UDR (UDR) 10-K 20 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Feb. 16, 2018	Jun. 30, 2017
Entity information
Entity Registrant Name	UDR, Inc.
Entity Central Index Key	74,208
Document Type	10-K
Document period end date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
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			$ 3.6
Entity Common Stock, Shares Outstanding		268,160,029
United Dominion Reality L.P.
Entity information
Entity Registrant Name	United Dominion Realty, L.P.
Entity Central Index Key	1,018,254
Document Type	10-K
Document period end date	Dec. 31, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate owned:
Real estate held for investment	$ 9,584,716	$ 9,271,847
Less: accumulated depreciation	(3,326,312)	(2,923,072)
Real estate held for investment, net	6,258,404	6,348,775
Real estate under development (net of accumulated depreciation of $3,854 and $0, respectively)	588,636	342,282
Real estate held for disposition (net of accumulated depreciation of $0 and $553, respectively)		1,071
Total real estate owned, net of accumulated depreciation	6,847,040	6,692,128
Cash and cash equivalents	2,038	2,112
Restricted cash	19,792	19,994
Notes receivable, net	19,469	19,790
Investment in and advances to unconsolidated joint ventures, net	720,830	827,025
Other assets	124,104	118,535
Total assets	7,733,273	7,679,584
Liabilities:
Secured debt, net	803,269	1,130,858
Unsecured debt, net	2,868,394	2,270,620
Real estate taxes payable	18,349	17,388
Accrued interest payable	33,432	29,257
Security deposits and prepaid rent	31,916	34,238
Distributions payable	91,455	86,936
Accounts payable, accrued expenses, and other liabilities	102,956	103,835
Total liabilities	3,949,771	3,673,132
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	948,138	909,482
Equity:
Common stock, $0.01 par value; 350,000,000 shares authorized: 267,822,069 and 267,259,469 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively	2,678	2,673
Additional paid-in capital	4,651,205	4,635,413
Distributions in excess of net income	(1,871,603)	(1,585,825)
Accumulated other comprehensive income/(loss), net	(2,681)	(5,609)
Total stockholders’ equity	2,825,800	3,093,110
Noncontrolling interests	9,564	3,860
Total equity	2,835,364	3,096,970
Total liabilities and equity	7,733,273	7,679,584
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized	46,200	46,457
Series F
Equity:
Preferred stock, no par value; 50,000,000 shares authorized	$ 1	$ 1

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Real estate owned:
Real estate under development accumulated depreciation	$ 3,854
Real estate held for disposition accumulated depreciation		$ 553
Equity:
Preferred stock, no par value	$ 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	267,822,069	267,259,469
Common stock, shares outstanding	267,822,069	267,259,469
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value	$ 0	$ 0
Preferred stock, dividend rate percentage	8.00%	8.00%
Preferred stock, shares issued	2,780,994	2,796,903
Preferred stock, shares outstanding	2,780,994	2,796,903
Series F
Equity:
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	20,000,000
Preferred stock, shares issued	15,852,721	16,196,889
Preferred stock, shares outstanding	15,852,721	16,196,889

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUES
Rental income	$ 984,309	$ 948,461	$ 871,928
Joint venture management and other fees	11,482	11,400	22,710
Total revenues	995,791	959,861	894,638
OPERATING EXPENSES:
Property operating and maintenance	164,660	159,947	155,096
Real estate taxes and insurance	121,146	115,429	102,963
Property management	27,068	26,083	23,978
Other operating expenses	9,060	7,649	9,708
Real estate depreciation and amortization	430,054	419,615	374,598
General and administrative	48,566	49,761	59,690
Casualty-related charges/(recoveries), net	4,335	732	2,335
Other depreciation and amortization	6,408	6,023	6,679
Total operating expenses	811,297	785,239	735,047
Operating income	184,494	174,622	159,591
Income/(loss) from unconsolidated entities	31,257	52,234	62,329
Interest expense	(128,711)	(123,031)	(121,875)
Interest income and other income/(expense), net	1,971	1,930	1,551
Income/(loss) before income taxes and gain/(loss) on sale of real estate owned	89,011	105,755	101,596
Tax (provision)/benefit, net	240	3,774	3,886
Income/(loss) from continuing operations	89,251	109,529	105,482
Gain/(loss) on sale of real estate owned, net of tax	43,404	210,851	251,677
Net income/(loss)	132,655	320,380	357,159
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(10,933)	(27,282)	(16,773)
Net (income)/loss attributable to noncontrolling interests	(164)	(380)	(3)
Net income/(loss) attributable to UDR, Inc.	121,558	292,718	340,383
Distributions to preferred stockholders — Series E (Convertible)	(3,708)	(3,717)	(3,722)
Net income/(loss) attributable to common stockholders	$ 117,850	$ 289,001	$ 336,661
Income/(loss) per weighted average common share:
Basic (in dollars per share)	$ 0.44	$ 1.09	$ 1.30
Diluted (in dollars per share)	$ 0.44	$ 1.08	$ 1.29
Weighted average number of common shares outstanding:
Basic (in shares)	267,024,000	265,386,000	258,669,000
Diluted (in shares)	268,830,000	267,311,000	263,752,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Consolidated Statements of Comprehensive Income/(Loss)
Net income/(loss)	$ 132,655	$ 320,380	$ 357,159
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	1,802	3,514	(6,393)
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	1,407	3,657	2,262
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	3,209	7,171	(4,131)
Comprehensive income/(loss)	135,864	327,551	353,028
Comprehensive (income)/loss attributable to noncontrolling interests	(11,378)	(27,764)	(16,468)
Comprehensive income/(loss) attributable to UDR, Inc.	$ 124,486	$ 299,787	$ 336,560

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Series FPreferred Stock	Series F	Preferred Stock	Common Stock	Paid-in Capital	Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss), net	Noncontrolling Interest	Total
Beginning Balance at Dec. 31, 2014			$ 46,571	$ 2,551	$ 4,223,747	$ (1,528,917)	$ (8,855)	$ 853	$ 2,735,950
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.						340,383			340,383
Net income/(loss) attributable to noncontrolling interests								3	3
Other comprehensive income/(loss)							(3,823)		(3,823)
Issuance/(forfeitures) of common and restricted shares, net				3	10,191				10,194
Issuance of shares	$ 1	$ 1		63	209,948				210,011
Conversion of Series E Cumulative Convertible shares			(114)		114
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership				1	3,816				3,817
Common stock distributions declared ($1.24, $1.18 and $1.11 per share for the years ended December 31, 2017, 2016 and 2015 respectively)						(289,500)			(289,500)
Preferred stock distributions declared-Series E ($1.3288 per share for each of the years ended December 31, 2017, 2016 and 2015)						(3,722)			(3,722)
Adjustment to reflect redemption value of redeemable noncontrolling interests						(102,703)			(102,703)
Ending Balance at Dec. 31, 2015			46,458	2,618	4,447,816	(1,584,459)	(12,678)	856	2,900,611
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.						292,718			292,718
Net income/(loss) attributable to noncontrolling interests								322	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/(vestings), net								3,735	3,735
Other comprehensive income/(loss)							7,069		7,069
Issuance/(forfeitures) of common and restricted shares, net				2	4,973				4,975
Issuance of shares				50	173,161				173,211
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership				3	9,463				9,466
Common stock distributions declared ($1.24, $1.18 and $1.11 per share for the years ended December 31, 2017, 2016 and 2015 respectively)						(315,102)			(315,102)
Preferred stock distributions declared-Series E ($1.3288 per share for each of the years ended December 31, 2017, 2016 and 2015)						(3,717)			(3,717)
Adjustment to reflect redemption value of redeemable noncontrolling interests						24,735			24,735
Ending Balance at Dec. 31, 2016			46,458	2,673	4,635,413	(1,585,825)	(5,609)	3,860	3,096,970
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.						121,558			121,558
Net income/(loss) attributable to noncontrolling interests								147	147
Contribution of noncontrolling interest in consolidated real estate								125	125
Long Term Incentive Plan Unit grants/(vestings), net								5,432	5,432
Other comprehensive income/(loss)							2,928		2,928
Issuance/(forfeitures) of common and restricted shares, net				1	437				438
Cumulative effect upon adoption of ASU 2016-09 | ASU 2016-09					558	(558)
Conversion of Series E Cumulative Convertible shares			(257)		257
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership				4	14,540				14,544
Common stock distributions declared ($1.24, $1.18 and $1.11 per share for the years ended December 31, 2017, 2016 and 2015 respectively)						(331,974)			(331,974)
Preferred stock distributions declared-Series E ($1.3288 per share for each of the years ended December 31, 2017, 2016 and 2015)						(3,708)			(3,708)
Adjustment to reflect redemption value of redeemable noncontrolling interests						(71,096)			(71,096)
Ending Balance at Dec. 31, 2017			$ 46,201	$ 2,678	$ 4,651,205	$ (1,871,603)	$ (2,681)	$ 9,564	$ 2,835,364

Consolidated Statements of Cha7

Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Common distributions declared per share	$ 1.24	$ 1.18	$ 1.11
8.00% Series E Cumulative Convertible Preferred Stock
Preferred stock distributions declared	$ 1.3288	$ 1.3288	$ 1.3288

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Activities
Net income/(loss)	$ 132,655	$ 320,380	$ 357,159
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	436,462	425,638	381,277
(Gain)/loss on sale of real estate owned, net of tax	(43,404)	(210,851)	(251,677)
(Income)/loss from unconsolidated entities	(31,257)	(52,234)	(62,329)
Return on investment in unconsolidated joint ventures	4,416	57,578	27,012
Amortization of share-based compensation	12,862	13,398	18,017
Other	20,467	24,142	3,410
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(8,771)	(29,038)	(4,652)
Increase/(decrease) in operating liabilities	(4,278)	(12,084)	(9,590)
Net cash provided by/(used in) operating activities	519,152	536,929	458,627
Investing Activities
Acquisition of real estate assets	(96,791)	(163,015)	(244,769)
Proceeds from sales of real estate investments, net	71,235	302,354	387,650
Development of real estate assets	(248,546)	(178,279)	(103,205)
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement	(124,763)	(91,852)	(113,400)
Capital expenditures — non-real estate assets	(1,384)	(4,439)	(4,049)
Investment in unconsolidated joint ventures	(123,842)	(40,162)	(217,642)
Distributions received from unconsolidated joint ventures	116,329	66,116	32,279
Repayment/(issuance) of notes receivable, net	321	(3,000)	(2,325)
Net cash provided by/(used in) investing activities	(407,441)	(112,277)	(265,461)
Financing Activities
Payments on secured debt	(326,346)	(375,308)	(193,958)
Proceeds from the issuance of secured debt		50,000	127,600
Payments on unsecured debt	(300,000)	(95,053)	(325,540)
Proceeds from the issuance of unsecured debt	898,095	300,000	299,310
Net proceeds/(repayment) of revolving bank debt	417	(128,650)	(2,500)
Proceeds from the issuance of common shares through public offering, net		173,211	210,011
Distributions paid to redeemable noncontrolling interests	(31,089)	(29,688)	(10,654)
Distributions paid to preferred stockholders	(3,708)	(3,717)	(3,722)
Distributions paid to common stockholders	(327,793)	(308,923)	(283,168)
Other	(21,361)	(11,154)	(19,027)
Net cash provided by/(used in) financing activities	(111,785)	(429,282)	(201,648)
Net increase/(decrease) in cash and cash equivalents	(74)	(4,630)	(8,482)
Cash and cash equivalents, beginning of year	2,112	6,742	15,224
Cash and cash equivalents, end of year	2,038	2,112	6,742
Supplemental Information:
Interest paid during the period, net of amounts capitalized	126,348	124,635	130,240
Cash paid/(refunds received) for income taxes	1,660	693	(1,014)
Non-cash transactions:
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned	140,549	80,583
Secured debt assumed in the consolidation of unconsolidated joint ventures		75,796
Fair value adjustment of secured debt assumed in the consolidation of unconsolidated joint ventures		4,228
Acquisition of communities in exchange for DownREIT units and assumption of debt			660,832
Acquisition of real estate			24,067
Fair value adjustment of debt acquired as part of acquisition of real estate			1,363
Vesting of LTIP Units	2,317
Development costs and capital expenditures incurred but not yet paid	43,930	46,285	20,375
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (389,033 shares in 2017; 260,292 shares in 2016; and 112,174 shares in 2015)	14,544	9,466	3,817
Dividends declared but not yet paid	$ 91,455	$ 86,936	$ 80,368

Consolidated Statements of Cas9

Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Non-cash transactions:
Conversion of OP Units into common shares	389,033	260,292	112,174

Consolidation and Basis of Pres

Consolidation and Basis of Presentation	12 Months Ended
	Dec. 31, 2017
CONSOLIDATION AND BASIS OF PRESENTATION
CONSOLIDATION AND BASIS OF PRESENTATION	1. 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, 2017, our consolidated apartment portfolio consisted of 127 consolidated communities located in 1 9 markets consisting of 39,998 apartment homes. In addition, the Company has an ownership interest in 7,286 apartment homes through unconsolidated joint ventures. Basis of Presentation The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see the “Consolidated Joint Ventures” section of Note 5, Joint Ventures and Partnerships , for further discussion). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of December 31, 2017 and 2016, there were 183,350,924 and 183,278,698 units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 174,237,688, or 95.0% and 174,2 30,084, or 95.1%, respectively, were owned by UDR and 9,113,236, or 5.0% and 9,0 48,614, or 4.9%, respectively, were owned by outside limited partners. As of December 31, 2017 and 2016, there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 16,866,443, or 52.1% and 16, 485,014, or 50.9%, respectively, were owned by UDR (of which, 13,470,651, or 41.6%, were held by the Operating Partnership for both periods) and 15,500,937, or 47.9% and 1 5,882,366, or 49.1%, 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 3, Real Estate Owned and Note 6, Secured and Unsecured Debt, Net .

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Company on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Company expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued 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. The ASU will be applied prospectively to any transactions occurring after 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. The Company does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. 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; however, early adoption of the ASU 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. As a result of adopting the ASU, the Company recorded a one-time adjustment for existing estimated forfeitures of $0.6 million as of January 1, 2017 to Distributions in Excess of Net Income on January 1, 2017. 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; however, early adoption of the ASU is 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 adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The updated standard requires certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard will be effective for the Company on January 1, 2018. The Company holds one investment in equity securities subject to the updated guidance. As the investment does not have a readily determinable fair value, the Company will elect the measurement alternative under which the investment will be measured at cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. However, the Company does not expect the updated standard to have a material impact on the consolidated financial statements. 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 ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU . 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, 2017, 2016, and 2015 were $8.8 million, $7.9 million and $ 6.3 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was $18.6 million, $16.5 million, and $ 16.1 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 of 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, 2017 and 2016 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2017 2017 2016 Note due February 2020 (a) 10.00 % $ 13,669 $ 12,994 Note due July 2017 (b) — % — 2,500 Note due October 2020 (c) 8.00 % 2,000 1,296 Note due August 2022 (d) 10.00 % 3,800 3,000 Total notes receivable, net $ 19,469 $ 19,790 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million. During the year ended December 31, 2017, the Company loaned $0.7 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). (b) At December 31, 2016, the Company had a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million. The outstanding balance was paid in full during the year ended December 31, 2017. (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million had been funded. During the year ended December 31, 2017, the Company loaned $0.7 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) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which $3.8 million has been funded. During the year ended December 31, 2017, the Company loaned $ 0.8 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) August 2022. In September 2017, the terms of this secured note receivable were amended to reduce the aggregate commitment from $15.0 million to $10.0 million and to extend the maturity date of the note from the fifth anniversary of the note (April 2021) to August 2022. During the years ended December 31, 2017, 2016, and 2015, the Company recognized $1.8 million, $1.8 million and $ 1.5 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, 2017, 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, 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. 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, 2017 and 2016, UDR’s net deferred tax asset was $0.1 million and $0.6 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 than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2017. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2016 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 (provision)/benefit, net on the Consolidated Statements of Operations. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, we have completed our accounting for the tax effects of the Act, under which we recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable under the Act. 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 consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“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 9, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance . During the years ended December 31, 2017, 2016, and 2015, total advertising expense was $6.2 million, $6.4 million, and $6. 4 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, 2017, 2016, and 2015, 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 13, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2017, 2016, and 2015 was $0.3 million, $0.1 million, and $(0.3) million, respectively. Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2017, the Company held greater than 10% of the carry

Real Estate Owned

Real Estate Owned	12 Months Ended
	Dec. 31, 2017
REAL ESTATE OWNED
REAL ESTATE OWNED	3. 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 held for disposition properties. As of December 31, 2017, the Company owned and consolidated 127 communities in 11 states plus the District of Columbia totaling 39,998 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 1,780,229 $ 1,801,576 Depreciable property — held and used: Land improvements 189,919 178,701 Building, improvements, and furniture, fixtures and equipment 7,614,568 7,291,570 Under development: Land and land improvements 109,468 111,028 Building, improvements, and furniture, fixtures and equipment 483,022 231,254 Real estate held for disposition: Land and land improvements — 1,104 Building, improvements, and furniture, fixtures and equipment — 520 Real estate owned 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Real estate owned, net $ 6,847,040 $ 6,692,128 Acquisitions In October 2017, the Company acquired an operating community located in Denver, Colorado with a total of 218 apartment homes and 17,000 square feet of retail space for a purchase price of approximately $141.5 million. The Company consolidated the operating community and accounted for the consolidation as a business combination. As a result of the consolidation, the Company increased its real estate owned by approximately $139.0 million, recorded approximately $2.5 million of in-place lease intangibles and recorded a gain on consolidation of approximately $14.8 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. The acquisition will be fully or partially funded with tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”). Prior to acquiring the community, the Company had provided $93.5 million as a participating loan investment to the third-party developer and was entitled to receive, in addition to repayment of principal and interest, contingent interest equal to 50% of the sum of the amount the property was sold for less construction and closing costs, which equaled approximately $14.9 million. The Company had previously accounted for its participating loan investment as an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships ). In January 2017, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as a preferred equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships ). As a result of the consolidation, the Company increased its real estate owned by approximately $97.0 million, recorded approximately $1.7 million of in-place lease intangibles and recorded a gain on consolidation of $12.2 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. 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 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. The Company 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. The Company 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. The Company 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. The Company incurred $0.4 million, $ 0.2 million and $ 2.1 million of acquisition-related costs during the years ended December 31, 2017, 2016, and 2015, respectively. These expenses are reported within the line item General and administrative on the Consolidated Statements of Operations. Dispositions In December 2017, the Company sold two operating communities with a total of 218 apartment homes in Orange County, California and Carlsbad, California for gross proceeds of $69.0 million, resulting in net proceeds of $68.0 million and a gain of $41.3 million. In February 2017, the Company sold a parcel of land in Richmond, Virginia for gross proceeds of $3.5 million, resulting in net proceeds of $3.3 million and a gain of $2.1 million. 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. In February 2018, the Company sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million and an expected GAAP gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange. Other Activity In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, in an exchange under Section 1031 of the Internal Revenue Code. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2017
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES	4. VARIABLE INTEREST 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 consolidates the Operating Partnership and DownREIT Partnership based on its role as the sole general partner of the Operating Partnership and DownREIT Partnership. 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 DownREIT Partnership.

Joint Ventures and Partnerships

Joint Ventures and Partnerships	12 Months Ended
	Dec. 31, 2017
JOINT VENTURES AND PARTNERSHIPS
JOINT VENTURES AND PARTNERSHIPS	5. JOINT VENTURES AND PARTNERSHIPS UDR has entered into joint ventures and partnerships with unrelated third parties to acquire real estate assets that are either consolidated and included in Real estate owned on the Consolidated Balance Sheets or are accounted for under the equity method of accounting, and are included in Investment in and advances to unconsolidated joint ventures, net , on the Consolidated Balance Sheets. The Company consolidates the entities that we control as well as any variable interest entity where we are the primary beneficiary. 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. 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, 2017 and 2016 (dollars in thousands) : Number of Number of Apartment Properties Homes Investment at UDR’s Ownership Interest Location of December 31, December 31, December 31, December 31, December 31, December 31, Joint Venture Properties 2017 2017 2017 2016 2017 2016 Operating and development: UDR/MetLife I Los Angeles, CA 1 development community (a) 150 $ 34,653 $ 25,209 50.0 % 50.0 % UDR/MetLife II (b) Various 18 operating communities 4,059 303,702 311,282 50.0 % 50.0 % Other UDR/MetLife Various 4 operating communities; 1,437 135,563 160,979 50.6 % 50.6 % Development Joint Ventures 1 development community (a) UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1,513 78,404 72,414 50.0 % 50.0 % 1 development community (a); 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 8,958 12,835 30.0 % 30.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 561,280 $ 582,719 Investment at Income from investments Years To UDR December 31, December 31, Year Ended December 31, Developer Capital Program (c) Location Rate Maturity Commitment 2017 2016 2017 2016 2015 Participating loan investment: Steele Creek (d) Denver, CO — % — $ — $ — $ 94,003 $ 19,523 $ 6,213 $ 5,453 Preferred equity investments: West Coast Development Joint Ventures (e) Various 6.5 % N/A — 102,142 150,303 23,557 4,561 3,692 1532 Harrison (f) San Francisco, CA 11.0 % 4.5 24,645 11,346 — 511 — — 1200 Broadway (g) Nashville, TN 8.0 % 4.8 55,558 18,011 — 370 — — Other investments: The Portals (h) Washington, D.C. 11.0 % 3.4 38,559 26,535 — 839 — — Other investment ventures N/A N/A N/A $ 15,000 1,516 — $ (30) $ — $ — Total Developer Capital Program 159,550 244,306 Total investment in and advances to unconsolidated joint ventures, net $ 720,830 $ 827,025 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2017, 190 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 ® . (b) 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, 2017, 2016, and 2015, the Company recorded casualty-related charges/(recoveries) of $(0.9) million, $( 3.8) million, and $2.5 million, respectively, representing its proportionate share of the total charges/(recoveries) recognized. (c) The Developer Capital Program is a program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments, that may receive a fixed yield on the investment and that may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (d) In October 2017, the Company acquired the Steele Creek community for a purchase price of approximately $141.5 million (see Note 3, Real Estate Owned ). (e) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and agreed to pay $136.3 million for a 48% ownership interest in a portfolio of five communities that were under construction. The communities are located in three of the Company’s core, coastal markets: Seattle, Washington, Los Angeles and Orange County, California. UDR earns a 6.5% preferred return on its investment through each individual community’s date of stabilization, defined as when a community reaches 80% occupancy for 90 consecutive days, while the joint venture partner is allocated all operating income and expense during the pre-stabilization period. 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 Company serves as property manager and earns a management fee during the lease-up phase and subsequent operation of each of the communities. The unaffiliated joint venture partner is the general partner of the joint venture and the developer of the communities. At inception of the agreement, the Company had 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 unaffiliated joint venture partner will be entitled to earn a contingent disposition fee equal to a 6.5% return on its implied equity in the communities not acquired. The unaffiliated joint venture partner is providing certain guaranties and at the inception of the agreement there are construction loans on all five communities. In January 2017, the Company exercised its fixed-price option to purchase the joint venture partner’s ownership interest in one of the five communities, a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Estate Owned ). As a result of the consolidation, the Company recorded a gain on consolidation of $12.2 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In connection with the purchase, the construction loan on the community was paid in full. In August 2017, the joint venture sold one of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million. As a result, the Company recorded a gain on the sale of approximately $2.1 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In November 2017, the joint venture sold one of the three remaining communities, a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. As a result, the Company recorded a gain on the sale of approximately $5.5 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. As of December 31, 2017, construction was completed on one of the two remaining communities. The completed community has achieved stabilization and the Company receives income and expenses based on its ownership percentage. The other community is still under construction and the Company continues to receive a 6.5% preferred return on its investment in that community. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and agreed to pay $15.5 million for a 49% ownership interest in a 155 home community that is currently under construction in Seattle, Washington and $16.1 million for a 49% ownership interest in a 276 home community that is currently under construction in Hillsboro, Oregon (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). Consistent with the terms of the May 2015 joint venture agreement, UDR earns a 6.5% preferred return on its investments through the communities’ date of stabilization, as defined above, while our joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization of the communities, income and expense will be shared based on each partner’s ownership percentage and the Company will no longer receive a 6.5% preferred return on its investment. The Company will serve as property manager and will earn a management fee during the lease-up phase and subsequent operation of the stabilized communities. The unaffiliated joint venture partner is the general partner and the developer of the communities. The Company has concluded it does not control the joint ventures and accounts for them under the equity method of accounting. The Company has a fixed-price option to acquire the remaining interest in the communities beginning one year after completion for a total price of $61.3 million and $72.3 million, respectively. The unaffiliated joint venture partner is providing certain guaranties and there are construction loans on the communities. The Company’s recorded equity investment in the West Coast Development Joint Ventures at December 31, 2017 and 2016 of $ 102.1 million and $1 50.3 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (f) In June 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 136 apartment home community in San Francisco, California. The Company’s preferred equity investment of up to $24.6 million earns a preferred return of 11.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017, the Company had contributed approximately $11.3 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (g) In September 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 313 apartment home community in Nashville, Tennessee. The Company’s preferred equity investment of up to $55.6 million earns a preferred return of 8.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017 , the Company had contributed approximately $18.0 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (h) In May 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture has made a mezzanine loan to a third-party developer of a 373 apartment home community in Washington, D.C. The unaffiliated joint venture partner is the managing member of the joint venture. The mezzanine loan is for up to $71.0 million at an interest rate of 13.5% per annum and carries a term of four years with one, 12-month extension option. The Company’s investment commitment to the joint venture is approximately $38.6 million and earns a weighted average return rate of approximately 11.0% per annum. As of December 31, 2017, the Company had contributed approximately $26.5 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. As of December 31, 2017 and 2016, the Company had deferred fees and deferred profit of $10.9 million and $ 9.5 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 management fees of $11.4 million, $11.3 million, and $11.3 million during each of the years ended December 31, 2017, 2016, and 2015, respectively, for our management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not recognize any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures or partnerships during the years ended December 31, 2017, 2016, and 2015. 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, 2017, 2016, and 2015 ( dollars in thousands): Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2017 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ — $ 156,920 $ 48,032 $ 23,025 $ 20,327 $ 18,812 $ 267,116 Property operating expenses 93 52,450 21,908 11,839 8,159 9,520 103,969 Real estate depreciation and amortization — 45,144 32,625 7,169 14,480 7,387 106,805 Operating income/(loss) (93) 59,326 (6,501) 4,017 (2,312) 1,905 56,342 Interest expense — (50,603) (13,894) (5,030) (5,264) (4,038) (78,829) Gain/(loss) on the sale of real estate (17) (609) — — — 72,216 71,590 Net income attributable to noncontrolling interest — — — — — 439 439 Net income/(loss) $ (110) $ 8,114 $ (20,395) $ (1,013) $ (7,576) $ 69,644 $ 48,664 Condensed Balance Sheets: Total real estate, net $ 108,958 $ 1,641,338 $ 687,492 $ 299,420 $ 195,625 $ 252,352 $ 3,185,185 Cash and cash equivalents 514 11,947 8,596 7,612 829 4,214 33,712 Other assets 2 10,830 4,290 1,972 905 979 18,978 Total assets 109,474 1,664,115 700,378 309,004 197,359 257,545 3,237,875 Amount due to/(from) UDR 514 (4,207) 413 1,311 229 288 (1,452) Third party debt, net 30,555 1,108,156 443,147 131,281 165,801 126,626 2,005,566 Accounts payable and accrued liabilities 12,186 19,477 14,590 15,620 1,516 17,101 80,490 Total liabilities 43,255 1,123,426 458,150 148,212 167,546 144,015 2,084,604 Total equity $ 66,219 $ 540,689 $ 242,228 $ 160,792 $ 29,813 $ 113,530 $ 1,153,271 Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2016 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ 278 $ 169,175 $ 18,090 $ 22,916 $ 19,997 $ 12,174 $ 242,630 Property operating expenses 552 52,322 11,655 11,730 7,828 7,117 91,204 Real estate depreciation and amortization 52 46,135 16,353 6,835 14,444 6,218 90,037 Operating income/(loss) (326) 70,718 (9,918) 4,351 (2,275) (1,161) 61,389 Interest expense — (51,173) (6,164) (5,095) (5,369) (2,166) (69,967) Income/(loss) from discontinued operations (375) 34,201 — — — — 33,826 Net income attributable to noncontrolling interest — — — — — (62) (62) Net income/(loss) $ (701) $ 53,746 $ (16,082) $ (744) $ (7,644) $ (3,265) $ 25,310 Condensed Balance Sheets: Total real estate, net $ 50,656 $ 1,672,842 $ 698,694 $ 270,770 $ 208,105 $ 373,449 $ 3,274,516 Cash and cash equivalents 1,940 13,272 8,991 7,012 1,288 7,469 39,972 Other assets 1,641 11,370 2,744 2,266 1,026 2,246 21,293 Total assets 54,237 1,697,484 710,429 280,048 210,419 383,164 3,335,781 Amount due to/(from) UDR 155 (4,711) 3,082 1,566 429 274 795 Third party debt, net — 1,128,379 375,597 124,716 165,687 206,525 2,000,904 Accounts payable and accrued liabilities 5,211 19,996 32,484 7,303 1,397 10,994 77,385 Total liabilities 5,366 1,143,664 411,163 133,585 167,513 217,793 2,079,084 Total equity $ 48,871 $ 553,820 $ 299,266 $ 146,463 $ 42,906 $ 165,371 $ 1,256,697 Other UDR/ UDR/MetLife MetLife West Coast For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2015 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Texas Total Condensed Statements of Operations: Total revenues $ 541 $ 170,062 $ 7,634 $ 22,139 $ 19,338 $ 200 $ — $ 219,914 Property operating expenses 906 63,516 3,826 11,519 7,733 4,065 — 91,565 Real estate depreciation and amortization 818 46,616 6,897 6,639 14,522 102 — 75,594 Operating income/(loss) (1,183) 59,930 (3,089) 3,981 (2,917) (3,967) — 52,755 Interest expense — (52,037) (2,566) (4,848) (5,539) — — (64,990) Income/(loss) from discontinued operations (20) — — — — — 184,138 184,118 Net income attributable to noncontrolling interest — — — — — (1) — (1) Net income/(loss) $ (1,203) $ 7,893 $ (5,655) $ (867) $ (8,456) $ (3,966) $ 184,138 $ 171,884 Other than the West Coast Development Joint Ventures, the condensed summary financial information relating to the entities in which we have an interest through the Developer Capital Program is not included in the tables above. As of and for the year ended December 31, 2017, combined total assets, liabilities, equity, revenues, and expenses for such entities were $79.1 million, $0.8 million, $78.3 million, $7.8 million, and $9.5 million, respectively. As of and for the year ended December 31, 2016, combined total assets, liabilities, equity, revenues, and expenses for such entities were $93.8 million, $95.2 million, $(1.4) million, $8.5 million, and $12.2 million, respectively. For the year ended December 31, 2015, combined total revenues and expenses for such entities were $3.6 million and $7.9 million, respectively.

Secured and Unsecured Debt, Net

Secured and Unsecured Debt, Net	12 Months Ended
	Dec. 31, 2017
SECURED AND UNSECURED DEBT, NET
SECURED AND UNSECURED DEBT, NET	6. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at December 31, 2017 and 2016 ( dollars in thousands): Principal Outstanding As of December 31, 2017 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2017 2016 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 395,611 $ 402,996 4.04 % 5.3 7 Fannie Mae credit facilities (b) 285,836 355,836 4.86 % 2.0 8 Deferred financing costs (1,670) (2,681) Total fixed rate secured debt, net 679,777 756,151 4.39 % 3.9 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 5.2 2 Fannie Mae credit facilities (b) 29,034 280,946 2.92 % 0.9 1 Deferred financing costs (242) (939) Total variable rate secured debt, net 123,492 374,707 2.14 % 4.2 3 Total Secured Debt, net 803,269 1,130,858 4.04 % 4.0 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (k) — — — % 2.1 Borrowings outstanding under unsecured commercial paper program due February 2018 (e) (k) 300,000 — 1.96 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,767 21,350 2.46 % 1.0 Term Loan Facility due January 2021 (d) (k) 35,000 35,000 2.31 % 3.1 Fixed Rate Debt 4.25% Medium-Term Notes due June 2018 (net of discounts of $0 and $608, respectively) (g) (k) — 299,392 — % — 3.70% Medium-Term Notes due October 2020 (net of discounts of $22 and $30, respectively) (k) 299,978 299,970 3.70 % 2.8 1.98% Term Loan Facility due January 2021 (d) (k) 315,000 315,000 1.98 % 3.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,446 and $1,805, respectively) (k) 398,554 398,195 4.63 % 4.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $678 and $782, respectively) (k) 299,322 299,218 3.75 % 6.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $534 and $602, respectively) (h) (k) 299,466 299,398 4.00 % 7.8 2.95% Medium-Term Notes due September 2026 (k) 300,000 300,000 2.95 % 8.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $670 and $0, respectively) (i) (k) 299,330 — 3.50 % 9.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,191 and $0, respectively) (j) (k) 298,809 — 3.50 % 10.0 Other 19 21 Deferred financing costs (14,495) (12,568) Total Unsecured Debt, net 2,868,394 2,270,620 3.43 % 5.7 Total Debt, net $ 3,671,663 $ 3,401,478 3.65 % 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, 2017, secured debt encumbered $1.7 billion or 16.8% of UDR’s total real estate owned based upon gross book value ($8.5 billion or 83.2% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2017, 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%. 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. During the years ended December 31, 2017, 2016, and 2015, the Company had $3.0 million, $ 2.9 million, and $5. 3 million, respectively, of amortization of 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 $8.2 million and $1 1.2 million at December 31, 2017 and 2016, respectively. (b) UDR had two secured credit facilities with Fannie Mae with an aggregate commitment of $314.9 million at December 31, 2017. The Fannie Mae credit facilities mature at various dates from December 2018 through July 2020 and bear interest at floating and fixed rates. At December 31, 2017, $285.8 million of the outstanding balance was fixed and had a weighted average interest rate of 4.86% and the remaining balance of $29.0 million had a weighted average variable interest rate of 2.92%. During the year ended December 31, 2017, the Company prepaid $275.3 million of its secured credit facilities with borrowings under the Company’s unsecured commercial paper program and proceeds from the issuance of senior unsecured medium-term notes. The Company incurred prepayment costs of $5.8 million during the year ended December 31, 2017, which were included in Interest expense on the Consolidated Statements of Operations. Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2017 2016 Borrowings outstanding $ 314,870 $ 636,782 Weighted average borrowings during the period ended 416,653 737,802 Maximum daily borrowings during the period ended 636,782 813,544 Weighted average interest rate during the period ended 4.3 % 3.9 % Weighted average interest rate at the end of the period 4.7 % 3.8 % (c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature in August 2019 and March 2032. Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates ranging from 1.71% to 1.98% as of December 31, 2017. (d) The Company has a $1.1 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million 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 the Revolving Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — — Weighted average daily borrowings during the period ended 2,274 161,505 Maximum daily borrowings during the period ended 120,000 340,000 Weighted average interest rate during the period ended 1.6 % 1.4 % Interest rate at end of the period — % — % (1) Excludes $3.3 million and $2. 9 million of letters of credit at December 31, 2017 and 2016, respectively. (e) On January 23, 2017, the Company entered into an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $500.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total unsecured commercial paper program $ 500,000 $ — Borrowings outstanding at end of period 300,000 — Weighted average daily borrowings during the period ended 238,810 — Maximum daily borrowings during the period ended 390,000 — Weighted average interest rate during the period ended 1.4 % — % Interest rate at end of the period 2.0 % — % (f) The Company has a working capital credit facility, which provides for a $75.0 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 February 2018, the Company amended the working capital credit facility to extend the scheduled maturity date to January 2021. The maximum borrowing capacity and interest rate were unchanged by the amendment. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 21,767 21,350 Weighted average daily borrowings during the period ended 26,993 21,936 Maximum daily borrowings during the period ended 68,207 69,633 Weighted average interest rate during the period ended 2.0 % 1.4 % Interest rate at end of the period 2.5 % 1.7 % (g) During the year ended December 31, 2017, the Company redeemed its $300.0 million 4.25% senior unsecured medium-term notes due June 1, 2018, primarily with borrowings under its $300.0 million 3.50% senior unsecured medium-term notes issued on December 13, 2017. The Company incurred prepayment costs of $3.4 million during the year ended December 31, 2017, which were included in Interest expense on the Consolidated Statement of Operations. (h) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200.0 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 June 16, 2017, the Company issued $300.0 million of 3.50% senior unsecured medium-term notes due July 1, 2027. Interest is payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2018. The notes were priced at 99.764% of the principal amount at issuance. The Company used the net proceeds for the repayment of outstanding indebtedness and for general corporate purposes. (j) On December 13, 2017, the Company issued $300.0 million of 3.50% senior unsecured medium-term notes due January 15, 2028. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2018. The notes were priced at 99.601% of the principal amou nt at issuance. Th e Company used the net proceeds for the repayment of debt, including funding the redemption of its $300.0 million 4.25% senior unsecured medium-term notes due in June 2018, and for general corporate purposes. (k) The Operating Partnership is a guarantor of this 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, 2017 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 4,636 $ 29,034 $ 33,670 $ 300,000 $ 333,670 2019 249,395 67,700 317,095 21,767 338,862 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 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 673,226 123,734 796,960 2,887,411 3,684,371 Non-cash (a) 6,551 (242) 6,309 (19,017) (12,708) Total $ 679,777 $ 123,492 $ 803,269 $ 2,868,394 $ 3,671,663 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2017 and 2016, the Company amortized $4.3 million and $ 4.5 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2017.

Income_(Loss) Per Share

Income/(Loss) Per Share	12 Months Ended
	Dec. 31, 2017
INCOME/(LOSS) PER SHARE
INCOME/(LOSS) PER SHARE	7. 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, 2017 2016 2015 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 89,251 $ 109,529 $ 105,482 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. 121,558 292,718 340,383 Distributions to preferred stockholders — Series E (Convertible) (3,708) (3,717) (3,722) Income/(loss) attributable to common stockholders - basic 117,850 289,001 336,661 Dilutive distributions to preferred stockholders - Series E (Convertible) — — 3,722 Income/(loss) attributable to common stockholders - diluted $ 117,850 $ 289,001 $ 340,383 Denominator for income/(loss) per share: Weighted average common shares outstanding 267,567 266,211 259,873 Non-vested restricted stock awards (543) (825) (1,204) Denominator for basic income/(loss) per share 267,024 265,386 258,669 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options, unvested LTIP Units and unvested restricted stock 1,806 1,925 5,083 Denominator for diluted income/(loss) per share 268,830 267,311 263,752 Income/(loss) per weighted average common share: Basic $ 0.44 $ 1.09 $ 1.30 Diluted $ 0.44 $ 1.08 $ 1.29 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”), unvested restricted stock and continuous equity program forward sales agreements. 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 years ended December 31, 2017 and 2016, 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 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, 2017, the Company did not enter into any forward purchase agreements under its continuous equity program. 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, 2017, 2016, and 2015 (shares in thousands) : Year Ended December 31, 2017 2016 2015 OP/DownREIT Units 24,821 25,130 12,947 Convertible preferred stock 3,021 3,028 3,032 Stock options, unvested LTIP Units and unvested restricted stock 1,806 1,925 2,051

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2017
STOCKHOLDERS’ EQUITY
STOCKHOLDERS’ EQUITY	8. 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 had the ability to issue 350,000,000 shares of common stock and 50,000,000 shares of preferred shares as of December 31, 2017. 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, 2017, 2016 and 2015 Common Preferred Stock Stock Series E Series F 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 Issuance/(forfeiture) of common and restricted shares, net 69,788 — — Issuance of common shares upon exercise of stock options 86,554 Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 7,604 — — Conversion of Series E Cumulative Convertible shares 17,225 (15,909) Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 381,429 — — Forfeiture of Series F shares — — (344,168) Balance at December 31, 2017 267,822,069 2,780,994 15,852,721 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. In July 2017, the Company updated its equity distribution agreement to also permit the entry into separate forward sales agreements to or through its forward purchasers. As of December 31, 2017, 13,078,931 shares were available for sale under the continuous equity program. During the year ended December 31, 2017, the Company entered into the following equity transactions for our common stock: · Issued 322,352 shares of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); · Converted 7,604 OP Units into Company common stock; · Converted 381,429 DownREIT Units into Company common stock, resulting in the forfeiture of 344,168 Series F Preferred Shares; and · Converted 15,909 Series E Cumulative Convertible shares into 17,225 share of common stock. Distributions are subject to the approval of the Board of Directors and are dependent upon our strategy, financial condition and operating results. UDR’s common distributions for the years ended December 31, 2017, 2016, and 2015 totaled $1. 24 , $1.1 8 , and $1. 11 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, 2017, 2016, and 2015 were $1.33 per share. The Series E is not listed on any exchange. At December 31, 2017 and 2016, a total of 2,780,994 and 2,796,903 shares of the Series E were outstanding, respectively. 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 years ended December 31, 2017 and 2016, 344,168 and 255,607 of the Series F shares were forfeited upon the conversion of DownREIT Units into Company common stock, respectively. At December 31, 2017 and 2016, a total of 15,852,721 and 16,196, 889 shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,585 and $1,6 20 , 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, 2017. During the year ended December 31, 2017, UDR acquired all shares issued through the open market.

Employee Benefit Plans

Employee Benefit Plans	12 Months Ended
	Dec. 31, 2017
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	9. 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, 2017, 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, 2017, there were 9,003,396 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, 2017 is as follows: Option Outstanding Option Exercisable Restricted Stock Weighted Weighted Weighted Average Fair Average Average Value Per Number of Exercise Number of Exercise Number Restricted Options Price Options Price of shares Stock Balance, December 31, 2016 2,234,963 $ 12.65 2,234,963 $ 12.65 645,967 $ 35.12 Granted — — — — 238,821 35.76 Exercised (404,291) 24.38 (404,291) 24.38 — — Vested — — — — (322,457) 32.85 Forfeited — — — — (49,815) 35.30 Balance, December 31, 2017 1,830,672 $ 10.06 1,830,672 $ 10.06 512,516 $ 36.82 As of December 31, 2017, the Company had issued 5,929,255 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, 2017. During the year ended December 31, 2017, 404,291 stock options were exercised. The weighted average remaining contractual life on all options outstanding as of December 31, 2017 is 1. 1 years. The remaining 1,830,672 of share options have exercise prices at $10.06. During the years ended December 31, 2017, 2016, and 2015, 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, 2017, 2016, and 2015, we recognized $4.0 million, $3.4 million, and $3.2 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 $6.0 million and had a weighted average remaining contractual life of 2.5 years as of December 31, 2017. Long-Term Incentive Compensation In January 2017, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2017 Long-Term Incentive Program (“2017 LTI”). For both restricted stock grants and LTIP Unit grants, thirty percent of the 2017 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. Ten percent of the 2017 LTI award is based upon FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining sixty percent of the 2017 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and on an absolute basis over a three-year period whereby both will vest 100% at the end of the three-year performance periods. 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 $35.95 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 the one-year FFO as Adjusted was valued at $16.18 per unit on the grant date, inclusive of a 10% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued at $16.63 per unit on the grant date, inclusive of a 7.5% discount. The portion of the restricted stock grant based upon TSR was valued at $44.26 per share for the relative component and $31.40 per share for the absolute component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 23.0%. The portion of the LTIP Unit grant based upon TSR was valued at $20.54 per unit, inclusive of a 7.5% discount, for the relative component and $14.71 per unit, inclusive of a 7.5% discount, for the absolute component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 23.0%. 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. The remaining two-thirds of the 2016 LTI award is based on 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. The remaining two-thirds of the 2015 LTI award is based on 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. For the years ended December 31, 2017, 2016, and 2015, we recognized $8.9 million, $1 0.0 million and $ 14.8 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 $7 .3 million and had a weighted average remaining contractual life of 2.2 years as of December 31, 2017. 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, 2017, 2016, and 2015, was $1.3 million, $1. 3 million, and $ 1.1 million, respectively.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
INCOME TAXES
INCOME TAXES	10. INCOME TAXES For 2017, 2016, and 2015, 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, 2017, 2016, and 2015 ( unaudited ): Year Ended December 31, 2017 2016 2015 Ordinary income $ 1.018 $ 0.708 $ 0.595 Qualified ordinary income 0.011 — — Long-term capital gain 0.133 0.309 0.329 Unrecaptured section 1250 gain 0.063 0.145 0.168 Total $ 1.225 $ 1.162 $ 1.092 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, 2017, 2016, and 2015 (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Income tax (benefit)/provision Current Federal $ (1,205) $ 69 $ 29 State 407 372 871 Total current (798) 441 900 Deferred Federal 568 9,814 (4,173) State (10) 1,319 (613) Total deferred 558 11,133 (4,786) Total income tax (benefit)/provision $ (240) $ 11,574 $ (3,886) Classification of income tax (benefit)/provision: Continuing operations $ (240) $ (3,774) $ (3,886) Gain/(loss) on sale of real estate owned — 15,348 — 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, 2017, 2016, and 2015 (dollars in thousands): Year Ended December 31, 2017 2016 2015 Deferred tax assets: Federal and state tax attributes $ 8 $ 536 $ 2,227 Book/tax depreciation — — 9,016 Other 139 190 707 Total deferred tax assets 147 726 11,950 Valuation allowance (9) (6) (81) Net deferred tax assets 138 720 11,869 Deferred tax liabilities: Other (67) (92) (107) Total deferred tax liabilities (67) (92) (107) Net deferred tax asset $ 71 $ 628 $ 11,762 Income tax provision/(benefit), 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, 2017, 2016, and 2015 as follows (dollars in thousands): Year Ended December 31, 2017 2016 2015 Income tax provision/(benefit) U.S. federal income tax provision/(benefit) $ 581 $ 12,577 $ (4,383) State income tax provision 493 1,370 442 Other items (188) 134 (26) New tax law benefit (1,129) — — Conversion of certain TRS entities to REITs — (2,436) — Valuation allowance 3 (71) 81 Total income tax provision/(benefit) $ (240) $ 11,574 $ (3,886) As of December 31, 2017, the Company had federal net operating loss carryovers (“NOL”) of $2 4.0 million expiring in 2032 through 2035 and state NOLs of $ 74.8 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, 2017, Tax benefit/(provision), net decreased $ 3.5 million as compared to 2016. The decrease was primarily attributable to the conversion of certain TRS entities to REITs in 2016 and a one-time benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits available that became refundable under the Tax Cuts and Jobs Act of 2017. Additionally, Gain/(loss) on sale of real estate owned, net of tax in 2016 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, 2017 and 2016, 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 2014 through 2016 remain open to examination by the major taxing jurisdictions to which the Company is subject. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, we have completed our accounting for the tax effects of the Act, under which we recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable under the Act.

Noncontrolling Interests

Noncontrolling Interests	12 Months Ended
	Dec. 31, 2017
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	11. 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, 2017 and 2016 ( dollars in thousands ): Year Ended December 31, 2017 2016 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 909,482 $ 946,436 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 71,096 (24,735) Conversion of OP Units/DownREIT Units to Common Stock (14,544) (9,526) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 10,933 27,282 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (31,427) (30,077) Vesting of Long-Term Incentive Plan Units 2,317 — Allocation of other comprehensive income/(loss) 281 102 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year $ 948,138 $ 909,482 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. Net (income)/loss attributable to noncontrolling interests was $(0.2) million, $(0.4) million, and less than $(0.1) million during the years ended December 31, 2017, 2016, and 2015, 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 unvested 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, 2017
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	12. 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, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — Fair Value at December 31, 2016, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2016 2016 (Level 1) (Level 2) (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) Working capital credit facility 21,350 21,350 — — 21,350 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 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 13, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 11, Noncontrolling Interests . There were no transfers into or out of any of the levels of the fair value hierarchy during the year ended December 31, 2017. 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, 2017 and 2016, 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, 2017, 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 impairments in the value of its investments in unconsolidated joint ventures during the years ended December 31, 2017, 2016, and 2015. 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, 2017
DERIVATIVES AND HEDGING ACTIVITY
DERIVATIVES AND HEDGING ACTIVITY	13. 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, 2017, 2016, and 2015, 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, 2017, the Company recognized a loss of $0.1 million reclassified from Accumulated OCI to Interest expense due to the de-designation of cash flow hedges. 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. 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, 2018, the Company estimates that an additional $1.2 million will be reclassified as a decrease to interest expense. As of December 31, 2017, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Number of Product Instruments Notional Interest rate swaps 4 $ 315,000 Interest rate caps 1 $ 65,197 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, 2017, 2016, and 2015. As of December 31, 2017, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076 Tabular Disclosure of Fair Values of Derivative Instruments on the 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, 2017 and 2016 ( dollars in thousands ): Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, 2017 2016 2017 2016 Derivatives designated as hedging instruments: Interest rate products $ 5,743 $ 4,359 $ — $ 413 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ — 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, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Ineffective Portion and Recognized in OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ 1,802 $ 3,514 $ (6,393) $ (1,271) $ (3,657) $ (2,251) $ (136) $ — $ (11) Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) (23) 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, 2017 and 2016, 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 applicable 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, 2017, the fair value of derivatives was in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, of $5.8 million. As of December 31, 2017, the Company has not posted any collateral related to these agreements. 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, 2017 and 2016 ( dollars in thousands ): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 December 31, 2016 $ 4,360 $ — $ 4,360 $ (221) $ — $ 4,139 (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. Gross Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ 413 $ — $ 413 $ (221) $ — $ 192 (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, 2017
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Under Development The following summarizes the Company’s real estate commitments at December 31, 2017 ( dollars in thousands ): Costs Expected Costs Average Number Incurred to Complete Ownership Properties to Date (a) (unaudited) Stake Wholly-owned — under development 2 $ 592,490 (b) $ 124,010 100 % Joint ventures: Unconsolidated joint ventures 3 262,550 22,076 (c) 50 % Preferred equity investments 5 87,491 (d) 50,846 (e) 48 % (f) Other investments 1 28,051 25,508 (g) — % Total $ 970,582 $ 222,440 (a) Represents 100% of project costs incurred as of December 31, 2017. (b) Costs incurred as of December 31, 2017 include $38.0 million of accrued fixed assets for development. (c) Represents UDR’s proportionate share of expected remaining costs to complete the developments. (d) Represents UDR’s investment in the West Coast Development Joint Ventures, 1532 Harrison and 1200 Broadway for the properties under development as of December 31, 2017. (e) Represents UDR’s remaining commitment for 1532 Harrison and 1200 Broadway. (f) Represents UDR’s average ownership stake in the West Coast Development Joint Ventures only and does not include UDR’s preferred equity interest in 1532 Harrison and 1200 Broadway. (g) Represents UDR’s remaining commitment for The Portals and other investment ventures. Ground and Other Leases UDR owns six communities which are subject to ground leases expiring between 2025 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, 2017 are as follows (dollars in thousands): Ground Leases (a) Office Space 2018 $ 5,629 $ 76 2019 5,629 76 2020 5,629 76 2021 5,629 32 2022 5,629 — Thereafter 335,207 — Total $ 363,352 $ 260 (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 $6.2 million, $5.5 million, and $5. 5 million of ground rent expense for the years ended December 31, 2017, 2016, and 2015, respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $0. 2 million, $0.3 million, and $0.3 million of rent expense related to office space for the years ended December 31, 2017, 2016, and 2015, respectively. These costs are included in General and Administrative on the Consolidated Statements of Operations. 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, 2017
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	15. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s chief operating decision maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. UDR’s chief operating decision maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other : · Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2016 and held as of December 31, 2017. 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, 2017, 2016, and 2015. The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 329,322 $ 315,390 $ 294,048 Mid-Atlantic Region 209,548 204,408 158,063 Northeast Region 151,736 147,573 132,079 Southeast Region 116,467 111,318 103,920 Southwest Region 42,992 41,273 39,166 Non-Mature Communities/Other 134,244 128,499 144,652 Total segment and consolidated rental income $ 984,309 $ 948,461 $ 871,928 Reportable apartment home segment NOI Same-Store Communities West Region $ 248,262 $ 237,071 $ 219,282 Mid-Atlantic Region 145,627 140,542 106,354 Northeast Region 106,473 106,005 93,530 Southeast Region 80,726 76,359 69,820 Southwest Region 26,455 25,600 24,407 Non-Mature Communities/Other 90,960 87,508 100,476 Total segment and consolidated NOI 698,503 673,085 613,869 Reconciling items: Joint venture management and other fees 11,482 11,400 22,710 Property management (27,068) (26,083) (23,978) Other operating expenses (9,060) (7,649) (9,708) Real estate depreciation and amortization (430,054) (419,615) (374,598) General and administrative (48,566) (49,761) (59,690) Casualty-related (charges)/recoveries, net (4,335) (732) (2,335) Other depreciation and amortization (6,408) (6,023) (6,679) Income/(loss) from unconsolidated entities 31,257 52,234 62,329 Interest expense (128,711) (123,031) (121,875) Interest income and other income/(expense), net 1,971 1,930 1,551 Tax (provision)/benefit, net 240 3,774 3,886 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. $ 121,558 $ 292,718 $ 340,383 The following table details the assets of UDR’s reportable segments as of December 31, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,932,958 $ 2,896,589 Mid-Atlantic Region 2,236,911 2,216,067 Northeast Region 1,865,762 1,857,193 Southeast Region 762,102 746,762 Southwest Region 292,074 283,260 Non-Mature Communities/Other 2,087,399 1,615,882 Total segment assets 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Total segment assets — net book value 6,847,040 6,692,128 Reconciling items: Cash and cash equivalents 2,038 2,112 Restricted cash 19,792 19,994 Notes receivable, net 19,469 19,790 Investment in and advances to unconsolidated joint ventures, net 720,830 827,025 Other assets 124,104 118,535 Total consolidated assets $ 7,733,273 $ 7,679,584 Capital expenditures related to our Same-Store Communities totaled $87.0 million, $86.2 million, and $66.7 million for the years ended December 31, 2017, 2016, and 2015, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $4.9 million, $10.1 million, and $18.5 million for the years ended December 31, 2017, 2016, and 2015, respectively. Markets included in the above geographic segments are as follows: i. West Region — San Francisco, Orange County, 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, Austin and Denver

Unaudited Summarized Consolidat

Unaudited Summarized Consolidated Quarterly Financial Data	12 Months Ended
	Dec. 31, 2017
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA	16. UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Income/(loss) from continuing operations 26,264 11,062 17,570 34,355 Net income/(loss) attributable to common stockholders (a) 25,038 9,228 15,264 68,356 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.09 $ 0.03 $ 0.06 $ 0.26 Diluted $ 0.09 $ 0.03 $ 0.06 $ 0.25 Weighted average number of common shares outstanding: Basic 266,790 266,972 267,056 267,270 Diluted 268,688 268,859 269,062 269,221 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 (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.

