114,529 9,876 30,701 93,704 124,405 44,392 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 6,923 886 49,146 50,032 24,602 1999 Jul-08 SAN FRANCISCO, CA 65,493 107,787 340,136 447,923 140,960 118,570 470,313 588,883 258,469 Crowne Pointe — 2,486 6,437 8,923 6,903 3,082 12,744 15,826 8,180 1987 Dec-98 Hilltop — 2,174 7,408 9,582 4,841 2,727 11,696 14,423 7,389 1985 Dec-98 The Kennedy — 6,179 22,307 28,486 2,479 6,280 24,685 30,965 14,674 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 4,338 7,009 35,099 42,108 17,826 2000 May-08 Island Square — 21,284 89,389 110,673 5,450 21,538 94,585 116,123 45,522 2007 Jul-08 SEATTLE, WA — 38,971 156,463 195,434 24,011 40,636 178,809 219,445 93,591 Rosebeach — 8,414 17,449 25,863 4,070 8,787 21,146 29,933 13,517 1970 Sep-04 Tierra Del Rey 43,078 39,586 36,679 76,265 4,236 39,696 40,805 80,501 21,234 1999 Dec-07 LOS ANGELES, CA 43,078 48,000 54,128 102,128 8,306 48,483 61,951 110,434 34,751 Boronda Manor — 1,946 8,982 10,928 9,967 3,232 17,663 20,895 9,879 1979 Dec-98 Garden Court — 888 4,188 5,076 5,655 1,600 9,131 10,731 5,338 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 15,744 5,407 26,259 31,666 14,911 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,293 2,223 10,489 12,712 6,008 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 28,743 10,139 48,846 58,985 26,688 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,487 3,345 17,214 20,559 9,874 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 6,794 2,236 11,221 13,457 6,145 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 83,683 28,182 140,823 169,005 78,843 Verano at Rancho Cucamonga Town Square 55,263 13,557 3,645 17,202 54,509 23,290 48,421 71,711 36,766 2006 Oct-02 Villas at Carlsbad — 6,517 10,718 17,235 3,354 6,819 13,770 20,589 8,416 1966 Oct-04 OTHER SOUTHERN CA 55,263 20,074 14,363 34,437 57,863 30,109 62,191 92,300 45,182 Tualatin Heights — 3,273 9,134 12,407 7,115 3,881 15,641 19,522 10,794 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,153 6,483 21,554 28,037 15,190 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 14,268 10,364 37,195 47,559 25,984 TOTAL WEST REGION 340,839 508,462 959,128 1,467,590 536,806 578,468 1,425,928 2,004,396 814,916 MID-ATLANTIC REGION Ridgewood — 5,612 20,086 25,698 9,418 6,087 29,029 35,116 21,187 1988 Aug-02 DelRey Tower — 297 12,786 13,083 113,740 9,484 117,339 126,823 17,547 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 31,373 13,753 36,059 49,812 18,201 14,770 53,243 68,013 36,833 2008 Sep-05 Andover House — 14,357 51,577 65,934 4,506 14,401 56,039 70,440 31,072 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 8,303 1,510 111,606 113,116 58,347 2007 Dec-07 Courts at Huntington Station — 27,749 111,878 139,627 1,495 27,752 113,370 141,122 8,987 2011 Oct-15 METROPOLITAN D.C. 31,373 62,905 336,062 398,967 155,663 74,004 480,626 554,630 173,973 Calvert’s Walk — 4,408 24,692 29,100 7,732 4,884 31,948 36,832 21,879 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 8,131 12,224 53,247 65,471 27,526 2003 Mar-08 BALTIMORE, MD — 16,158 70,282 86,440 15,863 17,108 85,195 102,303 49,405 TOTAL MID-ATLANTIC REGION 31,373 79,063 406,344 485,407 171,526 91,112 565,821 656,933 223,378 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 12,581 41,571 231,425 272,996 66,557 2005 Apr-11 95 Wall Street — 57,637 266,255 323,892 8,793 57,972 274,713 332,685 88,704 2008 Aug-11 NEW YORK, NY — 99,069 485,238 584,307 21,374 99,543 506,138 605,681 155,261 14 North — 10,961 51,175 62,136 7,672 11,094 58,714 69,808 20,723 2005 Apr-11 BOSTON, MA — 10,961 51,175 62,136 7,672 11,094 58,714 69,808 20,723 TOTAL NORTHEAST REGION — 110,030 536,413 646,443 29,046 110,637 564,852 675,489 175,984 SOUTHEAST REGION Legacy Hill — 1,148 5,867 7,015 9,351 1,882 14,484 16,366 11,674 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 11,462 2,216 22,299 24,515 15,071 1989 Dec-95 Carrington Hills — 2,117 — 2,117 35,400 4,577 32,940 37,517 22,595 1999 Dec-95 Brookridge — 708 5,461 6,169 5,621 1,283 10,507 11,790 7,439 1986 Mar-96 Breckenridge — 766 7,714 8,480 5,109 1,383 12,206 13,589 8,613 1986 Mar-97 Polo Park 23,550 4,583 16,293 20,876 16,798 5,781 31,893 37,674 23,980 2008 May-06 NASHVILLE, TN 23,550 10,791 46,919 57,710 83,741 17,122 124,329 141,451 89,372 Inlet Bay — 7,702 23,150 30,852 16,397 9,505 37,744 47,249 28,569 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 8,897 11,699 44,925 56,624 30,408 2001 Dec-04 TAMPA, FL — 18,571 60,008 78,579 25,294 21,204 82,669 103,873 58,977 The Reserve and Park at Riverbridge 39,787 15,968 56,401 72,369 11,036 16,721 66,684 83,405 43,050 1999/2001 Dec-04 OTHER FLORIDA 39,787 15,968 56,401 72,369 11,036 16,721 66,684 83,405 43,050 TOTAL SOUTHEAST REGION 63,337 45,330 163,328 208,658 120,071 55,047 273,682 328,729 191,399 TOTAL OPERATING COMMUNITIES 435,549 742,885 2,065,213 2,808,098 857,449 835,264 2,830,283 3,665,547 1,405,677 COMMERCIAL Circle Towers Office Bldg — 1,407 — 1,407 6,110 1,380 6,137 7,517 3,138 TOTAL COMMERCIAL — 1,407 — 1,407 6,110 1,380 6,137 7,517 3,138 Other (b) — — — — 1,640 — 1,640 1,640 — TOTAL CORPORATE — — — — 1,640 — 1,640 1,640 — TOTAL COMMERCIAL & CORPORATE — 1,407 — 1,407 7,750 1,380 7,777 9,157 3,138 Deferred Financing Costs $ (1,575 ) TOTAL REAL ESTATE OWNED $ 433,974 $ 744,292 $ 2,065,213 $ 2,809,505 $ 865,199 $ 836,644 $ 2,838,060 $ 3,674,704 $ 1,408,815 (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 $3.1 billion at December 31, 2016 ( unaudited ). 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 ): 2016 2015 2014 Balance at beginning of the year $ 3,630,905 $ 4,238,770 $ 4,188,480 Real estate acquired — 139,627 — Capital expenditures and development 71,720 61,196 91,682 Real estate sold (27,921 ) (180,069 ) (41,013 ) Real estate deconsolidated — (628,479 ) — Casualty-related impairment of assets — (140 ) (379 ) Balance at end of year $ 3,674,704 $ 3,630,905 $ 4,238,770 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2016 2015 2014 Balance at beginning of the year $ 1,281,258 $ 1,403,303 $ 1,241,574 Depreciation expense for the year 144,942 168,495 178,719 Accumulated depreciation on sales (17,385 ) (67,177 ) (16,674 ) Accumulated depreciation on property deconsolidated — (223,363 ) — Write off of accumulated depreciation on casualty-related impaired assets — — (316 ) Balance at end of year $ 1,408,815 $ 1,281,258 $ 1,403,303 |
Significant Accounting Polici47
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for the Company on January 1, 2018; early adoption is permitted. The ASU will be applied prospectively to any transactions occurring within the period of adoption. The Company expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented; early adoption is permitted. The Company does not expect the updated standard to have a material impact on the consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . The ASU addresses specific cash flow items with the objective of reducing existing diversity in practice, including the treatment of distributions received from equity method investees. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented; early adoption is permitted. The Company elected to early adopt ASU 2016-15 in 2016 and elected to classify distributions received from equity method investees using the cumulative earnings approach. As a result, for the years ended December 31, 2015 and 2014, the following amounts classified under the adopted ASU as returns on investment in unconsolidated joint ventures were reclassified on the Consolidated Statements of Cash Flow (in thousands) : Year Ended December 31, 2015 2014 Return on investment in unconsolidated joint ventures - as previously presented $ — $ — Return on investment in unconsolidated joint ventures 27,012 4,943 Return on investment in unconsolidated joint ventures - as presented herein $ 27,012 $ 4,943 Distributions received from unconsolidated joint ventures - as previously presented $ 59,291 $ 59,199 Return on investment in unconsolidated joint ventures (27,012 ) (4,943 ) Distributions received from unconsolidated joint ventures - as presented herein $ 32,279 $ 54,256 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020; early adoption is permitted on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting . The ASU aims to simplify the accounting for share-based payments by amending the accounting for forfeitures, statutory tax withholding requirements, classification in the statements of cash flow and income taxes. The updated standard was effective for the Company on January 1, 2017, at which time the Company prospectively began accounting for forfeitures as incurred and began applying the updated rules for statutory withholdings. The adoption did not have a material impact on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Company on January 1, 2019, with early adoption permitted. While the Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to recognize right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases on any communities where we are the lessee. 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 was effective for the Company beginning on January 1, 2016. The adoption of the new standard did not 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 and DownREIT Partnership became VIEs as the limited partners of these entities lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and continues to consolidate, the entities determined to be VIEs. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method and will be effective for the Company on January 1, 2018, at which time the Company expects to adopt the updated standard using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the Company does not expect the ASU to have a material impact on the consolidated financial statements and related disclosures. |
Real estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition 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 disposition 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 disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. 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, 2016 , 2015 , and 2014 were $7.9 million , $6.3 million and $9.0 million , respectively. During the years ended December 31, 2016 , 2015 , and 2014 , total interest capitalized was $16.5 million , $16.1 million , and $20.2 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, 2016 and 2015 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, Note due February 2020 (a) 10.00 % $ 12,994 $ 12,994 Note due July 2017 (b) 8.00 % 2,500 2,500 Note due October 2020 (c) 8.00 % 1,296 1,200 Note due April 2021 (d) 10.00 % 3,000 — Total notes receivable, net $ 19,790 $ 16,694 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $13.0 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 eighth anniversary of the date of the note (February 2020). In March 2016, the terms of this secured note receivable were amended to extend the maturity from the fifth anniversary of the date of the note (February 2017) to the eighth anniversary of the date of the note (February 2020). (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million . Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (July 2017). (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million . Interest payments are due when the loan matures. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $10.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (October 2020). (d) In April 2016, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $15.0 million . During the year ended December 31, 2016 , the Company loaned $3.0 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 $25.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the fifth anniversary of the date of the note (April 2021). During the years ended December 31, 2016 , 2015 , and 2014 , the Company recognized $1.8 million , $1.5 million and $3.4 million , respectively, of interest income from notes receivable, none of which was related party interest income. Interest income is included in Interest income and other income/(expense), net on the Consolidated Statements of Operations. |
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, 2016 , 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, 2016 and 2015 , UDR’s net deferred tax asset was $0.6 million and $11.8 million , respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely 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, 2016 . UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2013 through 2015 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax benefit/(provision), net on the Consolidated Statements of Operations. |
Discontinued operations | Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. |
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 Property operating and maintenance . During the years ended December 31, 2016 , 2015 , and 2014 , total advertising expense was $6.4 million , $6.4 million , and $6.0 million , respectively. |
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, 2016 , 2015 , and 2014 , the Company's other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 14, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2016 , 2015 , and 2014 was $0.1 million , $(0.3) million , and $(0.1) 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, 2016 , 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 Polici48
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business. The ASU changes the definition of a business to assist entities with evaluating whether a set of transferred assets is a business. As a result, the accounting for acquisitions of real estate could be impacted. The updated standard will be effective for the Company on January 1, 2018; early adoption is permitted. The ASU will be applied prospectively to any transactions occurring within the period of adoption. The Company expects that the updated standard will result in fewer acquisitions of real estate meeting the definition of a business and fewer acquisition-related costs being expensed in the period incurred. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash . The ASU addresses the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented; early adoption is permitted. The Company does not expect the updated standard to have a material impact on the consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments . The ASU addresses specific cash flow items with the objective of reducing existing diversity in practice, including the treatment of distributions received from equity method investees. The updated standard will be effective for the Company on January 1, 2018 and must be applied retrospectively to all periods presented; early adoption is permitted. The Company elected to early adopt ASU 2016-15 in 2016 and elected to classify distributions received from equity method investees using the cumulative earnings approach. As a result, for the years ended December 31, 2015 and 2014, the following amounts classified under the adopted ASU as returns on investment in unconsolidated joint ventures were reclassified on the Consolidated Statements of Cash Flow (in thousands) : Year Ended December 31, 2015 2014 Return on investment in unconsolidated joint ventures - as previously presented $ — $ — Return on investment in unconsolidated joint ventures 27,012 4,943 Return on investment in unconsolidated joint ventures - as presented herein $ 27,012 $ 4,943 Distributions received from unconsolidated joint ventures - as previously presented $ 59,291 $ 59,199 Return on investment in unconsolidated joint ventures (27,012 ) (4,943 ) Distributions received from unconsolidated joint ventures - as presented herein $ 32,279 $ 54,256 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments . The standard requires entities to estimate a lifetime expected credit loss for most financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and to present the net amount of the financial instrument expected to be collected. The updated standard will be effective for the Company on January 1, 2020; early adoption is permitted on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on the consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718), Improvements to Employee Share-Based Payment Accounting . The ASU aims to simplify the accounting for share-based payments by amending the accounting for forfeitures, statutory tax withholding requirements, classification in the statements of cash flow and income taxes. The updated standard was effective for the Company on January 1, 2017, at which time the Company prospectively began accounting for forfeitures as incurred and began applying the updated rules for statutory withholdings. The adoption did not have a material impact on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases . The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. Full retrospective application is prohibited. The standard will be effective for the Company on January 1, 2019, with early adoption permitted. While the Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures, we expect to recognize right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases on any communities where we are the lessee. 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 was effective for the Company beginning on January 1, 2016. The adoption of the new standard did not 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 and DownREIT Partnership became VIEs as the limited partners of these entities lack substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and continues to consolidate, the entities determined to be VIEs. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers . The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective, including industry-specific revenue guidance. The standard specifically excludes lease contracts. The ASU allows for the use of either the full or modified retrospective transition method and will be effective for the Company on January 1, 2018, at which time the Company expects to adopt the updated standard using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the Company does not expect the ASU to have a material impact on the consolidated financial statements and related disclosures. |
Real estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. In determining whether the Company has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition 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 disposition 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 disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. 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, 2016 , 2015 , and 2014 were $7.9 million , $6.3 million and $9.0 million , respectively. During the years ended December 31, 2016 , 2015 , and 2014 , total interest capitalized was $16.5 million , $16.1 million , and $20.2 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 In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned, net of tax on the Consolidated Statements of Operations. |
Income 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, 2016 and 2015 , UDR’s net deferred tax asset was $0.6 million and $11.8 million , respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely 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, 2016 . UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2013 through 2015 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax benefit/(provision), net on the Consolidated Statements of Operations. |
Advertising costs | Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance . During the years ended December 31, 2016 , 2015 , and 2014 , total advertising expense was $6.4 million , $6.4 million , and $6.0 million , respectively. |
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, 2016 , 2015 , and 2014 , the Company's other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 14, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2016 , 2015 , and 2014 was $0.1 million , $(0.3) million , and $(0.1) 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, 2016 , the Company held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; Metropolitan D.C. and New York, New York markets. |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
Real estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. The Operating Partnership purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Operating Partnership estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are expensed as incurred. Quarterly or when changes in circumstances warrant, the Operating Partnership will assess our real estate properties for indicators of impairment. In determining whether the Operating Partnership has indicators of impairment in our real estate assets, we assess whether the long-lived asset’s carrying value exceeds the community’s undiscounted future cash flows, which is representative of projected net operating income (“NOI”) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair market value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates and capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition 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 disposition 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 disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. 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, 2016 , 2015 , and 2014 were $0.6 million , $0.7 million , and $2.0 million , respectively. During the years ended December 31, 2016 , 2015 , and 2014 , total interest capitalized was $0.2 million , $0.2 million , and $2.9 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/(loss) 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. |
Revenue and real estate sales gain recognition | Revenue and Real Estate Sales Gain Recognition Rental income related to leases is recognized on an accrual basis when due from residents and tenants in accordance with GAAP. Rental payments are generally due on a monthly basis and recognized when earned. The Operating Partnership recognizes interest income, fees and incentives when earned, fixed and determinable. For sale transactions meeting the requirements for full accrual profit recognition, we remove the related assets and liabilities from our Consolidated Balance Sheets and record the gain or loss in the period the transaction closes. For sale transactions that do not meet the full accrual sale criteria due to our continuing involvement, we evaluate the nature of the continuing involvement and account for the transaction under an alternate method of accounting. Unless certain limited criteria are met, non-monetary transactions, including property exchanges, are accounted for at fair value. Sales to entities in which we or our General Partner retain or otherwise own an interest are accounted for as partial sales. If all other requirements for recognizing profit under the full accrual method have been satisfied and no other forms of continuing involvement are present, we recognize profit proportionate to the outside interest in the buyer and defer the gain on the interest we or our General Partner retain. The Operating Partnership recognizes any deferred gain when the property is sold to a third party. In transactions accounted by us as partial sales, we determine if the buyer of the majority equity interest in the venture was provided a preference as to cash flows in either an operating or a capital waterfall. If a cash flow preference has been provided, we recognize profit only to the extent that proceeds from the sale of the majority equity interest exceed costs related to the entire property. |
Discontinued operations | Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned on the Consolidated Statements of Operations. |
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 reasonably anticipated benefits to the parties. (See Note 6, Related Party Transactions .) |
Income taxes | Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years (2013 through 2015) of tax jurisdictions and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. |
Advertising costs | Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance . During the years ended December 31, 2016 , 2015 , and 2014 , total advertising expense from continuing and discontinued operations was $2.2 million , $2.4 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 unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2016 , 2015 , and 2014 , the Operating Partnership’s other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense on the Consolidated Statements of Operations. See Note 8, Derivatives and Hedging Activity, for further discussion. |
Use of estimates | Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
Market concentration risk | Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2016 , the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in the Orange County, California; San Francisco, California; Metropolitan D.C. and New York, New York markets. |
Significant Accounting Polici49
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Notes receivable | Notes Receivable The following table summarizes our notes receivable, net as of December 31, 2016 and 2015 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, Note due February 2020 (a) 10.00 % $ 12,994 $ 12,994 Note due July 2017 (b) 8.00 % 2,500 2,500 Note due October 2020 (c) 8.00 % 1,296 1,200 Note due April 2021 (d) 10.00 % 3,000 — Total notes receivable, net $ 19,790 $ 16,694 |
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, 2016 2015 2014 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 109,529 $ 105,482 $ 16,260 Gain/(loss) on sale of real estate owned, net of tax 210,851 251,677 143,572 (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (27,282 ) (16,773 ) (5,511 ) (Income)/loss from continuing operations attributable to noncontrolling interests (380 ) (3 ) 3 Income/(loss) from continuing operations attributable to UDR, Inc. 292,718 340,383 154,324 Distributions to preferred stockholders - Series E (Convertible) (3,717 ) (3,722 ) (3,724 ) Income/(loss) from continuing operations attributable to common stockholders - basic 289,001 336,661 150,600 Dilutive distributions to preferred stockholders - Series E (Convertible) — 3,722 — Income/(loss) from continuing operations attributable to common stockholders - diluted $ 289,001 $ 340,383 $ 150,600 Income/(loss) from discontinued operations, net of tax $ — $ — $ 10 (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership — — — Income/(loss) from discontinued operations attributable to common stockholders $ — $ — $ 10 Net income/(loss) attributable to common stockholders $ 289,001 $ 336,661 $ 150,610 Denominator for income/(loss) per share - basic and diluted: Weighted average common shares outstanding 266,211 259,873 252,707 Non-vested restricted stock awards (825 ) (1,204 ) (1,179 ) Denominator for income/(loss) per share - basic 265,386 258,669 251,528 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options, unvested LTIP Units and unvested restricted stock 1,925 5,083 1,917 Denominator for income/(loss) per share - diluted 267,311 263,752 253,445 Income/(loss) per weighted average common share - basic: Income/(loss) from continuing operations attributable to common stockholders $ 1.09 $ 1.30 $ 0.60 Income/(loss) from discontinued operations attributable to common stockholders — — — Net income/(loss) attributable to common stockholders $ 1.09 $ 1.30 $ 0.60 Income/(loss) per weighted average common share - diluted: Income/(loss) from continuing operations attributable to common stockholders $ 1.08 $ 1.29 $ 0.59 Income/(loss) from discontinued operations attributable to common stockholders — — — Net income/(loss) attributable to common stockholders $ 1.08 $ 1.29 $ 0.59 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 , and 2014 ( dollars in thousands ): Year Ended December 31, 2016 2015 2014 Rental income $ — $ — $ 147 Rental expenses — — 225 Property management — — 4 Real estate depreciation — — — Interest income and other (income)/expense, net — — 21 Income/(loss) attributable to disposed properties and assets held for disposition — — (103 ) Net gain/(loss) on the sale of depreciable property — — 75 Impairment charges — — — Income tax benefit/(provision) — — 38 Income/(loss) from discontinued operations, net of tax $ — $ — $ 10 Income/(loss) from discontinued operations attributable to UDR, Inc. $ — $ — $ 10 |
Real Estate Owned (Tables)
Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Summary of carrying amounts for real estate owned (at cost) | The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2016 and 2015 (dollars in thousands): December 31, December 31, 2015 Land $ 1,801,576 $ 1,833,156 Depreciable property — held and used: Land improvements 178,701 173,821 Building, improvements, and furniture, fixtures and equipment 7,291,570 7,046,622 Under development: Land and land improvements 111,028 78,085 Building, improvements, and furniture, fixtures and equipment 231,254 45,987 Real estate held for disposition: Land and land improvements 1,104 9,963 Building, improvements, and furniture, fixtures and equipment 520 2,642 Real estate owned 9,615,753 9,190,276 Accumulated depreciation (2,923,625 ) (2,646,874 ) Real estate owned, net $ 6,692,128 $ 6,543,402 |
Joint Ventures (Tables)
Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 (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 (a) Los Angeles, CA 1 development community (b) 150 $ 25,209 $ 15,894 50.0 % 17.2 % UDR/MetLife II (c) Various 18 operating communities 4,059 311,282 425,230 50.0 % 50.0 % Other UDR/MetLife Development Joint Ventures (d) 1 operating community; Various 4 development communities (b) 1,437 160,979 171,659 50.6 % 50.6 % UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1 development community (b); 5 land parcels 1,513 72,414 73,469 50.0 % 50.0 % UDR/KFH Washington, D.C. 3 operating communities 660 12,835 17,211 30.0 % 30.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment and preferred equity investment $ 582,719 $ 703,463 Investment at Income from investments for the years ending December 31, Location Rate Years To Maturity December 31, December 31, 2016 2015 2014 Participating loan investment: Steele Creek Denver, CO 6.5% 0.6 $ 94,003 $ 90,747 $ 6,213 $ 5,453 $ 2,350 Preferred equity investment: West Coast Development Joint Venture (e) Various 6.5% (e) N/A 150,303 144,696 $ 4,561 $ 3,692 $ — Total investment in and advances to unconsolidated joint ventures, net $ 827,025 $ 938,906 (a) In August 2016, the Company increased its ownership interest from 5% to 100% in a parcel of land in Dublin, California for a purchase price of approximately $8.5 million . As a result, the Company consolidated the parcel of land and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The parcel of land was previously held in the UDR/MetLife I joint venture. In August 2016, the Company sold its 3% and 6% interests in two parcels of land located in Los Angeles, California and Bellevue, Washington, respectively, to MetLife for a sales price of approximately $3.0 million , resulting in a loss on sale to the Company of approximately $0.9 million . The parcels of land were previously held in the UDR/MetLife I joint venture and are no longer accounted for as unconsolidated joint ventures. (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, 2016, 736 apartment homes had been completed in Other UDR/MetLife Development Joint Ventures, and no apartment homes had been completed in UDR/MetLife I or in UDR/MetLife Vitruvian Park ® . (c) In September 2015, the 717 Olympic community, which is owned by the UDR/MetLife II joint venture, experienced extensive water damage due to a ruptured water pipe. For the years ended December 31, 2016 and 2015, the Company recorded casualty-related charges/(recoveries) of $(3.8) million and $2.5 million , respectively, its proportionate share of the total charges/(recoveries) recognized. In September 2016, the UDR/MetLife II joint venture sold an operating community located in Dallas, Texas with 252 apartment homes for a sales price of approximately $74.7 million , resulting in a gain of approximately $11.3 million for the Company. In October 2016, the Company increased its ownership from 50% to 100% in two operating communities located in Bellevue, Washington with a total of 331 apartment homes for a cash purchase price of approximately $70.3 million in cash and the assumption of an incremental $37.9 million of secured debt with a weighted average interest rate of 3.67% . As a result, the Company consolidated the operating communities and they are no longer accounted for as unconsolidated joint ventures (see Note 4, Real Estate Owned ). The operating communities were previously held in the UDR/MetLife II joint venture. (d) In June 2016, the Company increased its ownership interest from 50% to 100% in a parcel of land in Los Angeles, California for a purchase price of approximately $20.1 million . As a result, the Company consolidated the parcel of land and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The parcel of land was previously held in Other/UDR MetLife Development Joint Ventures. (e) As of December 31, 2016 , construction was completed on four of the five communities held by the West Coast Development Joint Venture and two of the five communities had achieved stabilization, which, for purposes of the joint venture, is defined as when a community reaches 80% occupancy for 90 consecutive days. Upon stabilization, income and expense are shared based on each partner's ownership percentage and the Company no longer receives a 6.5% preferred return on its investment in the stabilized community. The remaining three communities have not achieved stabilization and the Company continues to receive a 6.5% preferred return on its investment in those communities. 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. The joint venture partner is the general partner of the joint venture and the developer of the communities. The Company has a fixed price option to acquire the remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total purchase price will be $597.4 million . In the event the Company does not exercise its options to purchase at least two communities, the joint venture partner will be entitled to earn a contingent disposition fee equal to 6.5% return on its implied equity in the communities not acquired. The joint venture partner 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, 2016 and 2015 of $150.3 million and $144.7 million , respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. During the the year ended December 31, 2016 , the Company earned a preferred return of $4.6 million . 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 . On January 25, 2017, the Company exercised its fixed price option to purchase the joint venture partner’s ownership interest and therefore increased its ownership interest from 49% to 100% in an operating community located in Seattle, Washington with 244 apartment homes for a cash purchase price of approximately $66.0 million . As a result, as of January 25, 2017, the Company consolidated the operating community and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The operating community was one of the five communities held by the West Coast Development Joint Venture as of December 31, 2016. |
Financial information relating to unconsolidated joint ventures operations | summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2016 , 2015 , and 2014 ( dollars in thousands): As of and For the Year Ended December 31, 2016 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Total Condensed Statements of Operations: Total revenues $ 278 $ 169,175 $ 18,090 $ 22,916 $ 19,997 $ 230,456 Property operating expenses 552 52,322 11,655 11,730 7,828 84,087 Real estate depreciation and amortization 52 46,135 16,353 6,835 14,444 83,819 Operating income/(loss) (326 ) 70,718 (9,918 ) 4,351 (2,275 ) 62,550 Interest expense — (51,173 ) (6,164 ) (5,095 ) (5,369 ) (67,801 ) Gain/(loss) on the sale of real estate (375 ) 34,201 — — — 33,826 Net income/(loss) $ (701 ) $ 53,746 $ (16,082 ) $ (744 ) $ (7,644 ) $ 28,575 UDR income/(loss) from unconsolidated entities $ (461 ) $ 56,895 $ 1,696 $ (3,603 ) $ (2,293 ) $ 52,234 Condensed Balance Sheets: Total real estate, net $ 50,656 $ 1,672,842 $ 698,694 $ 270,770 $ 208,105 $ 2,901,067 Cash and cash equivalents 1,940 13,272 8,991 7,012 1,288 32,503 Other assets 1,641 11,370 2,744 2,266 1,026 19,047 Total assets 54,237 1,697,484 710,429 280,048 210,419 2,952,617 Amount due to/(from) UDR 155 (4,711 ) 3,082 1,566 429 521 Third party debt, net — 1,128,379 375,597 124,716 165,687 1,794,379 Accounts payable and accrued liabilities 5,211 19,996 32,484 7,303 1,397 66,391 Total liabilities 5,366 1,143,664 411,163 133,585 167,513 1,861,291 Total equity $ 48,871 $ 553,820 $ 299,266 $ 146,463 $ 42,906 $ 1,091,326 UDR’s investment in and advances to unconsolidated joint ventures, net $ 25,208 $ 311,282 $ 405,286 $ 72,414 $ 12,835 $ 827,025 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 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, net — 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, net $ 15,894 $ 425,230 $ 407,102 $ 73,469 $ 17,211 $ — $ 938,906 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 income/(loss) from unconsolidated entities $ (2,955 ) $ 2,814 $ 576 $ (4,068 ) $ (2,601 ) $ (772 ) $ (7,006 ) |
Secured Debt and Unsecured De53
Secured Debt and Unsecured Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Secured debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2016 and 2015 ( dollars in thousands): Principal Outstanding For the Year Ended December 31, 2016 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered December 31, 2016 2015 Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 402,996 $ 442,617 4.04 % 6.3 7 Fannie Mae credit facilities (b) 355,836 514,462 5.06 % 2.8 10 Deferred financing costs (2,681 ) (4,278 ) Total fixed rate secured debt, net 756,151 952,801 4.53 % 4.7 17 Variable Rate Debt Mortgage notes payable (c) — 31,337 — % — — Tax-exempt secured notes payable (d) 94,700 94,700 1.39 % 6.2 2 Fannie Mae credit facilities (b) 280,946 299,378 2.13 % 3.2 7 Deferred financing costs (939 ) (1,271 ) Total variable rate secured debt, net 374,707 424,144 1.95 % 4.0 9 Total Secured Debt, net 1,130,858 1,376,945 3.66 % 4.4 26 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facilities due January 2020 (e) (j) — 150,000 1.37 % 3.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,350 — 1.67 % 2.0 Term Loan Facility due January 2021 (e) (j) 35,000 35,000 1.56 % 4.1 Fixed Rate Debt 5.25% Medium-Term Notes due January 2016 (g) — 83,260 — % — 6.21% Medium-Term Notes due July 2016 (g) — 12,091 — % — 4.25% Medium-Term Notes due June 2018 (net of discounts of $608 and $1,037, respectively) (j) 299,392 298,963 4.25 % 1.4 3.70% Medium-Term Notes due October 2020 (net of discounts of $30 and $38, respectively) (j) 299,970 299,962 3.70 % 3.8 2.23% Term Loan Facility due January 2021 (e) (j) 315,000 315,000 2.23 % 4.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,805 and $2,164, respectively) (j) 398,195 397,836 4.63 % 5.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $782 and $886, respectively) (j) 299,218 299,114 3.75 % 7.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 7.7 4.00% Medium-Term Notes due October 2025 (net of discount of $602 and $671, respectively) (h) (j) 299,398 299,329 4.00 % 8.8 2.95% Medium-Term Notes due September 2026 (i) (j) 300,000 — 2.95 % 9.7 Other 21 24 Deferred financing costs (12,568 ) (12,373 ) Total Unsecured Debt, net 2,270,620 2,193,850 3.73 % 5.7 Total Debt, net $ 3,401,478 $ 3,570,795 3.79 % 5.3 |
Secured credit facilities | Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2015 Borrowings outstanding $ 636,782 $ 813,840 Weighted average borrowings during the period ended 737,802 822,521 Maximum daily borrowings during the period ended 813,544 834,003 Weighted average interest rate during the period ended 3.9 % 4.0 % Weighted average interest rate at the end of the period 3.8 % 3.9 % |
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, 2016 and 2015 (dollars in thousands): December 31, 2016 December 31, 2015 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — 150,000 Weighted average daily borrowings during the period ended 161,505 353,647 Maximum daily borrowings during the period ended 340,000 541,500 Weighted average interest rate during the period ended 1.4 % 1.1 % Interest rate at end of the period — % 1.2 % |
Working capital credit facility | The following is a summary of short-term bank borrowings under UDR’s working capital credit facility at December 31, 2016 and December 31, 2015 (dollars in thousands): December 31, December 31, 2015 Total revolving credit facility $ 75,000 $ 30,000 Borrowings outstanding at end of period 21,350 — Weighted average daily borrowings during the period ended 21,936 — Maximum daily borrowings during the period ended 69,633 — Weighted average interest rate during the period ended 1.4 % — % Interest rate at end of the period 1.7 % — % |
Aggregate maturities of secured debt | The aggregate maturities, including amortizing principal payments of secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2016 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt Total Debt 2017 $ 4,433 $ 46,568 $ 51,001 $ — $ 51,001 2018 74,637 137,969 212,606 300,000 512,606 2019 249,395 67,700 317,095 21,350 338,445 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 350,000 351,117 2022 1,157 — 1,157 400,000 401,157 2023 41,245 96,409 137,654 — 137,654 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 Thereafter — 27,000 27,000 — 27,000 Subtotal 747,660 375,646 1,123,306 2,286,994 3,410,300 Non-cash (a) 8,491 (939 ) 7,552 (16,374 ) (8,822 ) Total $ 756,151 $ 374,707 $ 1,130,858 $ 2,270,620 $ 3,401,478 |
Income_(Loss) Per Share Income_
Income/(Loss) Per Share Income/(Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 109,529 $ 105,482 $ 16,260 Gain/(loss) on sale of real estate owned, net of tax 210,851 251,677 143,572 (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (27,282 ) (16,773 ) (5,511 ) (Income)/loss from continuing operations attributable to noncontrolling interests (380 ) (3 ) 3 Income/(loss) from continuing operations attributable to UDR, Inc. 292,718 340,383 154,324 Distributions to preferred stockholders - Series E (Convertible) (3,717 ) (3,722 ) (3,724 ) Income/(loss) from continuing operations attributable to common stockholders - basic 289,001 336,661 150,600 Dilutive distributions to preferred stockholders - Series E (Convertible) — 3,722 — Income/(loss) from continuing operations attributable to common stockholders - diluted $ 289,001 $ 340,383 $ 150,600 Income/(loss) from discontinued operations, net of tax $ — $ — $ 10 (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership — — — Income/(loss) from discontinued operations attributable to common stockholders $ — $ — $ 10 Net income/(loss) attributable to common stockholders $ 289,001 $ 336,661 $ 150,610 Denominator for income/(loss) per share - basic and diluted: Weighted average common shares outstanding 266,211 259,873 252,707 Non-vested restricted stock awards (825 ) (1,204 ) (1,179 ) Denominator for income/(loss) per share - basic 265,386 258,669 251,528 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options, unvested LTIP Units and unvested restricted stock 1,925 5,083 1,917 Denominator for income/(loss) per share - diluted 267,311 263,752 253,445 Income/(loss) per weighted average common share - basic: Income/(loss) from continuing operations attributable to common stockholders $ 1.09 $ 1.30 $ 0.60 Income/(loss) from discontinued operations attributable to common stockholders — — — Net income/(loss) attributable to common stockholders $ 1.09 $ 1.30 $ 0.60 Income/(loss) per weighted average common share - diluted: Income/(loss) from continuing operations attributable to common stockholders $ 1.08 $ 1.29 $ 0.59 Income/(loss) from discontinued operations attributable to common stockholders — — — Net income/(loss) attributable to common stockholders $ 1.08 $ 1.29 $ 0.59 |
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, 2016 , 2015 , and 2014 (shares in thousands) : Year Ended December 31, 2016 2015 2014 OP/DownREIT Units 25,130 12,947 9,247 Preferred Stock 3,028 3,032 3,036 Stock options, unvested LTIP Units and unvested restricted stock 1,925 2,051 1,917 |
Stockholders' Equity Stockholde
Stockholders' Equity Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 and 2014 : Common Stock Preferred Stock Series E Series F 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 Issuance/(forfeiture) of common and restricted shares, net 154,656 — — Issuance of common shares through public offering 5,000,000 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 4,685 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 255,607 — — Forfeiture of Series F shares — — (255,607 ) Balance at December 31, 2016 267,259,469 2,796,903 16,196,889 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 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, 2015 2,234,963 $ 12.65 2,234,963 $ 12.65 800,376 $ 30.40 Granted — — — — 447,744 35.54 Exercised — — — — — — Vested — — — — (492,776 ) 28.29 Forfeited — — — — (109,377 ) 32.51 Balance, December 31, 2016 2,234,963 $ 12.65 2,234,963 $ 12.65 645,967 $ 35.12 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 , and 2014 : Year Ended December 31, 2016 2015 2014 Ordinary income $ 0.708 $ 0.595 $ 0.695 Qualified ordinary income — — 0.139 Long-term capital gain 0.309 0.329 0.105 Unrecaptured section 1250 gain 0.145 0.168 0.076 Total $ 1.162 $ 1.092 $ 1.015 |
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, 2016 , 2015 , and 2014 (dollars in thousands) : Year Ended December 31, 2016 2015 2014 Income tax (benefit)/provision Current Federal $ 69 $ 29 $ 147 State 372 871 550 Total current 441 900 697 Deferred Federal 9,814 (4,173 ) 20,138 State 1,319 (613 ) 5,159 Total deferred 11,133 (4,786 ) 25,297 Total income tax (benefit)/provision $ 11,574 $ (3,886 ) $ 25,994 Classification of income tax (benefit)/provision: Continuing operations $ (3,774 ) $ (3,886 ) $ (15,098 ) Gain/(loss) on sale of real estate owned 15,348 — 41,087 Discontinued operations — — 5 |
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, 2016 , 2015 , and 2014 (dollars in thousands): Year Ended December 31, 2016 2015 2014 Deferred tax assets: Federal and state tax attributes $ 536 $ 2,227 $ — Book/tax depreciation — 9,016 6,692 Construction capitalization differences — — 75 Other 190 707 401 Total deferred tax assets 726 11,950 7,168 Valuation allowance (6 ) (81 ) — Net deferred tax assets 720 11,869 7,168 Deferred tax liabilities: Other (92 ) (107 ) (192 ) Total deferred tax liabilities (92 ) (107 ) (192 ) Net deferred tax asset $ 628 $ 11,762 $ 6,976 |
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, 2016 , 2015 , and 2014 as follows (dollars in thousands): Year Ended December 31, 2016 2015 2014 Income tax (benefit)/provision U.S. federal income tax (benefit)/provision $ 12,577 $ (4,383 ) $ 28,819 State income tax provision 1,370 442 2,678 Other items 134 (26 ) (137 ) Conversion of certain TRS entities to REITs (2,436 ) — (5,770 ) Valuation allowance (71 ) 81 404 Total income tax (benefit)/provision $ 11,574 $ (3,886 ) $ 25,994 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 ( dollars in thousands ): Year Ended December 31, 2016 2015 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 946,436 $ 282,480 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (24,735 ) 102,703 DownREIT Units issued for real estate, net — 563,836 Conversion of OP Units/DownREIT Units to Common Stock (9,526 ) (3,817 ) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 27,282 16,773 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (30,077 ) (15,231 ) Allocation of other comprehensive income/(loss) 102 (308 ) Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year $ 909,482 $ 946,436 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, 2016 2015 2014 Net income/(loss) attributable to common stockholders $ 289,001 $ 336,661 $ 150,610 Conversion of OP Units/DownREIT Units to UDR Common Stock 9,526 3,817 4,372 Change in equity from net income/(loss) attributable to common stockholders and conversion of OP units and DownREIT Units to UDR Common Stock $ 298,527 $ 340,478 $ 154,982 |
Fair Value of Derivatives and59