Schedule - III Real Estate Owne

Schedule - III Real Estate Owned	12 Months Ended
	Dec. 31, 2017
Schedule III - Real Estate Owned
Schedule III - Real Estate Owned	Gross Amount at Which Initial Costs Carried at Close of Period Costs of Improvements Capitalized Land and Buildings Total Initial Subsequent Land and Buildings & Total Land and Acquisition to Acquisition Land Buildings Carrying Accumulated Date of Date Encumbrances Improvements Improvements Costs Costs Improvements Improvements Value Depreciation Construction(a) Acquired WEST REGION 2000 Post Street $ — $ 9,861 $ 44,578 $ 54,439 $ 34,115 $ 14,315 $ 74,239 $ 88,554 $ 37,550 1987/2016 Dec‑98 Birch Creek — 4,365 16,696 21,061 8,122 1,045 28,138 29,183 15,732 1968 Dec‑98 Highlands Of Marin — 5,996 24,868 30,864 27,788 7,823 50,829 58,652 33,322 1991/2010 Dec‑98 Marina Playa — 6,224 23,916 30,140 12,235 1,141 41,234 42,375 21,855 1971 Dec‑98 River Terrace 38,495 22,161 40,137 62,298 5,847 22,751 45,394 68,145 28,808 2005 Aug‑05 CitySouth — 14,031 30,537 44,568 36,702 16,388 64,882 81,270 43,163 1972/2012 Nov‑05 Bay Terrace — 8,545 14,458 23,003 5,824 11,579 17,248 28,827 10,906 1962 Oct‑05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,200 5,758 29,354 35,112 18,309 1968/2010 Oct‑07 Edgewater — 30,657 83,872 114,529 11,436 30,720 95,245 125,965 49,873 2007 Mar‑08 Almaden Lake Village 27,000 594 42,515 43,109 7,651 907 49,853 50,760 27,685 1999 Jul‑08 388 Beale — 14,253 74,104 88,357 10,176 14,482 84,051 98,533 31,707 1999 Apr‑11 Channel Mission Bay — 23,625 — 23,625 129,822 23,744 129,703 153,447 32,544 2014 Sep‑10 SAN FRANCISCO, CA 65,495 145,665 414,240 559,905 300,918 150,653 710,170 860,823 351,454 Harbor at Mesa Verde — 20,476 28,538 49,014 19,346 21,995 46,365 68,360 31,256 1965/2003 Jun-03 27 Seventy Five Mesa Verde — 99,329 110,644 209,973 97,401 113,691 193,683 307,374 115,829 1979/2013 Oct-04 Pacific Shores — 7,345 22,624 29,969 11,742 8,024 33,687 41,711 23,146 1971/2003 Jun-03 Huntington Vista — 8,055 22,486 30,541 14,187 9,215 35,513 44,728 22,752 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,391 10,987 6,762 17,749 4,809 1969 Dec-03 Eight 80 Newport Beach — North — 62,516 46,082 108,598 40,460 68,217 80,841 149,058 51,642 1968/2000/2016 Oct-04 Eight 80 Newport Beach — South — 58,785 50,067 108,852 32,476 60,812 80,516 141,328 48,986 1968/2000/2016 Mar-05 Foxborough — 12,071 6,187 18,258 4,013 12,460 9,811 22,271 6,267 1969 Sep-04 1818 Platinum Triangle — 16,663 51,905 68,568 2,514 16,961 54,121 71,082 23,649 2009 Aug-10 Beach & Ocean — 12,878 — 12,878 39,019 13,087 38,810 51,897 7,842 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 126,645 25,157 126,488 151,645 35,583 2013 Oct-11 Los Alisos at Mission Viejo — 17,298 — 17,298 70,623 16,522 71,399 87,921 18,130 2014 Jun-04 ORANGE COUNTY, CA — 340,645 352,662 693,307 461,817 377,128 777,996 1,155,124 389,891 Crowne Pointe — 2,486 6,437 8,923 8,421 3,083 14,261 17,344 9,003 1987 Dec-98 Hilltop — 2,174 7,408 9,582 5,594 2,997 12,179 15,176 7,965 1985 Dec-98 The Hawthorne — 6,474 30,226 36,700 6,613 6,996 36,317 43,313 23,177 2003 Jul-05 The Kennedy — 6,179 22,307 28,486 2,727 6,280 24,933 31,213 15,434 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 4,923 7,032 35,661 42,693 20,118 2000 May-08 Island Square — 21,284 89,389 110,673 6,320 21,631 95,362 116,993 51,102 2007 Jul-08 Borgata — 6,379 24,569 30,948 5,172 6,427 29,693 36,120 16,104 2001/2016 May-07 elements too — 27,468 72,036 99,504 17,566 30,232 86,838 117,070 52,083 2010 Feb-10 989elements — 8,541 45,990 54,531 3,571 8,607 49,495 58,102 22,087 2006 Dec-09 Lightbox — 6,449 38,884 45,333 897 6,470 39,760 46,230 8,538 2014 Aug-14 Waterscape — 9,693 65,176 74,869 1,073 9,708 66,234 75,942 12,820 2014 Sep-14 Ashton Bellevue 48,707 8,287 124,939 133,226 1,316 8,358 126,184 134,542 8,672 2009 Oct-16 TEN20 28,565 5,247 76,587 81,834 1,315 5,292 77,857 83,149 5,366 2009 Oct-16 Milehouse — 5,976 63,041 69,017 169 5,976 63,210 69,186 4,653 2016 Nov-16 CityLine — 11,220 85,787 97,007 59 11,220 85,846 97,066 5,152 2016 Jan-17 SEATTLE, WA 77,272 134,705 783,698 918,403 65,736 140,309 843,830 984,139 262,274 Rosebeach — 8,414 17,449 25,863 4,758 8,792 21,829 30,621 14,644 1970 Sep-04 Tierra Del Rey — 39,586 36,679 76,265 6,967 39,769 43,463 83,232 23,843 1998 Dec-07 The Westerly 67,700 48,182 102,364 150,546 38,878 50,850 138,574 189,424 68,118 1993/2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 92,394 61,568 86,477 148,045 41,830 2008 Sep-07 LOS ANGELES, CA 67,700 151,833 156,492 308,325 142,997 160,979 290,343 451,322 148,435 Boronda Manor — 1,946 8,982 10,928 10,320 3,250 17,998 21,248 10,504 1979 Dec-98 Garden Court — 888 4,188 5,076 5,941 1,600 9,417 11,017 5,679 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 16,609 5,548 26,983 32,531 15,939 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,654 2,287 10,786 13,073 6,396 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 29,912 10,241 49,913 60,154 28,586 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,886 3,384 17,574 20,958 10,479 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 7,212 2,300 11,575 13,875 6,585 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 87,534 28,610 144,246 172,856 84,168 Verano at Rancho Cucamonga Town Square — 13,557 3,645 17,202 55,786 23,534 49,454 72,988 38,366 2006 Oct-02 Windemere at Sycamore Highland — 5,810 23,450 29,260 3,775 6,213 26,822 33,035 19,302 2001 Nov-02 OTHER SOUTHERN CA — 19,367 27,095 46,462 59,561 29,747 76,276 106,023 57,668 Tualatin Heights — 3,273 9,134 12,407 7,638 3,906 16,139 20,045 11,379 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,388 6,493 21,779 28,272 16,008 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 15,026 10,399 37,918 48,317 27,387 TOTAL WEST REGION 210,467 818,440 1,826,575 2,645,015 1,133,589 897,825 2,880,779 3,778,604 1,321,277 MID-ATLANTIC REGION Dominion Middle Ridge — 3,311 13,283 16,594 7,622 3,982 20,234 24,216 15,280 1990 Jun-96 Dominion Lake Ridge — 2,366 8,387 10,753 8,232 2,933 16,052 18,985 11,572 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 11,279 11,756 29,551 41,307 22,213 1938 May-02 The Whitmore — 6,418 13,411 19,829 22,432 7,511 34,750 42,261 25,988 1962/2008 Apr-02 Ridgewood — 5,612 20,086 25,698 10,322 6,255 29,765 36,020 22,262 1988 Aug-02 DelRay Tower — 297 12,786 13,083 114,031 9,559 117,555 127,114 25,219 2014 Jan-08 Waterside Towers — 1,139 49,657 50,796 25,268 37,049 39,015 76,064 24,373 1971 Dec-03 Wellington Place at Olde Town 31,373 13,753 36,059 49,812 19,205 14,788 54,229 69,017 38,698 1987/2008 Sep-05 Andover House — 183 59,948 60,131 5,002 263 64,870 65,133 35,751 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 9,387 1,641 112,559 114,200 65,130 2007 Dec-07 Circle Towers — 32,815 107,051 139,866 19,198 33,476 125,588 159,064 69,419 1972 Mar-08 Delancey at Shirlington — 21,606 66,765 88,371 4,115 21,638 70,848 92,486 38,906 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 4,371 5,753 102,269 108,022 37,669 2009 Jun-11 Signal Hill — 13,290 — 13,290 70,901 25,518 58,673 84,191 33,128 2010 Mar-07 Capitol View on 14th — 31,393 — 31,393 95,020 31,412 95,001 126,413 29,971 2013 Sep-07 Domain College Park — 7,300 — 7,300 58,754 7,345 58,709 66,054 15,613 2014 Jun-11 1200 East West — 9,748 68,022 77,770 1,872 9,786 69,856 79,642 8,631 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 3,054 27,852 114,829 142,681 16,483 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 1,803 15,585 109,323 124,908 13,584 2014 Oct-15 Arbor Park of Alexandria 89,019 50,881 159,728 210,609 1,765 50,886 161,488 212,374 23,191 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 7,091 14,714 90,908 105,622 13,280 2000 Oct-15 Newport Village 127,600 55,283 177,454 232,737 11,936 55,405 189,268 244,673 27,607 1968 Oct-15 METROPOLITAN, D.C. 247,992 331,492 1,316,295 1,647,787 512,660 395,107 1,765,340 2,160,447 613,968 Gayton Pointe Townhomes — 826 5,148 5,974 30,490 3,524 32,940 36,464 29,536 1973/2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 8,730 2,433 21,380 23,813 15,249 1987 Sep-97 Carriage Homes at Wyndham — 474 30,997 31,471 9,229 3,920 36,780 40,700 26,329 1998 Nov-03 Legacy at Mayland 33,850 1,979 11,524 13,503 31,489 5,140 39,852 44,992 34,884 1973/2007 Dec-91 RICHMOND, VA 33,850 5,123 60,908 66,031 79,938 15,017 130,952 145,969 105,998 Calvert's Walk — 4,408 24,692 29,100 8,029 4,900 32,229 37,129 22,913 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 8,559 12,298 53,601 65,899 30,791 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 1,841 4,783 42,357 47,140 17,665 2009 Aug-10 BALTIMORE, MD — 20,827 110,912 131,739 18,429 21,981 128,187 150,168 71,369 TOTAL MID-ATLANTIC REGION 281,842 357,442 1,488,115 1,845,557 611,027 432,105 2,024,479 2,456,584 791,335 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 12,957 41,658 231,714 273,372 78,792 2005 Apr-11 21 Chelsea — 36,399 107,154 143,553 13,714 36,494 120,773 157,267 42,537 2001 Aug-11 View 34 — 114,410 324,920 439,330 101,043 115,062 425,311 540,373 153,669 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 9,468 58,014 275,346 333,360 105,886 2008 Aug-11 NEW YORK, NY — 249,878 917,312 1,167,190 137,182 251,228 1,053,144 1,304,372 380,884 Garrison Square — 5,591 91,027 96,618 9,632 5,687 100,563 106,250 41,736 1887/1990 Sep-10 Ridge at Blue Hills 25,000 6,039 34,869 40,908 3,072 6,272 37,708 43,980 15,893 2007 Sep-10 Inwood West 51,721 20,778 88,096 108,874 9,753 19,569 99,058 118,627 38,730 2006 Apr-11 14 North — 10,961 51,175 62,136 9,517 11,180 60,473 71,653 24,942 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 201,393 24,607 201,370 225,977 29,077 2015 Dec-15 BOSTON, MA 76,721 67,953 265,167 333,120 233,367 67,315 499,172 566,487 150,378 TOTAL NORTHEAST REGION 76,721 317,831 1,182,479 1,500,310 370,549 318,543 1,552,316 1,870,859 531,262 SOUTHEAST REGION Seabrook — 1,846 4,155 6,001 9,343 2,912 12,432 15,344 10,472 1984/2004 Feb-96 Altamira Place — 1,533 11,076 12,609 21,395 3,637 30,367 34,004 27,378 1984/2007 Apr-94 Regatta Shore — 757 6,608 7,365 16,863 2,151 22,077 24,228 18,908 1988/2007 Jun-94 Alafaya Woods — 1,653 9,042 10,695 10,384 2,608 18,471 21,079 14,697 1989/2006 Oct-94 Los Altos — 2,804 12,349 15,153 12,334 4,222 23,265 27,487 17,325 1990/2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 10,935 2,963 18,796 21,759 13,550 1985/2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 7,756 1,766 13,770 15,536 10,134 1986/2004 Oct-97 Ashton Waterford — 3,872 17,538 21,410 5,181 4,338 22,253 26,591 15,488 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 14,184 7,493 26,243 33,736 20,933 1992/2007 Aug-06 ORLANDO, FL — 22,624 88,765 111,389 108,375 32,090 187,674 219,764 148,885 Legacy Hill — 1,148 5,867 7,015 9,844 1,887 14,972 16,859 12,130 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 10,771 2,322 21,502 23,824 15,164 1989 Dec-95 Carrington Hills — 2,117 — 2,117 36,910 4,710 34,317 39,027 23,982 1999 Dec-95 Brookridge — 708 5,461 6,169 6,490 1,371 11,288 12,659 7,975 1986 Mar-96 Breckenridge — 766 7,714 8,480 5,871 1,435 12,916 14,351 9,110 1986 Mar-97 Colonnade 16,331 1,460 16,015 17,475 7,375 2,050 22,800 24,850 14,130 1998 Jan-99 The Preserve at Brentwood — 3,182 24,674 27,856 9,080 3,755 33,181 36,936 23,549 1998 Jun-04 Polo Park 23,550 4,583 16,293 20,876 17,190 5,856 32,210 38,066 25,178 1987/2008 May-06 NASHVILLE, TN 39,881 15,433 87,608 103,041 103,531 23,386 183,186 206,572 131,218 Summit West — 2,176 4,710 6,886 10,657 3,651 13,892 17,543 12,275 1972 Dec-92 The Breyley — 1,780 2,458 4,238 18,228 3,721 18,745 22,466 18,225 1977/2007 Sep-93 Lakewood Place — 1,395 10,647 12,042 11,529 2,922 20,649 23,571 16,090 1986 Mar-94 Cambridge Woods 12,450 1,791 7,166 8,957 10,548 3,164 16,341 19,505 12,630 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 17,391 10,092 38,151 48,243 30,024 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 9,535 11,742 45,520 57,262 31,960 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 18,382 15,199 47,457 62,656 28,293 2009 Jul-09 TAMPA, FL 12,450 32,324 122,652 154,976 96,270 50,491 200,755 251,246 149,497 The Reserve and Park at Riverbridge 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 1999/2001 Dec-04 OTHER FLORIDA 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 TOTAL SOUTHEAST REGION 92,118 86,349 355,426 441,775 320,327 122,713 639,389 762,102 474,910 SOUTHWEST REGION Thirty377 25,000 24,036 32,951 56,987 17,923 24,383 50,527 74,910 28,099 1999/2007 Aug-06 Legacy Village 82,734 16,882 100,102 116,984 17,155 19,752 114,387 134,139 65,000 2005/06/07 Mar-08 Addison Apts at The Park — 22,041 11,228 33,269 8,616 30,698 11,187 41,885 8,859 1977/78/79 May-07 Addison Apts at The Park II — 7,903 554 8,457 3,275 8,415 3,317 11,732 2,064 1970 May-07 Addison Apts at The Park I — 10,440 634 11,074 3,563 11,009 3,628 14,637 2,549 1975 May-07 DALLAS, TX 107,734 81,302 145,469 226,771 50,532 94,257 183,046 277,303 106,571 Barton Creek Landing — 3,151 14,269 17,420 23,443 5,119 35,744 40,863 26,542 1986/2012 Mar-02 Residences at the Domain 36,299 4,034 55,256 59,290 13,245 4,512 68,023 72,535 34,285 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 2,983 5,467 20,246 25,713 8,505 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 2,087 4,448 18,656 23,104 7,590 2002 Apr-12 AUSTIN, TX 36,299 16,417 104,040 120,457 41,758 19,546 142,669 162,215 76,922 Steele Creek — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 2015 Oct-17 DENVER, CO — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 TOTAL SOUTHWEST REGION 144,033 106,305 379,909 486,214 92,568 122,395 456,387 578,782 185,214 TOTAL OPERATING COMMUNITIES 805,181 1,686,367 5,232,504 6,918,871 2,528,060 1,893,581 7,553,350 9,446,931 3,303,998 REAL ESTATE UNDER DEVELOPMENT The Residences at Pacific City 78,085 — 78,085 253,044 78,085 253,044 331,129 3,854 345 Harrison 32,938 — 32,938 228,423 31,383 229,978 261,361 — TOTAL REAL ESTATE UNDER DEVELOPMENT — 111,023 — 111,023 481,467 109,468 483,022 592,490 3,854 LAND Waterside 11,862 — 11,862 222 12,084 — 12,084 333 7 Harcourt 884 — 884 5,792 804 5,872 6,676 14 Vitruvian Park® 4,325 — 4,325 9,291 11,347 2,269 13,616 2,273 Wilshire at LaJolla 31,105 — 31,105 97 31,202 — 31,202 — Dublin Land 8,922 — 8,922 3,440 8,922 3,440 12,362 — TOTAL LAND — 57,098 — 57,098 18,842 64,359 11,581 75,940 2,620 COMMERCIAL Circle Towers Office Bldg — — — — 7,679 1,380 6,299 7,679 3,570 Brookhaven Shopping Center — — — — 23,079 7,793 15,286 23,079 13,920 TOTAL COMMERCIAL — — — — 30,758 9,173 21,585 30,758 17,490 Other (b) — — — — 6,265 — 6,265 6,265 72 1745 Shea Center I — 3,034 20,534 23,568 1,254 3,035 21,787 24,822 2,132 TOTAL CORPORATE — 3,034 20,534 23,568 7,519 3,035 28,052 31,087 2,204 TOTAL COMMERCIAL & CORPORATE — 3,034 20,534 23,568 38,277 12,208 49,637 61,845 19,694 Deferred Financing Costs (1,912) TOTAL REAL ESTATE OWNED $ 803,269 $ 1,857,522 $ 5,253,038 $ 7,110,560 $ 3,066,646 $ 2,079,616 $ 8,097,590 $ 10,177,206 $ 3,330,166 (a) (b) The aggregate cost for federal income tax purposes was approximately $ 9.1 billion at December 31, 2017 ( unaudited ). The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. 2017 2016 2015 Balance at beginning of the year $ 9,615,753 $ 9,190,276 $ 8,383,259 Real estate acquired 235,993 324,104 906,446 Capital expenditures and development 369,029 339,813 203,183 Real estate sold (43,569) (238,440) (301,920) Impairment of assets, including casualty-related impairments — — (692) Balance at end of the year $ 10,177,206 $ 9,615,753 $ 9,190,276 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2017 2016 2015 Balance at beginning of the year $ 2,923,625 $ 2,646,874 $ 2,434,772 Depreciation expense for the year 424,772 398,904 364,622 Accumulated depreciation on sales (18,231) (122,153) (152,520) Balance at end of year $ 3,330,166 $ 2,923,625 $ 2,646,874

Significant Accounting Polici27

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
SIGNIFICANT ACCOUNTING POLICIES
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Company on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Company expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued 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. The ASU will be applied prospectively to any transactions occurring after 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. The Company does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. 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; however, early adoption of the ASU 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. As a result of adopting the ASU, the Company recorded a one-time adjustment for existing estimated forfeitures of $0.6 million as of January 1, 2017 to Distributions in Excess of Net Income on January 1, 2017. 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; however, early adoption of the ASU is 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 adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The updated standard requires certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard will be effective for the Company on January 1, 2018. The Company holds one investment in equity securities subject to the updated guidance. As the investment does not have a readily determinable fair value, the Company will elect the measurement alternative under which the investment will be measured at cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. However, the Company does not expect the updated standard to have a material impact on the consolidated financial statements. 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 ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU .
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, 2017, 2016, and 2015 were $8.8 million, $7.9 million and $ 6.3 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was $18.6 million, $16.5 million, and $ 16.1 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 of 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, 2017 and 2016 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2017 2017 2016 Note due February 2020 (a) 10.00 % $ 13,669 $ 12,994 Note due July 2017 (b) — % — 2,500 Note due October 2020 (c) 8.00 % 2,000 1,296 Note due August 2022 (d) 10.00 % 3,800 3,000 Total notes receivable, net $ 19,469 $ 19,790 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million. During the year ended December 31, 2017, the Company loaned $0.7 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). (b) At December 31, 2016, the Company had a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million. The outstanding balance was paid in full during the year ended December 31, 2017. (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million had been funded. During the year ended December 31, 2017, the Company loaned $0.7 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) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which $3.8 million has been funded. During the year ended December 31, 2017, the Company loaned $ 0.8 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) August 2022. In September 2017, the terms of this secured note receivable were amended to reduce the aggregate commitment from $15.0 million to $10.0 million and to extend the maturity date of the note from the fifth anniversary of the note (April 2021) to August 2022. During the years ended December 31, 2017, 2016, and 2015, the Company recognized $1.8 million, $1.8 million and $ 1.5 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, 2017, 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, 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.
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, 2017 and 2016, UDR’s net deferred tax asset was $0.1 million and $0.6 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 than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2017. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2016 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 (provision)/benefit, net on the Consolidated Statements of Operations. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, we have completed our accounting for the tax effects of the Act, under which we recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable under the Act.
Principles of Consolidation	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 consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“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	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. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation. For further discussion, see Note 9, Employee Benefit Plans.
Advertising costs	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, 2017, 2016, and 2015, total advertising expense was $6.2 million, $6.4 million, and $6. 4 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/(Loss)	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, 2017, 2016, and 2015, 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 13, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2017, 2016, and 2015 was $0.3 million, $0.1 million, and $(0.3) million, respectively.
Use of estimates	Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.
Market concentration risk	Market Concentration Risk The 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, 2017, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the San Francisco, California; Orange County, California; Metropolitan D.C. and New York, New York markets.

Significant Accounting Polici28

Significant Accounting Policies (Tables).	12 Months Ended
	Dec. 31, 2017
SIGNIFICANT ACCOUNTING POLICIES
Notes receivable	Notes Receivable The following table summarizes our notes receivable, net as of December 31, 2017 and 2016 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2017 2017 2016 Note due February 2020 (a) 10.00 % $ 13,669 $ 12,994 Note due July 2017 (b) — % — 2,500 Note due October 2020 (c) 8.00 % 2,000 1,296 Note due August 2022 (d) 10.00 % 3,800 3,000 Total notes receivable, net $ 19,469 $ 19,790 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million. During the year ended December 31, 2017, the Company loaned $0.7 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). (b) At December 31, 2016, the Company had a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million. The outstanding balance was paid in full during the year ended December 31, 2017. (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million had been funded. During the year ended December 31, 2017, the Company loaned $0.7 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). The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which $3.8 million has been funded. During the year ended December 31, 2017, the Company loaned $ 0.8 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) August 2022.

Real Estate Owned (Tables)

Real Estate Owned (Tables)	12 Months Ended
	Dec. 31, 2017
REAL ESTATE OWNED
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, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 1,780,229 $ 1,801,576 Depreciable property — held and used: Land improvements 189,919 178,701 Building, improvements, and furniture, fixtures and equipment 7,614,568 7,291,570 Under development: Land and land improvements 109,468 111,028 Building, improvements, and furniture, fixtures and equipment 483,022 231,254 Real estate held for disposition: Land and land improvements — 1,104 Building, improvements, and furniture, fixtures and equipment — 520 Real estate owned 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Real estate owned, net $ 6,847,040 $ 6,692,128

Joint Ventures and Partnershi30

Joint Ventures and Partnerships (Tables)	12 Months Ended
	Dec. 31, 2017
JOINT VENTURES AND PARTNERSHIPS
Schedule of 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, 2017 and 2016 (dollars in thousands) : Number of Number of Apartment Properties Homes Investment at UDR’s Ownership Interest Location of December 31, December 31, December 31, December 31, December 31, December 31, Joint Venture Properties 2017 2017 2017 2016 2017 2016 Operating and development: UDR/MetLife I Los Angeles, CA 1 development community (a) 150 $ 34,653 $ 25,209 50.0 % 50.0 % UDR/MetLife II (b) Various 18 operating communities 4,059 303,702 311,282 50.0 % 50.0 % Other UDR/MetLife Various 4 operating communities; 1,437 135,563 160,979 50.6 % 50.6 % Development Joint Ventures 1 development community (a) UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1,513 78,404 72,414 50.0 % 50.0 % 1 development community (a); 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 8,958 12,835 30.0 % 30.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 561,280 $ 582,719 Investment at Income from investments Years To UDR December 31, December 31, Year Ended December 31, Developer Capital Program (c) Location Rate Maturity Commitment 2017 2016 2017 2016 2015 Participating loan investment: Steele Creek (d) Denver, CO — % — $ — $ — $ 94,003 $ 19,523 $ 6,213 $ 5,453 Preferred equity investments: West Coast Development Joint Ventures (e) Various 6.5 % N/A — 102,142 150,303 23,557 4,561 3,692 1532 Harrison (f) San Francisco, CA 11.0 % 4.5 24,645 11,346 — 511 — — 1200 Broadway (g) Nashville, TN 8.0 % 4.8 55,558 18,011 — 370 — — Other investments: The Portals (h) Washington, D.C. 11.0 % 3.4 38,559 26,535 — 839 — — Other investment ventures N/A N/A N/A $ 15,000 1,516 — $ (30) $ — $ — Total Developer Capital Program 159,550 244,306 Total investment in and advances to unconsolidated joint ventures, net $ 720,830 $ 827,025 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2017, 190 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 ® . (b) 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, 2017, 2016, and 2015, the Company recorded casualty-related charges/(recoveries) of $(0.9) million, $( 3.8) million, and $2.5 million, respectively, representing its proportionate share of the total charges/(recoveries) recognized. (c) The Developer Capital Program is a program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments, that may receive a fixed yield on the investment and that may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (d) In October 2017, the Company acquired the Steele Creek community for a purchase price of approximately $141.5 million (see Note 3, Real Estate Owned ). (e) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and agreed to pay $136.3 million for a 48% ownership interest in a portfolio of five communities that were under construction. The communities are located in three of the Company’s core, coastal markets: Seattle, Washington, Los Angeles and Orange County, California. UDR earns a 6.5% preferred return on its investment through each individual community’s date of stabilization, defined as when a community reaches 80% occupancy for 90 consecutive days, while the joint venture partner is allocated all operating income and expense during the pre-stabilization period. 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 Company serves as property manager and earns a management fee during the lease-up phase and subsequent operation of each of the communities. The unaffiliated joint venture partner is the general partner of the joint venture and the developer of the communities. At inception of the agreement, the Company had 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 unaffiliated joint venture partner will be entitled to earn a contingent disposition fee equal to a 6.5% return on its implied equity in the communities not acquired. The unaffiliated joint venture partner is providing certain guaranties and at the inception of the agreement there are construction loans on all five communities. In January 2017, the Company exercised its fixed-price option to purchase the joint venture partner’s ownership interest in one of the five communities, a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Estate Owned ). As a result of the consolidation, the Company recorded a gain on consolidation of $12.2 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In connection with the purchase, the construction loan on the community was paid in full. In August 2017, the joint venture sold one of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million. As a result, the Company recorded a gain on the sale of approximately $2.1 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In November 2017, the joint venture sold one of the three remaining communities, a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. As a result, the Company recorded a gain on the sale of approximately $5.5 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. As of December 31, 2017, construction was completed on one of the two remaining communities. The completed community has achieved stabilization and the Company receives income and expenses based on its ownership percentage. The other community is still under construction and the Company continues to receive a 6.5% preferred return on its investment in that community. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and agreed to pay $15.5 million for a 49% ownership interest in a 155 home community that is currently under construction in Seattle, Washington and $16.1 million for a 49% ownership interest in a 276 home community that is currently under construction in Hillsboro, Oregon (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). Consistent with the terms of the May 2015 joint venture agreement, UDR earns a 6.5% preferred return on its investments through the communities’ date of stabilization, as defined above, while our joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization of the communities, income and expense will be shared based on each partner’s ownership percentage and the Company will no longer receive a 6.5% preferred return on its investment. The Company will serve as property manager and will earn a management fee during the lease-up phase and subsequent operation of the stabilized communities. The unaffiliated joint venture partner is the general partner and the developer of the communities. The Company has concluded it does not control the joint ventures and accounts for them under the equity method of accounting. The Company has a fixed-price option to acquire the remaining interest in the communities beginning one year after completion for a total price of $61.3 million and $72.3 million, respectively. The unaffiliated joint venture partner is providing certain guaranties and there are construction loans on the communities. The Company’s recorded equity investment in the West Coast Development Joint Ventures at December 31, 2017 and 2016 of $ 102.1 million and $1 50.3 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (f) In June 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 136 apartment home community in San Francisco, California. The Company’s preferred equity investment of up to $24.6 million earns a preferred return of 11.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017, the Company had contributed approximately $11.3 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (g) In September 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 313 apartment home community in Nashville, Tennessee. The Company’s preferred equity investment of up to $55.6 million earns a preferred return of 8.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017 , the Company had contributed approximately $18.0 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (h) In May 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture has made a mezzanine loan to a third-party developer of a 373 apartment home community in Washington, D.C. The unaffiliated joint venture partner is the managing member of the joint venture. The mezzanine loan is for up to $71.0 million at an interest rate of 13.5% per annum and carries a term of four years with one, 12-month extension option. The Company’s investment commitment to the joint venture is approximately $38.6 million and earns a weighted average return rate of approximately 11.0% per annum. As of December 31, 2017, the Company had contributed approximately $26.5 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting.
Combined Summary of Balance Sheets Relating to Unconsolidated Joint Ventures [Table Text Block]	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, 2017, 2016, and 2015 ( dollars in thousands): Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2017 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ — $ 156,920 $ 48,032 $ 23,025 $ 20,327 $ 18,812 $ 267,116 Property operating expenses 93 52,450 21,908 11,839 8,159 9,520 103,969 Real estate depreciation and amortization — 45,144 32,625 7,169 14,480 7,387 106,805 Operating income/(loss) (93) 59,326 (6,501) 4,017 (2,312) 1,905 56,342 Interest expense — (50,603) (13,894) (5,030) (5,264) (4,038) (78,829) Gain/(loss) on the sale of real estate (17) (609) — — — 72,216 71,590 Net income attributable to noncontrolling interest — — — — — 439 439 Net income/(loss) $ (110) $ 8,114 $ (20,395) $ (1,013) $ (7,576) $ 69,644 $ 48,664 Condensed Balance Sheets: Total real estate, net $ 108,958 $ 1,641,338 $ 687,492 $ 299,420 $ 195,625 $ 252,352 $ 3,185,185 Cash and cash equivalents 514 11,947 8,596 7,612 829 4,214 33,712 Other assets 2 10,830 4,290 1,972 905 979 18,978 Total assets 109,474 1,664,115 700,378 309,004 197,359 257,545 3,237,875 Amount due to/(from) UDR 514 (4,207) 413 1,311 229 288 (1,452) Third party debt, net 30,555 1,108,156 443,147 131,281 165,801 126,626 2,005,566 Accounts payable and accrued liabilities 12,186 19,477 14,590 15,620 1,516 17,101 80,490 Total liabilities 43,255 1,123,426 458,150 148,212 167,546 144,015 2,084,604 Total equity $ 66,219 $ 540,689 $ 242,228 $ 160,792 $ 29,813 $ 113,530 $ 1,153,271 Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2016 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ 278 $ 169,175 $ 18,090 $ 22,916 $ 19,997 $ 12,174 $ 242,630 Property operating expenses 552 52,322 11,655 11,730 7,828 7,117 91,204 Real estate depreciation and amortization 52 46,135 16,353 6,835 14,444 6,218 90,037 Operating income/(loss) (326) 70,718 (9,918) 4,351 (2,275) (1,161) 61,389 Interest expense — (51,173) (6,164) (5,095) (5,369) (2,166) (69,967) Income/(loss) from discontinued operations (375) 34,201 — — — — 33,826 Net income attributable to noncontrolling interest — — — — — (62) (62) Net income/(loss) $ (701) $ 53,746 $ (16,082) $ (744) $ (7,644) $ (3,265) $ 25,310 Condensed Balance Sheets: Total real estate, net $ 50,656 $ 1,672,842 $ 698,694 $ 270,770 $ 208,105 $ 373,449 $ 3,274,516 Cash and cash equivalents 1,940 13,272 8,991 7,012 1,288 7,469 39,972 Other assets 1,641 11,370 2,744 2,266 1,026 2,246 21,293 Total assets 54,237 1,697,484 710,429 280,048 210,419 383,164 3,335,781 Amount due to/(from) UDR 155 (4,711) 3,082 1,566 429 274 795 Third party debt, net — 1,128,379 375,597 124,716 165,687 206,525 2,000,904 Accounts payable and accrued liabilities 5,211 19,996 32,484 7,303 1,397 10,994 77,385 Total liabilities 5,366 1,143,664 411,163 133,585 167,513 217,793 2,079,084 Total equity $ 48,871 $ 553,820 $ 299,266 $ 146,463 $ 42,906 $ 165,371 $ 1,256,697
Financial information relating to unconsolidated joint ventures operations	Other UDR/ UDR/MetLife MetLife West Coast For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2015 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Texas Total Condensed Statements of Operations: Total revenues $ 541 $ 170,062 $ 7,634 $ 22,139 $ 19,338 $ 200 $ — $ 219,914 Property operating expenses 906 63,516 3,826 11,519 7,733 4,065 — 91,565 Real estate depreciation and amortization 818 46,616 6,897 6,639 14,522 102 — 75,594 Operating income/(loss) (1,183) 59,930 (3,089) 3,981 (2,917) (3,967) — 52,755 Interest expense — (52,037) (2,566) (4,848) (5,539) — — (64,990) Income/(loss) from discontinued operations (20) — — — — — 184,138 184,118 Net income attributable to noncontrolling interest — — — — — (1) — (1) Net income/(loss) $ (1,203) $ 7,893 $ (5,655) $ (867) $ (8,456) $ (3,966) $ 184,138 $ 171,884

Secured and Unsecured Debt, N31

Secured and Unsecured Debt, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Secured and Unsecured Debt, Net
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at December 31, 2017 and 2016 ( dollars in thousands): Principal Outstanding As of December 31, 2017 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2017 2016 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 395,611 $ 402,996 4.04 % 5.3 7 Fannie Mae credit facilities (b) 285,836 355,836 4.86 % 2.0 8 Deferred financing costs (1,670) (2,681) Total fixed rate secured debt, net 679,777 756,151 4.39 % 3.9 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 5.2 2 Fannie Mae credit facilities (b) 29,034 280,946 2.92 % 0.9 1 Deferred financing costs (242) (939) Total variable rate secured debt, net 123,492 374,707 2.14 % 4.2 3 Total Secured Debt, net 803,269 1,130,858 4.04 % 4.0 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (k) — — — % 2.1 Borrowings outstanding under unsecured commercial paper program due February 2018 (e) (k) 300,000 — 1.96 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,767 21,350 2.46 % 1.0 Term Loan Facility due January 2021 (d) (k) 35,000 35,000 2.31 % 3.1 Fixed Rate Debt 4.25% Medium-Term Notes due June 2018 (net of discounts of $0 and $608, respectively) (g) (k) — 299,392 — % — 3.70% Medium-Term Notes due October 2020 (net of discounts of $22 and $30, respectively) (k) 299,978 299,970 3.70 % 2.8 1.98% Term Loan Facility due January 2021 (d) (k) 315,000 315,000 1.98 % 3.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,446 and $1,805, respectively) (k) 398,554 398,195 4.63 % 4.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $678 and $782, respectively) (k) 299,322 299,218 3.75 % 6.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $534 and $602, respectively) (h) (k) 299,466 299,398 4.00 % 7.8 2.95% Medium-Term Notes due September 2026 (k) 300,000 300,000 2.95 % 8.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $670 and $0, respectively) (i) (k) 299,330 — 3.50 % 9.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,191 and $0, respectively) (j) (k) 298,809 — 3.50 % 10.0 Other 19 21 Deferred financing costs (14,495) (12,568) Total Unsecured Debt, net 2,868,394 2,270,620 3.43 % 5.7 Total Debt, net $ 3,671,663 $ 3,401,478 3.65 % 5.3
Secured credit facilities	Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2017 2016 Borrowings outstanding $ 314,870 $ 636,782 Weighted average borrowings during the period ended 416,653 737,802 Maximum daily borrowings during the period ended 636,782 813,544 Weighted average interest rate during the period ended 4.3 % 3.9 % Weighted average interest rate at the end of the period 4.7 % 3.8 %
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, 2017 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 4,636 $ 29,034 $ 33,670 $ 300,000 $ 333,670 2019 249,395 67,700 317,095 21,767 338,862 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 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 673,226 123,734 796,960 2,887,411 3,684,371 Non-cash (a) 6,551 (242) 6,309 (19,017) (12,708) Total $ 679,777 $ 123,492 $ 803,269 $ 2,868,394 $ 3,671,663 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2017 and 2016, the Company amortized $4.3 million and $ 4.5 million, respectively, of deferred financing costs into Interest expense .
Commercial Paper
Secured and Unsecured Debt, Net
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total unsecured commercial paper program $ 500,000 $ — Borrowings outstanding at end of period 300,000 — Weighted average daily borrowings during the period ended 238,810 — Maximum daily borrowings during the period ended 390,000 — Weighted average interest rate during the period ended 1.4 % — % Interest rate at end of the period 2.0 % — %
Revolving Credit Facility
Secured and Unsecured Debt, Net
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — — Weighted average daily borrowings during the period ended 2,274 161,505 Maximum daily borrowings during the period ended 120,000 340,000 Weighted average interest rate during the period ended 1.6 % 1.4 % Interest rate at end of the period — % — % (1) Excludes $3.3 million and $2. 9 million of letters of credit at December 31, 2017 and 2016, respectively.
Unsecured Working Capital Credit Facility due January 2019
Secured and Unsecured Debt, Net
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 21,767 21,350 Weighted average daily borrowings during the period ended 26,993 21,936 Maximum daily borrowings during the period ended 68,207 69,633 Weighted average interest rate during the period ended 2.0 % 1.4 % Interest rate at end of the period 2.5 % 1.7 %

Income_(Loss) Per Share (Tables

Income/(Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2017
INCOME/(LOSS) PER SHARE
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, 2017 2016 2015 Numerator for income/(loss) per share: Income/(loss) from continuing operations $ 89,251 $ 109,529 $ 105,482 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. 121,558 292,718 340,383 Distributions to preferred stockholders — Series E (Convertible) (3,708) (3,717) (3,722) Income/(loss) attributable to common stockholders - basic 117,850 289,001 336,661 Dilutive distributions to preferred stockholders - Series E (Convertible) — — 3,722 Income/(loss) attributable to common stockholders - diluted $ 117,850 $ 289,001 $ 340,383 Denominator for income/(loss) per share: Weighted average common shares outstanding 267,567 266,211 259,873 Non-vested restricted stock awards (543) (825) (1,204) Denominator for basic income/(loss) per share 267,024 265,386 258,669 Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options, unvested LTIP Units and unvested restricted stock 1,806 1,925 5,083 Denominator for diluted income/(loss) per share 268,830 267,311 263,752 Income/(loss) per weighted average common share: Basic $ 0.44 $ 1.09 $ 1.30 Diluted $ 0.44 $ 1.08 $ 1.29
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	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, 2017, 2016, and 2015 (shares in thousands) : Year Ended December 31, 2017 2016 2015 OP/DownREIT Units 24,821 25,130 12,947 Convertible preferred stock 3,021 3,028 3,032 Stock options, unvested LTIP Units and unvested restricted stock 1,806 1,925 2,051

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2017
STOCKHOLDERS’ EQUITY
Schedule of changes in issued and outstanding common and preferred stock	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, 2017, 2016 and 2015 Common Preferred Stock Stock Series E Series F 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 Issuance/(forfeiture) of common and restricted shares, net 69,788 — — Issuance of common shares upon exercise of stock options 86,554 Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 7,604 — — Conversion of Series E Cumulative Convertible shares 17,225 (15,909) Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 381,429 — — Forfeiture of Series F shares — — (344,168) Balance at December 31, 2017 267,822,069 2,780,994 15,852,721

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2017
EMPLOYEE BENEFIT PLANS
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, 2017 is as follows: Option Outstanding Option Exercisable Restricted Stock Weighted Weighted Weighted Average Fair Average Average Value Per Number of Exercise Number of Exercise Number Restricted Options Price Options Price of shares Stock Balance, December 31, 2016 2,234,963 $ 12.65 2,234,963 $ 12.65 645,967 $ 35.12 Granted — — — — 238,821 35.76 Exercised (404,291) 24.38 (404,291) 24.38 — — Vested — — — — (322,457) 32.85 Forfeited — — — — (49,815) 35.30 Balance, December 31, 2017 1,830,672 $ 10.06 1,830,672 $ 10.06 512,516 $ 36.82

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
INCOME TAXES
Schedule of taxable distributions paid per common share	Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2017, 2016, and 2015 ( unaudited ): Year Ended December 31, 2017 2016 2015 Ordinary income $ 1.018 $ 0.708 $ 0.595 Qualified ordinary income 0.011 — — Long-term capital gain 0.133 0.309 0.329 Unrecaptured section 1250 gain 0.063 0.145 0.168 Total $ 1.225 $ 1.162 $ 1.092
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, 2017, 2016, and 2015 (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Income tax (benefit)/provision Current Federal $ (1,205) $ 69 $ 29 State 407 372 871 Total current (798) 441 900 Deferred Federal 568 9,814 (4,173) State (10) 1,319 (613) Total deferred 558 11,133 (4,786) Total income tax (benefit)/provision $ (240) $ 11,574 $ (3,886) Classification of income tax (benefit)/provision: Continuing operations $ (240) $ (3,774) $ (3,886) Gain/(loss) on sale of real estate owned — 15,348 —
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, 2017, 2016, and 2015 (dollars in thousands): Year Ended December 31, 2017 2016 2015 Deferred tax assets: Federal and state tax attributes $ 8 $ 536 $ 2,227 Book/tax depreciation — — 9,016 Other 139 190 707 Total deferred tax assets 147 726 11,950 Valuation allowance (9) (6) (81) Net deferred tax assets 138 720 11,869 Deferred tax liabilities: Other (67) (92) (107) Total deferred tax liabilities (67) (92) (107) Net deferred tax asset $ 71 $ 628 $ 11,762
Schedule of effective income tax rate reconciliation	Income tax provision/(benefit), 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, 2017, 2016, and 2015 as follows (dollars in thousands): Year Ended December 31, 2017 2016 2015 Income tax provision/(benefit) U.S. federal income tax provision/(benefit) $ 581 $ 12,577 $ (4,383) State income tax provision 493 1,370 442 Other items (188) 134 (26) New tax law benefit (1,129) — — Conversion of certain TRS entities to REITs — (2,436) — Valuation allowance 3 (71) 81 Total income tax provision/(benefit) $ (240) $ 11,574 $ (3,886)

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	12 Months Ended
	Dec. 31, 2017
NONCONTROLLING INTERESTS
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, 2017 and 2016 ( dollars in thousands ): Year Ended December 31, 2017 2016 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 909,482 $ 946,436 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 71,096 (24,735) Conversion of OP Units/DownREIT Units to Common Stock (14,544) (9,526) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 10,933 27,282 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (31,427) (30,077) Vesting of Long-Term Incentive Plan Units 2,317 — Allocation of other comprehensive income/(loss) 281 102 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year $ 948,138 $ 909,482

Fair Value of Derivatives and37

Fair Value of Derivatives and Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2017
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
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, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — Fair Value at December 31, 2016, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2016 2016 (Level 1) (Level 2) (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) Working capital credit facility 21,350 21,350 — — 21,350 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 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 13, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 11, Noncontrolling Interests .

Derivatives and Hedging Activ38

Derivatives and Hedging Activity (Tables)	12 Months Ended
	Dec. 31, 2017
DERIVATIVES AND HEDGING ACTIVITY
Outstanding interest rate derivatives	As of December 31, 2017, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Number of Product Instruments Notional Interest rate swaps 4 $ 315,000 Interest rate caps 1 $ 65,197 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, 2017, 2016, and 2015. As of December 31, 2017, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076
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, 2017 and 2016 ( dollars in thousands ): Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, 2017 2016 2017 2016 Derivatives designated as hedging instruments: Interest rate products $ 5,743 $ 4,359 $ — $ 413 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ —
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, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Ineffective Portion and Recognized in OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ 1,802 $ 3,514 $ (6,393) $ (1,271) $ (3,657) $ (2,251) $ (136) $ — $ (11)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) (23)
Offsetting of Derivative Assets	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, 2017 and 2016 ( dollars in thousands ): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 December 31, 2016 $ 4,360 $ — $ 4,360 $ (221) $ — $ 4,139 (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 Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ 413 $ — $ 413 $ (221) $ — $ 192 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 (Tables)	12 Months Ended
	Dec. 31, 2017
COMMITMENTS AND CONTINGENCIES
Real estate commitments	The following summarizes the Company’s real estate commitments at December 31, 2017 ( dollars in thousands ): Costs Expected Costs Average Number Incurred to Complete Ownership Properties to Date (a) (unaudited) Stake Wholly-owned — under development 2 $ 592,490 (b) $ 124,010 100 % Joint ventures: Unconsolidated joint ventures 3 262,550 22,076 (c) 50 % Preferred equity investments 5 87,491 (d) 50,846 (e) 48 % (f) Other investments 1 28,051 25,508 (g) — % Total $ 970,582 $ 222,440 (a) Represents 100% of project costs incurred as of December 31, 2017. (b) Costs incurred as of December 31, 2017 include $38.0 million of accrued fixed assets for development. (c) Represents UDR’s proportionate share of expected remaining costs to complete the developments. (d) Represents UDR’s investment in the West Coast Development Joint Ventures, 1532 Harrison and 1200 Broadway for the properties under development as of December 31, 2017. (e) Represents UDR’s remaining commitment for 1532 Harrison and 1200 Broadway. (f) Represents UDR’s average ownership stake in the West Coast Development Joint Ventures only and does not include UDR’s preferred equity interest in 1532 Harrison and 1200 Broadway. (g) Represents UDR’s remaining commitment for The Portals and other investment ventures.
Schedule of future minimum lease payments	Future minimum lease payments as of December 31, 2017 are as follows (dollars in thousands): Ground Leases (a) Office Space 2018 $ 5,629 $ 76 2019 5,629 76 2020 5,629 76 2021 5,629 32 2022 5,629 — Thereafter 335,207 — Total $ 363,352 $ 260 (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, 2017
REPORTABLE SEGMENTS
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 UDR’s reportable segments for the years ended December 31, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 329,322 $ 315,390 $ 294,048 Mid-Atlantic Region 209,548 204,408 158,063 Northeast Region 151,736 147,573 132,079 Southeast Region 116,467 111,318 103,920 Southwest Region 42,992 41,273 39,166 Non-Mature Communities/Other 134,244 128,499 144,652 Total segment and consolidated rental income $ 984,309 $ 948,461 $ 871,928 Reportable apartment home segment NOI Same-Store Communities West Region $ 248,262 $ 237,071 $ 219,282 Mid-Atlantic Region 145,627 140,542 106,354 Northeast Region 106,473 106,005 93,530 Southeast Region 80,726 76,359 69,820 Southwest Region 26,455 25,600 24,407 Non-Mature Communities/Other 90,960 87,508 100,476 Total segment and consolidated NOI 698,503 673,085 613,869 Reconciling items: Joint venture management and other fees 11,482 11,400 22,710 Property management (27,068) (26,083) (23,978) Other operating expenses (9,060) (7,649) (9,708) Real estate depreciation and amortization (430,054) (419,615) (374,598) General and administrative (48,566) (49,761) (59,690) Casualty-related (charges)/recoveries, net (4,335) (732) (2,335) Other depreciation and amortization (6,408) (6,023) (6,679) Income/(loss) from unconsolidated entities 31,257 52,234 62,329 Interest expense (128,711) (123,031) (121,875) Interest income and other income/(expense), net 1,971 1,930 1,551 Tax (provision)/benefit, net 240 3,774 3,886 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. $ 121,558 $ 292,718 $ 340,383
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of December 31, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,932,958 $ 2,896,589 Mid-Atlantic Region 2,236,911 2,216,067 Northeast Region 1,865,762 1,857,193 Southeast Region 762,102 746,762 Southwest Region 292,074 283,260 Non-Mature Communities/Other 2,087,399 1,615,882 Total segment assets 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Total segment assets — net book value 6,847,040 6,692,128 Reconciling items: Cash and cash equivalents 2,038 2,112 Restricted cash 19,792 19,994 Notes receivable, net 19,469 19,790 Investment in and advances to unconsolidated joint ventures, net 720,830 827,025 Other assets 124,104 118,535 Total consolidated assets $ 7,733,273 $ 7,679,584

Unaudited Summarized Consolid41

Unaudited Summarized Consolidated Quarterly Financial Data (Tables)	12 Months Ended
	Dec. 31, 2017
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA
Schedule of quarterly financial information	Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Income/(loss) from continuing operations 26,264 11,062 17,570 34,355 Net income/(loss) attributable to common stockholders (a) 25,038 9,228 15,264 68,356 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.09 $ 0.03 $ 0.06 $ 0.26 Diluted $ 0.09 $ 0.03 $ 0.06 $ 0.25 Weighted average number of common shares outstanding: Basic 266,790 266,972 267,056 267,270 Diluted 268,688 268,859 269,062 269,221 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 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 Pr42

Consolidation and Basis of Presentation (Details) $ in Thousands	Dec. 31, 2017	Dec. 31, 2017community	Dec. 31, 2017home	Dec. 31, 2017item	Dec. 31, 2017USD ($)	Dec. 31, 2017shares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015shares	Dec. 31, 2014shares
Basis of presentation
Number of real estate properties | community		127
Building, improvements, and furniture, fixtures and equipment | $					$ 7,614,568		$ 7,291,570
Consolidation And Basis Of Presentation
Number of markets operating within (in markets) | item				19
Number of apartments owned (in apartments homes) | home			39,998
Joint venture, number of homes in communities | home			7,286
OP units outstanding related to limited partner						183,350,924	183,278,698	183,278,698	183,278,698
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
OP units outstanding related to limited partner						174,237,688	174,230,084
Percentage of units outstanding in Heritage OP	95.00%						95.10%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units						16,866,443	16,485,014
General Partners' ownership (as a percent)	52.10%						50.90%
United Dominion Reality L.P.
Basis of presentation
Number of real estate properties | community		53
Building, improvements, and furniture, fixtures and equipment | $					$ 3,008,215		$ 2,838,060
Consolidation And Basis Of Presentation
Number of markets operating within (in markets) | item				15
Number of apartments owned (in apartments homes)			16,698	16,698
Operating Partnership outstanding units						183,350,924	183,278,698
OP units outstanding related to limited partner						183,240,041	183,167,815
United Dominion Reality L.P. | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units						13,470,651
Percentage of units outstanding in Heritage OP	41.60%
UDR Lighthouse DownREIT L.P.
Basis of presentation
Number of real estate properties | community		13
Consolidation And Basis Of Presentation
Operating Partnership outstanding units						32,367,380
Non-affiliated Partners | United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units						9,113,236	9,048,614
OP units outstanding related to limited partner						9,113,236	9,048,614
Percentage of units outstanding in Heritage OP	5.00%						4.90%
Non-affiliated Partners | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units						15,500,937	15,882,366
Percentage of units outstanding in Heritage OP	47.90%						49.10%