Fair Value of Derivatives and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2016, Using Total Carrying Amount in Statement of Financial Position at December 31, 2016 Fair Value Estimate at December 31, 2016 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) $ 19,790 $ 19,645 $ — $ — $ 19,645 Derivatives - Interest rate contracts (b) 4,360 4,360 — 4,360 — Total assets $ 24,150 $ 24,005 $ — $ 4,360 $ 19,645 Derivatives - Interest rate contracts (b) $ 413 $ 413 $ — $ 413 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 402,996 396,045 — — 396,045 Fannie Mae credit facilities 355,836 365,693 — — 365,693 Secured debt instruments- variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 280,946 280,946 — — 280,946 Unsecured debt instruments (c): Unsecured credit facilities 21,350 21,350 — — 21,350 Senior unsecured notes 2,261,838 2,304,492 — — 2,304,492 Total liabilities $ 3,418,079 $ 3,463,639 $ — $ 413 $ 3,463,226 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 909,482 $ 909,482 $ — $ 909,482 $ — 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) Unsecured credit facilities 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 $ — (a) See Note 2 , Significant Accounting Policies. (b) See Note 14, Derivatives and Hedging Activity. (c) |
Derivatives and Hedging Activ60
Derivatives and Hedging Activity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and December 31, 2015 ( 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, 2016 $ 4,360 $ — $ 4,360 $ (221 ) $ — $ 4,139 December 31, 2015 $ 13 $ — $ 13 $ — $ — $ 13 |
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, 2016 $ 413 $ — $ 413 $ (221 ) $ — $ 192 December 31, 2015 $ 2,112 $ — $ 2,112 $ — $ — $ 2,112 |
Outstanding interest rate derivatives | As of December 31, 2016 , 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 (a) 3 $ 315,000 Interest rate caps 2 $ 203,166 (a) The three interest rate swaps noted in the table above mature in January and April 2017. During 2016, the Company entered into four forward starting interest rate swaps, with an aggregate notional amount of $315.0 million , which mature in January 2020 and are effective in January and April 2017 upon the expiration of the three swaps that existed as of December 31, 2016. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2016 , 2015 , and 2014 . As of December 31, 2016 , 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, 2016 and 2015 ( 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 $ 4,359 $ 9 $ 413 $ 2,112 Derivatives not designated as hedging instruments: Interest rate products $ 1 $ 4 $ — $ — |
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, 2016 , 2015 , and 2014 ( dollars in thousands ): Derivatives in Cash Flow Hedging Relationships Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Gain/(Loss) Recognized in Interest expense (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year ended December 31, Year ended December 31, Year ended December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 Interest rate products $ 3,514 $ (6,393 ) $ (8,695 ) $ (3,657 ) $ (2,251 ) $ (4,834 ) $ — $ (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 2016 2015 2014 Interest rate products $ (3 ) $ (23 ) (4 ) |
Commitments and Contingencies61
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of real estate commitments | The following summarizes the Company’s real estate commitments at December 31, 2016 ( dollars in thousands ): Number of Properties Costs Incurred to Date (a) Expected Costs to Complete (unaudited) Average Ownership Stake Wholly-owned — under development 2 $ 342,282 (b) $ 366,218 100 % Wholly-owned — redevelopment 3 14,659 (b) 10,341 100 % Joint ventures: Unconsolidated joint ventures 6 697,484 78,395 (c) 50 % Participating loan investments 1 94,003 (d) — 0 % Preferred equity investments 1 26,529 (e) — 48 % Total $ 1,174,957 $ 454,954 |
Schedule of future minimum lease payments | Future minimum lease payments as of December 31, 2016 are as follows (dollars in thousands): Ground Leases (a) Office Space 2017 $ 5,548 $ 179 2018 5,548 76 2019 5,548 76 2020 5,548 76 2021 5,548 32 Thereafter 334,604 — Total $ 362,344 $ 439 (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, 2016 | |
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, 2016 , 2015 , and 2014 , and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2016 2015 2014 Reportable apartment home segment rental income Same-Store Communities West Region $ 298,469 $ 278,602 $ 246,764 Mid-Atlantic Region 144,069 140,423 136,786 Northeast Region 130,285 124,478 115,981 Southeast Region 111,318 103,920 98,060 Southwest Region 41,273 39,166 37,139 Non-Mature Communities/Other 223,047 185,339 170,419 Total segment and consolidated rental income $ 948,461 $ 871,928 $ 805,149 Reportable apartment home segment NOI Same-Store Communities West Region $ 223,140 $ 207,137 $ 177,299 Mid-Atlantic Region 99,375 95,713 94,188 Northeast Region 93,083 89,039 82,110 Southeast Region 76,359 69,820 65,053 Southwest Region 25,600 24,407 22,830 Non-Mature Communities/Other 155,528 127,753 114,841 Total segment and consolidated NOI 673,085 613,869 556,321 Reconciling items: Joint venture management and other fees 11,400 22,710 13,044 Property management (26,083 ) (23,978 ) (22,142 ) Other operating expenses (7,649 ) (9,708 ) (8,271 ) Real estate depreciation and amortization (419,615 ) (374,598 ) (358,154 ) General and administrative (49,761 ) (59,690 ) (47,800 ) Casualty-related recoveries/(charges), net (732 ) (2,335 ) (541 ) Other depreciation and amortization (6,023 ) (6,679 ) (5,775 ) Income/(loss) from unconsolidated entities 52,234 62,329 (7,006 ) Interest expense (123,031 ) (121,875 ) (130,454 ) Interest income and other income/(expense), net 1,930 1,551 11,837 Tax benefit/(provision), net 3,774 3,886 15,136 Gain/(loss) on sale of real estate owned, net of tax 210,851 251,677 143,647 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (27,282 ) (16,773 ) (5,511 ) Net (income)/loss attributable to noncontrolling interests (380 ) (3 ) 3 Net income/(loss) attributable to UDR, Inc. $ 292,718 $ 340,383 $ 154,334 |
Details of assets of UDR's reportable segments | The following table details the assets of UDR’s reportable segments as of December 31, 2016 and 2015 (dollars in thousands) : December 31, December 31, Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,752,900 $ 2,721,184 Mid-Atlantic Region 1,402,642 1,381,916 Northeast Region 1,634,988 1,621,555 Southeast Region 746,761 730,060 Southwest Region 283,260 276,306 Non-Mature Communities/Other 2,795,202 2,459,255 Total segment assets 9,615,753 9,190,276 Accumulated depreciation (2,923,625 ) (2,646,874 ) Total segment assets — net book value 6,692,128 6,543,402 Reconciling items: Cash and cash equivalents 2,112 6,742 Restricted cash 19,994 20,798 Notes receivable, net 19,790 16,694 Investment in and advances to unconsolidated joint ventures, net 827,025 938,906 Other assets 118,535 137,302 Total consolidated assets $ 7,679,584 $ 7,663,844 |
Unaudited Summarized Consolid63
Unaudited Summarized Consolidated Quarterly Financial Data Unaudited Summarized Consolidated Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly financial information | Selected consolidated quarterly financial data for the years ended December 31, 2016 and 2015 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2016 Rental income $ 231,957 $ 236,168 $ 240,255 $ 240,081 Income/(loss) from continuing operations 8,534 12,249 29,466 59,280 Net income/(loss) attributable to common stockholders (a) 9,464 17,017 26,027 236,687 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.04 $ 0.06 $ 0.10 $ 0.89 Diluted $ 0.04 $ 0.06 $ 0.10 $ 0.88 Weighted average number of common shares outstanding: Basic 262,456 266,268 266,301 266,498 Diluted 264,285 268,174 268,305 271,551 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 common shares outstanding: Basic 256,834 257,849 259,114 260,830 Diluted 258,662 262,806 261,207 266,108 (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. |
Discontinued Operations (UNITED
Discontinued Operations (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 , and 2014 ( dollars in thousands ): Year Ended December 31, 2016 2015 2014 Rental income $ — $ — $ 147 Rental expenses — — 225 Property management — — 4 Real estate depreciation — — — Interest income and other (income)/expense, net — — 21 Income/(loss) attributable to disposed properties and assets held for disposition — — (103 ) Net gain/(loss) on the sale of depreciable property — — 75 Impairment charges — — — Income tax benefit/(provision) — — 38 Income/(loss) from discontinued operations, net of tax $ — $ — $ 10 Income/(loss) from discontinued operations attributable to UDR, Inc. $ — $ — $ 10 |
Real Estate Owned (UNITED DOM65
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 , and 2014 ( dollars in thousands ): Year Ended December 31, 2016 2015 2014 Rental income $ — $ — $ 147 Rental expenses — — 225 Property management — — 4 Real estate depreciation — — — Interest income and other (income)/expense, net — — 21 Income/(loss) attributable to disposed properties and assets held for disposition — — (103 ) Net gain/(loss) on the sale of depreciable property — — 75 Impairment charges — — — Income tax benefit/(provision) — — 38 Income/(loss) from discontinued operations, net of tax $ — $ — $ 10 Income/(loss) from discontinued operations attributable to UDR, Inc. $ — $ — $ 10 |
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, 2016 and 2015 (dollars in thousands): December 31, December 31, 2015 Land $ 1,801,576 $ 1,833,156 Depreciable property — held and used: Land improvements 178,701 173,821 Building, improvements, and furniture, fixtures and equipment 7,291,570 7,046,622 Under development: Land and land improvements 111,028 78,085 Building, improvements, and furniture, fixtures and equipment 231,254 45,987 Real estate held for disposition: Land and land improvements 1,104 9,963 Building, improvements, and furniture, fixtures and equipment 520 2,642 Real estate owned 9,615,753 9,190,276 Accumulated depreciation (2,923,625 ) (2,646,874 ) Real estate owned, net $ 6,692,128 $ 6,543,402 |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Summary of carrying amounts for real estate owned (at cost) | The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2016 and 2015 (dollars in thousands): December 31, December 31, 2015 Land $ 836,644 $ 833,300 Depreciable property — held and used: Buildings, improvements, and furniture, fixtures and equipment 2,838,060 2,797,605 Real estate owned 3,674,704 3,630,905 Accumulated depreciation (1,408,815 ) (1,281,258 ) Real estate owned, net $ 2,265,889 $ 2,349,647 |
Unconsolidated Entities (UNIT66
Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Equity Method Investments [Line Items] | |
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, 2016 and 2015 (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 (a) Los Angeles, CA 1 development community (b) 150 $ 25,209 $ 15,894 50.0 % 17.2 % UDR/MetLife II (c) Various 18 operating communities 4,059 311,282 425,230 50.0 % 50.0 % Other UDR/MetLife Development Joint Ventures (d) 1 operating community; Various 4 development communities (b) 1,437 160,979 171,659 50.6 % 50.6 % UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1 development community (b); 5 land parcels 1,513 72,414 73,469 50.0 % 50.0 % UDR/KFH Washington, D.C. 3 operating communities 660 12,835 17,211 30.0 % 30.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment and preferred equity investment $ 582,719 $ 703,463 Investment at Income from investments for the years ending December 31, Location Rate Years To Maturity December 31, December 31, 2016 2015 2014 Participating loan investment: Steele Creek Denver, CO 6.5% 0.6 $ 94,003 $ 90,747 $ 6,213 $ 5,453 $ 2,350 Preferred equity investment: West Coast Development Joint Venture (e) Various 6.5% (e) N/A 150,303 144,696 $ 4,561 $ 3,692 $ — Total investment in and advances to unconsolidated joint ventures, net $ 827,025 $ 938,906 (a) In August 2016, the Company increased its ownership interest from 5% to 100% in a parcel of land in Dublin, California for a purchase price of approximately $8.5 million . As a result, the Company consolidated the parcel of land and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The parcel of land was previously held in the UDR/MetLife I joint venture. In August 2016, the Company sold its 3% and 6% interests in two parcels of land located in Los Angeles, California and Bellevue, Washington, respectively, to MetLife for a sales price of approximately $3.0 million , resulting in a loss on sale to the Company of approximately $0.9 million . The parcels of land were previously held in the UDR/MetLife I joint venture and are no longer accounted for as unconsolidated joint ventures. (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, 2016, 736 apartment homes had been completed in Other UDR/MetLife Development Joint Ventures, and no apartment homes had been completed in UDR/MetLife I or in UDR/MetLife Vitruvian Park ® . (c) In September 2015, the 717 Olympic community, which is owned by the UDR/MetLife II joint venture, experienced extensive water damage due to a ruptured water pipe. For the years ended December 31, 2016 and 2015, the Company recorded casualty-related charges/(recoveries) of $(3.8) million and $2.5 million , respectively, its proportionate share of the total charges/(recoveries) recognized. In September 2016, the UDR/MetLife II joint venture sold an operating community located in Dallas, Texas with 252 apartment homes for a sales price of approximately $74.7 million , resulting in a gain of approximately $11.3 million for the Company. In October 2016, the Company increased its ownership from 50% to 100% in two operating communities located in Bellevue, Washington with a total of 331 apartment homes for a cash purchase price of approximately $70.3 million in cash and the assumption of an incremental $37.9 million of secured debt with a weighted average interest rate of 3.67% . As a result, the Company consolidated the operating communities and they are no longer accounted for as unconsolidated joint ventures (see Note 4, Real Estate Owned ). The operating communities were previously held in the UDR/MetLife II joint venture. (d) In June 2016, the Company increased its ownership interest from 50% to 100% in a parcel of land in Los Angeles, California for a purchase price of approximately $20.1 million . As a result, the Company consolidated the parcel of land and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The parcel of land was previously held in Other/UDR MetLife Development Joint Ventures. (e) As of December 31, 2016 , construction was completed on four of the five communities held by the West Coast Development Joint Venture and two of the five communities had achieved stabilization, which, for purposes of the joint venture, is defined as when a community reaches 80% occupancy for 90 consecutive days. Upon stabilization, income and expense are shared based on each partner's ownership percentage and the Company no longer receives a 6.5% preferred return on its investment in the stabilized community. The remaining three communities have not achieved stabilization and the Company continues to receive a 6.5% preferred return on its investment in those communities. 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. The joint venture partner is the general partner of the joint venture and the developer of the communities. The Company has a fixed price option to acquire the remaining interest in each community beginning one year after completion. If the options are exercised for all five communities, the Company’s total purchase price will be $597.4 million . In the event the Company does not exercise its options to purchase at least two communities, the joint venture partner will be entitled to earn a contingent disposition fee equal to 6.5% return on its implied equity in the communities not acquired. The joint venture partner 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, 2016 and 2015 of $150.3 million and $144.7 million , respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. During the the year ended December 31, 2016 , the Company earned a preferred return of $4.6 million . 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 . On January 25, 2017, the Company exercised its fixed price option to purchase the joint venture partner’s ownership interest and therefore increased its ownership interest from 49% to 100% in an operating community located in Seattle, Washington with 244 apartment homes for a cash purchase price of approximately $66.0 million . As a result, as of January 25, 2017, the Company consolidated the operating community and it is no longer accounted for as an unconsolidated joint venture (see Note 4, Real Estate Owned ). The operating community was one of the five communities held by the West Coast Development Joint Venture as of December 31, 2016. |
Summarized Income Statement Relating to Unconsolidated Joint Ventures [Table Text Block] | summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share), is presented below for the years ended December 31, 2016 , 2015 , and 2014 ( dollars in thousands): As of and For the Year Ended December 31, 2016 UDR/MetLife I UDR/MetLife II Other UDR/MetLife Development Joint Ventures UDR/MetLife Vitruvian Park ® UDR/KFH Total Condensed Statements of Operations: Total revenues $ 278 $ 169,175 $ 18,090 $ 22,916 $ 19,997 $ 230,456 Property operating expenses 552 52,322 11,655 11,730 7,828 84,087 Real estate depreciation and amortization 52 46,135 16,353 6,835 14,444 83,819 Operating income/(loss) (326 ) 70,718 (9,918 ) 4,351 (2,275 ) 62,550 Interest expense — (51,173 ) (6,164 ) (5,095 ) (5,369 ) (67,801 ) Gain/(loss) on the sale of real estate (375 ) 34,201 — — — 33,826 Net income/(loss) $ (701 ) $ 53,746 $ (16,082 ) $ (744 ) $ (7,644 ) $ 28,575 UDR income/(loss) from unconsolidated entities $ (461 ) $ 56,895 $ 1,696 $ (3,603 ) $ (2,293 ) $ 52,234 Condensed Balance Sheets: Total real estate, net $ 50,656 $ 1,672,842 $ 698,694 $ 270,770 $ 208,105 $ 2,901,067 Cash and cash equivalents 1,940 13,272 8,991 7,012 1,288 32,503 Other assets 1,641 11,370 2,744 2,266 1,026 19,047 Total assets 54,237 1,697,484 710,429 280,048 210,419 2,952,617 Amount due to/(from) UDR 155 (4,711 ) 3,082 1,566 429 521 Third party debt, net — 1,128,379 375,597 124,716 165,687 1,794,379 Accounts payable and accrued liabilities 5,211 19,996 32,484 7,303 1,397 66,391 Total liabilities 5,366 1,143,664 411,163 133,585 167,513 1,861,291 Total equity $ 48,871 $ 553,820 $ 299,266 $ 146,463 $ 42,906 $ 1,091,326 UDR’s investment in and advances to unconsolidated joint ventures, net $ 25,208 $ 311,282 $ 405,286 $ 72,414 $ 12,835 $ 827,025 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 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, net — 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, net $ 15,894 $ 425,230 $ 407,102 $ 73,469 $ 17,211 $ — $ 938,906 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 income/(loss) from unconsolidated entities $ (2,955 ) $ 2,814 $ 576 $ (4,068 ) $ (2,601 ) $ (772 ) $ (7,006 ) |
Debt (UNITED DOMINION REALTY,67
Debt (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
Secured debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2016 and 2015 ( dollars in thousands): Principal Outstanding For the Year Ended December 31, 2016 Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered December 31, 2016 2015 Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 402,996 $ 442,617 4.04 % 6.3 7 Fannie Mae credit facilities (b) 355,836 514,462 5.06 % 2.8 10 Deferred financing costs (2,681 ) (4,278 ) Total fixed rate secured debt, net 756,151 952,801 4.53 % 4.7 17 Variable Rate Debt Mortgage notes payable (c) — 31,337 — % — — Tax-exempt secured notes payable (d) 94,700 94,700 1.39 % 6.2 2 Fannie Mae credit facilities (b) 280,946 299,378 2.13 % 3.2 7 Deferred financing costs (939 ) (1,271 ) Total variable rate secured debt, net 374,707 424,144 1.95 % 4.0 9 Total Secured Debt, net 1,130,858 1,376,945 3.66 % 4.4 26 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facilities due January 2020 (e) (j) — 150,000 1.37 % 3.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,350 — 1.67 % 2.0 Term Loan Facility due January 2021 (e) (j) 35,000 35,000 1.56 % 4.1 Fixed Rate Debt 5.25% Medium-Term Notes due January 2016 (g) — 83,260 — % — 6.21% Medium-Term Notes due July 2016 (g) — 12,091 — % — 4.25% Medium-Term Notes due June 2018 (net of discounts of $608 and $1,037, respectively) (j) 299,392 298,963 4.25 % 1.4 3.70% Medium-Term Notes due October 2020 (net of discounts of $30 and $38, respectively) (j) 299,970 299,962 3.70 % 3.8 2.23% Term Loan Facility due January 2021 (e) (j) 315,000 315,000 2.23 % 4.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,805 and $2,164, respectively) (j) 398,195 397,836 4.63 % 5.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $782 and $886, respectively) (j) 299,218 299,114 3.75 % 7.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 7.7 4.00% Medium-Term Notes due October 2025 (net of discount of $602 and $671, respectively) (h) (j) 299,398 299,329 4.00 % 8.8 2.95% Medium-Term Notes due September 2026 (i) (j) 300,000 — 2.95 % 9.7 Other 21 24 Deferred financing costs (12,568 ) (12,373 ) Total Unsecured Debt, net 2,270,620 2,193,850 3.73 % 5.7 Total Debt, net $ 3,401,478 $ 3,570,795 3.79 % 5.3 |
Secured credit facilities | Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2015 Borrowings outstanding $ 636,782 $ 813,840 Weighted average borrowings during the period ended 737,802 822,521 Maximum daily borrowings during the period ended 813,544 834,003 Weighted average interest rate during the period ended 3.9 % 4.0 % Weighted average interest rate at the end of the period 3.8 % 3.9 % |
Aggregate maturities of secured debt | The aggregate maturities, including amortizing principal payments of secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2016 are as follows (dollars in thousands): Year Total Fixed Secured Debt Total Variable Secured Debt Total Secured Debt Total Unsecured Debt Total Debt 2017 $ 4,433 $ 46,568 $ 51,001 $ — $ 51,001 2018 74,637 137,969 212,606 300,000 512,606 2019 249,395 67,700 317,095 21,350 338,445 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 350,000 351,117 2022 1,157 — 1,157 400,000 401,157 2023 41,245 96,409 137,654 — 137,654 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 Thereafter — 27,000 27,000 — 27,000 Subtotal 747,660 375,646 1,123,306 2,286,994 3,410,300 Non-cash (a) 8,491 (939 ) 7,552 (16,374 ) (8,822 ) Total $ 756,151 $ 374,707 $ 1,130,858 $ 2,270,620 $ 3,401,478 |
United Dominion Reality L.P. | |
Entity Information [Line Items] | |
Secured debt instruments | Secured debt consists of the following as of December 31, 2016 and 2015 ( dollars in thousands ): Principal Outstanding For the Year Ended December 31, 2016 December 31, Weighted Average Interest Rate Weighted Average Years to Maturity Number of Communities Encumbered 2016 2015 Fixed Rate Debt Mortgage notes payable $ — $ 30,132 — % — — Fannie Mae credit facilities 244,912 250,828 5.05 % 2.8 7 Deferred financing costs (1,070 ) (1,627 ) Total fixed rate secured debt, net 243,842 279,333 5.05 % 2.8 7 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 1.33 % 15.2 1 Fannie Mae credit facilities 163,637 170,203 2.32 % 3.8 3 Deferred financing costs (505 ) (572 ) Total variable rate secured debt, net 190,132 196,631 2.18 % 5.4 4 Total secured debt, net $ 433,974 $ 475,964 3.94 % 4.0 11 |
Secured credit facilities | The following information relates to the credit facilities allocated to the Operating Partnership ( dollars in thousands ): December 31, December 31, 2015 Borrowings outstanding $ 408,549 $ 421,031 Weighted average borrowings during the period ended 414,759 425,522 Maximum daily borrowings during the period ended 421,001 431,462 Weighted average interest rate during the period ended 3.9 % 3.8 % Interest rate at the end of the period 4.0 % 3.8 % |
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, 2016 are as follows (dollars in thousands): Fixed Variable Secured Credit Facilities Tax-Exempt Secured Notes Payable Secured Credit Facilities Total 2017 $ — $ — $ — $ — 2018 48,872 — 96,327 145,199 2019 133,204 — — 133,204 2020 62,836 — — 62,836 2021 — — — — 2022 — — — — 2023 — — 67,310 67,310 2024 — — — — 2025 — — — — 2026 — — — — Thereafter — 27,000 — 27,000 Subtotal 244,912 27,000 163,637 435,549 Non-cash (a) (1,070 ) (86 ) (419 ) (1,575 ) Total $ 243,842 $ 26,914 $ 163,218 $ 433,974 |
Fair Value of Derivatives and68
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2016, Using Total Carrying Amount in Statement of Financial Position at December 31, 2016 Fair Value Estimate at December 31, 2016 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) $ 19,790 $ 19,645 $ — $ — $ 19,645 Derivatives - Interest rate contracts (b) 4,360 4,360 — 4,360 — Total assets $ 24,150 $ 24,005 $ — $ 4,360 $ 19,645 Derivatives - Interest rate contracts (b) $ 413 $ 413 $ — $ 413 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 402,996 396,045 — — 396,045 Fannie Mae credit facilities 355,836 365,693 — — 365,693 Secured debt instruments- variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 280,946 280,946 — — 280,946 Unsecured debt instruments (c): Unsecured credit facilities 21,350 21,350 — — 21,350 Senior unsecured notes 2,261,838 2,304,492 — — 2,304,492 Total liabilities $ 3,418,079 $ 3,463,639 $ — $ 413 $ 3,463,226 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 909,482 $ 909,482 $ — $ 909,482 $ — 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) Unsecured credit facilities 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 $ — (a) See Note 2 , Significant Accounting Policies. (b) See Note 14, 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, 2016 and 2015 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2016, Using Total Carrying Amount in Statement of Financial Position at December 31, 2016 Fair Value Estimate at December 31, 2016 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) $ 1 $ 1 $ — $ 1 $ — Total assets $ 1 $ 1 $ — $ 1 $ — Secured debt instruments - fixed rate: (b) Fannie Mae credit facilities $ 244,912 $ 251,664 $ — $ — $ 251,664 Secured debt instruments - variable rate: (b) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Fannie Mae credit facilities 163,637 163,637 — — 163,637 Total liabilities $ 435,549 $ 442,301 $ — $ — $ 442,301 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 (a) See Note 8, Derivatives and Hedging Activity. (b) See Note 5, Debt, Net. |
Derivatives and Hedging Activ69
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and December 31, 2015 ( 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, 2016 $ 4,360 $ — $ 4,360 $ (221 ) $ — $ 4,139 December 31, 2015 $ 13 $ — $ 13 $ — $ — $ 13 |
Outstanding interest rate derivatives | As of December 31, 2016 , 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 (a) 3 $ 315,000 Interest rate caps 2 $ 203,166 (a) The three interest rate swaps noted in the table above mature in January and April 2017. During 2016, the Company entered into four forward starting interest rate swaps, with an aggregate notional amount of $315.0 million , which mature in January 2020 and are effective in January and April 2017 upon the expiration of the three swaps that existed as of December 31, 2016. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a loss of less than $0.1 million for the years ended December 31, 2016 , 2015 , and 2014 . As of December 31, 2016 , 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, 2016 and 2015 ( 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 $ 4,359 $ 9 $ 413 $ 2,112 Derivatives not designated as hedging instruments: Interest rate products $ 1 $ 4 $ — $ — |
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, 2016 , 2015 , and 2014 ( dollars in thousands ): Derivatives in Cash Flow Hedging Relationships Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Gain/(Loss) Recognized in Interest expense (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year ended December 31, Year ended December 31, Year ended December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 Interest rate products $ 3,514 $ (6,393 ) $ (8,695 ) $ (3,657 ) $ (2,251 ) $ (4,834 ) $ — $ (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 2016 2015 2014 Interest rate products $ (3 ) $ (23 ) (4 ) |
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, 2016 $ 413 $ — $ 413 $ (221 ) $ — $ 192 December 31, 2015 $ 2,112 $ — $ 2,112 $ — $ — $ 2,112 |
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, 2016 and December 31, 2015 : 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, 2016 $ 1 $ — $ 1 $ — $ — $ 1 December 31, 2015 $ 8 $ — $ 8 $ — $ — $ 8 |
Outstanding interest rate derivatives | As of December 31, 2016 , 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. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in an adjustment to earnings of less than $0.1 million for the years ended December 31, 2016 , 2015 , and 2014 . As of December 31, 2016 , 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, 2016 and 2015 ( 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 $ — $ — Derivatives not designated as hedging instruments: Interest rate products $ 1 $ 4 $ — $ — |
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, 2016 , 2015 , and 2014 ( dollars in thousands ): Derivatives in Cash Flow Hedging Relationships Unrealized holding gain/(loss) Recognized in OCI (Effective Portion) Gain/(Loss) Reclassified from Accumulated OCI into Interest expense (Effective Portion) Gain/(Loss) Recognized in Interest expense (Ineffective Portion and Amount Excluded from Effectiveness Testing) Year ended December 31, Year ended December 31, Year ended December 31, 2016 2015 2014 2016 2015 2014 2016 2015 2014 Interest rate products $ (4 ) $ (82 ) $(285) $ (12 ) $ (1,044 ) $ (2,275 ) $ — $ (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, 2016 2015 2014 Interest rate products $ (3 ) $ (23 ) $ (3 ) |
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, 2016 $ — $ — $ — $ — $ — $ — December 31, 2015 $ — $ — $ — $ — $ — $ — (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. |
Capital Structure (UNITED DOM70
Capital Structure (UNITED DOMINION REALTY, L.P.) Capital Structure (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 , and 2014 : Class A Limited Partners UDR, Inc. Limited Partners Limited Partner Class A Limited Partner General Partner Total Ending balance at December 31, 2013 1,751,671 7,567,253 173,727,230 121,661 110,883 183,278,698 OP redemptions for UDR stock — (153,451 ) 153,451 — — — Ending balance at December 31, 2014 1,751,671 7,413,802 173,880,681 121,661 110,883 183,278,698 OP redemptions for UDR stock — (112,174 ) 112,174 — — — Ending balance at December 31, 2015 1,751,671 7,301,628 173,992,855 121,661 110,883 183,278,698 OP redemptions for UDR stock — (4,685 ) 4,685 — — — Ending balance at December 31, 2016 1,751,671 7,296,943 173,997,540 121,661 110,883 183,278,698 |
Income_(Loss) Per Share (UNIT71
Income/(Loss) Per Share (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 109,529 $ 105,482 $ 16,260 Gain/(loss) on sale of real estate owned, net of tax 210,851 251,677 143,572 (Income)/loss from continuing operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (27,282 ) (16,773 ) (5,511 ) (Income)/loss from continuing operations attributable to noncontrolling interests (380 ) (3 ) 3 Income/(loss) from continuing operations attributable to UDR, Inc. 292,718 340,383 154,324 Distributions to preferred stockholders - Series E (Convertible) (3,717 ) (3,722 ) (3,724 ) Income/(loss) from continuing operations attributable to common stockholders - basic 289,001 336,661 150,600 Dilutive distributions to preferred stockholders - Series E (Convertible) — 3,722 — Income/(loss) from continuing operations attributable to common stockholders - diluted $ 289,001 $ 340,383 $ 150,600 Income/(loss) from discontinued operations, net of tax $ — $ — $ 10 (Income)/loss from discontinued operations attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership — — — Income/(loss) from discontinued operations attributable to common stockholders $ — $ — $ 10 Net income/(loss) attributable to common stockholders $ 289,001 $ 336,661 $ 150,610 Denominator for income/(loss) per share - basic and diluted: Weighted average common shares outstanding 266,211 259,873 252,707 Non-vested restricted stock awards (825 ) (1,204 ) (1,179 ) Denominator for income/(loss) per share - basic 265,386 258,669 251,528 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options, unvested LTIP Units and unvested restricted stock 1,925 5,083 1,917 Denominator for income/(loss) per share - diluted 267,311 263,752 253,445 Income/(loss) per weighted average common share - basic: Income/(loss) from continuing operations attributable to common stockholders $ 1.09 $ 1.30 $ 0.60 Income/(loss) from discontinued operations attributable to common stockholders — — — Net income/(loss) attributable to common stockholders $ 1.09 $ 1.30 $ 0.60 Income/(loss) per weighted average common share - diluted: Income/(loss) from continuing operations attributable to common stockholders $ 1.08 $ 1.29 $ 0.59 Income/(loss) from discontinued operations attributable to common stockholders — — — Net income/(loss) attributable to common stockholders $ 1.08 $ 1.29 $ 0.59 |
Commitments and Contingencies72
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
Summary of real estate commitments | The following summarizes the Company’s real estate commitments at December 31, 2016 ( dollars in thousands ): Number of Properties Costs Incurred to Date (a) Expected Costs to Complete (unaudited) Average Ownership Stake Wholly-owned — under development 2 $ 342,282 (b) $ 366,218 100 % Wholly-owned — redevelopment 3 14,659 (b) 10,341 100 % Joint ventures: Unconsolidated joint ventures 6 697,484 78,395 (c) 50 % Participating loan investments 1 94,003 (d) — 0 % Preferred equity investments 1 26,529 (e) — 48 % Total $ 1,174,957 $ 454,954 |
Reportable Segments (UNITED D73
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 , 2015 , and 2014 , and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2016 2015 2014 Reportable apartment home segment rental income Same-Store Communities West Region $ 298,469 $ 278,602 $ 246,764 Mid-Atlantic Region 144,069 140,423 136,786 Northeast Region 130,285 124,478 115,981 Southeast Region 111,318 103,920 98,060 Southwest Region 41,273 39,166 37,139 Non-Mature Communities/Other 223,047 185,339 170,419 Total segment and consolidated rental income $ 948,461 $ 871,928 $ 805,149 Reportable apartment home segment NOI Same-Store Communities West Region $ 223,140 $ 207,137 $ 177,299 Mid-Atlantic Region 99,375 95,713 94,188 Northeast Region 93,083 89,039 82,110 Southeast Region 76,359 69,820 65,053 Southwest Region 25,600 24,407 22,830 Non-Mature Communities/Other 155,528 127,753 114,841 Total segment and consolidated NOI 673,085 613,869 556,321 Reconciling items: Joint venture management and other fees 11,400 22,710 13,044 Property management (26,083 ) (23,978 ) (22,142 ) Other operating expenses (7,649 ) (9,708 ) (8,271 ) Real estate depreciation and amortization (419,615 ) (374,598 ) (358,154 ) General and administrative (49,761 ) (59,690 ) (47,800 ) Casualty-related recoveries/(charges), net (732 ) (2,335 ) (541 ) Other depreciation and amortization (6,023 ) (6,679 ) (5,775 ) Income/(loss) from unconsolidated entities 52,234 62,329 (7,006 ) Interest expense (123,031 ) (121,875 ) (130,454 ) Interest income and other income/(expense), net 1,930 1,551 11,837 Tax benefit/(provision), net 3,774 3,886 15,136 Gain/(loss) on sale of real estate owned, net of tax 210,851 251,677 143,647 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (27,282 ) (16,773 ) (5,511 ) Net (income)/loss attributable to noncontrolling interests (380 ) (3 ) 3 Net income/(loss) attributable to UDR, Inc. $ 292,718 $ 340,383 $ 154,334 |
Details of assets of UDR's reportable segments | The following table details the assets of UDR’s reportable segments as of December 31, 2016 and 2015 (dollars in thousands) : December 31, December 31, Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,752,900 $ 2,721,184 Mid-Atlantic Region 1,402,642 1,381,916 Northeast Region 1,634,988 1,621,555 Southeast Region 746,761 730,060 Southwest Region 283,260 276,306 Non-Mature Communities/Other 2,795,202 2,459,255 Total segment assets 9,615,753 9,190,276 Accumulated depreciation (2,923,625 ) (2,646,874 ) Total segment assets — net book value 6,692,128 6,543,402 Reconciling items: Cash and cash equivalents 2,112 6,742 Restricted cash 19,994 20,798 Notes receivable, net 19,790 16,694 Investment in and advances to unconsolidated joint ventures, net 827,025 938,906 Other assets 118,535 137,302 Total consolidated assets $ 7,679,584 $ 7,663,844 |
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 for the Operating Partnership’s reportable segments for the years ended December 31, 2016 , 2015 , and 2014 , and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2016 2015 2014 Reportable apartment home segment rental income Same-Store Communities West Region $ 183,153 $ 169,621 $ 153,951 Mid-Atlantic Region 38,987 37,502 37,216 Northeast Region 53,036 51,086 48,493 Southeast Region 47,792 44,981 42,568 Non-Mature Communities/Other 81,447 137,218 140,406 Total segment and consolidated rental income $ 404,415 $ 440,408 $ 422,634 Reportable apartment home segment NOI Same-Store Communities West Region $ 137,784 $ 126,600 $ 111,467 Mid-Atlantic Region 26,525 25,281 25,604 Northeast Region 40,704 39,765 37,788 Southeast Region 32,519 30,106 28,111 Non-Mature Communities/Other 59,589 95,845 97,343 Total segment and consolidated NOI 297,121 317,597 300,313 Reconciling items: Property management (11,122 ) (12,111 ) (11,622 ) Other operating expenses (6,059 ) (5,923 ) (5,172 ) Real estate depreciation and amortization (147,074 ) (169,784 ) (179,176 ) General and administrative (18,808 ) (27,016 ) (28,541 ) Casualty-related recoveries/(charges), net (484 ) (843 ) (541 ) Income/(loss) from unconsolidated entities (37,425 ) (4,659 ) — Interest expense (30,067 ) (40,321 ) (41,717 ) Gain/(loss) on sale of real estate owned 33,180 158,123 63,635 Net income/(loss) attributable to noncontrolling interests (1,444 ) (1,762 ) (952 ) Net income/(loss) attributable to OP unitholders $ 77,818 $ 213,301 $ 96,227 |
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, 2016 and 2015 (dollars in thousands) : December 31, December 31, 2015 Reportable apartment home segment assets Same-Store Communities West Region $ 1,521,762 $ 1,497,867 Mid-Atlantic Region 388,893 383,111 Northeast Region 674,928 669,082 Southeast Region 328,729 321,787 Non-Mature Communities/Other 760,392 759,058 Total segment assets 3,674,704 3,630,905 Accumulated depreciation (1,408,815 ) (1,281,258 ) Total segment assets - net book value 2,265,889 2,349,647 Reconciling items: Cash and cash equivalents 756 3,103 Restricted cash 11,694 11,344 Investment in unconsolidated entities 112,867 166,186 Other assets 24,329 24,528 Total consolidated assets $ 2,415,535 $ 2,554,808 |
Unaudited Summarized Consolid74
Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Entity Information [Line Items] | |
Schedule of quarterly financial information | Selected consolidated quarterly financial data for the years ended December 31, 2016 and 2015 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2016 Rental income $ 231,957 $ 236,168 $ 240,255 $ 240,081 Income/(loss) from continuing operations 8,534 12,249 29,466 59,280 Net income/(loss) attributable to common stockholders (a) 9,464 17,017 26,027 236,687 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.04 $ 0.06 $ 0.10 $ 0.89 Diluted $ 0.04 $ 0.06 $ 0.10 $ 0.88 Weighted average number of common shares outstanding: Basic 262,456 266,268 266,301 266,498 Diluted 264,285 268,174 268,305 271,551 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 common shares outstanding: Basic 256,834 257,849 259,114 260,830 Diluted 258,662 262,806 261,207 266,108 (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. |
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, 2016 and 2015 is summarized in the table below ( dollars in thousands, except per share amounts ): Three Months Ended March 31, June 30, September 30, December 31, 2016 Rental income $ 98,786 $ 100,892 $ 102,595 $ 102,142 Income/(loss) from continuing operations 5,131 11,394 11,885 17,672 Income/(loss) attributable to OP unitholders 4,787 11,044 11,517 50,470 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.03 $ 0.06 $ 0.06 $ 0.27 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 (a) Quarterly net income/(loss) per weighted average OP Unit amounts may not total to the annual amounts |
Consolidation and Basis of Pr75
Consolidation and Basis of Presentation (Details) | Dec. 31, 2016USD ($)CommunitiesApartment_HomesMarketsshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014shares | Dec. 31, 2013shares |
Consolidation and Basis of Presentation [Line Items] | ||||
Number of Real Estate Properties | Communities | 127 | |||
Investment Building and Building Improvements, and Furniture, Fixtures and Equipment | $ | $ 7,291,570,000 | $ 7,046,622,000 | ||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||
Number of markets operating within | $ | 18 | |||
Number of apartments owned | Apartment_Homes | 39,454 | |||
Joint venture, number of homes in communities | Apartment_Homes | 6,849 | |||
Operating Partnership outstanding units | 183,278,698 | |||
OP units outstanding related to limited partner | 183,278,698 | 183,278,698 | 183,278,698 | 183,278,698 |
United Dominion Reality L.P. | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
Number of Real Estate Properties | Communities | 54 | |||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||
Number of markets operating within | Markets | 14 | |||
Number of apartments owned | Apartment_Homes | 16,698 | |||
Operating Partnership outstanding units | 183,278,698 | |||
OP units outstanding related to limited partner | 183,167,815 | 183,167,815 | ||
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% | |||
Limited Partner [Member] | United Dominion Reality L.P. | ||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||
OP units outstanding related to limited partner | 174,230,084 | 174,225,399 | ||
Percentage of units outstanding owned by limited partners | 95.10% | 95.06036% | ||
Limited Partner [Member] | UDR Lighthouse DownREIT L.P. [Member] | ||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||
Operating Partnership outstanding units | 15,882,366 | 16,137,973 | ||
Percentage of units outstanding owned by limited partners | 49.06905% | 49.85876% | ||
General Partner [Member] | UDR Lighthouse DownREIT L.P. [Member] | ||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||
Operating Partnership outstanding units | 16,485,014 | 16,229,407 | ||
General Partners Capital Account Units Owned Percentage | 50.93095% | 50.14124% | ||
Non-affiliated Partners | ||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||
OP units outstanding related to limited partner | 7,296,943 | 7,301,628 | 7,413,802 | 7,567,253 |
Non-affiliated Partners | United Dominion Reality L.P. | ||||
Consolidation And Basis Of Presentation (Textual) [Abstract] | ||||
OP units outstanding related to limited partner | 9,048,614 | 9,053,299 | ||
Percentage of units outstanding owned by limited partners | 4.90% | 4.90% |
Significant Accounting Polici76
Significant Accounting Policies (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 20, 2015 | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Accounting Policies [Line Items] | ||||||||||||
Return on investment in unconsolidated joint ventures | $ 57,578,000 | $ 27,012,000 | $ 4,943,000 | |||||||||
Distributions received from unconsolidated joint venture | $ (66,116,000) | (32,279,000) | (54,256,000) | |||||||||
Document Period End Date | Dec. 31, 2016 | |||||||||||
Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Development costs excluding direct costs and capitalized interest | $ 7,900,000 | 6,300,000 | 9,000,000 | |||||||||
Interest capitalized during period | 16,500,000 | 16,100,000 | 20,200,000 | |||||||||
Notes receivable | $ 19,790,000 | $ 16,694,000 | 19,790,000 | 16,694,000 | ||||||||
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 | 1,800,000 | 1,500,000 | 3,400,000 | |||||||||
Deferred tax asset | 600,000 | 11,800,000 | 600,000 | 11,800,000 | ||||||||
Numerator for earnings per share — basic and diluted: | ||||||||||||
Net (loss)/income attributable to common stockholders | 236,687,000 | $ 26,027,000 | $ 17,017,000 | $ 9,464,000 | 161,270,000 | $ 12,361,000 | $ 85,924,000 | $ 72,891,000 | $ 289,001,000 | $ 336,661,000 | $ 150,610,000 | |
Weighted average common shares outstanding | shares | 266,211,000 | 259,873,000 | 252,707,000 | |||||||||
Advertising expense | $ 6,400,000 | $ 6,400,000 | $ 6,000,000 | |||||||||
Tax benefit/(provision), net | $ (15,136,000) | |||||||||||
Income Tax Examination, Penalties and Interest Accrued | 0 | $ 0 | ||||||||||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.1 | |||||||||||
Other Assets | 118,535,000 | 137,302,000 | $ 118,535,000 | 137,302,000 | ||||||||
Secured debt, net | 1,130,858,000 | 1,376,945,000 | 1,130,858,000 | 1,376,945,000 | ||||||||
Unsecured debt, net | $ 2,270,620,000 | 2,193,850,000 | $ 2,270,620,000 | 2,193,850,000 | ||||||||
Note due February 2017 | ||||||||||||
Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Notes receivable | 12,994,000 | 12,994,000 | ||||||||||
Note Receivable Interest Rate | 10.00% | 10.00% | ||||||||||
Aggregate Commitment on Note Receivable | $ 12,994,000 | $ 12,994,000 | ||||||||||
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 | $ 1,296,000 | 1,200,000 | $ 1,296,000 | 1,200,000 | ||||||||
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 | |||||||||||
Note Due April 2021 [Member] | ||||||||||||
Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Notes receivable | $ 3,000,000 | 0 | $ 3,000,000 | $ 0 | ||||||||
Note Receivable Interest Rate | 10.00% | 10.00% | ||||||||||
Aggregate Commitment on Note Receivable | $ 15,000,000 | $ 15,000,000 | ||||||||||
Note maturity public capital threshold | $ 25,000,000 | |||||||||||
OP Units | ||||||||||||
Numerator for earnings per share — basic and diluted: | ||||||||||||
Antidilutive securities | shares | 25,130,000 | 12,947,000 | 9,247,000 | |||||||||
Preferred Stock | ||||||||||||
Numerator for earnings per share — basic and diluted: | ||||||||||||
Antidilutive securities | shares | 3,028,000 | 3,032,000 | 3,036,000 | |||||||||
Stock options and unvested restricted stock | ||||||||||||
Numerator for earnings per share — basic and diluted: | ||||||||||||
Antidilutive securities | shares | 1,925,000 | 2,051,000 | 1,917,000 | |||||||||
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 | $ 102,000 | $ (308,000) | $ (100,000) | |||||||||
Continuing Operations [Member] | ||||||||||||
Numerator for earnings per share — basic and diluted: | ||||||||||||
Tax benefit/(provision), net | (3,774,000) | (3,886,000) | (15,098,000) | |||||||||
United Dominion Reality L P [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Distributions received from unconsolidated joint venture | (15,894,000) | 0 | 0 | |||||||||
Deferred Finance Costs, Net | (1,575,000) | $ (1,575,000) | ||||||||||
Document Period End Date | Dec. 31, 2016 | |||||||||||
Deferred Tax Liabilities, Net | 0 | $ 0 | ||||||||||
Significant Accounting Policies (Textual) [Abstract] | ||||||||||||
Development costs excluding direct costs and capitalized interest | 600,000 | 700,000 | 2,000,000 | |||||||||
Interest capitalized during period | 200,000 | 200,000 | 2,900,000 | |||||||||
Numerator for earnings per share — basic and diluted: | ||||||||||||
Advertising expense | $ 2,200,000 | 2,400,000 | 2,500,000 | |||||||||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.10 | |||||||||||
Other Assets | 24,329,000 | 24,528,000 | $ 24,329,000 | 24,528,000 | ||||||||
Secured debt, net | 433,974,000 | 475,964,000 | $ 433,974,000 | 475,964,000 | ||||||||
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 | 19,790,000 | 16,694,000 | $ 19,790,000 | 16,694,000 | ||||||||
Secured Debt [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Deferred Finance Costs, Net | (3,620,000) | (3,620,000) | ||||||||||
Scenario, Previously Reported [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Return on investment in unconsolidated joint ventures | 0 | 0 | ||||||||||
Distributions received from unconsolidated joint venture | (59,291,000) | (59,199,000) | ||||||||||
Unsecured Debt [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Deferred Finance Costs, Net | $ (12,568,000) | $ (12,373,000) | $ (12,568,000) | (12,373,000) | ||||||||
Adjustments for New Accounting Principle, Early Adoption [Member] | ||||||||||||
Accounting Policies [Line Items] | ||||||||||||
Distributions received from unconsolidated joint venture | $ (27,012,000) | $ (4,943,000) |
Discontinued Operations (Detail
Discontinued Operations (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)CommunitiesApartment_Homes | Dec. 31, 2014USD ($)Communities | |
Gain/(loss) on sales of real estate owned, net of tax | $ 210,851,000 | $ 251,677,000 | $ 143,572,000 |
Document Period End Date | Dec. 31, 2016 | ||
Discontinued Operations (Textual) [Abstract] | |||
Discontinued operations, number of communities sold | Communities | 1 | ||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $ 0 | 0 | $ 75,000 |
Proceeds from Sale of Property, Plant, and Equipment | 284,600,000 | $ 408,700,000 | |
Number of communities sold | Communities | 12 | ||
Number of apartment homes sold | Apartment_Homes | 2,735 | ||
Summary of income from discontinued operations | |||
Rental income | 0 | $ 0 | 147,000 |
Rental expenses | 0 | 0 | 225,000 |
Property management fee | 0 | 0 | 4,000 |
Real estate depreciation | 0 | 0 | 0 |
Interest | 0 | 0 | 21,000 |
Income before net gain on the sale of property | 0 | 0 | (103,000) |
Impairment of Long-Lived Assets to be Disposed of | 0 | 0 | 0 |
Income tax expense | 0 | 0 | 38,000 |
Income/(loss) from discontinued operations, net of tax | 0 | 0 | 10,000 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 0 | 10,000 |
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 |
Real Estate Owned (Details)
Real Estate Owned (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||||
Land | $ 1,801,576 | $ 1,833,156 | ||
Summary of carrying amounts for real estate owned (at cost) | ||||
Land Improvements | 178,701 | 173,821 | ||
Investment Building and Building Improvements, and Furniture, Fixtures and Equipment | 7,291,570 | 7,046,622 | ||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 342,282 | 124,072 | ||
Sold or held for sale: | ||||
Real estate owned | 9,615,753 | 9,190,276 | ||
Real Estates Owned Accumulated Depreciation | 2,923,625 | 2,646,874 | ||
Accumulated depreciation | (2,923,625) | (2,646,874) | $ (2,434,772) | $ (2,208,794) |
Total real estate owned, net of accumulated depreciation | 6,692,128 | 6,543,402 | ||
Land | ||||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 111,028 | 78,085 | ||
Sold or held for sale: | ||||
Sold or held for sale | 1,104 | 9,963 | ||
Construction in progress | ||||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0 and $0, respectively) | 231,254 | 45,987 | ||
Building and improvements | ||||
Sold or held for sale: | ||||
Sold or held for sale | 520 | 2,642 | ||
United Dominion Reality L.P. | ||||
Property, Plant and Equipment [Line Items] | ||||
Land | 836,644 | 833,300 | ||
Sold or held for sale: | ||||
Real estate owned | 3,674,704 | 3,630,905 | ||
Accumulated depreciation | (1,408,815) | (1,281,258) | $ (1,403,303) | $ (1,241,574) |
Total real estate owned, net of accumulated depreciation | $ 2,265,889 | $ 2,349,647 |
Real Estate Owned Real Estate O
Real Estate Owned Real Estate Owned (Details 1) $ in Millions | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | $ (80) |
Real Estate Owned (Details Text
Real Estate Owned (Details Textual) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Jan. 25, 2017USD ($) | Dec. 31, 2016USD ($)CommunitiesApartment_HomesStates | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)ft²$ / shares | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)CommunitiesApartment_HomesStatesshares | Dec. 31, 2015USD ($)ft²CommunitiesApartment_Homes$ / sharesshares | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | ||||||||||||
Revenues | $ 959,861 | $ 894,638 | $ 818,046 | |||||||||
Document Period End Date | Dec. 31, 2016 | |||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Number of apartment homes owned and consolidated by the Company | Apartment_Homes | 39,454 | 39,454 | ||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 40,162 | $ 217,642 | 222,930 | |||||||||
Communities Sold | Communities | 12 | |||||||||||
Apartment Homes Sold | Apartment_Homes | 2,735 | |||||||||||
Deferred Gain on Sale of Property | $ 9,500 | $ 6,800 | $ 9,500 | $ 6,800 | ||||||||
Joint venture, number of homes in communities | Apartment_Homes | 6,849 | 6,849 | ||||||||||
Acquisition-related costs | $ 200 | 2,100 | 400 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | $ 215,000 | 215,000 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 80,000 | $ 80,000 | ||||||||||
Number of Real Estate Properties | Communities | 127 | 127 | ||||||||||
Number of States in which Entity Operates | 10 | 10 | ||||||||||
Other Cost and Expense, Operating | $ 7,649 | 9,708 | 8,271 | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 284,600 | 408,700 | ||||||||||
Payments for (Proceeds from) Investments | (280,500) | (387,700) | ||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 75,796 | 0 | 0 | |||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 59,280 | $ 29,466 | $ 12,249 | $ 8,534 | $ 4,528 | $ 13,695 | $ 10,842 | $ 76,417 | 109,529 | 105,482 | 16,260 | |
Payments for Delayed Tax Exempt Exchange | 221,000 | |||||||||||
Gain/(loss) on sales of real estate owned, net of tax | $ 210,851 | 251,677 | 143,572 | |||||||||
Milehouse [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Number of apartment homes acquired | 177 | |||||||||||
MetLife II | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 70,300 | |||||||||||
Number of apartment homes acquired | 331 | |||||||||||
Number of Communities Acquired | 2 | |||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 37,900 | |||||||||||
Debt, Weighted Average Interest Rate | 3.67% | 3.67% | ||||||||||
Ashton Dublin Land [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 8,500 | |||||||||||
Wilshire LaJolla [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 20,100 | |||||||||||
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 | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 16,100,000 | |||||||||||
Cash Acquired from Acquisition | $ 25,500 | |||||||||||
Operating Community [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 142,500 | |||||||||||
Operating Community [Member] | MetLife II | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||
Number of Units in Real Estate Property | 4,059 | 4,059 | ||||||||||
Number of Real Estate Properties | 18 | 18 | ||||||||||
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% | 50.00% | ||||||||
Number of Units in Real Estate Property | 1,513 | 1,513 | ||||||||||
Number of Real Estate Properties | 3 | 3 | ||||||||||
Development Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Number of Real Estate Properties | 1 | 1 | ||||||||||
Land | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,100 | |||||||||||
Milehouse [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Property, Plant and Equipment, Additions | $ 70,500 | |||||||||||
MetLife II | Land, Buildings and Improvements [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Property, Plant and Equipment, Additions | 36,400 | |||||||||||
Ashton Dublin Land [Member] | Land | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Property, Plant and Equipment, Additions | $ 8,900 | |||||||||||
Wilshire LaJolla [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Lessor Leasing Arrangements, Operating Leases, Term of Contract | 49 years | |||||||||||
Number of Extensions of Ground Lease | 2 | |||||||||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 25 years | |||||||||||
Wilshire LaJolla [Member] | Land | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Property, Plant and Equipment, Additions | $ 31,100 | |||||||||||
1745 Shea [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 24,067 | 0 | ||||||||||
Square Footage | ft² | 120,000 | 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 | $ 404,415 | $ 440,408 | 422,634 | |||||||||
Document Period End Date | Dec. 31, 2016 | |||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Number of apartment homes owned and consolidated by the Company | Apartment_Homes | 16,698 | 16,698 | ||||||||||
Communities Sold | 2 | 5 | ||||||||||
Apartment Homes Sold | Apartment_Homes | 276 | 1,149 | ||||||||||
Deferred Gain on Sale of Property | $ 24,600 | $ 24,600 | ||||||||||
Property, Plant and Equipment, Additions | $ 142,000 | |||||||||||
Number of apartment homes acquired | 421 | |||||||||||
Number of Real Estate Properties | Communities | 54 | 54 | ||||||||||
Number of States in which Entity Operates | States | 8 | 8 | ||||||||||
Other Cost and Expense, Operating | $ 6,059 | 5,923 | 5,172 | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | 45,300 | 250,900 | ||||||||||
Payments for (Proceeds from) Investments | (44,600) | (232,400) | ||||||||||
Gain/(loss) on sales of real estate owned, net of tax | 33,180 | 158,123 | 63,635 | |||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 17,672 | $ 11,885 | $ 11,394 | $ 5,131 | $ 14,516 | $ 14,952 | $ 15,355 | $ 12,117 | 46,082 | 56,940 | 33,544 | |
Gain/(loss) on sales of real estate owned, net of tax | $ (33,180) | 158,123 | $ 63,635 | |||||||||
United Dominion Reality L.P. | Operating Community [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Gain/(loss) on sales of real estate owned, net of tax | 133,500 | |||||||||||
Subsequent Event [Member] | CityLine [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 66,000 | |||||||||||
Number of apartment homes acquired | 244 | |||||||||||
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 | 0 | 13,988,313 | ||||||||||
Initial Investment [Member] | MetLife II | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | ||||||||||
Initial Investment [Member] | Ashton Dublin Land [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Equity method investment, ownership percent | 5.00% | 5.00% | ||||||||||
Initial Investment [Member] | Wilshire LaJolla [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Equity method investment, ownership percent | 50.00% | 50.00% | ||||||||||
Initial Investment [Member] | Subsequent Event [Member] | CityLine [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Equity method investment, ownership percent | 49.00% | |||||||||||
Subsequent Investment [Member] | MetLife II | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Equity method investment, ownership percent | 100.00% | 100.00% | ||||||||||
Subsequent Investment [Member] | Wilshire LaJolla [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Equity method investment, ownership percent | 100.00% | 100.00% | ||||||||||
Subsequent Investment [Member] | Subsequent Event [Member] | CityLine [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Equity method investment, ownership percent | 100.00% | |||||||||||
Baltimore Properties [Member] | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Communities Sold | 7 | |||||||||||
Apartment Homes Sold | 1,402 | |||||||||||
Gain/(loss) on sales of real estate owned, net of tax | $ 200,500 | |||||||||||
Highlands of Preston | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Apartment Homes Sold | 380 | |||||||||||
Bellevue Plaza retail | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 45,400 | |||||||||||
Payments for (Proceeds from) Investments | $ (44,100) | |||||||||||
Gain/(loss) on sales of real estate owned, net of tax | $ 7,300 | |||||||||||
Land | ||||||||||||
Real Estate Owned (Textual) [Abstract] | ||||||||||||
Communities Sold | Communities | 2 | |||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 24,000 | |||||||||||
Payments for (Proceeds from) Investments | $ (22,000) | |||||||||||
Gain/(loss) on sales of real estate owned, net of tax | $ 3,100 | |||||||||||
Noncontrolling Interest Held in Joint Venture | 95.00% | 95.00% |
Joint Ventures (Details)
Joint Ventures (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Communities | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Number of Real Estate Properties | Communities | 127 | ||
Investment in and advances to unconsolidated joint ventures, net | $ 827,025 | $ 938,906 | |
Deferred Gain on Sale of Property | 9,500 | 6,800 | |
MetLife I | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in and advances to unconsolidated joint ventures, net | $ 25,208 | 15,894 | |
MetLife I | Operating Community [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Units in Real Estate Property | 150 | ||
Investment in and advances to unconsolidated joint ventures, net | $ 25,209 | $ 15,894 | |
Equity method investment, ownership percent | 50.00% | 17.20% | |
MetLife I | Land Parcel [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Real Estate Properties | 1 | ||
MetLife II | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in and advances to unconsolidated joint ventures, net | $ 311,282 | $ 425,230 | |
MetLife II | Operating Community [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Real Estate Properties | 18 | ||
Number of Units in Real Estate Property | 4,059 | ||
Investment in and advances to unconsolidated joint ventures, net | $ 311,282 | $ 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 | $ 405,286 | $ 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 | $ 160,979 | $ 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 Vitruvian Park [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in and advances to unconsolidated joint ventures, net | $ 72,414 | $ 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 | 1,513 | ||
Investment in and advances to unconsolidated joint ventures, net | $ 72,414 | $ 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 | 5 | ||
Unconsolidated Joint Venture Vitruvian Park [Member] | Development Community [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Real Estate Properties | 1 | ||
KFH | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in and advances to unconsolidated joint ventures, net | $ 12,835 | $ 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 | $ 12,835 | $ 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 | $ 0 | ||
Unconsolidated Joint Ventures [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in and advances to unconsolidated joint ventures, net | $ 582,719 | 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 | $ 94,003 | 90,747 | |
Participating Loan, Interest Rate, Stated Percentage | 6.50% | ||
Participating Loan Years to Maturity | 7 months | ||
Income from Participating Loan | $ 6,213 | 5,453 | $ 2,350 |
Preferred Equity Investment West Coast Development JV [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Number of Real Estate Properties | 5 | ||
Number of Units in Real Estate Property | 1,533 | ||
Investment in and advances to unconsolidated joint ventures, net | $ 597,400 | ||
Income from Participating Loan | 5,200 | ||
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 | $ 150,303 | 144,696 | |
Participating Loan, Interest Rate, Stated Percentage | 6.50% | ||
Income from Participating Loan | $ 4,561 | $ 3,692 | $ 0 |
Joint Ventures (Details 1)
Joint Ventures (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | $ 230,456 | $ 219,714 | $ 193,453 |
Real estate depreciation and amortization | 83,819 | 75,492 | 69,399 |
Net loss | 28,575 | 175,850 | (42,667) |
Income/(loss) from unconsolidated entities | 52,234 | 62,329 | (7,006) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 2,901,067 | 3,135,757 | |
Total assets | 2,952,617 | 3,202,128 | |
Amount due to UDR | 521 | 7,266 | |
Third party debt | 1,794,379 | 1,614,463 | |
Total liabilities | 1,861,291 | 1,717,252 | |
Total equity | 1,091,326 | 1,484,876 | |
Investment in and advances to unconsolidated joint ventures, net | 827,025 | 938,906 | |
Property operating expenses | 84,087 | 87,500 | 72,099 |
Operating income/(loss) | 62,550 | 56,722 | 51,955 |
Interest expense | (67,801) | (64,990) | (58,591) |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 33,826 | ||
Income/(loss) from discontinued operations | 184,118 | (36,031) | |
Cash and cash equivalents | 32,503 | 36,480 | |
Other assets | 19,047 | 29,891 | |
Accounts payable and accrued liabilities | 66,391 | 95,523 | |
MetLife I | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 278 | 541 | 727 |
Real estate depreciation and amortization | 52 | 818 | 2,130 |
Net loss | (701) | (1,203) | (33,823) |
Income/(loss) from unconsolidated entities | (461) | (513) | (2,955) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 50,656 | 92,915 | |
Total assets | 54,237 | 94,291 | |
Amount due to UDR | 155 | 2 | |
Third party debt | 0 | 0 | |
Total liabilities | 5,366 | 397 | |
Total equity | 48,871 | 93,894 | |
Investment in and advances to unconsolidated joint ventures, net | 25,208 | 15,894 | |
Property operating expenses | 552 | 906 | 618 |
Operating income/(loss) | (326) | (1,183) | (2,021) |
Interest expense | 0 | 0 | 0 |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | (375) | ||
Income/(loss) from discontinued operations | (20) | (31,802) | |
Cash and cash equivalents | 1,940 | 1,202 | |
Other assets | 1,641 | 174 | |
Accounts payable and accrued liabilities | 5,211 | 395 | |
MetLife II | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 169,175 | 170,062 | 152,047 |
Real estate depreciation and amortization | 46,135 | 46,616 | 41,504 |
Net loss | 53,746 | 7,893 | 9,900 |
Income/(loss) from unconsolidated entities | 56,895 | 3,578 | 2,814 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 1,672,842 | 1,942,630 | |
Total assets | 1,697,484 | 1,988,311 | |
Amount due to UDR | (4,711) | 0 | |
Third party debt | 1,128,379 | 1,122,662 | |
Total liabilities | 1,143,664 | 1,146,906 | |
Total equity | 553,820 | 841,405 | |
Investment in and advances to unconsolidated joint ventures, net | 311,282 | 425,230 | |
Property operating expenses | 52,322 | 63,516 | 52,150 |
Operating income/(loss) | 70,718 | 59,930 | 58,393 |
Interest expense | (51,173) | (52,037) | (48,493) |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 34,201 | ||
Income/(loss) from discontinued operations | 0 | 0 | |
Cash and cash equivalents | 13,272 | 20,767 | |
Other assets | 11,370 | 24,914 | |
Accounts payable and accrued liabilities | 19,996 | 24,244 | |
Unconsolidated Joint Venture Other MetLife [Member] | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 18,090 | 7,634 | 1,579 |
Real estate depreciation and amortization | 16,353 | 6,897 | 3,959 |
Net loss | (16,082) | (5,655) | (3,596) |
Income/(loss) from unconsolidated entities | 1,696 | 6,088 | 576 |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 698,694 | 604,611 | |
Total assets | 710,429 | 612,528 | |
Amount due to UDR | 3,082 | 5,929 | |
Third party debt | 375,597 | 201,114 | |
Total liabilities | 411,163 | 269,310 | |
Total equity | 299,266 | 343,218 | |
Investment in and advances to unconsolidated joint ventures, net | 405,286 | 407,102 | |
Property operating expenses | 11,655 | 3,826 | 1,122 |
Operating income/(loss) | (9,918) | (3,089) | (3,502) |
Interest expense | (6,164) | (2,566) | (94) |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 0 | ||
Income/(loss) from discontinued operations | 0 | 0 | |
Cash and cash equivalents | 8,991 | 5,996 | |
Other assets | 2,744 | 1,921 | |
Accounts payable and accrued liabilities | 32,484 | 62,267 | |
Unconsolidated Joint Venture Vitruvian Park [Member] | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 22,916 | 22,139 | 19,376 |
Real estate depreciation and amortization | 6,835 | 6,639 | 7,380 |
Net loss | (744) | (867) | (2,846) |
Income/(loss) from unconsolidated entities | (3,603) | (3,711) | (4,068) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 270,770 | 273,897 | |
Total assets | 280,048 | 283,399 | |
Amount due to UDR | 1,566 | 908 | |
Third party debt | 124,716 | 126,388 | |
Total liabilities | 133,585 | 134,433 | |
Total equity | 146,463 | 148,966 | |
Investment in and advances to unconsolidated joint ventures, net | 72,414 | 73,469 | |
Property operating expenses | 11,730 | 11,519 | 10,711 |
Operating income/(loss) | 4,351 | 3,981 | 1,285 |
Interest expense | (5,095) | (4,848) | (4,131) |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 0 | ||
Income/(loss) from discontinued operations | 0 | 0 | |
Cash and cash equivalents | 7,012 | 7,185 | |
Other assets | 2,266 | 2,317 | |
Accounts payable and accrued liabilities | 7,303 | 7,137 | |
Texas JV | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 0 | 0 | |
Real estate depreciation and amortization | 0 | 0 | |
Net loss | 184,138 | (4,229) | |
Income/(loss) from unconsolidated entities | 59,424 | (772) | |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 0 | ||
Total assets | 10 | ||
Amount due to UDR | 0 | ||
Third party debt | 0 | ||
Total liabilities | 0 | ||
Total equity | 10 | ||
Investment in and advances to unconsolidated joint ventures, net | 0 | ||
Property operating expenses | 0 | 0 | |
Operating income/(loss) | 0 | 0 | |
Interest expense | 0 | 0 | |
Income/(loss) from discontinued operations | 184,138 | (4,229) | |
Cash and cash equivalents | 10 | ||
Other assets | 0 | ||
Accounts payable and accrued liabilities | 0 | ||
KFH | |||
Financial information relating to unconsolidated joint ventures operations | |||
Revenues | 19,997 | 19,338 | 19,724 |
Real estate depreciation and amortization | 14,444 | 14,522 | 14,426 |
Net loss | (7,644) | (8,456) | (8,073) |
Income/(loss) from unconsolidated entities | (2,293) | (2,537) | (2,601) |
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Real estate, net | 208,105 | 221,704 | |
Total assets | 210,419 | 223,589 | |
Amount due to UDR | 429 | 427 | |
Third party debt | 165,687 | 164,299 | |
Total liabilities | 167,513 | 166,206 | |
Total equity | 42,906 | 57,383 | |
Investment in and advances to unconsolidated joint ventures, net | 12,835 | 17,211 | |
Property operating expenses | 7,828 | 7,733 | 7,498 |
Operating income/(loss) | (2,275) | (2,917) | (2,200) |
Interest expense | (5,369) | (5,539) | (5,873) |
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate | 0 | ||
Income/(loss) from discontinued operations | 0 | $ 0 | |
Cash and cash equivalents | 1,288 | 1,320 | |
Other assets | 1,026 | 565 | |
Accounts payable and accrued liabilities | 1,397 | 1,480 | |
Unconsolidated Joint Ventures [Member] | |||
Combined summary of balance sheets relating to unconsolidated joint ventures | |||
Investment in and advances to unconsolidated joint ventures, net | $ 582,719 | $ 703,463 |
Joint Ventures (Details Textual
Joint Ventures (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 25, 2017USD ($) | Oct. 20, 2015 | Dec. 31, 2016USD ($)CommunitiesApartment_Homes | Dec. 31, 2016USD ($)CommunitiesApartment_Homes | Dec. 31, 2015USD ($)CommunitiesApartment_Homes | Dec. 31, 2014USD ($) | |
Joint Ventures | ||||||
Joint venture, number of homes in communities | Apartment_Homes | 6,849 | 6,849 | ||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 40,162,000 | $ 217,642,000 | $ 222,930,000 | |||
Unamortized discount | $ 11,200,000 | 11,200,000 | 10,000,000 | |||
First installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | 51,001,000 | 51,001,000 | ||||
Second installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture | 512,606,000 | 512,606,000 | ||||
Interest expense incurred during period | 123,031,000 | 121,875,000 | 130,454,000 | |||
Investment in and advances to unconsolidated joint ventures, net | 827,025,000 | $ 827,025,000 | 938,906,000 | |||
Weighted Average Interest Rate | 3.79% | |||||
Document Period End Date | Dec. 31, 2016 | |||||
Deferred gains on the sale of depreciable property | 9,500,000 | $ 9,500,000 | $ 6,800,000 | |||
Communities Sold | Communities | 12 | |||||
Proceeds from Sale of Property, Plant, and Equipment | 284,600,000 | $ 408,700,000 | ||||
Gain/(loss) on sales of real estate owned, net of tax | 210,851,000 | 251,677,000 | 143,572,000 | |||
Management fees for our involvement in the joint ventures | $ 11,300,000 | |||||
Condition for Community considered to have stabilized occupancy | 0.9 | |||||
Real Estate Owned Gross | 9,615,753,000 | $ 9,615,753,000 | 9,190,276,000 | |||
Secured debt, net | $ 1,130,858,000 | 1,130,858,000 | 1,376,945,000 | |||
SEC Schedule III, Real Estate, Cost of Real Estate Sold | $ 238,440,000 | 301,920,000 | 269,681,000 | |||
Number of Real Estate Properties | Communities | 127 | 127 | ||||
Number of extension options on loan | 2 | |||||
Extension period of option on loan | 6 months | |||||
Number of markets operating within | 18 | 18 | ||||
Casualty-related charges/(recoveries), net | $ 732,000 | $ 2,335,000 | 541,000 | |||
Apartment Homes Sold | Apartment_Homes | 2,735 | |||||
Noncash or Part Noncash Acquisition, Debt Assumed | 75,796,000 | $ 0 | 0 | |||
Ashton Dublin Land [Member] | ||||||
Joint Ventures | ||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | 8,500,000 | |||||
717 Olympic [Member] | ||||||
Joint Ventures | ||||||
Casualty-related charges/(recoveries), net | $ (3,800,000) | 2,500,000 | ||||
Cirque [Member] | ||||||
Joint Ventures | ||||||
Proceeds from Sale of Property, Plant, and Equipment | 74,700,000 | |||||
Gain/(loss) on sales of real estate owned, net of tax | $ 11,300,000 | |||||
Apartment Homes Sold | 252 | |||||
Unconsolidated Joint Venture Other MetLife [Member] | ||||||
Joint Ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | 405,286,000 | $ 405,286,000 | 407,102,000 | |||
Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||
Joint Ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 72,414,000 | $ 72,414,000 | 73,469,000 | |||
MetLife I | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of apartments of development community | 0 | 0 | ||||
Joint Ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 25,208,000 | $ 25,208,000 | 15,894,000 | |||
Proceeds from Sale of Property, Plant, and Equipment | 3,000,000 | |||||
Gain/(loss) on sales of real estate owned, net of tax | $ 900,000 | |||||
Unconsolidated Joint Venture 399 Fremont [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of apartments of development community | 736 | 736 | ||||
MetLife II | ||||||
Joint Ventures | ||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 70,300,000 | |||||
Investment in and advances to unconsolidated joint ventures, net | $ 311,282,000 | $ 311,282,000 | 425,230,000 | |||
Number of Communities Acquired | 2 | |||||
Number of apartment homes acquired | 331 | |||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 37,900,000 | |||||
Debt, Weighted Average Interest Rate | 3.67% | 3.67% | ||||
KFH | ||||||
Joint Ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 12,835,000 | $ 12,835,000 | 17,211,000 | |||
Texas JV | ||||||
Joint Ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | 0 | |||||
Preferred Equity Investment West Coast Development JV [Member] | ||||||
Joint Ventures | ||||||
Number of Units in Real Estate Property | 1,533 | 1,533 | ||||
Investment in and advances to unconsolidated joint ventures, net | $ 597,400,000 | $ 597,400,000 | ||||
Income from Participating Loan | $ 5,200,000 | |||||
Number of Communities to be Acquired | 2 | 2 | ||||
Number of Completed Communities | 4 | 4 | ||||
Condition for Community considered to have stabilized occupancy | 0.8 | |||||
Number of Real Estate Properties | 5 | 5 | ||||
Community Threshold, Period Above Occupancy Threshold | 90 days | |||||
Hold Period | 1 year | |||||
Cadillac Land [Member] | ||||||
Joint Ventures | ||||||
Equity method investment, ownership percent | 3.00% | 3.00% | ||||
Hollywood Land [Member] | ||||||
Joint Ventures | ||||||
Equity method investment, ownership percent | 6.00% | 6.00% | ||||
Wilshire LaJolla [Member] | ||||||
Joint Ventures | ||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 20,100,000 | |||||
CityLine [Member] | Subsequent Event [Member] | ||||||
Joint Ventures | ||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 66,000,000 | |||||
Number of apartment homes acquired | 244 | |||||
Land | ||||||
Joint Ventures | ||||||
Gain (Loss) on Disposition of Property Plant Equipment | 1,100,000 | |||||
Operating Community [Member] | ||||||
Joint Ventures | ||||||
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 | 1,437 | ||||
Equity method investment, ownership percent | 50.60% | 50.60% | 50.60% | |||
Investment in and advances to unconsolidated joint ventures, net | $ 160,979,000 | $ 160,979,000 | $ 171,659,000 | |||
Number of Real Estate Properties | 1 | 1 | ||||
Operating Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||
Joint Ventures | ||||||
Number of Units in Real Estate Property | 1,513 | 1,513 | ||||
Equity method investment, ownership percent | 50.00% | 50.00% | 50.00% | |||
Investment in and advances to unconsolidated joint ventures, net | $ 72,414,000 | $ 72,414,000 | $ 73,469,000 | |||
Number of Real Estate Properties | 3 | 3 | ||||
Operating Community [Member] | MetLife I | ||||||
Joint Ventures | ||||||
Number of Units in Real Estate Property | 150 | 150 | ||||
Equity method investment, ownership percent | 50.00% | 50.00% | 17.20% | |||
Investment in and advances to unconsolidated joint ventures, net | $ 25,209,000 | $ 25,209,000 | $ 15,894,000 | |||
Operating Community [Member] | MetLife II | ||||||
Joint Ventures | ||||||
Number of Units in Real Estate Property | 4,059 | 4,059 | ||||
Equity method investment, ownership percent | 50.00% | 50.00% | 50.00% | |||
Investment in and advances to unconsolidated joint ventures, net | $ 311,282,000 | $ 311,282,000 | $ 425,230,000 | |||
Number of Real Estate Properties | 18 | 18 | ||||
Operating Community [Member] | KFH | ||||||
Joint Ventures | ||||||
Number of Units in Real Estate Property | 660 | 660 | ||||
Equity method investment, ownership percent | 30.00% | 30.00% | 30.00% | |||
Investment in and advances to unconsolidated joint ventures, net | $ 12,835,000 | $ 12,835,000 | $ 17,211,000 | |||
Number of Real Estate Properties | 3 | 3 | ||||
Development Community [Member] | Unconsolidated Joint Venture Other MetLife [Member] | ||||||
Joint Ventures | ||||||
Number of Real Estate Properties | 4 | 4 | ||||
Development Community [Member] | Unconsolidated Joint Venture Vitruvian Park [Member] | ||||||
Joint Ventures | ||||||
Number of Real Estate Properties | 1 | 1 | ||||
Development Community [Member] | Participating Loan Investment Steele Creek Denver Colorado [Member] | ||||||
Joint Ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 94,003,000 | $ 94,003,000 | 90,747,000 | |||
Income from Participating Loan | $ 6,213,000 | 5,453,000 | 2,350,000 | |||
Participating Loan, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||
Development Community [Member] | Preferred Equity Investment West Coast Development JV [Member] | ||||||
Joint Ventures | ||||||
Investment in and advances to unconsolidated joint ventures, net | $ 150,303,000 | $ 150,303,000 | 144,696,000 | |||
Income from Participating Loan | $ 4,561,000 | 3,692,000 | $ 0 | |||
Participating Loan, Interest Rate, Stated Percentage | 6.50% | 6.50% | ||||
Equity Method Investment, Transaction Expenses | $ 1,500,000 | |||||
Participating Loan Investment Steele Creek Denver Colorado [Member] | ||||||
Joint Ventures | ||||||
Number of Real Estate Properties | 1 | 1 | ||||
Subsequent Investment [Member] | MetLife II | ||||||
Joint Ventures | ||||||
Equity method investment, ownership percent | 100.00% | 100.00% | ||||
Subsequent Investment [Member] | Wilshire LaJolla [Member] | ||||||
Joint Ventures | ||||||
Equity method investment, ownership percent | 100.00% | 100.00% | ||||
Subsequent Investment [Member] | CityLine [Member] | Subsequent Event [Member] | ||||||
Joint Ventures | ||||||
Equity method investment, ownership percent | 100.00% | |||||
Initial Investment [Member] | Ashton Dublin Land [Member] | ||||||
Joint Ventures | ||||||
Equity method investment, ownership percent | 5.00% | 5.00% | ||||
Initial Investment [Member] | MetLife II | ||||||
Joint Ventures | ||||||
Equity method investment, ownership percent | 50.00% | 50.00% | ||||
Initial Investment [Member] | Wilshire LaJolla [Member] | ||||||
Joint Ventures | ||||||
Equity method investment, ownership percent | 50.00% | 50.00% | ||||
Initial Investment [Member] | CityLine [Member] | Subsequent Event [Member] | ||||||
Joint Ventures | ||||||
Equity method investment, ownership percent | 49.00% |
Secured Debt and Unsecured De84
Secured Debt and Unsecured Debt (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Jul. 18, 2016USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Unamortized discount | $ 11,200 | $ 10,000 | |
Weighted Average Interest Rate | 3.79% | ||
Weighted Average Years to Maturity | 5 years 3 months 18 days | ||
Borrowings outstanding | $ 2,900 | 2,300 | |
Total Unsecured Debt | 2,270,620 | 2,193,850 | |
Total Debt | 3,401,478 | 3,570,795 | |
Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 756,151 | 952,801 | |
Weighted Average Interest Rate | 4.53% | ||
Weighted Average Years to Maturity | 4 years 8 months 19 days | ||
Number of Communities Encumbered | 17 | ||
Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 374,707 | 424,144 | |
Weighted Average Interest Rate | 1.95% | ||
Weighted Average Years to Maturity | 4 years | ||
Number of Communities Encumbered | 9 | ||
2.95% Medium-Term Note due September 2026 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 2.95% | ||
Weighted Average Years to Maturity | 9 years 8 months 1 day | ||
Senior Unsecured Notes | $ 300,000 | 0 | |
Unsecured Revolving Credit Facility due October Two Thousand Fifteen [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 1.37% | ||
Weighted Average Years to Maturity | 3 years 29 days | ||
Borrowings outstanding | $ 0 | 150,000 | |
Tax Exempt Notes Payable [Member] | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 1.39% | ||
Weighted Average Years to Maturity | 6 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 | 5.06% | ||
Weighted Average Years to Maturity | 2 years 9 months 25 days | ||
Number of Communities Encumbered | 10 | ||
Line of Credit [Member] | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate at Period End | 2.13% | ||
Weighted Average Years to Maturity | 3 years 2 months 23 days | ||
Number of Communities Encumbered | 7 | ||
Mortgages [Member] | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 4.04% | ||
Weighted Average Years to Maturity | 6 years 3 months 19 days | ||
Number of Communities Encumbered | 7 | ||
Mortgages [Member] | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 0.00% | ||
Weighted Average Years to Maturity | 0 years | ||
Number of Communities Encumbered | 0 | ||
Four Point Two Five Percentage Medium-Term Notes due June 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized discount | $ 608 | 1,037 | |
Weighted Average Interest Rate | 4.25% | ||
Weighted Average Years to Maturity | 1 year 5 months 1 day | ||
Senior Unsecured Notes | $ 299,392 | 298,963 | |
ThreePointSevenTermNotesDueOctober2020 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Years to Maturity | 3 years 9 months 1 day | ||
Senior Unsecured Notes | $ 299,970 | 299,962 | |
2.23% Term Loan Facility due January 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 2.23% | ||
Weighted Average Years to Maturity | 4 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 | $ 30 | 38 | |
Weighted Average Interest Rate | 3.70% | ||
Secured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 1,130,858 | 1,376,945 | |
Weighted Average Interest Rate | 3.66% | ||
Weighted Average Years to Maturity | 4 years 4 months 24 days | ||
Number of Communities Encumbered | 26 | ||
Total Debt | $ 1,130,858 | ||
Secured Debt [Member] | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Total Debt | 756,151 | ||
Secured Debt [Member] | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Total Debt | $ 374,707 | ||
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 3.73% | ||
Weighted Average Years to Maturity | 5 years 8 months 12 days | ||
Total Unsecured Debt | $ 2,270,620 | 2,193,850 | |
Total Debt | 2,270,620 | ||
Four Point Six Three Percent Term Medium Notes Due January Two Thousand Twenty-Two [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized discount | $ 1,805 | 2,164 | |
Weighted Average Interest Rate | 4.63% | ||
Weighted Average Years to Maturity | 5 years 10 days | ||
Senior Unsecured Notes | $ 398,195 | 397,836 | |
3.75 MTN Due July 2024 [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized discount | $ 782 | 886 | |
Weighted Average Interest Rate | 3.75% | ||
Weighted Average Years to Maturity | 7 years 6 months 1 day | ||
Senior Unsecured Notes | $ 299,218 | 299,114 | |
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 | 7 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 | $ 602 | 671 | |
4.00% Medium-Term Note due October 2025 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 4.00% | ||
Weighted Average Years to Maturity | 8 years 9 months 1 day | ||
Senior Unsecured Notes | $ 299,398 | 299,329 | |
Others [Member] | |||
Debt Instrument [Line Items] | |||
Senior Unsecured Notes | $ 21 | 24 | |
Unsecured Working Capital Credit Facility due January 2019 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 1.67% | ||
Weighted Average Years to Maturity | 2 years | ||
Borrowings outstanding | $ 21,350 | 0 | |
1.21% Term Loan Facility due January 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 1.56% | ||
Weighted Average Years to Maturity | 4 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 | 0.00% | ||
Weighted Average Years to Maturity | 0 years | ||
Senior Unsecured Notes | $ 0 | 83,260 | |
6.21 Medium Term Note, Due January 2016 [Member] | |||
Debt Instrument [Line Items] | |||
Weighted Average Interest Rate | 0.00% | ||
Weighted Average Years to Maturity | 0 years | ||
Senior Unsecured Notes | $ 0 | 12,091 | |
Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Mortgages [Member] | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | $ 31,300 | ||
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 | 355,836 | 514,462 | |
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 | 280,946 | 299,378 | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Mortgages [Member] | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 402,996 | 442,617 | |
Reported Value Measurement [Member] | Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Mortgages [Member] | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Principal outstanding | 0 | 31,337 | |
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | 12,568 | 12,373 | |
Secured Debt [Member] | Variable Rate Debt | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | 939 | 1,271 | |
Secured Debt [Member] | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Deferred Finance Costs, Net | $ 2,681 | $ 4,278 |
Secured Debt and Unsecured De85
Secured Debt and Unsecured Debt (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Secured credit facilities | ||
Borrowings outstanding | $ 2,900 | $ 2,300 |
Fannie Mae | ||
Secured credit facilities | ||
Borrowings outstanding | 636,782 | 813,840 |
Weighted average daily borrowings during the period ended | 737,802 | 822,521 |
Maximum daily borrowings during the period ended | $ 813,544 | $ 834,003 |
Weighted average interest rate during the period ended | 3.90% | 4.02% |
Weighted average interest rate at the end of the period | 3.77% | 3.93% |
Secured Debt and Unsecured De86
Secured Debt and Unsecured Debt (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Borrowings outstanding at end of period | $ 2,900 | $ 2,300 |
Unsecured Commercial Bank Credit Facility | ||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Total revolving credit facility | 2,000,000 | 1,100,000 |
Weighted average daily borrowings during the period ended | 161,505 | 353,647 |
Maximum daily borrowings during the period ended | $ 340,000 | $ 541,500 |
Weighted average interest rate during the period ended | 1.40% | 1.10% |
Interest rate at the end of the period | 0.00% | 1.20% |
Secured Debt and Unsecured De87
Secured Debt and Unsecured Debt Secured Debt and Unsecured Debt (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | ||
Long-term Line of Credit | $ 2,900 | $ 2,300 |
Unsecured Working Capital Credit Facility due January 2019 [Member] | ||
Short-term Debt [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | 30,000 |
Long-term Line of Credit | 21,350 | 0 |
Line of Credit Facility, Average Outstanding Amount | 21,936 | 0 |
Line of Credit Facility, Maximum Amount Outstanding During Period | $ 69,633 | $ 0 |
Line of Credit Facility, Interest Rate During Period | 1.40% | 0.00% |
Interest rate at the end of the period | 1.70% | 0.00% |
Secured Debt and Unsecured De88
Secured Debt and Unsecured Debt (Details 4) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Aggregate maturities of debt | ||
2,017 | $ 51,001 | |
2,018 | 512,606 | |
2,019 | 338,445 | |
2,020 | 498,076 | |
2,021 | 351,117 | |
2,022 | 401,157 | |
2,023 | 137,654 | |
2,024 | 315,644 | |
2,025 | 427,600 | |
2,026 | 350,000 | |
Thereafter | 27,000 | |
Long-term Debt, Gross | 3,410,300 | |
Debt Instrument, Unamortized Discount (Premium), Net | (8,822) | |
Total Debt | 3,401,478 | $ 3,570,795 |
Secured Debt [Member] | ||
Aggregate maturities of debt | ||
2,017 | 51,001 | |
2,018 | 212,606 | |
2,019 | 317,095 | |
2,020 | 198,076 | |
2,021 | 1,117 | |
2,022 | 1,157 | |
2,023 | 137,654 | |
2,024 | 0 | |
2,025 | 127,600 | |
2,026 | 50,000 | |
Thereafter | 27,000 | |
Long-term Debt, Gross | 1,123,306 | |
Debt Instrument, Unamortized Discount (Premium), Net | 7,552 | |
Total Debt | 1,130,858 | |
Secured Debt [Member] | Fixed Rate Debt | ||
Aggregate maturities of debt | ||
2,017 | 4,433 | |
2,018 | 74,637 | |
2,019 | 249,395 | |
2,020 | 198,076 | |
2,021 | 1,117 | |
2,022 | 1,157 | |
2,023 | 41,245 | |
2,024 | 0 | |
2,025 | 127,600 | |
2,026 | 50,000 | |
Thereafter | 0 | |
Long-term Debt, Gross | 747,660 | |
Debt Instrument, Unamortized Discount (Premium), Net | 8,491 | |
Total Debt | 756,151 | |
Secured Debt [Member] | Variable Rate Debt | ||
Aggregate maturities of debt | ||
2,017 | 46,568 | |
2,018 | 137,969 | |
2,019 | 67,700 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 96,409 | |
2,024 | 0 | |
2,025 | 0 | |
2,026 | 0 | |
Thereafter | 27,000 | |
Long-term Debt, Gross | 375,646 | |
Debt Instrument, Unamortized Discount (Premium), Net | (939) | |
Total Debt | 374,707 | |
Unsecured Debt [Member] | ||
Aggregate maturities of debt | ||
2,017 | 0 | |
2,018 | 300,000 | |
2,019 | 21,350 | |
2,020 | 300,000 | |
2,021 | 350,000 | |
2,022 | 400,000 | |
2,023 | 0 | |
2,024 | 315,644 | |
2,025 | 300,000 | |
2,026 | 300,000 | |
Thereafter | 0 | |
Long-term Debt, Gross | 2,286,994 | |
Debt Instrument, Unamortized Discount (Premium), Net | (16,374) | |
Total Debt | $ 2,270,620 |
Secured Debt and Unsecured De89
Secured Debt and Unsecured Debt (Details Textual) | Jun. 27, 2014 | Sep. 26, 2013 | Jan. 25, 2017USD ($) | Oct. 20, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2016USD ($) | Jul. 18, 2016USD ($) |
Debt Instrument [Line Items] | |||||||||
Amortization of Financing Costs | $ 4,500,000 | $ 7,000,000 | |||||||
Secured Debt (Textual) [Abstract] | |||||||||
Secured debt amount which encumbers real estate owned based upon book value | $ 2,100,000,000 | ||||||||
Percentage of secured debt which encumbers real estate owned based upon book value | 21.50% | ||||||||
Secured debt amount of real estate owned which is unencumbered | $ 7,500,000,000 | ||||||||
Percentage of secured debt of real estate owned which is unencumbered | 78.50% | ||||||||
Secured debt, net | $ 1,130,858,000 | 1,376,945,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 80,000,000 | ||||||||
Liabilities, Fair Value Adjustment | 4,200,000 | ||||||||
Unamortized fair market adjustment | $ 11,200,000 | 10,000,000 | |||||||
Weighted Average Interest Rate | 3.79% | ||||||||
Long-term Line of Credit | $ 2,900,000 | 2,300,000 | |||||||
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 | $ 756,151,000 | 952,801,000 | |||||||
Weighted Average Interest Rate | 4.53% | ||||||||
Variable Rate Debt | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 374,707,000 | 424,144,000 | |||||||
Weighted Average Interest Rate | 1.95% | ||||||||
Fixed Rate Mortgage Due November 2026 [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Secured debt, net | $ 25,000,000 | ||||||||
Weighted Average Interest Rate | 3.15% | ||||||||
Fixed Rate Mortgage Due June 2026 [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Secured debt, net | $ 25,000,000 | ||||||||
Weighted Average Interest Rate | 3.35% | ||||||||
3.75 MTN Due July 2024 [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Unamortized fair market adjustment | $ 782,000 | 886,000 | |||||||
Weighted Average Interest Rate | 3.75% | ||||||||
Debt Instrument, Maturity Date | Jul. 31, 2024 | ||||||||
Senior Notes | $ 299,218,000 | 299,114,000 | |||||||
Mortgages [Member] | Fixed Rate Debt | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Debt instrument, maturity date range, start | May 1, 2019 | ||||||||
Debt instrument, maturity date range, end | Nov. 5, 2026 | ||||||||
Notes payable minimum interest rates range | 3.15% | ||||||||
Notes payable maximum interest rates range | 5.86% | ||||||||
Weighted Average Interest Rate | 4.04% | ||||||||
Mortgages [Member] | Variable Rate Debt | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Weighted Average Interest Rate | 0.00% | ||||||||
Debt Assumed As Part of Acquisition [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Amortization of Debt Discount (Premium) | $ 2,900,000 | 5,300,000 | $ 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 | 5.06% | ||||||||
Fannie Mae credit facilities | Variable Rate Debt | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Interest rate at the end of the period | 2.13% | ||||||||
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 | 1.33% | ||||||||
Notes payable maximum interest rates range | 1.42% | ||||||||
Unsecured Revolving Credit Facility due October 2015 | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Weighted Average Interest Rate | 1.37% | ||||||||
Long-term Line of Credit | $ 0 | 150,000,000 | |||||||
4.63% Medium-Term Notes due January 2022 | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Unamortized fair market adjustment | $ 1,805,000 | 2,164,000 | |||||||
Weighted Average Interest Rate | 4.63% | ||||||||
Senior Notes | $ 398,195,000 | 397,836,000 | |||||||
ThreePointSevenTermNotesDueOctober2020 [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Debt Instrument, Maturity Date | Oct. 1, 2020 | ||||||||
Senior Notes | 299,970,000 | 299,962,000 | |||||||
Fannie Mae | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Long-term Line of Credit | $ 636,782,000 | $ 813,840,000 | |||||||
Interest rate at the end of the period | 3.77% | 3.93% | |||||||
Unsecured Debt [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Weighted Average Interest Rate | 3.73% | ||||||||
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] | |||||||||
Credit facilities with aggregate commitment | $ 75,000,000 | $ 30,000,000 | |||||||
Weighted Average Interest Rate | 1.67% | ||||||||
Long-term Line of Credit | $ 21,350,000 | $ 0 | |||||||
Interest rate at the end of the period | 1.70% | 0.00% | |||||||
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 | $ 602,000 | $ 671,000 | |||||||
Portion of Medium Term Note subject to Interest Rate Swaps | $ 200,000,000 | ||||||||
Debt Instrument, Maturity Date | Oct. 1, 2025 | ||||||||
Long-term Debt, Weighted Average Interest Rate | 4.55% | ||||||||
2.95% Medium-Term Note due September 2026 [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Weighted Average Interest Rate | 2.95% | ||||||||
Debt Instrument, Maturity Date | Sep. 1, 2026 | ||||||||
Percentage of Debt Instrument Price | 0.00% | ||||||||
Senior Notes | $ 300,000,000 | $ 0 | |||||||
Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Weighted Average Interest Rate | 0.00% | ||||||||
Senior Notes | $ 0 | 83,260,000 | |||||||
6.21 Medium Term Note, Due January 2016 [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Weighted Average Interest Rate | 0.00% | ||||||||
Senior Notes | $ 0 | 12,091,000 | |||||||
UDR Bank Credit Facility | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Credit facilities with aggregate commitment | $ 2,000,000,000 | $ 1,100,000,000 | |||||||
Interest rate at the end of the period | 0.00% | 1.20% | |||||||
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 | 75,000,000 | $ 75,000,000 | $ 30,000,000 | ||||||
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 | 355,836,000 | $ 514,462,000 | |||||||
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 | 280,946,000 | 299,378,000 | |||||||
Fair Value, Measurements, Recurring [Member] | Mortgages [Member] | Mortgages [Member] | Variable Rate Debt | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 31,300,000 | ||||||||
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 | 402,996,000 | 442,617,000 | |||||||
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 | 0 | 31,337,000 | |||||||
United Dominion Reality L.P. | |||||||||
Debt Instrument [Line Items] | |||||||||
Amortization of Financing Costs | 600,000 | 1,300,000 | |||||||
Secured Debt (Textual) [Abstract] | |||||||||
Secured debt, net | 433,974,000 | 475,964,000 | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 433,974,000 | 475,964,000 | |||||||