Significant Accounting Polici43

Significant Accounting Policies (Details) shares in Thousands, $ in Thousands	Jan. 01, 2017USD ($)	Oct. 20, 2015	Dec. 31, 2018	Dec. 31, 2017USD ($)itemshares	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)shares	Dec. 31, 2014	Aug. 31, 2017USD ($)
Accounting policies
Return on investment in unconsolidated joint ventures				$ 4,416	$ 57,578	$ 27,012
Distributions received from unconsolidated entities				$ (116,329)	(66,116)	(32,279)
Document period end date				Dec. 31, 2017
Allocation of other comprehensive income/(loss)				$ 281	102
Significant Accounting Policies
Development costs excluding direct costs and capitalized interest				8,800	7,900	6,300
Interest capitalized during period				18,600	16,500	16,100
Notes receivable				19,469	19,790
Notes receivable funded				$ 700
Number of extension options on loan | item				2
Extension period of option on loan		6 months
Note receivable interest income				$ 1,800	1,800	$ 1,500
Minimum period units are outstanding prior to redemption (in years)				1 year
Deferred tax asset				$ 100	$ 600
U.S. federal corporate income tax rate				35.00%	35.00%	35.00%	35.00%
One time tax benefit				$ 1,100
Advertising expense				$ 6,200	$ 6,400	$ 6,400
Minimum percentage of carrying value of real estate portfolio				0.10
Note due February 2020
Significant Accounting Policies
Notes receivable				$ 13,669	12,994
Note receivable interest rate				10.00%
Aggregate Commitment on Note Receivable				$ 16,400
Note maturity public capital threshold				5,000
Note due July 2017
Significant Accounting Policies
Notes receivable					2,500
Aggregate Commitment on Note Receivable				2,500
Note due October 2020
Significant Accounting Policies
Notes receivable				$ 2,000	1,296
Note receivable interest rate				8.00%
Aggregate Commitment on Note Receivable				$ 2,000
Additional amount loaned				700
Note maturity public capital threshold				10,000
Note due August 2022
Significant Accounting Policies
Notes receivable				$ 3,800	$ 3,000
Note receivable interest rate				10.00%
Aggregate Commitment on Note Receivable				$ 10,000				$ 15,000
Additional amount loaned				800
Note maturity public capital threshold				$ 25,000
OP/DownREIT Units
Significant Accounting Policies
Antidilutive securities | shares				24,821	25,130	12,947
Convertible Preferred Stock
Significant Accounting Policies
Antidilutive securities | shares				3,021	3,028	3,032
Stock options, unvested LTIP Units and unvested restricted stock
Significant Accounting Policies
Antidilutive securities | shares				1,806	1,925	2,051
Minimum
Significant Accounting Policies
Ownership (as a percent)				100.00%
Minimum | Buildings
Significant Accounting Policies
Estimated useful lives				35 years
Minimum | Building improvements
Significant Accounting Policies
Estimated useful lives				10 years
Minimum | Furniture, fixtures, equipment, and other assets
Significant Accounting Policies
Estimated useful lives				3 years
Maximum | Buildings
Significant Accounting Policies
Estimated useful lives				55 years
Maximum | Building improvements
Significant Accounting Policies
Estimated useful lives				35 years
Maximum | Furniture, fixtures, equipment, and other assets
Significant Accounting Policies
Estimated useful lives				10 years
Redeemable Noncontrolling Interest
Accounting policies
Allocation of other comprehensive income/(loss)				$ (300)
Distributions in Excess of Net Income | ASU 2016-09
Accounting policies
Distributions received from unconsolidated entities	$ (600)
Secured Debt
Accounting policies
Deferred finance costs, net				$ (1,912)
Forecast
Significant Accounting Policies
U.S. federal corporate income tax rate			21.00%

Real Estate Owned - Summarizes

Real Estate Owned - Summarizes the carrying amounts for our real estate owned (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate owned
Land	$ 1,780,229	$ 1,801,576
Land improvements	189,919	178,701
Depreciable property - held and used:
Building, improvements, and furniture, fixtures and equipment	7,614,568	7,291,570
Under development:
Real estate under development	588,636	342,282
Real estate owned	10,177,206	9,615,753
Accumulated depreciation	(3,330,166)	(2,923,625)
Accumulated depreciation	(3,326,312)	(2,923,072)
Total real estate owned, net of accumulated depreciation	6,847,040	6,692,128
LAND
Under development:
Real estate under development	109,468	111,028
Real estate held for disposition		1,104
Construction in progress
Under development:
Real estate under development	$ 483,022	231,254
Building and improvements
Under development:
Real estate held for disposition		$ 520

Real Estate Owned - Additional

Real Estate Owned - Additional Information (Details) $ in Thousands	Feb. 20, 2018USD ($)item	Dec. 31, 2017USD ($)statepropertycommunityhome	Oct. 31, 2017USD ($)item	Feb. 28, 2017USD ($)	Jan. 31, 2017USD ($)item	Nov. 30, 2016USD ($)communityhome	Oct. 31, 2016USD ($)communityhome	Aug. 31, 2016USD ($)	Jun. 30, 2016USD ($)lease	May 31, 2016USD ($)	Mar. 31, 2016USD ($)community	Dec. 31, 2017USD ($)statepropertycommunityhome	Sep. 30, 2017USD ($)item	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)statepropertycommunityhome	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jul. 31, 2016
Real estate properties
Revenues																				$ 984,309	$ 948,461	$ 871,928
Document period end date																				Dec. 31, 2017
Real Estate Owned Disclosure
Number of apartment homes owned and consolidated | home		39,998										39,998								39,998
Investment in unconsolidated joint ventures																				$ 123,842	40,162	217,642
Deferred fees from the sale of properties		$ 10,900										$ 10,900				$ 9,500				$ 10,900	9,500
Joint venture, number of homes in communities | home		7,286										7,286								7,286
Acquisition-related costs																				$ 400	200	2,100
Number of real estate properties | community		127										127								127
Number of states in which there are owned and consolidated communities | state		11										11								11
Secured debt assumed in the consolidation of unconsolidated joint ventures																					75,796
Income/(loss) from continuing operations												$ 34,355	$ 17,570	$ 11,062	$ 26,264	$ 59,280	$ 29,466	$ 12,249	$ 8,534	$ 89,251	109,529	105,482
Gain/(loss) on sale of real estate owned, net of tax																				43,404	$ 210,851	$ 251,677
CityLine
Real Estate Owned Disclosure
Ownership (as a percent)					100.00%											49.00%					49.00%
Investment in unconsolidated joint ventures					$ 66,000
Number of apartment homes acquired | item					244
Real estate acquired					$ 97,000
Increase in in-place intangibles					1,700
Milehouse
Real Estate Owned Disclosure
Number of apartment homes acquired | home						177
Real estate acquired						$ 70,500
Unconsolidated Joint Venture UDR MetLife II Partnership
Real Estate Owned Disclosure
Ownership (as a percent)							100.00%										50.00%
Investment in unconsolidated joint ventures							$ 70,300
Number of apartment homes acquired | home							331
Real estate acquired							$ 215,000
Debt incurred							80,000
Gain on consolidation							$ 36,400
Number of communities acquired | community							2
Secured debt assumed in the consolidation of unconsolidated joint ventures							$ 37,900
Weighted average interest rate (as a percent)							3.67%
Other Investment Ventures
Real Estate Owned Disclosure
UDR commitment		$ 15,000										$ 15,000								$ 15,000
Preferred Equity Investment 1200 Broadway Nashville TN
Real Estate Owned Disclosure
Number of apartment homes | item													313
Dublin Land
Real Estate Owned Disclosure
Ownership (as a percent)								100.00%															5.00%
Investment in unconsolidated joint ventures								$ 8,500
Real estate acquired								$ 8,900
Wilshire AT LaJolla
Real Estate Owned Disclosure
Ownership (as a percent)									100.00%	50.00%								100.00%
Investment in unconsolidated joint ventures									$ 20,100
Real estate acquired									$ 31,100									$ 31,100
Lessor Leasing Arrangements, Operating Leases, Term of Contract									49 years
Number of Extensions of Ground Lease | lease									2
Lessee Leasing Arrangements, Operating Leases, Renewal Term									25 years
Participating Loan Investment Steele Creek Denver Colorado
Real Estate Owned Disclosure
Number of apartment homes acquired | item			218
Contingent interest amount received			$ 14,900
Real estate acquired			139,000
Increase in in-place intangibles			$ 2,500
Amount of retail square feet | item			17,000
Payment to acquire real estate			$ 141,500
UDR commitment			$ 93,500
Contingent interest percentage			50.00%
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership
Real Estate Owned Disclosure
Ownership (as a percent)		50.00%										50.00%				50.00%				50.00%	50.00%
Number of apartment homes | home		4,059										4,059								4,059
Number of real estate properties | property		18										18								18
Operating Community | Unconsolidated Joint Venture Vitruvian Park
Real Estate Owned Disclosure
Ownership (as a percent)		50.00%										50.00%				50.00%				50.00%	50.00%
Number of apartment homes | home		1,513										1,513								1,513
Number of real estate properties | property		3										3								3
Development Community | Other Investment The Portals Washington, DC
Real Estate Owned Disclosure
UDR commitment		$ 38,559										$ 38,559								$ 38,559
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN
Real Estate Owned Disclosure
UDR commitment		55,558										55,558								55,558
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA
Real Estate Owned Disclosure
UDR commitment		$ 24,645										$ 24,645								$ 24,645
Development Community | Unconsolidated Joint Venture Vitruvian Park
Real Estate Owned Disclosure
Number of real estate properties | property		1										1								1
Baltimore Properties
Real Estate Owned Disclosure
Communities sold | community						7
Apartment homes sold | home						1,402
Baltimore and Dallas Properties
Real Estate Owned Disclosure
Gross proceeds from sale of properties																$ 284,600					$ 284,600
Net proceeds from sale of properties																$ 280,500					280,500
Gain/(loss) on sales of real estate owned, net of tax																					$ 200,500
Orange County and Carlsbad Properties
Real Estate Owned Disclosure
Communities sold | community		2
Apartment homes sold | community		218
Gross proceeds from sale of properties		$ 69,000										$ 69,000								$ 69,000
Net proceeds from sale of properties		68,000										$ 68,000								$ 68,000
Gain/(loss) on sales of real estate owned, net of tax		$ 41,300
Highlands of Preston
Real Estate Owned Disclosure
Apartment homes sold | home						380
RICHMOND, VA
Real Estate Owned Disclosure
Gross proceeds from sale of properties				$ 3,500
Net proceeds from sale of properties				3,300
Gain/(loss) on sales of real estate owned, net of tax				$ 2,100
Bellevue Plaza retail
Real Estate Owned Disclosure
Gross proceeds from sale of properties										$ 45,400
Net proceeds from sale of properties										44,100
Gain/(loss) on sales of real estate owned, net of tax										$ 7,300
LAND
Real Estate Owned Disclosure
Communities sold | community											2
Gross proceeds from sale of properties											$ 24,000								24,000
Net proceeds from sale of properties											22,000								$ 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%
ORANGE COUNTY, CA
Real Estate Owned Disclosure
Apartment homes sold | item	264
Gross proceeds from sale of properties	$ 90,500
Gain/(loss) on sales of real estate owned, net of tax	$ 70,300
Income (Loss) From Unconsolidated Entities | CityLine
Real Estate Owned Disclosure
Gain on consolidation					$ 12,200
Income (Loss) From Unconsolidated Entities | Participating Loan Investment Steele Creek Denver Colorado
Real Estate Owned Disclosure
Gain on consolidation			$ 14,800

Joint Ventures - Investments an

Joint Ventures - Investments and Advances (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)propertycommunityhomeitem	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2017USD ($)item	May 31, 2017	Mar. 31, 2017	Jan. 31, 2017	Oct. 31, 2016	Sep. 30, 2016	May 31, 2015
Properties
Number of real estate properties | community	127
Investment in unconsolidated entities		$ 720,830
Deferred fees from the sale of properties	$ 10,900	9,500
Development Community
Properties
Investment in unconsolidated entities	$ 159,550	244,306
Unconsolidated Joint Venture UDR Met Life I Partnership | Development Community
Properties
Number of real estate properties | property	1
Number of apartment homes | home	150
Investment in unconsolidated entities	$ 34,653	$ 25,209
Ownership (as a percent)	50.00%	50.00%
Unconsolidated Joint Venture UDR MetLife II Partnership
Properties
Ownership (as a percent)								100.00%	50.00%
Unconsolidated Joint Venture UDR MetLife II Partnership | Operating Community
Properties
Number of real estate properties | property	18
Number of apartment homes | home	4,059
Investment in unconsolidated entities	$ 303,702	$ 311,282
Ownership (as a percent)	50.00%	50.00%
Unconsolidated Joint Venture Other MetLife | Operating Community
Properties
Number of real estate properties | property	4
Number of apartment homes | home	1,437
Investment in unconsolidated entities	$ 135,563	$ 160,979
Ownership (as a percent)	50.60%	50.60%
Unconsolidated Joint Venture Other MetLife | Development Community
Properties
Number of real estate properties | property	1
Unconsolidated Joint Venture Vitruvian Park | Operating Community
Properties
Number of real estate properties | property	3
Number of apartment homes | home	1,513
Investment in unconsolidated entities	$ 78,404	$ 72,414
Ownership (as a percent)	50.00%	50.00%
Unconsolidated Joint Venture Vitruvian Park | Land Parcel
Properties
Number of real estate properties | property	5
Unconsolidated Joint Venture Vitruvian Park | Development Community
Properties
Number of real estate properties | property	1
Unconsolidated Joint Venture Three Washington DC | Operating Community
Properties
Number of real estate properties | property	3
Number of apartment homes | home	660
Investment in unconsolidated entities	$ 8,958	$ 12,835
Ownership (as a percent)	30.00%	30.00%
Unconsolidated Joint Ventures
Properties
Investment in unconsolidated entities	$ 561,280	$ 582,719
Participating Loan Investment Steele Creek Denver Colorado | Development Community
Properties
Investment in unconsolidated entities		94,003
Income from Participating Loan	$ 19,523	$ 6,213	$ 5,453
Preferred Equity Investment West Coast Development JV
Properties
Number of apartment homes | item	211
Participating Loan, Interest Rate, Stated Percentage										6.50%
Ownership (as a percent)		49.00%			49.00%	49.00%	100.00%			48.00%
Preferred Equity Investment West Coast Development JV | Development Community
Properties
Investment in unconsolidated entities	$ 102,142	$ 150,303
Participating Loan, Interest Rate, Stated Percentage	6.50%
Income from Participating Loan	$ 23,557	$ 4,561	$ 3,692
Preferred Equity Investment 1200 Broadway Nashville TN
Properties
Number of apartment homes | item				313
Investment in unconsolidated entities				$ 18,000
Participating Loan, Interest Rate, Stated Percentage				8.00%
Preferred Equity Investment 1200 Broadway Nashville TN | Development Community
Properties
Investment in unconsolidated entities	$ 18,011
Participating Loan, Interest Rate, Stated Percentage	8.00%
Participating Loan Years to Maturity	4 years 9 months 18 days
Income from Participating Loan	$ 370
Preferred Equity Investment 1532 Harrison San Francisco, CA | Development Community
Properties
Investment in unconsolidated entities	$ 11,346
Participating Loan, Interest Rate, Stated Percentage	11.00%
Participating Loan Years to Maturity	4 years 6 months
Income from Participating Loan	$ 511
Other Investment The Portals Washington, DC | Development Community
Properties
Investment in unconsolidated entities	$ 26,535
Participating Loan, Interest Rate, Stated Percentage	11.00%
Participating Loan Years to Maturity	3 years 4 months 24 days
Income from Participating Loan	$ 839
Other Investment Ventures
Properties
Investment in unconsolidated entities	1,516
Income from Participating Loan	$ (30)

Joint Ventures - Summary Financ

Joint Ventures - Summary Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Financial information relating to unconsolidated joint ventures operations
Total revenues	$ 267,116		$ 219,914
Real estate depreciation and amortization	106,805		75,594
Net loss	48,664		171,884
Income/(loss) from unconsolidated entities	31,257	$ 52,234	62,329
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	3,185,185
Total assets	3,237,875
Amount due to UDR	(1,452)
Third party debt	2,005,566
Total liabilities	2,084,604
Total equity	1,153,271
Equity Method Investments		720,830
Equity Method Investment Summarized Financial Information Property Operating Expense	103,969		91,565
Equity Method of Investment Summarized Financial Information Operating income/(loss)	56,342		52,755
Equity Method Investment Summarized Financial Information Interest expense	(78,829)		(64,990)
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate	71,590
Income/(loss) from discontinued operations			184,118
Equity Method Investment Net income attributable to noncontrolling interest	439		(1)
Equity Method Investment Summarized Financial Information Cash and cash equivalents	33,712
Equity Method Investment Summarized Financial Information Other assets	18,978
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities	80,490
Unconsolidated Joint Venture UDR Met Life I Partnership
Financial information relating to unconsolidated joint ventures operations
Total revenues		278	541
Real estate depreciation and amortization		52	818
Net loss	(110)	(701)	(1,203)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	108,958	50,656
Total assets	109,474	54,237
Amount due to UDR	514	155
Third party debt	30,555
Total liabilities	43,255	5,366
Total equity	66,219	48,871
Equity Method Investment Summarized Financial Information Property Operating Expense	93	552	906
Equity Method of Investment Summarized Financial Information Operating income/(loss)	(93)	(326)	(1,183)
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate	(17)
Income/(loss) from discontinued operations		(375)	(20)
Equity Method Investment Summarized Financial Information Cash and cash equivalents	514	1,940
Equity Method Investment Summarized Financial Information Other assets	2	1,641
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities	12,186	5,211
Unconsolidated Joint Venture UDR MetLife II Partnership
Financial information relating to unconsolidated joint ventures operations
Total revenues	156,920	169,175	170,062
Real estate depreciation and amortization	45,144	46,135	46,616
Net loss	8,114	53,746	7,893
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	1,641,338	1,672,842
Total assets	1,664,115	1,697,484
Amount due to UDR	(4,207)	(4,711)
Third party debt	1,108,156	1,128,379
Total liabilities	1,123,426	1,143,664
Total equity	540,689	553,820
Equity Method Investment Summarized Financial Information Property Operating Expense	52,450	52,322	63,516
Equity Method of Investment Summarized Financial Information Operating income/(loss)	59,326	70,718	59,930
Equity Method Investment Summarized Financial Information Interest expense	(50,603)	(51,173)	(52,037)
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate	(609)
Income/(loss) from discontinued operations		34,201
Equity Method Investment Summarized Financial Information Cash and cash equivalents	11,947	13,272
Equity Method Investment Summarized Financial Information Other assets	10,830	11,370
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities	19,477	19,996
Unconsolidated Joint Venture Other MetLife
Financial information relating to unconsolidated joint ventures operations
Total revenues	48,032	18,090	7,634
Real estate depreciation and amortization	32,625	16,353	6,897
Net loss	(20,395)	(16,082)	(5,655)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	687,492	698,694
Total assets	700,378	710,429
Amount due to UDR	413	3,082
Third party debt	443,147	375,597
Total liabilities	458,150	411,163
Total equity	242,228	299,266
Equity Method Investment Summarized Financial Information Property Operating Expense	21,908	11,655	3,826
Equity Method of Investment Summarized Financial Information Operating income/(loss)	(6,501)	(9,918)	(3,089)
Equity Method Investment Summarized Financial Information Interest expense	(13,894)	(6,164)	(2,566)
Equity Method Investment Summarized Financial Information Cash and cash equivalents	8,596	8,991
Equity Method Investment Summarized Financial Information Other assets	4,290	2,744
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities	14,590	32,484
Unconsolidated Joint Venture Vitruvian Park
Financial information relating to unconsolidated joint ventures operations
Total revenues	23,025	22,916	22,139
Real estate depreciation and amortization	7,169	6,835	6,639
Net loss	(1,013)	(744)	(867)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	299,420	270,770
Total assets	309,004	280,048
Amount due to UDR	1,311	1,566
Third party debt	131,281	124,716
Total liabilities	148,212	133,585
Total equity	160,792	146,463
Equity Method Investment Summarized Financial Information Property Operating Expense	11,839	11,730	11,519
Equity Method of Investment Summarized Financial Information Operating income/(loss)	4,017	4,351	3,981
Equity Method Investment Summarized Financial Information Interest expense	(5,030)	(5,095)	(4,848)
Equity Method Investment Summarized Financial Information Cash and cash equivalents	7,612	7,012
Equity Method Investment Summarized Financial Information Other assets	1,972	2,266
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities	15,620	7,303
Texas JV
Financial information relating to unconsolidated joint ventures operations
Total revenues		242,630
Real estate depreciation and amortization		90,037
Net loss		25,310	184,138
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net		3,274,516
Total assets		3,335,781
Amount due to UDR		795
Third party debt		2,000,904
Total liabilities		2,079,084
Total equity		1,256,697
Equity Method Investment Summarized Financial Information Property Operating Expense		91,204
Equity Method of Investment Summarized Financial Information Operating income/(loss)		61,389
Equity Method Investment Summarized Financial Information Interest expense		(69,967)
Income/(loss) from discontinued operations		33,826	184,138
Equity Method Investment Net income attributable to noncontrolling interest		(62)
Equity Method Investment Summarized Financial Information Cash and cash equivalents		39,972
Equity Method Investment Summarized Financial Information Other assets		21,293
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities		77,385
Unconsolidated Joint Venture Three Washington DC
Financial information relating to unconsolidated joint ventures operations
Total revenues	20,327	19,997	19,338
Real estate depreciation and amortization	14,480	14,444	14,522
Net loss	(7,576)	(7,644)	(8,456)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	195,625	208,105
Total assets	197,359	210,419
Amount due to UDR	229	429
Third party debt	165,801	165,687
Total liabilities	167,546	167,513
Total equity	29,813	42,906
Equity Method Investment Summarized Financial Information Property Operating Expense	8,159	7,828	7,733
Equity Method of Investment Summarized Financial Information Operating income/(loss)	(2,312)	(2,275)	(2,917)
Equity Method Investment Summarized Financial Information Interest expense	(5,264)	(5,369)	(5,539)
Equity Method Investment Summarized Financial Information Cash and cash equivalents	829	1,288
Equity Method Investment Summarized Financial Information Other assets	905	1,026
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities	1,516	1,397
Preferred Equity Investment West Coast Development JV
Financial information relating to unconsolidated joint ventures operations
Total revenues	18,812	12,174	200
Real estate depreciation and amortization	7,387	6,218	102
Net loss	69,644	(3,265)	(3,966)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	252,352	373,449
Total assets	257,545	383,164
Amount due to UDR	288	274
Third party debt	126,626	206,525
Total liabilities	144,015	217,793
Total equity	113,530	165,371
Equity Method Investment Summarized Financial Information Property Operating Expense	9,520	7,117	4,065
Equity Method of Investment Summarized Financial Information Operating income/(loss)	1,905	(1,161)	(3,967)
Equity Method Investment Summarized Financial Information Interest expense	(4,038)	(2,166)
Equity Method Investment, Summarized Financial Information, Gain (Loss) on Sale of Real Estate	72,216
Equity Method Investment Net income attributable to noncontrolling interest	439	(62)	(1)
Equity Method Investment Summarized Financial Information Cash and cash equivalents	4,214	7,469
Equity Method Investment Summarized Financial Information Other assets	979	2,246
Equity Method Investment Summarized Financial Information Accounts payable and accrued liabilities	17,101	10,994
Unconsolidated Joint Ventures
Combined summary of balance sheets relating to unconsolidated joint ventures
Equity Method Investments	561,280	582,719
Developer Capital Program excluding West Coast Development Joint Ventures
Financial information relating to unconsolidated joint ventures operations
Total revenues	7,800	8,500	3,600
Expenses	9,500	12,200	$ 7,900
Combined summary of balance sheets relating to unconsolidated joint ventures
Total assets	79,100	93,800
Total liabilities	800	95,200
Total equity	$ 78,300	$ (1,400)

Joint Ventures - Additional Inf

Joint Ventures - Additional Information (Details) $ in Thousands	1 Months Ended											12 Months Ended
	Nov. 30, 2017USD ($)communityhome	Oct. 31, 2017USD ($)item	Aug. 31, 2017USD ($)community	May 31, 2017USD ($)loanitem	Mar. 31, 2017USD ($)item	Jan. 31, 2017USD ($)communityitem	Oct. 31, 2016USD ($)communityhome	Aug. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Oct. 20, 2015	May 31, 2015USD ($)community	Dec. 31, 2017USD ($)propertycommunityhomeitem	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2017USD ($)item	Jun. 30, 2017USD ($)item	Sep. 30, 2016	Jul. 31, 2016	May 31, 2016
Properties
Long-term Debt												$ 3,671,663	$ 3,401,478
Equity Method Investment, Summarized Financial Information, Liabilities												2,084,604
Joint Ventures
Real estate owned, net of accumulated depreciation												$ 6,847,040	6,692,128
Joint venture, number of homes in communities | home												7,286
Investment in unconsolidated joint ventures												$ 123,842	40,162	$ 217,642
Unamortized discount												8,200	11,200
First installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture												333,670
Second installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture												$ 338,862
Equity Method Investments													720,830
Debt Instrument, Interest Rate During Period												3.65%
Document period end date												Dec. 31, 2017
Deferred gains on the sale of depreciable property												$ 10,900	9,500
Gain/(loss) on sale of real estate owned, net of tax												43,404	210,851	251,677
Management fees for our involvement in the joint ventures												11,400	11,300	11,300
Total segment assets												10,177,206	9,615,753
Secured Debt												803,269	1,130,858
SEC Schedule III, Real Estate, Cost of Real Estate Sold												$ 43,569	238,440	301,920
Number of real estate properties | community												127
Number of extension options on loan | item												2
Extension period of option on loan										6 months
Number of markets operating within (in markets) | item												19
Casualty-related charges/(recoveries), net												$ 4,335	732	2,335
Noncash or Part Noncash Acquisition, Debt Assumed													75,796
Dublin Land
Joint Ventures
Ownership (as a percent)								100.00%										5.00%
Investment in unconsolidated joint ventures								$ 8,500
717 Olympic
Joint Ventures
Casualty-related charges/(recoveries), net												$ (900)	(3,800)	2,500
Unconsolidated Joint Venture Other MetLife
Properties
Number of apartments of development community | item												190
Equity Method Investment, Summarized Financial Information, Liabilities												$ 458,150	411,163
Unconsolidated Joint Venture Vitruvian Park
Properties
Number of apartments of development community | item												0
Equity Method Investment, Summarized Financial Information, Liabilities												$ 148,212	133,585
Unconsolidated Joint Venture UDR Met Life I Partnership
Properties
Number of apartments of development community | item												0
Equity Method Investment, Summarized Financial Information, Liabilities												$ 43,255	5,366
Unconsolidated Joint Venture UDR MetLife II Partnership
Properties
Equity Method Investment, Summarized Financial Information, Liabilities												1,123,426	1,143,664
Joint Ventures
Ownership (as a percent)							100.00%										50.00%
Investment in unconsolidated joint ventures							$ 70,300
Gain on consolidation							$ 36,400
Number of communities acquired | community							2
Number of apartment homes acquired | home							331
Noncash or Part Noncash Acquisition, Debt Assumed							$ 37,900
Weighted average interest rate (as a percent)							3.67%
Unconsolidated Joint Venture Three Washington DC
Properties
Equity Method Investment, Summarized Financial Information, Liabilities												167,546	167,513
Texas JV
Properties
Equity Method Investment, Summarized Financial Information, Liabilities													2,079,084
Participating Loan Investment Steele Creek Denver Colorado
Joint Ventures
Contingent interest percentage		50.00%
Contingent interest amount received		$ 14,900
Number of apartment homes acquired | item		218
Preferred Equity Investment West Coast Development JV
Properties
Equity Method Investment, Summarized Financial Information, Liabilities												$ 144,015	$ 217,793
Joint Ventures
Joint venture, number of homes in communities | home	399
Number of apartment homes | item												211
Ownership (as a percent)				49.00%	49.00%	100.00%					48.00%		49.00%
Investment in unconsolidated joint ventures						$ 66,000
Communities sold | community	1		1
Number of Completed Communities | community											5	1
Time to maintain percent occupancy to be considered a community											90 years
Participating Loan, Interest Rate, Stated Percentage											6.50%
Condition for Community considered to have stabilized occupancy											80%
Total Fixed Price Option Sales Price				$ 72,300	$ 61,300							$ 597,400
Hold Period											1 year
Sale price	$ 148,000		$ 101,300
Number of joint ventures agreements entered into | community											2
Number of Stabilized Communities | community						1
Equity Method Investment Cost of Ownership Interest				$ 16,100	$ 15,500						$ 136,300
Number of remaining communities sold | community	3		4								3	2
Number of apartment homes acquired | item				276	155	244
Preferred Equity Investment San Franciso California JV [Member]
Properties
Equity Investment																$ 24,600
Joint Ventures
Number of apartment homes | item																136
Equity Investment																$ 24,600
Equity Method Investments																$ 11,300
Participating Loan, Interest Rate, Stated Percentage																11.00%
Preferred Equity Investment 1200 Broadway Nashville TN
Properties
Equity Investment															$ 55,600
Joint Ventures
Number of apartment homes | item															313
Equity Investment															$ 55,600
Equity Method Investments															$ 18,000
Participating Loan, Interest Rate, Stated Percentage															8.00%
Third Party Developer in Washington D.C [Member]
Properties
Number of apartments of development community | item				373
Equity Investment				$ 38,600
Long-term Debt				$ 71,000
Interest rate of medium-term notes				13.50%
Debt instrument term				4 years
Number of extensions available | loan				1
Loan extension term				12 months
Equity Method Investment, Summarized Financial Information, Liabilities				$ 26,500
Debt, Weighted Average Interest Rate, of Company's Committed Portion				11
Joint Ventures
Equity Investment				$ 38,600
Wilshire AT LaJolla
Joint Ventures
Ownership (as a percent)									100.00%										50.00%
Investment in unconsolidated joint ventures									$ 20,100
CityLine
Joint Ventures
Ownership (as a percent)						100.00%							49.00%
Investment in unconsolidated joint ventures						$ 66,000
Number of apartment homes acquired | item						244
Operating Community | Unconsolidated Joint Venture Other MetLife
Joint Ventures
Number of apartment homes | home												1,437
Ownership (as a percent)												50.60%	50.60%
Equity Method Investments												$ 135,563	$ 160,979
Number of real estate properties | property												4
Operating Community | Unconsolidated Joint Venture Vitruvian Park
Joint Ventures
Number of apartment homes | home												1,513
Ownership (as a percent)												50.00%	50.00%
Equity Method Investments												$ 78,404	$ 72,414
Number of real estate properties | property												3
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership
Joint Ventures
Number of apartment homes | home												4,059
Ownership (as a percent)												50.00%	50.00%
Equity Method Investments												$ 303,702	$ 311,282
Number of real estate properties | property												18
Operating Community | Unconsolidated Joint Venture Three Washington DC
Joint Ventures
Number of apartment homes | home												660
Ownership (as a percent)												30.00%	30.00%
Equity Method Investments												$ 8,958	$ 12,835
Number of real estate properties | property												3
Development Community
Joint Ventures
Equity Method Investments												$ 159,550	$ 244,306
Development Community | Unconsolidated Joint Venture Other MetLife
Joint Ventures
Number of real estate properties | property												1
Development Community | Unconsolidated Joint Venture Vitruvian Park
Joint Ventures
Number of real estate properties | property												1
Development Community | Unconsolidated Joint Venture UDR Met Life I Partnership
Joint Ventures
Number of apartment homes | home												150
Ownership (as a percent)												50.00%	50.00%
Equity Method Investments												$ 34,653	$ 25,209
Number of real estate properties | property												1
Development Community | Participating Loan Investment Steele Creek Denver Colorado
Joint Ventures
Equity Method Investments													94,003
Income from Participating Loan												$ 19,523	6,213	5,453
Development Community | Preferred Equity Investment West Coast Development JV
Joint Ventures
Equity Method Investments												102,142	150,303
Income from Participating Loan												$ 23,557	$ 4,561	$ 3,692
Participating Loan, Interest Rate, Stated Percentage												6.50%
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN
Joint Ventures
Equity Method Investments												$ 18,011
Income from Participating Loan												$ 370
Participating Loan, Interest Rate, Stated Percentage												8.00%
Income (Loss) From Unconsolidated Entities | Participating Loan Investment Steele Creek Denver Colorado
Joint Ventures
Gain on consolidation		$ 14,800
Income (Loss) From Unconsolidated Entities | Preferred Equity Investment West Coast Development JV
Joint Ventures
Gain/(loss) on sale of real estate owned, net of tax	$ 5,500
Gain on sale			$ 2,100
Gain on consolidation												$ 12,200
Income (Loss) From Unconsolidated Entities | CityLine
Joint Ventures
Gain on consolidation						$ 12,200

Secured and Unsecured Debt - Su

Secured and Unsecured Debt - Summary (Details) $ in Thousands	Dec. 13, 2017	Dec. 31, 2017USD ($)communityitem	Dec. 31, 2016USD ($)
Secured debt instruments
Unamortized discount		$ 8,200	$ 11,200
Interest rate at end of the period		3.65%
Long-term Debt		$ 3,671,663	3,401,478
Unsecured Debt		$ 2,868,394	2,270,620
Weighted Average Years to Maturity		5 years 3 months 18 days
Borrowings outstanding		$ 3,300	2,900
Number of secured credit facilities with Fannie Mae | item		2
Commercial Paper
Secured debt instruments
Interest rate at end of the period		1.96%
Weighted Average Years to Maturity		1 month 6 days
Borrowings outstanding at end of period		$ 300,000
Borrowings outstanding		300,000
Mortgages Notes Payable | Fixed Rate Debt
Secured debt instruments
Principal outstanding		$ 395,611	402,996
Interest rate at end of the period		4.04%
Weighted Average Years to Maturity		5 years 3 months 18 days
Number of Communities Encumbered | community		7
Tax-exempt secured notes payable | Variable Rate Debt
Secured debt instruments
Principal outstanding		$ 94,700	94,700
Interest rate at end of the period		1.90%
Weighted Average Years to Maturity		5 years 2 months 12 days
Number of Communities Encumbered | community		2
Fannie Mae credit facilities | Variable Rate Debt
Secured debt instruments
Principal outstanding		$ 29,034	280,946
Interest rate at end of the period		2.92%
Weighted Average Years to Maturity		10 months 24 days
Number of Communities Encumbered | community		1
Secured Debt
Secured debt instruments
Long-term Debt		$ 803,269
Secured Debt | Fixed Rate Debt
Secured debt instruments
Principal outstanding		$ 679,777	756,151
Interest rate at end of the period		4.39%
Long-term Debt		$ 679,777
Weighted Average Years to Maturity		3 years 10 months 24 days
Number of Communities Encumbered | community		15
Secured Debt | Variable Rate Debt
Secured debt instruments
Long-term Debt		$ 123,492
Deferred finance costs, net		$ (242)	(939)
Unsecured Revolving credit facility due 2020
Secured debt instruments
Weighted Average Years to Maturity		2 years 1 month 6 days
Unsecured Working Capital Credit Facility due January 2019
Secured debt instruments
Interest rate at end of the period		2.46%
Weighted Average Years to Maturity		1 year
Borrowings outstanding		$ 21,767	21,350
2.00% Term Loan Facility due January 2021
Secured debt instruments
Interest rate at end of the period		2.31%
Senior Notes		$ 35,000	35,000
Weighted Average Years to Maturity		3 years 1 month 6 days
4.25% Medium-Term Notes due June 2018
Secured debt instruments
Unamortized discount		$ 0	608
Interest rate at end of the period	4.25%	4.25%
Senior Notes			299,392
3.70% Term Notes Due October 2020
Secured debt instruments
Unamortized discount		$ 22	30
Interest rate at end of the period		3.70%
Senior Notes		$ 299,978	299,970
Weighted Average Years to Maturity		2 years 9 months 18 days
1.98% Term Loan Facility Due January 2021
Secured debt instruments
Interest rate at end of the period		1.98%
Senior Notes		$ 315,000	315,000
Weighted Average Years to Maturity		3 years 1 month 6 days
4.63% Medium-Term Notes due January 2022
Secured debt instruments
Unamortized discount		$ 1,446	1,805
Interest rate at end of the period		4.63%
Senior Notes		$ 398,554	398,195
Weighted Average Years to Maturity		4 years
3.75% Medium-Term Notes Due July 2024
Secured debt instruments
Unamortized discount		$ 678	782
Interest rate at end of the period		3.75%
Senior Notes		$ 299,322	299,218
Weighted Average Years to Maturity		6 years 6 months
8.50% Debentures, Due September 2024
Secured debt instruments
Interest rate at end of the period		8.50%
Senior Notes		$ 15,644	15,644
Weighted Average Years to Maturity		6 years 8 months 12 days
4.00% Medium-Term Note due October 2025
Secured debt instruments
Unamortized discount		$ 534	602
Interest rate at end of the period		4.00%
Senior Notes		$ 299,466	299,398
Weighted Average Years to Maturity		7 years 9 months 18 days
2.95% Medium-Term Note due September 2026
Secured debt instruments
Interest rate at end of the period		2.95%
Senior Notes		$ 300,000	300,000
Weighted Average Years to Maturity		8 years 8 months 12 days
3.50 Medium-Term Note due July 2027
Secured debt instruments
Unamortized discount		$ 670	0
Interest rate at end of the period		3.50%
Senior Notes		$ 299,330
Weighted Average Years to Maturity		9 years 6 months
3.50% Medium-Term Notes Due January 2028 [Member]
Secured debt instruments
Unamortized discount		$ 1,191	0
Interest rate at end of the period		3.50%
Senior Notes		$ 298,809
Weighted Average Years to Maturity		10 years
Other
Secured debt instruments
Senior Notes		$ 19	21
Unsecured Debt
Secured debt instruments
Interest rate at end of the period		3.43%
Long-term Debt		$ 2,868,394
Unsecured Debt		$ 2,868,394	2,270,620
Weighted Average Years to Maturity		5 years 8 months 12 days
Deferred finance costs, net		$ (14,495)	(12,568)
Unsecured Revolving Credit Facility due October 2015
Secured debt instruments
Borrowings outstanding		300,000	0
Secured Debt
Secured debt instruments
Principal outstanding		$ 803,269	1,130,858
Interest rate at end of the period		4.04%
Weighted Average Years to Maturity		4 years
Number of Communities Encumbered | community		18
Secured Debt | Fixed Rate Debt
Secured debt instruments
Deferred finance costs, net		$ (1,670)	(2,681)
Secured Debt | Variable Rate Debt
Secured debt instruments
Principal outstanding		$ 123,492	374,707
Interest rate at end of the period		2.14%
Weighted Average Years to Maturity		4 years 2 months 12 days
Number of Communities Encumbered | community		3
Fannie Mae credit facilities | Fixed Rate Debt
Secured debt instruments
Principal outstanding		$ 285,836	$ 355,836
Interest rate at end of the period		4.86%
Weighted Average Years to Maturity		2 years
Number of Communities Encumbered | community		8

Secured and Unsecured Debt - Cr

Secured and Unsecured Debt - Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	$ 3,300	$ 2,900
Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	2,000,000	1,100,000
Weighted average daily borrowings during the period ended	2,274	161,505
Maximum daily borrowings during the period ended	$ 120,000	$ 340,000
Weighted average interest rate during the period ended	1.60%	1.40%
Fannie Mae
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	$ 314,870	$ 636,782
Weighted average daily borrowings during the period ended	416,653	737,802
Maximum daily borrowings during the period ended	$ 636,782	$ 813,544
Weighted average interest rate during the period ended	4.30%	3.90%
Interest rate at the end of the period	4.70%	3.80%
Revolving Credit Facility | Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 1,100,000
Unsecured Working Capital Credit Facility due January 2019
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	75,000	$ 75,000
Borrowings outstanding at end of period	21,767	21,350
Weighted average daily borrowings during the period ended	26,993	21,936
Maximum daily borrowings during the period ended	$ 68,207	$ 69,633
Weighted average interest rate during the period ended	2.00%	1.40%
Interest rate at the end of the period	2.50%	1.70%

Secured Debt and Unsecured Debt

Secured Debt and Unsecured Debt, Net - Revolving Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	$ 3,300	$ 2,900
Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	2,000,000	1,100,000
Weighted average daily borrowings during the period ended	2,274	161,505
Maximum daily borrowings during the period ended	$ 120,000	$ 340,000
Weighted average interest rate during the period ended	1.60%	1.40%

Secured and Unsecured Debt - Sh

Secured and Unsecured Debt - Short Term Debt (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)
Short-term Debt [Line Items]
Interest rate at end of the period	3.65%
Commercial Paper
Short-term Debt [Line Items]
Total unsecured commercial paper program	$ 500,000
Borrowings outstanding at end of period	300,000
Weighted average daily borrowings during the period ended	238,810
Maximum daily borrowings during the period ended	$ 390,000
Weighted average interest rate during the period ended	1.40%
Interest rate at end of the period	1.96%

Secured Debt and Unsecured De53

Secured Debt and Unsecured Debt, Net - Unsecured Working Capital Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Working capital credit facility
Borrowings outstanding at end of period	$ 3,300	$ 2,900
Unsecured Working Capital Credit Facility due January 2019
Working capital credit facility
Credit facilities with aggregate commitment	75,000	75,000
Borrowings outstanding at end of period	21,767	21,350
Line of Credit Facility, Average Outstanding Amount	26,993	21,936
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 68,207	$ 69,633
Line of Credit Facility, Interest Rate During Period	2.00%	1.40%
Interest rate at the end of the period	2.50%	1.70%

Secured Debt and Unsecured De54

Secured Debt and Unsecured Debt, Net - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Aggregate maturities of secured debt
2,018	$ 333,670
2,019	338,862
2,020	498,076
2,021	351,117
2,022	401,157
2,023	41,245
2,024	315,644
2,025	427,600
2,026	350,000
2,027	300,000
Thereafter	327,000
Subtotal	3,684,371
Debt Instrument, Unamortized Discount (Premium), Net	(12,708)
Long-term Debt, Total	3,671,663	$ 3,401,478
Secured Debt
Aggregate maturities of secured debt
2,018	33,670
2,019	317,095
2,020	198,076
2,021	1,117
2,022	1,157
2,023	41,245
2,025	127,600
2,026	50,000
Thereafter	27,000
Subtotal	796,960
Debt Instrument, Unamortized Discount (Premium), Net	6,309
Long-term Debt, Total	803,269
Secured Debt | Fixed Rate Debt
Aggregate maturities of secured debt
2,018	4,636
2,019	249,395
2,020	198,076
2,021	1,117
2,022	1,157
2,023	41,245
2,025	127,600
2,026	50,000
Subtotal	673,226
Debt Instrument, Unamortized Discount (Premium), Net	6,551
Long-term Debt, Total	679,777
Secured Debt | Variable Rate Debt
Aggregate maturities of secured debt
2,018	29,034
2,019	67,700
Thereafter	27,000
Subtotal	123,734
Debt Instrument, Unamortized Discount (Premium), Net	(242)
Long-term Debt, Total	123,492
Unsecured Debt
Aggregate maturities of secured debt
2,018	300,000
2,019	21,767
2,020	300,000
2,021	350,000
2,022	400,000
2,024	315,644
2,025	300,000
2,026	300,000
2,027	300,000
Thereafter	300,000
Subtotal	2,887,411
Debt Instrument, Unamortized Discount (Premium), Net	(19,017)
Long-term Debt, Total	$ 2,868,394

Secured Debt and Unsecured De55

Secured Debt and Unsecured Debt, Net - Additional Information (Details) $ in Thousands	Dec. 13, 2017USD ($)	Oct. 20, 2015	Dec. 31, 2017USD ($)item	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 16, 2017USD ($)
Secured and unsecured debt
Amortization of Financing Costs			$ 4,300	$ 4,500
Secured Debt (Textual) [Abstract]
Secured debt amount which encumbers real estate owned based upon book value			$ 1,700,000
Percentage of secured debt which encumbers real estate owned based upon book value			16.80%
Secured debt amount of real estate owned which is unencumbered			$ 8,500,000
Percentage of secured debt of real estate owned which is unencumbered			83.20%
Secured Debt			$ 803,269	1,130,858
Repayments of Secured Debt			$ 326,346	375,308	$ 193,958
Interest rate at end of the period			3.65%
Borrowings outstanding at end of period			$ 3,300	2,900
Unamortized fair market adjustment			$ 8,200	11,200
Number of extension options on loan | item			2
Extension period of option on loan		6 months
Variable Rate Debt
Secured Debt (Textual) [Abstract]
Repayments of Secured Debt			$ 275,300
Commercial Paper
Secured Debt (Textual) [Abstract]
Interest rate at end of the period			1.96%
Borrowings outstanding at end of period			$ 300,000
Borrowings outstanding at end of period			$ 300,000
3.75% Medium-Term Notes Due July 2024
Secured Debt (Textual) [Abstract]
Interest rate at end of the period			3.75%
Unamortized fair market adjustment			$ 678	782
Senior Notes			$ 299,322	299,218
Mortgages Notes Payable | Fixed Rate Debt
Secured Debt (Textual) [Abstract]
Debt instrument, maturity date range, start			May 1, 2019
Debt instrument, maturity date range, end			Nov. 1, 2026
Interest rate at end of the period			4.04%
Secured debt including debt on real estate held for sale			$ 395,611	402,996
Debt Assumed As Part of Acquisition
Secured Debt (Textual) [Abstract]
Amortization of Debt Discount (Premium)			$ 3,000	2,900	$ 5,300
Fannie Mae credit facilities | Fixed Rate Debt
Secured Debt (Textual) [Abstract]
Weighted average interest rate (as a percent)			4.86%
Fannie Mae credit facilities | Variable Rate Debt
Secured Debt (Textual) [Abstract]
Interest rate at end of the period			2.92%
Secured debt including debt on real estate held for sale			$ 29,034	280,946
Interest rate at the end of the period			2.92%
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. 1, 2032
Unsecured Revolving Credit Facility due October 2015
Secured Debt (Textual) [Abstract]
Borrowings outstanding at end of period			$ 300,000	0
4.63% Medium-Term Notes due January 2022
Secured Debt (Textual) [Abstract]
Interest rate at end of the period			4.63%
Unamortized fair market adjustment			$ 1,446	1,805
Senior Notes			$ 398,554	398,195
3.70% Term Notes Due October 2020
Secured Debt (Textual) [Abstract]
Interest rate at end of the period			3.70%
Unamortized fair market adjustment			$ 22	30
Senior Notes			$ 299,978	299,970
3.50% senior Unsecured Medium Term Note
Secured Debt (Textual) [Abstract]
Medium-term notes	$ 300,000					$ 300,000
Interest rate of medium-term notes	3.50%					3.50%
Percentage of principal amount at issuance	99.601					99.764
4.25% Medium-Term Notes due June 2018
Secured Debt (Textual) [Abstract]
Interest rate at end of the period	4.25%		4.25%
Unamortized fair market adjustment			$ 0	608
Interest rate of medium-term notes			4.25%
Net proceeds for the prepayment	$ 300,000		$ 300,000
Senior Notes				299,392
Fannie Mae
Secured Debt (Textual) [Abstract]
Borrowings outstanding at end of period			$ 133,200
Unsecured Debt
Secured Debt (Textual) [Abstract]
Interest rate at end of the period			3.43%
Line of Credit Facility, Interest Rate Description			95
Line of Credit Facility, Description Range Low			0.90
Line of Credit Facility, Description Range High			1.75
Unsecured Working Capital Credit Facility due January 2019
Secured Debt (Textual) [Abstract]
Interest rate at end of the period			2.46%
Borrowings outstanding at end of period			$ 21,767	21,350
Total revolving credit facility			$ 75,000	$ 75,000
Interest rate at the end of the period			2.50%	1.70%
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
Secured Debt (Textual) [Abstract]
Line of Credit Facility, Interest Rate Description			90
Line of Credit Facility, Commitment Fee			15
Line of Credit Facility, Description Range Low			0.85
Line of Credit Facility, Description Range High			1.55
Line of Credit Facility, Commitment Fee Description Range Low			12.5
Line of Credit Facility, Commitment Fee Description Range High			0.30
4.00% MTN Due October 2025
Secured Debt (Textual) [Abstract]
Portion of Medium Term Note subject to Interest Rate Swaps			$ 200,000
Long-term Debt, Weighted Average Interest Rate			4.55%
2.95% Medium-Term Note due September 2026
Secured Debt (Textual) [Abstract]
Interest rate at end of the period			2.95%
Senior Notes			$ 300,000	$ 300,000
Minimum | Mortgages Notes Payable | Fixed Rate Debt
Secured Debt (Textual) [Abstract]
Notes payable maximum interest rates range			3.15%
Minimum | Tax-exempt secured notes payable | Variable Rate Debt
Secured Debt (Textual) [Abstract]
Notes payable maximum interest rates range			1.71%
Maximum | Mortgages Notes Payable | Fixed Rate Debt
Secured Debt (Textual) [Abstract]
Notes payable maximum interest rates range			5.86%
Maximum | Tax-exempt secured notes payable | Variable Rate Debt
Secured Debt (Textual) [Abstract]
Notes payable maximum interest rates range			1.98%
Unsecured Commercial Bank Credit Facility
Secured Debt (Textual) [Abstract]
Total revolving credit facility			$ 2,000,000	1,100,000
Unsecured Commercial Bank Credit Facility | Unsecured Debt
Secured Debt (Textual) [Abstract]
Total revolving credit facility			350,000
Unsecured Commercial Bank Credit Facility | Revolving Credit Facility
Secured Debt (Textual) [Abstract]
Total revolving credit facility			1,100,000
Interest expense
Secured Debt (Textual) [Abstract]
Prepayment costs			5,800
Interest expense | 4.25% Medium-Term Notes due June 2018
Secured Debt (Textual) [Abstract]
Prepayment costs			$ 3,400
Fannie Mae credit facilities | Fixed Rate Debt
Secured Debt (Textual) [Abstract]
Interest rate at end of the period			4.86%
Secured debt including debt on real estate held for sale			$ 285,836	$ 355,836

Income_(Loss) Per Share - Compu

Income/(Loss) Per Share - Computation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
INCOME/(LOSS) PER SHARE
Income/(loss) from continuing operations									$ 89,251	$ 109,529	$ 105,482
Gain/(loss) on sale of real estate owned, net of tax									43,404	210,851	251,677
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership									(10,933)	(27,282)	(16,773)
Net (income)/loss attributable to noncontrolling interests									(164)	(380)	(3)
Net income/(loss) attributable to UDR, Inc.									121,558	292,718	340,383
Distributions to preferred stockholders — Series E (Convertible)									3,708	3,717	3,722
Dilutive distributions to preferred stockholders - Series E (Convertible)									10,933	27,282	16,773
Dividends, Preferred Stock									(3,708)	(3,717)	(3,722)
Net Income (Loss) Available to Common Stockholders, Basic	$ 68,356	$ 15,264	$ 9,228	$ 25,038	$ 236,687	$ 26,027	$ 17,017	$ 9,464	117,850	289,001	336,661
Income/(loss) attributable to common stockholders - diluted									$ 117,850	$ 289,001	$ 340,383
Weighted average common shares outstanding									267,567,000	266,211,000	259,873,000
Non-vested restricted stock awards									543,000	825,000	1,204,000
Denominator for basic income/(loss) per share	267,270	267,056	266,972	266,790	266,498	266,301	266,268	262,456	267,024,000	265,386,000	258,669,000
Incremental shares issuable from assumed conversion of dilutive preferred stock, stock options, unvested LTIP Units and unvested restricted stock									1,806,000	1,925,000	5,083,000
Denominator for diluted income/(loss) per share	269,221	269,062	268,859	268,688	271,551	268,305	268,174	264,285	268,830,000	267,311,000	263,752,000
Income/(loss) per weighted average common share - basic	$ 0.26	$ 0.06	$ 0.03	$ 0.09	$ 0.89	$ 0.10	$ 0.06	$ 0.04	$ 0.44	$ 1.09	$ 1.30
Income/(loss) per weighted average common share - diluted	$ 0.25	$ 0.06	$ 0.03	$ 0.09	$ 0.88	$ 0.10	$ 0.06	$ 0.04	$ 0.44	$ 1.08	$ 1.29

Income_(Loss) Per Share - Other

Income/(Loss) Per Share - Other information (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
OP/DownREIT Units
Antidilutive securities
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	24,821	25,130	12,947
Convertible Preferred Stock
Antidilutive securities
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,021	3,028	3,032
Stock options, unvested LTIP Units and unvested restricted stock
Antidilutive securities
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,806	1,925	2,051

Stockholders' Equity - Shares R

Stockholders' Equity - Shares Rollforward (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Common Stock
Shares issued, beginning of period	267,259,469	261,844,521	255,114,603
Issuance/(forfeiture) of common and restricted shares, net	69,788	154,656	270,628
Issuance of common shares upon exercise of stock options	86,554
Issuance of common shares through public offering		5,000,000	6,339,636
Conversion of Series E Cumulative Convertible shares	17,225		7,480
Shares issued, end of period	267,822,069	267,259,469	261,844,521
8.00% Series E Cumulative Convertible Preferred Stock
Shares issued, beginning of period	2,796,903	2,796,903	2,803,812
Conversion of Series E Cumulative Convertible shares	(15,909)		(6,909)
Shares issued, end of period	2,780,994	2,796,903	2,796,903
Series F
Shares issued, beginning of period	16,196,889	16,452,496	2,464,183
Issuance of Series F shares			13,988,313
Forfeiture of Series F shares	(344,168)	(255,607)
Shares issued, end of period	15,852,721	16,196,889	16,452,496
United Dominion Reality L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders	7,604	4,685	112,174
UDR Lighthouse DownREIT L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders	381,429	255,607
Home Acquisition | Series F
Issuance of Series F shares	13,988,313

Stockholders' Equity - Other in

Stockholders' Equity - Other information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2008
Stockholders' equity
Proceeds from the issuance of common shares through public offering, net		$ 173,211,000	$ 210,011,000
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	$ 1.24	$ 1.18	$ 1.11
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
Stockholders' equity
Common stock, shares authorized	20,000,000
Common Stock, Capital Shares Reserved for Future Issuance	13,078,931
8.00% Series E Cumulative Convertible Preferred Stock
Stockholders' equity
Preferred stock, liquidation preference per share	$ 16.61
Number of common stock shares to which each preferred share is convertible after special dividend	1.083
Declared preferred stock dividend		$ 1.33	$ 1.33	$ 1.33
Preferred Stock, Shares Issued	2,780,994	2,796,903
Common Stock
Stockholders' equity
Issuance of common shares through public offering		5,000,000	6,339,636
Series F
Stockholders' equity
Share Price	$ 0.0001
Preferred stock, shares authorized	20,000,000
Issuance of Series F shares			13,988,313
Preferred stock, value, issued	$ 1,585	$ 1,620
Preferred Stock, Shares Issued	15,852,721	16,196,889
Restricted Stock
Stockholders' equity
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	238,821
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	49,815
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period Net of Forfeitures	322,352
Home Acquisition | Series F
Stockholders' equity
Issuance of Series F shares	13,988,313