Weighted Average Interest Rate | 3.94% | ||||||||
United Dominion Reality L.P. | Fixed Rate Debt | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 243,842,000 | 279,333,000 | |||||||
Weighted Average Interest Rate | 5.05% | ||||||||
United Dominion Reality L.P. | Variable Rate Debt | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 190,132,000 | 196,631,000 | |||||||
Weighted Average Interest Rate | 2.18% | ||||||||
United Dominion Reality L.P. | Mortgages [Member] | Fixed Rate Debt | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 0 | $ 30,132,000 | |||||||
Weighted Average Interest Rate | 0.00% | ||||||||
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Debt instrument, maturity date range, start | Dec. 1, 2018 | ||||||||
Secured debt, net | $ 243,842,000 | ||||||||
Weighted Average Interest Rate | 5.05% | ||||||||
United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Secured debt, net | $ 163,218,000 | ||||||||
Weighted Average Interest Rate | 2.32% | ||||||||
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 | $ 408,549,000 | $ 421,031,000 | |||||||
Interest rate at the end of the period | 4.00% | 3.80% | |||||||
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 | $ 244,912,000 | $ 250,828,000 | |||||||
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 | $ 163,637,000 | 170,203,000 | |||||||
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. | 4.00% MTN Due October 2025 [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Guarantor borrowing capacity | 300,000,000 | ||||||||
Financial Guarantee | United Dominion Reality L.P. | 2.95% Medium-Term Note due September 2026 [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Guarantor borrowing capacity | $ 300,000,000 | ||||||||
Subsequent Event [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term Commercial Paper | $ 500,000,000 | ||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Commercial Paper, at Carrying Value | $ 120,000,000 | ||||||||
Subsequent Event [Member] | Commercial Paper [Member] | |||||||||
Secured Debt (Textual) [Abstract] | |||||||||
Weighted Average Interest Rate | 1.16% |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Income/(loss) before gain/(loss) on sale of real estate owned | $ 109,529 | $ 105,482 | $ 16,270 | ||||||||||||||||
Income/(loss) from discontinued operations attributable to common stockholders | $ 0 | $ 0 | $ 0 | ||||||||||||||||
Earnings Per Share, Basic | $ 0.89 | [1] | $ 0.10 | [1] | $ 0.06 | [1] | $ 0.04 | [1] | $ 0.62 | [1] | $ 0.05 | [1] | $ 0.33 | [1] | $ 0.28 | [1] | $ 1.09 | $ 1.30 | $ 0.60 |
Income/(Loss) Continuing Operations Available to Common Stockholders - Dilutive | $ 289,001 | $ 340,383 | $ 150,600 | ||||||||||||||||
Income/(loss) from continuing operations attributable to common stockholders | $ 1.08 | $ 1.29 | $ 0.59 | ||||||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | $ 59,280 | $ 29,466 | $ 12,249 | $ 8,534 | $ 4,528 | $ 13,695 | $ 10,842 | $ 76,417 | $ 109,529 | $ 105,482 | $ 16,260 | ||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | (5,511) | ||||||||||||||||||
Net (income)/loss attributable to noncontrolling interest | 380 | 3 | (3) | ||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | 292,718 | 340,383 | 154,324 | ||||||||||||||||
Net Income (Loss) Attributable to Nonredeemable Noncontrolling Interest | (322) | (3) | 3 | ||||||||||||||||
Net Income (Loss) Attributable to Redeemable Noncontrolling Interest | 27,282 | 16,773 | 5,511 | ||||||||||||||||
Dividends, Preferred Stock | (3,717) | (3,722) | (3,724) | ||||||||||||||||
Net (loss)/income attributable to common stockholders | $ 236,687 | $ 26,027 | $ 17,017 | $ 9,464 | $ 161,270 | $ 12,361 | $ 85,924 | $ 72,891 | 289,001 | 336,661 | 150,610 | ||||||||
Net income/(loss) | 320,380 | 357,159 | 159,842 | ||||||||||||||||
Income/(loss) from discontinued operations, net of tax | 0 | 0 | 10 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ 0 | $ 0 | $ 10 | ||||||||||||||||
Weighted Average Number of Shares Issued, Basic | 266,211 | 259,873 | 252,707 | ||||||||||||||||
Incremental Common Shares Attributable to Participating Nonvested Shares with Non-forfeitable Dividend Rights | 825 | 1,204 | |||||||||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units | $ (1,179) | ||||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 266,498 | 266,301 | 266,268 | 262,456 | 260,830 | 259,114 | 257,849 | 256,834 | 265,386 | 258,669 | 251,528 | ||||||||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,925 | 5,083 | 1,917 | ||||||||||||||||
Weighted average number of common shares outstanding — diluted | 271,551 | 268,305 | 268,174 | 264,285 | 266,108 | 261,207 | 262,806 | 258,662 | 267,311 | 263,752 | 253,445 | ||||||||
Income (Loss) from Continuing Operations, Per Basic Share | $ 1.09 | $ 1.30 | $ 0.60 | ||||||||||||||||
Income/(loss) from discontinued operations attributable to common stockholders | 0 | 0 | 0 | ||||||||||||||||
Earnings Per Share, Diluted | $ 0.88 | $ 0.10 | $ 0.06 | $ 0.04 | $ 0.61 | $ 0.05 | $ 0.33 | $ 0.28 | $ 1.08 | $ 1.29 | $ 0.59 | ||||||||
Income/(Loss) Continuing Operations Available to Common Stockholders - Basic | $ 289,001 | $ 336,661 | $ 150,600 | ||||||||||||||||
Dilutive Securities, Effect on Basic Earnings Per Share, ESOP Convertible Preferred Stock | 0 | 3,722 | $ 0 | ||||||||||||||||
RedeemableNoncontrollingInterest [Member] | |||||||||||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | $ 27,282 | $ 16,773 | |||||||||||||||||
[1] | . |
Income_(Loss) Per Share Incom91
Income/(Loss) Per Share Income/(Loss) Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Partners' Capital Account, Units | 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 | 25,130,000 | 12,947,000 | 9,247,000 |
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 | 3,028,000 | 3,032,000 | 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 | 1,925,000 | 2,051,000 | 1,917,000 |
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 | 16,485,014 | 16,229,407 |
Stockholders' Equity Stockhol92
Stockholders' Equity Stockholders' Equity (Details) - shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Series E Preferred Stock [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0 | |||
Common Stock | ||||
Shares, Issued | 267,259,469 | 261,844,521 | 255,114,603 | 250,749,665 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 154,656 | 270,628 | 801,054 | |
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 4,685 | 112,174 | 153,451 | |
Stock Issued During Period, Shares, New Issues | 5,000,000 | 6,339,636 | 3,410,433 | |
Common Stock | Series F Preferred Stock [Member] | ||||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 255,607 | |||
Stock Issued During Period, Shares, New Issues | 0 | |||
Redemption of 6.75% Series G Cumulative Redeemable Shares, Shares | (255,607) | 0 | 0 | |
Common Stock | Series E Preferred Stock [Member] | ||||
Stock Issued During Period, Shares, New Issues | 7,480 | |||
Redemption of 6.75% Series G Cumulative Redeemable Shares, Shares | 0 | (6,909) | 0 | |
Preferred Stock | ||||
Redemption of 6.75% Series G Cumulative Redeemable Shares, Shares | 0 | |||
Preferred Stock | Series F Preferred Stock [Member] | ||||
Shares, Issued | 16,196,889 | 16,452,496 | 2,464,183 | 2,464,183 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 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 |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 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 | |||
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 | 0 | 13,988,313 | ||
Home Acquisition [Member] | Common Stock | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0 | |||
Home Acquisition [Member] | Series E Preferred Stock [Member] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2008 | |
Class of Stock [Line Items] | ||||
Proceeds from the issuance of common shares through public offering, net | $ 173,211,000 | $ 210,011,000 | $ 99,849,000 | |
Common stock, shares authorized | 350,000,000 | 350,000,000 | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | ||
Common distributions declared per share | $ 1.1800 | $ 1.1100 | $ 1.0400 | |
Preferred stock, par or state value per share | $ 0 | 0 | ||
Stock issued during period, shares, Distribution Reinvestment and Stock Purchase Plan | 9,957,233 | |||
Shares reserved for issuance under the Stock Purchase Plan | 10,963,730 | |||
Equity Distribution Agreement [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares authorized | 20,000,000 | |||
Common Stock, Capital Shares Reserved for Future Issuance | 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 | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0 | |||
Preferred Stock, Shares Issued | 2,796,903 | 2,796,903 | ||
Series F Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares authorized | 20,000,000 | |||
Preferred stock, par or state value per share | $ 0.0001 | |||
Preferred stock, value, issued | $ 1,620 | $ 1,645 | ||
Preferred Stock, Shares Issued | 16,196,889 | 16,452,496 | ||
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 | 447,744 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 109,377 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period Net of Forfeitures | 447,744 | |||
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 | 5,000,000 | 6,339,636 | 3,410,433 | |
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 4,685 | 112,174 | 153,451 | |
Common Stock | Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 7,480 | |||
Common Stock | Series F Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 0 | |||
Adjustment for conversion of non-controlling interest of unitholders in Operating Partnership, Shares | 255,607 | |||
Home Acquisition [Member] | ||||
Class of Stock [Line Items] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 16,100,000 | |||
Home Acquisition [Member] | Series E Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0 | |||
Home Acquisition [Member] | Common Stock | ||||
Class of Stock [Line Items] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0 | |||
Home Acquisition [Member] | Series F Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 0 | 13,988,313 | ||
Sales [Member] | Common Stock | ||||
Class of Stock [Line Items] | ||||
Shares Issued, Price Per Share | $ 34.73 | |||
Proceeds from the issuance of common shares through public offering, net | $ 173,700,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Options Outstanding, Number of Options | ||
Balance, December 31, 2011 | 2,234,963 | |
Granted | 0 | |
Balance, December 31, 2012 | 2,234,963 | 2,234,963 |
Options Outstanding, Weighted Average Exercise Price | ||
Balance, December 31, 2011 (in dollars per share) | $ 12.65 | |
Granted (in dollars per share) | 0 | |
Exercised (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 0 | |
Balance, December 31, 2012 (in dollars per share) | $ 12.65 | $ 12.65 |
Options Exercisable, Number of Options | ||
Number of Options | 2,234,963 | 2,234,963 |
Options Exercisable, Weighted Average Exercise Price | ||
Weighted Average Exercise Price (in dollars per share) | $ 12.65 | $ 12.65 |
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 | $ 3,700,000 | |
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 | 800,376 | |
Granted | 447,744 | |
Vested | (492,776) | |
Forfeited | (109,377) | |
Balance, December 31, 2012 | 645,967 | 800,376 |
Restricted Stock, Weighted Average Fair Value Per Restricted Stock | ||
Balance, December 31, 2011 (in dollars per share) | $ 30.40 | |
Granted (in dollars per share) | 35.54 | |
Vested (in dollars per share) | 28.29 | |
Forfeited (in dollars per share) | 32.51 | |
Balance, December 31, 2012 (in dollars per share) | $ 35.12 | $ 30.40 |
Outstanding [Member] | ||
Options Outstanding, Number of Options | ||
Exercised | 0 | |
Exercisable [Member] | ||
Options Outstanding, Number of Options | ||
Exercised | 0 |
Employee Benefit Plans (Detai95
Employee Benefit Plans (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | 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 | 5,640,619 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 2,234,963 | 2,234,963 | ||
Number of share options exercisable | 2,234,963 | 2,234,963 | ||
Range One | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining contractual life | 1 year 11 months | |||
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 | $ 3,700,000 | |||
Weighted average remaining contractual life | 1 year 9 months | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 35.54 | |||
Stock based compensation expense | $ 3,400,000 | $ 3,200,000 | $ 4,200,000 | |
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 | $ 6,500,000 | |||
Weighted average remaining contractual life | 1 year 1 month | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 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 | $ 10,000,000 | $ 14,800,000 | $ 9,800,000 | |
2016 LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||
FFO as Adjusted Per Share, Value | $ 16.64 | |||
Share Price | 36.97 | |||
2016 LTIP [Member] | Restricted Stock | ||||
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 | $ 41.22 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.80% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 10.00% | |||
2016 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 | $ 19.15 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.80% | |||
2015 LTIP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||
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] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||
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 | 9,192,402 | |||
Profit Sharing Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate provisions for contributions | $ 1,300,000 | $ 1,100,000 | $ 900,000 |
Income Taxes (Details)
Income Taxes (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Taxable Distributions Paid Per Common Share [Abstract] | |||
Ordinary income | $ 0.708 | $ 0.595 | $ 0.695 |
Taxable Distributions Paid Per Common Share Qualified Ordinary Income | 0 | 0 | 0.139 |
Long-term capital gain | 0.309 | 0.329 | 0.105 |
Unrecapture section 1250 gain | 0.145 | 0.168 | 0.076 |
Taxable distributions per common share | $ 1.162 | $ 1.092 | $ 1.015 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred | |||
Total income tax expense/(benefit) | $ (15,136) | ||
Continuing Operations [Member] | |||
Deferred | |||
Total income tax expense/(benefit) | $ (3,774) | $ (3,886) | (15,098) |
TRS [Member] | |||
Current | |||
Federal | 69 | 29 | 147 |
State | 372 | 871 | 550 |
Total current | 441 | 900 | 697 |
Deferred | |||
Federal | 9,814 | (4,173) | 20,138 |
State | 1,319 | (613) | 5,159 |
Total deferred | 11,133 | (4,786) | 25,297 |
Total income tax expense/(benefit) | 11,574 | (3,886) | 25,994 |
TRS [Member] | Continuing Operations [Member] | |||
Deferred | |||
Total income tax expense/(benefit) | (3,774) | (3,886) | |
Tax Benefit of Taxable Subsidiary | (15,098) | ||
TRS [Member] | Sale of Real Estate [Member] | |||
Deferred | |||
Total income tax expense/(benefit) | 15,348 | 0 | 41,087 |
TRS [Member] | Discontinued Operations [Member] | |||
Deferred | |||
Total income tax expense/(benefit) | $ 0 | $ 0 | $ 5 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax liabilities: | |||
Net deferred tax asset | $ 600 | $ 11,800 | |
TRS [Member] | |||
Deferred tax assets: | |||
Federal and state tax attributes | 536 | 2,227 | $ 0 |
Book/tax depreciation | 0 | 9,016 | 6,692 |
Construction capitalization differences | 0 | 0 | 75 |
Other | 190 | 707 | 401 |
Total deferred tax assets | 726 | 11,950 | 7,168 |
Valuation allowance | (6) | (81) | 0 |
Net deferred tax assets | 720 | 11,869 | 7,168 |
Deferred tax liabilities: | |||
Other | (92) | (107) | (192) |
Total deferred tax liabilities | (92) | (107) | (192) |
Net deferred tax asset | $ 628 | $ 11,762 | $ 6,976 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% |
Unrecognized Tax Benefits | $ 0 | $ 0 | |
Income tax expense/(benefit) | |||
Income Tax (benefit)/expense, Conversion of certain TRS entities to REITs | 2,400 | ||
Total income tax expense/(benefit) | $ (15,136) | ||
TRS [Member] | |||
Income tax expense/(benefit) | |||
U.S. federal income tax expense/(benefit) | 12,577 | (4,383) | 28,819 |
State income tax provision | 1,370 | 442 | 2,678 |
Other items | 134 | (26) | (137) |
Income Tax (benefit)/expense, Conversion of certain TRS entities to REITs | (2,436) | 0 | (5,770) |
Valuation allowance | (71) | 81 | 404 |
Total income tax expense/(benefit) | $ 11,574 | $ (3,886) | $ 25,994 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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, Deferred Tax Asset, Increase (Decrease), Amount | $ (100) | ||
Income Tax (benefit)/expense, Conversion of certain TRS entities to REITs | (2,400) | ||
Tax benefit/(provision), net | $ (15,136) | ||
Unrecognized Tax Benefits | 0 | $ 0 | |
Internal Revenue Service (IRS) | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss carryforwards | 22,200 | ||
2020 through 2030 | State | |||
Operating Loss Carryforwards [Line Items] | |||
Net loss carryforwards | $ 68,600 |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Noncontrolling Interest [Line Items] | |||||||||||
Net (income)/loss attributable to noncontrolling interest | $ 380 | $ 3 | $ (3) | ||||||||
Redeemable Noncontrolling Interest, Equity, Common, Carrying Amount | $ 909,482 | $ 946,436 | 909,482 | 946,436 | 282,480 | ||||||
Net (loss)/income attributable to common stockholders | 236,687 | $ 26,027 | $ 17,017 | $ 9,464 | 161,270 | $ 12,361 | $ 85,924 | $ 72,891 | 289,001 | 336,661 | 150,610 |
Change in equity from net loss income attributable to common stockholders and conversion of operating partnership units to companys common stock | 298,527 | 340,478 | 154,982 | ||||||||
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Beginning redeemable non-controlling interests in the Operating Partnership | $ 946,436 | 946,436 | |||||||||
Mark to market adjustment to redeemable non-controlling interests in the Operating Partnership | $ (24,735) | $ 102,703 | 73,954 | ||||||||
Stock Issued During Period, Shares, Acquisitions | 0 | 563,836 | |||||||||
Conversion of Stock, Amount Issued | $ 9,526 | $ 3,817 | 4,372 | ||||||||
Net income attributable to redeemable non-controlling interests in the Operating Partnership | 27,282 | 16,773 | 5,511 | ||||||||
Distributions to redeemable non-controlling interests in the Operating Partnership | (30,077) | (15,231) | |||||||||
Ending redeemable non-controlling interests in the Operating Partnership | $ 909,482 | $ 946,436 | 909,482 | 946,436 | |||||||
Net income/(loss) attributable to non-controlling interests | 322 | 3 | (3) | ||||||||
Noncontrolling Interest | |||||||||||
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Net income/(loss) attributable to non-controlling interests | 322 | 3 | (3) | ||||||||
RedeemableNoncontrollingInterest [Member] | |||||||||||
Redeemable noncontrolling interests in the Operating Partnership | |||||||||||
Other Comprehensive (Income) Loss, Net of Tax, Portion Attributable to Noncontrolling Interest | $ 102 | $ (308) | $ (100) | ||||||||
UDR, Inc. | UDR DownREIT Unit [Member] | |||||||||||
Noncontrolling Interest [Line Items] | |||||||||||
Equity Method Investment, Ownership Percentage | 9.31297% | 9.31297% |
Fair Value of Derivatives an102
Fair Value of Derivatives and Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Jul. 18, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financing Receivable, Net | $ 19,790 | $ 16,694 | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Derivative Asset | 4,360 | 13 | ||
Derivative Liability | 413 | 2,112 | ||
Secured debt instruments - variable rate | ||||
Long-term Line of Credit | 2,900 | 2,300 | ||
Unsecured debt instruments | ||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 909,482 | 946,436 | ||
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | 909,482 | 946,436 | $ 282,480 | |
Fair Value | Fair Value, Measurements, Recurring | ||||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Notes receivable | 19,645 | 16,938 | ||
Total assets | 24,005 | 16,951 | ||
Unsecured debt instruments | ||||
Total liabilities | 3,463,639 | 3,673,283 | ||
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | 909,482 | 946,436 | ||
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 | 4,360 | 13 | ||
Derivatives - Interest rate contracts | 413 | 2,112 | ||
Fair Value | Mortgages [Member] | Fair Value, Measurements, Recurring | ||||
Secured debt instruments - fixed rate | ||||
Secured debt instruments - fixed rate | 396,045 | 448,019 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 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 | 365,693 | 539,050 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 280,946 | 299,378 | ||
Unsecured debt instruments | ||||
Unsecured debt instruments | 21,350 | 150,000 | ||
Fair Value | Senior unsecured notes | Fair Value, Measurements, Recurring | ||||
Unsecured debt instruments | ||||
Unsecured debt instruments | 2,304,492 | 2,108,687 | ||
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 | |||
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 | 4,360 | 13 | ||
Unsecured debt instruments | ||||
Total liabilities | 413 | 2,112 | ||
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | 909,482 | 946,436 | ||
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 | 4,360 | 13 | ||
Derivatives - Interest rate contracts | 413 | 2,112 | ||
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 | |||
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 | 19,645 | 16,938 | ||
Total assets | 19,645 | 16,938 | ||
Unsecured debt instruments | ||||
Total liabilities | 3,463,226 | 3,671,171 | ||
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 | 396,045 | 448,019 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 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 | 365,693 | 539,050 | ||
Secured debt instruments - variable rate | ||||
Secured debt instruments - variable rate | 280,946 | 299,378 | ||
Fair Value | Significant Unobservable Inputs (Level 3) | Commercial bank | Fair Value, Measurements, Recurring | ||||
Unsecured debt instruments | ||||
Unsecured debt instruments | 21,350 | 150,000 | ||
Fair Value | Significant Unobservable Inputs (Level 3) | Senior unsecured notes | Fair Value, Measurements, Recurring | ||||
Unsecured debt instruments | ||||
Unsecured debt instruments | 2,304,492 | 2,108,687 | ||
Carrying Amount | Fair Value, Measurements, Recurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Financing Receivable, Net | 19,790 | 16,694 | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||||
Total assets | 24,150 | 16,707 | ||
Unsecured debt instruments | ||||
Total liabilities | 3,418,079 | 3,590,829 | ||
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 | 2,112 | |||
Carrying Amount | Senior unsecured notes | Fair Value, Measurements, Recurring | ||||
Unsecured debt instruments | ||||
Unsecured debt instruments | 2,261,838 | 2,056,223 | ||
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 | 756,151 | 952,801 | ||
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 | 374,707 | 424,144 | ||
Unsecured Working Capital Credit Facility due January 2019 [Member] | ||||
Secured debt instruments - variable rate | ||||
Long-term Line of Credit | 21,350 | 0 | ||
Unsecured Revolving Credit Facility due October 2015 | ||||
Secured debt instruments - variable rate | ||||
Long-term Line of Credit | 0 | 150,000 | ||
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 | 355,836 | 514,462 | ||
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 | 280,946 | 299,378 | ||
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 | 402,996 | 442,617 | ||
Mortgages [Member] | Variable Rate Debt | 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 | $ 31,300 | |||
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 | $ 0 | $ 31,337 |
Derivatives and Hedging Acti103
Derivatives and Hedging Activity (Details) $ in Thousands | Dec. 31, 2016USD ($)instruments |
Designated as Hedging Instrument | Interest rate swaps | |
Derivative [Line Items] | |
Number of Instruments | 3 |
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 Acti104
Derivatives and Hedging Activity (Details 1) - Interest rate products - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
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 | $ 4,359 | $ 9 |
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 | 1 | 4 |
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 | 413 | 2,112 |
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 Acti105
Derivatives and Hedging Activity (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | $ 3,514 | $ (6,393) | $ (8,695) |
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | (3) | (23) | (4) |
Interest rate products | Cash Flow Hedging | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | (8,695) | ||
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 | 3,657 | 2,251 | 4,834 |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net, Total | 0 | $ (11) | $ 3 |
Interest rate products | Other income/(expense) | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | $ 100 |
Derivatives and Hedging Acti106
Derivatives and Hedging Activity (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 1,700 | ||
Derivative instruments not designated as hedging instruments, gain (loss), net | (3) | (23) | $ (4) |
Payment required to pay for contract termination | 3,800 | ||
Other Income Expense [Member] | Interest rate products | |||
Derivatives And Hedging Activity (Textual) [Abstract] | |||
Derivative instruments not designated as hedging instruments, gain (loss), net | 100 | ||
Interest expense | Cash Flow Hedging | Interest rate products | |||
Derivatives And Hedging Activity (Textual) [Abstract] | |||
Reclassified loss from Other Comprehensive Income/(Loss) to earnings | 0 | $ 11 | $ (3) |
Designated as Hedging Instrument | Interest rate swaps | |||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 315,000 |
Commitments and Contingencie107
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2016USD ($)Communities | |
Long-term Purchase Commitment [Line Items] | ||
Number of Properties | Communities | 127 | |
Costs Incurred to Date | $ 1,174,957 | |
Expected Costs to Complete | $ 454,954 | [1] |
Wholly-owned — under development | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Properties | 2 | |
Costs Incurred to Date | $ 342,282 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 366,218 | |
Average Ownership Stake | 100.00% | |
Wholly-owned — redevelopment | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Properties | 3 | |
Costs Incurred to Date | $ 14,659 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 10,341 | |
Average Ownership Stake | 100.00% | |
Unconsolidated joint ventures | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Properties | 6 | |
Costs Incurred to Date | $ 697,484 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 78,395 | |
Participating Loan Investment Steele Creek Denver Colorado [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Properties | 1 | |
Costs Incurred to Date | $ 94,003 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 0 | |
Average Ownership Stake | 0.00% | |
Preferred Equity Investment West Coast Development JV [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Number of Properties | 1 | |
Costs Incurred to Date | $ 26,529 | |
Purchase Commitment, Remaining Minimum Amount Committed | $ 0 | |
Average Ownership Stake | 48.00% | |
[1] | Represents 100% of project costs incurred as of December 31, 2016. |
Commitments and Contingencie108
Commitments and Contingencies (Details 1) $ in Thousands | Dec. 31, 2016USD ($) | |
Office Space [Member] | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,015 | $ 179 | |
2,016 | 76 | |
2,018 | 76 | |
2,019 | 76 | |
2,017 | 32 | |
Thereafter | 0 | |
Total | 439 | |
Ground Leases [Member] | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,015 | 5,548 | |
2,016 | 5,548 | |
2,018 | 5,548 | |
2,019 | 5,548 | |
2,017 | 5,548 | |
Thereafter | 334,604 | |
Total | $ 362,344 | [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 Contingencie109
Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Communities | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | |||
Development costs and capital expenditures Incurred but not yet paid | $ 46,285 | $ 20,375 | $ 34,746 |
Number of Real Estate Properties | Communities | 127 | ||
Wholly-owned — redevelopment | |||
Real Estate Properties [Line Items] | |||
Development costs and capital expenditures Incurred but not yet paid | $ 1,500 | ||
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 | $ 23,300 | ||
Number of Real Estate Properties | 2 | ||
Office Space [Member] | |||
Real Estate Properties [Line Items] | |||
Rent expense | $ 300 | 300 | 1,300 |
Ground Leases [Member] | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | Communities | 5 | ||
Rent expense | $ 5,500 | $ 5,500 | $ 5,400 |
Reportable Segments (Details)
Reportable Segments (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Segments | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
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 | $ 959,861 | $ 894,638 | $ 818,046 | |||||||||
Reportable apartment home segment NOI | 673,085 | 613,869 | 556,321 | |||||||||
Joint venture managment and other fees | 11,400 | 22,710 | 13,044 | |||||||||
Reconciling items: | ||||||||||||
Property management | (26,083) | (23,978) | (22,142) | |||||||||
Other operating expenses | (7,649) | (9,708) | (8,271) | |||||||||
Depreciation and amortization | (419,615) | (374,598) | (358,154) | |||||||||
General and administrative | (49,761) | (59,690) | (47,800) | |||||||||
Casualty-related (recoveries)/charges, net | (732) | (2,335) | (541) | |||||||||
Other depreciation and amortization | (6,023) | (6,679) | (5,775) | |||||||||
Income/(loss) from unconsolidated entities | 52,234 | 62,329 | (7,006) | |||||||||
Interest Expense | (123,031) | (121,875) | (130,454) | |||||||||
Interest and Other Income Including Discontinued Operations | 1,930 | 1,551 | 11,837 | |||||||||
Tax benefit/(expense) of taxable REIT subsidiary, net | 3,774 | 3,886 | 15,136 | |||||||||
Gain Loss on the Sale of Real Estate, Including Discontinued Operations | 210,851 | 251,677 | 143,647 | |||||||||
Redeemable non-controlling interests in OP | (27,282) | (16,773) | (5,511) | |||||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | (380) | (3) | 3 | |||||||||
Net income/(loss) attributable to Entity | 292,718 | 340,383 | 154,334 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | $ 9,615,753 | $ 9,190,276 | 9,615,753 | 9,190,276 | ||||||||
Accumulated depreciation | (2,923,625) | (2,646,874) | (2,923,625) | (2,646,874) | ||||||||
Total real estate owned, net of accumulated depreciation | 6,692,128 | 6,543,402 | 6,692,128 | 6,543,402 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 2,112 | 6,742 | 2,112 | 6,742 | 15,224 | $ 30,249 | ||||||
Restricted Cash | 19,994 | 20,798 | 19,994 | 20,798 | ||||||||
Notes receivable | 19,790 | 16,694 | 19,790 | 16,694 | ||||||||
Investment in and advances to unconsolidated joint ventures, net | 827,025 | 938,906 | 827,025 | 938,906 | ||||||||
Investment in and advances to unconsolidated joint ventures, net | 827,025 | 938,906 | 827,025 | 938,906 | ||||||||
Other assets | 118,535 | 137,302 | 118,535 | 137,302 | ||||||||
Total assets | 7,679,584 | 7,663,844 | 7,679,584 | 7,663,844 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 339,813 | 203,183 | 326,461 | |||||||||
Same Communities | ||||||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 84,800 | 67,100 | 47,700 | |||||||||
Same Communities Western Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 298,469 | 278,602 | 246,764 | |||||||||
Reportable apartment home segment NOI | 223,140 | 207,137 | 177,299 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 2,752,900 | 2,721,184 | 2,752,900 | 2,721,184 | ||||||||
Same Communities Mid-Atlantic Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 144,069 | 140,423 | 136,786 | |||||||||
Reportable apartment home segment NOI | 99,375 | 95,713 | 94,188 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,402,642 | 1,381,916 | 1,402,642 | 1,381,916 | ||||||||
Same Communities Southeastern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 111,318 | 103,920 | 98,060 | |||||||||
Reportable apartment home segment NOI | 76,359 | 69,820 | 65,053 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 746,761 | 730,060 | 746,761 | 730,060 | ||||||||
Same Communities Southwestern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 41,273 | 39,166 | 37,139 | |||||||||
Reportable apartment home segment NOI | 25,600 | 24,407 | 22,830 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 283,260 | 276,306 | 283,260 | 276,306 | ||||||||
Same Communities Northeast Region [Member] | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 130,285 | 124,478 | 115,981 | |||||||||
Reportable apartment home segment NOI | 93,083 | 89,039 | 82,110 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,634,988 | 1,621,555 | 1,634,988 | 1,621,555 | ||||||||
Non-Mature communities/Other | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 223,047 | 185,339 | 170,419 | |||||||||
Reportable apartment home segment NOI | 155,528 | 127,753 | 114,841 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 2,795,202 | 2,459,255 | 2,795,202 | 2,459,255 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 11,500 | 18,100 | 15,700 | |||||||||
Total Communities [Member] | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | $ 948,461 | 871,928 | $ 805,149 | |||||||||
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 | $ 404,415 | 440,408 | $ 422,634 | |||||||||
Reportable apartment home segment NOI | 297,121 | 317,597 | 300,313 | |||||||||
Reconciling items: | ||||||||||||
Property management | (11,122) | (12,111) | (11,622) | |||||||||
Other operating expenses | (6,059) | (5,923) | (5,172) | |||||||||
Depreciation and amortization | (147,074) | (169,784) | (179,176) | |||||||||
General and administrative | (18,808) | (27,016) | (28,541) | |||||||||
Casualty-related (recoveries)/charges, net | (484) | (843) | (541) | |||||||||
Income/(loss) from unconsolidated entities | (37,425) | (4,659) | 0 | |||||||||
Interest Expense | (30,067) | (40,321) | (41,717) | |||||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | (1,444) | (1,762) | (952) | |||||||||
Net (loss)/gain on sale of depreciable property | 33,180 | 158,123 | 63,635 | |||||||||
Net income/(loss) attributable to Entity | 50,470 | $ 11,517 | $ 11,044 | $ 4,787 | 114,955 | $ 14,617 | $ 47,383 | $ 36,346 | 77,818 | 213,301 | 96,227 | |
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 3,674,704 | 3,630,905 | 3,674,704 | 3,630,905 | ||||||||
Total real estate owned, net of accumulated depreciation | 2,265,889 | 2,349,647 | 2,265,889 | 2,349,647 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 756 | 3,103 | 756 | 3,103 | 502 | $ 1,897 | ||||||
Restricted Cash | 11,694 | 11,344 | 11,694 | 11,344 | ||||||||
Deferred financing costs, net | 1,575 | 1,575 | ||||||||||
Investment in and advances to unconsolidated joint ventures, net | 112,867 | 166,186 | 112,867 | 166,186 | ||||||||
Other assets | 24,329 | 24,528 | 24,329 | 24,528 | ||||||||
Total assets | 2,415,535 | 2,554,808 | 2,415,535 | 2,554,808 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 71,720 | 61,196 | 91,682 | |||||||||
United Dominion Reality L.P. | Same Communities Western Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 183,153 | 169,621 | 153,951 | |||||||||
Reportable apartment home segment NOI | 137,784 | 126,600 | 111,467 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,521,762 | 1,497,867 | 1,521,762 | 1,497,867 | ||||||||
United Dominion Reality L.P. | Same Communities Mid-Atlantic Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 38,987 | 37,502 | 37,216 | |||||||||
Reportable apartment home segment NOI | 26,525 | 25,281 | 25,604 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 388,893 | 383,111 | 388,893 | 383,111 | ||||||||
United Dominion Reality L.P. | Same Communities Southeastern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 47,792 | 44,981 | 42,568 | |||||||||
Reportable apartment home segment NOI | 32,519 | 30,106 | 28,111 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 328,729 | 321,787 | 328,729 | 321,787 | ||||||||
United Dominion Reality L.P. | Same Communities Northeast Region [Member] | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 53,036 | 51,086 | 48,493 | |||||||||
Reportable apartment home segment NOI | 40,704 | 39,765 | 37,788 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 674,928 | 669,082 | 674,928 | 669,082 | ||||||||
United Dominion Reality L.P. | Non-Mature communities/Other | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 81,447 | 137,218 | 140,406 | |||||||||
Reportable apartment home segment NOI | 59,589 | 95,845 | $ 97,343 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | $ 760,392 | $ 759,058 | 760,392 | 759,058 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | $ 2,400 | $ 13,400 | ||||||||||
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% |
Unaudited Summarized Consoli111
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||
Rental income | $ 240,081 | [1] | $ 240,255 | [1] | $ 236,168 | [1] | $ 231,957 | [1] | $ 234,352 | [1] | $ 217,765 | [1] | $ 212,764 | [1] | $ 207,047 | [1] | $ 948,461 | $ 871,928 | $ 805,002 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 59,280 | 29,466 | 12,249 | 8,534 | 4,528 | 13,695 | 10,842 | 76,417 | 109,529 | 105,482 | 16,260 | ||||||||
Income/(loss) from discontinued operations, net of tax | 0 | 0 | 10 | ||||||||||||||||
Net (loss)/income attributable to stakeholders | $ 236,687 | $ 26,027 | $ 17,017 | $ 9,464 | $ 161,270 | $ 12,361 | $ 85,924 | $ 72,891 | $ 289,001 | $ 336,661 | $ 150,610 | ||||||||
Earnings Per Share, Basic | $ 0.89 | [2] | $ 0.10 | [2] | $ 0.06 | [2] | $ 0.04 | [2] | $ 0.62 | [2] | $ 0.05 | [2] | $ 0.33 | [2] | $ 0.28 | [2] | $ 1.09 | $ 1.30 | $ 0.60 |
Earnings Per Share, Diluted | $ 0.88 | $ 0.10 | $ 0.06 | $ 0.04 | $ 0.61 | $ 0.05 | $ 0.33 | $ 0.28 | $ 1.08 | $ 1.29 | $ 0.59 | ||||||||
Earnings per weighted average common share - basic and diluted: | |||||||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 266,498 | 266,301 | 266,268 | 262,456 | 260,830 | 259,114 | 257,849 | 256,834 | 265,386 | 258,669 | 251,528 | ||||||||
Weighted average number of common shares outstanding — diluted | 271,551 | 268,305 | 268,174 | 264,285 | 266,108 | 261,207 | 262,806 | 258,662 | 267,311 | 263,752 | 253,445 | ||||||||
[1] | . | ||||||||||||||||||
[2] | . |
Consolidation and Basis of P112
Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.) (Details) | 12 Months Ended | |||
Dec. 31, 2016CommunitiesUSD ($)Apartment_HomesMarketsshares | Dec. 31, 2015shares | Dec. 31, 2014shares | Dec. 31, 2013shares | |
Consolidation and Basis of Presentation [Line Items] | ||||
Number of Real Estate Properties | Communities | 127 | |||
Number of markets operating within | $ | 18 | |||
Number of apartments owned | Apartment_Homes | 39,454 | |||
Operating Partnership outstanding units | 183,278,698 | |||
OP units outstanding related to limited partner | 183,278,698 | 183,278,698 | 183,278,698 | 183,278,698 |
United Dominion Reality L.P. | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
Rental revenues percent of General Partner's consolidated rental revenues | 43.00% | 51.00% | 52.00% | |
Number of Real Estate Properties | Communities | 54 | |||
Number of markets operating within | Markets | 14 | |||
Number of apartments owned | Apartment_Homes | 16,698 | |||
Operating Partnership outstanding units | 183,278,698 | |||
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 | 174,119,201 | 174,114,516 | ||
Percentage of units outstanding owned by limited partners | 95.10% | 95.10% | ||
Class A Limited Partner | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 1,751,671 | |||
Class A Limited Partner | United Dominion Reality L.P. | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 1,873,332 | 1,751,671 | ||
Class A Limited Partner | UDR, Inc. | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 121,661 | 121,661 | 121,661 | 121,661 |
Limited Partner [Member] | United Dominion Reality L.P. | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 174,230,084 | 174,225,399 | ||
Percentage of units outstanding owned by limited partners | 95.10% | 95.06036% | ||
Limited Partner [Member] | UDR, Inc. | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 173,997,540 | 173,992,855 | 173,880,681 | 173,727,230 |
General Partner [Member] | UDR, Inc. | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 110,883 | 110,883 | 110,883 | 110,883 |
Non-affiliated Partners | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 7,296,943 | 7,301,628 | 7,413,802 | 7,567,253 |
Non-affiliated Partners | United Dominion Reality L.P. | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 9,048,614 | 9,053,299 | ||
Percentage of units outstanding owned by limited partners | 4.90% | 4.90% | ||
Non-affiliated Partners | Class A Limited Partner | ||||
Consolidation and Basis of Presentation [Line Items] | ||||
OP units outstanding related to limited partner | 1,751,671 | 1,751,671 | 1,751,671 | 1,751,671 |
Consolidation and Basis of P113
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Limited partnership units owned | 183,278,698 | 183,278,698 | 183,278,698 | 183,278,698 |
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 Polic114
Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Accounting Policies [Line Items] | |||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.1 | ||
Development costs excluding direct costs and capitalized interest | $ 7,900 | $ 6,300 | $ 9,000 |
Interest capitalized during period | 16,500 | 16,100 | 20,200 |
Advertising expense | 6,400 | 6,400 | 6,000 |
Secured debt, net | $ 1,130,858 | 1,376,945 | |
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 | $ 1,575 | ||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 0.10 | ||
Development costs excluding direct costs and capitalized interest | $ 600 | 700 | 2,000 |
Interest capitalized during period | 200 | 200 | 2,900 |
Advertising expense | 2,200 | 2,400 | $ 2,500 |
Secured debt, net | $ 433,974 | $ 475,964 | |
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 |
Discontinued Operations (UNI115
Discontinued Operations (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Apartment_Homes | Dec. 31, 2015USD ($)CommunitiesApartment_Homes | Dec. 31, 2014USD ($) | |
Discontinued Operations (Textual) [Abstract] | |||
Number of communities sold | Communities | 12 | ||
Number of apartment homes sold | Apartment_Homes | 2,735 | ||
Proceeds from Sale of Property, Plant, and Equipment | $ 284,600 | $ 408,700 | |
Summary of income from discontinued operations | |||
Rental income | 0 | 0 | $ 147 |
Rental expenses | 0 | 0 | 225 |
Property management fee | 0 | 0 | 4 |
Real estate depreciation | 0 | 0 | 0 |
Interest | 0 | 0 | 21 |
Income before net gain on the sale of property | 0 | 0 | (103) |
Income/(loss) from discontinued operations | $ 0 | $ 0 | 10 |
United Dominion Reality L.P. | |||
Discontinued Operations (Textual) [Abstract] | |||
Number of communities sold | 2 | 5 | |
Number of apartment homes sold | Apartment_Homes | 276 | 1,149 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 45,300 | $ 250,900 | |
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 | ||
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 |
Real Estate Owned (UNITED DO116
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||||
Land | $ 1,801,576 | $ 1,833,156 | ||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | 342,282 | 124,072 | ||
Real estate owned | 9,615,753 | 9,190,276 | ||
Real Estate Investment Property, Accumulated Depreciation | 2,923,072 | 2,646,044 | ||
Accumulated depreciation | (2,923,625) | (2,646,874) | $ (2,434,772) | $ (2,208,794) |
Total real estate owned, net of accumulated depreciation | 6,692,128 | 6,543,402 | ||
Land | ||||
Held for sale: | ||||
Sold or held for sale | 1,104 | 9,963 | ||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | 111,028 | 78,085 | ||
Building and improvements | ||||
Held for sale: | ||||
Sold or held for sale | 520 | 2,642 | ||
Construction in progress | ||||
Under development: | ||||
Real estate under development (net of accumulated depreciation of $0) | 231,254 | 45,987 | ||
United Dominion Reality L.P. | ||||
Property, Plant and Equipment [Line Items] | ||||
Land | 836,644 | 833,300 | ||
Depreciable property - held and used: | ||||
Building and improvements | 2,838,060 | 2,797,605 | ||
Under development: | ||||
Real estate owned | 3,674,704 | 3,630,905 | ||
Real Estate Investment Property, Accumulated Depreciation | 1,408,815 | 1,281,258 | ||
Accumulated depreciation | (1,408,815) | (1,281,258) | $ (1,403,303) | $ (1,241,574) |
Total real estate owned, net of accumulated depreciation | $ 2,265,889 | $ 2,349,647 |
Real Estate Owned (UNITED DO117
Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)CommunitiesApartment_HomesStates | Dec. 31, 2015USD ($)CommunitiesApartment_Homes | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | Communities | 127 | ||
Number of States in which Entity Operates | 10 | ||
Real Estate Owned (Textual) [Abstract] | |||
Number of apartments owned | Apartment_Homes | 39,454 | ||
Development costs excluding direct costs and capitalized interest | $ 7,900 | $ 6,300 | $ 9,000 |
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | 16,500 | 16,100 | 20,200 |
Other Cost and Expense, Operating | 7,649 | $ 9,708 | 8,271 |
Communities Sold | Communities | 12 | ||
Apartment Homes Sold | Apartment_Homes | 2,735 | ||
Proceeds from Sale of Property, Plant, and Equipment | 284,600 | $ 408,700 | |
Payments for (Proceeds from) Investments | (280,500) | (387,700) | |
Deferred Gain on Sale of Property | $ 9,500 | 6,800 | |
United Dominion Reality L.P. | |||
Real Estate Properties [Line Items] | |||
Number of Real Estate Properties | Communities | 54 | ||
Number of States in which Entity Operates | States | 8 | ||
Real Estate Owned (Textual) [Abstract] | |||
Number of apartments owned | Apartment_Homes | 16,698 | ||
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 | 600 | 700 | 2,000 |
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | 200 | 200 | 2,900 |
Other Cost and Expense, Operating | $ 6,059 | $ 5,923 | 5,172 |
Communities Sold | 2 | 5 | |
Apartment Homes Sold | Apartment_Homes | 276 | 1,149 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 45,300 | $ 250,900 | |
Payments for (Proceeds from) Investments | (44,600) | (232,400) | |
Gain/(loss) on sales of real estate owned | $ 33,180 | 158,123 | 63,635 |
Deferred Gain on Sale of Property | $ 24,600 | ||
UDR Lighthouse DownREIT L.P. [Member] | United Dominion Reality L.P. | |||
Real Estate Properties [Line Items] | |||
Number of Communities Deconsolidated | 7 | ||
Number of Real Estate Properties | 13 | ||
Real Estate Owned (Textual) [Abstract] | |||
Deferred Gain on Sale of Property | $ 296,400 | ||
Operating Community [Member] | |||
Real Estate Owned (Textual) [Abstract] | |||
Gain (Loss) on Disposition of Property Plant Equipment | $ 142,500 | ||
Operating Community [Member] | United Dominion Reality L.P. | |||
Real Estate Owned (Textual) [Abstract] | |||
Gain/(loss) on sales of real estate owned | $ 133,500 |
Unconsolidated Entities (UNI118
Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)Communities | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Income/(loss) from unconsolidated entities | $ 52,234 | $ 62,329 | $ (7,006) |
Number of Real Estate Properties | Communities | 127 | ||
Investment in unconsolidated entities | $ 827,025 | 938,906 | |
UDR DownREIT Unit [Member] | UDR, Inc. | |||
Equity Method Investment, Ownership Percentage | 9.31297% | ||
United Dominion Reality L.P. | |||
Income/(loss) from unconsolidated entities | $ (37,425) | (4,659) | $ 0 |
Cash Received in Equity Method Investment Exchange | 25,500 | ||
Number of Real Estate Properties | Communities | 54 | ||
Investment in unconsolidated entities | $ 112,867 | $ 166,186 | |
United Dominion Reality L.P. | UDR Lighthouse DownREIT L.P. [Member] | |||
Percentage of units | 41.60% | ||
UDR Lighthouse DownREIT L.P. [Member] | United Dominion Reality L.P. | |||
Number of Real Estate Properties | 13 | ||
Number of Units in Real Estate Property | 6,261 |
Debt (UNITED DOMINION REALTY119
Debt (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016USD ($)Communities | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 3.79% | |
Weighted Average Years to Maturity | 5 years 3 months 18 days | |
Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 756,151 | $ 952,801 |
Weighted Average Interest Rate | 4.53% | |
Weighted Average Years to Maturity | 4 years 8 months 19 days | |
Number of Communities Encumbered | 17 | |
Fixed Rate Debt | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 4.04% | |
Weighted Average Years to Maturity | 6 years 3 months 19 days | |
Number of Communities Encumbered | 7 | |
Fixed Rate Debt | Fannie Mae credit facilities | ||
Debt Instrument [Line Items] | ||
Weighted Average Years to Maturity | 2 years 9 months 25 days | |
Number of Communities Encumbered | 10 | |
Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 374,707 | 424,144 |
Weighted Average Interest Rate | 1.95% | |
Weighted Average Years to Maturity | 4 years | |
Number of Communities Encumbered | 9 | |
Variable Rate Debt | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 0.00% | |
Weighted Average Years to Maturity | 0 years | |
Number of Communities Encumbered | 0 | |
Variable Rate Debt | Tax-exempt secured notes payable | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 1.39% | |
Weighted Average Years to Maturity | 6 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 | 3 years 2 months 23 days | |
Number of Communities Encumbered | 7 | |
United Dominion Reality L.P. | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 433,974 | 475,964 |
Weighted Average Interest Rate | 3.94% | |
Weighted Average Years to Maturity | 3 years 11 months 14 days | |
Number of Communities Encumbered | Communities | 11 | |
Deferred Finance Costs, Net | $ 1,575 | |
United Dominion Reality L.P. | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 243,842 | 279,333 |
Weighted Average Interest Rate | 5.05% | |
Weighted Average Years to Maturity | 2 years 9 months 27 days | |
Number of Communities Encumbered | Communities | 7 | |
United Dominion Reality L.P. | Fixed Rate Debt | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 0 | 30,132 |
Weighted Average Interest Rate | 0.00% | |
Weighted Average Years to Maturity | 0 years | |
Number of Communities Encumbered | Communities | 0 | |
United Dominion Reality L.P. | Fixed Rate Debt | Fannie Mae credit facilities | ||
Debt Instrument [Line Items] | ||
Weighted Average Interest Rate | 5.05% | |
Weighted Average Years to Maturity | 2 years 9 months 27 days | |
Number of Communities Encumbered | Communities | 7 | |
United Dominion Reality L.P. | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 190,132 | 196,631 |
Weighted Average Interest Rate | 2.18% | |
Weighted Average Years to Maturity | 5 years 5 months | |
Number of Communities Encumbered | Communities | 4 | |
United Dominion Reality L.P. | Variable Rate Debt | Tax-exempt secured notes payable | ||
Debt Instrument [Line Items] | ||
Principal outstanding | $ 27,000 | 27,000 |
Weighted Average Interest Rate | 1.33% | |
Weighted Average Years to Maturity | 15 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 | 2.32% | |
Weighted Average Years to Maturity | 3 years 10 months 1 day | |
Number of Communities Encumbered | Communities | 3 | |
Secured Debt [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ 2,681 | 4,278 |
Secured Debt [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | 939 | 1,271 |
Secured Debt [Member] | United Dominion Reality L.P. | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | 1,070 | 1,627 |
Secured Debt [Member] | United Dominion Reality L.P. | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
Deferred Finance Costs, Net | $ 505 | $ 572 |
Debt (UNITED DOMINION REALTY120
Debt (UNITED DOMINION REALTY, L.P.) (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 2,900 | $ 2,300 |
Fannie Mae | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | 636,782 | 813,840 |
Weighted average daily borrowings during the period ended | 737,802 | 822,521 |
Maximum daily borrowings during the period ended | $ 813,544 | $ 834,003 |
Weighted average interest rate during the period ended | 3.90% | 4.02% |
Interest rate at the end of the period | 3.77% | 3.93% |
United Dominion Reality L.P. | Fannie Mae | ||
Debt Instrument [Line Items] | ||
Borrowings outstanding | $ 408,549 | $ 421,031 |
Weighted average daily borrowings during the period ended | 414,759 | 425,522 |
Maximum daily borrowings during the period ended | $ 421,001 | $ 431,462 |
Weighted average interest rate during the period ended | 3.90% | 3.80% |
Interest rate at the end of the period | 4.00% | 3.80% |
Debt (UNITED DOMINION REALTY121
Debt (UNITED DOMINION REALTY, L.P.) (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
2,017 | $ 51,001 | |
2,018 | 512,606 | |
2,019 | 338,445 | |
2,020 | 498,076 | |
2,021 | 351,117 | |
2,022 | 401,157 | |
2,023 | 137,654 | |
2,024 | 315,644 | |
2,025 | 427,600 | |
2,026 | 350,000 | |
Thereafter | 27,000 | |
Long-term Debt, Gross | 3,410,300 | |
Debt Instrument, Unamortized Discount (Premium), Net | (8,822) | |
Total | 1,130,858 | $ 1,376,945 |
Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 51,001 | |
2,018 | 212,606 | |
2,019 | 317,095 | |
2,020 | 198,076 | |
2,021 | 1,117 | |
2,022 | 1,157 | |
2,023 | 137,654 | |
2,024 | 0 | |
2,025 | 127,600 | |
2,026 | 50,000 | |
Thereafter | 27,000 | |
Long-term Debt, Gross | 1,123,306 | |
Debt Instrument, Unamortized Discount (Premium), Net | 7,552 | |
Secured Debt [Member] | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
2,017 | 4,433 | |
2,018 | 74,637 | |
2,019 | 249,395 | |
2,020 | 198,076 | |
2,021 | 1,117 | |
2,022 | 1,157 | |
2,023 | 41,245 | |
2,024 | 0 | |
2,025 | 127,600 | |
2,026 | 50,000 | |
Thereafter | 0 | |
Long-term Debt, Gross | 747,660 | |
Debt Instrument, Unamortized Discount (Premium), Net | 8,491 | |
Secured Debt [Member] | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
2,017 | 46,568 | |
2,018 | 137,969 | |
2,019 | 67,700 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 96,409 | |
2,024 | 0 | |
2,025 | 0 | |
2,026 | 0 | |
Thereafter | 27,000 | |
Long-term Debt, Gross | 375,646 | |
Debt Instrument, Unamortized Discount (Premium), Net | (939) | |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 0 | |
2,018 | 300,000 | |
2,019 | 21,350 | |
2,020 | 300,000 | |
2,021 | 350,000 | |
2,022 | 400,000 | |
2,023 | 0 | |
2,024 | 315,644 | |
2,025 | 300,000 | |
2,026 | 300,000 | |
Thereafter | 0 | |
Long-term Debt, Gross | 2,286,994 | |
Debt Instrument, Unamortized Discount (Premium), Net | (16,374) | |
United Dominion Reality L.P. | ||
Debt Instrument [Line Items] | ||
2,017 | 0 | |
2,018 | 145,199 | |
2,019 | 133,204 | |
2,020 | 62,836 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 67,310 | |
2,024 | 0 | |
2,025 | 0 | |
2,026 | 0 | |
Thereafter | 27,000 | |
Long-term Debt, Gross | 435,549 | |
Debt Instrument, Unamortized Discount (Premium), Net | (1,575) | |
Total | 433,974 | $ 475,964 |
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
2,017 | 0 | |
2,018 | 48,872 | |
2,019 | 133,204 | |
2,020 | 62,836 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
2,024 | 0 | |
2,025 | 0 | |
2,026 | 0 | |
Thereafter | 0 | |
Long-term Debt, Gross | 244,912 | |
Debt Instrument, Unamortized Discount (Premium), Net | (1,070) | |
Total | 243,842 | |
United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
2,017 | 0 | |
2,018 | 96,327 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 67,310 | |
2,024 | 0 | |
2,025 | 0 | |
2,026 | 0 | |
Thereafter | 0 | |
Long-term Debt, Gross | 163,637 | |
Debt Instrument, Unamortized Discount (Premium), Net | (419) | |
Total | 163,218 | |
United Dominion Reality L.P. | Tax-exempt secured notes payable | Variable Rate Debt | ||
Debt Instrument [Line Items] | ||
2,017 | 0 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
2,022 | 0 | |
2,023 | 0 | |
2,024 | 0 | |
2,025 | 0 | |
2,026 | 0 | |
Thereafter | 27,000 | |
Long-term Debt, Gross | 27,000 | |
Debt Instrument, Unamortized Discount (Premium), Net | (86) | |
Total | $ 26,914 |
Debt (UNITED DOMINION REALTY122
Debt (UNITED DOMINION REALTY, L.P.) (Details Textual) - USD ($) | Jun. 27, 2014 | Sep. 26, 2013 | Jan. 25, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 18, 2016 |
Debt Instrument [Line Items] | |||||||
Amortization of Financing Costs | $ 4,500,000 | $ 7,000,000 | |||||
Borrowings outstanding | $ 2,900,000 | 2,300,000 | |||||
Debt Instrument, Interest Rate During Period | 3.79% | ||||||
UDR Bank Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Total revolving credit facility | $ 2,000,000,000 | 1,100,000,000 | |||||
Fixed Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 756,151,000 | 952,801,000 | |||||
Debt Instrument, Interest Rate During Period | 4.53% | ||||||
Variable Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 374,707,000 | 424,144,000 | |||||
Debt Instrument, Interest Rate During Period | 1.95% | ||||||
Fannie Mae | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | $ 636,782,000 | 813,840,000 | |||||
Fannie Mae credit facilities | Fixed Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt, Weighted Average Interest Rate | 5.06% | ||||||
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 | 2.13% | ||||||
Mortgages [Member] | Fixed Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 4.04% | ||||||
Debt Instrument, Maturity Date Range, Start | May 1, 2019 | ||||||
Debt Instrument, Maturity Date Range, End | Nov. 5, 2026 | ||||||
Notes payable minimum interest rates range | 3.15% | ||||||
Notes payable maximum interest rates range | 5.86% | ||||||
Mortgages [Member] | Variable Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 0.00% | ||||||
Tax-exempt secured notes payable | Variable Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 1.39% | ||||||
Unsecured Revolving Credit Facility due October 2015 | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | $ 0 | $ 150,000,000 | |||||
Debt Instrument, Interest Rate During Period | 1.37% | ||||||
Five Point Two Five Percent, Medium Term Notes, Due January 2016 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 0.00% | ||||||
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, 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, Maturity Date | Oct. 1, 2025 | ||||||
2.95% Medium-Term Note due September 2026 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 2.95% | ||||||
Debt Instrument, Maturity Date | Sep. 1, 2026 | ||||||
United Dominion Reality L.P. | |||||||
Debt Instrument [Line Items] | |||||||
Amortization of Financing Costs | $ 600,000 | $ 1,300,000 | |||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 433,974,000 | 475,964,000 | |||||
Debt Instrument, Interest Rate During Period | 3.94% | ||||||
Reallocation of Credit Facilities Debt from General Partner | $ 12,292,000 | 17,557,000 | $ 0 | ||||
United Dominion Reality L.P. | Fixed Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 243,842,000 | 279,333,000 | |||||
Debt Instrument, Interest Rate During Period | 5.05% | ||||||
United Dominion Reality L.P. | Variable Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 190,132,000 | 196,631,000 | |||||
Debt Instrument, Interest Rate During Period | 2.18% | ||||||
United Dominion Reality L.P. | Fannie Mae | |||||||
Debt Instrument [Line Items] | |||||||
Borrowings outstanding | $ 408,549,000 | 421,031,000 | |||||
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 5.05% | ||||||
Debt Instrument, Maturity Date Range, Start | Dec. 1, 2018 | ||||||
United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 2.32% | ||||||
United Dominion Reality L.P. | Mortgages [Member] | Fixed Rate Debt | |||||||
Debt Instrument [Line Items] | |||||||
Secured Debt Including Debt on Real Estate Held for Sale | $ 0 | 30,132,000 | |||||
Debt Instrument, Interest Rate During Period | 0.00% | ||||||
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 | 1.33% | ||||||
Debt Instrument, Maturity Date Range, End | Mar. 1, 2032 | ||||||
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 | ||||||
United Dominion Reality L.P. | 2.95% Medium-Term Note due September 2026 [Member] | Financial Guarantee | |||||||
Debt Instrument [Line Items] | |||||||
Guarantor borrowing capacity | 300,000,000 | ||||||
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 | $ 355,836,000 | 514,462,000 | |||||
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 | 280,946,000 | 299,378,000 | |||||
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 | 244,912,000 | 250,828,000 | |||||
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 | 163,637,000 | 170,203,000 | |||||
Mortgages [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 | $ 31,300,000 | ||||||
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 | 402,996,000 | 442,617,000 | |||||
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 | $ 0 | $ 31,337,000 | |||||
Subsequent Event [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term Commercial Paper | $ 500,000,000 | ||||||
Commercial Paper, at Carrying Value | $ 120,000,000 | ||||||
Subsequent Event [Member] | Commercial Paper [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate During Period | 1.16% |
Related Party Transactions (123
Related Party Transactions (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | |||
Related party management fees | $ 14,500 | $ 17,700 | $ 12,700 |
United Dominion Reality L.P. | |||
Related Party Transaction [Line Items] | |||
Related party management fee percentage | 2.75% | ||
Notes payable due to General Partner | $ 273,334 | 273,334 | |
Interest Expense, Related Party | $ 12,212 | 5,047 | 4,603 |
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 | $ 15,400 | $ 21,000 | $ 27,400 |
United Dominion Reality L.P. | UDR, Inc. | Bottom Dollar guaranty | |||
Related Party Transaction [Line Items] | |||
Related party guaranty note payable interest rate | 5.18% | ||
Notes payable due to General Partner | $ 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 | ||
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 | 4.12% | ||
Debt Instrument, Maturity Date Range, End | Aug. 31, 2021 | ||
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% | ||
Debt Instrument, Maturity Date Range, End | Dec. 31, 2023 |
Fair Value of Derivatives an124
Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | $ 24,005 | $ 16,951 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,463,639 | 3,673,283 |
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 | 4,360 | 13 |
Derivatives - Interest rate contracts | 413 | 2,112 |
Fair Value | Mortgages [Member] | Fair Value, Measurements, Recurring | ||
Secured debt instruments - fixed rate | ||
Secured debt instruments - fixed rate | 396,045 | 448,019 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 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 | 365,693 | 539,050 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 280,946 | 299,378 |
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 | |
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 | 4,360 | 13 |
Secured debt instruments - variable rate | ||
Total liabilities | 413 | 2,112 |
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 | 4,360 | 13 |
Derivatives - Interest rate contracts | 413 | 2,112 |
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 | |
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 | 19,645 | 16,938 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,463,226 | 3,671,171 |
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 | 396,045 | 448,019 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 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 | 365,693 | 539,050 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 280,946 | 299,378 |
Carrying Amount | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 24,150 | 16,707 |
Secured debt instruments - variable rate | ||
Total liabilities | 3,418,079 | 3,590,829 |
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 | 1 | 8 |
Derivatives - Interest rate contracts | 0 | 0 |
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 | 1 | 8 |
Secured debt instruments - variable rate | ||
Total liabilities | 442,301 | 490,581 |
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 | 1 | 8 |
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 | |
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 | 251,664 | 263,070 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 163,637 | 170,203 |
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 |
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 | |
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 | 1 | 8 |
Secured debt instruments - variable rate | ||
Total liabilities | 0 | 0 |
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 | 1 | 8 |
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 | |
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 | 442,301 | 490,581 |
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 |
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 | |
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 | 251,664 | 263,070 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | 163,637 | 170,203 |
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 | 1 | 8 |
Secured debt instruments - variable rate | ||
Total liabilities | 435,549 | 478,163 |
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 | 1 | 8 |
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 | |
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 | 244,912 | 250,828 |
Secured debt instruments - variable rate | ||
Secured debt instruments - variable rate | $ 163,637 | $ 170,203 |
Derivatives and Hedging Acti125
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | Dec. 31, 2016USD ($)instruments |
Derivative [Line Items] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 1,700 |
Designated as Hedging Instrument | Interest rate swaps | |
Derivative [Line Items] | |
Number of Instruments | 3 |
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. | |
Derivative [Line Items] | |
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 100 |
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 Acti126
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
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 | $ 4,359 | $ 9 |
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 | 1 | 4 |
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 | 413 | 2,112 |
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 | 1 | 8 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 0 |
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 | 0 | 4 |
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 | 1 | 4 |
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 | 0 |
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 Acti127
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | $ (3) | $ (23) | $ (4) |
Interest rate products | Other Income Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | 100 | ||
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 | (3,657) | (2,251) | (4,834) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | 0 | (11) | 3 |
United Dominion Reality L.P. | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | 100 | ||
United Dominion Reality L.P. | Interest rate products | Other Income Expense [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Income, Net, Total | (3) | (23) | (3) |
United Dominion Reality L.P. | Interest rate products | Interest expense | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | (285) | ||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net, Total | (12) | (1,044) | (2,275) |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $ 0 | $ (11) | $ 0 |
Derivatives and Hedging Acti128
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | $ 3,514 | $ (6,393) | $ (8,695) |
Derivative, Collateral, Obligation to Return Securities | 221 | 0 | |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 4,139 | 13 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 | |
Derivative Asset | 4,360 | 13 | |
United Dominion Reality L P [Member] | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | (4) | (82) | (285) |
Derivative, Collateral, Obligation to Return Securities | 0 | 0 | |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1 | 8 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 1 | 8 | |
Derivative Asset, Not Subject to Master Netting Arrangement | 0 | 0 | |
Derivative Asset | $ 1 | $ 8 | |
Interest rate contracts | Cash Flow Hedging | |||
Derivative [Line Items] | |||
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total | $ (8,695) |
Derivatives and Hedging Acti129
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, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Derivative Liability | $ 413 | $ 2,112 |
Derivative, Collateral, Right to Reclaim Securities | 221 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 192 | 2,112 |
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 | 0 |
Derivative, Collateral, Right to Reclaim Securities | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Derivative Liability Designated as Hedging Instrument, Fair Value | 0 | 0 |
Derivative Liability, Not Subject to Master Netting Arrangement | 0 | 0 |
Derivative, Collateral, Right to Reclaim Cash | $ 0 | $ 0 |
Derivatives and Hedging Acti130
Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Entity Information [Line Items] | |||
Derivative, Collateral, Obligation to Return Cash | $ 0 | $ 0 | |
Losses in the fair value of derivatives not designated in hedging relationships | 3,000 | 23,000 | $ 4,000 |
Payment required to pay for contract termination | 3,800,000 | ||
United Dominion Reality L.P. | |||
Entity Information [Line Items] | |||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | |
Losses in the fair value of derivatives not designated in hedging relationships | (100,000) | ||
Fair value of derivatives in a net liability position | 0 | ||
Interest rate contracts | Other Income Expense [Member] | |||
Entity Information [Line Items] | |||
Losses in the fair value of derivatives not designated in hedging relationships | (100,000) | ||
Interest rate contracts | Other Income Expense [Member] | United Dominion Reality L.P. | |||
Entity Information [Line Items] | |||
Losses in the fair value of derivatives not designated in hedging relationships | 3,000 | 23,000 | 3,000 |
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 | 0 | (11,000) | 3,000 |
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 | $ 0 | $ (11,000) | $ 0 |
Capital Structure (UNITED DO131
Capital Structure (UNITED DOMINION REALTY, L.P.) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Limited Partners' Capital Account [Line Items] | |||
Balance | 183,278,698 | 183,278,698 | 183,278,698 |
Partners' Capital Account, Units, Redeemed | 0 | 0 | 0 |
Balance | 183,278,698 | 183,278,698 | 183,278,698 |
UDR, Inc. | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 174,114,516 | ||
Balance | 174,119,201 | 174,114,516 | |
Class A Limited Partner | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 1,751,671 | ||
Class A Limited Partner | UDR, Inc. | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 121,661 | 121,661 | 121,661 |
Balance | 121,661 | 121,661 | 121,661 |
General Partner [Member] | UDR, Inc. | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 110,883 | 110,883 | 110,883 |
Partners' Capital Account, Units, Redeemed | 0 | 0 | 0 |
Balance | 110,883 | 110,883 | 110,883 |
Non-affiliated Partners | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 7,301,628 | 7,413,802 | 7,567,253 |
Partners' Capital Account, Units, Redeemed | 4,685 | 112,174 | 153,451 |
Balance | 7,296,943 | 7,301,628 | 7,413,802 |
Non-affiliated Partners | 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 |
Balance | 1,751,671 | 1,751,671 | 1,751,671 |
Limited Partner [Member] | UDR, Inc. | |||
Limited Partners' Capital Account [Line Items] | |||
Balance | 173,992,855 | 173,880,681 | 173,727,230 |
Partners' Capital Account, Units, Redeemed | (4,685) | (112,174) | (153,451) |
Balance | 173,997,540 | 173,992,855 | 173,880,681 |
Class A Limited Partner | UDR, Inc. | |||
Limited Partners' Capital Account [Line Items] | |||
Partners' Capital Account, Units, Redeemed | 0 | 0 | 0 |
Capital Structure (UNITED DO132
Capital Structure (UNITED DOMINION REALTY, L.P.) (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 183,278,698 | 183,278,698 | 183,278,698 | 183,278,698 |
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | $ 909,482 | $ 946,436 | $ 282,480 | |
United Dominion Reality L.P. | ||||
Limited Partners' Capital Account [Line Items] | ||||
General Partners' Capital Account, Units Outstanding | 110,883 | 110,883 | ||
Limited partnership units owned | 183,167,815 | 183,167,815 | ||
Required period to be outstanding before unit is redeemable | 1 year | |||
Redeemable non-controlling interests in the Operating Partnership and DownREIT Partnership | $ 330,100 | $ 340,100 | ||
UDR, Inc. | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 174,119,201 | 174,114,516 | ||
Percentage of units | 95.10% | 95.10% | ||
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 | ||
Class A Limited Partner | UDR, Inc. | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 121,661 | 121,661 | 121,661 | 121,661 |
Non-affiliated Partners | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 7,296,943 | 7,301,628 | 7,413,802 | 7,567,253 |
Non-affiliated Partners | United Dominion Reality L.P. | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 9,048,614 | 9,053,299 | ||
Percentage of units | 4.90% | 4.90% | ||
Non-affiliated Partners | 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 |
Limited Partner [Member] | United Dominion Reality L.P. | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 174,230,084 | 174,225,399 | ||
Percentage of units | 95.10% | 95.06036% | ||
Limited Partner [Member] | UDR, Inc. | ||||
Limited Partners' Capital Account [Line Items] | ||||
Limited partnership units owned | 173,997,540 | 173,992,855 | 173,880,681 | 173,727,230 |
Income_(Loss) Per Share (UNI133
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, 2016 | [1] | Sep. 30, 2016 | [1] | Jun. 30, 2016 | [1] | Mar. 31, 2016 | [1] | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Income (Loss) from Continuing Operations Attributable to Noncontrolling Interest | $ (5,511) | ||||||||||||||
Income (Loss) from Continuing Operations Attributable to Parent | $ 292,718 | $ 340,383 | 154,324 | ||||||||||||
Income/(loss) from discontinued operations | 0 | 0 | 10 | ||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 320,380 | 357,159 | 159,842 | ||||||||||||
Comprehensive (Income) Loss, Net of Tax, Attributable to Noncontrolling Interest | 27,764 | 16,468 | 5,375 | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 | 0 | ||||||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | 10 | ||||||||||||
United Dominion Reality L.P. | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 79,262 | $ 215,063 | $ 97,179 | ||||||||||||
Weighted Average Number of Limited Partnership and General Partnership Unit Outstanding, Basic and Diluted | 183,279 | 183,279 | 183,279 | ||||||||||||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted, Net of Tax | $ 0.27 | $ 0.06 | $ 0.06 | $ 0.03 | $ 0.62 | $ 0.08 | $ 0.26 | $ 0.20 | $ 0.42 | $ 1.16 | $ 0.53 | ||||
[1] | Quarterly net income/(loss) per weighted average OP Unit amounts may not total to the annual amounts |
Commitments and Contingencie134
Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016USD ($)Communities | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | ||
Real Estate Properties [Line Items] | ||||
Development costs and capital expenditures Incurred but not yet paid | $ 46,285 | $ 20,375 | $ 34,746 | |
Number of Real Estate Properties | Communities | 127 | |||
Costs Incurred to Date | $ 1,174,957 | |||
Expected Costs to Complete | [1] | 454,954 | ||
United Dominion Reality L.P. | ||||
Real Estate Properties [Line Items] | ||||
Development costs and capital expenditures Incurred but not yet paid | $ 5,098 | 3,118 | 7,254 | |
Number of Real Estate Properties | Communities | 54 | |||
Ground Leases [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | Communities | 5 | |||
2,015 | $ 5,548 | |||
2,016 | 5,548 | |||
2,018 | 5,548 | |||
2,019 | 5,548 | |||
Thereafter | 334,604 | |||
Rent expense | 5,500 | 5,500 | 5,400 | |
2,017 | $ 5,548 | |||
Ground Leases [Member] | United Dominion Reality L.P. | ||||
Real Estate Properties [Line Items] | ||||
Number of Real Estate Properties | Communities | 5 | |||
2,015 | $ 5,500 | |||
2,016 | 5,500 | |||
2,018 | 5,500 | |||
Thereafter | 334,600 | |||
Rent expense | 5,500 | $ 5,400 | $ 5,300 | |
2,017 | 4,500 | |||
Wholly-owned — redevelopment | ||||
Real Estate Properties [Line Items] | ||||
Development costs and capital expenditures Incurred but not yet paid | $ 1,500 | |||
Number of Real Estate Properties | 3 | |||
Costs Incurred to Date | $ 14,659 | |||
Purchase Commitment, Remaining Minimum Amount Committed | 10,341 | |||
Wholly-owned — redevelopment | United Dominion Reality L.P. | ||||
Real Estate Properties [Line Items] | ||||
Development costs and capital expenditures Incurred but not yet paid | $ 900 | |||
Number of Real Estate Properties | 1 | |||
Costs Incurred to Date | $ 6,289 | |||
Purchase Commitment, Remaining Minimum Amount Committed | $ 711 | |||
[1] | Represents 100% of project costs incurred as of December 31, 2016. |
Reportable Segments (UNITED 135
Reportable Segments (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($)Segments | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
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 | $ 959,861 | $ 894,638 | $ 818,046 | |||||||||
Reportable apartment home segment NOI | 673,085 | 613,869 | 556,321 | |||||||||
Reconciling items: | ||||||||||||
Property management | (26,083) | (23,978) | (22,142) | |||||||||
Other operating expenses | (7,649) | (9,708) | (8,271) | |||||||||
Segment Reporting Reconciling Items Cost of Services Depreciation and Amortization | 419,615 | 374,598 | 358,154 | |||||||||
General and administrative | (49,761) | (59,690) | (47,800) | |||||||||
Casualty-related (recoveries)/charges, net | (732) | (2,335) | (541) | |||||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | (380) | (3) | 3 | |||||||||
Net income/(loss) attributable to Entity | 292,718 | 340,383 | 154,334 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | $ 9,615,753 | $ 9,190,276 | 9,615,753 | 9,190,276 | ||||||||
Real Estate Investment Property, Accumulated Depreciation | 2,923,072 | 2,646,044 | 2,923,072 | 2,646,044 | ||||||||
Accumulated depreciation | (2,923,625) | (2,646,874) | (2,923,625) | (2,646,874) | ||||||||
Total real estate owned, net of accumulated depreciation | 6,692,128 | 6,543,402 | 6,692,128 | 6,543,402 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 2,112 | 6,742 | 2,112 | 6,742 | 15,224 | $ 30,249 | ||||||
Other assets | 118,535 | 137,302 | 118,535 | 137,302 | ||||||||
Total assets | 7,679,584 | 7,663,844 | 7,679,584 | 7,663,844 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 339,813 | 203,183 | 326,461 | |||||||||
Income/(loss) from unconsolidated entities | 52,234 | 62,329 | (7,006) | |||||||||
Interest Expense | (123,031) | (121,875) | (130,454) | |||||||||
Investment in and advances to unconsolidated joint ventures, net | 827,025 | 938,906 | 827,025 | 938,906 | ||||||||
Same Communities | ||||||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 84,800 | 67,100 | 47,700 | |||||||||
Same Communities Western Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 298,469 | 278,602 | 246,764 | |||||||||
Reportable apartment home segment NOI | 223,140 | 207,137 | 177,299 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 2,752,900 | 2,721,184 | 2,752,900 | 2,721,184 | ||||||||
Same Communities Mid-Atlantic Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 144,069 | 140,423 | 136,786 | |||||||||
Reportable apartment home segment NOI | 99,375 | 95,713 | 94,188 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,402,642 | 1,381,916 | 1,402,642 | 1,381,916 | ||||||||
Same Communities Northeast Region [Member] | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 130,285 | 124,478 | 115,981 | |||||||||
Reportable apartment home segment NOI | 93,083 | 89,039 | 82,110 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,634,988 | 1,621,555 | 1,634,988 | 1,621,555 | ||||||||
Same Communities Southeastern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 111,318 | 103,920 | 98,060 | |||||||||
Reportable apartment home segment NOI | 76,359 | 69,820 | 65,053 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 746,761 | 730,060 | 746,761 | 730,060 | ||||||||
Same Communities Southwestern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 41,273 | 39,166 | 37,139 | |||||||||
Reportable apartment home segment NOI | 25,600 | 24,407 | 22,830 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 283,260 | 276,306 | 283,260 | 276,306 | ||||||||
Non-Mature communities/Other | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 223,047 | 185,339 | 170,419 | |||||||||
Reportable apartment home segment NOI | 155,528 | 127,753 | 114,841 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 2,795,202 | 2,459,255 | 2,795,202 | 2,459,255 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | $ 11,500 | 18,100 | $ 15,700 | |||||||||
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 | $ 404,415 | 440,408 | $ 422,634 | |||||||||
Reportable apartment home segment NOI | 297,121 | 317,597 | 300,313 | |||||||||
Reconciling items: | ||||||||||||
Property management | (11,122) | (12,111) | (11,622) | |||||||||
Other operating expenses | (6,059) | (5,923) | (5,172) | |||||||||
Segment Reporting Reconciling Items Cost of Services Depreciation and Amortization | 147,074 | 169,784 | 179,176 | |||||||||
Gain/(loss) on sales of real estate owned, net of tax | 33,180 | 158,123 | 63,635 | |||||||||
General and administrative | (18,808) | (27,016) | (28,541) | |||||||||
Casualty-related (recoveries)/charges, net | (484) | (843) | (541) | |||||||||
Noncontrolling Interest in Net Income (Loss) Other Noncontrolling Interests, Nonredeemable | (1,444) | (1,762) | (952) | |||||||||
Net income/(loss) attributable to Entity | 50,470 | $ 11,517 | $ 11,044 | $ 4,787 | 114,955 | $ 14,617 | $ 47,383 | $ 36,346 | 77,818 | 213,301 | 96,227 | |
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 3,674,704 | 3,630,905 | 3,674,704 | 3,630,905 | ||||||||
Real Estate Investment Property, Accumulated Depreciation | 1,408,815 | 1,281,258 | 1,408,815 | 1,281,258 | ||||||||
Total real estate owned, net of accumulated depreciation | 2,265,889 | 2,349,647 | 2,265,889 | 2,349,647 | ||||||||
Reconciling items: | ||||||||||||
Cash and cash equivalents | 756 | 3,103 | 756 | 3,103 | 502 | $ 1,897 | ||||||
Deferred financing costs, net | 1,575 | 1,575 | ||||||||||
Other assets | 24,329 | 24,528 | 24,329 | 24,528 | ||||||||
Total assets | 2,415,535 | 2,554,808 | 2,415,535 | 2,554,808 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 71,720 | 61,196 | 91,682 | |||||||||
Income/(loss) from unconsolidated entities | (37,425) | (4,659) | 0 | |||||||||
Interest Expense | (30,067) | (40,321) | (41,717) | |||||||||
Net (loss)/gain on sale of depreciable property | 33,180 | 158,123 | 63,635 | |||||||||
Investment in and advances to unconsolidated joint ventures, net | 112,867 | 166,186 | 112,867 | 166,186 | ||||||||
United Dominion Reality L.P. | Same-Store [Member] | ||||||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | 41,700 | 31,600 | ||||||||||
United Dominion Reality L.P. | Same Communities Western Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 183,153 | 169,621 | 153,951 | |||||||||
Reportable apartment home segment NOI | 137,784 | 126,600 | 111,467 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 1,521,762 | 1,497,867 | 1,521,762 | 1,497,867 | ||||||||
United Dominion Reality L.P. | Same Communities Mid-Atlantic Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 38,987 | 37,502 | 37,216 | |||||||||
Reportable apartment home segment NOI | 26,525 | 25,281 | 25,604 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 388,893 | 383,111 | 388,893 | 383,111 | ||||||||
United Dominion Reality L.P. | Same Communities Northeast Region [Member] | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 53,036 | 51,086 | 48,493 | |||||||||
Reportable apartment home segment NOI | 40,704 | 39,765 | 37,788 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 674,928 | 669,082 | 674,928 | 669,082 | ||||||||
United Dominion Reality L.P. | Same Communities Southeastern Region | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 47,792 | 44,981 | 42,568 | |||||||||
Reportable apartment home segment NOI | 32,519 | 30,106 | 28,111 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | 328,729 | 321,787 | 328,729 | 321,787 | ||||||||
United Dominion Reality L.P. | Non-Mature communities/Other | ||||||||||||
Reportable Segment (Textual) [Abstract] | ||||||||||||
Reportable apartment home segment rental income | 81,447 | 137,218 | 140,406 | |||||||||
Reportable apartment home segment NOI | 59,589 | 95,845 | $ 97,343 | |||||||||
Reportable apartment home segment assets: | ||||||||||||
Total segment assets | $ 760,392 | $ 759,058 | 760,392 | 759,058 | ||||||||
Reportable Segments Additional (Textual) [Abstract] | ||||||||||||
Capital expenditures related to segments | $ 2,400 | $ 13,400 | ||||||||||
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 |
Unaudited Summarized Consoli136
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||
Rental income | $ 240,081 | [1] | $ 240,255 | [1] | $ 236,168 | [1] | $ 231,957 | [1] | $ 234,352 | [1] | $ 217,765 | [1] | $ 212,764 | [1] | $ 207,047 | [1] | $ 948,461 | $ 871,928 | $ 805,002 |
Income/(loss) from continuing operations | 59,280 | 29,466 | 12,249 | 8,534 | 4,528 | 13,695 | 10,842 | 76,417 | 109,529 | 105,482 | 16,260 | ||||||||
Income/(loss) from discontinued operations | 0 | 0 | 10 | ||||||||||||||||
Net income/(loss) attributable to Entity | 292,718 | 340,383 | 154,334 | ||||||||||||||||
Net (loss)/income attributable to stakeholders | 236,687 | 26,027 | 17,017 | 9,464 | 161,270 | 12,361 | 85,924 | 72,891 | 289,001 | 336,661 | 150,610 | ||||||||
United Dominion Reality L.P. | |||||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||||
Rental income | 102,142 | 102,595 | 100,892 | 98,786 | 101,982 | 115,173 | 113,158 | 110,095 | 404,415 | 440,408 | 422,634 | ||||||||
Income/(loss) from continuing operations | 17,672 | 11,885 | 11,394 | 5,131 | 14,516 | 14,952 | 15,355 | 12,117 | 46,082 | 56,940 | 33,544 | ||||||||
Net income/(loss) attributable to Entity | $ 50,470 | $ 11,517 | $ 11,044 | $ 4,787 | $ 114,955 | $ 14,617 | $ 47,383 | $ 36,346 | $ 77,818 | $ 213,301 | $ 96,227 | ||||||||
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted | $ 0.27 | [2] | $ 0.06 | [2] | $ 0.06 | [2] | $ 0.03 | [2] | $ 0.62 | $ 0.08 | $ 0.26 | $ 0.20 | $ 0.42 | $ 1.16 | $ 0.53 | ||||
[1] | . | ||||||||||||||||||
[2] | Quarterly net income/(loss) per weighted average OP Unit amounts may not total to the annual amounts |
Schedule - III Real Estate O137
Schedule - III Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Total Carrying Value | $ 9,190,276 | $ 8,383,259 | $ 8,207,977 | $ 9,615,753 | |
Accumulated Depreciation | 2,646,874 | 2,434,772 | 2,208,794 | 2,923,625 | |
Aggregate cost for federal income tax purposes | 8,700,000 | ||||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at beginning of the year | 9,190,276 | 8,383,259 | 8,207,977 | ||
Real estate acquired | 324,104 | 906,446 | 231,225 | ||
Capital expenditures and development | 339,813 | 203,183 | 326,461 | ||
Real estate sold | (238,440) | (301,920) | (269,681) | ||
Hurricane related impairment of assets | 0 | (692) | (379) | ||
Balance at end of the year | 9,615,753 | 9,190,276 | 8,383,259 | ||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at beginning of the year | 2,646,874 | 2,434,772 | 2,208,794 | ||
Depreciation expense for the year | 398,904 | 364,622 | 356,673 | ||
Accumulated depreciation on sales | (122,153) | (152,520) | (126,151) | ||
Write off of accumulated depreciation on hurricane related impaired assets | 0 | 0 | (316) | ||
Balance at end of year | $ 2,923,625 | 2,646,874 | 2,434,772 | ||
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 | 1,134,478 | ||||
Initial Costs, Land and Land Improvements | 1,697,922 | ||||
Initial Costs, Buildings and Improvements | 5,025,744 | ||||
Total Initial Acquisition Costs | 6,723,666 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,416,305 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,903,717 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,236,254 | ||||
Total Carrying Value | $ 9,139,971 | 9,139,971 | |||
Accumulated Depreciation | 2,902,686 | 2,902,686 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 9,139,971 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 2,902,686 | ||||
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] | 5,011 | |||
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] | 5,011 | |||
Total Carrying Value | [1] | 5,011 | 5,011 | ||
Accumulated Depreciation | [1] | 74 | 74 | ||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | [1] | 5,011 | |||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | [1] | 74 | |||
1745 Shea [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | [1] | 0 | |||
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] | 1,045 | |||
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] | 21,579 | |||
Total Carrying Value | [1] | 24,613 | 24,613 | ||
Accumulated Depreciation | [1] | 1,369 | 1,369 | ||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | [1] | 24,613 | |||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | [1] | 1,369 | |||
TOTAL CORPORATE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 6,056 | ||||
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 | 26,590 | ||||
Total Carrying Value | 29,624 | 29,624 | |||
Accumulated Depreciation | 1,443 | 1,443 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 29,624 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1,443 | ||||
Real Estate Under Development | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Costs, Land and Land Improvements | 111,023 | ||||
Initial Costs, Buildings and Improvements | 0 | ||||
Total Initial Acquisition Costs | 111,023 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 231,259 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 111,028 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 231,254 | ||||
Total Carrying Value | 342,282 | 342,282 | |||
Accumulated Depreciation | 0 | 0 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 342,282 | ||||
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 | 156,190 | ||||
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 | 156,190 | ||||
Total Carrying Value | 234,275 | 234,275 | |||
Accumulated Depreciation | 0 | 0 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 234,275 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | ||||
Real Estate Under Development | 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 | 75,069 | ||||
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 | 75,064 | ||||
Total Carrying Value | 108,007 | 108,007 | |||
Accumulated Depreciation | 0 | 0 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 108,007 | ||||
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 | 57,098 | ||||
Initial Costs, Buildings and Improvements | 0 | ||||
Total Initial Acquisition Costs | 57,098 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,331 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 64,353 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,076 | ||||
Total Carrying Value | 72,429 | 72,429 | |||
Accumulated Depreciation | 2,484 | 2,484 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 72,429 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 2,484 | ||||
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 | 5,530 | ||||
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 | 5,610 | ||||
Total Carrying Value | 6,414 | 6,414 | |||
Accumulated Depreciation | 0 | 0 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 6,414 | ||||
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 | 222 | ||||
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 | 0 | ||||
Total Carrying Value | 12,084 | 12,084 | |||
Accumulated Depreciation | 309 | 309 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 12,084 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 309 | ||||
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 | 9,208 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,326 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,207 | ||||
Total Carrying Value | 13,533 | 13,533 | |||
Accumulated Depreciation | 2,175 | 2,175 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 13,533 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 2,175 | ||||
Land | Wilshire LaJolla [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Costs, Land and Land Improvements | 31,105 | ||||
Initial Costs, Buildings and Improvements | 0 | ||||
Total Initial Acquisition Costs | 31,105 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 112 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,217 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 0 | ||||
Total Carrying Value | 31,217 | 31,217 | |||
Accumulated Depreciation | 0 | 0 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 31,217 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | ||||
Land | Ashton Dublin Land [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Costs, Land and Land Improvements | 8,922 | ||||
Initial Costs, Buildings and Improvements | 0 | ||||
Total Initial Acquisition Costs | 8,922 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 259 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,922 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 259 | ||||
Total Carrying Value | 9,181 | 9,181 | |||
Accumulated Depreciation | 0 | 0 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 9,181 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 0 | ||||
Real Estate Held for Disposition [Member] | |||||
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 | ||||
Real Estate Held for Disposition [Member] | 3032 Wilshire | |||||
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 | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Costs, Land and Land Improvements | 6,350 | ||||
Initial Costs, Buildings and Improvements | 0 | ||||
Total Initial Acquisition Costs | 6,350 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,473 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,173 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,650 | ||||
Total Carrying Value | 29,823 | 29,823 | |||
Accumulated Depreciation | 16,459 | 16,459 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 29,823 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 16,459 | ||||
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 | 6,110 | ||||
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 | 6,137 | ||||
Total Carrying Value | 7,517 | 7,517 | |||
Accumulated Depreciation | 3,138 | 3,138 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 7,517 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 3,138 | ||||
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 | 17,363 | ||||
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 | 14,513 | ||||
Total Carrying Value | 22,306 | 22,306 | |||
Accumulated Depreciation | 13,321 | 13,321 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 22,306 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 13,321 | ||||
Commercial Held for Development | TOTAL COMMERCIAL & CORPORATE | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Costs, Land and Land Improvements | 9,384 | ||||
Initial Costs, Buildings and Improvements | 20,534 | ||||
Total Initial Acquisition Costs | 29,918 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,529 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,207 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,240 | ||||
Total Carrying Value | 59,447 | 59,447 | |||
Accumulated Depreciation | 17,902 | 17,902 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 59,447 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 17,902 | ||||
Commercial Held for Development | Total Real Estate Owned | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 1,130,858 | ||||
Initial Costs, Land and Land Improvements | 1,877,051 | ||||
Initial Costs, Buildings and Improvements | 5,046,278 | ||||
Total Initial Acquisition Costs | 6,923,329 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,692,424 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,092,409 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,523,344 | ||||
Total Carrying Value | 9,615,753 | 9,615,753 | |||
Accumulated Depreciation | 2,923,625 | 2,923,625 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 9,615,753 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 2,923,625 | ||||
Western Region | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 488,118 | ||||
Initial Costs, Land and Land Improvements | 824,407 | ||||