Employee Benefit Plans - Rollfo

Employee Benefit Plans - Rollforward (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Options Exercisable, Number of Options
Number of Options	1,830,672	2,234,963
Options Exercisable, Weighted Average Exercise Price
Weighted Average Exercise Price (in dollars per share)	$ 10.06	$ 12.65
Stock Options
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 0
Options Outstanding, Number of Options
Balance, December 31, 2016	2,234,963
Exercised	(404,291)
Balance, December 31, 2017	1,830,672	2,234,963
Options Outstanding, Weighted Average Exercise Price
Balance, December 31, 2016 (in dollars per share)	$ 12.65
Exercised (in dollars per share)	24.38
Balance, December 31, 2017 (in dollars per share)	$ 10.06	$ 12.65
Restricted Stock
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 6
Restricted Stock, Number Of shares
Balance, December 31, 2016	645,967
Granted	238,821
Vested	(322,457)
Forfeited	(49,815)
Balance, December 31, 2017	512,516	645,967
Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2016 (in dollars per share)	$ 35.12
Granted (in dollars per share)	35.76
Vested (in dollars per share)	32.85
Forfeited (in dollars per share)	35.30
Balance, December 31, 2017 (in dollars per share)	$ 36.82	$ 35.12

Employee Benefit Plans - Other

Employee Benefit Plans - Other information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		12 Months Ended
	Jan. 31, 2017	Jan. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Employee benefits
Number of share options exercisable			1,830,672	2,234,963
Range One
Employee benefits
Weighted average remaining contractual life			1 year 1 month 6 days
Number of share options exercisable			1,830,672
Share options exercise price, lower range limit			$ 10.06
Stock Options
Employee benefits
Total remaining compensation cost related to unvested share options			$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number			1,830,672	2,234,963
Restricted Stock
Employee benefits
Total remaining compensation cost related to unvested share options			$ 6
Weighted average remaining contractual life			2 years 6 months
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 35.76
Stock based compensation expense			$ 4	$ 3.4	$ 3.2
Restricted Stock | Minimum
Employee benefits
Vesting period			3 years
Restricted Stock | Maximum
Employee benefits
Vesting period			4 years
Long Term Incentive Plan
Employee benefits
Total remaining compensation cost related to unvested share options			$ 7.3
Weighted average remaining contractual life			2 years 2 months 12 days
Stock based compensation expense			$ 8.9	$ 10	14.8
2017 LTIP
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			100.00%
FFO as Adjusted Per Share, Value			$ 16.63
Share Price			$ 35.95
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate			23.00%
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date			7.50%
Vesting period	3 years
2017 LTIP | First portion of awards
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	30.00%
FFO as Adjusted Per Share, Value			$ 16.18
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date			10.00%
Vesting period	1 year
2017 LTIP | 50% vesting out of first portion of LTI Award
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
2017 LTIP | Balance 50% vesting out of first portion of LTI Award
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	50.00%
2017 LTIP | Second portion of awards
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	10.00%
2017 LTIP | Third portion of awards
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	60.00%
Vesting period	3 years
2017 LTIP | Relative component
Employee benefits
FFO as Adjusted Per Share, Value			$ 20.54
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date			7.50%
2017 LTIP | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value			$ 14.71
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date			7.50%
2017 LTIP | Restricted Stock | Relative component
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 44.26
2017 LTIP | Restricted Stock | Absolute component
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 31.40
2016 LTIP
Employee benefits
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 | First portion of awards
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		33.33%
Vesting period		1 year
2016 LTIP | 50% vesting out of first portion of LTI Award
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
2016 LTIP | Balance 50% vesting out of first portion of LTI Award
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
2016 LTIP | Second portion of awards
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		66.67%
Vesting period		3 years
2016 LTIP | Restricted Stock
Employee benefits
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%
2016 LTIP | Long Term Incentive Plan
Employee benefits
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 | Restricted Stock
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date			10.00%
2015 LTIP | Long Term Incentive Plan
Employee benefits
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
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			100.00%
Transition LTI | Long Term Incentive Plan
Employee benefits
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
Employee benefits
Shares reserved for issuance under plan			19,000,000
Shares available for issuance under plan			9,003,396
Long Term Incentive Plan | Restricted Stock
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Options, Issued			5,929,255
Profit Sharing Plan
Employee benefits
Aggregate provisions for contributions			$ 1.3	$ 1.3	$ 1.1

Income Taxes - Taxable Distribu

Income Taxes - Taxable Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Taxable Distributions Paid Per Common Share [Abstract]
Ordinary income	$ 1.018	$ 0.708	$ 0.595
Qualified ordinary income	0.011	0	0
Long-term capital gain	0.133	0.309	0.329
Unrecapture section 1250 gain	0.063	0.145	0.168
Taxable distributions per common share	$ 1.225	$ 1.162	$ 1.092

Income Taxes - Provision (Detai

Income Taxes - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred
Total income tax provision/(benefit)	$ (240)	$ (3,774)	$ (3,886)
TRS
Current
Federal	(1,205)	69	29
State	407	372	871
Current Income Tax Expense (Benefit), Total	(798)	441	900
Deferred
Federal	568	9,814	(4,173)
State	(10)	1,319	(613)
Total deferred	558	11,133	(4,786)
Total income tax provision/(benefit)	(240)	11,574	(3,886)
TRS | Continuing Operations
Deferred
Total income tax provision/(benefit)	$ (240)	(3,774)
Tax Benefit of Taxable Subsidiary			$ (3,886)
TRS | Sale of Real Estate
Deferred
Total income tax provision/(benefit)		$ 15,348

Income Taxes - Deferred Taxes (

Income Taxes - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Deferred tax liabilities:
Deferred Tax Assets, Net, Total	$ 100	$ 600
TRS
Deferred tax assets:
Federal and state tax attributes	8	536	$ 2,227
Book/tax depreciation			9,016
Other	139	190	707
Total deferred tax assets	147	726	11,950
Valuation allowance	(9)	(6)	(81)
Net deferred tax assets	138	720	11,869
Deferred tax liabilities:
Other	(67)	(92)	(107)
Total deferred tax liabilities	(67)	(92)	(107)
Deferred Tax Assets, Net, Total	$ 71	$ 628	$ 11,762

Income Taxes - Effective Tax Ra

Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
U.S. federal corporate income tax rate		35.00%	35.00%	35.00%	35.00%
Income tax provision/(benefit)
New tax law benefit		$ (1,100)
Total income tax provision/(benefit)		(240)	$ (3,774)	$ (3,886)
Forecast
U.S. federal corporate income tax rate	21.00%
TRS
Income tax provision/(benefit)
U.S. federal income tax provision/(benefit)		581	12,577	(4,383)
State income tax provision		493	1,370	442
Other items		(188)	134	(26)
New tax law benefit		(1,129)
Conversion of certain TRS entities to REITs			(2,436)
Valuation allowance		3	(71)	81
Total income tax provision/(benefit)		$ (240)	$ 11,574	$ (3,886)

Income Taxes - Other Informatio

Income Taxes - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Carryforwards
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	35.00%	35.00%	35.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ (3,500)
Tax (provision)/benefit, net	(240)	$ (3,774)	$ (3,886)
One time tax benefit	1,100
Internal Revenue Service (IRS)
Carryforwards
Net loss carryforwards	24,000
State
Carryforwards
Net loss carryforwards	$ 74,800

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Noncontrolling interests
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership									$ 164	$ 380	$ 3
Redeemable noncontrolling interests in the Operating Partnership (d)	$ 948,138				$ 909,482				948,138	909,482
Net Income (Loss) Available to Common Stockholders, Basic	68,356	$ 15,264	$ 9,228	$ 25,038	236,687	$ 26,027	$ 17,017	$ 9,464	117,850	289,001	336,661
Redeemable noncontrolling interests in the Operating Partnership
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning for year				$ 909,482				$ 946,436	909,482	946,436
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership									(71,096)	24,735
Conversion of OP Units/DownREIT Units to Common Stock									14,544	9,526
Net income attributable to redeemable non-controlling interests in the Operating Partnership									10,933	27,282	16,773
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership									(31,427)	(30,077)
Vesting of Long-Term Incentive Plan Units									2,317
Allocation of other comprehensive income/(loss)									281	102
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of the year	$ 948,138				$ 909,482				948,138	909,482	946,436
Net income/(loss) attributable to noncontrolling interests									(147)	(322)	(3)
Noncontrolling Interest
Redeemable noncontrolling interests in the Operating Partnership
Net income/(loss) attributable to noncontrolling interests									(147)	$ (322)	$ (3)
Redeemable Noncontrolling Interest
Redeemable noncontrolling interests in the Operating Partnership
Allocation of other comprehensive income/(loss)									$ (300)
UDR, Inc. | UDR DownREIT Unit
Noncontrolling interests
Equity Method Investment, Ownership Percentage	9.31297%								9.31297%

Fair Value of Derivatives and68

Fair Value of Derivatives and Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair Value
Notes receivable, net	$ 19,469	$ 19,790
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset	5,743	4,360
Derivative Liability		413
Secured debt instruments - variable rate
Borrowings outstanding at end of period	3,300	2,900
Unsecured debt instruments
Redeemable Noncontrolling Interest, Equity, Carrying Amount	948,138	909,482	$ 946,436
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	948,138	909,482
Carrying Amount | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net	19,469	19,790
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset	5,743	4,360
Total assets	25,212	24,150
Derivative Liability		413
Unsecured debt instruments
Total liabilities	3,688,070	3,418,079
Redeemable Noncontrolling Interest, Equity, Carrying Amount	948,138
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		909,482
Carrying Amount | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments (c)	21,767	21,350
Commercial Paper, at Carrying Value	300,000
Carrying Amount | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments (c)	2,561,122	2,261,838
Fair Value | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable (a)	19,567	19,645
Total assets	25,310	24,005
Unsecured debt instruments
Total liabilities	3,746,572	3,463,639
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	948,138	909,482
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	5,743	4,360
Derivatives - Interest rate contracts (b)		413
Fair Value | Mortgages 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	397,386
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate		396,045
Fair Value | 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
Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	292,227	365,693
Secured debt instruments - variable rate
Secured debt instruments - variable rate	29,034	280,946
Fair Value | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments (c)	21,767	21,350
Commercial Paper, at Carrying Value	300,000
Fair Value | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments (c)	2,611,458	2,304,492
Fair Value | Level 2 | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	5,743	4,360
Unsecured debt instruments
Total liabilities		413
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	948,138	909,482
Fair Value | 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	5,743	4,360
Derivatives - Interest rate contracts (b)		413
Fair Value | Level 3 | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable (a)	19,567	19,645
Total assets	19,567	19,645
Unsecured debt instruments
Commercial Paper, at Carrying Value	300,000
Total liabilities	3,746,572	3,463,226
Fair Value | Level 3 | Mortgages 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	397,386
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate		396,045
Fair Value | Level 3 | 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
Secured debt instruments - variable rate
Secured debt instruments - variable rate		94,700
Fair Value | Level 3 | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	292,227	365,693
Secured debt instruments - variable rate
Secured debt instruments - variable rate	29,034	280,946
Fair Value | Level 3 | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments (c)	21,767	21,350
Fair Value | Level 3 | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments (c)	2,611,458	2,304,492
Fixed Rate Debt | Fannie Mae credit facilities
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	285,836	355,836
Tax-exempt secured notes payable | Variable Rate Debt
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	94,700	94,700
Tax-exempt secured notes payable | Variable Rate Debt | Carrying Amount | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Secured debt instruments - variable rate
Secured debt instruments - variable rate	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	285,836	355,836
Fannie Mae credit facilities | 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	29,034	280,946
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	29,034
Secured debt instruments - variable rate
Secured debt instruments - variable rate		280,946
Mortgages Notes Payable | 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	395,611	402,996
Mortgages Notes Payable | Fixed Rate Debt | Carrying Amount | Mortgages 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	$ 395,611	$ 402,996

Derivatives and Hedging Activ69

Derivatives and Hedging Activity - Interest Rate Derivatives (Details) $ in Thousands	Dec. 31, 2017USD ($)instrumentitem
Designated as Hedging Instrument | Interest rate swaps
Derivatives
Number instruments | item	4
Notional	$ 315,000
Designated as Hedging Instrument | Interest rate caps
Derivatives
Number instruments | item	1
Notional	$ 65,197
Not Designated as Hedging Instrument | Interest rate caps
Derivatives
Number instruments | instrument	3
Notional	$ 271,076

Derivatives and Hedging Activ70

Derivatives and Hedging Activity - Fair Value (Details) - Interest rate contracts - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
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	$ 5,743	$ 4,359
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
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

Derivatives and Hedging Activ71

Derivatives and Hedging Activity - Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ 1,802	$ 3,514	$ (6,393)
Amount of Gain or (Loss) Recognized in Income on Derivative	(1)	(3)	(23)
Interest rate contracts | 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	(1,271)	(3,657)	(2,251)
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	136		11
Interest rate contracts | Other income/(expense)
Effect of derivative instruments on the Consolidated Statements of Operations
Amount of Gain or (Loss) Recognized in Income on Derivative	$ 100	$ 100	$ 100

Derivatives and Hedging Activ72

Derivatives and Hedging Activity - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Offsetting Derivative Assets [Abstract]
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 5,743	$ 4,360
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments		(221)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Cash Collateral Received	0	0
Net Amount	5,743	4,139
Offsetting Derivative Liabilities [Abstract]
Gross Amounts Offset in the Consolidated Balance Sheets		413
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b)		413
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments		(221)
Net Amount		192
Fair Value, Measurements, Recurring | Carrying Amount
Offsetting Derivative Assets [Abstract]
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 5,743	4,360
Offsetting Derivative Liabilities [Abstract]
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b)		$ 413

Derivatives and Hedging Activ73

Derivatives and Hedging Activity - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivatives
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	$ 1,000
Derivative instruments not designated as hedging instruments, gain (loss), net	(1)	(3)	$ (23)
Cash Flow Hedging
Derivatives And Hedging Activity (Textual) [Abstract]
Fair value of derivatives in a net liability position	100
Interest rate swaps | Designated as Hedging Instrument
Derivatives
Notional	315,000
Interest rate contracts | Other income/(expense)
Derivatives And Hedging Activity (Textual) [Abstract]
Derivative instruments not designated as hedging instruments, gain (loss), net	100	$ 100	100
Interest rate contracts | Interest expense | Cash Flow Hedging
Derivatives And Hedging Activity (Textual) [Abstract]
Reclassified loss from Other Comprehensive Income/(Loss) to earnings	(136)		$ (11)
Interest rate contracts | Maximum | Other income/(expense)
Derivatives And Hedging Activity (Textual) [Abstract]
Derivative instruments not designated as hedging instruments, gain (loss), net	$ 100

Commitments and Contingencies -

Commitments and Contingencies - Real Estate Commitments (Details) $ in Thousands	Dec. 31, 2017USD ($)communityitem
Commitments
Number of communities owned (in communities) | community	127
Cost Incurred to Date	$ 970,582
Expected Costs to Complete	$ 222,440
Wholly owned — under development
Commitments
Number of communities owned (in communities) | item	2
Cost Incurred to Date	$ 592,490
Expected Costs to Complete	$ 124,010
Average Ownership Stake	100.00%
Unconsolidated joint ventures
Commitments
Number of communities owned (in communities) | item	3
Cost Incurred to Date	$ 262,550
Expected Costs to Complete	$ 22,076
Average Ownership Stake	50.00%
Preferred Equity Investment West Coast Development JV
Commitments
Number of communities owned (in communities) | item	5
Cost Incurred to Date	$ 87,491
Expected Costs to Complete	$ 50,846
Average Ownership Stake	48.00%
Other investments
Commitments
Number of communities owned (in communities) | item	1
Cost Incurred to Date	$ 28,051
Expected Costs to Complete	$ 25,508

Commitments and Contingencies75

Commitments and Contingencies - Lease Maturities (Details) $ in Thousands	Dec. 31, 2017USD ($)
Office Space
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,018	$ 76
2,019	76
2,020	76
2,021	32
Total	260
Ground Leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,018	5,629
2,019	5,629
2,020	5,629
2,021	5,629
2,022	5,629
Thereafter	335,207
Total	$ 363,352

Commitments and Contingencies76

Commitments and Contingencies - Other Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)communityitem	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Real estate properties
Percentage Of Cost Incurred To Date	100.00%
Development costs and capital expenditures incurred but not yet paid	$ 43,930	$ 46,285	$ 20,375
Number of real estate properties | community	127
Wholly owned — under development
Real estate properties
Development costs and capital expenditures incurred but not yet paid	$ 38,000
Number of real estate properties | item	2
Office Space
Real estate properties
Rent expense	$ 200	300	300
Ground Leases
Real estate properties
Number of real estate properties | community	6
Rent expense	$ 6,200	$ 5,500	$ 5,500

Reportable Segments (Details)

Reportable Segments (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Reportable Segments
Number of reportable segments | segment									2
Reportable apartment home segment rental income									$ 984,309	$ 948,461	$ 871,928
Reportable apartment home segment NOI									698,503	673,085	613,869
Reconciling items:
Joint venture management and other fees									11,482	11,400	22,710
Property management									(27,068)	(26,083)	(23,978)
Other operating expenses									(9,060)	(7,649)	(9,708)
Real estate depreciation and amortization									(430,054)	(419,615)	(374,598)
General and administrative									(48,566)	(49,761)	(59,690)
Casualty-related charges/(recoveries), net									(4,335)	(732)	(2,335)
Other depreciation and amortization									(6,408)	(6,023)	(6,679)
Income/(loss) from unconsolidated entities									31,257	52,234	62,329
Interest expense									(128,711)	(123,031)	(121,875)
Interest income and other income/(expense), net									1,971	1,930	1,551
Tax (provision)/benefit, net									240	3,774	3,886
Gain/(loss) on sale of real estate owned, net of tax									43,404	210,851	251,677
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership									(10,933)	(27,282)	(16,773)
Net (income)/loss attributable to noncontrolling interests									(164)	(380)	(3)
Net income/(loss) attributable to UDR, Inc.									121,558	292,718	340,383
Reportable apartment home segment assets:
Real Estate Owned Gross	$ 10,177,206				$ 9,615,753				10,177,206	9,615,753
Accumulated depreciation	(3,330,166)				(2,923,625)				(3,330,166)	(2,923,625)
Total real estate owned, net of accumulated depreciation	6,847,040				6,692,128				6,847,040	6,692,128
Reconciling items:
Cash and cash equivalents	2,038				2,112				2,038	2,112	6,742	$ 15,224
Restricted cash	19,792				19,994				19,792	19,994
Notes receivable	19,469				19,790				19,469	19,790
Investment in and advances to unconsolidated joint ventures, net	720,830				827,025				720,830	827,025
Equity Method Investments					720,830					720,830
Other assets	124,104				118,535				124,104	118,535
Total assets	7,733,273				7,679,584				7,733,273	7,679,584
Reportable Segments
Capital expenditures related to segments									369,029	339,813	203,183
Same Communities
Reportable Segments
Capital expenditures related to segments									87,000	86,200	66,700
Same Store Communities Western Region
Reportable Segments
Reportable apartment home segment rental income									329,322	315,390	294,048
Reportable apartment home segment NOI									248,262	237,071	219,282
Reportable apartment home segment assets:
Real Estate Owned Gross	2,932,958				2,896,589				2,932,958	2,896,589
Same Store Communities Mid-Atlantic Region
Reportable Segments
Reportable apartment home segment rental income									209,548	204,408	158,063
Reportable apartment home segment NOI									145,627	140,542	106,354
Reportable apartment home segment assets:
Real Estate Owned Gross	2,236,911				2,216,067				2,236,911	2,216,067
Same Store Communities Southeastern Region
Reportable Segments
Reportable apartment home segment rental income									116,467	111,318	103,920
Reportable apartment home segment NOI									80,726	76,359	69,820
Reportable apartment home segment assets:
Real Estate Owned Gross	762,102				746,762				762,102	746,762
Same Store Communities Southwestern Region
Reportable Segments
Reportable apartment home segment rental income									42,992	41,273	39,166
Reportable apartment home segment NOI									26,455	25,600	24,407
Reportable apartment home segment assets:
Real Estate Owned Gross	292,074				283,260				292,074	283,260
Same Store Communities Northeast Region
Reportable Segments
Reportable apartment home segment rental income									151,736	147,573	132,079
Reportable apartment home segment NOI									106,473	106,005	93,530
Reportable apartment home segment assets:
Real Estate Owned Gross	1,865,762				1,857,193				1,865,762	1,857,193
Non-Mature communities/Other
Reportable Segments
Reportable apartment home segment rental income									134,244	128,499	144,652
Reportable apartment home segment NOI									90,960	87,508	100,476
Reportable apartment home segment assets:
Real Estate Owned Gross	2,087,399				1,615,882				2,087,399	1,615,882
Reportable Segments
Capital expenditures related to segments									$ 4,900	10,100	18,500
Minimum
Reportable Segments
Time to maintain percent occupancy to be considered a community									3 months
Taxable REIT Subsidiaries
Reportable Segments
Related Party Transaction, Management Fee Percentage									2.75%
United Dominion Reality L.P.
Reportable Segments
Number of reportable segments | segment									2
Reportable apartment home segment rental income									$ 419,377	404,415	440,408
Reportable apartment home segment NOI									306,841	297,121	317,597
Reconciling items:
Property management									(11,533)	(11,122)	(12,111)
Other operating expenses									(6,833)	(6,059)	(5,923)
Real estate depreciation and amortization									(152,473)	(147,074)	(169,784)
General and administrative									(17,875)	(18,808)	(27,016)
Casualty-related charges/(recoveries), net									(1,922)	(484)	(843)
Income/(loss) from unconsolidated entities									(19,256)	(37,425)	(4,659)
Interest expense									(18,156)	(17,855)	(35,274)
Gain/(loss) on sale of real estate owned, net of tax									41,272	33,180	158,123
Net income/(loss) attributable to UDR, Inc.	61,065	$ 20,736	$ 10,849	$ 13,657	50,470	$ 11,517	$ 11,044	$ 4,787
Reportable apartment home segment assets:
Real Estate Owned Gross	3,816,956				3,674,704				3,816,956	3,674,704
Total real estate owned, net of accumulated depreciation	2,273,304				2,265,889				2,273,304	2,265,889
Reconciling items:
Cash and cash equivalents	293				756				293	756	3,103	$ 502
Restricted cash	12,579				11,694				12,579	11,694
Deferred financing costs, net	360								360
Investment in and advances to unconsolidated joint ventures, net	76,907				112,867				76,907	112,867
Equity Method Investments	76,907				112,867				76,907	112,867
Other assets	32,490				24,329				32,490	24,329
Total assets	2,395,573				2,415,535				2,395,573	2,415,535
Reportable Segments
Capital expenditures related to segments									45,211	71,720	61,196
United Dominion Reality L.P. | Same Communities
Reportable Segments
Capital expenditures related to segments									41,100	41,200	30,700
United Dominion Reality L.P. | Same Store Communities Western Region
Reportable Segments
Reportable apartment home segment rental income									201,036	191,034	177,197
Reportable apartment home segment NOI									152,571	144,949	133,406
Reportable apartment home segment assets:
Real Estate Owned Gross	1,581,321				1,555,331				1,581,321	1,555,331
United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Reportable Segments
Reportable apartment home segment rental income									59,006	57,563	45,701
Reportable apartment home segment NOI									40,292	38,711	29,519
Reportable apartment home segment assets:
Real Estate Owned Gross	655,850				655,693				655,850	655,693
United Dominion Reality L.P. | Same Store Communities Southeastern Region
Reportable Segments
Reportable apartment home segment rental income									49,586	47,792	44,981
Reportable apartment home segment NOI									34,182	32,519	30,106
Reportable apartment home segment assets:
Real Estate Owned Gross	334,811				328,729				334,811	328,729
United Dominion Reality L.P. | Same Store Communities Northeast Region
Reportable Segments
Reportable apartment home segment rental income									54,530	53,036	51,086
Reportable apartment home segment NOI									40,524	40,704	39,765
Reportable apartment home segment assets:
Real Estate Owned Gross	677,767				674,928				677,767	674,928
United Dominion Reality L.P. | Non-Mature communities/Other
Reportable Segments
Reportable apartment home segment rental income									55,219	54,990	121,443
Reportable apartment home segment NOI									39,272	40,238	84,801
Reportable apartment home segment assets:
Real Estate Owned Gross	$ 567,207				$ 460,023				567,207	460,023
Reportable Segments
Capital expenditures related to segments									$ 2,500	$ 2,900	$ 14,300
United Dominion Reality L.P. | Minimum
Reportable Segments
Time to maintain percent occupancy to be considered a community									3 months

Unaudited Summarized Consolid78

Unaudited Summarized Consolidated Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly financial data
Rental income	$ 250,116	$ 248,264	$ 244,658	$ 241,271	$ 240,081	$ 240,255	$ 236,168	$ 231,957	$ 984,309	$ 948,461	$ 871,928
Income/(loss) from continuing operations	34,355	17,570	11,062	26,264	59,280	29,466	12,249	8,534	89,251	109,529	105,482
Net (loss)/income attributable to stakeholders	$ 68,356	$ 15,264	$ 9,228	$ 25,038	$ 236,687	$ 26,027	$ 17,017	$ 9,464	$ 117,850	$ 289,001	$ 336,661
Income/(loss) per weighted average common share - basic	$ 0.26	$ 0.06	$ 0.03	$ 0.09	$ 0.89	$ 0.10	$ 0.06	$ 0.04	$ 0.44	$ 1.09	$ 1.30
Income/(loss) per weighted average common share - diluted	$ 0.25	$ 0.06	$ 0.03	$ 0.09	$ 0.88	$ 0.10	$ 0.06	$ 0.04	$ 0.44	$ 1.08	$ 1.29
Basic (in shares)	267,270	267,056	266,972	266,790	266,498	266,301	266,268	262,456	267,024,000	265,386,000	258,669,000
Weighted average number of common shares outstanding — diluted	269,221	269,062	268,859	268,688	271,551	268,305	268,174	264,285	268,830,000	267,311,000	263,752,000

Schedule III Real Estate Owned

Schedule III Real Estate Owned (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Real Estate and Accumulated Depreciation
Encumbrances				$ 803,269
Initial Costs, Land and Land Improvements				1,857,522
Initial Costs, Buildings and Improvements				5,253,038
Total Initial Acquisition Costs				7,110,560
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,066,646
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,079,616
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				8,097,590
Total Carrying Value	$ 9,615,753	$ 9,190,276	$ 8,383,259	10,177,206
Accumulated Depreciation	2,923,625	2,646,874	2,434,772	3,330,166
Aggregate cost for federal income tax purposes				9,100,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	9,615,753	9,190,276	8,383,259
Real estate acquired	235,993	324,104	906,446
Capital expenditures and development	369,029	339,813	203,183
Real estate sold	(43,569)	(238,440)	(301,920)
Casualty-related impairment of assets			(692)
Balance at end of the year	10,177,206	9,615,753	9,190,276
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	2,923,625	2,646,874	2,434,772
Depreciation expense for the year	424,772	398,904	364,622
Accumulated depreciation on sales	(18,231)	(122,153)	(152,520)
Balance at end of year	$ 3,330,166	$ 2,923,625	$ 2,646,874
Minimum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	35 years
Maximum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	55 years
REAL ESTATE UNDER DEVELOPMENT
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				111,023
Total Initial Acquisition Costs				111,023
Costs of Improvements Capitalized Subsequent to Acquisition Costs				481,467
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				109,468
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				483,022
Total Carrying Value	$ 592,490			592,490
Accumulated Depreciation	3,854			3,854
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	592,490
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,854
REAL ESTATE UNDER DEVELOPMENT | The Residences at Pacific City
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				78,085
Total Initial Acquisition Costs				78,085
Costs of Improvements Capitalized Subsequent to Acquisition Costs				253,044
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				253,044
Total Carrying Value	331,129			331,129
Accumulated Depreciation	3,854			3,854
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	331,129
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,854
REAL ESTATE UNDER DEVELOPMENT | 345 Harrison
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				32,938
Total Initial Acquisition Costs				32,938
Costs of Improvements Capitalized Subsequent to Acquisition Costs				228,423
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				31,383
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				229,978
Total Carrying Value	261,361			261,361
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	261,361
LAND
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				57,098
Total Initial Acquisition Costs				57,098
Costs of Improvements Capitalized Subsequent to Acquisition Costs				18,842
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				64,359
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,581
Total Carrying Value	75,940			75,940
Accumulated Depreciation	2,620			2,620
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,940
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,620
LAND | Waterside
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				11,862
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
Total Carrying Value	12,084			12,084
Accumulated Depreciation	333			333
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	12,084
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	333
LAND | 7 Hardcourt
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				884
Total Initial Acquisition Costs				884
Costs of Improvements Capitalized Subsequent to Acquisition Costs				5,792
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				5,872
Total Carrying Value	6,676			6,676
Accumulated Depreciation	14			14
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	6,676
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14
LAND | Vitruvian Park®
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				4,325
Total Initial Acquisition Costs				4,325
Costs of Improvements Capitalized Subsequent to Acquisition Costs				9,291
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,347
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				2,269
Total Carrying Value	13,616			13,616
Accumulated Depreciation	2,273			2,273
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,616
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,273
LAND | Wilshire AT LaJolla
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				31,105
Total Initial Acquisition Costs				31,105
Costs of Improvements Capitalized Subsequent to Acquisition Costs				97
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				31,202
Total Carrying Value	31,202			31,202
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,202
LAND | Dublin Land
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,922
Total Initial Acquisition Costs				8,922
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,440
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				3,440
Total Carrying Value	12,362			12,362
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	12,362
COMMERCIAL
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				30,758
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				21,585
Total Carrying Value	30,758			30,758
Accumulated Depreciation	17,490			17,490
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,758
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,490
COMMERCIAL | Circle Towers Office Bldg
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				7,679
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				6,299
Total Carrying Value	7,679			7,679
Accumulated Depreciation	3,570			3,570
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	7,679
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,570
COMMERCIAL | Brookhaven Shopping Center
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				23,079
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				15,286
Total Carrying Value	23,079			23,079
Accumulated Depreciation	13,920			13,920
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,079
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,920
TOTAL CORPORATE
Real Estate and Accumulated Depreciation
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				7,519
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,035
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,052
Total Carrying Value	31,087			31,087
Accumulated Depreciation	2,204			2,204
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,087
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,204
TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				6,265
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				6,265
Total Carrying Value	6,265			6,265
Accumulated Depreciation	72			72
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	6,265
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	72
TOTAL CORPORATE | 1745 Shea Center I
Real Estate and Accumulated Depreciation
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				1,254
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,035
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,787
Total Carrying Value	24,822			24,822
Accumulated Depreciation	2,132			2,132
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,822
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,132
TOTAL COMMERCIAL & CORPORATE
Real Estate and Accumulated Depreciation
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				38,277
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,208
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,637
Total Carrying Value	61,845			61,845
Accumulated Depreciation	19,694			19,694
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	61,845
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,694
TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances				805,181
Initial Costs, Land and Land Improvements				1,686,367
Initial Costs, Buildings and Improvements				5,232,504
Total Initial Acquisition Costs				6,918,871
Costs of Improvements Capitalized Subsequent to Acquisition Costs				2,528,060
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,893,581
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				7,553,350
Total Carrying Value	9,446,931			9,446,931
Accumulated Depreciation	3,303,998			3,303,998
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	9,446,931
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,303,998
WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				210,467
Initial Costs, Land and Land Improvements				818,440
Initial Costs, Buildings and Improvements				1,826,575
Total Initial Acquisition Costs				2,645,015
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,133,589
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				897,825
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				2,880,779
Total Carrying Value	3,778,604			3,778,604
Accumulated Depreciation	1,321,277			1,321,277
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,778,604
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,321,277
SAN FRANCISCO, CA
Real Estate and Accumulated Depreciation
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				300,918
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				150,653
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				710,170
Total Carrying Value	860,823			860,823
Accumulated Depreciation	351,454			351,454
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	860,823
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	351,454
SAN FRANCISCO, CA | 2000 Post Street
Real Estate and Accumulated Depreciation
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				34,115
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,315
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				74,239
Total Carrying Value	88,554			88,554
Accumulated Depreciation	37,550			37,550
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,554
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,550
SAN FRANCISCO, CA | Birch Creek
Real Estate and Accumulated Depreciation
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				8,122
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,045
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,138
Total Carrying Value	29,183			29,183
Accumulated Depreciation	15,732			15,732
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,183
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,732
SAN FRANCISCO, CA | Highlands Of Marin
Real Estate and Accumulated Depreciation
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				27,788
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,823
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,829
Total Carrying Value	58,652			58,652
Accumulated Depreciation	33,322			33,322
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,652
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,322
SAN FRANCISCO, CA | Marina Playa
Real Estate and Accumulated Depreciation
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				12,235
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,141
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				41,234
Total Carrying Value	42,375			42,375
Accumulated Depreciation	21,855			21,855
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,375
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,855
SAN FRANCISCO, CA | River Terrace
Real Estate and Accumulated Depreciation
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				5,847
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,751
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,394
Total Carrying Value	68,145			68,145
Accumulated Depreciation	28,808			28,808
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,145
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,808
SAN FRANCISCO, CA | CitySouth
Real Estate and Accumulated Depreciation
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				36,702
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,388
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				64,882
Total Carrying Value	81,270			81,270
Accumulated Depreciation	43,163			43,163
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,270
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,163
SAN FRANCISCO, CA | Bay Terrace
Real Estate and Accumulated Depreciation
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				5,824
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,579
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,248
Total Carrying Value	28,827			28,827
Accumulated Depreciation	10,906			10,906
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,827
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,906
SAN FRANCISCO, CA | Highlands of Marin Phase II
Real Estate and Accumulated Depreciation
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				11,200
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				29,354
Total Carrying Value	35,112			35,112
Accumulated Depreciation	18,309			18,309
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,112
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,309
SAN FRANCISCO, CA | Edgewater
Real Estate and Accumulated Depreciation
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				11,436
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,720
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,245
Total Carrying Value	125,965			125,965
Accumulated Depreciation	49,873			49,873
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	125,965
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,873
SAN FRANCISCO, CA | Almaden Lake Village
Real Estate and Accumulated Depreciation
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				7,651
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				907
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,853
Total Carrying Value	50,760			50,760
Accumulated Depreciation	27,685			27,685
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,760
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,685
SAN FRANCISCO, CA | 388 Beale
Real Estate and Accumulated Depreciation
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				10,176
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,482
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				84,051
Total Carrying Value	98,533			98,533
Accumulated Depreciation	31,707			31,707
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	98,533
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,707
SAN FRANCISCO, CA | Channel @ Mission Bay
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				23,625
Total Initial Acquisition Costs				23,625
Costs of Improvements Capitalized Subsequent to Acquisition Costs				129,822
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,744
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				129,703
Total Carrying Value	153,447			153,447
Accumulated Depreciation	32,544			32,544
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	153,447
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,544
ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				340,645
Initial Costs, Buildings and Improvements				352,662
Total Initial Acquisition Costs				693,307
Costs of Improvements Capitalized Subsequent to Acquisition Costs				461,817
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				377,128
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				777,996
Total Carrying Value	1,155,124			1,155,124
Accumulated Depreciation	389,891			389,891
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,155,124
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	389,891
ORANGE COUNTY, CA | Harbor at Mesa Verde
Real Estate and Accumulated Depreciation
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				19,346
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,995
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				46,365
Total Carrying Value	68,360			68,360
Accumulated Depreciation	31,256			31,256
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,360
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,256
ORANGE COUNTY, CA | 27 Seventy Five Mesa Verde
Real Estate and Accumulated Depreciation
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				97,401
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				113,691
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				193,683
Total Carrying Value	307,374			307,374
Accumulated Depreciation	115,829			115,829
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	307,374
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	115,829
ORANGE COUNTY, CA | Pacific Shores
Real Estate and Accumulated Depreciation
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				11,742
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,024
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,687
Total Carrying Value	41,711			41,711
Accumulated Depreciation	23,146			23,146
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,711
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,146
ORANGE COUNTY, CA | Huntington Vista
Real Estate and Accumulated Depreciation
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				14,187
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,215
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,513
Total Carrying Value	44,728			44,728
Accumulated Depreciation	22,752			22,752
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,728
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,752
ORANGE COUNTY, CA | Missions at Back Bay
Real Estate and Accumulated Depreciation
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				3,391
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,987
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				6,762
Total Carrying Value	17,749			17,749
Accumulated Depreciation	4,809			4,809
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,749
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,809
ORANGE COUNTY, CA | Eight 80 Newport Beach - North
Real Estate and Accumulated Depreciation
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				40,460
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				68,217
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				80,841
Total Carrying Value	149,058			149,058
Accumulated Depreciation	51,642			51,642
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	149,058
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,642
ORANGE COUNTY, CA | Eight 80 Newport Beach - South
Real Estate and Accumulated Depreciation
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				32,476
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				60,812
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				80,516
Total Carrying Value	141,328			141,328
Accumulated Depreciation	48,986			48,986
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,328
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,986
ORANGE COUNTY, CA | Foxborough
Real Estate and Accumulated Depreciation
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				4,013
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,460
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				9,811
Total Carrying Value	22,271			22,271
Accumulated Depreciation	6,267			6,267
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,271
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,267
ORANGE COUNTY, CA | 1818 Platinum Triangle
Real Estate and Accumulated Depreciation
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				2,514
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,961
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,121
Total Carrying Value	71,082			71,082
Accumulated Depreciation	23,649			23,649
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,082
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,649
ORANGE COUNTY, CA | Beach & Ocean
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				12,878
Total Initial Acquisition Costs				12,878
Costs of Improvements Capitalized Subsequent to Acquisition Costs				39,019
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				13,087
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,810
Total Carrying Value	51,897			51,897
Accumulated Depreciation	7,842			7,842
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,897
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,842
ORANGE COUNTY, CA | The Residences at Bella Terra
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				25,000
Total Initial Acquisition Costs				25,000
Costs of Improvements Capitalized Subsequent to Acquisition Costs				126,645
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				25,157
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				126,488
Total Carrying Value	151,645			151,645
Accumulated Depreciation	35,583			35,583
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	151,645
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,583
ORANGE COUNTY, CA | Los Alisos at Mission Viejo
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				17,298
Total Initial Acquisition Costs				17,298
Costs of Improvements Capitalized Subsequent to Acquisition Costs				70,623
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,522
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				71,399
Total Carrying Value	87,921			87,921
Accumulated Depreciation	18,130			18,130
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,921
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,130
SEATTLE, WA
Real Estate and Accumulated Depreciation
Encumbrances				77,272
Initial Costs, Land and Land Improvements				134,705
Initial Costs, Buildings and Improvements				783,698
Total Initial Acquisition Costs				918,403
Costs of Improvements Capitalized Subsequent to Acquisition Costs				65,736
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				140,309
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				843,830
Total Carrying Value	984,139			984,139
Accumulated Depreciation	262,274			262,274
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	984,139
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	262,274
SEATTLE, WA | Crowne Pointe
Real Estate and Accumulated Depreciation
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				8,421
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,083
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,261
Total Carrying Value	17,344			17,344
Accumulated Depreciation	9,003			9,003
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,344
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,003
SEATTLE, WA | Hilltop
Real Estate and Accumulated Depreciation
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				5,594
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,997
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,179
Total Carrying Value	15,176			15,176
Accumulated Depreciation	7,965			7,965
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,176
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,965
SEATTLE, WA | The Hawthorne
Real Estate and Accumulated Depreciation
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				6,613
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,996
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,317
Total Carrying Value	43,313			43,313
Accumulated Depreciation	23,177			23,177
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,313
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,177
SEATTLE, WA | The Kennedy
Real Estate and Accumulated Depreciation
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				2,727
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				24,933
Total Carrying Value	31,213			31,213
Accumulated Depreciation	15,434			15,434
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,213
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,434
SEATTLE, WA | Hearthstone at Merrill Creek
Real Estate and Accumulated Depreciation
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				4,923
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,032
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,661
Total Carrying Value	42,693			42,693
Accumulated Depreciation	20,118			20,118
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,693
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,118
SEATTLE, WA | Island Square
Real Estate and Accumulated Depreciation
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				6,320
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,631
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,362
Total Carrying Value	116,993			116,993
Accumulated Depreciation	51,102			51,102
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,993
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,102
SEATTLE, WA | Borgata
Real Estate and Accumulated Depreciation
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				5,172
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,427
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,693
Total Carrying Value	36,120			36,120
Accumulated Depreciation	16,104			16,104
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,120
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,104
SEATTLE, WA | elements too
Real Estate and Accumulated Depreciation
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				17,566
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,232
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				86,838
Total Carrying Value	117,070			117,070
Accumulated Depreciation	52,083			52,083
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	117,070
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,083
SEATTLE, WA | 989elements
Real Estate and Accumulated Depreciation
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				3,571
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,607
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,495
Total Carrying Value	58,102			58,102
Accumulated Depreciation	22,087			22,087
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,102
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,087
SEATTLE, WA | Lightbox
Real Estate and Accumulated Depreciation
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				897
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				39,760
Total Carrying Value	46,230			46,230
Accumulated Depreciation	8,538			8,538
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,230
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,538
SEATTLE, WA | Waterscape
Real Estate and Accumulated Depreciation
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				1,073
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,708
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				66,234
Total Carrying Value	75,942			75,942
Accumulated Depreciation	12,820			12,820
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,942
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,820
SEATTLE, WA | Ashton Bellevue
Real Estate and Accumulated Depreciation
Encumbrances				48,707
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				1,316
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,358
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				126,184
Total Carrying Value	134,542			134,542
Accumulated Depreciation	8,672			8,672
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	134,542
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,672
SEATTLE, WA | TEN20
Real Estate and Accumulated Depreciation
Encumbrances				28,565
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				1,315
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,292
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				77,857
Total Carrying Value	83,149			83,149
Accumulated Depreciation	5,366			5,366
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,149
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,366
SEATTLE, WA | Milehouse
Real Estate and Accumulated Depreciation
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				169
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				63,210
Total Carrying Value	69,186			69,186
Accumulated Depreciation	4,653			4,653
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,186
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,653
SEATTLE, WA | CityLine
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				11,220
Initial Costs, Buildings and Improvements				85,787
Total Initial Acquisition Costs				97,007
Costs of Improvements Capitalized Subsequent to Acquisition Costs				59
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,220
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				85,846
Total Carrying Value	97,066			97,066
Accumulated Depreciation	5,152			5,152
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	97,066
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,152
LOS ANGELES, CA
Real Estate and Accumulated Depreciation
Encumbrances				67,700
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				142,997
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				160,979
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				290,343
Total Carrying Value	451,322			451,322
Accumulated Depreciation	148,435			148,435
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	451,322
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	148,435
LOS ANGELES, CA | Rosebeach
Real Estate and Accumulated Depreciation
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				4,758
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,792
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,829
Total Carrying Value	30,621			30,621
Accumulated Depreciation	14,644			14,644
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,621
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,644
LOS ANGELES, CA | Tierra Del Rey
Real Estate and Accumulated Depreciation
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				6,967
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				39,769
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				43,463
Total Carrying Value	83,232			83,232
Accumulated Depreciation	23,843			23,843
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,232
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,843
LOS ANGELES, CA | The Westerly
Real Estate and Accumulated Depreciation
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				38,878
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				50,850
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				138,574
Total Carrying Value	189,424			189,424
Accumulated Depreciation	68,118			68,118
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	189,424
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	68,118
LOS ANGELES, CA | Jefferson at Marina del Rey
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				55,651
Total Initial Acquisition Costs				55,651
Costs of Improvements Capitalized Subsequent to Acquisition Costs				92,394
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				61,568
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				86,477
Total Carrying Value	148,045			148,045
Accumulated Depreciation	41,830			41,830
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	148,045
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,830
MONTEREY PENINSULA, CA
Real Estate and Accumulated Depreciation
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				87,534
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				28,610
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				144,246
Total Carrying Value	172,856			172,856
Accumulated Depreciation	84,168			84,168
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	172,856
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	84,168
MONTEREY PENINSULA, CA | Boronda Manor
Real Estate and Accumulated Depreciation
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				10,320
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,250
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,998
Total Carrying Value	21,248			21,248
Accumulated Depreciation	10,504			10,504
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,248
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,504
MONTEREY PENINSULA, CA | Garden Court
Real Estate and Accumulated Depreciation
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				5,941
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				9,417
Total Carrying Value	11,017			11,017
Accumulated Depreciation	5,679			5,679
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	11,017
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,679
MONTEREY PENINSULA, CA | Cambridge Court
Real Estate and Accumulated Depreciation
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				16,609
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,548
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				26,983
Total Carrying Value	32,531			32,531
Accumulated Depreciation	15,939			15,939
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,531
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,939
MONTEREY PENINSULA, CA | Laurel Tree
Real Estate and Accumulated Depreciation
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				6,654
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,287
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,786
Total Carrying Value	13,073			13,073
Accumulated Depreciation	6,396			6,396
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,073
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,396
MONTEREY PENINSULA, CA | The Pointe At Harden Ranch
Real Estate and Accumulated Depreciation
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				29,912
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,241
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,913
Total Carrying Value	60,154			60,154
Accumulated Depreciation	28,586			28,586
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	60,154
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,586
MONTEREY PENINSULA, CA | The Pointe At Northridge
Real Estate and Accumulated Depreciation
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				10,886
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,384
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,574
Total Carrying Value	20,958			20,958
Accumulated Depreciation	10,479			10,479
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,958
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,479
MONTEREY PENINSULA, CA | The Pointe At Westlake
Real Estate and Accumulated Depreciation
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				7,212
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,300
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,575
Total Carrying Value	13,875			13,875
Accumulated Depreciation	6,585			6,585
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,875
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,585
OTHER SOUTHERN CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				19,367
Initial Costs, Buildings and Improvements				27,095
Total Initial Acquisition Costs				46,462
Costs of Improvements Capitalized Subsequent to Acquisition Costs				59,561
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,747
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				76,276
Total Carrying Value	106,023			106,023
Accumulated Depreciation	57,668			57,668
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	106,023
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	57,668
OTHER SOUTHERN CA | Verano at Rancho Cucamonga Town Square
Real Estate and Accumulated Depreciation
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				55,786
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,534
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,454
Total Carrying Value	72,988			72,988
Accumulated Depreciation	38,366			38,366
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,988
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,366
OTHER SOUTHERN CA | Windemere at Sycamore Highland
Real Estate and Accumulated Depreciation
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				3,775
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,213
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				26,822
Total Carrying Value	33,035			33,035
Accumulated Depreciation	19,302			19,302
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,035
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,302
PORTLAND, OR
Real Estate and Accumulated Depreciation
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				15,026
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,399
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				37,918
Total Carrying Value	48,317			48,317
Accumulated Depreciation	27,387			27,387
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,317
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,387
PORTLAND, OR | Tualatin Heights
Real Estate and Accumulated Depreciation
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				7,638
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,906
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,139
Total Carrying Value	20,045			20,045
Accumulated Depreciation	11,379			11,379
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,045
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,379
PORTLAND, OR | Hunt Club
Real Estate and Accumulated Depreciation
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				7,388
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,493
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,779
Total Carrying Value	28,272			28,272
Accumulated Depreciation	16,008			16,008
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,272
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,008
MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
Encumbrances				281,842
Initial Costs, Land and Land Improvements				357,442
Initial Costs, Buildings and Improvements				1,488,115
Total Initial Acquisition Costs				1,845,557
Costs of Improvements Capitalized Subsequent to Acquisition Costs				611,027
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				432,105
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				2,024,479
Total Carrying Value	2,456,584			2,456,584
Accumulated Depreciation	791,335			791,335
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,456,584
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	791,335
METROPOLITAN, DC
Real Estate and Accumulated Depreciation
Encumbrances				247,992
Initial Costs, Land and Land Improvements				331,492
Initial Costs, Buildings and Improvements				1,316,295
Total Initial Acquisition Costs				1,647,787
Costs of Improvements Capitalized Subsequent to Acquisition Costs				512,660
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				395,107
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,765,340
Total Carrying Value	2,160,447			2,160,447
Accumulated Depreciation	613,968			613,968
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,160,447
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	613,968
METROPOLITAN, DC | Dominion Middle Ridge
Real Estate and Accumulated Depreciation
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				7,622
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,982
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				20,234
Total Carrying Value	24,216			24,216
Accumulated Depreciation	15,280			15,280
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,216
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,280
METROPOLITAN, DC | Dominion Lake Ridge
Real Estate and Accumulated Depreciation
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				8,232
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,933
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,052
Total Carrying Value	18,985			18,985
Accumulated Depreciation	11,572			11,572
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,985
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,572
METROPOLITAN, DC | Presidential Greens
Real Estate and Accumulated Depreciation
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				11,279
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,756
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,551
Total Carrying Value	41,307			41,307
Accumulated Depreciation	22,213			22,213
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,307
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,213
METROPOLITAN, DC | The Whitmore
Real Estate and Accumulated Depreciation
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				22,432
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,511
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				34,750
Total Carrying Value	42,261			42,261
Accumulated Depreciation	25,988			25,988
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,261
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,988
METROPOLITAN, DC | Ridgewood
Real Estate and Accumulated Depreciation
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				10,322
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,255
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,765
Total Carrying Value	36,020			36,020
Accumulated Depreciation	22,262			22,262
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,020
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,262
METROPOLITAN, DC | DelRey Tower
Real Estate and Accumulated Depreciation
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				114,031
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,559
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				117,555
Total Carrying Value	127,114			127,114
Accumulated Depreciation	25,219			25,219
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,114
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,219
METROPOLITAN, DC | Waterside Towers
Real Estate and Accumulated Depreciation
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				25,268
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				37,049
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				39,015
Total Carrying Value	76,064			76,064
Accumulated Depreciation	24,373			24,373
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	76,064
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,373
METROPOLITAN, DC | Wellington Place at Olde Town
Real Estate and Accumulated Depreciation
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				19,205
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,788
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,229
Total Carrying Value	69,017			69,017
Accumulated Depreciation	38,698			38,698
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,017
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,698
METROPOLITAN, DC | Andover House
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				183
Initial Costs, Buildings and Improvements				59,948
Total Initial Acquisition Costs				60,131
Costs of Improvements Capitalized Subsequent to Acquisition Costs				5,002
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				263
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				64,870
Total Carrying Value	65,133			65,133
Accumulated Depreciation	35,751			35,751
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,133
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,751
METROPOLITAN, DC | Sullivan Place
Real Estate and Accumulated Depreciation
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				9,387
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,641
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				112,559
Total Carrying Value	114,200			114,200
Accumulated Depreciation	65,130			65,130
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	114,200
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	65,130
METROPOLITAN, DC | Circle Towers
Real Estate and Accumulated Depreciation
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				19,198
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				33,476
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				125,588
Total Carrying Value	159,064			159,064
Accumulated Depreciation	69,419			69,419
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	159,064
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	69,419
METROPOLITAN, DC | Delancey at Shirlington
Real Estate and Accumulated Depreciation
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				4,115
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,638
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				70,848
Total Carrying Value	92,486			92,486
Accumulated Depreciation	38,906			38,906
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	92,486
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,906
METROPOLITAN, DC | View 14
Real Estate and Accumulated Depreciation
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				4,371
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,753
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				102,269
Total Carrying Value	108,022			108,022
Accumulated Depreciation	37,669			37,669
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	108,022
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,669
METROPOLITAN, DC | Signal Hill
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				13,290
Total Initial Acquisition Costs				13,290
Costs of Improvements Capitalized Subsequent to Acquisition Costs				70,901
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				25,518
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				58,673
Total Carrying Value	84,191			84,191
Accumulated Depreciation	33,128			33,128
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,191
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,128
METROPOLITAN, DC | Capitol View on 14th
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				31,393
Total Initial Acquisition Costs				31,393
Costs of Improvements Capitalized Subsequent to Acquisition Costs				95,020
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				31,412
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,001
Total Carrying Value	126,413			126,413
Accumulated Depreciation	29,971			29,971
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	126,413
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,971
METROPOLITAN, DC | Domain College Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				7,300
Total Initial Acquisition Costs				7,300
Costs of Improvements Capitalized Subsequent to Acquisition Costs				58,754
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,345
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				58,709
Total Carrying Value	66,054			66,054
Accumulated Depreciation	15,613			15,613
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,054
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,613
METROPOLITAN, DC | 1200 East West
Real Estate and Accumulated Depreciation
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				1,872
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,786
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				69,856
Total Carrying Value	79,642			79,642
Accumulated Depreciation	8,631			8,631
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	79,642
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,631
METROPOLITAN, DC | Courts at Huntington Station
Real Estate and Accumulated Depreciation
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				3,054
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				27,852
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				114,829
Total Carrying Value	142,681			142,681
Accumulated Depreciation	16,483			16,483
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	142,681
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,483
METROPOLITAN, DC | Eleven55 Ripley
Real Estate and Accumulated Depreciation
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				1,803
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				15,585
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				109,323
Total Carrying Value	124,908			124,908
Accumulated Depreciation	13,584			13,584
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	124,908
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,584
METROPOLITAN, DC | Arbor Park of Alexandria
Real Estate and Accumulated Depreciation
Encumbrances				89,019
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				1,765
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				50,886
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				161,488
Total Carrying Value	212,374			212,374
Accumulated Depreciation	23,191			23,191
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	212,374
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,191
METROPOLITAN, DC | Courts at Dulles
Real Estate and Accumulated Depreciation
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				7,091
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				90,908
Total Carrying Value	105,622			105,622
Accumulated Depreciation	13,280			13,280
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	105,622
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,280
METROPOLITAN, DC | Newport Village
Real Estate and Accumulated Depreciation
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				11,936
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				55,405
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				189,268
Total Carrying Value	244,673			244,673
Accumulated Depreciation	27,607			27,607
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	244,673
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,607
RICHMOND, VA
Real Estate and Accumulated Depreciation
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				79,938
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				15,017
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				130,952
Total Carrying Value	145,969			145,969
Accumulated Depreciation	105,998			105,998
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	145,969
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	105,998
RICHMOND, VA | Gayton Pointe Townhomes
Real Estate and Accumulated Depreciation
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				30,490
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,524
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,940
Total Carrying Value	36,464			36,464
Accumulated Depreciation	29,536			29,536
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,464
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,536
RICHMOND, VA | Waterside At Ironbridge
Real Estate and Accumulated Depreciation
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				8,730
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,433
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,380
Total Carrying Value	23,813			23,813
Accumulated Depreciation	15,249			15,249
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,813
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,249
RICHMOND, VA | Carriage Homes at Wyndham
Real Estate and Accumulated Depreciation
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				9,229
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,920
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,780
Total Carrying Value	40,700			40,700
Accumulated Depreciation	26,329			26,329
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,700
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,329
RICHMOND, VA | Legacy at Mayland
Real Estate and Accumulated Depreciation
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				31,489
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,140
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				39,852
Total Carrying Value	44,992			44,992
Accumulated Depreciation	34,884			34,884
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,992
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,884
BALTIMORE, MD
Real Estate and Accumulated Depreciation
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				18,429
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,981
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				128,187
Total Carrying Value	150,168			150,168
Accumulated Depreciation	71,369			71,369
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	150,168
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	71,369
BALTIMORE, MD | Calvert’s Walk
Real Estate and Accumulated Depreciation
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				8,029
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,900
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,229
Total Carrying Value	37,129			37,129
Accumulated Depreciation	22,913			22,913
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,129
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,913
BALTIMORE, MD | 20 Lambourne
Real Estate and Accumulated Depreciation
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				8,559
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,298
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				53,601
Total Carrying Value	65,899			65,899
Accumulated Depreciation	30,791			30,791
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,899
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,791
BALTIMORE, MD | Domain Brewers Hill
Real Estate and Accumulated Depreciation
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				1,841
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,783
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				42,357
Total Carrying Value	47,140			47,140
Accumulated Depreciation	17,665			17,665
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,140
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,665
NORTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances				76,721
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				370,549
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				318,543
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,552,316
Total Carrying Value	1,870,859			1,870,859
Accumulated Depreciation	531,262			531,262
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,870,859
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	531,262
NEW YORK, NY
Real Estate and Accumulated Depreciation
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				137,182
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				251,228
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,053,144
Total Carrying Value	1,304,372			1,304,372
Accumulated Depreciation	380,884			380,884
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,304,372
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	380,884
NEW YORK, NY | 10 Hanover Square
Real Estate and Accumulated Depreciation
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				12,957
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,658
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				231,714
Total Carrying Value	273,372			273,372
Accumulated Depreciation	78,792			78,792
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	273,372
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	78,792
NEW YORK, NY | 21 Chelsea
Real Estate and Accumulated Depreciation
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				13,714
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				36,494
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				120,773
Total Carrying Value	157,267			157,267
Accumulated Depreciation	42,537			42,537
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	157,267
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,537
NEW YORK, NY | View 34
Real Estate and Accumulated Depreciation
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				101,043
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				115,062
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				425,311
Total Carrying Value	540,373			540,373
Accumulated Depreciation	153,669			153,669
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	540,373
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	153,669
NEW YORK, NY | 95 Wall Street
Real Estate and Accumulated Depreciation
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				9,468
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				58,014
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				275,346
Total Carrying Value	333,360			333,360
Accumulated Depreciation	105,886			105,886
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	333,360
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	105,886
BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances				76,721
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				233,367
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				67,315
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				499,172
Total Carrying Value	566,487			566,487
Accumulated Depreciation	150,378			150,378
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	566,487
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	150,378
BOSTON, MA | Garrison Square
Real Estate and Accumulated Depreciation
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				9,632
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,687
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				100,563
Total Carrying Value	106,250			106,250
Accumulated Depreciation	41,736			41,736
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	106,250
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,736
BOSTON, MA | Ridge at Blue Hills
Real Estate and Accumulated Depreciation
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				3,072
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,272
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				37,708
Total Carrying Value	43,980			43,980
Accumulated Depreciation	15,893			15,893
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,980
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,893
BOSTON, MA | Inwood West
Real Estate and Accumulated Depreciation
Encumbrances				51,721
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				9,753
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				19,569
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				99,058
Total Carrying Value	118,627			118,627
Accumulated Depreciation	38,730			38,730
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	118,627
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,730
BOSTON, MA | 14 North
Real Estate and Accumulated Depreciation
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				9,517
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,180
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				60,473
Total Carrying Value	71,653			71,653
Accumulated Depreciation	24,942			24,942
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,653
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,942
BOSTON, MA | 100 Pier 4
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				24,584
Total Initial Acquisition Costs				24,584
Costs of Improvements Capitalized Subsequent to Acquisition Costs				201,393
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				24,607
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				201,370
Total Carrying Value	225,977			225,977
Accumulated Depreciation	29,077			29,077
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	225,977
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,077
SOUTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances				92,118
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				320,327
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				122,713
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				639,389
Total Carrying Value	762,102			762,102
Accumulated Depreciation	474,910			474,910
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	762,102
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	474,910
ORLANDO, FL
Real Estate and Accumulated Depreciation
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				108,375
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				32,090
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				187,674
Total Carrying Value	219,764			219,764
Accumulated Depreciation	148,885			148,885
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	219,764
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	148,885
ORLANDO, FL | Seabrook
Real Estate and Accumulated Depreciation
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				9,343
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,912
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,432
Total Carrying Value	15,344			15,344
Accumulated Depreciation	10,472			10,472
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,344
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,472
ORLANDO, FL | Altamira Place
Real Estate and Accumulated Depreciation
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				21,395
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,637
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				30,367
Total Carrying Value	34,004			34,004
Accumulated Depreciation	27,378			27,378
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,004
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,378
ORLANDO, FL | Regatta Shore
Real Estate and Accumulated Depreciation
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				16,863
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,151
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,077
Total Carrying Value	24,228			24,228
Accumulated Depreciation	18,908			18,908
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,228
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,908
ORLANDO, FL | Alafaya Woods
Real Estate and Accumulated Depreciation
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				10,384
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,608
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,471
Total Carrying Value	21,079			21,079
Accumulated Depreciation	14,697			14,697
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,079
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,697
ORLANDO, FL | Los Altos
Real Estate and Accumulated Depreciation
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				12,334
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,222
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				23,265
Total Carrying Value	27,487			27,487
Accumulated Depreciation	17,325			17,325
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,487
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,325
ORLANDO, FL | Lotus Landing
Real Estate and Accumulated Depreciation
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				10,935
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,963
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,796
Total Carrying Value	21,759			21,759
Accumulated Depreciation	13,550			13,550
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,759
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,550
ORLANDO, FL | Seville On The Green
Real Estate and Accumulated Depreciation
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				7,756
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,766
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,770
Total Carrying Value	15,536			15,536
Accumulated Depreciation	10,134			10,134
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,536
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,134
ORLANDO, FL | Ashton @ Waterford
Real Estate and Accumulated Depreciation
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				5,181
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,338
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,253
Total Carrying Value	26,591			26,591
Accumulated Depreciation	15,488			15,488
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,591
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,488
ORLANDO, FL | Arbors at Lee Vista
Real Estate and Accumulated Depreciation
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				14,184
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,493
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				26,243
Total Carrying Value	33,736			33,736
Accumulated Depreciation	20,933			20,933
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,736
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,933
NASHVILLE, TN
Real Estate and Accumulated Depreciation
Encumbrances				39,881
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				103,531
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,386
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				183,186
Total Carrying Value	206,572			206,572
Accumulated Depreciation	131,218			131,218
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	206,572
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	131,218
NASHVILLE, TN | Legacy Hill
Real Estate and Accumulated Depreciation
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				9,844
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,887
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,972
Total Carrying Value	16,859			16,859
Accumulated Depreciation	12,130			12,130
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,859
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,130
NASHVILLE, TN | Hickory Run
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				1,469
Initial Costs, Buildings and Improvements				11,584
Total Initial Acquisition Costs				13,053
Costs of Improvements Capitalized Subsequent to Acquisition Costs				10,771
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,322
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,502
Total Carrying Value	23,824			23,824
Accumulated Depreciation	15,164			15,164
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,824
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,164
NASHVILLE, TN | Carrington Hills
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				2,117
Total Initial Acquisition Costs				2,117
Costs of Improvements Capitalized Subsequent to Acquisition Costs				36,910
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,710
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				34,317
Total Carrying Value	39,027			39,027
Accumulated Depreciation	23,982			23,982
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,027
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,982
NASHVILLE, TN | Brookridge
Real Estate and Accumulated Depreciation
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				6,490
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,371
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,288
Total Carrying Value	12,659			12,659
Accumulated Depreciation	7,975			7,975
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	12,659
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,975
NASHVILLE, TN | Breckenridge
Real Estate and Accumulated Depreciation
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				5,871
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,435
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,916
Total Carrying Value	14,351			14,351
Accumulated Depreciation	9,110			9,110
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,351
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,110
NASHVILLE, TN | Colonnade
Real Estate and Accumulated Depreciation
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				7,375
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,050
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,800
Total Carrying Value	24,850			24,850
Accumulated Depreciation	14,130			14,130
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,850
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,130
NASHVILLE, TN | The Preserve at Brentwood
Real Estate and Accumulated Depreciation
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				9,080
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,755
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,181
Total Carrying Value	36,936			36,936
Accumulated Depreciation	23,549			23,549
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,936
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,549
NASHVILLE, TN | Polo Park
Real Estate and Accumulated Depreciation
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				17,190
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,856
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,210
Total Carrying Value	38,066			38,066
Accumulated Depreciation	25,178			25,178
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,066
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,178
TAMPA, FL
Real Estate and Accumulated Depreciation
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				96,270
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				50,491
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				200,755
Total Carrying Value	251,246			251,246
Accumulated Depreciation	149,497			149,497
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	251,246
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	149,497
TAMPA, FL | Summit West
Real Estate and Accumulated Depreciation
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				10,657
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,651
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,892
Total Carrying Value	17,543			17,543
Accumulated Depreciation	12,275			12,275
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,543
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,275
TAMPA, FL | The Breyley
Real Estate and Accumulated Depreciation
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				18,228
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,721
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,745
Total Carrying Value	22,466			22,466
Accumulated Depreciation	18,225			18,225
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,466
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,225
TAMPA, FL | Lakewood Place
Real Estate and Accumulated Depreciation
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				11,529
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,922
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				20,649
Total Carrying Value	23,571			23,571
Accumulated Depreciation	16,090			16,090
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,571
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,090
TAMPA, FL | Cambridge Woods
Real Estate and Accumulated Depreciation
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				10,548
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,164
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,341
Total Carrying Value	19,505			19,505
Accumulated Depreciation	12,630			12,630
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,505
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,630
TAMPA, FL | Inlet Bay
Real Estate and Accumulated Depreciation
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				17,391
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,092
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,151
Total Carrying Value	48,243			48,243
Accumulated Depreciation	30,024			30,024
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,243
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,024
TAMPA, FL | MacAlpine Place
Real Estate and Accumulated Depreciation
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				9,535
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,742
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,520
Total Carrying Value	57,262			57,262
Accumulated Depreciation	31,960			31,960
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	57,262
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,960
TAMPA, FL | The Vintage Lofts at West End
Real Estate and Accumulated Depreciation
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				18,382
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				15,199
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,457
Total Carrying Value	62,656			62,656
Accumulated Depreciation	28,293			28,293
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,656
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,293
OTHER FLORIDA
Real Estate and Accumulated Depreciation
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				12,151
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,746
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				67,774
Total Carrying Value	84,520			84,520
Accumulated Depreciation	45,310			45,310
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,520
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,310
OTHER FLORIDA | The Reserve and Park at Riverbridge
Real Estate and Accumulated Depreciation
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				12,151
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,746
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				67,774
Total Carrying Value	84,520			84,520
Accumulated Depreciation	45,310			45,310
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,520
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,310
SOUTHWEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				144,033
Initial Costs, Land and Land Improvements				106,305
Initial Costs, Buildings and Improvements				379,909
Total Initial Acquisition Costs				486,214
Costs of Improvements Capitalized Subsequent to Acquisition Costs				92,568
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				122,395
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				456,387
Total Carrying Value	578,782			578,782
Accumulated Depreciation	185,214			185,214
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	578,782
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	185,214
DALLAS, TX
Real Estate and Accumulated Depreciation
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				50,532
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				94,257
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				183,046
Total Carrying Value	277,303			277,303
Accumulated Depreciation	106,571			106,571
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	277,303
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	106,571
DALLAS, TX | THIRTY377
Real Estate and Accumulated Depreciation
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				17,923
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				24,383
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,527
Total Carrying Value	74,910			74,910
Accumulated Depreciation	28,099			28,099
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	74,910
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,099
DALLAS, TX | Legacy Village
Real Estate and Accumulated Depreciation
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				17,155
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				19,752
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				114,387
Total Carrying Value	134,139			134,139
Accumulated Depreciation	65,000			65,000
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	134,139
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	65,000
DALLAS, TX | Addison Apts at The Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				22,041
Initial Costs, Buildings and Improvements				11,228
Total Initial Acquisition Costs				33,269
Costs of Improvements Capitalized Subsequent to Acquisition Costs				8,616
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,698
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,187
Total Carrying Value	41,885			41,885
Accumulated Depreciation	8,859			8,859
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,885
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,859
DALLAS, TX | Addison Apts at The Park II
Real Estate and Accumulated Depreciation
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				3,275
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,415
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,317
Total Carrying Value	11,732			11,732
Accumulated Depreciation	2,064			2,064
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	11,732
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,064
DALLAS, TX | Addison Apts at The Park I
Real Estate and Accumulated Depreciation
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				3,563
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,009
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,628
Total Carrying Value	14,637			14,637
Accumulated Depreciation	2,549			2,549
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,637
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,549
AUSTIN, TX
Real Estate and Accumulated Depreciation
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				41,758
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				19,546
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				142,669
Total Carrying Value	162,215			162,215
Accumulated Depreciation	76,922			76,922
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	162,215
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	76,922
AUSTIN, TX | Barton Creek Landing
Real Estate and Accumulated Depreciation
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				23,443
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,119
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,744
Total Carrying Value	40,863			40,863
Accumulated Depreciation	26,542			26,542
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,863
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,542
AUSTIN, TX | Residences at the Domain
Real Estate and Accumulated Depreciation
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				13,245
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,512
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				68,023
Total Carrying Value	72,535			72,535
Accumulated Depreciation	34,285			34,285
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,535
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,285
AUSTIN, TX | Red Stone Ranch
Real Estate and Accumulated Depreciation
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				2,983
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,467
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				20,246
Total Carrying Value	25,713			25,713
Accumulated Depreciation	8,505			8,505
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,713
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,505
AUSTIN, TX | Lakeline Villas
Real Estate and Accumulated Depreciation
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				2,087
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,448
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,656
Total Carrying Value	23,104			23,104
Accumulated Depreciation	7,590			7,590
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,104
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,590
DENVER, CO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,586
Initial Costs, Buildings and Improvements				130,400
Total Initial Acquisition Costs				138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs				278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,592
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				130,672
Total Carrying Value	139,264			139,264
Accumulated Depreciation	1,721			1,721
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	139,264
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,721
DENVER, CO | Steele Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,586
Initial Costs, Buildings and Improvements				130,400
Total Initial Acquisition Costs				138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs				278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,592
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				130,672
Total Carrying Value	139,264			139,264
Accumulated Depreciation	1,721			1,721
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	139,264
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	$ 1,721
Secured Debt
Real Estate and Accumulated Depreciation
Deferred finance costs, net				$ (1,912)