Initial Costs, Buildings and Improvements | 1,758,586 | ||||
Total Initial Acquisition Costs | 2,582,993 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,092,061 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 909,868 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,765,186 | ||||
Total Carrying Value | 3,675,054 | 3,675,054 | |||
Accumulated Depreciation | 1,176,748 | 1,176,748 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 3,675,054 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1,176,748 | ||||
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 | 17,240 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,806 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,448 | ||||
Total Carrying Value | 66,254 | 66,254 | |||
Accumulated Depreciation | 29,331 | 29,331 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 66,254 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 29,331 | ||||
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 | 95,047 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 112,935 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 192,085 | ||||
Total Carrying Value | 305,020 | 305,020 | |||
Accumulated Depreciation | 101,329 | 101,329 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 305,020 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 101,329 | ||||
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 | 10,836 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,974 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,831 | ||||
Total Carrying Value | 40,805 | 40,805 | |||
Accumulated Depreciation | 21,939 | 21,939 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 40,805 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 21,939 | ||||
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 | 12,778 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,047 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,272 | ||||
Total Carrying Value | 43,319 | 43,319 | |||
Accumulated Depreciation | 21,224 | 21,224 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 43,319 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 21,224 | ||||
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 | 3,098 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,951 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,505 | ||||
Total Carrying Value | 17,456 | 17,456 | |||
Accumulated Depreciation | 4,506 | 4,506 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 17,456 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 4,506 | ||||
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 | 37,967 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 68,031 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 78,534 | ||||
Total Carrying Value | 146,565 | 146,565 | |||
Accumulated Depreciation | 47,601 | 47,601 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 146,565 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 47,601 | ||||
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 | 3,146 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,066 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,830 | ||||
Total Carrying Value | 20,896 | 20,896 | |||
Accumulated Depreciation | 6,505 | 6,505 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 20,896 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 6,505 | ||||
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 | 3,466 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,430 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,294 | ||||
Total Carrying Value | 21,724 | 21,724 | |||
Accumulated Depreciation | 5,753 | 5,753 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 21,724 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 5,753 | ||||
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 | 1,952 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,901 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,619 | ||||
Total Carrying Value | 70,520 | 70,520 | |||
Accumulated Depreciation | 20,288 | 20,288 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 70,520 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 20,288 | ||||
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 | 38,796 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,017 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,657 | ||||
Total Carrying Value | 51,674 | 51,674 | |||
Accumulated Depreciation | 5,327 | 5,327 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 51,674 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 5,327 | ||||
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 | 448,538 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 386,005 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 773,590 | ||||
Total Carrying Value | 1,159,595 | 1,159,595 | |||
Accumulated Depreciation | 350,413 | 350,413 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 1,159,595 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 350,413 | ||||
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 | 33,188 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,313 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 73,314 | ||||
Total Carrying Value | 87,627 | 87,627 | |||
Accumulated Depreciation | 34,677 | 34,677 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 87,627 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 34,677 | ||||
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 | 7,773 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,142 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,692 | ||||
Total Carrying Value | 28,834 | 28,834 | |||
Accumulated Depreciation | 14,688 | 14,688 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 28,834 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 14,688 | ||||
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 | 26,932 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,643 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 50,153 | ||||
Total Carrying Value | 57,796 | 57,796 | |||
Accumulated Depreciation | 31,243 | 31,243 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 57,796 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 31,243 | ||||
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 | 10,927 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,080 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,987 | ||||
Total Carrying Value | 41,067 | 41,067 | |||
Accumulated Depreciation | 20,789 | 20,789 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 41,067 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 20,789 | ||||
Western Region | River Terrace | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 38,495 | ||||
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 | 5,036 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,563 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,771 | ||||
Total Carrying Value | 67,334 | 67,334 | |||
Accumulated Depreciation | 27,326 | 27,326 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 67,334 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 27,326 | ||||
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 | 36,210 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,297 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,481 | ||||
Total Carrying Value | 80,778 | 80,778 | |||
Accumulated Depreciation | 40,345 | 40,345 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 80,778 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 40,345 | ||||
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 | 5,490 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,479 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,014 | ||||
Total Carrying Value | 28,493 | 28,493 | |||
Accumulated Depreciation | 10,240 | 10,240 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 28,493 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 10,240 | ||||
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 | 11,136 | ||||
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 | 29,290 | ||||
Total Carrying Value | 35,048 | 35,048 | |||
Accumulated Depreciation | 16,838 | 16,838 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 35,048 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 16,838 | ||||
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 | 9,876 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,701 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 93,704 | ||||
Total Carrying Value | 124,405 | 124,405 | |||
Accumulated Depreciation | 44,392 | 44,392 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 124,405 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 44,392 | ||||
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 | 6,923 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 886 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,146 | ||||
Total Carrying Value | 50,032 | 50,032 | |||
Accumulated Depreciation | 24,602 | 24,602 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 50,032 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 24,602 | ||||
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 | 7,927 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,319 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 81,965 | ||||
Total Carrying Value | 96,284 | 96,284 | |||
Accumulated Depreciation | 26,324 | 26,324 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 96,284 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 26,324 | ||||
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 | 129,282 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,683 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 129,224 | ||||
Total Carrying Value | 152,907 | 152,907 | |||
Accumulated Depreciation | 24,083 | 24,083 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 152,907 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 24,083 | ||||
Western Region | SAN FRANCISCO, CA | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 65,495 | ||||
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 | 290,700 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 159,864 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 690,741 | ||||
Total Carrying Value | 850,605 | 850,605 | |||
Accumulated Depreciation | 315,547 | 315,547 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 850,605 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 315,547 | ||||
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 | 4,070 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,787 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,146 | ||||
Total Carrying Value | 29,933 | 29,933 | |||
Accumulated Depreciation | 13,517 | 13,517 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 29,933 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 13,517 | ||||
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 | 4,236 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,696 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,805 | ||||
Total Carrying Value | 80,501 | 80,501 | |||
Accumulated Depreciation | 21,234 | 21,234 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 80,501 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 21,234 | ||||
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 | 38,235 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,796 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 137,985 | ||||
Total Carrying Value | 188,781 | 188,781 | |||
Accumulated Depreciation | 57,413 | 57,413 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 188,781 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 57,413 | ||||
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 | 91,599 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 61,549 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,701 | ||||
Total Carrying Value | 147,250 | 147,250 | |||
Accumulated Depreciation | 37,031 | 37,031 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 147,250 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 37,031 | ||||
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 | 138,140 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 160,828 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 285,637 | ||||
Total Carrying Value | 446,465 | 446,465 | |||
Accumulated Depreciation | 129,195 | 129,195 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 446,465 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 129,195 | ||||
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 | 6,903 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,082 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,744 | ||||
Total Carrying Value | 15,826 | 15,826 | |||
Accumulated Depreciation | 8,180 | 8,180 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 15,826 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 8,180 | ||||
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 | 4,841 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,727 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,696 | ||||
Total Carrying Value | 14,423 | 14,423 | |||
Accumulated Depreciation | 7,389 | 7,389 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 14,423 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 7,389 | ||||
Western Region | The Hawthorne | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 5,620 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,673 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,647 | ||||
Total Carrying Value | 42,320 | 42,320 | |||
Accumulated Depreciation | 21,678 | 21,678 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 42,320 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 21,678 | ||||
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 | 2,479 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,280 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,685 | ||||
Total Carrying Value | 30,965 | 30,965 | |||
Accumulated Depreciation | 14,674 | 14,674 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 30,965 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 14,674 | ||||
Western Region | Hearthstone at Merrill Creek | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 4,338 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,009 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,099 | ||||
Total Carrying Value | 42,108 | 42,108 | |||
Accumulated Depreciation | 17,826 | 17,826 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 42,108 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 17,826 | ||||
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 | 5,450 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,538 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 94,585 | ||||
Total Carrying Value | 116,123 | 116,123 | |||
Accumulated Depreciation | 45,522 | 45,522 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 116,123 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 45,522 | ||||
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 | 24,569 | ||||
Total Initial Acquisition Costs | 30,948 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,049 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,418 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,579 | ||||
Total Carrying Value | 35,997 | 35,997 | |||
Accumulated Depreciation | 14,416 | 14,416 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 35,997 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 14,416 | ||||
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 | 16,514 | ||||
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 | 85,774 | ||||
Total Carrying Value | 116,018 | 116,018 | |||
Accumulated Depreciation | 45,959 | 45,959 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 116,018 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 45,959 | ||||
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 | 2,356 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,583 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,304 | ||||
Total Carrying Value | 56,887 | 56,887 | |||
Accumulated Depreciation | 19,372 | 19,372 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 56,887 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 19,372 | ||||
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 | 585 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,470 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,448 | ||||
Total Carrying Value | 45,918 | 45,918 | |||
Accumulated Depreciation | 5,932 | 5,932 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 45,918 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 5,932 | ||||
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 | 813 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,704 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 65,978 | ||||
Total Carrying Value | 75,682 | 75,682 | |||
Accumulated Depreciation | 8,861 | 8,861 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 75,682 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 8,861 | ||||
Western Region | Ashton Bellevue [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 50,059 | ||||
Initial Costs, Land and Land Improvements | 8,287 | ||||
Initial Costs, Buildings and Improvements | 124,939 | ||||
Total Initial Acquisition Costs | 133,226 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 186 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,353 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 125,059 | ||||
Total Carrying Value | 133,412 | 133,412 | |||
Accumulated Depreciation | 1,685 | 1,685 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 133,412 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1,685 | ||||
Western Region | TEN20 [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 29,518 | ||||
Initial Costs, Land and Land Improvements | 5,247 | ||||
Initial Costs, Buildings and Improvements | 76,587 | ||||
Total Initial Acquisition Costs | 81,834 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 386 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,291 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 76,929 | ||||
Total Carrying Value | 82,220 | 82,220 | |||
Accumulated Depreciation | 1,039 | 1,039 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 82,220 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1,039 | ||||
Western Region | Milehouse [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Costs, Land and Land Improvements | 5,976 | ||||
Initial Costs, Buildings and Improvements | 63,041 | ||||
Total Initial Acquisition Costs | 69,017 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,976 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,059 | ||||
Total Carrying Value | 69,035 | 69,035 | |||
Accumulated Depreciation | 596 | 596 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 69,035 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 596 | ||||
Western Region | SEATTLE, WA | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 79,577 | ||||
Initial Costs, Land and Land Improvements | 123,485 | ||||
Initial Costs, Buildings and Improvements | 697,911 | ||||
Total Initial Acquisition Costs | 821,396 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 55,538 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 128,348 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 748,586 | ||||
Total Carrying Value | 876,934 | 876,934 | |||
Accumulated Depreciation | 213,129 | 213,129 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 876,934 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 213,129 | ||||
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 | 3,354 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,819 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,770 | ||||
Total Carrying Value | 20,589 | 20,589 | |||
Accumulated Depreciation | 8,416 | 8,416 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 20,589 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 8,416 | ||||
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 | 9,967 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,232 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,663 | ||||
Total Carrying Value | 20,895 | 20,895 | |||
Accumulated Depreciation | 9,879 | 9,879 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 20,895 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 9,879 | ||||
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 | 5,655 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,600 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,131 | ||||
Total Carrying Value | 10,731 | 10,731 | |||
Accumulated Depreciation | 5,338 | 5,338 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 10,731 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 5,338 | ||||
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 | 15,744 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,407 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,259 | ||||
Total Carrying Value | 31,666 | 31,666 | |||
Accumulated Depreciation | 14,911 | 14,911 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 31,666 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 14,911 | ||||
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 | 6,293 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,223 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,489 | ||||
Total Carrying Value | 12,712 | 12,712 | |||
Accumulated Depreciation | 6,008 | 6,008 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 12,712 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 6,008 | ||||
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 | 28,743 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,139 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,846 | ||||
Total Carrying Value | 58,985 | 58,985 | |||
Accumulated Depreciation | 26,688 | 26,688 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 58,985 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 26,688 | ||||
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 | 10,487 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,345 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,214 | ||||
Total Carrying Value | 20,559 | 20,559 | |||
Accumulated Depreciation | 9,874 | 9,874 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 20,559 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 9,874 | ||||
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 | 6,794 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,236 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,221 | ||||
Total Carrying Value | 13,457 | 13,457 | |||
Accumulated Depreciation | 6,145 | 6,145 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 13,457 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 6,145 | ||||
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 | 83,683 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 28,182 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 140,823 | ||||
Total Carrying Value | 169,005 | 169,005 | |||
Accumulated Depreciation | 78,843 | 78,843 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 169,005 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 78,843 | ||||
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 | 54,509 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,290 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,421 | ||||
Total Carrying Value | 71,711 | 71,711 | |||
Accumulated Depreciation | 36,766 | 36,766 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 71,711 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 36,766 | ||||
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 | 3,331 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,168 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,423 | ||||
Total Carrying Value | 32,591 | 32,591 | |||
Accumulated Depreciation | 18,455 | 18,455 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 32,591 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 18,455 | ||||
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 | 61,194 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,277 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 88,614 | ||||
Total Carrying Value | 124,891 | 124,891 | |||
Accumulated Depreciation | 63,637 | 63,637 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 124,891 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 63,637 | ||||
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 | 7,115 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,881 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,641 | ||||
Total Carrying Value | 19,522 | 19,522 | |||
Accumulated Depreciation | 10,794 | 10,794 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 19,522 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 10,794 | ||||
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 | 7,153 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,483 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,554 | ||||
Total Carrying Value | 28,037 | 28,037 | |||
Accumulated Depreciation | 15,190 | 15,190 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 28,037 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 15,190 | ||||
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 | 14,268 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,364 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,195 | ||||
Total Carrying Value | 47,559 | 47,559 | |||
Accumulated Depreciation | 25,984 | 25,984 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 47,559 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 25,984 | ||||
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 | 126,243 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,071 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 126,172 | ||||
Total Carrying Value | 151,243 | 151,243 | |||
Accumulated Depreciation | 27,388 | 27,388 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 151,243 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 27,388 | ||||
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 | 70,366 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,462 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 71,202 | ||||
Total Carrying Value | 87,664 | 87,664 | |||
Accumulated Depreciation | 13,561 | 13,561 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 87,664 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 13,561 | ||||
Mid Atlantic Region | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 306,769 | ||||
Initial Costs, Land and Land Improvements | 371,616 | ||||
Initial Costs, Buildings and Improvements | 1,479,744 | ||||
Total Initial Acquisition Costs | 1,851,360 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 583,675 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 444,528 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,990,507 | ||||
Total Carrying Value | 2,435,035 | 2,435,035 | |||
Accumulated Depreciation | 673,085 | 673,085 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 2,435,035 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 673,085 | ||||
Mid Atlantic Region | Dominion Middle Ridge | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 21,478 | ||||
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 | 7,077 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,891 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,780 | ||||
Total Carrying Value | 23,671 | 23,671 | |||
Accumulated Depreciation | 14,646 | 14,646 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 23,671 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 14,646 | ||||
Mid Atlantic Region | Dominion Lake Ridge | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 7,978 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,918 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,813 | ||||
Total Carrying Value | 18,731 | 18,731 | |||
Accumulated Depreciation | 10,993 | 10,993 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 18,731 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 10,993 | ||||
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 | 10,556 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,705 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,879 | ||||
Total Carrying Value | 40,584 | 40,584 | |||
Accumulated Depreciation | 21,082 | 21,082 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 40,584 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 21,082 | ||||
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 | 21,313 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,505 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,637 | ||||
Total Carrying Value | 41,142 | 41,142 | |||
Accumulated Depreciation | 24,435 | 24,435 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 41,142 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 24,435 | ||||
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 | 9,418 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,087 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,029 | ||||
Total Carrying Value | 35,116 | 35,116 | |||
Accumulated Depreciation | 21,187 | 21,187 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 35,116 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 21,187 | ||||
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 | 21,756 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,485 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,067 | ||||
Total Carrying Value | 72,552 | 72,552 | |||
Accumulated Depreciation | 22,610 | 22,610 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 72,552 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 22,610 | ||||
Mid Atlantic Region | Wellington Place at Olde Town | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 31,373 | ||||
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 | 18,201 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,770 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,243 | ||||
Total Carrying Value | 68,013 | 68,013 | |||
Accumulated Depreciation | 36,833 | 36,833 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 68,013 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 36,833 | ||||
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 | 4,506 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,401 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 56,039 | ||||
Total Carrying Value | 70,440 | 70,440 | |||
Accumulated Depreciation | 31,072 | 31,072 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 70,440 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 31,072 | ||||
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 | 8,368 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,510 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 111,671 | ||||
Total Carrying Value | 113,181 | 113,181 | |||
Accumulated Depreciation | 58,412 | 58,412 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 113,181 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 58,412 | ||||
Mid Atlantic Region | Circle Towers | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 17,054 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 33,425 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 123,495 | ||||
Total Carrying Value | 156,920 | 156,920 | |||
Accumulated Depreciation | 61,100 | 61,100 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 156,920 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 61,100 | ||||
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 | 3,286 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,636 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 70,021 | ||||
Total Carrying Value | 91,657 | 91,657 | |||
Accumulated Depreciation | 34,684 | 34,684 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 91,657 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 34,684 | ||||
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 | 4,157 | ||||
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 | 102,087 | ||||
Total Carrying Value | 107,808 | 107,808 | |||
Accumulated Depreciation | 31,753 | 31,753 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 107,808 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 31,753 | ||||
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 | 70,271 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,499 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,062 | ||||
Total Carrying Value | 83,561 | 83,561 | |||
Accumulated Depreciation | 29,152 | 29,152 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 83,561 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 29,152 | ||||
Mid Atlantic Region | METROPOLITAN DC | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 272,919 | ||||
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 | 488,423 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 407,816 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,734,197 | ||||
Total Carrying Value | 2,142,013 | 2,142,013 | |||
Accumulated Depreciation | 506,653 | 506,653 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 2,142,013 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 506,653 | ||||
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 | 7,732 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,884 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,948 | ||||
Total Carrying Value | 36,832 | 36,832 | |||
Accumulated Depreciation | 21,879 | 21,879 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 36,832 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 21,879 | ||||
Mid Atlantic Region | 20 Lambourne | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 8,131 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,224 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,247 | ||||
Total Carrying Value | 65,471 | 65,471 | |||
Accumulated Depreciation | 27,526 | 27,526 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 65,471 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 27,526 | ||||
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 | 1,647 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,762 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 42,184 | ||||
Total Carrying Value | 46,946 | 46,946 | |||
Accumulated Depreciation | 15,168 | 15,168 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 46,946 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 15,168 | ||||
Mid Atlantic Region | BALTIMORE, MD | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
Initial Costs, Land and Land Improvements | 20,827 | ||||
Initial Costs, Buildings and Improvements | 110,912 | ||||
Total Initial Acquisition Costs | 131,739 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,510 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,870 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 127,379 | ||||
Total Carrying Value | 149,249 | 149,249 | |||
Accumulated Depreciation | 64,573 | 64,573 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 149,249 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 64,573 | ||||
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 | 30,124 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,509 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,589 | ||||
Total Carrying Value | 36,098 | 36,098 | |||
Accumulated Depreciation | 28,530 | 28,530 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 36,098 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 28,530 | ||||
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 | 8,457 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,394 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,146 | ||||
Total Carrying Value | 23,540 | 23,540 | |||
Accumulated Depreciation | 14,529 | 14,529 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 23,540 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 14,529 | ||||
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 | 8,455 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,912 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,014 | ||||
Total Carrying Value | 39,926 | 39,926 | |||
Accumulated Depreciation | 25,281 | 25,281 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 39,926 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 25,281 | ||||
Mid Atlantic Region | Legacy at Mayland | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 33,850 | ||||
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 | 30,706 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,027 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,182 | ||||
Total Carrying Value | 44,209 | 44,209 | |||
Accumulated Depreciation | 33,519 | 33,519 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 44,209 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 33,519 | ||||
Mid Atlantic Region | RICHMOND, VA | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 33,850 | ||||
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 | 77,742 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,842 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 128,931 | ||||
Total Carrying Value | 143,773 | 143,773 | |||
Accumulated Depreciation | 101,859 | 101,859 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 143,773 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 101,859 | ||||
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 | 113,740 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,484 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 117,339 | ||||
Total Carrying Value | 126,823 | 126,823 | |||
Accumulated Depreciation | 17,547 | 17,547 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 126,823 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 17,547 | ||||
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 | 94,799 | ||||
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 | 94,797 | ||||
Total Carrying Value | 126,192 | 126,192 | |||
Accumulated Depreciation | 23,793 | 23,793 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 126,192 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 23,793 | ||||
Mid Atlantic Region | Domain College Park [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 58,381 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,335 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,346 | ||||
Total Carrying Value | 65,681 | 65,681 | |||
Accumulated Depreciation | 11,780 | 11,780 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 65,681 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 11,780 | ||||
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 | 890 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,750 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,910 | ||||
Total Carrying Value | 78,660 | 78,660 | |||
Accumulated Depreciation | 4,679 | 4,679 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 78,660 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 4,679 | ||||
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 | 1,495 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,752 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 113,370 | ||||
Total Carrying Value | 141,122 | 141,122 | |||
Accumulated Depreciation | 8,987 | 8,987 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 141,122 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 8,987 | ||||
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 | 1,156 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,576 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 108,685 | ||||
Total Carrying Value | 124,261 | 124,261 | |||
Accumulated Depreciation | 7,427 | 7,427 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 124,261 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 7,427 | ||||
Mid Atlantic Region | Arbor Park of Alexandria [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 92,468 | ||||
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 | 1,273 | ||||
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 | 161,001 | ||||
Total Carrying Value | 211,882 | 211,882 | |||
Accumulated Depreciation | 12,750 | 12,750 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 211,882 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 12,750 | ||||
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 | 4,666 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,714 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 88,483 | ||||
Total Carrying Value | 103,197 | 103,197 | |||
Accumulated Depreciation | 7,007 | 7,007 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 103,197 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 7,007 | ||||
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 | 8,082 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 55,376 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 185,443 | ||||
Total Carrying Value | 240,819 | 240,819 | |||
Accumulated Depreciation | 14,724 | 14,724 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 240,819 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 14,724 | ||||
Southeastern Region | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 117,208 | ||||
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 | 304,986 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 120,383 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 626,378 | ||||
Total Carrying Value | 746,761 | 746,761 | |||
Accumulated Depreciation | 451,507 | 451,507 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 746,761 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 451,507 | ||||
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 | 10,042 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,617 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,311 | ||||
Total Carrying Value | 16,928 | 16,928 | |||
Accumulated Depreciation | 11,632 | 11,632 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 16,928 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 11,632 | ||||
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 | 17,938 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,642 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,534 | ||||
Total Carrying Value | 22,176 | 22,176 | |||
Accumulated Depreciation | 17,716 | 17,716 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 22,176 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 17,716 | ||||
Southeastern Region | Lakewood Place | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 10,793 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,794 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,041 | ||||
Total Carrying Value | 22,835 | 22,835 | |||
Accumulated Depreciation | 15,279 | 15,279 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 22,835 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 15,279 | ||||
Southeastern Region | Cambridge Woods | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 12,450 | ||||
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 | 9,729 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,760 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,926 | ||||
Total Carrying Value | 18,686 | 18,686 | |||
Accumulated Depreciation | 11,947 | 11,947 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 18,686 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 11,947 | ||||
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 | 16,397 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,505 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,744 | ||||
Total Carrying Value | 47,249 | 47,249 | |||
Accumulated Depreciation | 28,569 | 28,569 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 47,249 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 28,569 | ||||
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 | 8,897 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,699 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,925 | ||||
Total Carrying Value | 56,624 | 56,624 | |||
Accumulated Depreciation | 30,408 | 30,408 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 56,624 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 30,408 | ||||
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 | 16,470 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,111 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,633 | ||||
Total Carrying Value | 60,744 | 60,744 | |||
Accumulated Depreciation | 25,145 | 25,145 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 60,744 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 25,145 | ||||
Southeastern Region | TAMPA, FL | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 12,450 | ||||
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 | 90,266 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 49,128 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 196,114 | ||||
Total Carrying Value | 245,242 | 245,242 | |||
Accumulated Depreciation | 140,696 | 140,696 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 245,242 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 140,696 | ||||
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 | 9,101 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,895 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,207 | ||||
Total Carrying Value | 15,102 | 15,102 | |||
Accumulated Depreciation | 10,007 | 10,007 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 15,102 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 10,007 | ||||
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 | 21,216 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,582 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,243 | ||||
Total Carrying Value | 33,825 | 33,825 | |||
Accumulated Depreciation | 26,714 | 26,714 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 33,825 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 26,714 | ||||
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 | 16,628 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,136 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,857 | ||||
Total Carrying Value | 23,993 | 23,993 | |||
Accumulated Depreciation | 18,267 | 18,267 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 23,993 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 18,267 | ||||
Southeastern Region | Alafaya Woods | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 9,937 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,564 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,068 | ||||
Total Carrying Value | 20,632 | 20,632 | |||
Accumulated Depreciation | 13,996 | 13,996 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 20,632 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 13,996 | ||||
Southeastern Region | Los Altos | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 11,697 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,163 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,687 | ||||
Total Carrying Value | 26,850 | 26,850 | |||
Accumulated Depreciation | 16,290 | 16,290 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 26,850 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 16,290 | ||||
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 | 10,614 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,943 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,495 | ||||
Total Carrying Value | 21,438 | 21,438 | |||
Accumulated Depreciation | 12,784 | 12,784 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 21,438 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 12,784 | ||||
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 | 7,505 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,751 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,534 | ||||
Total Carrying Value | 15,285 | 15,285 | |||
Accumulated Depreciation | 9,586 | 9,586 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 15,285 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 9,586 | ||||
Southeastern Region | Ashton @ Waterford | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 4,982 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,317 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,075 | ||||
Total Carrying Value | 26,392 | 26,392 | |||
Accumulated Depreciation | 14,743 | 14,743 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 26,392 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 14,743 | ||||
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 | 13,579 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,355 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,776 | ||||
Total Carrying Value | 33,131 | 33,131 | |||
Accumulated Depreciation | 20,595 | 20,595 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 33,131 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 20,595 | ||||
Southeastern Region | ORLANDO, FL | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 0 | ||||
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 | 105,259 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,706 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 184,942 | ||||
Total Carrying Value | 216,648 | 216,648 | |||
Accumulated Depreciation | 142,982 | 142,982 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 216,648 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 142,982 | ||||