Consolidated Balance Sheets (UN

Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate owned:
Real estate held for investment	$ 9,584,716	$ 9,271,847
Less: accumulated depreciation	(3,326,312)	(2,923,072)
Total real estate owned, net of accumulated depreciation	6,847,040	6,692,128
Cash and cash equivalents	2,038	2,112
Restricted cash	19,792	19,994
Investment in unconsolidated entities		720,830
Other assets	124,104	118,535
Total assets	7,733,273	7,679,584
LIABILITIES AND CAPITAL
Secured debt, net	803,269	1,130,858
Real estate taxes payable	18,349	17,388
Accrued interest payable	33,432	29,257
Security deposits and prepaid rent	31,916	34,238
Distributions payable	91,455	86,936
Accounts payable, accrued expenses, and other liabilities	102,956	103,835
Total liabilities	3,949,771	3,673,132
Commitments and contingencies (Note 10)
Partners' Capital:
Accumulated other comprehensive income/(loss), net	(2,681)	(5,609)
Total liabilities and equity	7,733,273	7,679,584
United Dominion Reality L.P.
Real estate owned:
Real estate held for investment	3,816,956	3,674,704
Less: accumulated depreciation	(1,543,652)	(1,408,815)
Total real estate owned, net of accumulated depreciation	2,273,304	2,265,889
Cash and cash equivalents	293	756
Restricted cash	12,579	11,694
Investment in unconsolidated entities	76,907	112,867
Other assets	32,490	24,329
Total assets	2,395,573	2,415,535
LIABILITIES AND CAPITAL
Secured debt, net	159,845	433,974
Notes payable due to General Partner	273,334	273,334
Real estate taxes payable	2,683	2,104
Accrued interest payable	629	1,410
Security deposits and prepaid rent	13,949	14,593
Distributions payable	57,025	54,192
Accounts payable, accrued expenses, and other liabilities	12,978	17,429
Total liabilities	520,443	797,036
Commitments and contingencies (Note 10)
Partners' Capital:
General partner: 110,883 OP Units outstanding at December 31, 2017 and December 31, 2016	955	1,026
Limited partners: 183,240,041 and 183,167,815 OP Units outstanding at December 31, 2017 and December 31, 2016, respectively	1,463,340	1,577,289
Accumulated other comprehensive income/(loss), net		(113)
Total partners' capital	1,464,295	1,578,202
Advances (to)/from General Partner	397,899	19,659
Noncontrolling interests	12,936	20,638
Total capital	1,875,130	1,618,499
Total liabilities and equity	$ 2,395,573	$ 2,415,535

Consolidated Balance Sheets (81

Consolidated Balance Sheets (UNITED DOMINION REALTY, L.P) (Parenthetical) - shares	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Partners' Capital:
OP units outstanding related to limited partner	183,350,924	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	183,240,041	183,167,815

Consolidated Statements of Op82

Consolidated Statements of Operations (UNITED DOMINION REALTY, L.P) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REVENUES
Rental income	$ 984,309	$ 948,461	$ 871,928
OPERATING EXPENSES:
Property operating and maintenance	164,660	159,947	155,096
Real estate taxes and insurance	121,146	115,429	102,963
Property management	27,068	26,083	23,978
Other operating expenses	9,060	7,649	9,708
Real estate depreciation and amortization	430,054	419,615	374,598
General and administrative	48,566	49,761	59,690
Casualty-related (recoveries)/charges, net	4,335	732	2,335
Total operating expenses	811,297	785,239	735,047
Operating income	184,494	174,622	159,591
Income/(loss) from unconsolidated entities	31,257	52,234	62,329
Interest expense	(128,711)	(123,031)	(121,875)
Income/(loss) from continuing operations	89,251	109,529	105,482
Gain/(loss) on sale of real estate owned	43,404	210,851	251,677
Net income/(loss)	132,655	320,380	357,159
Net Income (Loss) Attributable to Parent	121,558	292,718	340,383
United Dominion Reality L.P.
REVENUES
Rental income	419,377	404,415	440,408
OPERATING EXPENSES:
Property operating and maintenance	67,493	65,562	75,373
Real estate taxes and insurance	45,043	41,732	47,438
Property management	11,533	11,122	12,111
Other operating expenses	6,833	6,059	5,923
Real estate depreciation and amortization	152,473	147,074	169,784
General and administrative	17,875	18,808	27,016
Casualty-related (recoveries)/charges, net	1,922	484	843
Total operating expenses	303,172	290,841	338,488
Operating income	116,205	113,574	101,920
Income/(loss) from unconsolidated entities	(19,256)	(37,425)	(4,659)
Interest expense	(18,156)	(17,855)	(35,274)
Interest expense on note payable due to the General Partner	(12,210)	(12,212)	(5,047)
Income/(loss) from continuing operations	66,583	46,082	56,940
Gain/(loss) on sale of real estate owned	41,272	33,180	158,123
Net income/(loss)	107,855	79,262	215,063
Net (income)/loss attributable to noncontrolling interest	(1,548)	(1,444)	(1,762)
Net income/(loss) attributable to OP unitholders	$ 106,307	$ 77,818	$ 213,301
Income/(loss) per OP unit- basic and diluted:
Net income/(loss) per weighted average OP unit - basic and diluted	$ 0.58	$ 0.42	$ 1.16
Weighted average OP units outstanding - basic and diluted	183,344	183,279	183,279

Consolidated Statements of Co83

Consolidated Statements of Comprehensive Income / (Loss) (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Net income/(loss)	$ 132,655	$ 320,380	$ 357,159
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	1,802	3,514	(6,393)
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	1,407	3,657	2,262
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	3,209	7,171	(4,131)
Comprehensive income/(loss)	135,864	327,551	353,028
Comprehensive (income)/loss attributable to noncontrolling interests	(11,378)	(27,764)	(16,468)
Comprehensive income/(loss) attributable to OP unitholders	124,486	299,787	336,560
United Dominion Reality L.P.
Net income/(loss)	107,855	79,262	215,063
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)		(4)	(82)
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	106	12	1,044
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	106	8	962
Comprehensive income/(loss)	107,961	79,270	216,025
Comprehensive (income)/loss attributable to noncontrolling interests	(1,548)	(1,444)	(1,762)
Comprehensive income/(loss) attributable to OP unitholders	$ 106,413	$ 77,826	$ 214,263

Consolidated Statements of Ch84

Consolidated Statements of Changes in Capital (UNITED DOMINION REALTY, L.P) (Unaudited) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Long Term Incentive Plan Unit grants	$ 5,432	$ 3,735
United Dominion Reality L.P.
Begining Balance	1,618,499	1,721,330	$ 1,734,051
Net income/(loss)	107,855	79,262	215,063
Distributions	(228,090)	(216,763)	(203,852)
Long Term Incentive Plan Unit grants	7,763	3,735
Unrealized gain/(loss) on derivative financial investments	107	6	962
Net change in advances (to)/from the General Partner	368,996	30,929	(24,894)
Ending Balance	1,875,130	1,618,499	1,721,330
Advances (to)/from General Partner | United Dominion Reality L.P.
Begining Balance	19,659	(11,270)	13,624
Net change in advances (to)/from the General Partner	378,240	30,929	(24,894)
Ending Balance	397,899	19,659	(11,270)
Accumulated Other Comprehensive Income/(Loss), net | United Dominion Reality L.P.
Begining Balance	(113)	(113)	(1,075)
Unrealized gain/(loss) on derivative financial investments	113		962
Ending Balance		(113)	(113)
Total Partner's Capital | United Dominion Reality L.P.
Begining Balance	1,578,202	1,713,412	1,703,001
Net income/(loss)	106,307	77,818	213,301
Distributions	(228,090)	(216,763)	(203,852)
Long Term Incentive Plan Unit grants	7,763	3,735
Unrealized gain/(loss) on derivative financial investments	113		962
Ending Balance	1,464,295	1,578,202	1,713,412
Noncontrolling Interest | United Dominion Reality L.P.
Begining Balance	20,638	19,188	17,426
Net income/(loss)	1,548	1,444	1,762
Unrealized gain/(loss) on derivative financial investments	(6)	6
Net change in advances (to)/from the General Partner	(9,244)
Ending Balance	12,936	20,638	19,188
Class A Limited Partner | United Dominion Reality L.P.
Begining Balance	63,901	64,409	53,987
Net income/(loss)	1,015	743	2,201
Distributions	(2,328)	(2,328)	(2,328)
Adjustment to reflect limited partners' capital at redemption value	4,886	1,077	10,549
Ending Balance	67,474	63,901	64,409
Limited Partners and LTIP Units | United Dominion Reality L.P.
Begining Balance	269,928	268,481	228,493
Net income/(loss)	4,270	3,099	8,515
Distributions	(9,704)	(8,831)	(8,138)
OP Unit redemptions for common shares of UDR	(288)	(175)	(3,816)
Adjustment to reflect limited partners' capital at redemption value	11,599	3,619	43,427
Long Term Incentive Plan Unit grants	7,763	3,735
Ending Balance	283,568	269,928	268,481
Limited Partner | United Dominion Reality L.P.
Begining Balance	1,243,460	1,379,525	1,420,491
Net income/(loss)	100,957	73,928	202,456
Distributions	(215,922)	(205,472)	(193,262)
OP Unit redemptions for common shares of UDR	288	175	3,816
Adjustment to reflect limited partners' capital at redemption value	(16,485)	(4,696)	(53,976)
Ending Balance	1,112,298	1,243,460	1,379,525
General Partner | United Dominion Reality L.P.
Begining Balance	1,026	1,110	1,105
Net income/(loss)	65	48	129
Distributions	(136)	(132)	(124)
Ending Balance	955	1,026	$ 1,110
Noncontrolling Interest
Long Term Incentive Plan Unit grants	$ 5,432	$ 3,735

Consolidated Statements of Ca85

Consolidated Statements of Cash Flows (UNITED DOMINION REALTY, L.P) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Operating Activities
Net income/(loss)	$ 132,655	$ 320,380	$ 357,159
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	430,054	419,615	374,598
(Gain)/loss on sale of real estate owned	(43,404)	(210,851)	(251,677)
(Income)/loss from unconsolidated entities	(31,257)	(52,234)	(62,329)
Other	20,467	24,142	3,410
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(8,771)	(29,038)	(4,652)
Increase/(decrease) in operating liabilites	(4,278)	(12,084)	(9,590)
Net cash provided by/(used in) operating activities	519,152	536,929	458,627
Investing Activities
Acquisition of real estate assets	(96,791)	(163,015)	(244,769)
Proceeds from sales of real estate investments, net	71,235	302,354	387,650
Development of real estate assets	(248,546)	(178,279)	(103,205)
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement	(124,763)	(91,852)	(113,400)
Distributions received from unconsolidated entities	116,329	66,116	32,279
Net cash provided by/(used in) investing activities	(407,441)	(112,277)	(265,461)
Financing Activities
Proceeds from the issuance of secured debt		50,000	127,600
Payments on secured debt	(326,346)	(375,308)	(193,958)
Other	(21,361)	(11,154)	(19,027)
Net cash provided by/(used in) financing activities	(111,785)	(429,282)	(201,648)
Net increase/(decrease) in cash and cash equivalents	(74)	(4,630)	(8,482)
Cash and cash equivalents, beginning of year	2,112	6,742	15,224
Cash and cash equivalents, end of year	2,038	2,112	6,742
Supplemental Information:
Interest paid during the period, net of amounts capitalized	126,348	124,635	130,240
Real estate owned, net of accumulated depreciation	6,847,040	6,692,128
Investment in DownREIT Partnership			660,832
Secured debt, net	803,269	1,130,858
Development costs and capital expenditures incurred but not yet paid	43,930	46,285	20,375
Long Term Incentive Plan Unit grants	5,432	3,735
Dividends declared but not yet paid	91,455	86,936	80,368
United Dominion Reality L.P.
Operating Activities
Net income/(loss)	107,855	79,262	215,063
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	152,473	147,074	169,784
(Gain)/loss on sale of real estate owned	(41,272)	(33,180)	(158,123)
(Income)/loss from unconsolidated entities	19,256	37,425	4,659
Other	5,642	1,769	606
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(4,786)	(3,510)	385
Increase/(decrease) in operating liabilites	(4,705)	(158)	(5,609)
Net cash provided by/(used in) operating activities	234,463	228,682	226,765
Investing Activities
Acquisition of real estate assets	(137,332)		(141,424)
Proceeds from sales of real estate investments, net	67,985	44,553	232,728
Development of real estate assets			(6,280)
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement	(53,437)	(69,993)	(61,441)
Distributions received from unconsolidated entities	16,704	15,894
Net cash provided by/(used in) investing activities	(106,080)	(9,546)	23,583
Financing Activities
Advances (to)/from General Partner, net	163,196	(180,391)	(232,764)
Proceeds from the issuance of secured debt			184,638
Payments on secured debt	(275,345)	(30,322)	(189,244)
Distributions paid to partnership unitholders	(11,694)	(10,770)	(10,367)
Other	(5,003)		(10)
Net cash provided by/(used in) financing activities	(128,846)	(221,483)	(247,747)
Net increase/(decrease) in cash and cash equivalents	(463)	(2,347)	2,601
Cash and cash equivalents, beginning of year	756	3,103	502
Cash and cash equivalents, end of year	293	756	3,103
Supplemental Information:
Interest paid during the period, net of amounts capitalized	24,331	22,922	44,881
Real estate owned, net of accumulated depreciation	2,273,304	2,265,889
Secured debt, net	159,845	433,974	228,390
Reallocation of credit facilities debt from the General Partner		12,292	17,557
Development costs and capital expenditures incurred but not yet paid	2,032	5,098	3,118
Long Term Incentive Plan Unit grants	7,763	3,735
Dividends declared but not yet paid	57,025	54,192	50,962
United Dominion Reality L.P. | UDR Lighthouse DownREIT L.P.
Supplemental Information:
Real estate owned, net of accumulated depreciation	0	0	405,116
Investment in DownREIT Partnership	$ 0	$ 0	$ 174,822

Consolidation and Basis of Pr86

Consolidation and Basis of Presentation (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2017
Entity information
CONSOLIDATION AND BASIS OF PRESENTATION	1. 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, 2017, our consolidated apartment portfolio consisted of 127 consolidated communities located in 1 9 markets consisting of 39,998 apartment homes. In addition, the Company has an ownership interest in 7,286 apartment homes through unconsolidated joint ventures. Basis of Presentation The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see the “Consolidated Joint Ventures” section of Note 5, Joint Ventures and Partnerships , for further discussion). All significant intercompany accounts and transactions have been eliminated in consolidation. Certain previously reported amounts have been reclassified to conform to the current financial statement presentation. The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the “Operating Partnership” or the “OP”) and UDR Lighthouse DownREIT L.P. (the “DownREIT Partnership”). As of December 31, 2017 and 2016, there were 183,350,924 and 183,278,698 units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 174,237,688, or 95.0% and 174,2 30,084, or 95.1%, respectively, were owned by UDR and 9,113,236, or 5.0% and 9,0 48,614, or 4.9%, respectively, were owned by outside limited partners. As of December 31, 2017 and 2016, there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 16,866,443, or 52.1% and 16, 485,014, or 50.9%, respectively, were owned by UDR (of which, 13,470,651, or 41.6%, were held by the Operating Partnership for both periods) and 15,500,937, or 47.9% and 1 5,882,366, or 49.1%, 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 3, Real Estate Owned and Note 6, Secured and Unsecured Debt, Net .
United Dominion Reality L.P.
Entity information
CONSOLIDATION AND BASIS OF PRESENTATION	1 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, 2017, 2016, and 2015, rental revenues of the Operating Partnership represented 43%, 43%, and 51%, respectively, of the General Partner’s consolidated rental revenues. As of December 31, 2017, the Operating Partnership’s apartment portfolio consisted of 53 communities located in 15 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, 2017, there were 183,350,924 OP Units outstanding, of which 174,237,688, or 95.0%, were owned by UDR and affiliated entities and 9,113,236, or 5.0%, were owned by non-affiliated limited partners. There were 183,278,698 OP Units outstanding as of December 31, 2016, 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. 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, 2017 and 2016. At December 31, 2017 and 2016, there were 183,240,041 and 183,167,815, respectively, of limited partner OP Units outstanding, of which 1,873,332 were Class A Limited Partnership Units as of both periods. Of the limited partner OP Units outstanding, UDR owned 174,126,805, or 95.0%, and 174,119,201, or 95.1%, at December 31, 2017 and 2016, respectively. The remaining 9,113,236, or 5.0%, and 9,048,614, or 4.9%, of the limited partner OP Units outstanding were held by non-affiliated partners at December 31, 2017 and 2016, respectively, of which 1,751,671 were Class A Limited Partnership units as of both periods. See Note 9, Capital Structure . The Operating Partnership evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than that in Note 3, Real Estate Owned .

Significant Accounting Polici87

Significant Accounting Policies (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2017
Entity information
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Company on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Company expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued 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. The ASU will be applied prospectively to any transactions occurring after 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. The Company does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. 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; however, early adoption of the ASU 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. As a result of adopting the ASU, the Company recorded a one-time adjustment for existing estimated forfeitures of $0.6 million as of January 1, 2017 to Distributions in Excess of Net Income on January 1, 2017. 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; however, early adoption of the ASU is 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 adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The updated standard requires certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard will be effective for the Company on January 1, 2018. The Company holds one investment in equity securities subject to the updated guidance. As the investment does not have a readily determinable fair value, the Company will elect the measurement alternative under which the investment will be measured at cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. However, the Company does not expect the updated standard to have a material impact on the consolidated financial statements. 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 ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU . 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, 2017, 2016, and 2015 were $8.8 million, $7.9 million and $ 6.3 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was $18.6 million, $16.5 million, and $ 16.1 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 of 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, 2017 and 2016 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2017 2017 2016 Note due February 2020 (a) 10.00 % $ 13,669 $ 12,994 Note due July 2017 (b) — % — 2,500 Note due October 2020 (c) 8.00 % 2,000 1,296 Note due August 2022 (d) 10.00 % 3,800 3,000 Total notes receivable, net $ 19,469 $ 19,790 (a) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million. During the year ended December 31, 2017, the Company loaned $0.7 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). (b) At December 31, 2016, the Company had a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.5 million. The outstanding balance was paid in full during the year ended December 31, 2017. (c) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $2.0 million, of which $2.0 million had been funded. During the year ended December 31, 2017, the Company loaned $0.7 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) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $10.0 million, of which $3.8 million has been funded. During the year ended December 31, 2017, the Company loaned $ 0.8 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) August 2022. In September 2017, the terms of this secured note receivable were amended to reduce the aggregate commitment from $15.0 million to $10.0 million and to extend the maturity date of the note from the fifth anniversary of the note (April 2021) to August 2022. During the years ended December 31, 2017, 2016, and 2015, the Company recognized $1.8 million, $1.8 million and $ 1.5 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, 2017, 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, 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. 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, 2017 and 2016, UDR’s net deferred tax asset was $0.1 million and $0.6 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 than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2017. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2016 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 (provision)/benefit, net on the Consolidated Statements of Operations. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, we have completed our accounting for the tax effects of the Act, under which we recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable under the Act. 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 consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“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 9, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance . During the years ended December 31, 2017, 2016, and 2015, total advertising expense was $6.2 million, $6.4 million, and $6. 4 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, 2017, 2016, and 2015, 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 13, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2017, 2016, and 2015 was $0.3 million, $0.1 million, and $(0.3) million, respectively. Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2017, the Company held greater than 10% of the carry
United Dominion Reality L.P.
Entity information
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Operating Partnership on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Operating Partnership expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued 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 Operating Partnership on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after 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. The Operating Partnership does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. 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; however, early adoption of the ASU 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 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; however, early adoption of the ASU is 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 adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. 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 ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU . 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, 2017, 2016, and 2015 were $0.5 million, $0.6 million, and $ 0.7 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was less than $0.1 million, $0.2 million, and $ 0.2 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 (2014 through 2016) 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. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, the impact to the Operating Partnership related to the accounting for the tax effects of the Act was not material. 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, 2017, 2016, and 2015, total advertising expense from continuing and discontinued operations was $2.1 million, $2. 2 million, and $2. 4 million, respectively. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in capital during each period from transactions and other events and circumstances from nonowner sources, including all changes in capital during a period except for those resulting from investments by or distributions to unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2017, 2016, and 2015, 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, 2017, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the San Francisco, California; Orange County, 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, 2017
Entity information
REAL ESTATE OWNED	3. 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 held for disposition properties. As of December 31, 2017, the Company owned and consolidated 127 communities in 11 states plus the District of Columbia totaling 39,998 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 1,780,229 $ 1,801,576 Depreciable property — held and used: Land improvements 189,919 178,701 Building, improvements, and furniture, fixtures and equipment 7,614,568 7,291,570 Under development: Land and land improvements 109,468 111,028 Building, improvements, and furniture, fixtures and equipment 483,022 231,254 Real estate held for disposition: Land and land improvements — 1,104 Building, improvements, and furniture, fixtures and equipment — 520 Real estate owned 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Real estate owned, net $ 6,847,040 $ 6,692,128 Acquisitions In October 2017, the Company acquired an operating community located in Denver, Colorado with a total of 218 apartment homes and 17,000 square feet of retail space for a purchase price of approximately $141.5 million. The Company consolidated the operating community and accounted for the consolidation as a business combination. As a result of the consolidation, the Company increased its real estate owned by approximately $139.0 million, recorded approximately $2.5 million of in-place lease intangibles and recorded a gain on consolidation of approximately $14.8 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. The acquisition will be fully or partially funded with tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”). Prior to acquiring the community, the Company had provided $93.5 million as a participating loan investment to the third-party developer and was entitled to receive, in addition to repayment of principal and interest, contingent interest equal to 50% of the sum of the amount the property was sold for less construction and closing costs, which equaled approximately $14.9 million. The Company had previously accounted for its participating loan investment as an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships ). In January 2017, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as a preferred equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships ). As a result of the consolidation, the Company increased its real estate owned by approximately $97.0 million, recorded approximately $1.7 million of in-place lease intangibles and recorded a gain on consolidation of $12.2 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. 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 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. The Company 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. The Company 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. The Company 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. The Company incurred $0.4 million, $ 0.2 million and $ 2.1 million of acquisition-related costs during the years ended December 31, 2017, 2016, and 2015, respectively. These expenses are reported within the line item General and administrative on the Consolidated Statements of Operations. Dispositions In December 2017, the Company sold two operating communities with a total of 218 apartment homes in Orange County, California and Carlsbad, California for gross proceeds of $69.0 million, resulting in net proceeds of $68.0 million and a gain of $41.3 million. In February 2017, the Company sold a parcel of land in Richmond, Virginia for gross proceeds of $3.5 million, resulting in net proceeds of $3.3 million and a gain of $2.1 million. 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. In February 2018, the Company sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million and an expected GAAP gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange. Other Activity In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, in an exchange under Section 1031 of the Internal Revenue Code. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.
United Dominion Reality L.P.
Entity information
REAL ESTATE OWNED	3. REAL ESTATE OWNED Real estate assets owned by the Operating Partnership consist of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties. At December 31, 2017, the Operating Partnership owned and consolidated 53 communities in nine 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, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 719,410 $ 751,981 Depreciable property — held and used: Land improvements 89,331 84,663 Buildings, improvements, and furniture, fixtures and equipment 3,008,215 2,838,060 Real estate owned 3,816,956 3,674,704 Accumulated depreciation (1,543,652) (1,408,815) Real estate owned, net $ 2,273,304 $ 2,265,889 Acquisitions In October 2017, the Operating Partnership acquired an operating community located in Denver, Colorado with a total of 218 apartment homes and 17,000 square feet of retail space for a purchase price of approximately $141.5 million. As a result of the acquisition, the Operating Partnership increased its real estate owned by approximately $139.0 million and recorded approximately $2.5 million of in-place lease intangibles. The acquisition will be fully or partially funded with tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”). Dispositions In December 2017, the Operating Partnership sold two operating communities with a total of 218 apartment homes in Orange County, California and Carlsbad, California for gross proceeds of $69.0 million, resulting in net proceeds of $68.0 million and a gain of $41.3 million. 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 February 2018, the Operating Partnership sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million and an expected GAAP gain of $70.3 million. The proceeds were designated for tax-deferred Section 1031 exchanges. Other Activity In connection with the acquisition of certain properties, the Operating Partnership agreed to pay certain of the tax liabilities of certain contributors if the Operating Partnership sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Operating Partnership may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, in an exchange under Section 1031 of the Internal Revenue Code. Further, the Operating Partnership has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Operating Partnership, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.

Unconsolidated Entities (UNITED

Unconsolidated Entities (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2017
Unconsolidated entities
UNCONSOLIDATED ENTITIES	5. JOINT VENTURES AND PARTNERSHIPS UDR has entered into joint ventures and partnerships with unrelated third parties to acquire real estate assets that are either consolidated and included in Real estate owned on the Consolidated Balance Sheets or are accounted for under the equity method of accounting, and are included in Investment in and advances to unconsolidated joint ventures, net , on the Consolidated Balance Sheets. The Company consolidates the entities that we control as well as any variable interest entity where we are the primary beneficiary. 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. 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, 2017 and 2016 (dollars in thousands) : Number of Number of Apartment Properties Homes Investment at UDR’s Ownership Interest Location of December 31, December 31, December 31, December 31, December 31, December 31, Joint Venture Properties 2017 2017 2017 2016 2017 2016 Operating and development: UDR/MetLife I Los Angeles, CA 1 development community (a) 150 $ 34,653 $ 25,209 50.0 % 50.0 % UDR/MetLife II (b) Various 18 operating communities 4,059 303,702 311,282 50.0 % 50.0 % Other UDR/MetLife Various 4 operating communities; 1,437 135,563 160,979 50.6 % 50.6 % Development Joint Ventures 1 development community (a) UDR/MetLife Vitruvian Park ® Addison, TX 3 operating communities; 1,513 78,404 72,414 50.0 % 50.0 % 1 development community (a); 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 8,958 12,835 30.0 % 30.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 561,280 $ 582,719 Investment at Income from investments Years To UDR December 31, December 31, Year Ended December 31, Developer Capital Program (c) Location Rate Maturity Commitment 2017 2016 2017 2016 2015 Participating loan investment: Steele Creek (d) Denver, CO — % — $ — $ — $ 94,003 $ 19,523 $ 6,213 $ 5,453 Preferred equity investments: West Coast Development Joint Ventures (e) Various 6.5 % N/A — 102,142 150,303 23,557 4,561 3,692 1532 Harrison (f) San Francisco, CA 11.0 % 4.5 24,645 11,346 — 511 — — 1200 Broadway (g) Nashville, TN 8.0 % 4.8 55,558 18,011 — 370 — — Other investments: The Portals (h) Washington, D.C. 11.0 % 3.4 38,559 26,535 — 839 — — Other investment ventures N/A N/A N/A $ 15,000 1,516 — $ (30) $ — $ — Total Developer Capital Program 159,550 244,306 Total investment in and advances to unconsolidated joint ventures, net $ 720,830 $ 827,025 (a) The number of apartment homes for the communities under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2017, 190 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 ® . (b) 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, 2017, 2016, and 2015, the Company recorded casualty-related charges/(recoveries) of $(0.9) million, $( 3.8) million, and $2.5 million, respectively, representing its proportionate share of the total charges/(recoveries) recognized. (c) The Developer Capital Program is a program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments, that may receive a fixed yield on the investment and that may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (d) In October 2017, the Company acquired the Steele Creek community for a purchase price of approximately $141.5 million (see Note 3, Real Estate Owned ). (e) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and agreed to pay $136.3 million for a 48% ownership interest in a portfolio of five communities that were under construction. The communities are located in three of the Company’s core, coastal markets: Seattle, Washington, Los Angeles and Orange County, California. UDR earns a 6.5% preferred return on its investment through each individual community’s date of stabilization, defined as when a community reaches 80% occupancy for 90 consecutive days, while the joint venture partner is allocated all operating income and expense during the pre-stabilization period. 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 Company serves as property manager and earns a management fee during the lease-up phase and subsequent operation of each of the communities. The unaffiliated joint venture partner is the general partner of the joint venture and the developer of the communities. At inception of the agreement, the Company had 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 unaffiliated joint venture partner will be entitled to earn a contingent disposition fee equal to a 6.5% return on its implied equity in the communities not acquired. The unaffiliated joint venture partner is providing certain guaranties and at the inception of the agreement there are construction loans on all five communities. In January 2017, the Company exercised its fixed-price option to purchase the joint venture partner’s ownership interest in one of the five communities, a 244 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $66.0 million. As a result, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Estate Owned ). As a result of the consolidation, the Company recorded a gain on consolidation of $12.2 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In connection with the purchase, the construction loan on the community was paid in full. In August 2017, the joint venture sold one of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million. As a result, the Company recorded a gain on the sale of approximately $2.1 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. In November 2017, the joint venture sold one of the three remaining communities, a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. As a result, the Company recorded a gain on the sale of approximately $5.5 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. As of December 31, 2017, construction was completed on one of the two remaining communities. The completed community has achieved stabilization and the Company receives income and expenses based on its ownership percentage. The other community is still under construction and the Company continues to receive a 6.5% preferred return on its investment in that community. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and agreed to pay $15.5 million for a 49% ownership interest in a 155 home community that is currently under construction in Seattle, Washington and $16.1 million for a 49% ownership interest in a 276 home community that is currently under construction in Hillsboro, Oregon (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). Consistent with the terms of the May 2015 joint venture agreement, UDR earns a 6.5% preferred return on its investments through the communities’ date of stabilization, as defined above, while our joint venture partner is allocated all operating income and expense during the pre-stabilization period. Upon stabilization of the communities, income and expense will be shared based on each partner’s ownership percentage and the Company will no longer receive a 6.5% preferred return on its investment. The Company will serve as property manager and will earn a management fee during the lease-up phase and subsequent operation of the stabilized communities. The unaffiliated joint venture partner is the general partner and the developer of the communities. The Company has concluded it does not control the joint ventures and accounts for them under the equity method of accounting. The Company has a fixed-price option to acquire the remaining interest in the communities beginning one year after completion for a total price of $61.3 million and $72.3 million, respectively. The unaffiliated joint venture partner is providing certain guaranties and there are construction loans on the communities. The Company’s recorded equity investment in the West Coast Development Joint Ventures at December 31, 2017 and 2016 of $ 102.1 million and $1 50.3 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (f) In June 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 136 apartment home community in San Francisco, California. The Company’s preferred equity investment of up to $24.6 million earns a preferred return of 11.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017, the Company had contributed approximately $11.3 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (g) In September 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 313 apartment home community in Nashville, Tennessee. The Company’s preferred equity investment of up to $55.6 million earns a preferred return of 8.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. As of December 31, 2017 , the Company had contributed approximately $18.0 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. (h) In May 2017, the Company entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture has made a mezzanine loan to a third-party developer of a 373 apartment home community in Washington, D.C. The unaffiliated joint venture partner is the managing member of the joint venture. The mezzanine loan is for up to $71.0 million at an interest rate of 13.5% per annum and carries a term of four years with one, 12-month extension option. The Company’s investment commitment to the joint venture is approximately $38.6 million and earns a weighted average return rate of approximately 11.0% per annum. As of December 31, 2017, the Company had contributed approximately $26.5 million to the joint venture. The Company has concluded it does not control the joint venture and accounts for it under the equity method of accounting. As of December 31, 2017 and 2016, the Company had deferred fees and deferred profit of $10.9 million and $ 9.5 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 management fees of $11.4 million, $11.3 million, and $11.3 million during each of the years ended December 31, 2017, 2016, and 2015, respectively, for our management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We evaluate our investments in unconsolidated joint ventures and partnerships when events or changes in circumstances indicate that there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. The Company did not recognize any other-than-temporary impairments in the value of its investments in unconsolidated joint ventures or partnerships during the years ended December 31, 2017, 2016, and 2015. 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, 2017, 2016, and 2015 ( dollars in thousands): Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2017 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ — $ 156,920 $ 48,032 $ 23,025 $ 20,327 $ 18,812 $ 267,116 Property operating expenses 93 52,450 21,908 11,839 8,159 9,520 103,969 Real estate depreciation and amortization — 45,144 32,625 7,169 14,480 7,387 106,805 Operating income/(loss) (93) 59,326 (6,501) 4,017 (2,312) 1,905 56,342 Interest expense — (50,603) (13,894) (5,030) (5,264) (4,038) (78,829) Gain/(loss) on the sale of real estate (17) (609) — — — 72,216 71,590 Net income attributable to noncontrolling interest — — — — — 439 439 Net income/(loss) $ (110) $ 8,114 $ (20,395) $ (1,013) $ (7,576) $ 69,644 $ 48,664 Condensed Balance Sheets: Total real estate, net $ 108,958 $ 1,641,338 $ 687,492 $ 299,420 $ 195,625 $ 252,352 $ 3,185,185 Cash and cash equivalents 514 11,947 8,596 7,612 829 4,214 33,712 Other assets 2 10,830 4,290 1,972 905 979 18,978 Total assets 109,474 1,664,115 700,378 309,004 197,359 257,545 3,237,875 Amount due to/(from) UDR 514 (4,207) 413 1,311 229 288 (1,452) Third party debt, net 30,555 1,108,156 443,147 131,281 165,801 126,626 2,005,566 Accounts payable and accrued liabilities 12,186 19,477 14,590 15,620 1,516 17,101 80,490 Total liabilities 43,255 1,123,426 458,150 148,212 167,546 144,015 2,084,604 Total equity $ 66,219 $ 540,689 $ 242,228 $ 160,792 $ 29,813 $ 113,530 $ 1,153,271 Other UDR/ UDR/MetLife MetLife West Coast As of and For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2016 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ 278 $ 169,175 $ 18,090 $ 22,916 $ 19,997 $ 12,174 $ 242,630 Property operating expenses 552 52,322 11,655 11,730 7,828 7,117 91,204 Real estate depreciation and amortization 52 46,135 16,353 6,835 14,444 6,218 90,037 Operating income/(loss) (326) 70,718 (9,918) 4,351 (2,275) (1,161) 61,389 Interest expense — (51,173) (6,164) (5,095) (5,369) (2,166) (69,967) Income/(loss) from discontinued operations (375) 34,201 — — — — 33,826 Net income attributable to noncontrolling interest — — — — — (62) (62) Net income/(loss) $ (701) $ 53,746 $ (16,082) $ (744) $ (7,644) $ (3,265) $ 25,310 Condensed Balance Sheets: Total real estate, net $ 50,656 $ 1,672,842 $ 698,694 $ 270,770 $ 208,105 $ 373,449 $ 3,274,516 Cash and cash equivalents 1,940 13,272 8,991 7,012 1,288 7,469 39,972 Other assets 1,641 11,370 2,744 2,266 1,026 2,246 21,293 Total assets 54,237 1,697,484 710,429 280,048 210,419 383,164 3,335,781 Amount due to/(from) UDR 155 (4,711) 3,082 1,566 429 274 795 Third party debt, net — 1,128,379 375,597 124,716 165,687 206,525 2,000,904 Accounts payable and accrued liabilities 5,211 19,996 32,484 7,303 1,397 10,994 77,385 Total liabilities 5,366 1,143,664 411,163 133,585 167,513 217,793 2,079,084 Total equity $ 48,871 $ 553,820 $ 299,266 $ 146,463 $ 42,906 $ 165,371 $ 1,256,697 Other UDR/ UDR/MetLife MetLife West Coast For the UDR/ UDR/ Development Vitruvian Development Year Ended December 31, 2015 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Texas Total Condensed Statements of Operations: Total revenues $ 541 $ 170,062 $ 7,634 $ 22,139 $ 19,338 $ 200 $ — $ 219,914 Property operating expenses 906 63,516 3,826 11,519 7,733 4,065 — 91,565 Real estate depreciation and amortization 818 46,616 6,897 6,639 14,522 102 — 75,594 Operating income/(loss) (1,183) 59,930 (3,089) 3,981 (2,917) (3,967) — 52,755 Interest expense — (52,037) (2,566) (4,848) (5,539) — — (64,990) Income/(loss) from discontinued operations (20) — — — — — 184,138 184,118 Net income attributable to noncontrolling interest — — — — — (1) — (1) Net income/(loss) $ (1,203) $ 7,893 $ (5,655) $ (867) $ (8,456) $ (3,966) $ 184,138 $ 171,884 Other than the West Coast Development Joint Ventures, the condensed summary financial information relating to the entities in which we have an interest through the Developer Capital Program is not included in the tables above. As of and for the year ended December 31, 2017, combined total assets, liabilities, equity, revenues, and expenses for such entities were $79.1 million, $0.8 million, $78.3 million, $7.8 million, and $9.5 million, respectively. As of and for the year ended December 31, 2016, combined total assets, liabilities, equity, revenues, and expenses for such entities were $93.8 million, $95.2 million, $(1.4) million, $8.5 million, and $12.2 million, respectively. For the year ended December 31, 2015, combined total revenues and expenses for such entities were $3.6 million and $7.9 million, respectively.
United Dominion Reality L.P.
Unconsolidated entities
UNCONSOLIDATED ENTITIES	4. UNCONSOLIDATED ENTITIES 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 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. The DownREIT Partnership is 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 as it lacks the power to direct the activities that most significantly impact its economic performance and will continue to account for its interest as an equity method investment. See Note 2, Significant Accounting Policies . As of December 31, 2017, the DownREIT Partnership owned 13 communities with 6,261 apartment homes. The Operating Partnership’s investment in the DownREIT Partnership was $76.9 million and $1 12.9 million as of December 31, 2017 and 2016, 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, Net (UNITED DOMINION REAL

Debt, Net (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2017
Entity information
DEBT	6. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at December 31, 2017 and 2016 ( dollars in thousands): Principal Outstanding As of December 31, 2017 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2017 2016 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 395,611 $ 402,996 4.04 % 5.3 7 Fannie Mae credit facilities (b) 285,836 355,836 4.86 % 2.0 8 Deferred financing costs (1,670) (2,681) Total fixed rate secured debt, net 679,777 756,151 4.39 % 3.9 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 5.2 2 Fannie Mae credit facilities (b) 29,034 280,946 2.92 % 0.9 1 Deferred financing costs (242) (939) Total variable rate secured debt, net 123,492 374,707 2.14 % 4.2 3 Total Secured Debt, net 803,269 1,130,858 4.04 % 4.0 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (k) — — — % 2.1 Borrowings outstanding under unsecured commercial paper program due February 2018 (e) (k) 300,000 — 1.96 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,767 21,350 2.46 % 1.0 Term Loan Facility due January 2021 (d) (k) 35,000 35,000 2.31 % 3.1 Fixed Rate Debt 4.25% Medium-Term Notes due June 2018 (net of discounts of $0 and $608, respectively) (g) (k) — 299,392 — % — 3.70% Medium-Term Notes due October 2020 (net of discounts of $22 and $30, respectively) (k) 299,978 299,970 3.70 % 2.8 1.98% Term Loan Facility due January 2021 (d) (k) 315,000 315,000 1.98 % 3.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,446 and $1,805, respectively) (k) 398,554 398,195 4.63 % 4.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $678 and $782, respectively) (k) 299,322 299,218 3.75 % 6.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $534 and $602, respectively) (h) (k) 299,466 299,398 4.00 % 7.8 2.95% Medium-Term Notes due September 2026 (k) 300,000 300,000 2.95 % 8.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $670 and $0, respectively) (i) (k) 299,330 — 3.50 % 9.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,191 and $0, respectively) (j) (k) 298,809 — 3.50 % 10.0 Other 19 21 Deferred financing costs (14,495) (12,568) Total Unsecured Debt, net 2,868,394 2,270,620 3.43 % 5.7 Total Debt, net $ 3,671,663 $ 3,401,478 3.65 % 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, 2017, secured debt encumbered $1.7 billion or 16.8% of UDR’s total real estate owned based upon gross book value ($8.5 billion or 83.2% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2017, 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%. 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. During the years ended December 31, 2017, 2016, and 2015, the Company had $3.0 million, $ 2.9 million, and $5. 3 million, respectively, of amortization of 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 $8.2 million and $1 1.2 million at December 31, 2017 and 2016, respectively. (b) UDR had two secured credit facilities with Fannie Mae with an aggregate commitment of $314.9 million at December 31, 2017. The Fannie Mae credit facilities mature at various dates from December 2018 through July 2020 and bear interest at floating and fixed rates. At December 31, 2017, $285.8 million of the outstanding balance was fixed and had a weighted average interest rate of 4.86% and the remaining balance of $29.0 million had a weighted average variable interest rate of 2.92%. During the year ended December 31, 2017, the Company prepaid $275.3 million of its secured credit facilities with borrowings under the Company’s unsecured commercial paper program and proceeds from the issuance of senior unsecured medium-term notes. The Company incurred prepayment costs of $5.8 million during the year ended December 31, 2017, which were included in Interest expense on the Consolidated Statements of Operations. Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2017 2016 Borrowings outstanding $ 314,870 $ 636,782 Weighted average borrowings during the period ended 416,653 737,802 Maximum daily borrowings during the period ended 636,782 813,544 Weighted average interest rate during the period ended 4.3 % 3.9 % Weighted average interest rate at the end of the period 4.7 % 3.8 % (c) The variable rate mortgage notes payable that secure tax-exempt housing bond issues mature in August 2019 and March 2032. Interest on these notes is payable in monthly installments. The variable rate mortgage notes have interest rates ranging from 1.71% to 1.98% as of December 31, 2017. (d) The Company has a $1.1 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million 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 the Revolving Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total revolving credit facility $ 1,100,000 $ 1,100,000 Borrowings outstanding at end of period (1) — — Weighted average daily borrowings during the period ended 2,274 161,505 Maximum daily borrowings during the period ended 120,000 340,000 Weighted average interest rate during the period ended 1.6 % 1.4 % Interest rate at end of the period — % — % (1) Excludes $3.3 million and $2. 9 million of letters of credit at December 31, 2017 and 2016, respectively. (e) On January 23, 2017, the Company entered into an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $500.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Company’s other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total unsecured commercial paper program $ 500,000 $ — Borrowings outstanding at end of period 300,000 — Weighted average daily borrowings during the period ended 238,810 — Maximum daily borrowings during the period ended 390,000 — Weighted average interest rate during the period ended 1.4 % — % Interest rate at end of the period 2.0 % — % (f) The Company has a working capital credit facility, which provides for a $75.0 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 February 2018, the Company amended the working capital credit facility to extend the scheduled maturity date to January 2021. The maximum borrowing capacity and interest rate were unchanged by the amendment. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 21,767 21,350 Weighted average daily borrowings during the period ended 26,993 21,936 Maximum daily borrowings during the period ended 68,207 69,633 Weighted average interest rate during the period ended 2.0 % 1.4 % Interest rate at end of the period 2.5 % 1.7 % (g) During the year ended December 31, 2017, the Company redeemed its $300.0 million 4.25% senior unsecured medium-term notes due June 1, 2018, primarily with borrowings under its $300.0 million 3.50% senior unsecured medium-term notes issued on December 13, 2017. The Company incurred prepayment costs of $3.4 million during the year ended December 31, 2017, which were included in Interest expense on the Consolidated Statement of Operations. (h) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200.0 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 June 16, 2017, the Company issued $300.0 million of 3.50% senior unsecured medium-term notes due July 1, 2027. Interest is payable semi-annually in arrears on January 1 and July 1 of each year, beginning on January 1, 2018. The notes were priced at 99.764% of the principal amount at issuance. The Company used the net proceeds for the repayment of outstanding indebtedness and for general corporate purposes. (j) On December 13, 2017, the Company issued $300.0 million of 3.50% senior unsecured medium-term notes due January 15, 2028. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2018. The notes were priced at 99.601% of the principal amou nt at issuance. Th e Company used the net proceeds for the repayment of debt, including funding the redemption of its $300.0 million 4.25% senior unsecured medium-term notes due in June 2018, and for general corporate purposes. (k) The Operating Partnership is a guarantor of this 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, 2017 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 4,636 $ 29,034 $ 33,670 $ 300,000 $ 333,670 2019 249,395 67,700 317,095 21,767 338,862 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 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 673,226 123,734 796,960 2,887,411 3,684,371 Non-cash (a) 6,551 (242) 6,309 (19,017) (12,708) Total $ 679,777 $ 123,492 $ 803,269 $ 2,868,394 $ 3,671,663 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2017 and 2016, the Company amortized $4.3 million and $ 4.5 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2017.
United Dominion Reality L.P.
Entity information
DEBT	5. 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, 2017 and 2016 ( dollars in thousands ): Principal Outstanding As of December 31, 2017 Weighted Weighted Average December 31, December 31, Average Years to Communities 2017 2016 Interest Rate Maturity Encumbered Fixed Rate Debt Fannie Mae credit facilities $ 133,205 $ 244,912 5.28 % 1.8 4 Deferred financing costs (282) (1,070) Total fixed rate secured debt, net 132,923 243,842 5.28 % 1.8 4 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 1.71 % 14.2 1 Fannie Mae credit facilities — 163,637 — % — — Deferred financing costs (78) (505) Total variable rate secured debt, net 26,922 190,132 1.71 % 14.2 1 Total Secured Debt, Net $ 159,845 $ 433,974 4.99 % 3.9 5 As of December 31, 2017, an aggregate commitment of $133.2 million of the General Partner’s secured credit facilities with Fannie Mae was owed by the Operating Partnership based on the ownership of the assets securing the debt. The entire commitment was outstanding at December 31, 2017. The portions of the Fannie Mae credit facilities owed by the Operating Partnership mature at various dates from October 2019 through December 2019 and bear interest at fixed rates. At December 31, 2017, the entire outstanding balance was fixed and had a weighted average interest rate of 5.28%. During the year ended December 31, 2017, $275.3 million of funds borrowed under the Fannie Mae credit facilities and owed by the Operating Partnership were prepaid. The Operating Partnership incurred prepayment costs of $5.8 million during the year ended December 31, 2017, which were included in Interest expense on the Consolidated Statements of Operations. The following information relates to the credit facilities owed by the Operating Partnership ( dollars in thousands ): December 31, December 31, 2017 2016 Borrowings outstanding $ 133,205 $ 408,549 Weighted average borrowings during the period ended 223,347 414,759 Maximum daily borrowings during the period ended 408,549 421,001 Weighted average interest rate during the period ended 4.6 % 3.9 % Interest rate at the end of the period 5.3 % 4.0 % The Operating Partnership may from time to time acquire properties subject to fixed rate debt instruments. In those situations, management will record the secured debt at its estimated fair value and amortize any difference between the fair value and par to interest expense over the life of the underlying debt instrument. The 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, 2017, the General Partner had borrowings against its fixed rate facilities of $285.8 million, of which $133.2 million was owed by the Operating Partnership based on the ownership of the assets securing the debt. As of December 31, 2017, the funds borrowed under the fixed rate Fannie Mae credit facilities owed by the Operating Partnership had a weighted average fixed interest rate of 5.28%. Variable Rate Debt Tax-exempt secured note payable. The variable rate mortgage note payable that secures tax-exempt housing bond issues matures March 2032. Interest on this note is payable in monthly installments. The mortgage note payable has an interest rate of 1.71% as of December 31, 2017. Secured credit facilities. At December 31, 2017, the General Partner had borrowings against its variable rate facilities of $29.0 million, none of which was owed by the Operating Partnership based on the ownership of the assets securing the debt. The aggregate maturities of the Operating Partnership’s secured debt due during each of the next ten calendar years subsequent to December 31, 2017 are as follows (dollars in thousands): Fixed Variable Tax-Exempt Secured Credit Secured Notes Year Facilities Payable Total 2018 $ — $ — $ — 2019 133,205 — 133,205 2020 — — — 2021 — — — 2022 — — — 2023 — — — 2024 — — — 2025 — — — 2026 — — — 2027 — — — Thereafter — 27,000 27,000 Subtotal 133,205 27,000 160,205 Non-cash (a) (282) (78) (360) Total $ 132,923 $ 26,922 $ 159,845 (a) 0.6 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, an unsecured commercial paper program with an aggregate borrowing capacity of $500 million, $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, $300 million of medium-term notes due September 2026, $300 million of medium-term notes due July 2027, and $300 million of medium-term notes due January 2028. As of December 31, 2017 and 2016, the General Partner did not have an outstanding balance under the unsecured revolving credit facility and had $300.0 million and $0, respectively, outstanding under its unsecured commercial paper program.

Related Party Transactions (UNI

Related Party Transactions (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2017
United Dominion Reality L.P.
Entity information
RELATED PARTY TRANSACTIONS	6. 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 $397.9 million and $19.7 million at December 31, 2017 and 2016, respectively, which are 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. The general and administrative expenses allocated to the Operating Partnership by UDR were $14.0 million, $15.4 million, and $21.0 million during the years ended December 31, 2017, 2016 and 2015, 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, 2017, 2016 and 2015, the Operating Partnership reimbursed the General Partner $15.4 million, $14.5 million, and $17.7 million, respectively, for shared services related to corporate level property management costs incurred by the General Partner. 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 The Operating Partnership self-manages its own properties and is party to 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. Notes Payable to the General Partner As of both December 31, 2017 and 2016, 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, $12.2 million and $5.0 million for the years ended December 31, 2017, 2016, and 2015, respectively.

Fair Value of Derivatives and92

Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2017
Entity information
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	12. 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, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — Fair Value at December 31, 2016, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2016 2016 (Level 1) (Level 2) (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) Working capital credit facility 21,350 21,350 — — 21,350 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 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 13, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 11, Noncontrolling Interests . There were no transfers into or out of any of the levels of the fair value hierarchy during the year ended December 31, 2017. 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, 2017 and 2016, 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, 2017, 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 impairments in the value of its investments in unconsolidated joint ventures during the years ended December 31, 2017, 2016, and 2015. 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
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	7. 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, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 133,205 $ 137,150 $ — $ — $ 137,150 Secured debt instruments - variable rate: (a) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Total liabilities $ 160,205 $ 164,150 $ — $ — $ 164,150 Fair Value at December 31, 2016, Using Quoted Total Prices in Carrying Active Amount in Markets Statement of for Identical Significant Financial Fair Value Assets Other Significant Position at Estimate at or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2016 2016 (Level 1) (Level 2) (Level 3) Description: Derivatives - Interest rate contracts (b) $ 1 $ 1 $ — $ 1 $ — Total assets $ 1 $ 1 $ — $ 1 $ — Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 244,912 $ 251,664 $ — $ — $ 251,664 Secured debt instruments - variable rate: (a) — 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 (a) Debt, Net . (b) Derivatives and Hedging Activity . There were no transfers into or out of each of the levels of the fair value hierarchy during the year ended December 31, 2017. 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, 2017 and 2016, 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, 2017, 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 General Partner 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. The Operating Partnership did not incur any other-than-temporary impairments in the value of its investments in unconsolidated entities during the years ended December 31, 2017 and 2016.

Derivatives and Hedging Activ93

Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2017
Entity information
DERIVATIVES AND HEDGING ACTIVITY	13. 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, 2017, 2016, and 2015, 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, 2017, the Company recognized a loss of $0.1 million reclassified from Accumulated OCI to Interest expense due to the de-designation of cash flow hedges. 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. 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, 2018, the Company estimates that an additional $1.2 million will be reclassified as a decrease to interest expense. As of December 31, 2017, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Number of Product Instruments Notional Interest rate swaps 4 $ 315,000 Interest rate caps 1 $ 65,197 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, 2017, 2016, and 2015. As of December 31, 2017, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076 Tabular Disclosure of Fair Values of Derivative Instruments on the 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, 2017 and 2016 ( dollars in thousands ): Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, 2017 2016 2017 2016 Derivatives designated as hedging instruments: Interest rate products $ 5,743 $ 4,359 $ — $ 413 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ — 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, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Ineffective Portion and Recognized in OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ 1,802 $ 3,514 $ (6,393) $ (1,271) $ (3,657) $ (2,251) $ (136) $ — $ (11) Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) (23) 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, 2017 and 2016, 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 applicable 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, 2017, the fair value of derivatives was in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, of $5.8 million. As of December 31, 2017, the Company has not posted any collateral related to these agreements. 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, 2017 and 2016 ( dollars in thousands ): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 December 31, 2016 $ 4,360 $ — $ 4,360 $ (221) $ — $ 4,139 (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. Gross Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ 413 $ — $ 413 $ (221) $ — $ 192 (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
DERIVATIVES AND HEDGING ACTIVITY	8. 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 are owed by the Operating Partnership based on the General Partner’s underlying debt instruments owed by 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, 2017, 2016, and 2015, 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, 2017, the Operating Partnership recognized a loss of $0.1 million reclassified from Accumulated other comprehensive income/(loss), net to Interest expense due to the de-designation of a cash flow hedge. 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. 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 owed by the Operating Partnership. As of December 31, 2017, no derivatives designated as cash flow hedges were held by the Operating Partnership. As a result, through December 31, 2018, we estimate that no amounts will be reclassified as an increase to interest expense. 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 a loss of less than $0.1 million for the years ended December 31, 2017, 2016, and 2015. As of December 31, 2017, we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 1 $ 19,880 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, 2017 and 2016 ( dollars in thousands ): Asset Derivatives Liability Derivatives (included in Other assets) (Included in Other liabilities) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, 2017 2016 2017 2016 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ — 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, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized Unrealized holding Gain/(Loss) Reclassified in Interest expense gain/(loss) Recognized in from Accumulated OCI into (Ineffective Portion and OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ — $ (4) $ (82) $ — $ (12) $ (1,044) $ (106) $ — $ (11) Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) $ (23) Credit-risk-related Contingent Features The General Partner has agreements with some of its derivative counterparties that contain a provision where (1) if the General Partner defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the General Partner could also be declared in default on its derivative obligations; or (2) the General Partner could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the General Partner’s default on the indebtedness. Certain of the General Partner’s agreements with its derivative counterparties contain provisions where if there is a change in the General Partner’s financial condition that materially changes the General Partner’s creditworthiness in an adverse manner, the General Partner may be required to fully collateralize its obligations under the derivative instrument. At December 31, 2017 and 2016, 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, 2017, the fair value of derivatives was in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements, of less than $0.1 million. As of December 31, 2017, the General Partner has not posted any collateral related to these agreements. 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, 2017 and December 31, 2016: Offsetting of Derivative Assets Gross Gross Amounts Not Offset Amounts Net Amounts of in the Consolidated Gross Offset in the Assets Balance Sheets Amounts of Consolidated Presented in the Cash Recognized Balance Consolidated Financial Collateral Assets Sheets Balance Sheets (a) Instruments Received Net Amount December 31, 2017 $ — — — $ — $ — $ — December 31, 2016 $ 1 $ — $ 1 $ — $ — $ 1 (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 Gross Amounts Not Offset Amounts Net Amounts of in the Consolidated Gross Offset in the Liabilities Balance Sheets Amounts of Consolidated Presented in the Cash Recognized Balance Consolidated Financial Collateral Liabilities Sheets Balance Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ — $ — $ — $ — $ — $ — (a)

Capital Structure (UNITED DOMIN

Capital Structure (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2017
United Dominion Reality L.P.
Entity information
CAPITAL STRUCTURE	9. 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, 2017 and 2016, all of which were held by UDR. Limited Partnership Units At December 31, 2017 and 2016, there were 183,240,041 and 183,167, 815, respectively, of limited partnership units outstanding, of which 1,873,332 were Class A Limited Partnership Units for both periods. UDR owned 174,126,805, or 95.0%, and 174,119,201, or 95.1%, of OP Units outstanding at December 31, 2017 and 2016, respectively, of which 121,661 were Class A Limited Partnership Units for both periods. The remaining 9,113,236, or 5.0%, and 9,048,614, or 4.9%, of OP Units outstanding were held by non-affiliated partners at December 31, 2017 and 2016, respectively, of which 1,751,671 were Class A Limited Partnership Units for both periods. 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 $351.0 million and $330.1 million as of December 31, 2017 and 2016, 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, 2017, 2016, and 2015: UDR, Inc. Class A Class A Limited Limited Limited Limited General Partners Partners Partner Partner Partner Total 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 Vesting of LTIP Units — 72,226 — — — 72,226 OP redemptions for UDR stock — (7,604) 7,604 — — — Ending balance at December 31, 2017 1,751,671 7,361,565 174,005,144 121,661 110,883 183,350,924 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.

Commitments and Contingencies95

Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) Commitments and Contingencies (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2017
Entity information
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Under Development The following summarizes the Company’s real estate commitments at December 31, 2017 ( dollars in thousands ): Costs Expected Costs Average Number Incurred to Complete Ownership Properties to Date (a) (unaudited) Stake Wholly-owned — under development 2 $ 592,490 (b) $ 124,010 100 % Joint ventures: Unconsolidated joint ventures 3 262,550 22,076 (c) 50 % Preferred equity investments 5 87,491 (d) 50,846 (e) 48 % (f) Other investments 1 28,051 25,508 (g) — % Total $ 970,582 $ 222,440 (a) Represents 100% of project costs incurred as of December 31, 2017. (b) Costs incurred as of December 31, 2017 include $38.0 million of accrued fixed assets for development. (c) Represents UDR’s proportionate share of expected remaining costs to complete the developments. (d) Represents UDR’s investment in the West Coast Development Joint Ventures, 1532 Harrison and 1200 Broadway for the properties under development as of December 31, 2017. (e) Represents UDR’s remaining commitment for 1532 Harrison and 1200 Broadway. (f) Represents UDR’s average ownership stake in the West Coast Development Joint Ventures only and does not include UDR’s preferred equity interest in 1532 Harrison and 1200 Broadway. (g) Represents UDR’s remaining commitment for The Portals and other investment ventures. Ground and Other Leases UDR owns six communities which are subject to ground leases expiring between 2025 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, 2017 are as follows (dollars in thousands): Ground Leases (a) Office Space 2018 $ 5,629 $ 76 2019 5,629 76 2020 5,629 76 2021 5,629 32 2022 5,629 — Thereafter 335,207 — Total $ 363,352 $ 260 (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 $6.2 million, $5.5 million, and $5. 5 million of ground rent expense for the years ended December 31, 2017, 2016, and 2015, respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $0. 2 million, $0.3 million, and $0.3 million of rent expense related to office space for the years ended December 31, 2017, 2016, and 2015, respectively. These costs are included in General and Administrative on the Consolidated Statements of Operations. 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
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES Commitments Ground Leases The Operating Partnership owns six communities which are subject to ground leases expiring between 2025 and 2103, including extension options. Future minimum lease payments as of December 31, 2017 are $5.6 million for each of the years ending December 31, 2018 to 2022 and a total of $335. 2 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 $6.2 million, $5. 5 million, and $5.4 million of ground rent expense for the years ended December 31, 2017, 2016, and 2015, 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, 2017
Entity information
REPORTABLE SEGMENTS	15. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. UDR’s chief operating decision maker is comprised of several members of its executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. UDR owns and operates multifamily apartment communities that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures for UDR’s apartment communities are rental income and net operating income (“NOI”). Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as rental income less direct property rental expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI is property management expense, which is calculated as 2.75% of property revenue to cover the regional supervision and accounting costs related to consolidated property operations, and land rent. UDR’s chief operating decision maker utilizes NOI as the key measure of segment profit or loss. UDR’s two reportable segments are Same-Store Communities and Non-Mature Communities/Other : · Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2016 and held as of December 31, 2017. 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, 2017, 2016, and 2015. The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 329,322 $ 315,390 $ 294,048 Mid-Atlantic Region 209,548 204,408 158,063 Northeast Region 151,736 147,573 132,079 Southeast Region 116,467 111,318 103,920 Southwest Region 42,992 41,273 39,166 Non-Mature Communities/Other 134,244 128,499 144,652 Total segment and consolidated rental income $ 984,309 $ 948,461 $ 871,928 Reportable apartment home segment NOI Same-Store Communities West Region $ 248,262 $ 237,071 $ 219,282 Mid-Atlantic Region 145,627 140,542 106,354 Northeast Region 106,473 106,005 93,530 Southeast Region 80,726 76,359 69,820 Southwest Region 26,455 25,600 24,407 Non-Mature Communities/Other 90,960 87,508 100,476 Total segment and consolidated NOI 698,503 673,085 613,869 Reconciling items: Joint venture management and other fees 11,482 11,400 22,710 Property management (27,068) (26,083) (23,978) Other operating expenses (9,060) (7,649) (9,708) Real estate depreciation and amortization (430,054) (419,615) (374,598) General and administrative (48,566) (49,761) (59,690) Casualty-related (charges)/recoveries, net (4,335) (732) (2,335) Other depreciation and amortization (6,408) (6,023) (6,679) Income/(loss) from unconsolidated entities 31,257 52,234 62,329 Interest expense (128,711) (123,031) (121,875) Interest income and other income/(expense), net 1,971 1,930 1,551 Tax (provision)/benefit, net 240 3,774 3,886 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. $ 121,558 $ 292,718 $ 340,383 The following table details the assets of UDR’s reportable segments as of December 31, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,932,958 $ 2,896,589 Mid-Atlantic Region 2,236,911 2,216,067 Northeast Region 1,865,762 1,857,193 Southeast Region 762,102 746,762 Southwest Region 292,074 283,260 Non-Mature Communities/Other 2,087,399 1,615,882 Total segment assets 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Total segment assets — net book value 6,847,040 6,692,128 Reconciling items: Cash and cash equivalents 2,038 2,112 Restricted cash 19,792 19,994 Notes receivable, net 19,469 19,790 Investment in and advances to unconsolidated joint ventures, net 720,830 827,025 Other assets 124,104 118,535 Total consolidated assets $ 7,733,273 $ 7,679,584 Capital expenditures related to our Same-Store Communities totaled $87.0 million, $86.2 million, and $66.7 million for the years ended December 31, 2017, 2016, and 2015, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $4.9 million, $10.1 million, and $18.5 million for the years ended December 31, 2017, 2016, and 2015, respectively. Markets included in the above geographic segments are as follows: i. West Region — San Francisco, Orange County, 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, Austin and Denver
United Dominion Reality L.P.
Entity information
REPORTABLE SEGMENTS	11. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the chief operating decision maker to decide how to allocate resources and for purposes of assessing such segments’ performance. The Operating Partnership has the same chief operating decision maker as that of its parent, the General Partner. The chief operating decision maker consists of several members of UDR’s executive management team who use several generally accepted industry financial measures to assess the performance of the business for our reportable operating segments. The Operating Partnership owns and operates multifamily apartment communities throughout the United States that generate rental and other property related income through the leasing of apartment homes to a diverse base of tenants. The primary financial measures of the Operating Partnership’s apartment communities are rental income and net operating income (“NOI”), and are included in the chief operating decision maker’s assessment of the Operating Partnership’s performance on a consolidated basis. Rental income represents gross market rent less adjustments for concessions, vacancy loss and bad debt. NOI is defined as total revenues less direct property operating expenses. Rental expenses include real estate taxes, insurance, personnel, utilities, repairs and maintenance, administrative and marketing. Excluded from NOI 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, 2016 and held as of December 31, 2017. 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 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, 2017, 2016, and 2015. The following table details rental income and NOI for the Operating Partnership’s reportable segments for the years ended December 31, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 201,036 $ 191,034 $ 177,197 Mid-Atlantic Region 59,006 57,563 45,701 Northeast Region 54,530 53,036 51,086 Southeast Region 49,586 47,792 44,981 Non-Mature Communities/Other 55,219 54,990 121,443 Total segment and consolidated rental income $ 419,377 404,415 $ 440,408 Reportable apartment home segment NOI Same-Store Communities West Region $ 152,571 $ 144,949 $ 133,406 Mid-Atlantic Region 40,292 38,711 29,519 Northeast Region 40,524 40,704 39,765 Southeast Region 34,182 32,519 30,106 Non-Mature Communities/Other 39,272 40,238 84,801 Total segment and consolidated NOI 306,841 297,121 317,597 Reconciling items: Property management (11,533) (11,122) (12,111) Other operating expenses (6,833) (6,059) (5,923) Real estate depreciation and amortization (152,473) (147,074) (169,784) General and administrative (17,875) (18,808) (27,016) Casualty-related recoveries/(charges), net (1,922) (484) (843) Income/(loss) from unconsolidated entities (19,256) (37,425) (4,659) Interest expense (30,366) (30,067) (40,321) Gain/(loss) on sale of real estate owned 41,272 33,180 158,123 Net (income)/loss attributable to noncontrolling interests (1,548) (1,444) (1,762) Net income/(loss) attributable to OP unitholders $ 106,307 $ 77,818 $ 213,301 The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets Same-Store Communities West Region $ 1,581,321 $ 1,555,331 Mid-Atlantic Region 655,850 655,693 Northeast Region 677,767 674,928 Southeast Region 334,811 328,729 Non-Mature Communities/Other 567,207 460,023 Total segment assets 3,816,956 3,674,704 Accumulated depreciation (1,543,652) (1,408,815) Total segment assets - net book value 2,273,304 2,265,889 Reconciling items: Cash and cash equivalents 293 756 Restricted cash 12,579 11,694 Investment in unconsolidated entities 76,907 112,867 Other assets 32,490 24,329 Total consolidated assets $ 2,395,573 $ 2,415,535 Capital expenditures related to the Operating Partnership’s Same-Store Communities totaled $41.1 million, $41.2 million and $30.7 million for the years ended December 31, 2017, 2016, and 2015, respectively. Capital expenditures related to the Operating Partnership’s Non-Mature Communities/Other totaled $2.5 million, $2.9 million, and $14.3 million for the years ended December 31, 2017, 2016, and 2015, respectively. Markets included in the above geographic segments are as follows: i. West Region — San Francisco, Orange County, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan, D.C. and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Nashville, Tampa and Other Florida v. Southwest Region — Denver

Unaudited Summarized Consolid97

Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2017
Entity information
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA	16. UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Income/(loss) from continuing operations 26,264 11,062 17,570 34,355 Net income/(loss) attributable to common stockholders (a) 25,038 9,228 15,264 68,356 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.09 $ 0.03 $ 0.06 $ 0.26 Diluted $ 0.09 $ 0.03 $ 0.06 $ 0.25 Weighted average number of common shares outstanding: Basic 266,790 266,972 267,056 267,270 Diluted 268,688 268,859 269,062 269,221 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 (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
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA	12. UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below ( dollars in thousands, except per share amounts ): Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 102,605 $ 104,088 $ 105,253 $ 107,431 Income/(loss) from continuing operations 14,007 11,192 21,110 20,274 Income/(loss) attributable to OP unitholders 13,657 10,849 20,736 61,065 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.07 $ 0.06 $ 0.11 $ 0.33 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 (a)

Schedule III - Real Estate Owne

Schedule III - Real Estate Owned (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2017
Real Estate and Accumulated Depreciation
Schedule III - Real Estate Owned	Gross Amount at Which Initial Costs Carried at Close of Period Costs of Improvements Capitalized Land and Buildings Total Initial Subsequent Land and Buildings & Total Land and Acquisition to Acquisition Land Buildings Carrying Accumulated Date of Date Encumbrances Improvements Improvements Costs Costs Improvements Improvements Value Depreciation Construction(a) Acquired WEST REGION 2000 Post Street $ — $ 9,861 $ 44,578 $ 54,439 $ 34,115 $ 14,315 $ 74,239 $ 88,554 $ 37,550 1987/2016 Dec‑98 Birch Creek — 4,365 16,696 21,061 8,122 1,045 28,138 29,183 15,732 1968 Dec‑98 Highlands Of Marin — 5,996 24,868 30,864 27,788 7,823 50,829 58,652 33,322 1991/2010 Dec‑98 Marina Playa — 6,224 23,916 30,140 12,235 1,141 41,234 42,375 21,855 1971 Dec‑98 River Terrace 38,495 22,161 40,137 62,298 5,847 22,751 45,394 68,145 28,808 2005 Aug‑05 CitySouth — 14,031 30,537 44,568 36,702 16,388 64,882 81,270 43,163 1972/2012 Nov‑05 Bay Terrace — 8,545 14,458 23,003 5,824 11,579 17,248 28,827 10,906 1962 Oct‑05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,200 5,758 29,354 35,112 18,309 1968/2010 Oct‑07 Edgewater — 30,657 83,872 114,529 11,436 30,720 95,245 125,965 49,873 2007 Mar‑08 Almaden Lake Village 27,000 594 42,515 43,109 7,651 907 49,853 50,760 27,685 1999 Jul‑08 388 Beale — 14,253 74,104 88,357 10,176 14,482 84,051 98,533 31,707 1999 Apr‑11 Channel Mission Bay — 23,625 — 23,625 129,822 23,744 129,703 153,447 32,544 2014 Sep‑10 SAN FRANCISCO, CA 65,495 145,665 414,240 559,905 300,918 150,653 710,170 860,823 351,454 Harbor at Mesa Verde — 20,476 28,538 49,014 19,346 21,995 46,365 68,360 31,256 1965/2003 Jun-03 27 Seventy Five Mesa Verde — 99,329 110,644 209,973 97,401 113,691 193,683 307,374 115,829 1979/2013 Oct-04 Pacific Shores — 7,345 22,624 29,969 11,742 8,024 33,687 41,711 23,146 1971/2003 Jun-03 Huntington Vista — 8,055 22,486 30,541 14,187 9,215 35,513 44,728 22,752 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,391 10,987 6,762 17,749 4,809 1969 Dec-03 Eight 80 Newport Beach — North — 62,516 46,082 108,598 40,460 68,217 80,841 149,058 51,642 1968/2000/2016 Oct-04 Eight 80 Newport Beach — South — 58,785 50,067 108,852 32,476 60,812 80,516 141,328 48,986 1968/2000/2016 Mar-05 Foxborough — 12,071 6,187 18,258 4,013 12,460 9,811 22,271 6,267 1969 Sep-04 1818 Platinum Triangle — 16,663 51,905 68,568 2,514 16,961 54,121 71,082 23,649 2009 Aug-10 Beach & Ocean — 12,878 — 12,878 39,019 13,087 38,810 51,897 7,842 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 126,645 25,157 126,488 151,645 35,583 2013 Oct-11 Los Alisos at Mission Viejo — 17,298 — 17,298 70,623 16,522 71,399 87,921 18,130 2014 Jun-04 ORANGE COUNTY, CA — 340,645 352,662 693,307 461,817 377,128 777,996 1,155,124 389,891 Crowne Pointe — 2,486 6,437 8,923 8,421 3,083 14,261 17,344 9,003 1987 Dec-98 Hilltop — 2,174 7,408 9,582 5,594 2,997 12,179 15,176 7,965 1985 Dec-98 The Hawthorne — 6,474 30,226 36,700 6,613 6,996 36,317 43,313 23,177 2003 Jul-05 The Kennedy — 6,179 22,307 28,486 2,727 6,280 24,933 31,213 15,434 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 4,923 7,032 35,661 42,693 20,118 2000 May-08 Island Square — 21,284 89,389 110,673 6,320 21,631 95,362 116,993 51,102 2007 Jul-08 Borgata — 6,379 24,569 30,948 5,172 6,427 29,693 36,120 16,104 2001/2016 May-07 elements too — 27,468 72,036 99,504 17,566 30,232 86,838 117,070 52,083 2010 Feb-10 989elements — 8,541 45,990 54,531 3,571 8,607 49,495 58,102 22,087 2006 Dec-09 Lightbox — 6,449 38,884 45,333 897 6,470 39,760 46,230 8,538 2014 Aug-14 Waterscape — 9,693 65,176 74,869 1,073 9,708 66,234 75,942 12,820 2014 Sep-14 Ashton Bellevue 48,707 8,287 124,939 133,226 1,316 8,358 126,184 134,542 8,672 2009 Oct-16 TEN20 28,565 5,247 76,587 81,834 1,315 5,292 77,857 83,149 5,366 2009 Oct-16 Milehouse — 5,976 63,041 69,017 169 5,976 63,210 69,186 4,653 2016 Nov-16 CityLine — 11,220 85,787 97,007 59 11,220 85,846 97,066 5,152 2016 Jan-17 SEATTLE, WA 77,272 134,705 783,698 918,403 65,736 140,309 843,830 984,139 262,274 Rosebeach — 8,414 17,449 25,863 4,758 8,792 21,829 30,621 14,644 1970 Sep-04 Tierra Del Rey — 39,586 36,679 76,265 6,967 39,769 43,463 83,232 23,843 1998 Dec-07 The Westerly 67,700 48,182 102,364 150,546 38,878 50,850 138,574 189,424 68,118 1993/2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 92,394 61,568 86,477 148,045 41,830 2008 Sep-07 LOS ANGELES, CA 67,700 151,833 156,492 308,325 142,997 160,979 290,343 451,322 148,435 Boronda Manor — 1,946 8,982 10,928 10,320 3,250 17,998 21,248 10,504 1979 Dec-98 Garden Court — 888 4,188 5,076 5,941 1,600 9,417 11,017 5,679 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 16,609 5,548 26,983 32,531 15,939 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,654 2,287 10,786 13,073 6,396 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 29,912 10,241 49,913 60,154 28,586 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,886 3,384 17,574 20,958 10,479 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 7,212 2,300 11,575 13,875 6,585 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 87,534 28,610 144,246 172,856 84,168 Verano at Rancho Cucamonga Town Square — 13,557 3,645 17,202 55,786 23,534 49,454 72,988 38,366 2006 Oct-02 Windemere at Sycamore Highland — 5,810 23,450 29,260 3,775 6,213 26,822 33,035 19,302 2001 Nov-02 OTHER SOUTHERN CA — 19,367 27,095 46,462 59,561 29,747 76,276 106,023 57,668 Tualatin Heights — 3,273 9,134 12,407 7,638 3,906 16,139 20,045 11,379 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,388 6,493 21,779 28,272 16,008 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 15,026 10,399 37,918 48,317 27,387 TOTAL WEST REGION 210,467 818,440 1,826,575 2,645,015 1,133,589 897,825 2,880,779 3,778,604 1,321,277 MID-ATLANTIC REGION Dominion Middle Ridge — 3,311 13,283 16,594 7,622 3,982 20,234 24,216 15,280 1990 Jun-96 Dominion Lake Ridge — 2,366 8,387 10,753 8,232 2,933 16,052 18,985 11,572 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 11,279 11,756 29,551 41,307 22,213 1938 May-02 The Whitmore — 6,418 13,411 19,829 22,432 7,511 34,750 42,261 25,988 1962/2008 Apr-02 Ridgewood — 5,612 20,086 25,698 10,322 6,255 29,765 36,020 22,262 1988 Aug-02 DelRay Tower — 297 12,786 13,083 114,031 9,559 117,555 127,114 25,219 2014 Jan-08 Waterside Towers — 1,139 49,657 50,796 25,268 37,049 39,015 76,064 24,373 1971 Dec-03 Wellington Place at Olde Town 31,373 13,753 36,059 49,812 19,205 14,788 54,229 69,017 38,698 1987/2008 Sep-05 Andover House — 183 59,948 60,131 5,002 263 64,870 65,133 35,751 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 9,387 1,641 112,559 114,200 65,130 2007 Dec-07 Circle Towers — 32,815 107,051 139,866 19,198 33,476 125,588 159,064 69,419 1972 Mar-08 Delancey at Shirlington — 21,606 66,765 88,371 4,115 21,638 70,848 92,486 38,906 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 4,371 5,753 102,269 108,022 37,669 2009 Jun-11 Signal Hill — 13,290 — 13,290 70,901 25,518 58,673 84,191 33,128 2010 Mar-07 Capitol View on 14th — 31,393 — 31,393 95,020 31,412 95,001 126,413 29,971 2013 Sep-07 Domain College Park — 7,300 — 7,300 58,754 7,345 58,709 66,054 15,613 2014 Jun-11 1200 East West — 9,748 68,022 77,770 1,872 9,786 69,856 79,642 8,631 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 3,054 27,852 114,829 142,681 16,483 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 1,803 15,585 109,323 124,908 13,584 2014 Oct-15 Arbor Park of Alexandria 89,019 50,881 159,728 210,609 1,765 50,886 161,488 212,374 23,191 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 7,091 14,714 90,908 105,622 13,280 2000 Oct-15 Newport Village 127,600 55,283 177,454 232,737 11,936 55,405 189,268 244,673 27,607 1968 Oct-15 METROPOLITAN, D.C. 247,992 331,492 1,316,295 1,647,787 512,660 395,107 1,765,340 2,160,447 613,968 Gayton Pointe Townhomes — 826 5,148 5,974 30,490 3,524 32,940 36,464 29,536 1973/2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 8,730 2,433 21,380 23,813 15,249 1987 Sep-97 Carriage Homes at Wyndham — 474 30,997 31,471 9,229 3,920 36,780 40,700 26,329 1998 Nov-03 Legacy at Mayland 33,850 1,979 11,524 13,503 31,489 5,140 39,852 44,992 34,884 1973/2007 Dec-91 RICHMOND, VA 33,850 5,123 60,908 66,031 79,938 15,017 130,952 145,969 105,998 Calvert's Walk — 4,408 24,692 29,100 8,029 4,900 32,229 37,129 22,913 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 8,559 12,298 53,601 65,899 30,791 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 1,841 4,783 42,357 47,140 17,665 2009 Aug-10 BALTIMORE, MD — 20,827 110,912 131,739 18,429 21,981 128,187 150,168 71,369 TOTAL MID-ATLANTIC REGION 281,842 357,442 1,488,115 1,845,557 611,027 432,105 2,024,479 2,456,584 791,335 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 12,957 41,658 231,714 273,372 78,792 2005 Apr-11 21 Chelsea — 36,399 107,154 143,553 13,714 36,494 120,773 157,267 42,537 2001 Aug-11 View 34 — 114,410 324,920 439,330 101,043 115,062 425,311 540,373 153,669 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 9,468 58,014 275,346 333,360 105,886 2008 Aug-11 NEW YORK, NY — 249,878 917,312 1,167,190 137,182 251,228 1,053,144 1,304,372 380,884 Garrison Square — 5,591 91,027 96,618 9,632 5,687 100,563 106,250 41,736 1887/1990 Sep-10 Ridge at Blue Hills 25,000 6,039 34,869 40,908 3,072 6,272 37,708 43,980 15,893 2007 Sep-10 Inwood West 51,721 20,778 88,096 108,874 9,753 19,569 99,058 118,627 38,730 2006 Apr-11 14 North — 10,961 51,175 62,136 9,517 11,180 60,473 71,653 24,942 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 201,393 24,607 201,370 225,977 29,077 2015 Dec-15 BOSTON, MA 76,721 67,953 265,167 333,120 233,367 67,315 499,172 566,487 150,378 TOTAL NORTHEAST REGION 76,721 317,831 1,182,479 1,500,310 370,549 318,543 1,552,316 1,870,859 531,262 SOUTHEAST REGION Seabrook — 1,846 4,155 6,001 9,343 2,912 12,432 15,344 10,472 1984/2004 Feb-96 Altamira Place — 1,533 11,076 12,609 21,395 3,637 30,367 34,004 27,378 1984/2007 Apr-94 Regatta Shore — 757 6,608 7,365 16,863 2,151 22,077 24,228 18,908 1988/2007 Jun-94 Alafaya Woods — 1,653 9,042 10,695 10,384 2,608 18,471 21,079 14,697 1989/2006 Oct-94 Los Altos — 2,804 12,349 15,153 12,334 4,222 23,265 27,487 17,325 1990/2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 10,935 2,963 18,796 21,759 13,550 1985/2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 7,756 1,766 13,770 15,536 10,134 1986/2004 Oct-97 Ashton Waterford — 3,872 17,538 21,410 5,181 4,338 22,253 26,591 15,488 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 14,184 7,493 26,243 33,736 20,933 1992/2007 Aug-06 ORLANDO, FL — 22,624 88,765 111,389 108,375 32,090 187,674 219,764 148,885 Legacy Hill — 1,148 5,867 7,015 9,844 1,887 14,972 16,859 12,130 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 10,771 2,322 21,502 23,824 15,164 1989 Dec-95 Carrington Hills — 2,117 — 2,117 36,910 4,710 34,317 39,027 23,982 1999 Dec-95 Brookridge — 708 5,461 6,169 6,490 1,371 11,288 12,659 7,975 1986 Mar-96 Breckenridge — 766 7,714 8,480 5,871 1,435 12,916 14,351 9,110 1986 Mar-97 Colonnade 16,331 1,460 16,015 17,475 7,375 2,050 22,800 24,850 14,130 1998 Jan-99 The Preserve at Brentwood — 3,182 24,674 27,856 9,080 3,755 33,181 36,936 23,549 1998 Jun-04 Polo Park 23,550 4,583 16,293 20,876 17,190 5,856 32,210 38,066 25,178 1987/2008 May-06 NASHVILLE, TN 39,881 15,433 87,608 103,041 103,531 23,386 183,186 206,572 131,218 Summit West — 2,176 4,710 6,886 10,657 3,651 13,892 17,543 12,275 1972 Dec-92 The Breyley — 1,780 2,458 4,238 18,228 3,721 18,745 22,466 18,225 1977/2007 Sep-93 Lakewood Place — 1,395 10,647 12,042 11,529 2,922 20,649 23,571 16,090 1986 Mar-94 Cambridge Woods 12,450 1,791 7,166 8,957 10,548 3,164 16,341 19,505 12,630 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 17,391 10,092 38,151 48,243 30,024 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 9,535 11,742 45,520 57,262 31,960 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 18,382 15,199 47,457 62,656 28,293 2009 Jul-09 TAMPA, FL 12,450 32,324 122,652 154,976 96,270 50,491 200,755 251,246 149,497 The Reserve and Park at Riverbridge 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 1999/2001 Dec-04 OTHER FLORIDA 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 TOTAL SOUTHEAST REGION 92,118 86,349 355,426 441,775 320,327 122,713 639,389 762,102 474,910 SOUTHWEST REGION Thirty377 25,000 24,036 32,951 56,987 17,923 24,383 50,527 74,910 28,099 1999/2007 Aug-06 Legacy Village 82,734 16,882 100,102 116,984 17,155 19,752 114,387 134,139 65,000 2005/06/07 Mar-08 Addison Apts at The Park — 22,041 11,228 33,269 8,616 30,698 11,187 41,885 8,859 1977/78/79 May-07 Addison Apts at The Park II — 7,903 554 8,457 3,275 8,415 3,317 11,732 2,064 1970 May-07 Addison Apts at The Park I — 10,440 634 11,074 3,563 11,009 3,628 14,637 2,549 1975 May-07 DALLAS, TX 107,734 81,302 145,469 226,771 50,532 94,257 183,046 277,303 106,571 Barton Creek Landing — 3,151 14,269 17,420 23,443 5,119 35,744 40,863 26,542 1986/2012 Mar-02 Residences at the Domain 36,299 4,034 55,256 59,290 13,245 4,512 68,023 72,535 34,285 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 2,983 5,467 20,246 25,713 8,505 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 2,087 4,448 18,656 23,104 7,590 2002 Apr-12 AUSTIN, TX 36,299 16,417 104,040 120,457 41,758 19,546 142,669 162,215 76,922 Steele Creek — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 2015 Oct-17 DENVER, CO — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 TOTAL SOUTHWEST REGION 144,033 106,305 379,909 486,214 92,568 122,395 456,387 578,782 185,214 TOTAL OPERATING COMMUNITIES 805,181 1,686,367 5,232,504 6,918,871 2,528,060 1,893,581 7,553,350 9,446,931 3,303,998 REAL ESTATE UNDER DEVELOPMENT The Residences at Pacific City 78,085 — 78,085 253,044 78,085 253,044 331,129 3,854 345 Harrison 32,938 — 32,938 228,423 31,383 229,978 261,361 — TOTAL REAL ESTATE UNDER DEVELOPMENT — 111,023 — 111,023 481,467 109,468 483,022 592,490 3,854 LAND Waterside 11,862 — 11,862 222 12,084 — 12,084 333 7 Harcourt 884 — 884 5,792 804 5,872 6,676 14 Vitruvian Park® 4,325 — 4,325 9,291 11,347 2,269 13,616 2,273 Wilshire at LaJolla 31,105 — 31,105 97 31,202 — 31,202 — Dublin Land 8,922 — 8,922 3,440 8,922 3,440 12,362 — TOTAL LAND — 57,098 — 57,098 18,842 64,359 11,581 75,940 2,620 COMMERCIAL Circle Towers Office Bldg — — — — 7,679 1,380 6,299 7,679 3,570 Brookhaven Shopping Center — — — — 23,079 7,793 15,286 23,079 13,920 TOTAL COMMERCIAL — — — — 30,758 9,173 21,585 30,758 17,490 Other (b) — — — — 6,265 — 6,265 6,265 72 1745 Shea Center I — 3,034 20,534 23,568 1,254 3,035 21,787 24,822 2,132 TOTAL CORPORATE — 3,034 20,534 23,568 7,519 3,035 28,052 31,087 2,204 TOTAL COMMERCIAL & CORPORATE — 3,034 20,534 23,568 38,277 12,208 49,637 61,845 19,694 Deferred Financing Costs (1,912) TOTAL REAL ESTATE OWNED $ 803,269 $ 1,857,522 $ 5,253,038 $ 7,110,560 $ 3,066,646 $ 2,079,616 $ 8,097,590 $ 10,177,206 $ 3,330,166 (a) (b) The aggregate cost for federal income tax purposes was approximately $ 9.1 billion at December 31, 2017 ( unaudited ). The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. 2017 2016 2015 Balance at beginning of the year $ 9,615,753 $ 9,190,276 $ 8,383,259 Real estate acquired 235,993 324,104 906,446 Capital expenditures and development 369,029 339,813 203,183 Real estate sold (43,569) (238,440) (301,920) Impairment of assets, including casualty-related impairments — — (692) Balance at end of the year $ 10,177,206 $ 9,615,753 $ 9,190,276 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2017 2016 2015 Balance at beginning of the year $ 2,923,625 $ 2,646,874 $ 2,434,772 Depreciation expense for the year 424,772 398,904 364,622 Accumulated depreciation on sales (18,231) (122,153) (152,520) Balance at end of year $ 3,330,166 $ 2,923,625 $ 2,646,874
United Dominion Reality L.P.
Real Estate and Accumulated Depreciation
Schedule III - Real Estate Owned	Gross Amount at Which Initial Costs Carried at Close of Period Cost of Improvements Capitalized Total Initial Subsequent to Buildings & Date of Land and Land Building and Acquisition Acquisition Land and Land Buildings Total Carrying Accumulated Construction Encumbrances Improvements Improvements Costs Costs Improvements Improvements Value Depreciation (a) Date Acquired WEST REGION 2000 Post Street $ — $ 9,861 $ 44,578 $ 54,439 $ 21,571 $ 11,020 $ 64,990 $ 76,010 $ 30,623 1987/2016 Dec-98 Birch Creek — 4,365 16,696 21,061 8,122 1,045 28,138 29,183 15,732 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 27,788 7,823 50,829 58,652 33,322 1991/2010 Dec-98 Marina Playa — 6,224 23,916 30,140 12,235 1,141 41,234 42,375 21,855 1971 Dec-98 River Terrace 38,495 22,161 40,137 62,298 5,847 22,751 45,394 68,145 28,808 2005 Aug-05 CitySouth — 14,031 30,537 44,568 36,702 16,388 64,882 81,270 43,163 1972/2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 5,824 11,579 17,248 28,827 10,906 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,200 5,758 29,354 35,112 18,309 1968/2010 Oct-07 Edgewater — 30,657 83,872 114,529 11,436 30,720 95,245 125,965 49,873 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 7,651 907 49,853 50,760 27,685 1999 Jul-08 SAN FRANCISCO, CA 65,495 107,787 340,136 447,923 148,376 109,132 487,167 596,299 280,276 Harbor at Mesa Verde — 20,476 28,538 49,014 19,346 21,995 46,365 68,360 31,256 1965/2003 Jun-03 27 Seventy Five Mesa Verde — 99,329 110,644 209,973 97,401 113,691 193,683 307,374 115,829 1979/2013 Oct-04 Pacific Shores — 7,345 22,624 29,969 11,742 8,024 33,687 41,711 23,146 1971/2003 Jun-03 Huntington Vista — 8,055 22,486 30,541 14,187 9,215 35,513 44,728 22,752 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,391 10,987 6,762 17,749 4,809 1969 Dec-03 Eight 80 Newport Beach - North — 62,516 46,082 108,598 40,460 68,217 80,841 149,058 51,642 1968/2000/2016 Oct-04 Eight 80 Newport Beach - South — 58,785 50,067 108,852 32,476 60,812 80,516 141,328 48,986 1968/2000/2016 Mar-05 ORANGE COUNTY, CA — 256,735 294,570 551,305 219,003 292,941 477,367 770,308 298,420 Crowne Pointe — 2,486 6,437 8,923 8,421 3,083 14,261 17,344 9,003 1987 Dec-98 Hilltop — 2,174 7,408 9,582 5,594 2,997 12,179 15,176 7,965 1985 Dec-98 The Kennedy — 6,179 22,307 28,486 2,727 6,280 24,933 31,213 15,434 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 4,923 7,032 35,661 42,693 20,118 2000 May-08 Island Square — 21,284 89,389 110,673 6,320 21,631 95,362 116,993 51,102 2007 Jul-08 SEATTLE, WA — 38,971 156,463 195,434 27,985 41,023 182,396 223,419 103,622 Rosebeach — 8,414 17,449 25,863 4,758 8,792 21,829 30,621 14,644 1970 Sep-04 Tierra Del Rey — 39,586 36,679 76,265 6,967 39,769 43,463 83,232 23,843 1998 Dec-07 LOS ANGELES, CA — 48,000 54,128 102,128 11,725 48,561 65,292 113,853 38,487 Boronda Manor — 1,946 8,982 10,928 10,320 3,250 17,998 21,248 10,504 1979 Dec-98 Garden Court — 888 4,188 5,076 5,941 1,600 9,417 11,017 5,679 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 16,609 5,548 26,983 32,531 15,939 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 6,654 2,287 10,786 13,073 6,396 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 29,912 10,241 49,913 60,154 28,586 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 10,886 3,384 17,574 20,958 10,479 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 7,212 2,300 11,575 13,875 6,585 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 87,534 28,610 144,246 172,856 84,168 Verano at Rancho Cucamonga Town Square — 13,557 3,645 17,202 55,786 23,534 49,454 72,988 38,366 2006 Oct-02 OTHER SOUTHERN CA — 13,557 3,645 17,202 55,786 23,534 49,454 72,988 38,366 Tualatin Heights — 3,273 9,134 12,407 7,638 3,906 16,139 20,045 11,379 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,388 6,493 21,779 28,272 16,008 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 15,026 10,399 37,918 48,317 27,387 TOTAL WEST REGION 65,495 491,275 941,330 1,432,605 565,435 554,200 1,443,840 1,998,040 870,726 MID-ATLANTIC REGION Ridgewood — 5,612 20,086 25,698 10,322 6,255 29,765 36,020 22,262 1988 Aug-02 DelRey Tower — 297 12,786 13,083 114,031 9,559 117,555 127,114 25,219 2014 Jan-08 Wellington Place at Olde Town 31,373 13,753 36,059 49,812 19,205 14,788 54,229 69,017 38,698 1987/2008 Sep-05 Andover House — 183 59,948 60,131 5,002 263 64,870 65,133 35,751 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 9,322 1,641 112,494 114,135 65,065 2007 Dec-07 Courts at Huntington Station — 27,749 111,878 139,627 3,054 27,852 114,829 142,681 16,483 2011 Oct-15 METROPOLITAN D.C. 31,373 48,731 344,433 393,164 160,936 60,358 493,742 554,100 203,478 Calvert’s Walk — 4,408 24,692 29,100 8,029 4,900 32,229 37,129 22,913 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 8,559 12,298 53,601 65,899 30,791 2003 Mar-08 BALTIMORE, MD — 16,158 70,282 86,440 16,588 17,198 85,830 103,028 53,704 TOTAL MID-ATLANTIC REGION 31,373 64,889 414,715 479,604 177,524 — 77,556 579,572 657,128 257,182 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 12,957 41,658 231,714 273,372 78,792 2005 Apr-11 95 Wall Street — 57,637 266,255 323,892 9,468 58,014 275,346 333,360 105,886 2008 Aug-11 NEW YORK, NY — 99,069 485,238 584,307 22,425 99,672 507,060 606,732 184,678 14 North — 10,961 51,175 62,136 9,517 11,180 60,473 71,653 24,942 2005 Apr-11 BOSTON, MA — 10,961 51,175 62,136 9,517 11,180 60,473 71,653 24,942 TOTAL NORTHEAST REGION — 110,030 536,413 646,443 31,942 110,852 567,533 678,385 209,620 SOUTHEAST REGION Legacy Hill — 1,148 5,867 7,015 9,844 1,887 14,972 16,859 12,130 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 10,771 2,322 21,502 23,824 15,164 1989 Dec-95 Carrington Hills — 2,117 — 2,117 36,910 4,710 34,317 39,027 23,982 1999 Dec-95 Brookridge — 708 5,461 6,169 6,490 1,371 11,288 12,659 7,975 1986 Mar-96 Breckenridge — 766 7,714 8,480 5,871 1,435 12,916 14,351 9,110 1986 Mar-97 Polo Park 23,550 4,583 16,293 20,876 17,190 5,856 32,210 38,066 25,178 1987/2008 May-06 NASHVILLE, TN 23,550 10,791 46,919 57,710 87,076 17,581 127,205 144,786 93,539 Inlet Bay — 7,702 23,150 30,852 17,391 10,092 38,151 48,243 30,024 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 9,535 11,742 45,520 57,262 31,960 2001 Dec-04 TAMPA, FL — 18,571 60,008 78,579 26,926 21,834 83,671 105,505 61,984 The Reserve and Park at Riverbridge 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 1999/2001 Dec-04 OTHER FLORIDA 39,787 15,968 56,401 72,369 12,151 16,746 67,774 84,520 45,310 TOTAL SOUTHEAST REGION 63,337 45,330 163,328 208,658 126,153 56,161 278,650 334,811 200,833 SOUTHWEST REGION Steele Creek — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 2015 43009 DENVER, CO — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 TOTAL SOUTHWEST REGION — 8,586 130,400 138,986 278 8,592 130,672 139,264 1,721 TOTAL OPERATING COMMUNITIES 160,205 720,110 2,186,186 2,906,296 901,332 807,361 3,000,267 3,807,628 1,540,082 COMMERCIAL Circle Towers Office Bldg — 1,407 — 1,407 6,221 1,380 6,248 7,628 3,570 TOTAL COMMERCIAL — 1,407 — 1,407 6,221 1,380 6,248 7,628 3,570 Other (b) — — — — 1,700 — 1,700 1,700 — TOTAL CORPORATE — — — — 1,700 — 1,700 1,700 — TOTAL COMMERCIAL & CORPORATE — 1,407 — 1,407 7,921 1,380 7,948 9,328 — 3,570 Deferred Financing Costs (360) TOTAL REAL ESTATE OWNED $ 159,845 $ 721,517 $ 2,186,186 $ 2,907,703 $ 909,253 $ 808,741 $ 3,008,215 $ 3,816,956 $ 1,543,652 (a) (b) The aggregate cost for federal income tax purpose was approximately $3.1 billion at December 31, 2017 ( unaudited ). The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 35 to 55 years. 2017 2016 2017 Balance at beginning of the year $ 3,674,704 $ 3,630,905 $ 4,238,770 Real estate acquired 138,986 — 139,627 Capital expenditures and development 45,211 71,720 61,196 Real estate sold (41,945) (27,921) (180,069) Real estate deconsolidated — — (628,479) Casualty-related impairment of assets — — (140) Balance at end of year $ 3,816,956 $ 3,674,704 $ 3,630,905 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2017 2016 2015 Balance at beginning of the year $ 1,408,815 $ 1,281,258 $ 1,403,303 Depreciation expense for the year 153,068 144,942 168,495 Accumulated depreciation on sales (18,231) (17,385) (67,177) Accumulated depreciation on property deconsolidated — — (223,363) Balance at end of year $ 1,543,652 $ 1,408,815 $ 1,281,258