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 | 9,351 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,882 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,484 | ||||
Total Carrying Value | 16,366 | 16,366 | |||
Accumulated Depreciation | 11,674 | 11,674 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 16,366 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 11,674 | ||||
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 | 11,462 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,216 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,299 | ||||
Total Carrying Value | 24,515 | 24,515 | |||
Accumulated Depreciation | 15,071 | 15,071 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 24,515 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 15,071 | ||||
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 | 35,400 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,577 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,940 | ||||
Total Carrying Value | 37,517 | 37,517 | |||
Accumulated Depreciation | 22,595 | 22,595 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 37,517 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 22,595 | ||||
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 | 5,621 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,283 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,507 | ||||
Total Carrying Value | 11,790 | 11,790 | |||
Accumulated Depreciation | 7,439 | 7,439 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 11,790 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 7,439 | ||||
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 | 5,109 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,383 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,206 | ||||
Total Carrying Value | 13,589 | 13,589 | |||
Accumulated Depreciation | 8,613 | 8,613 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 13,589 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 8,613 | ||||
Southeastern Region | Colonnade | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 16,331 | ||||
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 | 6,397 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,997 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,875 | ||||
Total Carrying Value | 23,872 | 23,872 | |||
Accumulated Depreciation | 13,150 | 13,150 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 23,872 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 13,150 | ||||
Southeastern Region | The Preserve at Brentwood | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 25,090 | ||||
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 | 8,287 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,709 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,434 | ||||
Total Carrying Value | 36,143 | 36,143 | |||
Accumulated Depreciation | 22,257 | 22,257 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 36,143 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 22,257 | ||||
Southeastern Region | Polo Park | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 23,550 | ||||
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 | 16,798 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,781 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,893 | ||||
Total Carrying Value | 37,674 | 37,674 | |||
Accumulated Depreciation | 23,980 | 23,980 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 37,674 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 23,980 | ||||
Southeastern Region | NASHVILLE, TN | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 64,971 | ||||
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 | 98,425 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,828 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 178,638 | ||||
Total Carrying Value | 201,466 | 201,466 | |||
Accumulated Depreciation | 124,779 | 124,779 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 201,466 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 124,779 | ||||
Southeastern Region | The Reserve and Park at Riverbridge | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 39,787 | ||||
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 | 11,036 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,721 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,684 | ||||
Total Carrying Value | 83,405 | 83,405 | |||
Accumulated Depreciation | 43,050 | 43,050 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 83,405 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 43,050 | ||||
Southeastern Region | OTHER FLORIDA | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 39,787 | ||||
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 | 11,036 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,721 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,684 | ||||
Total Carrying Value | 83,405 | 83,405 | |||
Accumulated Depreciation | 43,050 | 43,050 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 83,405 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 43,050 | ||||
Northeast Region | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 78,350 | ||||
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 | 361,450 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 317,925 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,543,835 | ||||
Total Carrying Value | 1,861,760 | 1,861,760 | |||
Accumulated Depreciation | 437,407 | 437,407 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 1,861,760 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 437,407 | ||||
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 | 8,718 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,637 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 99,699 | ||||
Total Carrying Value | 105,336 | 105,336 | |||
Accumulated Depreciation | 35,663 | 35,663 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 105,336 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 35,663 | ||||
Northeast Region | Ridge at Blue Hills | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 25,000 | ||||
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 | 2,443 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,184 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,167 | ||||
Total Carrying Value | 43,351 | 43,351 | |||
Accumulated Depreciation | 13,499 | 13,499 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 43,351 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 13,499 | ||||
Northeast Region | Inwood West | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 53,350 | ||||
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 | 7,622 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,429 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 97,067 | ||||
Total Carrying Value | 116,496 | 116,496 | |||
Accumulated Depreciation | 32,202 | 32,202 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 116,496 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 32,202 | ||||
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 | 7,672 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,094 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,714 | ||||
Total Carrying Value | 69,808 | 69,808 | |||
Accumulated Depreciation | 20,723 | 20,723 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 69,808 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 20,723 | ||||
Northeast Region | BOSTON, MA | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 78,350 | ||||
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 | 227,473 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 66,929 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 493,664 | ||||
Total Carrying Value | 560,593 | 560,593 | |||
Accumulated Depreciation | 119,993 | 119,993 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 560,593 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 119,993 | ||||
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 | 12,581 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,571 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 231,425 | ||||
Total Carrying Value | 272,996 | 272,996 | |||
Accumulated Depreciation | 66,557 | 66,557 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 272,996 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 66,557 | ||||
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 | 13,109 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,416 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 120,246 | ||||
Total Carrying Value | 156,662 | 156,662 | |||
Accumulated Depreciation | 35,335 | 35,335 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 156,662 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 35,335 | ||||
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 | 99,494 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 115,037 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 423,787 | ||||
Total Carrying Value | 538,824 | 538,824 | |||
Accumulated Depreciation | 126,818 | 126,818 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 538,824 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 126,818 | ||||
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 | 8,793 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 57,972 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 274,713 | ||||
Total Carrying Value | 332,685 | 332,685 | |||
Accumulated Depreciation | 88,704 | 88,704 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 332,685 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 88,704 | ||||
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 | 133,977 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 250,996 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,050,171 | ||||
Total Carrying Value | 1,301,167 | 1,301,167 | |||
Accumulated Depreciation | 317,414 | 317,414 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 1,301,167 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 317,414 | ||||
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 | 201,018 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,585 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 201,017 | ||||
Total Carrying Value | 225,602 | 225,602 | |||
Accumulated Depreciation | 17,906 | 17,906 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 225,602 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 17,906 | ||||
Southwestern Region | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 144,033 | ||||
Initial Costs, Land and Land Improvements | 97,719 | ||||
Initial Costs, Buildings and Improvements | 249,509 | ||||
Total Initial Acquisition Costs | 347,228 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 74,133 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 111,013 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 310,348 | ||||
Total Carrying Value | 421,361 | 421,361 | |||
Accumulated Depreciation | 163,939 | 163,939 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 421,361 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 163,939 | ||||
Southwestern Region | THIRTY377 | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 25,000 | ||||
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 | 11,831 | ||||
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 | 44,436 | ||||
Total Carrying Value | 68,818 | 68,818 | |||
Accumulated Depreciation | 26,542 | 26,542 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 68,818 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 26,542 | ||||
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 | 11,943 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 18,041 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 110,886 | ||||
Total Carrying Value | 128,927 | 128,927 | |||
Accumulated Depreciation | 57,766 | 57,766 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 128,927 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 57,766 | ||||
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 | 2,174 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,988 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,685 | ||||
Total Carrying Value | 9,673 | 9,673 | |||
Accumulated Depreciation | 2,155 | 2,155 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 9,673 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 2,155 | ||||
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 | 2,646 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,174 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,929 | ||||
Total Carrying Value | 11,103 | 11,103 | |||
Accumulated Depreciation | 1,804 | 1,804 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 11,103 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 1,804 | ||||
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 | 3,085 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,882 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,277 | ||||
Total Carrying Value | 14,159 | 14,159 | |||
Accumulated Depreciation | 2,261 | 2,261 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 14,159 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 2,261 | ||||
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 | 1,889 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,387 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,544 | ||||
Total Carrying Value | 11,931 | 11,931 | |||
Accumulated Depreciation | 2,717 | 2,717 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 11,931 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 2,717 | ||||
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 | 3,013 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,016 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,725 | ||||
Total Carrying Value | 18,741 | 18,741 | |||
Accumulated Depreciation | 3,176 | 3,176 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 18,741 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 3,176 | ||||
Southwestern Region | DALLAS, TX | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 107,734 | ||||
Initial Costs, Land and Land Improvements | 81,302 | ||||
Initial Costs, Buildings and Improvements | 145,469 | ||||
Total Initial Acquisition Costs | 226,771 | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 36,581 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 91,870 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 171,482 | ||||
Total Carrying Value | 263,352 | 263,352 | |||
Accumulated Depreciation | 96,421 | 96,421 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 263,352 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 96,421 | ||||
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 | 23,150 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,071 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,499 | ||||
Total Carrying Value | 40,570 | 40,570 | |||
Accumulated Depreciation | 24,964 | 24,964 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 40,570 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 24,964 | ||||
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 | 9,946 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,285 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,951 | ||||
Total Carrying Value | 69,236 | 69,236 | |||
Accumulated Depreciation | 29,516 | 29,516 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 69,236 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 29,516 | ||||
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 | 2,602 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,409 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,923 | ||||
Total Carrying Value | 25,332 | 25,332 | |||
Accumulated Depreciation | 6,870 | 6,870 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 25,332 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 6,870 | ||||
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 | 1,854 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,378 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,493 | ||||
Total Carrying Value | 22,871 | 22,871 | |||
Accumulated Depreciation | 6,168 | 6,168 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 22,871 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 6,168 | ||||
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 | 37,552 | ||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,143 | ||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 138,866 | ||||
Total Carrying Value | 158,009 | 158,009 | |||
Accumulated Depreciation | 67,518 | 67,518 | |||
Real Estate Owned, Gross [Roll Forward] | |||||
Balance at end of the year | 158,009 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Balance at end of year | 67,518 | ||||
Corporate Joint Venture [Member] | |||||
Real Estate Owned, Gross [Roll Forward] | |||||
Retirement of fully depreciated assets | 0 | 0 | (112,344) | ||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||
Accumulated depreciation on retirements of fully depreciated assets | $ 0 | $ 0 | $ (4,228) | ||
Secured Debt [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Deferred Finance Costs, Net | $ (3,620) | ||||
[1] | Includes unallocated accruals and capital expenditures.The aggregate cost for federal income tax purposes was approximately $8.7 billion at December 31, 2016 (unaudited). The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. |
Schedule III - Real Estate O138
Schedule III - Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Total Carrying Value | $ 9,190,276 | $ 8,383,259 | $ 8,207,977 | $ 9,615,753 | $ 9,190,276 | $ 8,383,259 | |
Accumulated Depreciation | 2,646,874 | 2,434,772 | 2,208,794 | 2,923,625 | 2,646,874 | 2,434,772 | |
Aggregate cost for federal income tax purposes | 8,700,000 | ||||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at beginning of the year | 9,190,276 | 8,383,259 | 8,207,977 | ||||
Real estate acquired | 324,104 | 906,446 | 231,225 | ||||
Capital expenditures and development | 339,813 | 203,183 | 326,461 | ||||
Real estate sold | (238,440) | (301,920) | (269,681) | ||||
Real Estate Investment Property, at Cost | (9,271,847) | (9,053,599) | |||||
Hurricane related impairment of assets | 0 | (692) | (379) | ||||
Balance at end of the year | 9,615,753 | 9,190,276 | 8,383,259 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at beginning of the year | 2,646,874 | 2,434,772 | 2,208,794 | ||||
Depreciation expense for the year | 398,904 | 364,622 | 356,673 | ||||
Accumulated depreciation on sales | (122,153) | (152,520) | (126,151) | ||||
Write off of accumulated depreciation on hurricane related impaired assets | 0 | 0 | (316) | ||||
Balance at end of year | $ 2,923,625 | 2,646,874 | 2,434,772 | ||||
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] | 5,011 | |||||
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] | 5,011 | |||||
Total Carrying Value | [1] | $ 5,011 | 5,011 | ||||
Accumulated Depreciation | [1] | 74 | 74 | ||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | [1] | 5,011 | |||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | [1] | 74 | |||||
TOTAL CORPORATE | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 6,056 | ||||||
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 | 26,590 | ||||||
Total Carrying Value | 29,624 | 29,624 | |||||
Accumulated Depreciation | 1,443 | 1,443 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 29,624 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 1,443 | ||||||
Real Estate Under Development | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 111,023 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 111,023 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 231,259 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 111,028 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 231,254 | ||||||
Total Carrying Value | 342,282 | 342,282 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 342,282 | ||||||
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 | 57,098 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 57,098 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,331 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 64,353 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 8,076 | ||||||
Total Carrying Value | 72,429 | 72,429 | |||||
Accumulated Depreciation | 2,484 | 2,484 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 72,429 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 2,484 | ||||||
Commercial Held for Development | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 6,350 | ||||||
Initial Costs, Buildings and Improvements | 0 | ||||||
Total Initial Acquisition Costs | 6,350 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,473 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,173 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,650 | ||||||
Total Carrying Value | 29,823 | 29,823 | |||||
Accumulated Depreciation | 16,459 | 16,459 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 29,823 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 16,459 | ||||||
Commercial Held for Development | TOTAL COMMERCIAL & CORPORATE | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 9,384 | ||||||
Initial Costs, Buildings and Improvements | 20,534 | ||||||
Total Initial Acquisition Costs | 29,918 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,529 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,207 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 47,240 | ||||||
Total Carrying Value | 59,447 | 59,447 | |||||
Accumulated Depreciation | 17,902 | 17,902 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 59,447 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 17,902 | ||||||
Commercial Held for Development | Total Real Estate Owned | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 1,130,858 | ||||||
Initial Costs, Land and Land Improvements | 1,877,051 | ||||||
Initial Costs, Buildings and Improvements | 5,046,278 | ||||||
Total Initial Acquisition Costs | 6,923,329 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,692,424 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,092,409 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,523,344 | ||||||
Total Carrying Value | 9,615,753 | 9,615,753 | |||||
Accumulated Depreciation | 2,923,625 | 2,923,625 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 9,615,753 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 2,923,625 | ||||||
Western Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 488,118 | ||||||
Initial Costs, Land and Land Improvements | 824,407 | ||||||
Initial Costs, Buildings and Improvements | 1,758,586 | ||||||
Total Initial Acquisition Costs | 2,582,993 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,092,061 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 909,868 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,765,186 | ||||||
Total Carrying Value | 3,675,054 | 3,675,054 | |||||
Accumulated Depreciation | 1,176,748 | 1,176,748 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 3,675,054 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 1,176,748 | ||||||
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 | 17,240 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,806 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,448 | ||||||
Total Carrying Value | 66,254 | 66,254 | |||||
Accumulated Depreciation | 29,331 | 29,331 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 66,254 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 29,331 | ||||||
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 | 95,047 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 112,935 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 192,085 | ||||||
Total Carrying Value | 305,020 | 305,020 | |||||
Accumulated Depreciation | 101,329 | 101,329 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 305,020 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 101,329 | ||||||
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 | 10,836 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,974 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,831 | ||||||
Total Carrying Value | 40,805 | 40,805 | |||||
Accumulated Depreciation | 21,939 | 21,939 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 40,805 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,939 | ||||||
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 | 12,778 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,047 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,272 | ||||||
Total Carrying Value | 43,319 | 43,319 | |||||
Accumulated Depreciation | 21,224 | 21,224 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 43,319 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,224 | ||||||
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 | 3,098 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,951 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,505 | ||||||
Total Carrying Value | 17,456 | 17,456 | |||||
Accumulated Depreciation | 4,506 | 4,506 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 17,456 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 4,506 | ||||||
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 | 37,967 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 68,031 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 78,534 | ||||||
Total Carrying Value | 146,565 | 146,565 | |||||
Accumulated Depreciation | 47,601 | 47,601 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 146,565 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 47,601 | ||||||
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 | 3,146 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,066 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,830 | ||||||
Total Carrying Value | 20,896 | 20,896 | |||||
Accumulated Depreciation | 6,505 | 6,505 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,896 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 6,505 | ||||||
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 | 448,538 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 386,005 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 773,590 | ||||||
Total Carrying Value | 1,159,595 | 1,159,595 | |||||
Accumulated Depreciation | 350,413 | 350,413 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 1,159,595 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 350,413 | ||||||
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 | 33,188 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,313 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 73,314 | ||||||
Total Carrying Value | 87,627 | 87,627 | |||||
Accumulated Depreciation | 34,677 | 34,677 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 87,627 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 34,677 | ||||||
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 | 7,773 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,142 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,692 | ||||||
Total Carrying Value | 28,834 | 28,834 | |||||
Accumulated Depreciation | 14,688 | 14,688 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 28,834 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 14,688 | ||||||
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 | 26,932 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,643 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 50,153 | ||||||
Total Carrying Value | 57,796 | 57,796 | |||||
Accumulated Depreciation | 31,243 | 31,243 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 57,796 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 31,243 | ||||||
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 | 10,927 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,080 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,987 | ||||||
Total Carrying Value | 41,067 | 41,067 | |||||
Accumulated Depreciation | 20,789 | 20,789 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 41,067 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 20,789 | ||||||
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 | 38,235 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,796 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 137,985 | ||||||
Total Carrying Value | 188,781 | 188,781 | |||||
Accumulated Depreciation | 57,413 | 57,413 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 188,781 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 57,413 | ||||||
Western Region | River Terrace | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 38,495 | ||||||
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 | 5,036 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,563 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,771 | ||||||
Total Carrying Value | 67,334 | 67,334 | |||||
Accumulated Depreciation | 27,326 | 27,326 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 67,334 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 27,326 | ||||||
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 | 36,210 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,297 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,481 | ||||||
Total Carrying Value | 80,778 | 80,778 | |||||
Accumulated Depreciation | 40,345 | 40,345 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 80,778 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 40,345 | ||||||
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 | 5,490 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,479 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,014 | ||||||
Total Carrying Value | 28,493 | 28,493 | |||||
Accumulated Depreciation | 10,240 | 10,240 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 28,493 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 10,240 | ||||||
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 | 11,136 | ||||||
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 | 29,290 | ||||||
Total Carrying Value | 35,048 | 35,048 | |||||
Accumulated Depreciation | 16,838 | 16,838 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 35,048 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 16,838 | ||||||
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 | 9,876 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,701 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 93,704 | ||||||
Total Carrying Value | 124,405 | 124,405 | |||||
Accumulated Depreciation | 44,392 | 44,392 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 124,405 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 44,392 | ||||||
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 | 6,923 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 886 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,146 | ||||||
Total Carrying Value | 50,032 | 50,032 | |||||
Accumulated Depreciation | 24,602 | 24,602 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 50,032 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 24,602 | ||||||
Western Region | SAN FRANCISCO, CA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 65,495 | ||||||
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 | 290,700 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 159,864 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 690,741 | ||||||
Total Carrying Value | 850,605 | 850,605 | |||||
Accumulated Depreciation | 315,547 | 315,547 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 850,605 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 315,547 | ||||||
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 | 4,070 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,787 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,146 | ||||||
Total Carrying Value | 29,933 | 29,933 | |||||
Accumulated Depreciation | 13,517 | 13,517 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 29,933 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 13,517 | ||||||
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 | 61,194 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,277 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 88,614 | ||||||
Total Carrying Value | 124,891 | 124,891 | |||||
Accumulated Depreciation | 63,637 | 63,637 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 124,891 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 63,637 | ||||||
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 | 4,236 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,696 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,805 | ||||||
Total Carrying Value | 80,501 | 80,501 | |||||
Accumulated Depreciation | 21,234 | 21,234 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 80,501 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,234 | ||||||
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 | 138,140 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 160,828 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 285,637 | ||||||
Total Carrying Value | 446,465 | 446,465 | |||||
Accumulated Depreciation | 129,195 | 129,195 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 446,465 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 129,195 | ||||||
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 | 6,903 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,082 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,744 | ||||||
Total Carrying Value | 15,826 | 15,826 | |||||
Accumulated Depreciation | 8,180 | 8,180 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 15,826 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 8,180 | ||||||
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 | 4,841 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,727 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,696 | ||||||
Total Carrying Value | 14,423 | 14,423 | |||||
Accumulated Depreciation | 7,389 | 7,389 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 14,423 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 7,389 | ||||||
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 | 2,479 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,280 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,685 | ||||||
Total Carrying Value | 30,965 | 30,965 | |||||
Accumulated Depreciation | 14,674 | 14,674 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 30,965 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 14,674 | ||||||
Western Region | Hearthstone at Merrill Creek | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 4,338 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,009 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,099 | ||||||
Total Carrying Value | 42,108 | 42,108 | |||||
Accumulated Depreciation | 17,826 | 17,826 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 42,108 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 17,826 | ||||||
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 | 5,450 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,538 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 94,585 | ||||||
Total Carrying Value | 116,123 | 116,123 | |||||
Accumulated Depreciation | 45,522 | 45,522 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 116,123 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 45,522 | ||||||
Western Region | SEATTLE, WA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 79,577 | ||||||
Initial Costs, Land and Land Improvements | 123,485 | ||||||
Initial Costs, Buildings and Improvements | 697,911 | ||||||
Total Initial Acquisition Costs | 821,396 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 55,538 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 128,348 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 748,586 | ||||||
Total Carrying Value | 876,934 | 876,934 | |||||
Accumulated Depreciation | 213,129 | 213,129 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 876,934 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 213,129 | ||||||
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 | 3,354 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,819 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,770 | ||||||
Total Carrying Value | 20,589 | 20,589 | |||||
Accumulated Depreciation | 8,416 | 8,416 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,589 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 8,416 | ||||||
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 | 9,967 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,232 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,663 | ||||||
Total Carrying Value | 20,895 | 20,895 | |||||
Accumulated Depreciation | 9,879 | 9,879 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,895 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,879 | ||||||
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 | 5,655 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,600 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,131 | ||||||
Total Carrying Value | 10,731 | 10,731 | |||||
Accumulated Depreciation | 5,338 | 5,338 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 10,731 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 5,338 | ||||||
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 | 15,744 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,407 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,259 | ||||||
Total Carrying Value | 31,666 | 31,666 | |||||
Accumulated Depreciation | 14,911 | 14,911 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 31,666 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 14,911 | ||||||
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 | 6,293 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,223 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,489 | ||||||
Total Carrying Value | 12,712 | 12,712 | |||||
Accumulated Depreciation | 6,008 | 6,008 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 12,712 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 6,008 | ||||||
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 | 28,743 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,139 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,846 | ||||||
Total Carrying Value | 58,985 | 58,985 | |||||
Accumulated Depreciation | 26,688 | 26,688 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 58,985 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 26,688 | ||||||
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 | 10,487 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,345 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,214 | ||||||
Total Carrying Value | 20,559 | 20,559 | |||||
Accumulated Depreciation | 9,874 | 9,874 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,559 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,874 | ||||||
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 | 6,794 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,236 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,221 | ||||||
Total Carrying Value | 13,457 | 13,457 | |||||
Accumulated Depreciation | 6,145 | 6,145 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 13,457 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 6,145 | ||||||
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 | 83,683 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 28,182 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 140,823 | ||||||
Total Carrying Value | 169,005 | 169,005 | |||||
Accumulated Depreciation | 78,843 | 78,843 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 169,005 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 78,843 | ||||||
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 | 54,509 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,290 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,421 | ||||||
Total Carrying Value | 71,711 | 71,711 | |||||
Accumulated Depreciation | 36,766 | 36,766 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 71,711 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 36,766 | ||||||
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 | 7,115 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,881 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,641 | ||||||
Total Carrying Value | 19,522 | 19,522 | |||||
Accumulated Depreciation | 10,794 | 10,794 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 19,522 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 10,794 | ||||||
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 | 7,153 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,483 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,554 | ||||||
Total Carrying Value | 28,037 | 28,037 | |||||
Accumulated Depreciation | 15,190 | 15,190 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 28,037 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 15,190 | ||||||
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 | 14,268 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,364 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,195 | ||||||
Total Carrying Value | 47,559 | 47,559 | |||||
Accumulated Depreciation | 25,984 | 25,984 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 47,559 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 25,984 | ||||||
Mid Atlantic Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 306,769 | ||||||
Initial Costs, Land and Land Improvements | 371,616 | ||||||
Initial Costs, Buildings and Improvements | 1,479,744 | ||||||
Total Initial Acquisition Costs | 1,851,360 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 583,675 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 444,528 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,990,507 | ||||||
Total Carrying Value | 2,435,035 | 2,435,035 | |||||
Accumulated Depreciation | 673,085 | 673,085 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 2,435,035 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 673,085 | ||||||
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 | 21,313 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,505 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,637 | ||||||
Total Carrying Value | 41,142 | 41,142 | |||||
Accumulated Depreciation | 24,435 | 24,435 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 41,142 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 24,435 | ||||||
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 | 9,418 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,087 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,029 | ||||||
Total Carrying Value | 35,116 | 35,116 | |||||
Accumulated Depreciation | 21,187 | 21,187 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 35,116 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,187 | ||||||
Mid Atlantic Region | Wellington Place at Olde Town | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 31,373 | ||||||
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 | 18,201 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,770 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,243 | ||||||
Total Carrying Value | 68,013 | 68,013 | |||||
Accumulated Depreciation | 36,833 | 36,833 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 68,013 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 36,833 | ||||||
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 | 4,506 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,401 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 56,039 | ||||||
Total Carrying Value | 70,440 | 70,440 | |||||
Accumulated Depreciation | 31,072 | 31,072 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 70,440 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 31,072 | ||||||
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 | 8,368 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,510 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 111,671 | ||||||
Total Carrying Value | 113,181 | 113,181 | |||||
Accumulated Depreciation | 58,412 | 58,412 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 113,181 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 58,412 | ||||||
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 | 1,495 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,752 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 113,370 | ||||||
Total Carrying Value | 141,122 | 141,122 | |||||
Accumulated Depreciation | 8,987 | 8,987 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 141,122 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 8,987 | ||||||
Mid Atlantic Region | Circle Towers | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 17,054 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 33,425 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 123,495 | ||||||
Total Carrying Value | 156,920 | 156,920 | |||||
Accumulated Depreciation | 61,100 | 61,100 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 156,920 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 61,100 | ||||||
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 | 3,286 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,636 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 70,021 | ||||||
Total Carrying Value | 91,657 | 91,657 | |||||
Accumulated Depreciation | 34,684 | 34,684 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 91,657 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 34,684 | ||||||
Mid Atlantic Region | METROPOLITAN DC | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 272,919 | ||||||
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 | 488,423 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 407,816 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,734,197 | ||||||
Total Carrying Value | 2,142,013 | 2,142,013 | |||||
Accumulated Depreciation | 506,653 | 506,653 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 2,142,013 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 506,653 | ||||||
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 | 7,732 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,884 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,948 | ||||||
Total Carrying Value | 36,832 | 36,832 | |||||
Accumulated Depreciation | 21,879 | 21,879 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 36,832 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,879 | ||||||
Mid Atlantic Region | 20 Lambourne | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 8,131 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,224 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,247 | ||||||
Total Carrying Value | 65,471 | 65,471 | |||||
Accumulated Depreciation | 27,526 | 27,526 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 65,471 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 27,526 | ||||||
Mid Atlantic Region | BALTIMORE, MD | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 20,827 | ||||||
Initial Costs, Buildings and Improvements | 110,912 | ||||||
Total Initial Acquisition Costs | 131,739 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,510 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,870 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 127,379 | ||||||
Total Carrying Value | 149,249 | 149,249 | |||||
Accumulated Depreciation | 64,573 | 64,573 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 149,249 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 64,573 | ||||||
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 | 113,740 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,484 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 117,339 | ||||||
Total Carrying Value | 126,823 | 126,823 | |||||
Accumulated Depreciation | 17,547 | 17,547 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 126,823 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 17,547 | ||||||
Southeastern Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 117,208 | ||||||
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 | 304,986 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 120,383 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 626,378 | ||||||
Total Carrying Value | 746,761 | 746,761 | |||||
Accumulated Depreciation | 451,507 | 451,507 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 746,761 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 451,507 | ||||||
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 | 16,397 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,505 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,744 | ||||||
Total Carrying Value | 47,249 | 47,249 | |||||
Accumulated Depreciation | 28,569 | 28,569 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 47,249 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 28,569 | ||||||
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 | 8,897 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,699 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,925 | ||||||
Total Carrying Value | 56,624 | 56,624 | |||||
Accumulated Depreciation | 30,408 | 30,408 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 56,624 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 30,408 | ||||||