Significant Accounting Polici99

Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Policies)	12 Months Ended
	Dec. 31, 2017
Entity information
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Company on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Company expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued 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. The ASU will be applied prospectively to any transactions occurring after 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. The Company does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. 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; however, early adoption of the ASU 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. As a result of adopting the ASU, the Company recorded a one-time adjustment for existing estimated forfeitures of $0.6 million as of January 1, 2017 to Distributions in Excess of Net Income on January 1, 2017. 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; however, early adoption of the ASU is 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 adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. In January 2016, the FASB issued ASU No. 2016‑01, Financial Instruments – Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities . The updated standard requires certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard will be effective for the Company on January 1, 2018. The Company holds one investment in equity securities subject to the updated guidance. As the investment does not have a readily determinable fair value, the Company will elect the measurement alternative under which the investment will be measured at cost, less any impairment, plus or minus changes resulting from observable price changes for an identical or similar investment of the same issuer. However, the Company does not expect the updated standard to have a material impact on the consolidated financial statements. 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 ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU .
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, 2017, 2016, and 2015 were $8.8 million, $7.9 million and $ 6.3 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was $18.6 million, $16.5 million, and $ 16.1 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 of 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.
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.
Non-controlling interests	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 consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“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.
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, 2017 and 2016, UDR’s net deferred tax asset was $0.1 million and $0.6 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 than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2017. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2014 through 2016 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 (provision)/benefit, net on the Consolidated Statements of Operations. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, we have completed our accounting for the tax effects of the Act, under which we recognized a one-time tax benefit of $1.1 million related to the recording of previously reserved receivables for REIT AMT credits that became refundable under the Act.
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.
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, 2017, 2016, and 2015, total advertising expense was $6.2 million, $6.4 million, and $6. 4 million, respectively.
Comprehensive Income/(Loss)	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, 2017, 2016, and 2015, 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 13, Derivatives and Hedging Activity, for further discussion. The allocation of other comprehensive income/(loss) to redeemable noncontrolling interests during the years ended December 31, 2017, 2016, and 2015 was $0.3 million, $0.1 million, and $(0.3) million, respectively.
Use of estimates	Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.
Market concentration risk	Market Concentration Risk The 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, 2017, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the San Francisco, California; Orange County, California; Metropolitan D.C. and New York, New York markets.
United Dominion Reality L.P.
Entity information
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-12, Derivatives and Hedging, Targeted Improvements to Accounting for Hedging Activities . The ASU aims to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard will be effective for the Operating Partnership on January 1, 2019 and must be applied using a modified retrospective approach; however, early adoption of the ASU is permitted. The Operating Partnership expects to early adopt the guidance on January 1, 2018, but does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. In January 2017, the FASB issued 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 Operating Partnership on January 1, 2018. The ASU will be applied prospectively to any transactions occurring after 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. The Operating Partnership does not expect the updated standard to have a material impact on the consolidated financial statements. Related disclosures will be updated pursuant to the requirements of the ASU. 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; however, early adoption of the ASU 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 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; however, early adoption of the ASU is 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 adopt the guidance on its effective date, at which time we anticipate recognizing right-of-use assets and related lease liabilities on our consolidated balance sheets related to ground leases for any communities where we are the lessee. 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 ASU will not have a material impact on the consolidated financial statements. Related disclosures will be provided and/or updated pursuant to the requirements of the ASU .
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, 2017, 2016, and 2015 were $0.5 million, $0.6 million, and $ 0.7 million, respectively. During the years ended December 31, 2017, 2016, and 2015, total interest capitalized was less than $0.1 million, $0.2 million, and $ 0.2 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.
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.
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.
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 (2014 through 2016) 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. On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was enacted, reducing the U.S. federal corporate income tax rate from 35% to 21%, among other changes. The SEC staff issued Staff Accounting Bulletin 118, which provides guidance on accounting for the tax effects of the Act for which the accounting under ASC 740, Income Taxes (“ASC 740” ) is incomplete. To the extent that a company's accounting for certain income tax effects of the Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provisions of the tax laws that were in effect immediately before enactment of the Act. As of December 31, 2017, the impact to the Operating Partnership related to the accounting for the tax effects of the Act was not material.
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 .)
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, 2017, 2016, and 2015, total advertising expense from continuing and discontinued operations was $2.1 million, $2. 2 million, and $2. 4 million, respectively.
Comprehensive Income/(Loss)	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, 2017, 2016, and 2015, 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, 2017, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the San Francisco, California; Orange County, California; Metropolitan D.C. and New York, New York markets

Real Estate Owned (UNITED DO100

Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2017
Entity information
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, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 1,780,229 $ 1,801,576 Depreciable property — held and used: Land improvements 189,919 178,701 Building, improvements, and furniture, fixtures and equipment 7,614,568 7,291,570 Under development: Land and land improvements 109,468 111,028 Building, improvements, and furniture, fixtures and equipment 483,022 231,254 Real estate held for disposition: Land and land improvements — 1,104 Building, improvements, and furniture, fixtures and equipment — 520 Real estate owned 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Real estate owned, net $ 6,847,040 $ 6,692,128
United Dominion Reality L.P.
Entity information
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, 2017 and 2016 (dollars in thousands): December 31, December 31, 2017 2016 Land $ 719,410 $ 751,981 Depreciable property — held and used: Land improvements 89,331 84,663 Buildings, improvements, and furniture, fixtures and equipment 3,008,215 2,838,060 Real estate owned 3,816,956 3,674,704 Accumulated depreciation (1,543,652) (1,408,815) Real estate owned, net $ 2,273,304 $ 2,265,889

Debt, Net (UNITED DOMINION R101

Debt, Net (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2017
Entity information
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at December 31, 2017 and 2016 ( dollars in thousands): Principal Outstanding As of December 31, 2017 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2017 2016 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 395,611 $ 402,996 4.04 % 5.3 7 Fannie Mae credit facilities (b) 285,836 355,836 4.86 % 2.0 8 Deferred financing costs (1,670) (2,681) Total fixed rate secured debt, net 679,777 756,151 4.39 % 3.9 15 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 1.90 % 5.2 2 Fannie Mae credit facilities (b) 29,034 280,946 2.92 % 0.9 1 Deferred financing costs (242) (939) Total variable rate secured debt, net 123,492 374,707 2.14 % 4.2 3 Total Secured Debt, net 803,269 1,130,858 4.04 % 4.0 18 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2020 (d) (k) — — — % 2.1 Borrowings outstanding under unsecured commercial paper program due February 2018 (e) (k) 300,000 — 1.96 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2019 (f) 21,767 21,350 2.46 % 1.0 Term Loan Facility due January 2021 (d) (k) 35,000 35,000 2.31 % 3.1 Fixed Rate Debt 4.25% Medium-Term Notes due June 2018 (net of discounts of $0 and $608, respectively) (g) (k) — 299,392 — % — 3.70% Medium-Term Notes due October 2020 (net of discounts of $22 and $30, respectively) (k) 299,978 299,970 3.70 % 2.8 1.98% Term Loan Facility due January 2021 (d) (k) 315,000 315,000 1.98 % 3.1 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,446 and $1,805, respectively) (k) 398,554 398,195 4.63 % 4.0 3.75% Medium-Term Notes due July 2024 (net of discounts of $678 and $782, respectively) (k) 299,322 299,218 3.75 % 6.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 6.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $534 and $602, respectively) (h) (k) 299,466 299,398 4.00 % 7.8 2.95% Medium-Term Notes due September 2026 (k) 300,000 300,000 2.95 % 8.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $670 and $0, respectively) (i) (k) 299,330 — 3.50 % 9.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,191 and $0, respectively) (j) (k) 298,809 — 3.50 % 10.0 Other 19 21 Deferred financing costs (14,495) (12,568) Total Unsecured Debt, net 2,868,394 2,270,620 3.43 % 5.7 Total Debt, net $ 3,671,663 $ 3,401,478 3.65 % 5.3
Secured credit facilities	Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2017 2016 Borrowings outstanding $ 314,870 $ 636,782 Weighted average borrowings during the period ended 416,653 737,802 Maximum daily borrowings during the period ended 636,782 813,544 Weighted average interest rate during the period ended 4.3 % 3.9 % Weighted average interest rate at the end of the period 4.7 % 3.8 %
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, 2017 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2018 $ 4,636 $ 29,034 $ 33,670 $ 300,000 $ 333,670 2019 249,395 67,700 317,095 21,767 338,862 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 — 41,245 — 41,245 2024 — — — 315,644 315,644 2025 127,600 — 127,600 300,000 427,600 2026 50,000 — 50,000 300,000 350,000 2027 — — — 300,000 300,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 673,226 123,734 796,960 2,887,411 3,684,371 Non-cash (a) 6,551 (242) 6,309 (19,017) (12,708) Total $ 679,777 $ 123,492 $ 803,269 $ 2,868,394 $ 3,671,663 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2017 and 2016, the Company amortized $4.3 million and $ 4.5 million, respectively, of deferred financing costs into Interest expense .
United Dominion Reality L.P.
Entity information
Schedule of debt instruments	Secured debt consists of the following as of December 31, 2017 and 2016 ( dollars in thousands ): Principal Outstanding As of December 31, 2017 Weighted Weighted Average December 31, December 31, Average Years to Communities 2017 2016 Interest Rate Maturity Encumbered Fixed Rate Debt Fannie Mae credit facilities $ 133,205 $ 244,912 5.28 % 1.8 4 Deferred financing costs (282) (1,070) Total fixed rate secured debt, net 132,923 243,842 5.28 % 1.8 4 Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 1.71 % 14.2 1 Fannie Mae credit facilities — 163,637 — % — — Deferred financing costs (78) (505) Total variable rate secured debt, net 26,922 190,132 1.71 % 14.2 1 Total Secured Debt, Net $ 159,845 $ 433,974 4.99 % 3.9 5
Secured credit facilities	The following information relates to the credit facilities owed by the Operating Partnership ( dollars in thousands ): December 31, December 31, 2017 2016 Borrowings outstanding $ 133,205 $ 408,549 Weighted average borrowings during the period ended 223,347 414,759 Maximum daily borrowings during the period ended 408,549 421,001 Weighted average interest rate during the period ended 4.6 % 3.9 % Interest rate at the end of the period 5.3 % 4.0 %
Aggregate maturities of secured debt	The aggregate maturities of the Operating Partnership’s secured debt due during each of the next ten calendar years subsequent to December 31, 2017 are as follows (dollars in thousands): Fixed Variable Tax-Exempt Secured Credit Secured Notes Year Facilities Payable Total 2018 $ — $ — $ — 2019 133,205 — 133,205 2020 — — — 2021 — — — 2022 — — — 2023 — — — 2024 — — — 2025 — — — 2026 — — — 2027 — — — Thereafter — 27,000 27,000 Subtotal 133,205 27,000 160,205 Non-cash (a) (282) (78) (360) Total $ 132,923 $ 26,922 $ 159,845 (a) 0.6 million, respectively, of deferred financing costs into Interest expense .

Fair Value of Derivatives an102

Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2017
Entity information
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, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 19,469 $ 19,567 $ — $ — $ 19,567 Derivatives - Interest rate contracts (b) 5,743 5,743 — 5,743 — Total assets $ 25,212 $ 25,310 $ — $ 5,743 $ 19,567 Secured debt instruments - fixed rate: (c) Mortgage notes payable $ 395,611 $ 397,386 $ — $ — $ 397,386 Fannie Mae credit facilities 285,836 292,227 — — 292,227 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Fannie Mae credit facilities 29,034 29,034 — — 29,034 Unsecured debt instruments: (c) Working capital credit facility 21,767 21,767 — — 21,767 Commercial paper program 300,000 300,000 — — 300,000 Unsecured notes 2,561,122 2,611,458 — — 2,611,458 Total liabilities $ 3,688,070 $ 3,746,572 $ — $ — $ 3,746,572 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 948,138 $ 948,138 $ — $ 948,138 $ — Fair Value at December 31, 2016, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2016 2016 (Level 1) (Level 2) (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) Working capital credit facility 21,350 21,350 — — 21,350 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 $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 13, Derivatives and Hedging Activity . (c) See Note 6, Secured and Unsecured Debt, Net . (d) See Note 11, Noncontrolling Interests .
United Dominion Reality L.P.
Entity information
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, 2017 and 2016 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2017, Using Total Quoted Carrying Prices in Amount in Active Statement of Markets Significant Financial Fair Value for Identical Other Significant Position at Estimate at Assets or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2017 2017 (Level 1) (Level 2) (Level 3) Description: Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 133,205 $ 137,150 $ — $ — $ 137,150 Secured debt instruments - variable rate: (a) Tax-exempt secured notes payable 27,000 27,000 — — 27,000 Total liabilities $ 160,205 $ 164,150 $ — $ — $ 164,150 Fair Value at December 31, 2016, Using Quoted Total Prices in Carrying Active Amount in Markets Statement of for Identical Significant Financial Fair Value Assets Other Significant Position at Estimate at or Observable Unobservable December 31, December 31, Liabilities Inputs Inputs 2016 2016 (Level 1) (Level 2) (Level 3) Description: Derivatives - Interest rate contracts (b) $ 1 $ 1 $ — $ 1 $ — Total assets $ 1 $ 1 $ — $ 1 $ — Secured debt instruments - fixed rate: (a) Fannie Mae credit facilities $ 244,912 $ 251,664 $ — $ — $ 251,664 Secured debt instruments - variable rate: (a) — 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 (a) Debt, Net . (b) Derivatives and Hedging Activity .

Derivatives and Hedging Acti103

Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2017
Entity information
Outstanding interest rate derivatives	As of December 31, 2017, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ): Number of Product Instruments Notional Interest rate swaps 4 $ 315,000 Interest rate caps 1 $ 65,197 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, 2017, 2016, and 2015. As of December 31, 2017, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 3 $ 271,076
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, 2017 and 2016 ( dollars in thousands ): Asset Derivatives Liability Derivatives (included in Other assets ) (included in Other liabilities ) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, 2017 2016 2017 2016 Derivatives designated as hedging instruments: Interest rate products $ 5,743 $ 4,359 $ — $ 413 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ —
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, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Ineffective Portion and Recognized in OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ 1,802 $ 3,514 $ (6,393) $ (1,271) $ (3,657) $ (2,251) $ (136) $ — $ (11)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) (23)
Offsetting of Derivative Assets	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, 2017 and 2016 ( dollars in thousands ): Gross Net Amounts of Gross Amounts Not Offset Amounts Assets in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Assets Assets Sheets (a) Instruments Received Net Amount December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 December 31, 2016 $ 4,360 $ — $ 4,360 $ (221) $ — $ 4,139 (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 Net Amounts of Gross Amounts Not Offset Amounts Liabilities in the Consolidated Gross Offset in the Presented in the Balance Sheet Amounts of Consolidated Consolidated Cash Recognized Balance Balance Sheets Financial Collateral Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ 413 $ — $ 413 $ (221) $ — $ 192 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
Outstanding interest rate derivatives	As of December 31, 2017, we had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships ( dollars in thousands ): Number of Product Instruments Notional Interest rate caps 1 $ 19,880
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, 2017 and 2016 ( dollars in thousands ): Asset Derivatives Liability Derivatives (included in Other assets) (Included in Other liabilities) Fair Value at: Fair Value at: December 31, December 31, December 31, December 31, 2017 2016 2017 2016 Derivatives not designated as hedging instruments: Interest rate products $ — $ 1 $ — $ —
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, 2017, 2016, and 2015 ( dollars in thousands ): Gain/(Loss) Recognized Unrealized holding Gain/(Loss) Reclassified in Interest expense gain/(loss) Recognized in from Accumulated OCI into (Ineffective Portion and OCI Interest expense Amount Excluded from (Effective Portion) (Effective Portion) Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate products $ — $ (4) $ (82) $ — $ (12) $ (1,044) $ (106) $ — $ (11)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2017 2016 2015 Interest rate products $ (1) $ (3) $ (23)
Offsetting of Derivative Assets	Offsetting of Derivative Assets Gross Gross Amounts Not Offset Amounts Net Amounts of in the Consolidated Gross Offset in the Assets Balance Sheets Amounts of Consolidated Presented in the Cash Recognized Balance Consolidated Financial Collateral Assets Sheets Balance Sheets (a) Instruments Received Net Amount December 31, 2017 $ — — — $ — $ — $ — December 31, 2016 $ 1 $ — $ 1 $ — $ — $ 1 (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	Offsetting of Derivative Liabilities Gross Gross Amounts Not Offset Amounts Net Amounts of in the Consolidated Gross Offset in the Liabilities Balance Sheets Amounts of Consolidated Presented in the Cash Recognized Balance Consolidated Financial Collateral Liabilities Sheets Balance Sheets (a) Instruments Posted Net Amount December 31, 2017 $ — $ — $ — $ — $ — $ — December 31, 2016 $ — $ — $ — $ — $ — $ — (a)

Capital Structure (UNITED DO104

Capital Structure (UNITED DOMINION REALTY, L.P.) Capital Structure (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2017
United Dominion Reality L.P.
Entity information
Schedule of Limited Partners' Capital Account by Class [Table Text Block]	The following table shows OP Units outstanding and OP Unit activity as of and for the years ended December 31, 2017, 2016, and 2015: UDR, Inc. Class A Class A Limited Limited Limited Limited General Partners Partners Partner Partner Partner Total 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 Vesting of LTIP Units — 72,226 — — — 72,226 OP redemptions for UDR stock — (7,604) 7,604 — — — Ending balance at December 31, 2017 1,751,671 7,361,565 174,005,144 121,661 110,883 183,350,924

Reportable Segments (UNITED 105

Reportable Segments (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2017
Entity information
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 UDR’s reportable segments for the years ended December 31, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 329,322 $ 315,390 $ 294,048 Mid-Atlantic Region 209,548 204,408 158,063 Northeast Region 151,736 147,573 132,079 Southeast Region 116,467 111,318 103,920 Southwest Region 42,992 41,273 39,166 Non-Mature Communities/Other 134,244 128,499 144,652 Total segment and consolidated rental income $ 984,309 $ 948,461 $ 871,928 Reportable apartment home segment NOI Same-Store Communities West Region $ 248,262 $ 237,071 $ 219,282 Mid-Atlantic Region 145,627 140,542 106,354 Northeast Region 106,473 106,005 93,530 Southeast Region 80,726 76,359 69,820 Southwest Region 26,455 25,600 24,407 Non-Mature Communities/Other 90,960 87,508 100,476 Total segment and consolidated NOI 698,503 673,085 613,869 Reconciling items: Joint venture management and other fees 11,482 11,400 22,710 Property management (27,068) (26,083) (23,978) Other operating expenses (9,060) (7,649) (9,708) Real estate depreciation and amortization (430,054) (419,615) (374,598) General and administrative (48,566) (49,761) (59,690) Casualty-related (charges)/recoveries, net (4,335) (732) (2,335) Other depreciation and amortization (6,408) (6,023) (6,679) Income/(loss) from unconsolidated entities 31,257 52,234 62,329 Interest expense (128,711) (123,031) (121,875) Interest income and other income/(expense), net 1,971 1,930 1,551 Tax (provision)/benefit, net 240 3,774 3,886 Gain/(loss) on sale of real estate owned, net of tax 43,404 210,851 251,677 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (10,933) (27,282) (16,773) Net (income)/loss attributable to noncontrolling interests (164) (380) (3) Net income/(loss) attributable to UDR, Inc. $ 121,558 $ 292,718 $ 340,383
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of December 31, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets: Same-Store Communities: West Region $ 2,932,958 $ 2,896,589 Mid-Atlantic Region 2,236,911 2,216,067 Northeast Region 1,865,762 1,857,193 Southeast Region 762,102 746,762 Southwest Region 292,074 283,260 Non-Mature Communities/Other 2,087,399 1,615,882 Total segment assets 10,177,206 9,615,753 Accumulated depreciation (3,330,166) (2,923,625) Total segment assets — net book value 6,847,040 6,692,128 Reconciling items: Cash and cash equivalents 2,038 2,112 Restricted cash 19,792 19,994 Notes receivable, net 19,469 19,790 Investment in and advances to unconsolidated joint ventures, net 720,830 827,025 Other assets 124,104 118,535 Total consolidated assets $ 7,733,273 $ 7,679,584
United Dominion Reality L.P.
Entity information
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, 2017, 2016, and 2015, and reconciles NOI to Net income/(loss) attributable to OP unitholders in the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2017 2016 2015 Reportable apartment home segment rental income Same-Store Communities West Region $ 201,036 $ 191,034 $ 177,197 Mid-Atlantic Region 59,006 57,563 45,701 Northeast Region 54,530 53,036 51,086 Southeast Region 49,586 47,792 44,981 Non-Mature Communities/Other 55,219 54,990 121,443 Total segment and consolidated rental income $ 419,377 404,415 $ 440,408 Reportable apartment home segment NOI Same-Store Communities West Region $ 152,571 $ 144,949 $ 133,406 Mid-Atlantic Region 40,292 38,711 29,519 Northeast Region 40,524 40,704 39,765 Southeast Region 34,182 32,519 30,106 Non-Mature Communities/Other 39,272 40,238 84,801 Total segment and consolidated NOI 306,841 297,121 317,597 Reconciling items: Property management (11,533) (11,122) (12,111) Other operating expenses (6,833) (6,059) (5,923) Real estate depreciation and amortization (152,473) (147,074) (169,784) General and administrative (17,875) (18,808) (27,016) Casualty-related recoveries/(charges), net (1,922) (484) (843) Income/(loss) from unconsolidated entities (19,256) (37,425) (4,659) Interest expense (30,366) (30,067) (40,321) Gain/(loss) on sale of real estate owned 41,272 33,180 158,123 Net (income)/loss attributable to noncontrolling interests (1,548) (1,444) (1,762) Net income/(loss) attributable to OP unitholders $ 106,307 $ 77,818 $ 213,301
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, 2017 and 2016 (dollars in thousands) : December 31, December 31, 2017 2016 Reportable apartment home segment assets Same-Store Communities West Region $ 1,581,321 $ 1,555,331 Mid-Atlantic Region 655,850 655,693 Northeast Region 677,767 674,928 Southeast Region 334,811 328,729 Non-Mature Communities/Other 567,207 460,023 Total segment assets 3,816,956 3,674,704 Accumulated depreciation (1,543,652) (1,408,815) Total segment assets - net book value 2,273,304 2,265,889 Reconciling items: Cash and cash equivalents 293 756 Restricted cash 12,579 11,694 Investment in unconsolidated entities 76,907 112,867 Other assets 32,490 24,329 Total consolidated assets $ 2,395,573 $ 2,415,535

Unaudited Summarized Consoli106

Unaudited Summarized Consolidated Quarterly Financial Data (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2017
Entity information
Schedule of quarterly financial information	Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Income/(loss) from continuing operations 26,264 11,062 17,570 34,355 Net income/(loss) attributable to common stockholders (a) 25,038 9,228 15,264 68,356 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.09 $ 0.03 $ 0.06 $ 0.26 Diluted $ 0.09 $ 0.03 $ 0.06 $ 0.25 Weighted average number of common shares outstanding: Basic 266,790 266,972 267,056 267,270 Diluted 268,688 268,859 269,062 269,221 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 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
Schedule of quarterly financial information	Selected consolidated quarterly financial data for the years ended December 31, 2017 and 2016 is summarized in the table below ( dollars in thousands, except per share amounts ): Three Months Ended March 31, June 30, September 30, December 31, 2017 Rental income $ 102,605 $ 104,088 $ 105,253 $ 107,431 Income/(loss) from continuing operations 14,007 11,192 21,110 20,274 Income/(loss) attributable to OP unitholders 13,657 10,849 20,736 61,065 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.07 $ 0.06 $ 0.11 $ 0.33 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 (a)

Consolidation and Basis of P107

Consolidation and Basis of Presentation - GP Units (UNITED DOMINION REALTY, L.P.) (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016shares	Dec. 31, 2015shares	Dec. 31, 2017community	Dec. 31, 2017home	Dec. 31, 2017item	Dec. 31, 2017shares	Dec. 31, 2014shares
Basis of presentation
Number of real estate properties | community				127
Number of markets operating within (in markets) | item						19
Number of apartments owned (in apartments homes) | home					39,998
OP units outstanding related to limited partner		183,278,698	183,278,698				183,350,924	183,278,698
United Dominion Reality L.P.
Basis of presentation
OP units outstanding related to limited partner		174,230,084					174,237,688
Percentage of units outstanding in Heritage OP	95.00%	95.10%
United Dominion Reality L.P.
Basis of presentation
Rental revenues percent of General Partner's consolidated rental revenues	43.00%	43.00%	51.00%
Number of real estate properties | community				53
Number of markets operating within (in markets) | item						15
Number of apartments owned (in apartments homes)					16,698	16,698
Operating Partnership outstanding units		183,278,698					183,350,924
OP units outstanding related to general partner		110,883					110,883
OP units outstanding related to limited partner		183,167,815					183,240,041
UDR, Inc. | United Dominion Reality L.P.
Basis of presentation
Operating Partnership outstanding units		174,230,084					174,237,688
OP units outstanding related to general partner		110,883,000					110,883,000
Percentage of total outstanding Operating Partnership units represented by General Partnership units outstanding	0.10%	0.10%
OP units outstanding related to limited partner		174,119,201					174,126,805
Percentage of units outstanding in Heritage OP	95.00%	95.10%
Non-affiliated Partners | United Dominion Reality L.P.
Basis of presentation
Operating Partnership outstanding units		9,048,614					9,113,236
OP units outstanding related to limited partner		9,048,614					9,113,236
Percentage of units outstanding in Heritage OP	5.00%	4.90%
Class A Limited Partner
Basis of presentation
OP units outstanding related to limited partner		1,751,671					1,751,671
Class A Limited Partner | United Dominion Reality L.P.
Basis of presentation
OP units outstanding related to limited partner		1,873,332					1,873,332
Class A Limited Partner | UDR, Inc.
Basis of presentation
OP units outstanding related to limited partner		121,661	121,661				121,661	121,661
Class A Limited Partner | UDR, Inc. | United Dominion Reality L.P.
Basis of presentation
OP units outstanding related to limited partner		121,661					121,661
Class A Limited Partner | Non-affiliated Partners
Basis of presentation
OP units outstanding related to limited partner		1,751,671	1,751,671					1,751,671
Class A Limited Partner | Non-affiliated Partners | United Dominion Reality L.P.
Basis of presentation
OP units outstanding related to limited partner		1,751,671					1,751,671
Limited Partner | UDR, Inc.
Basis of presentation
OP units outstanding related to limited partner		7,296,943	7,301,628				7,361,565	7,413,802
General Partner | UDR, Inc.
Basis of presentation
OP units outstanding related to limited partner		110,883	110,883				110,883	110,883
Non-affiliated Partners
Basis of presentation
OP units outstanding related to limited partner		173,997,540	173,992,855				174,005,144	173,880,681
Non-affiliated Partners | Class A Limited Partner
Basis of presentation
OP units outstanding related to limited partner		1,751,671	1,751,671				1,751,671	1,751,671

Significant Accounting Polic108

Significant Accounting Policies (UNITED DOMINION REALTY, L.P.) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014
Accounting policies
Minimum percentage of carrying value of real estate portfolio		0.10
Development costs excluding direct costs and capitalized interest		$ 8.8	$ 7.9	$ 6.3
Interest capitalized during period		$ 18.6	$ 16.5	$ 16.1
U.S. federal corporate income tax rate		35.00%	35.00%	35.00%	35.00%
Advertising expense		$ 6.2	$ 6.4	$ 6.4
Minimum | Buildings
Accounting policies
Estimated useful lives		35 years
Minimum | Building improvements
Accounting policies
Estimated useful lives		10 years
Minimum | Furniture, fixtures, equipment, and other assets
Accounting policies
Estimated useful lives		3 years
Maximum | Buildings
Accounting policies
Estimated useful lives		55 years
Maximum | Building improvements
Accounting policies
Estimated useful lives		35 years
Maximum | Furniture, fixtures, equipment, and other assets
Accounting policies
Estimated useful lives		10 years
United Dominion Reality L.P.
Accounting policies
Minimum percentage of carrying value of real estate portfolio		10
Development costs excluding direct costs and capitalized interest		$ 0.5	0.6	0.7
Interest capitalized during period			0.2	0.2
U.S. federal corporate income tax rate		35.00%
Advertising expense		$ 2.1	$ 2.2	$ 2.4
United Dominion Reality L.P. | Minimum | Buildings
Accounting policies
Estimated useful lives		35 years
United Dominion Reality L.P. | Minimum | Building improvements
Accounting policies
Estimated useful lives		10 years
United Dominion Reality L.P. | Minimum | Furniture, fixtures, equipment, and other assets
Accounting policies
Estimated useful lives		3 years
United Dominion Reality L.P. | Maximum
Accounting policies
Interest capitalized during period		$ 0.1
United Dominion Reality L.P. | Maximum | Buildings
Accounting policies
Estimated useful lives		55 years
United Dominion Reality L.P. | Maximum | Building improvements
Accounting policies
Estimated useful lives		35 years
United Dominion Reality L.P. | Maximum | Furniture, fixtures, equipment, and other assets
Accounting policies
Estimated useful lives		10 years
Forecast
Accounting policies
U.S. federal corporate income tax rate	21.00%
Forecast | United Dominion Reality L.P.
Accounting policies
U.S. federal corporate income tax rate	21.00%

Real Estate Owned (UNITED DO109

Real Estate Owned (UNITED DOMINION REALTY, L.P.) - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate owned
Land	$ 1,780,229	$ 1,801,576
Depreciable property - held and used:
Land Improvements	189,919	178,701
Building, improvements, and furniture, fixtures and equipment	7,614,568	7,291,570
Under development:
Real estate under development (net of accumulated depreciation of $3,854 and $0, respectively)	588,636	342,282
Real estate owned	10,177,206	9,615,753
Accumulated depreciation	(3,326,312)	(2,923,072)
Total real estate owned, net of accumulated depreciation	6,847,040	6,692,128
United Dominion Reality L.P.
Real estate owned
Land	719,410	751,981
Depreciable property - held and used:
Land Improvements	89,331	84,663
Building, improvements, and furniture, fixtures and equipment	3,008,215	2,838,060
Under development:
Real estate owned	3,816,956	3,674,704
Accumulated depreciation	(1,543,652)	(1,408,815)
Total real estate owned, net of accumulated depreciation	$ 2,273,304	$ 2,265,889

Real Estate Owned (UNITED DO110

Real Estate Owned (UNITED DOMINION REALTY, L.P.) - Other Information (Details) $ in Millions	1 Months Ended			12 Months Ended
	Feb. 20, 2018USD ($)item	Dec. 31, 2017USD ($)statecommunityhome	Oct. 31, 2017USD ($)homeitem	Dec. 31, 2016USD ($)communityitem	Dec. 31, 2017community	Dec. 31, 2017home	Dec. 31, 2017item	Dec. 31, 2017USD ($)
Real estate properties
Number of apartment homes owned and consolidated | home						39,998
Number of real estate properties | community					127
Number of states in which there are owned and consolidated communities | state		11
United Dominion Reality L.P.
Real estate properties
Number of apartment homes owned and consolidated						16,698	16,698
Number of real estate properties | community					53
Number of states in which there are owned and consolidated communities | state		9
Number of apartment homes acquired | home			218
Amount of retail square feet | item			17,000
Payment to acquire real estate			$ 141.5
Real estate acquired			139
Increase in in-place intangibles			$ 2.5
Participating Loan Investment Steele Creek Denver Colorado
Real estate properties
Number of apartment homes acquired | item			218
Amount of retail square feet | item			17,000
Payment to acquire real estate			$ 141.5
Real estate acquired			139
Increase in in-place intangibles			$ 2.5
Orange County and Carlsbad Properties | United Dominion Reality L.P.
Real estate properties
Communities sold | community		2
Apartment homes sold | home		218
Gross proceeds from sale of properties								$ 69
Net proceeds from sale of properties								$ 68
Gain on sale of real estate owned		$ 41.3
Baltimore Properties | United Dominion Reality L.P.
Real estate properties
Communities sold | community				2
Apartment homes sold | item				276
Gross proceeds from sale of properties				$ 45.3
Net proceeds from sale of properties				44.6
Gain on sale of real estate owned				$ 33.2
ORANGE COUNTY, CA | United Dominion Reality L.P.
Real estate properties
Apartment homes sold | item	264
Gross proceeds from sale of properties	$ 90.5
Gain on sale of real estate owned	$ 70.3

Unconsolidated Entities (UNI111

Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	Dec. 31, 2017USD ($)community	Dec. 31, 2016USD ($)
Properties
Number of real estate properties	127
Investment in unconsolidated entities | $		$ 720,830
UDR Lighthouse DownREIT L.P.
Properties
Number of real estate properties	13
Number of apartment homes	6,261
United Dominion Reality L.P.
Properties
Number of real estate properties	53
Investment in unconsolidated entities | $	$ 76,907	112,867
UDR Lighthouse DownREIT L.P. | United Dominion Reality L.P.
Properties
Investment in unconsolidated entities | $	$ 76,900	$ 112,900

Debt, Net (UNITED DOMINION R112

Debt, Net (UNITED DOMINION REALTY, L.P.) - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)community	Dec. 31, 2016USD ($)
Fixed and variable rate debt
Long-term Debt	$ 3,684,371
Debt Instrument, Interest Rate During Period	3.65%
Debt Instrument Weighted Average Years to Maturity	5 years 3 months 18 days
Variable Rate Debt | Tax-exempt secured notes payable
Fixed and variable rate debt
Principal outstanding	$ 94,700	$ 94,700
Debt Instrument, Interest Rate During Period	1.90%
Debt Instrument Weighted Average Years to Maturity	5 years 2 months 12 days
Number of Communities Encumbered (in communities) | community	2
Variable Rate Debt | Fannie Mae credit facilities
Fixed and variable rate debt
Principal outstanding	$ 29,034	280,946
Debt Instrument, Interest Rate During Period	2.92%
Debt Instrument Weighted Average Years to Maturity	10 months 24 days
Number of Communities Encumbered (in communities) | community	1
United Dominion Reality L.P.
Fixed and variable rate debt
Long-term Debt	$ 160,205
Principal outstanding	$ 159,845	433,974
Debt Instrument, Interest Rate During Period	4.99%
Debt Instrument Weighted Average Years to Maturity	3 years 10 months 24 days
Number of Communities Encumbered (in communities) | community	5
Deferred Finance Costs, Net	$ (360)
United Dominion Reality L.P. | Fixed Rate Debt
Fixed and variable rate debt
Principal outstanding	$ 132,923	243,842
Debt Instrument, Interest Rate During Period	5.28%
Debt Instrument Weighted Average Years to Maturity	1 year 9 months 18 days
Number of Communities Encumbered (in communities) | community	4
United Dominion Reality L.P. | Fixed Rate Debt | Fannie Mae credit facilities
Fixed and variable rate debt
Long-term Debt	$ 133,205
Principal outstanding	$ 133,205	244,912
Debt Instrument, Interest Rate During Period	5.28%
Debt Instrument Weighted Average Years to Maturity	1 year 9 months 18 days
Number of Communities Encumbered (in communities) | community	4
United Dominion Reality L.P. | Variable Rate Debt
Fixed and variable rate debt
Principal outstanding	$ 26,922	190,132
Debt Instrument, Interest Rate During Period	1.71%
Debt Instrument Weighted Average Years to Maturity	14 years 2 months 12 days
Number of Communities Encumbered (in communities) | community	1
United Dominion Reality L.P. | Variable Rate Debt | Tax-exempt secured notes payable
Fixed and variable rate debt
Long-term Debt	$ 27,000
Principal outstanding	$ 27,000	27,000
Debt Instrument, Interest Rate During Period	1.71%
Debt Instrument Weighted Average Years to Maturity	14 years 2 months 12 days
Number of Communities Encumbered (in communities) | community	1
United Dominion Reality L.P. | Variable Rate Debt | Fannie Mae credit facilities
Fixed and variable rate debt
Principal outstanding		163,637
Secured Debt
Fixed and variable rate debt
Principal outstanding	$ 803,269	1,130,858
Debt Instrument, Interest Rate During Period	4.04%
Debt Instrument Weighted Average Years to Maturity	4 years
Number of Communities Encumbered (in communities) | community	18
Secured Debt | Fixed Rate Debt
Fixed and variable rate debt
Deferred Finance Costs, Net	$ (1,670)	(2,681)
Secured Debt | Variable Rate Debt
Fixed and variable rate debt
Principal outstanding	$ 123,492	374,707
Debt Instrument, Interest Rate During Period	2.14%
Debt Instrument Weighted Average Years to Maturity	4 years 2 months 12 days
Number of Communities Encumbered (in communities) | community	3
Secured Debt | United Dominion Reality L.P. | Fixed Rate Debt
Fixed and variable rate debt
Deferred Finance Costs, Net	$ (282)	(1,070)
Secured Debt | United Dominion Reality L.P. | Variable Rate Debt
Fixed and variable rate debt
Deferred Finance Costs, Net	$ (78)	$ (505)

Debt, Net (UNITED DOMINION R113

Debt, Net (UNITED DOMINION REALTY, L.P.) - Fannie Mae Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Fixed and variable rate debt
Borrowings outstanding	$ 3,300	$ 2,900
Fannie Mae
Fixed and variable rate debt
Borrowings outstanding	133,200
United Dominion Reality L.P.
Fixed and variable rate debt
Borrowings outstanding	300,000
United Dominion Reality L.P. | Fannie Mae credit facilities
Fixed and variable rate debt
Borrowings outstanding	133,205	408,549
Weighted average daily borrowings during the period ended	223,347	414,759
Maximum daily borrowings during the period ended	$ 408,549	$ 421,001
Weighted average interest rate during the period ended	4.60%	3.90%
Interest rate at the end of the period	5.30%	4.00%

Debt, Net (UNITED DOMINION R114

Debt, Net (UNITED DOMINION REALTY, L.P.) - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fixed and variable rate debt
2,018	$ 333,670
2,019	338,862
2,020	498,076
2,021	351,117
2,022	401,157
2,023	41,245
2,024	315,644
2,025	427,600
2,026	350,000
2,027	300,000
Thereafter	327,000
Subtotal	3,684,371
Debt Instrument, Unamortized Discount (Premium), Net	(12,708)
Total	803,269	$ 1,130,858
United Dominion Reality L.P.
Fixed and variable rate debt
2,019	133,205
Thereafter	27,000
Subtotal	160,205
Debt Instrument, Unamortized Discount (Premium), Net	(360)
Total	159,845	$ 433,974	$ 228,390
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt
Fixed and variable rate debt
2,019	133,205
Subtotal	133,205
Debt Instrument, Unamortized Discount (Premium), Net	(282)
Total	132,923
United Dominion Reality L.P. | Tax-exempt secured notes payable | Variable Rate Debt
Fixed and variable rate debt
Thereafter	27,000
Subtotal	27,000
Debt Instrument, Unamortized Discount (Premium), Net	(78)
Total	$ 26,922

Debt, Net (UNITED DOMINION R115

Debt, Net (UNITED DOMINION REALTY, L.P.) - Other Information (Details) - USD ($) $ in Thousands	Dec. 13, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fixed and variable rate debt
Amortization of Financing Costs		$ 4,300	$ 4,500
Borrowings outstanding		$ 3,300	2,900
Interest rate at end of the period		3.65%
Interest expense
Fixed and variable rate debt
Gain (Loss) on Extinguishment of Debt		$ 5,800
United Dominion Reality L.P. | Interest expense
Fixed and variable rate debt
Gain (Loss) on Extinguishment of Debt		5,800
Commercial Paper
Fixed and variable rate debt
Borrowings outstanding		$ 300,000
Interest rate at end of the period		1.96%
Borrowings outstanding at end of period		$ 300,000
Fannie Mae
Fixed and variable rate debt
Borrowings outstanding		$ 133,200
Fannie Mae credit facilities | Fixed Rate Debt
Fixed and variable rate debt
Weighted average interest rate (as a percent)		4.86%
Fannie Mae credit facilities | Variable Rate Debt
Fixed and variable rate debt
Secured debt including debt on real estate held for sale		$ 29,034	280,946
Interest rate at end of the period		2.92%
Mortgages Notes Payable | Fixed Rate Debt
Fixed and variable rate debt
Secured debt including debt on real estate held for sale		$ 395,611	402,996
Interest rate at end of the period		4.04%
Debt Instrument, Maturity Date Range, Start		May 1, 2019
Debt Instrument, Maturity Date Range, End		Nov. 1, 2026
Tax-exempt secured notes payable | Variable Rate Debt
Fixed and variable rate debt
Secured debt including debt on real estate held for sale		$ 94,700	94,700
Interest rate at end of the period		1.90%
Unsecured Revolving Credit Facility due October 2015
Fixed and variable rate debt
Borrowings outstanding		$ 300,000	0
4.25% Medium-Term Notes due June 2018
Fixed and variable rate debt
Interest rate at end of the period	4.25%	4.25%
4.25% Medium-Term Notes due June 2018 | Interest expense
Fixed and variable rate debt
Gain (Loss) on Extinguishment of Debt		$ 3,400
3.70% Term Notes Due October 2020
Fixed and variable rate debt
Interest rate at end of the period		3.70%
4.63% Medium-Term Notes due January 2022
Fixed and variable rate debt
Interest rate at end of the period		4.63%
3.75% Medium-Term Notes Due July 2024
Fixed and variable rate debt
Interest rate at end of the period		3.75%
2.95% Medium-Term Note due September 2026
Fixed and variable rate debt
Interest rate at end of the period		2.95%
4.00% Medium-Term Note due October 2025
Fixed and variable rate debt
Interest rate at end of the period		4.00%
3.50 Medium-Term Note due July 2027
Fixed and variable rate debt
Interest rate at end of the period		3.50%
United Dominion Reality L.P.
Fixed and variable rate debt
Amortization of Financing Costs		$ 300	600
Borrowings outstanding		300,000
Secured debt including debt on real estate held for sale		$ 159,845	433,974
Interest rate at end of the period		4.99%
Reallocation of credit facilities debt from the General Partner			12,292	$ 17,557
United Dominion Reality L.P. | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity		$ 1,100,000
United Dominion Reality L.P. | Unsecured Commercial Bank Credit Facility
Fixed and variable rate debt
Long-term Commercial Paper		500,000
United Dominion Reality L.P. | Fixed Rate Debt
Fixed and variable rate debt
Secured debt including debt on real estate held for sale		$ 132,923	243,842
Interest rate at end of the period		5.28%
United Dominion Reality L.P. | Variable Rate Debt
Fixed and variable rate debt
Secured debt including debt on real estate held for sale		$ 26,922	190,132
Interest rate at end of the period		1.71%
United Dominion Reality L.P. | Fannie Mae credit facilities
Fixed and variable rate debt
Borrowings outstanding		$ 133,205	408,549
Repayments of Lines of Credit		275,300
United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt
Fixed and variable rate debt
Secured debt including debt on real estate held for sale		$ 133,205	244,912
Interest rate at end of the period		5.28%
United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt
Fixed and variable rate debt
Secured debt including debt on real estate held for sale			163,637
United Dominion Reality L.P. | Tax-exempt secured notes payable | Variable Rate Debt
Fixed and variable rate debt
Secured debt including debt on real estate held for sale		$ 27,000	27,000
Interest rate at end of the period		1.71%
United Dominion Reality L.P. | Three point seven percent medium term note due October 2020 | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity		$ 300,000
United Dominion Reality L.P. | 1.44% Term notes due January 2021 | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity		350,000
United Dominion Reality L.P. | 4.63% Medium-Term Notes due January 2022 | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity		400,000
United Dominion Reality L.P. | 3.75% Medium-Term Notes Due July 2024 | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity		300,000
United Dominion Reality L.P. | 2.95% Medium-Term Note due September 2026 | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity		300,000
United Dominion Reality L.P. | 4.00% Medium-Term Note due October 2025 | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity		300,000
United Dominion Reality L.P. | 3.50 Medium-Term Note due July 2027 | Financial Guarantee
Fixed and variable rate debt
Borrowings outstanding		300,000
Fannie Mae credit facilities | Fixed Rate Debt
Fixed and variable rate debt
Secured debt including debt on real estate held for sale		$ 285,836	$ 355,836
Interest rate at end of the period		4.86%
Fannie Mae credit facilities | United Dominion Reality L.P. | Fannie Mae credit facilities | Fixed Rate Debt
Fixed and variable rate debt
Secured debt including debt on real estate held for sale		$ 285,800
Fannie Mae credit facilities | United Dominion Reality L.P. | Fannie Mae credit facilities | Variable Rate Debt
Fixed and variable rate debt
Secured debt including debt on real estate held for sale		$ 29,000

Related Party Transactions (116

Related Party Transactions (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related party transactions
Related party management fees	$ 15,400	$ 14,500	$ 17,700
United Dominion Reality L.P.
Related party transactions
Related Party Transaction, Due from (to) Related Party, Current	397,900	19,700
Notes payable due to General Partner	273,334	273,334
Interest Expense, Related Party	12,210	12,212	5,047
United Dominion Reality L.P. | UDR, Inc.
Related party transactions
General and administrative expenses allocated to the Operating Partnership by UDR	$ 14,000	$ 15,400	$ 21,000
Note for 83.2 million | United Dominion Reality L.P. | UDR, Inc. | Guaranty related to community acquisition
Related party transactions
Related party guaranty note payable interest rate	4.12%
Debt Instrument, Maturity Date Range, End	Aug. 31, 2021
Note for 5 million | United Dominion Reality L.P. | UDR, Inc. | Guaranty related to community acquisition
Related party transactions
Related party guaranty note payable interest rate	5.34%
Debt Instrument, Maturity Date Range, End	Dec. 31, 2023
Note With Maturity Date of April 1, 2026 | United Dominion Reality L.P. | UDR, Inc. | Guaranty related to community acquisition
Related party transactions
Debt Instrument, Maturity Date Range, End	Apr. 1, 2026

Fair Value of Derivatives an117

Fair Value of Derivatives and Financial Instruments (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Carrying Amount | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	$ 25,212	$ 24,150
Secured debt instruments - variable rate
Total liabilities	3,688,070	3,418,079
Fair Value | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	25,310	24,005
Secured debt instruments - variable rate
Total liabilities	3,746,572	3,463,639
Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivatives - Interest rate contracts	5,743	4,360
Derivatives - Interest rate contracts (b)		413
Fair Value | Mortgages Notes Payable | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate		396,045
Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	292,227	365,693
Secured debt instruments - variable rate
Secured debt instruments - variable rate	29,034	280,946
Level 2 | Fair Value | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	5,743	4,360
Secured debt instruments - variable rate
Total liabilities		413
Level 2 | Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivatives - Interest rate contracts	5,743	4,360
Derivatives - Interest rate contracts (b)		413
Level 3 | Fair Value | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	19,567	19,645
Secured debt instruments - variable rate
Total liabilities	3,746,572	3,463,226
Level 3 | Fair Value | Mortgages Notes Payable | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate		396,045
Level 3 | Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Secured debt instruments - variable rate
Secured debt instruments - variable rate		94,700
Level 3 | Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	292,227	365,693
Secured debt instruments - variable rate
Secured debt instruments - variable rate	29,034	280,946
United Dominion Reality L.P.
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivatives - Interest rate contracts		1
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
Secured debt instruments - variable rate
Total liabilities	160,205	435,549
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
Derivatives - Interest rate contracts		1
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
Secured debt instruments - variable rate
Secured debt instruments - variable rate		163,637
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
Secured debt instruments - variable rate
Total liabilities	164,150	442,301
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
Derivatives - Interest rate contracts		1
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
Secured debt instruments - variable rate
Secured debt instruments - variable rate		163,637
United Dominion Reality L.P. | Level 2 | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets		1
United Dominion Reality L.P. | Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivatives - Interest rate contracts		1
United Dominion Reality L.P. | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Secured debt instruments - variable rate
Secured debt instruments - variable rate		27,000
United Dominion Reality L.P. | Level 3 | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate		251,664
Secured debt instruments - variable rate
Secured debt instruments - variable rate		163,637
United Dominion Reality L.P. | Level 3 | Fair Value | Fair Value, Measurements, Recurring
Secured debt instruments - variable rate
Total liabilities	164,150	$ 442,301
United Dominion Reality L.P. | Fannie Mae credit facilities | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	133,205
United Dominion Reality L.P. | Fannie Mae credit facilities | Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	137,150
United Dominion Reality L.P. | Fannie Mae credit facilities | Level 3 | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Secured debt instruments - fixed rate
Secured debt instruments - fixed rate	137,150
United Dominion Reality L.P. | Tax-exempt secured notes payable | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Secured debt instruments - variable rate
Secured debt instruments - variable rate	$ 27,000

Derivatives and Hedging Acti118

Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Interest Rate Derivatives (Details) $ in Thousands	Dec. 31, 2017USD ($)instrumentitem
Derivatives
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 1,000
Interest rate swaps | Designated as Hedging Instrument
Derivatives
Number instruments | item	4
Notional	$ 315,000
Interest rate caps | Designated as Hedging Instrument
Derivatives
Number instruments | item	1
Notional	$ 65,197
Interest rate caps | Not Designated as Hedging Instrument
Derivatives
Number instruments | instrument	3
Notional	$ 271,076
Interest rate caps | United Dominion Reality L.P. | Designated as Hedging Instrument
Derivatives
Number instruments | instrument	1
Notional	$ 19,880

Derivatives and Hedging Acti119

Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Interest rate contracts | 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	$ 5,743	$ 4,359
Interest rate contracts | 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
Interest rate contracts | 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
United Dominion Reality L.P.
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet
Derivative Asset Designated as Hedging Instrument, Fair Value		1
United Dominion Reality L.P. | Interest rate contracts | 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	0	1
Derivative Liability Not Designated as Hedging Instrument, Fair Value	$ 0	$ 0