Southeastern Region | TAMPA, FL | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 12,450 | ||||||
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 | 90,266 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 49,128 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 196,114 | ||||||
Total Carrying Value | 245,242 | 245,242 | |||||
Accumulated Depreciation | 140,696 | 140,696 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 245,242 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 140,696 | ||||||
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 | 9,351 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,882 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,484 | ||||||
Total Carrying Value | 16,366 | 16,366 | |||||
Accumulated Depreciation | 11,674 | 11,674 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 16,366 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 11,674 | ||||||
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 | 11,462 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,216 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,299 | ||||||
Total Carrying Value | 24,515 | 24,515 | |||||
Accumulated Depreciation | 15,071 | 15,071 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 24,515 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 15,071 | ||||||
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 | 35,400 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,577 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,940 | ||||||
Total Carrying Value | 37,517 | 37,517 | |||||
Accumulated Depreciation | 22,595 | 22,595 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 37,517 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 22,595 | ||||||
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 | 5,621 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,283 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,507 | ||||||
Total Carrying Value | 11,790 | 11,790 | |||||
Accumulated Depreciation | 7,439 | 7,439 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 11,790 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 7,439 | ||||||
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 | 5,109 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,383 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,206 | ||||||
Total Carrying Value | 13,589 | 13,589 | |||||
Accumulated Depreciation | 8,613 | 8,613 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 13,589 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 8,613 | ||||||
Southeastern Region | Polo Park | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 23,550 | ||||||
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 | 16,798 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,781 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,893 | ||||||
Total Carrying Value | 37,674 | 37,674 | |||||
Accumulated Depreciation | 23,980 | 23,980 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 37,674 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 23,980 | ||||||
Southeastern Region | NASHVILLE, TN | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 64,971 | ||||||
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 | 98,425 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,828 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 178,638 | ||||||
Total Carrying Value | 201,466 | 201,466 | |||||
Accumulated Depreciation | 124,779 | 124,779 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 201,466 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 124,779 | ||||||
Southeastern Region | The Reserve and Park at Riverbridge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 39,787 | ||||||
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 | 11,036 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,721 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,684 | ||||||
Total Carrying Value | 83,405 | 83,405 | |||||
Accumulated Depreciation | 43,050 | 43,050 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 83,405 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 43,050 | ||||||
Southeastern Region | OTHER FLORIDA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 39,787 | ||||||
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 | 11,036 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,721 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,684 | ||||||
Total Carrying Value | 83,405 | 83,405 | |||||
Accumulated Depreciation | 43,050 | 43,050 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 83,405 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 43,050 | ||||||
Northeast Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 78,350 | ||||||
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 | 361,450 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 317,925 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,543,835 | ||||||
Total Carrying Value | 1,861,760 | 1,861,760 | |||||
Accumulated Depreciation | 437,407 | 437,407 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 1,861,760 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 437,407 | ||||||
Northeast Region | Inwood West | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 53,350 | ||||||
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 | 7,622 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,429 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 97,067 | ||||||
Total Carrying Value | 116,496 | 116,496 | |||||
Accumulated Depreciation | 32,202 | 32,202 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 116,496 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 32,202 | ||||||
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 | 7,672 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,094 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,714 | ||||||
Total Carrying Value | 69,808 | 69,808 | |||||
Accumulated Depreciation | 20,723 | 20,723 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 69,808 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 20,723 | ||||||
Northeast Region | BOSTON, MA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 78,350 | ||||||
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 | 227,473 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 66,929 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 493,664 | ||||||
Total Carrying Value | 560,593 | 560,593 | |||||
Accumulated Depreciation | 119,993 | 119,993 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 560,593 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 119,993 | ||||||
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 | 12,581 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,571 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 231,425 | ||||||
Total Carrying Value | 272,996 | 272,996 | |||||
Accumulated Depreciation | 66,557 | 66,557 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 272,996 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 66,557 | ||||||
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 | 8,793 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 57,972 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 274,713 | ||||||
Total Carrying Value | 332,685 | 332,685 | |||||
Accumulated Depreciation | 88,704 | 88,704 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 332,685 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 88,704 | ||||||
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 | 133,977 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 250,996 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,050,171 | ||||||
Total Carrying Value | 1,301,167 | 1,301,167 | |||||
Accumulated Depreciation | 317,414 | 317,414 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 1,301,167 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 317,414 | ||||||
Southwestern Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 144,033 | ||||||
Initial Costs, Land and Land Improvements | 97,719 | ||||||
Initial Costs, Buildings and Improvements | 249,509 | ||||||
Total Initial Acquisition Costs | 347,228 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 74,133 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 111,013 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 310,348 | ||||||
Total Carrying Value | 421,361 | 421,361 | |||||
Accumulated Depreciation | 163,939 | 163,939 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 421,361 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 163,939 | ||||||
Southwestern Region | THIRTY377 | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 25,000 | ||||||
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 | 11,831 | ||||||
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 | 44,436 | ||||||
Total Carrying Value | 68,818 | 68,818 | |||||
Accumulated Depreciation | 26,542 | 26,542 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 68,818 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 26,542 | ||||||
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 | 11,943 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 18,041 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 110,886 | ||||||
Total Carrying Value | 128,927 | 128,927 | |||||
Accumulated Depreciation | 57,766 | 57,766 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 128,927 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 57,766 | ||||||
Southwestern Region | DALLAS, TX | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 107,734 | ||||||
Initial Costs, Land and Land Improvements | 81,302 | ||||||
Initial Costs, Buildings and Improvements | 145,469 | ||||||
Total Initial Acquisition Costs | 226,771 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 36,581 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 91,870 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 171,482 | ||||||
Total Carrying Value | 263,352 | 263,352 | |||||
Accumulated Depreciation | 96,421 | 96,421 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 263,352 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 96,421 | ||||||
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 | 23,150 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,071 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,499 | ||||||
Total Carrying Value | 40,570 | 40,570 | |||||
Accumulated Depreciation | 24,964 | 24,964 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 40,570 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 24,964 | ||||||
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 | 37,552 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,143 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 138,866 | ||||||
Total Carrying Value | 158,009 | 158,009 | |||||
Accumulated Depreciation | 67,518 | 67,518 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 158,009 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 67,518 | ||||||
United Dominion Reality L.P. | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Deferred Finance Costs, Net | (1,575) | ||||||
Total Carrying Value | 3,630,905 | 4,238,770 | 4,188,480 | 3,674,704 | 3,630,905 | 4,238,770 | |
Accumulated Depreciation | 1,281,258 | 1,403,303 | 1,241,574 | 1,408,815 | 1,281,258 | 1,403,303 | |
Aggregate cost for federal income tax purposes | 3,100,000 | ||||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at beginning of the year | 3,630,905 | 4,238,770 | 4,188,480 | ||||
Real estate acquired | 0 | 139,627 | 0 | ||||
Capital expenditures and development | 71,720 | 61,196 | 91,682 | ||||
Real estate sold | (27,921) | (180,069) | (41,013) | ||||
Real Estate Investment Property, at Cost | (3,674,704) | (3,630,905) | |||||
Hurricane related impairment of assets | 0 | (140) | (379) | ||||
Balance at end of the year | 3,674,704 | 3,630,905 | 4,238,770 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at beginning of the year | 1,281,258 | 1,403,303 | 1,241,574 | ||||
Depreciation expense for the year | 144,942 | 168,495 | 178,719 | ||||
Accumulated depreciation on sales | (17,385) | (67,177) | (16,674) | ||||
Write off of accumulated depreciation on hurricane related impaired assets | 0 | 0 | (316) | ||||
Balance at end of year | $ 1,408,815 | 1,281,258 | 1,403,303 | ||||
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. | 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] | 1,640 | |||||
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] | 1,640 | |||||
Total Carrying Value | [2] | $ 1,640 | 1,640 | ||||
Accumulated Depreciation | [2] | 0 | 0 | ||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | [2] | 1,640 | |||||
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 | 1,640 | ||||||
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 | 1,640 | ||||||
Total Carrying Value | 1,640 | 1,640 | |||||
Accumulated Depreciation | 0 | 0 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 1,640 | ||||||
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 | 6,110 | ||||||
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 | 6,137 | ||||||
Total Carrying Value | 7,517 | 7,517 | |||||
Accumulated Depreciation | 3,138 | 3,138 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 7,517 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 3,138 | ||||||
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 | 6,110 | ||||||
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 | 6,137 | ||||||
Total Carrying Value | 7,517 | 7,517 | |||||
Accumulated Depreciation | 3,138 | 3,138 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 7,517 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 3,138 | ||||||
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 | 7,750 | ||||||
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 | 7,777 | ||||||
Total Carrying Value | 9,157 | 9,157 | |||||
Accumulated Depreciation | 3,138 | 3,138 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 9,157 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 3,138 | ||||||
United Dominion Reality L.P. | Commercial Held for Development | Total Real Estate Owned | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 433,974 | ||||||
Initial Costs, Land and Land Improvements | 744,292 | ||||||
Initial Costs, Buildings and Improvements | 2,065,213 | ||||||
Total Initial Acquisition Costs | 2,809,505 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 865,199 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 836,644 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,838,060 | ||||||
Total Carrying Value | 3,674,704 | 3,674,704 | |||||
Accumulated Depreciation | 1,408,815 | 1,408,815 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 3,674,704 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 1,408,815 | ||||||
United Dominion Reality L.P. | Western Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 340,839 | ||||||
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 | 536,806 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 578,468 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,425,928 | ||||||
Total Carrying Value | 2,004,396 | 2,004,396 | |||||
Accumulated Depreciation | 814,916 | 814,916 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 2,004,396 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 814,916 | ||||||
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 | 17,240 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,806 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,448 | ||||||
Total Carrying Value | 66,254 | 66,254 | |||||
Accumulated Depreciation | 29,331 | 29,331 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 66,254 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 29,331 | ||||||
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 | 95,047 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 112,935 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 192,085 | ||||||
Total Carrying Value | 305,020 | 305,020 | |||||
Accumulated Depreciation | 101,329 | 101,329 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 305,020 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 101,329 | ||||||
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 | 10,836 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,974 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,831 | ||||||
Total Carrying Value | 40,805 | 40,805 | |||||
Accumulated Depreciation | 21,939 | 21,939 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 40,805 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,939 | ||||||
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 | 12,778 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,047 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,272 | ||||||
Total Carrying Value | 43,319 | 43,319 | |||||
Accumulated Depreciation | 21,224 | 21,224 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 43,319 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,224 | ||||||
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 | 3,098 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,951 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 6,505 | ||||||
Total Carrying Value | 17,456 | 17,456 | |||||
Accumulated Depreciation | 4,506 | 4,506 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 17,456 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 4,506 | ||||||
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 | 37,967 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 68,031 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 78,534 | ||||||
Total Carrying Value | 146,565 | 146,565 | |||||
Accumulated Depreciation | 47,601 | 47,601 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 146,565 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 47,601 | ||||||
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 | 3,146 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,066 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,830 | ||||||
Total Carrying Value | 20,896 | 20,896 | |||||
Accumulated Depreciation | 6,505 | 6,505 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,896 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 6,505 | ||||||
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 | 27,603 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 60,314 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 76,141 | ||||||
Total Carrying Value | 136,455 | 136,455 | |||||
Accumulated Depreciation | 45,661 | 45,661 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 136,455 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 45,661 | ||||||
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 | 207,715 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 302,124 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 474,646 | ||||||
Total Carrying Value | 776,770 | 776,770 | |||||
Accumulated Depreciation | 278,096 | 278,096 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 776,770 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 278,096 | ||||||
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 | 20,657 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,021 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,075 | ||||||
Total Carrying Value | 75,096 | 75,096 | |||||
Accumulated Depreciation | 28,006 | 28,006 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 75,096 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 28,006 | ||||||
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 | 7,773 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,142 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,692 | ||||||
Total Carrying Value | 28,834 | 28,834 | |||||
Accumulated Depreciation | 14,688 | 14,688 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 28,834 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 14,688 | ||||||
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 | 26,932 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,643 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 50,153 | ||||||
Total Carrying Value | 57,796 | 57,796 | |||||
Accumulated Depreciation | 31,243 | 31,243 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 57,796 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 31,243 | ||||||
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 | 10,927 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,080 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,987 | ||||||
Total Carrying Value | 41,067 | 41,067 | |||||
Accumulated Depreciation | 20,789 | 20,789 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 41,067 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 20,789 | ||||||
United Dominion Reality L.P. | Western Region | River Terrace | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 38,493 | ||||||
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 | 5,036 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,563 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,771 | ||||||
Total Carrying Value | 67,334 | 67,334 | |||||
Accumulated Depreciation | 27,326 | 27,326 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 67,334 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 27,326 | ||||||
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 | 36,210 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,297 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,481 | ||||||
Total Carrying Value | 80,778 | 80,778 | |||||
Accumulated Depreciation | 40,345 | 40,345 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 80,778 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 40,345 | ||||||
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 | 5,490 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,479 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,014 | ||||||
Total Carrying Value | 28,493 | 28,493 | |||||
Accumulated Depreciation | 10,240 | 10,240 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 28,493 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 10,240 | ||||||
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 | 11,136 | ||||||
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 | 29,290 | ||||||
Total Carrying Value | 35,048 | 35,048 | |||||
Accumulated Depreciation | 16,838 | 16,838 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 35,048 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 16,838 | ||||||
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 | 9,876 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,701 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 93,704 | ||||||
Total Carrying Value | 124,405 | 124,405 | |||||
Accumulated Depreciation | 44,392 | 44,392 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 124,405 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 44,392 | ||||||
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 | 6,923 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 886 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,146 | ||||||
Total Carrying Value | 50,032 | 50,032 | |||||
Accumulated Depreciation | 24,602 | 24,602 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 50,032 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 24,602 | ||||||
United Dominion Reality L.P. | Western Region | SAN FRANCISCO, CA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 65,493 | ||||||
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 | 140,960 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 118,570 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 470,313 | ||||||
Total Carrying Value | 588,883 | 588,883 | |||||
Accumulated Depreciation | 258,469 | 258,469 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 588,883 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 258,469 | ||||||
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 | 4,070 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,787 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,146 | ||||||
Total Carrying Value | 29,933 | 29,933 | |||||
Accumulated Depreciation | 13,517 | 13,517 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 29,933 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 13,517 | ||||||
United Dominion Reality L.P. | Western Region | Other Southern CA [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 55,263 | ||||||
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 | 57,863 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,109 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 62,191 | ||||||
Total Carrying Value | 92,300 | 92,300 | |||||
Accumulated Depreciation | 45,182 | 45,182 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 92,300 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 45,182 | ||||||
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 | 4,236 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 39,696 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,805 | ||||||
Total Carrying Value | 80,501 | 80,501 | |||||
Accumulated Depreciation | 21,234 | 21,234 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 80,501 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,234 | ||||||
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 | 8,306 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 48,483 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 61,951 | ||||||
Total Carrying Value | 110,434 | 110,434 | |||||
Accumulated Depreciation | 34,751 | 34,751 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 110,434 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 34,751 | ||||||
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 | 6,903 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,082 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,744 | ||||||
Total Carrying Value | 15,826 | 15,826 | |||||
Accumulated Depreciation | 8,180 | 8,180 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 15,826 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 8,180 | ||||||
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 | 4,841 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,727 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,696 | ||||||
Total Carrying Value | 14,423 | 14,423 | |||||
Accumulated Depreciation | 7,389 | 7,389 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 14,423 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 7,389 | ||||||
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 | 2,479 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,280 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,685 | ||||||
Total Carrying Value | 30,965 | 30,965 | |||||
Accumulated Depreciation | 14,674 | 14,674 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 30,965 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 14,674 | ||||||
United Dominion Reality L.P. | Western Region | Hearthstone at Merrill Creek | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 4,338 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,009 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,099 | ||||||
Total Carrying Value | 42,108 | 42,108 | |||||
Accumulated Depreciation | 17,826 | 17,826 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 42,108 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 17,826 | ||||||
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 | 5,450 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,538 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 94,585 | ||||||
Total Carrying Value | 116,123 | 116,123 | |||||
Accumulated Depreciation | 45,522 | 45,522 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 116,123 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 45,522 | ||||||
United Dominion Reality L.P. | Western Region | SEATTLE, WA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 24,011 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,636 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 178,809 | ||||||
Total Carrying Value | 219,445 | 219,445 | |||||
Accumulated Depreciation | 93,591 | 93,591 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 219,445 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 93,591 | ||||||
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 | 3,354 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,819 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,770 | ||||||
Total Carrying Value | 20,589 | 20,589 | |||||
Accumulated Depreciation | 8,416 | 8,416 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,589 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 8,416 | ||||||
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 | 9,967 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,232 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,663 | ||||||
Total Carrying Value | 20,895 | 20,895 | |||||
Accumulated Depreciation | 9,879 | 9,879 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,895 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,879 | ||||||
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 | 5,655 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,600 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 9,131 | ||||||
Total Carrying Value | 10,731 | 10,731 | |||||
Accumulated Depreciation | 5,338 | 5,338 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 10,731 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 5,338 | ||||||
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 | 15,744 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,407 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,259 | ||||||
Total Carrying Value | 31,666 | 31,666 | |||||
Accumulated Depreciation | 14,911 | 14,911 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 31,666 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 14,911 | ||||||
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 | 6,293 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,223 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,489 | ||||||
Total Carrying Value | 12,712 | 12,712 | |||||
Accumulated Depreciation | 6,008 | 6,008 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 12,712 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 6,008 | ||||||
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 | 28,743 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,139 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,846 | ||||||
Total Carrying Value | 58,985 | 58,985 | |||||
Accumulated Depreciation | 26,688 | 26,688 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 58,985 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 26,688 | ||||||
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 | 10,487 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,345 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,214 | ||||||
Total Carrying Value | 20,559 | 20,559 | |||||
Accumulated Depreciation | 9,874 | 9,874 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 20,559 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 9,874 | ||||||
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 | 6,794 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,236 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,221 | ||||||
Total Carrying Value | 13,457 | 13,457 | |||||
Accumulated Depreciation | 6,145 | 6,145 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 13,457 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 6,145 | ||||||
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 | 83,683 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 28,182 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 140,823 | ||||||
Total Carrying Value | 169,005 | 169,005 | |||||
Accumulated Depreciation | 78,843 | 78,843 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 169,005 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 78,843 | ||||||
United Dominion Reality L.P. | 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 | 54,509 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 23,290 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,421 | ||||||
Total Carrying Value | 71,711 | 71,711 | |||||
Accumulated Depreciation | 36,766 | 36,766 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 71,711 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 36,766 | ||||||
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 | 7,115 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,881 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,641 | ||||||
Total Carrying Value | 19,522 | 19,522 | |||||
Accumulated Depreciation | 10,794 | 10,794 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 19,522 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 10,794 | ||||||
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 | 7,153 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,483 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,554 | ||||||
Total Carrying Value | 28,037 | 28,037 | |||||
Accumulated Depreciation | 15,190 | 15,190 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 28,037 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 15,190 | ||||||
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 | 14,268 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,364 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,195 | ||||||
Total Carrying Value | 47,559 | 47,559 | |||||
Accumulated Depreciation | 25,984 | 25,984 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 47,559 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 25,984 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 31,373 | ||||||
Initial Costs, Land and Land Improvements | 79,063 | ||||||
Initial Costs, Buildings and Improvements | 406,344 | ||||||
Total Initial Acquisition Costs | 485,407 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 171,526 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 91,112 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 565,821 | ||||||
Total Carrying Value | 656,933 | 656,933 | |||||
Accumulated Depreciation | 223,378 | 223,378 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 656,933 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 223,378 | ||||||
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 | 9,418 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,087 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,029 | ||||||
Total Carrying Value | 35,116 | 35,116 | |||||
Accumulated Depreciation | 21,187 | 21,187 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 35,116 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,187 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | Wellington Place at Olde Town | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 31,373 | ||||||
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 | 18,201 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,770 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,243 | ||||||
Total Carrying Value | 68,013 | 68,013 | |||||
Accumulated Depreciation | 36,833 | 36,833 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 68,013 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 36,833 | ||||||
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 | 4,506 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,401 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 56,039 | ||||||
Total Carrying Value | 70,440 | 70,440 | |||||
Accumulated Depreciation | 31,072 | 31,072 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 70,440 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 31,072 | ||||||
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 | 8,303 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,510 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 111,606 | ||||||
Total Carrying Value | 113,116 | 113,116 | |||||
Accumulated Depreciation | 58,347 | 58,347 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 113,116 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 58,347 | ||||||
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 | 1,495 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,752 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 113,370 | ||||||
Total Carrying Value | 141,122 | 141,122 | |||||
Accumulated Depreciation | 8,987 | 8,987 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 141,122 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 8,987 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | METROPOLITAN DC | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 31,373 | ||||||
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 | 155,663 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 74,004 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 480,626 | ||||||
Total Carrying Value | 554,630 | 554,630 | |||||
Accumulated Depreciation | 173,973 | 173,973 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 554,630 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 173,973 | ||||||
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 | 7,732 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,884 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,948 | ||||||
Total Carrying Value | 36,832 | 36,832 | |||||
Accumulated Depreciation | 21,879 | 21,879 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 36,832 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 21,879 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | 20 Lambourne | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 8,131 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,224 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,247 | ||||||
Total Carrying Value | 65,471 | 65,471 | |||||
Accumulated Depreciation | 27,526 | 27,526 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 65,471 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 27,526 | ||||||
United Dominion Reality L.P. | Mid Atlantic Region | BALTIMORE, MD | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Costs, Land and Land Improvements | 16,158 | ||||||
Initial Costs, Buildings and Improvements | 70,282 | ||||||
Total Initial Acquisition Costs | 86,440 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,863 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,108 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,195 | ||||||
Total Carrying Value | 102,303 | 102,303 | |||||
Accumulated Depreciation | 49,405 | 49,405 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 102,303 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 49,405 | ||||||
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 | 113,740 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,484 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 117,339 | ||||||
Total Carrying Value | 126,823 | 126,823 | |||||
Accumulated Depreciation | 17,547 | 17,547 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 126,823 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 17,547 | ||||||
United Dominion Reality L.P. | Southeastern Region | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 63,337 | ||||||
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 | 120,071 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 55,047 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 273,682 | ||||||
Total Carrying Value | 328,729 | 328,729 | |||||
Accumulated Depreciation | 191,399 | 191,399 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 328,729 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 191,399 | ||||||
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 | 16,397 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,505 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,744 | ||||||
Total Carrying Value | 47,249 | 47,249 | |||||
Accumulated Depreciation | 28,569 | 28,569 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 47,249 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 28,569 | ||||||
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 | 8,897 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,699 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 44,925 | ||||||
Total Carrying Value | 56,624 | 56,624 | |||||
Accumulated Depreciation | 30,408 | 30,408 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 56,624 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 30,408 | ||||||
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 | 25,294 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,204 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 82,669 | ||||||
Total Carrying Value | 103,873 | 103,873 | |||||
Accumulated Depreciation | 58,977 | 58,977 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 103,873 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 58,977 | ||||||
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 | 9,351 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,882 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,484 | ||||||
Total Carrying Value | 16,366 | 16,366 | |||||
Accumulated Depreciation | 11,674 | 11,674 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 16,366 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 11,674 | ||||||
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 | 11,462 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,216 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,299 | ||||||
Total Carrying Value | 24,515 | 24,515 | |||||
Accumulated Depreciation | 15,071 | 15,071 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 24,515 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 15,071 | ||||||
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 | 35,400 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,577 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,940 | ||||||
Total Carrying Value | 37,517 | 37,517 | |||||
Accumulated Depreciation | 22,595 | 22,595 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 37,517 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 22,595 | ||||||
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 | 5,621 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,283 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,507 | ||||||
Total Carrying Value | 11,790 | 11,790 | |||||
Accumulated Depreciation | 7,439 | 7,439 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 11,790 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 7,439 | ||||||
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 | 5,109 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,383 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,206 | ||||||
Total Carrying Value | 13,589 | 13,589 | |||||
Accumulated Depreciation | 8,613 | 8,613 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 13,589 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 8,613 | ||||||
United Dominion Reality L.P. | Southeastern Region | Polo Park | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 23,550 | ||||||
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 | 16,798 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,781 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 31,893 | ||||||
Total Carrying Value | 37,674 | 37,674 | |||||
Accumulated Depreciation | 23,980 | 23,980 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 37,674 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 23,980 | ||||||
United Dominion Reality L.P. | Southeastern Region | NASHVILLE, TN | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 23,550 | ||||||
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 | 83,741 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,122 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 124,329 | ||||||
Total Carrying Value | 141,451 | 141,451 | |||||
Accumulated Depreciation | 89,372 | 89,372 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 141,451 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 89,372 | ||||||
United Dominion Reality L.P. | Southeastern Region | The Reserve and Park at Riverbridge | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 39,787 | ||||||
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 | 11,036 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,721 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,684 | ||||||
Total Carrying Value | 83,405 | 83,405 | |||||
Accumulated Depreciation | 43,050 | 43,050 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 83,405 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 43,050 | ||||||
United Dominion Reality L.P. | Southeastern Region | OTHER FLORIDA | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 39,787 | ||||||
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 | 11,036 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,721 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,684 | ||||||
Total Carrying Value | 83,405 | 83,405 | |||||
Accumulated Depreciation | 43,050 | 43,050 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 83,405 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 43,050 | ||||||
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 | 29,046 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 110,637 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 564,852 | ||||||
Total Carrying Value | 675,489 | 675,489 | |||||
Accumulated Depreciation | 175,984 | 175,984 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 675,489 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 175,984 | ||||||
United Dominion Reality L.P. | Northeast Region | New York Properties [Member] | |||||||
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 | 21,374 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 99,543 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 506,138 | ||||||
Total Carrying Value | 605,681 | 605,681 | |||||
Accumulated Depreciation | 155,261 | 155,261 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 605,681 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 155,261 | ||||||
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 | 7,672 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,094 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,714 | ||||||
Total Carrying Value | 69,808 | 69,808 | |||||
Accumulated Depreciation | 20,723 | 20,723 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 69,808 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 20,723 | ||||||
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 | 7,672 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,094 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,714 | ||||||
Total Carrying Value | 69,808 | 69,808 | |||||
Accumulated Depreciation | 20,723 | 20,723 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 69,808 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 20,723 | ||||||
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 | 12,581 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,571 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 231,425 | ||||||
Total Carrying Value | 272,996 | 272,996 | |||||
Accumulated Depreciation | 66,557 | 66,557 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 272,996 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 66,557 | ||||||
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 | 8,793 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 57,972 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 274,713 | ||||||
Total Carrying Value | 332,685 | 332,685 | |||||
Accumulated Depreciation | 88,704 | 88,704 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 332,685 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 88,704 | ||||||
United Dominion Reality L.P. | Total Operating Properties [Member] | |||||||
Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 435,549 | ||||||
Initial Costs, Land and Land Improvements | 742,885 | ||||||
Initial Costs, Buildings and Improvements | 2,065,213 | ||||||
Total Initial Acquisition Costs | 2,808,098 | ||||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 857,449 | ||||||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 835,264 | ||||||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,830,283 | ||||||
Total Carrying Value | 3,665,547 | 3,665,547 | |||||
Accumulated Depreciation | 1,405,677 | 1,405,677 | |||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Balance at end of the year | 3,665,547 | ||||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Balance at end of year | 1,405,677 | ||||||
Corporate Joint Venture [Member] | |||||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Retirement of fully depreciated assets | 0 | 0 | (112,344) | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Accumulated depreciation on retirements of fully depreciated asset | $ 0 | $ 0 | $ (4,228) | ||||
UDR Lighthouse DownREIT L.P. [Member] | United Dominion Reality L.P. | |||||||
Real Estate Owned, Gross [Roll Forward] | |||||||
Real Estate Investment Property, at Cost | 0 | (628,479) | 0 | ||||
Real Estate Owned, Accumulated Depreciation [Roll Forward] | |||||||
Real Estate Owned, Accumulated Depreciation | $ 0 | $ (223,363) | $ 0 | ||||
[1] | Includes unallocated accruals and capital expenditures.The aggregate cost for federal income tax purposes was approximately $8.7 billion at December 31, 2016 (unaudited). 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 $3.1 billion at December 31, 2016 (unaudited). |