Derivatives and Hedging Acti120

Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Gains (losses)
Amount of Gain or (Loss) Recognized in Income on Derivative	$ (1)	$ (3)	$ (23)
United Dominion Reality L.P. | Interest expense | Cash Flow Hedging
Gains (losses)
Amount of Gain or (Loss) Recognized in Income on Derivative	0
Interest rate contracts | Other income/(expense)
Gains (losses)
Amount of Gain or (Loss) Recognized in Income on Derivative	100	100	100
Interest rate contracts | Interest expense | Cash Flow Hedging
Gains (losses)
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	1,271	3,657	2,251
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	136		11
Interest rate contracts | United Dominion Reality L.P.
Gains (losses)
Amount of Gain or (Loss) Recognized in Income on Derivative	100	100	100
Interest rate contracts | United Dominion Reality L.P. | Other income/(expense)
Gains (losses)
Amount of Gain or (Loss) Recognized in Income on Derivative	(1)	(3)	(23)
Interest rate contracts | United Dominion Reality L.P. | Interest expense
Gains (losses)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net			100
Interest rate contracts | United Dominion Reality L.P. | Interest expense | Cash Flow Hedging
Gains (losses)
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income, Effective Portion, Net, Total		(4)	(82)
Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)		(12)	(1,044)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	$ (106)	$ 0	$ (11)

Derivatives and Hedging Acti121

Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Effectiveness (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivatives
Unrealized holding gain/(loss)	$ 1,802	$ 3,514	$ (6,393)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments		221
Derivative, Collateral, Obligation to Return Cash	0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral	5,743	4,139
Derivative Asset	5,743	4,360
United Dominion Reality L.P.
Derivatives
Unrealized holding gain/(loss)		(4)	$ (82)
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	0	0
Derivative, Collateral, Obligation to Return Cash	0	0
Derivative Asset, Fair Value, Amount Offset Against Collateral		1
Derivatives - Interest rate contracts		1
Gross Amounts Offset in the Consolidated Balance Sheets	$ 0	0
Derivative Asset		$ 1

Derivatives and Hedging Acti122

Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Offsetting (Details) $ in Thousands	Dec. 31, 2016USD ($)
DERIVATIVES AND HEDGING ACTIVITY
Derivative Liability	$ 413
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	221
Derivative Liability, Fair Value, Amount Offset Against Collateral	192
Gross Amounts Offset in the Consolidated Balance Sheets	$ 413

Derivatives and Hedging Acti123

Derivatives and Hedging Activity (UNITED DOMINION REALTY, L.P.) - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Derivatives
Derivative, Collateral, Obligation to Return Cash	$ 0	$ 0
Losses in the fair value of derivatives not designated in hedging relationships	1	3	$ 23
United Dominion Reality L.P.
Derivatives
Derivative, Collateral, Obligation to Return Cash	0	0
Cash Flow Hedging
Derivatives
Fair value of derivatives in a net liability position	100
Cash Flow Hedging | Interest expense | United Dominion Reality L.P.
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships	0
Interest rate contracts | United Dominion Reality L.P.
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships	(100)	(100)	(100)
Interest rate contracts | Interest expense | United Dominion Reality L.P.
Derivatives
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)			100
Interest rate contracts | Other income/(expense)
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships	(100)	(100)	(100)
Interest rate contracts | Other income/(expense) | Maximum
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships	(100)
Interest rate contracts | Other income/(expense) | United Dominion Reality L.P.
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships	1	3	23
Interest rate contracts | Cash Flow Hedging | Interest expense
Derivatives
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	136		11
Interest rate contracts | Cash Flow Hedging | Interest expense | United Dominion Reality L.P.
Derivatives
Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	$ (106)	$ 0	$ (11)

Capital Structure (UNITED DO124

Capital Structure (UNITED DOMINION REALTY, L.P.) - Units Rollforward (Details) - shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Capital structure
Balance	183,278,698	183,278,698	183,278,698
Vesting of LTIP Units	72,226
Balance	183,350,924	183,278,698	183,278,698
United Dominion Reality L.P.
Capital structure
Balance	183,167,815
Balance	183,240,041	183,167,815
Class A Limited Partner
Capital structure
Balance	1,751,671
Balance	1,751,671	1,751,671
Class A Limited Partner | UDR, Inc.
Capital structure
Balance	121,661	121,661	121,661
Balance	121,661	121,661	121,661
Class A Limited Partner | Non-affiliated Partners
Capital structure
Balance	1,751,671	1,751,671	1,751,671
Balance		1,751,671	1,751,671
Class A Limited Partner | United Dominion Reality L.P.
Capital structure
Balance	1,873,332
Balance	1,873,332	1,873,332
General Partner | UDR, Inc.
Capital structure
Balance	110,883	110,883	110,883
Balance	110,883	110,883	110,883
Non-affiliated Partners
Capital structure
Balance	173,997,540	173,992,855	173,880,681
Partners' Capital Account, Units, Redeemed	7,604	4,685	112,174
Balance	174,005,144	173,997,540	173,992,855
Non-affiliated Partners | Class A Limited Partner
Capital structure
Balance	1,751,671	1,751,671	1,751,671
Balance	1,751,671	1,751,671	1,751,671
Limited Partner | UDR, Inc.
Capital structure
Balance	7,296,943	7,301,628	7,413,802
Vesting of LTIP Units	72,226
Partners' Capital Account, Units, Redeemed	(7,604)	(4,685)	(112,174)
Balance	7,361,565	7,296,943	7,301,628
Class A Limited Partner | United Dominion Reality L.P.
Capital structure
Balance	1,873,332
Balance	1,873,332	1,873,332

Capital Structure (UNITED DO125

Capital Structure (UNITED DOMINION REALTY, L.P.) - Ownership Interests (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Capital structure
Limited partnership units owned	183,350,924	183,278,698	183,278,698	183,278,698
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	$ 948,138	$ 909,482
United Dominion Reality L.P.
Capital structure
Limited partnership units owned	174,237,688	174,230,084
Percentage of units	95.00%	95.10%
United Dominion Reality L.P.
Capital structure
General Partnership units outstanding	110,883	110,883
Limited partnership units owned	183,240,041	183,167,815
Limited Partners' Capital Account, Required Period To Be Outstanding Before Unit is Redeemable	1 year
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	$ 351,000	$ 330,100
UDR, Inc. | United Dominion Reality L.P.
Capital structure
General Partnership units outstanding	110,883,000	110,883,000
Limited partnership units owned	174,126,805	174,119,201
Percentage of units	95.00%	95.10%
Non-affiliated Partners | United Dominion Reality L.P.
Capital structure
Limited partnership units owned	9,113,236	9,048,614
Percentage of units	5.00%	4.90%
Class A Limited Partner
Capital structure
Limited partnership units owned	1,751,671	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.
Capital structure
Limited partnership units owned	1,873,332	1,873,332
Class A Limited Partner | UDR, Inc.
Capital structure
Limited partnership units owned	121,661	121,661	121,661	121,661
Class A Limited Partner | UDR, Inc. | United Dominion Reality L.P.
Capital structure
Limited partnership units owned	121,661	121,661
Class A Limited Partner | Non-affiliated Partners
Capital structure
Limited partnership units owned		1,751,671	1,751,671	1,751,671
Class A Limited Partner | Non-affiliated Partners | United Dominion Reality L.P.
Capital structure
Limited partnership units owned	1,751,671	1,751,671
Non-affiliated Partners
Capital structure
Limited partnership units owned	174,005,144	173,997,540	173,992,855	173,880,681
Non-affiliated Partners | Class A Limited Partner
Capital structure
Limited partnership units owned	1,751,671	1,751,671	1,751,671	1,751,671
Limited Partner | UDR, Inc.
Capital structure
Limited partnership units owned	7,361,565	7,296,943	7,301,628	7,413,802
Class A Limited Partner | United Dominion Reality L.P.
Capital structure
Limited partnership units owned	1,873,332	1,873,332

Commitments and Contingencie126

Commitments and Contingencies (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)community	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Real estate properties
Number of real estate properties | community	127
United Dominion Reality L.P.
Real estate properties
Number of real estate properties | community	53
Ground Leases
Real estate properties
Number of real estate properties | community	6
2,018	$ 5,629
2,019	5,629
2,020	5,629
2,021	5,629
2,022	5,629
Thereafter	335,207
Rent expense	$ 6,200	$ 5,500	$ 5,500
Ground Leases | United Dominion Reality L.P.
Real estate properties
Number of real estate properties | community	6
2,018	$ 5,600
2,019	5,600
2,020	5,600
2,021	5,600
2,022	5,600
Thereafter	335,200
Rent expense	$ 6,200	$ 5,500	$ 5,400

Reportable Segments (UNITED 127

Reportable Segments (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)segment	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Reportable Segments
Number of reportable segments | segment									2
Reportable apartment home segment rental income									$ 984,309	$ 948,461	$ 871,928
Reportable apartment home segment NOI									698,503	673,085	613,869
Reconciling items:
Property management									(27,068)	(26,083)	(23,978)
Other operating expenses									(9,060)	(7,649)	(9,708)
Real estate depreciation and amortization									(430,054)	(419,615)	(374,598)
General and administrative									(48,566)	(49,761)	(59,690)
Casualty-related charges/(recoveries), net									(4,335)	(732)	(2,335)
Income/(loss) from unconsolidated entities									31,257	52,234	62,329
(Gain)/loss on sale of real estate owned									(43,404)	(210,851)	(251,677)
Net income/(loss) attributable to UDR, Inc.									121,558	292,718	340,383
Reportable apartment home segment assets:
Real Estate Owned Gross	$ 10,177,206				$ 9,615,753				10,177,206	9,615,753
Accumulated depreciation	3,326,312				2,923,072				3,326,312	2,923,072
Accumulated depreciation	(3,330,166)				(2,923,625)				(3,330,166)	(2,923,625)
Total real estate owned, net of accumulated depreciation	6,847,040				6,692,128				6,847,040	6,692,128
Reconciling items:
Cash and cash equivalents	2,038				2,112				2,038	2,112	6,742	$ 15,224
Restricted cash	19,792				19,994				19,792	19,994
Investment in unconsolidated entities	720,830				827,025				720,830	827,025
Other assets	124,104				118,535				124,104	118,535
Total assets	7,733,273				7,679,584				7,733,273	7,679,584
Reportable Segments
Capital expenditures related to segments									369,029	339,813	203,183
Equity Method Investments					720,830					720,830
Same Communities
Reportable Segments
Capital expenditures related to segments									87,000	86,200	66,700
Same Store Communities Western Region
Reportable Segments
Reportable apartment home segment rental income									329,322	315,390	294,048
Reportable apartment home segment NOI									248,262	237,071	219,282
Reportable apartment home segment assets:
Real Estate Owned Gross	2,932,958				2,896,589				2,932,958	2,896,589
Same Store Communities Mid-Atlantic Region
Reportable Segments
Reportable apartment home segment rental income									209,548	204,408	158,063
Reportable apartment home segment NOI									145,627	140,542	106,354
Reportable apartment home segment assets:
Real Estate Owned Gross	2,236,911				2,216,067				2,236,911	2,216,067
Same Store Communities Northeast Region
Reportable Segments
Reportable apartment home segment rental income									151,736	147,573	132,079
Reportable apartment home segment NOI									106,473	106,005	93,530
Reportable apartment home segment assets:
Real Estate Owned Gross	1,865,762				1,857,193				1,865,762	1,857,193
Same Store Communities Southeastern Region
Reportable Segments
Reportable apartment home segment rental income									116,467	111,318	103,920
Reportable apartment home segment NOI									80,726	76,359	69,820
Reportable apartment home segment assets:
Real Estate Owned Gross	762,102				746,762				762,102	746,762
Same Store Communities Southwestern Region
Reportable Segments
Reportable apartment home segment rental income									42,992	41,273	39,166
Reportable apartment home segment NOI									26,455	25,600	24,407
Reportable apartment home segment assets:
Real Estate Owned Gross	292,074				283,260				292,074	283,260
Non-Mature communities/Other
Reportable Segments
Reportable apartment home segment rental income									134,244	128,499	144,652
Reportable apartment home segment NOI									90,960	87,508	100,476
Reportable apartment home segment assets:
Real Estate Owned Gross	2,087,399				1,615,882				2,087,399	1,615,882
Reportable Segments
Capital expenditures related to segments									$ 4,900	10,100	18,500
Minimum
Reportable Segments
Community Threshold, Percent Occupancy Threshold									90%
Time to maintain percent occupancy to be considered a community									3 months
United Dominion Reality L.P.
Reportable Segments
Number of reportable segments | segment									2
Reportable apartment home segment rental income									$ 419,377	404,415	440,408
Reportable apartment home segment NOI									306,841	297,121	317,597
Reconciling items:
Property management									(11,533)	(11,122)	(12,111)
Other operating expenses									(6,833)	(6,059)	(5,923)
Real estate depreciation and amortization									(152,473)	(147,074)	(169,784)
General and administrative									(17,875)	(18,808)	(27,016)
Casualty-related charges/(recoveries), net									(1,922)	(484)	(843)
Income/(loss) from unconsolidated entities									(19,256)	(37,425)	(4,659)
Interest expense									(30,366)	(30,067)	(40,321)
(Gain)/loss on sale of real estate owned									(41,272)	(33,180)	(158,123)
Net (income)/loss attributable to noncontrolling interest									(1,548)	(1,444)	(1,762)
Net income/(loss) attributable to OP unitholders									106,307	77,818	213,301
Net income/(loss) attributable to UDR, Inc.	61,065	$ 20,736	$ 10,849	$ 13,657	50,470	$ 11,517	$ 11,044	$ 4,787
Reportable apartment home segment assets:
Real Estate Owned Gross	3,816,956				3,674,704				3,816,956	3,674,704
Accumulated depreciation	1,543,652				1,408,815				1,543,652	1,408,815
Total real estate owned, net of accumulated depreciation	2,273,304				2,265,889				2,273,304	2,265,889
Reconciling items:
Cash and cash equivalents	293				756				293	756	3,103	$ 502
Restricted cash	12,579				11,694				12,579	11,694
Investment in unconsolidated entities	76,907				112,867				76,907	112,867
Other assets	32,490				24,329				32,490	24,329
Total assets	2,395,573				2,415,535				2,395,573	2,415,535
Reportable Segments
Capital expenditures related to segments									45,211	71,720	61,196
Equity Method Investments	76,907				112,867				76,907	112,867
United Dominion Reality L.P. | Same Communities
Reportable Segments
Capital expenditures related to segments									41,100	41,200	30,700
United Dominion Reality L.P. | Same Store Communities Western Region
Reportable Segments
Reportable apartment home segment rental income									201,036	191,034	177,197
Reportable apartment home segment NOI									152,571	144,949	133,406
Reportable apartment home segment assets:
Real Estate Owned Gross	1,581,321				1,555,331				1,581,321	1,555,331
United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Reportable Segments
Reportable apartment home segment rental income									59,006	57,563	45,701
Reportable apartment home segment NOI									40,292	38,711	29,519
Reportable apartment home segment assets:
Real Estate Owned Gross	655,850				655,693				655,850	655,693
United Dominion Reality L.P. | Same Store Communities Northeast Region
Reportable Segments
Reportable apartment home segment rental income									54,530	53,036	51,086
Reportable apartment home segment NOI									40,524	40,704	39,765
Reportable apartment home segment assets:
Real Estate Owned Gross	677,767				674,928				677,767	674,928
United Dominion Reality L.P. | Same Store Communities Southeastern Region
Reportable Segments
Reportable apartment home segment rental income									49,586	47,792	44,981
Reportable apartment home segment NOI									34,182	32,519	30,106
Reportable apartment home segment assets:
Real Estate Owned Gross	334,811				328,729				334,811	328,729
United Dominion Reality L.P. | Non-Mature communities/Other
Reportable Segments
Reportable apartment home segment rental income									55,219	54,990	121,443
Reportable apartment home segment NOI									39,272	40,238	84,801
Reportable apartment home segment assets:
Real Estate Owned Gross	$ 567,207				$ 460,023				567,207	460,023
Reportable Segments
Capital expenditures related to segments									$ 2,500	$ 2,900	$ 14,300
United Dominion Reality L.P. | Minimum
Reportable Segments
Community Threshold, Percent Occupancy Threshold									90%
Time to maintain percent occupancy to be considered a community									3 months

Unaudited Summarized Consoli128

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, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Quarterly Financial Data [Abstract]
Rental income	$ 250,116	$ 248,264	$ 244,658	$ 241,271	$ 240,081	$ 240,255	$ 236,168	$ 231,957	$ 984,309	$ 948,461	$ 871,928
Income/(loss) from continuing operations	34,355	17,570	11,062	26,264	59,280	29,466	12,249	8,534	89,251	109,529	105,482
Net income/(loss) attributable to OP unitholders									121,558	292,718	340,383
United Dominion Reality L.P.
Quarterly Financial Data [Abstract]
Rental income	107,431	105,253	104,088	102,605	102,142	102,595	100,892	98,786	419,377	404,415	440,408
Income/(loss) from continuing operations	20,274	21,110	11,192	14,007	17,672	11,885	11,394	5,131	$ 66,583	$ 46,082	$ 56,940
Net income/(loss) attributable to OP unitholders	$ 61,065	$ 20,736	$ 10,849	$ 13,657	$ 50,470	$ 11,517	$ 11,044	$ 4,787
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted	$ 0.33	$ 0.11	$ 0.06	$ 0.07	$ 0.27	$ 0.06	$ 0.06	$ 0.03	$ 0.58	$ 0.42	$ 1.16

Schedule III Real Estate Own129

Schedule III Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2017
Real Estate and Accumulated Depreciation
Encumbrances				$ 803,269
Initial Costs, Land and Land Improvements				1,857,522
Initial Costs, Buildings and Improvements				5,253,038
Total Initial Acquisition Costs				7,110,560
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,066,646
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,079,616
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				8,097,590
Total Carrying Value	$ 9,615,753	$ 9,190,276	$ 8,383,259	10,177,206
Accumulated Depreciation	2,923,625	2,646,874	2,434,772	3,330,166
Aggregate cost for federal income tax purposes				9,100,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	9,615,753	9,190,276	8,383,259
Real estate acquired	235,993	324,104	906,446
Capital expenditures and development	369,029	339,813	203,183
Real estate sold	(43,569)	(238,440)	(301,920)
Casualty-related impairment of assets			(692)
Balance at end of the year	10,177,206	9,615,753	9,190,276
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	2,923,625	2,646,874	2,434,772
Depreciation expense for the year	424,772	398,904	364,622
Accumulated depreciation on sales	(18,231)	(122,153)	(152,520)
Balance at end of year	$ 3,330,166	2,923,625	2,646,874
Minimum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	35 years
Maximum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	55 years
REAL ESTATE UNDER DEVELOPMENT
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				111,023
Total Initial Acquisition Costs				111,023
Costs of Improvements Capitalized Subsequent to Acquisition Costs				481,467
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				109,468
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				483,022
Total Carrying Value	$ 592,490			592,490
Accumulated Depreciation	3,854			3,854
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	592,490
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,854
LAND
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				57,098
Total Initial Acquisition Costs				57,098
Costs of Improvements Capitalized Subsequent to Acquisition Costs				18,842
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				64,359
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,581
Total Carrying Value	75,940			75,940
Accumulated Depreciation	2,620			2,620
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,940
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,620
COMMERCIAL
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				30,758
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				21,585
Total Carrying Value	30,758			30,758
Accumulated Depreciation	17,490			17,490
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,758
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,490
TOTAL CORPORATE
Real Estate and Accumulated Depreciation
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				7,519
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,035
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,052
Total Carrying Value	31,087			31,087
Accumulated Depreciation	2,204			2,204
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,087
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,204
TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				6,265
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				6,265
Total Carrying Value	6,265			6,265
Accumulated Depreciation	72			72
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	6,265
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	72
TOTAL COMMERCIAL & CORPORATE
Real Estate and Accumulated Depreciation
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				38,277
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,208
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,637
Total Carrying Value	61,845			61,845
Accumulated Depreciation	19,694			19,694
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	61,845
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,694
TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances				805,181
Initial Costs, Land and Land Improvements				1,686,367
Initial Costs, Buildings and Improvements				5,232,504
Total Initial Acquisition Costs				6,918,871
Costs of Improvements Capitalized Subsequent to Acquisition Costs				2,528,060
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,893,581
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				7,553,350
Total Carrying Value	9,446,931			9,446,931
Accumulated Depreciation	3,303,998			3,303,998
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	9,446,931
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,303,998
WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				210,467
Initial Costs, Land and Land Improvements				818,440
Initial Costs, Buildings and Improvements				1,826,575
Total Initial Acquisition Costs				2,645,015
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,133,589
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				897,825
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				2,880,779
Total Carrying Value	3,778,604			3,778,604
Accumulated Depreciation	1,321,277			1,321,277
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,778,604
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,321,277
SAN FRANCISCO, CA
Real Estate and Accumulated Depreciation
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				300,918
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				150,653
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				710,170
Total Carrying Value	860,823			860,823
Accumulated Depreciation	351,454			351,454
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	860,823
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	351,454
SAN FRANCISCO, CA | 2000 Post Street
Real Estate and Accumulated Depreciation
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				34,115
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,315
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				74,239
Total Carrying Value	88,554			88,554
Accumulated Depreciation	37,550			37,550
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,554
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,550
SAN FRANCISCO, CA | Birch Creek
Real Estate and Accumulated Depreciation
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				8,122
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,045
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,138
Total Carrying Value	29,183			29,183
Accumulated Depreciation	15,732			15,732
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,183
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,732
SAN FRANCISCO, CA | Highlands Of Marin
Real Estate and Accumulated Depreciation
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				27,788
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,823
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,829
Total Carrying Value	58,652			58,652
Accumulated Depreciation	33,322			33,322
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,652
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,322
SAN FRANCISCO, CA | Marina Playa
Real Estate and Accumulated Depreciation
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				12,235
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,141
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				41,234
Total Carrying Value	42,375			42,375
Accumulated Depreciation	21,855			21,855
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,375
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,855
SAN FRANCISCO, CA | River Terrace
Real Estate and Accumulated Depreciation
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				5,847
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,751
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,394
Total Carrying Value	68,145			68,145
Accumulated Depreciation	28,808			28,808
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,145
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,808
SAN FRANCISCO, CA | CitySouth
Real Estate and Accumulated Depreciation
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				36,702
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,388
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				64,882
Total Carrying Value	81,270			81,270
Accumulated Depreciation	43,163			43,163
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,270
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,163
SAN FRANCISCO, CA | Bay Terrace
Real Estate and Accumulated Depreciation
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				5,824
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,579
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,248
Total Carrying Value	28,827			28,827
Accumulated Depreciation	10,906			10,906
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,827
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,906
SAN FRANCISCO, CA | Highlands of Marin Phase II
Real Estate and Accumulated Depreciation
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				11,200
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				29,354
Total Carrying Value	35,112			35,112
Accumulated Depreciation	18,309			18,309
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,112
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,309
SAN FRANCISCO, CA | Edgewater
Real Estate and Accumulated Depreciation
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				11,436
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,720
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,245
Total Carrying Value	125,965			125,965
Accumulated Depreciation	49,873			49,873
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	125,965
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,873
SAN FRANCISCO, CA | Almaden Lake Village
Real Estate and Accumulated Depreciation
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				7,651
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				907
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,853
Total Carrying Value	50,760			50,760
Accumulated Depreciation	27,685			27,685
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,760
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,685
ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				340,645
Initial Costs, Buildings and Improvements				352,662
Total Initial Acquisition Costs				693,307
Costs of Improvements Capitalized Subsequent to Acquisition Costs				461,817
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				377,128
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				777,996
Total Carrying Value	1,155,124			1,155,124
Accumulated Depreciation	389,891			389,891
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,155,124
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	389,891
ORANGE COUNTY, CA | Harbor at Mesa Verde
Real Estate and Accumulated Depreciation
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				19,346
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,995
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				46,365
Total Carrying Value	68,360			68,360
Accumulated Depreciation	31,256			31,256
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,360
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,256
ORANGE COUNTY, CA | 27 Seventy Five Mesa Verde
Real Estate and Accumulated Depreciation
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				97,401
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				113,691
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				193,683
Total Carrying Value	307,374			307,374
Accumulated Depreciation	115,829			115,829
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	307,374
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	115,829
ORANGE COUNTY, CA | Pacific Shores
Real Estate and Accumulated Depreciation
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				11,742
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,024
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,687
Total Carrying Value	41,711			41,711
Accumulated Depreciation	23,146			23,146
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,711
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,146
ORANGE COUNTY, CA | Huntington Vista
Real Estate and Accumulated Depreciation
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				14,187
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,215
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,513
Total Carrying Value	44,728			44,728
Accumulated Depreciation	22,752			22,752
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,728
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,752
ORANGE COUNTY, CA | Missions at Back Bay
Real Estate and Accumulated Depreciation
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				3,391
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,987
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				6,762
Total Carrying Value	17,749			17,749
Accumulated Depreciation	4,809			4,809
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,749
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,809
ORANGE COUNTY, CA | Eight 80 Newport Beach - North
Real Estate and Accumulated Depreciation
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				40,460
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				68,217
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				80,841
Total Carrying Value	149,058			149,058
Accumulated Depreciation	51,642			51,642
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	149,058
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,642
ORANGE COUNTY, CA | Eight 80 Newport Beach - South
Real Estate and Accumulated Depreciation
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				32,476
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				60,812
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				80,516
Total Carrying Value	141,328			141,328
Accumulated Depreciation	48,986			48,986
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,328
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,986
SEATTLE, WA
Real Estate and Accumulated Depreciation
Encumbrances				77,272
Initial Costs, Land and Land Improvements				134,705
Initial Costs, Buildings and Improvements				783,698
Total Initial Acquisition Costs				918,403
Costs of Improvements Capitalized Subsequent to Acquisition Costs				65,736
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				140,309
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				843,830
Total Carrying Value	984,139			984,139
Accumulated Depreciation	262,274			262,274
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	984,139
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	262,274
SEATTLE, WA | Crowne Pointe
Real Estate and Accumulated Depreciation
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				8,421
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,083
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,261
Total Carrying Value	17,344			17,344
Accumulated Depreciation	9,003			9,003
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,344
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,003
SEATTLE, WA | Hilltop
Real Estate and Accumulated Depreciation
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				5,594
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,997
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,179
Total Carrying Value	15,176			15,176
Accumulated Depreciation	7,965			7,965
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,176
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,965
SEATTLE, WA | The Kennedy
Real Estate and Accumulated Depreciation
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				2,727
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				24,933
Total Carrying Value	31,213			31,213
Accumulated Depreciation	15,434			15,434
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,213
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,434
SEATTLE, WA | Hearthstone at Merrill Creek
Real Estate and Accumulated Depreciation
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				4,923
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,032
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,661
Total Carrying Value	42,693			42,693
Accumulated Depreciation	20,118			20,118
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,693
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,118
SEATTLE, WA | Island Square
Real Estate and Accumulated Depreciation
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				6,320
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,631
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,362
Total Carrying Value	116,993			116,993
Accumulated Depreciation	51,102			51,102
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,993
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,102
LOS ANGELES, CA
Real Estate and Accumulated Depreciation
Encumbrances				67,700
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				142,997
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				160,979
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				290,343
Total Carrying Value	451,322			451,322
Accumulated Depreciation	148,435			148,435
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	451,322
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	148,435
LOS ANGELES, CA | Rosebeach
Real Estate and Accumulated Depreciation
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				4,758
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,792
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,829
Total Carrying Value	30,621			30,621
Accumulated Depreciation	14,644			14,644
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,621
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,644
LOS ANGELES, CA | Tierra Del Rey
Real Estate and Accumulated Depreciation
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				6,967
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				39,769
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				43,463
Total Carrying Value	83,232			83,232
Accumulated Depreciation	23,843			23,843
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,232
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,843
MONTEREY PENINSULA, CA
Real Estate and Accumulated Depreciation
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				87,534
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				28,610
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				144,246
Total Carrying Value	172,856			172,856
Accumulated Depreciation	84,168			84,168
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	172,856
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	84,168
MONTEREY PENINSULA, CA | Boronda Manor
Real Estate and Accumulated Depreciation
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				10,320
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,250
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,998
Total Carrying Value	21,248			21,248
Accumulated Depreciation	10,504			10,504
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,248
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,504
MONTEREY PENINSULA, CA | Garden Court
Real Estate and Accumulated Depreciation
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				5,941
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				9,417
Total Carrying Value	11,017			11,017
Accumulated Depreciation	5,679			5,679
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	11,017
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,679
MONTEREY PENINSULA, CA | Laurel Tree
Real Estate and Accumulated Depreciation
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				6,654
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,287
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,786
Total Carrying Value	13,073			13,073
Accumulated Depreciation	6,396			6,396
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,073
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,396
MONTEREY PENINSULA, CA | The Pointe At Harden Ranch
Real Estate and Accumulated Depreciation
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				29,912
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,241
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,913
Total Carrying Value	60,154			60,154
Accumulated Depreciation	28,586			28,586
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	60,154
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,586
MONTEREY PENINSULA, CA | The Pointe At Northridge
Real Estate and Accumulated Depreciation
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				10,886
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,384
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,574
Total Carrying Value	20,958			20,958
Accumulated Depreciation	10,479			10,479
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,958
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,479
MONTEREY PENINSULA, CA | The Pointe At Westlake
Real Estate and Accumulated Depreciation
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				7,212
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,300
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,575
Total Carrying Value	13,875			13,875
Accumulated Depreciation	6,585			6,585
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,875
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,585
MONTEREY PENINSULA, CA | Cambridge Court
Real Estate and Accumulated Depreciation
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				16,609
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,548
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				26,983
Total Carrying Value	32,531			32,531
Accumulated Depreciation	15,939			15,939
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,531
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,939
OTHER SOUTHERN CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				19,367
Initial Costs, Buildings and Improvements				27,095
Total Initial Acquisition Costs				46,462
Costs of Improvements Capitalized Subsequent to Acquisition Costs				59,561
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,747
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				76,276
Total Carrying Value	106,023			106,023
Accumulated Depreciation	57,668			57,668
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	106,023
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	57,668
OTHER SOUTHERN CA | Verano at Rancho Cucamonga Town Square
Real Estate and Accumulated Depreciation
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				55,786
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,534
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,454
Total Carrying Value	72,988			72,988
Accumulated Depreciation	38,366			38,366
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,988
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,366
PORTLAND, OR
Real Estate and Accumulated Depreciation
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				15,026
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,399
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				37,918
Total Carrying Value	48,317			48,317
Accumulated Depreciation	27,387			27,387
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,317
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,387
PORTLAND, OR | Tualatin Heights
Real Estate and Accumulated Depreciation
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				7,638
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,906
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,139
Total Carrying Value	20,045			20,045
Accumulated Depreciation	11,379			11,379
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,045
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,379
PORTLAND, OR | Hunt Club
Real Estate and Accumulated Depreciation
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				7,388
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,493
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,779
Total Carrying Value	28,272			28,272
Accumulated Depreciation	16,008			16,008
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,272
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,008
MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
Encumbrances				281,842
Initial Costs, Land and Land Improvements				357,442
Initial Costs, Buildings and Improvements				1,488,115
Total Initial Acquisition Costs				1,845,557
Costs of Improvements Capitalized Subsequent to Acquisition Costs				611,027
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				432,105
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				2,024,479
Total Carrying Value	2,456,584			2,456,584
Accumulated Depreciation	791,335			791,335
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,456,584
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	791,335
METROPOLITAN, DC
Real Estate and Accumulated Depreciation
Encumbrances				247,992
Initial Costs, Land and Land Improvements				331,492
Initial Costs, Buildings and Improvements				1,316,295
Total Initial Acquisition Costs				1,647,787
Costs of Improvements Capitalized Subsequent to Acquisition Costs				512,660
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				395,107
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,765,340
Total Carrying Value	2,160,447			2,160,447
Accumulated Depreciation	613,968			613,968
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,160,447
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	613,968
METROPOLITAN, DC | Ridgewood
Real Estate and Accumulated Depreciation
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				10,322
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,255
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,765
Total Carrying Value	36,020			36,020
Accumulated Depreciation	22,262			22,262
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,020
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,262
METROPOLITAN, DC | DelRey Tower
Real Estate and Accumulated Depreciation
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				114,031
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,559
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				117,555
Total Carrying Value	127,114			127,114
Accumulated Depreciation	25,219			25,219
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,114
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,219
METROPOLITAN, DC | Wellington Place at Olde Town
Real Estate and Accumulated Depreciation
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				19,205
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,788
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,229
Total Carrying Value	69,017			69,017
Accumulated Depreciation	38,698			38,698
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,017
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,698
METROPOLITAN, DC | Andover House
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				183
Initial Costs, Buildings and Improvements				59,948
Total Initial Acquisition Costs				60,131
Costs of Improvements Capitalized Subsequent to Acquisition Costs				5,002
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				263
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				64,870
Total Carrying Value	65,133			65,133
Accumulated Depreciation	35,751			35,751
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,133
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,751
METROPOLITAN, DC | Sullivan Place
Real Estate and Accumulated Depreciation
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				9,387
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,641
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				112,559
Total Carrying Value	114,200			114,200
Accumulated Depreciation	65,130			65,130
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	114,200
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	65,130
METROPOLITAN, DC | Courts at Huntington Station
Real Estate and Accumulated Depreciation
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				3,054
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				27,852
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				114,829
Total Carrying Value	142,681			142,681
Accumulated Depreciation	16,483			16,483
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	142,681
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,483
BALTIMORE, MD
Real Estate and Accumulated Depreciation
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				18,429
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,981
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				128,187
Total Carrying Value	150,168			150,168
Accumulated Depreciation	71,369			71,369
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	150,168
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	71,369
BALTIMORE, MD | Calvert’s Walk
Real Estate and Accumulated Depreciation
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				8,029
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,900
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,229
Total Carrying Value	37,129			37,129
Accumulated Depreciation	22,913			22,913
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,129
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,913
BALTIMORE, MD | 20 Lambourne
Real Estate and Accumulated Depreciation
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				8,559
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,298
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				53,601
Total Carrying Value	65,899			65,899
Accumulated Depreciation	30,791			30,791
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,899
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,791
NORTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances				76,721
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				370,549
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				318,543
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,552,316
Total Carrying Value	1,870,859			1,870,859
Accumulated Depreciation	531,262			531,262
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,870,859
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	531,262
NEW YORK, NY
Real Estate and Accumulated Depreciation
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				137,182
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				251,228
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,053,144
Total Carrying Value	1,304,372			1,304,372
Accumulated Depreciation	380,884			380,884
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,304,372
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	380,884
NEW YORK, NY | 10 Hanover Square
Real Estate and Accumulated Depreciation
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				12,957
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,658
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				231,714
Total Carrying Value	273,372			273,372
Accumulated Depreciation	78,792			78,792
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	273,372
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	78,792
NEW YORK, NY | 95 Wall Street
Real Estate and Accumulated Depreciation
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				9,468
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				58,014
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				275,346
Total Carrying Value	333,360			333,360
Accumulated Depreciation	105,886			105,886
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	333,360
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	105,886
BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances				76,721
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				233,367
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				67,315
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				499,172
Total Carrying Value	566,487			566,487
Accumulated Depreciation	150,378			150,378
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	566,487
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	150,378
BOSTON, MA | 14 North
Real Estate and Accumulated Depreciation
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				9,517
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,180
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				60,473
Total Carrying Value	71,653			71,653
Accumulated Depreciation	24,942			24,942
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,653
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,942
BOSTON, MA | Inwood West
Real Estate and Accumulated Depreciation
Encumbrances				51,721
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				9,753
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				19,569
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				99,058
Total Carrying Value	118,627			118,627
Accumulated Depreciation	38,730			38,730
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	118,627
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,730
SOUTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances				92,118
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				320,327
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				122,713
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				639,389
Total Carrying Value	762,102			762,102
Accumulated Depreciation	474,910			474,910
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	762,102
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	474,910
NASHVILLE, TN
Real Estate and Accumulated Depreciation
Encumbrances				39,881
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				103,531
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,386
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				183,186
Total Carrying Value	206,572			206,572
Accumulated Depreciation	131,218			131,218
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	206,572
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	131,218
NASHVILLE, TN | Legacy Hill
Real Estate and Accumulated Depreciation
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				9,844
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,887
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,972
Total Carrying Value	16,859			16,859
Accumulated Depreciation	12,130			12,130
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,859
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,130
NASHVILLE, TN | Hickory Run
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				1,469
Initial Costs, Buildings and Improvements				11,584
Total Initial Acquisition Costs				13,053
Costs of Improvements Capitalized Subsequent to Acquisition Costs				10,771
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,322
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,502
Total Carrying Value	23,824			23,824
Accumulated Depreciation	15,164			15,164
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,824
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,164
NASHVILLE, TN | Brookridge
Real Estate and Accumulated Depreciation
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				6,490
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,371
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,288
Total Carrying Value	12,659			12,659
Accumulated Depreciation	7,975			7,975
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	12,659
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,975
NASHVILLE, TN | Breckenridge
Real Estate and Accumulated Depreciation
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				5,871
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,435
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,916
Total Carrying Value	14,351			14,351
Accumulated Depreciation	9,110			9,110
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,351
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,110
NASHVILLE, TN | Polo Park
Real Estate and Accumulated Depreciation
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				17,190
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,856
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,210
Total Carrying Value	38,066			38,066
Accumulated Depreciation	25,178			25,178
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,066
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,178
NASHVILLE, TN | Carrington Hills
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				2,117
Total Initial Acquisition Costs				2,117
Costs of Improvements Capitalized Subsequent to Acquisition Costs				36,910
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,710
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				34,317
Total Carrying Value	39,027			39,027
Accumulated Depreciation	23,982			23,982
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,027
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,982
TAMPA, FL
Real Estate and Accumulated Depreciation
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				96,270
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				50,491
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				200,755
Total Carrying Value	251,246			251,246
Accumulated Depreciation	149,497			149,497
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	251,246
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	149,497
TAMPA, FL | Inlet Bay
Real Estate and Accumulated Depreciation
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				17,391
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,092
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,151
Total Carrying Value	48,243			48,243
Accumulated Depreciation	30,024			30,024
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,243
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,024
TAMPA, FL | MacAlpine Place
Real Estate and Accumulated Depreciation
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				9,535
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,742
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,520
Total Carrying Value	57,262			57,262
Accumulated Depreciation	31,960			31,960
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	57,262
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,960
OTHER FLORIDA
Real Estate and Accumulated Depreciation
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				12,151
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,746
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				67,774
Total Carrying Value	84,520			84,520
Accumulated Depreciation	45,310			45,310
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,520
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,310
OTHER FLORIDA | The Reserve and Park at Riverbridge
Real Estate and Accumulated Depreciation
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				12,151
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,746
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				67,774
Total Carrying Value	84,520			84,520
Accumulated Depreciation	45,310			45,310
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,520
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,310
SOUTHWEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				144,033
Initial Costs, Land and Land Improvements				106,305
Initial Costs, Buildings and Improvements				379,909
Total Initial Acquisition Costs				486,214
Costs of Improvements Capitalized Subsequent to Acquisition Costs				92,568
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				122,395
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				456,387
Total Carrying Value	578,782			578,782
Accumulated Depreciation	185,214			185,214
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	578,782
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	185,214
DENVER, CO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,586
Initial Costs, Buildings and Improvements				130,400
Total Initial Acquisition Costs				138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs				278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,592
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				130,672
Total Carrying Value	139,264			139,264
Accumulated Depreciation	1,721			1,721
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	139,264
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,721
DENVER, CO | Steele Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,586
Initial Costs, Buildings and Improvements				130,400
Total Initial Acquisition Costs				138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs				278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,592
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				130,672
Total Carrying Value	139,264			139,264
Accumulated Depreciation	1,721			1,721
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	139,264
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,721
United Dominion Reality L.P.
Real Estate and Accumulated Depreciation
Deferred finance costs, net				(360)
Encumbrances				159,845
Initial Costs, Land and Land Improvements				721,517
Initial Costs, Buildings and Improvements				2,186,186
Total Initial Acquisition Costs				2,907,703
Costs of Improvements Capitalized Subsequent to Acquisition Costs				909,253
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				808,741
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,008,215
Total Carrying Value	3,674,704	3,630,905	4,238,770	3,816,956
Accumulated Depreciation	1,408,815	1,281,258	1,403,303	1,543,652
Aggregate cost for federal income tax purposes				3,100,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	3,674,704	3,630,905	4,238,770
Real estate acquired	138,986		139,627
Capital expenditures and development	45,211	71,720	61,196
Real estate sold	(41,945)	(27,921)	(180,069)
Real estate deconsolidated			(628,479)
Casualty-related impairment of assets			(140)
Balance at end of the year	3,816,956	3,674,704	3,630,905
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	1,408,815	1,281,258	1,403,303
Depreciation expense for the year	153,068	144,942	168,495
Accumulated depreciation on sales	(18,231)	(17,385)	(67,177)
Accumulated depreciation on property deconsolidated			(223,363)
Balance at end of year	$ 1,543,652	$ 1,408,815	$ 1,281,258
United Dominion Reality L.P. | Minimum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	35 years
United Dominion Reality L.P. | Maximum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	55 years
United Dominion Reality L.P. | COMMERCIAL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				1,407
Total Initial Acquisition Costs				1,407
Costs of Improvements Capitalized Subsequent to Acquisition Costs				6,221
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				6,248
Total Carrying Value	$ 7,628			7,628
Accumulated Depreciation	3,570			3,570
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	7,628
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,570
United Dominion Reality L.P. | COMMERCIAL | Circle Towers Office Bldg
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				1,407
Total Initial Acquisition Costs				1,407
Costs of Improvements Capitalized Subsequent to Acquisition Costs				6,221
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				6,248
Total Carrying Value	7,628			7,628
Accumulated Depreciation	3,570			3,570
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	7,628
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,570
United Dominion Reality L.P. | TOTAL CORPORATE
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,700
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,700
Total Carrying Value	1,700			1,700
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,700
United Dominion Reality L.P. | TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,700
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,700
Total Carrying Value	1,700			1,700
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,700
United Dominion Reality L.P. | TOTAL COMMERCIAL & CORPORATE
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				1,407
Total Initial Acquisition Costs				1,407
Costs of Improvements Capitalized Subsequent to Acquisition Costs				7,921
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				7,948
Total Carrying Value	9,328			9,328
Accumulated Depreciation	3,570			3,570
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	9,328
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,570
United Dominion Reality L.P. | TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances				160,205
Initial Costs, Land and Land Improvements				720,110
Initial Costs, Buildings and Improvements				2,186,186
Total Initial Acquisition Costs				2,906,296
Costs of Improvements Capitalized Subsequent to Acquisition Costs				901,332
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				807,361
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,000,267
Total Carrying Value	3,807,628			3,807,628
Accumulated Depreciation	1,540,082			1,540,082
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,807,628
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,540,082
United Dominion Reality L.P. | WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				65,495
Initial Costs, Land and Land Improvements				491,275
Initial Costs, Buildings and Improvements				941,330
Total Initial Acquisition Costs				1,432,605
Costs of Improvements Capitalized Subsequent to Acquisition Costs				565,435
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				554,200
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,443,840
Total Carrying Value	1,998,040			1,998,040
Accumulated Depreciation	870,726			870,726
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,998,040
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	870,726
United Dominion Reality L.P. | SAN FRANCISCO, CA
Real Estate and Accumulated Depreciation
Encumbrances				65,495
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				148,376
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				109,132
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				487,167
Total Carrying Value	596,299			596,299
Accumulated Depreciation	280,276			280,276
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	596,299
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	280,276
United Dominion Reality L.P. | SAN FRANCISCO, CA | 2000 Post Street
Real Estate and Accumulated Depreciation
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				21,571
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,020
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				64,990
Total Carrying Value	76,010			76,010
Accumulated Depreciation	30,623			30,623
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	76,010
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,623
United Dominion Reality L.P. | SAN FRANCISCO, CA | Birch Creek
Real Estate and Accumulated Depreciation
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				8,122
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,045
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,138
Total Carrying Value	29,183			29,183
Accumulated Depreciation	15,732			15,732
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,183
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,732
United Dominion Reality L.P. | SAN FRANCISCO, CA | Highlands Of Marin
Real Estate and Accumulated Depreciation
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				27,788
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,823
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,829
Total Carrying Value	58,652			58,652
Accumulated Depreciation	33,322			33,322
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,652
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,322
United Dominion Reality L.P. | SAN FRANCISCO, CA | Marina Playa
Real Estate and Accumulated Depreciation
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				12,235
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,141
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				41,234
Total Carrying Value	42,375			42,375
Accumulated Depreciation	21,855			21,855
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,375
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,855
United Dominion Reality L.P. | SAN FRANCISCO, CA | River Terrace
Real Estate and Accumulated Depreciation
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				5,847
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,751
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,394
Total Carrying Value	68,145			68,145
Accumulated Depreciation	28,808			28,808
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,145
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,808
United Dominion Reality L.P. | SAN FRANCISCO, CA | CitySouth
Real Estate and Accumulated Depreciation
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				36,702
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,388
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				64,882
Total Carrying Value	81,270			81,270
Accumulated Depreciation	43,163			43,163
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,270
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,163
United Dominion Reality L.P. | SAN FRANCISCO, CA | Bay Terrace
Real Estate and Accumulated Depreciation
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				5,824
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,579
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,248
Total Carrying Value	28,827			28,827
Accumulated Depreciation	10,906			10,906
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,827
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,906
United Dominion Reality L.P. | SAN FRANCISCO, CA | Highlands of Marin Phase II
Real Estate and Accumulated Depreciation
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				11,200
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				29,354
Total Carrying Value	35,112			35,112
Accumulated Depreciation	18,309			18,309
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,112
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,309
United Dominion Reality L.P. | SAN FRANCISCO, CA | Edgewater
Real Estate and Accumulated Depreciation
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				11,436
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,720
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,245
Total Carrying Value	125,965			125,965
Accumulated Depreciation	49,873			49,873
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	125,965
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,873
United Dominion Reality L.P. | SAN FRANCISCO, CA | Almaden Lake Village
Real Estate and Accumulated Depreciation
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				7,651
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				907
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,853
Total Carrying Value	50,760			50,760
Accumulated Depreciation	27,685			27,685
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,760
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,685
United Dominion Reality L.P. | ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				256,735
Initial Costs, Buildings and Improvements				294,570
Total Initial Acquisition Costs				551,305
Costs of Improvements Capitalized Subsequent to Acquisition Costs				219,003
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				292,941
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				477,367
Total Carrying Value	770,308			770,308
Accumulated Depreciation	298,420			298,420
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	770,308
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	298,420
United Dominion Reality L.P. | ORANGE COUNTY, CA | Harbor at Mesa Verde
Real Estate and Accumulated Depreciation
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				19,346
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,995
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				46,365
Total Carrying Value	68,360			68,360
Accumulated Depreciation	31,256			31,256
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,360
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,256
United Dominion Reality L.P. | ORANGE COUNTY, CA | 27 Seventy Five Mesa Verde
Real Estate and Accumulated Depreciation
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				97,401
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				113,691
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				193,683
Total Carrying Value	307,374			307,374
Accumulated Depreciation	115,829			115,829
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	307,374
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	115,829
United Dominion Reality L.P. | ORANGE COUNTY, CA | Pacific Shores
Real Estate and Accumulated Depreciation
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				11,742
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,024
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,687
Total Carrying Value	41,711			41,711
Accumulated Depreciation	23,146			23,146
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,711
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,146
United Dominion Reality L.P. | ORANGE COUNTY, CA | Huntington Vista
Real Estate and Accumulated Depreciation
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				14,187
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,215
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,513
Total Carrying Value	44,728			44,728
Accumulated Depreciation	22,752			22,752
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,728
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,752
United Dominion Reality L.P. | ORANGE COUNTY, CA | Missions at Back Bay
Real Estate and Accumulated Depreciation
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				3,391
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,987
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				6,762
Total Carrying Value	17,749			17,749
Accumulated Depreciation	4,809			4,809
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,749
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,809
United Dominion Reality L.P. | ORANGE COUNTY, CA | Eight 80 Newport Beach - North
Real Estate and Accumulated Depreciation
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				40,460
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				68,217
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				80,841
Total Carrying Value	149,058			149,058
Accumulated Depreciation	51,642			51,642
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	149,058
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,642
United Dominion Reality L.P. | ORANGE COUNTY, CA | Eight 80 Newport Beach - South
Real Estate and Accumulated Depreciation
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				32,476
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				60,812
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				80,516
Total Carrying Value	141,328			141,328
Accumulated Depreciation	48,986			48,986
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,328
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,986
United Dominion Reality L.P. | SEATTLE, WA
Real Estate and Accumulated Depreciation
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				27,985
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,023
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				182,396
Total Carrying Value	223,419			223,419
Accumulated Depreciation	103,622			103,622
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	223,419
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	103,622
United Dominion Reality L.P. | SEATTLE, WA | Crowne Pointe
Real Estate and Accumulated Depreciation
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				8,421
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,083
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,261
Total Carrying Value	17,344			17,344
Accumulated Depreciation	9,003			9,003
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,344
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,003
United Dominion Reality L.P. | SEATTLE, WA | Hilltop
Real Estate and Accumulated Depreciation
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				5,594
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,997
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,179
Total Carrying Value	15,176			15,176
Accumulated Depreciation	7,965			7,965
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,176
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,965
United Dominion Reality L.P. | SEATTLE, WA | The Kennedy
Real Estate and Accumulated Depreciation
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				2,727
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				24,933
Total Carrying Value	31,213			31,213
Accumulated Depreciation	15,434			15,434
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,213
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,434
United Dominion Reality L.P. | SEATTLE, WA | Hearthstone at Merrill Creek
Real Estate and Accumulated Depreciation
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				4,923
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,032
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,661
Total Carrying Value	42,693			42,693
Accumulated Depreciation	20,118			20,118
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,693
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,118
United Dominion Reality L.P. | SEATTLE, WA | Island Square
Real Estate and Accumulated Depreciation
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				6,320
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,631
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,362
Total Carrying Value	116,993			116,993
Accumulated Depreciation	51,102			51,102
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,993
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,102
United Dominion Reality L.P. | LOS ANGELES, CA
Real Estate and Accumulated Depreciation
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				11,725
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				48,561
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				65,292
Total Carrying Value	113,853			113,853
Accumulated Depreciation	38,487			38,487
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	113,853
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,487
United Dominion Reality L.P. | LOS ANGELES, CA | Rosebeach
Real Estate and Accumulated Depreciation
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				4,758
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,792
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,829
Total Carrying Value	30,621			30,621
Accumulated Depreciation	14,644			14,644
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,621
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,644
United Dominion Reality L.P. | LOS ANGELES, CA | Tierra Del Rey
Real Estate and Accumulated Depreciation
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				6,967
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				39,769
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				43,463
Total Carrying Value	83,232			83,232
Accumulated Depreciation	23,843			23,843
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,232
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,843
United Dominion Reality L.P. | MONTEREY PENINSULA, CA
Real Estate and Accumulated Depreciation
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				87,534
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				28,610
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				144,246
Total Carrying Value	172,856			172,856
Accumulated Depreciation	84,168			84,168
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	172,856
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	84,168
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | Boronda Manor
Real Estate and Accumulated Depreciation
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				10,320
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,250
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,998
Total Carrying Value	21,248			21,248
Accumulated Depreciation	10,504			10,504
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,248
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,504
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | Garden Court
Real Estate and Accumulated Depreciation
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				5,941
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				9,417
Total Carrying Value	11,017			11,017
Accumulated Depreciation	5,679			5,679
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	11,017
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,679
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | Laurel Tree
Real Estate and Accumulated Depreciation
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				6,654
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,287
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,786
Total Carrying Value	13,073			13,073
Accumulated Depreciation	6,396			6,396
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,073
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,396
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | The Pointe At Harden Ranch
Real Estate and Accumulated Depreciation
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				29,912
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,241
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,913
Total Carrying Value	60,154			60,154
Accumulated Depreciation	28,586			28,586
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	60,154
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,586
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | The Pointe At Northridge
Real Estate and Accumulated Depreciation
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				10,886
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,384
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,574
Total Carrying Value	20,958			20,958
Accumulated Depreciation	10,479			10,479
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,958
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,479
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | The Pointe At Westlake
Real Estate and Accumulated Depreciation
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				7,212
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,300
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,575
Total Carrying Value	13,875			13,875
Accumulated Depreciation	6,585			6,585
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,875
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,585
United Dominion Reality L.P. | MONTEREY PENINSULA, CA | Cambridge Court
Real Estate and Accumulated Depreciation
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				16,609
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,548
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				26,983
Total Carrying Value	32,531			32,531
Accumulated Depreciation	15,939			15,939
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	32,531
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,939
United Dominion Reality L.P. | OTHER SOUTHERN CA
Real Estate and Accumulated Depreciation
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				55,786
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,534
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,454
Total Carrying Value	72,988			72,988
Accumulated Depreciation	38,366			38,366
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,988
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,366
United Dominion Reality L.P. | OTHER SOUTHERN CA | Verano at Rancho Cucamonga Town Square
Real Estate and Accumulated Depreciation
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				55,786
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,534
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,454
Total Carrying Value	72,988			72,988
Accumulated Depreciation	38,366			38,366
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,988
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,366
United Dominion Reality L.P. | PORTLAND, OR
Real Estate and Accumulated Depreciation
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				15,026
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,399
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				37,918
Total Carrying Value	48,317			48,317
Accumulated Depreciation	27,387			27,387
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,317
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,387
United Dominion Reality L.P. | PORTLAND, OR | Tualatin Heights
Real Estate and Accumulated Depreciation
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				7,638
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,906
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,139
Total Carrying Value	20,045			20,045
Accumulated Depreciation	11,379			11,379
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,045
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,379
United Dominion Reality L.P. | PORTLAND, OR | Hunt Club
Real Estate and Accumulated Depreciation
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				7,388
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,493
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,779
Total Carrying Value	28,272			28,272
Accumulated Depreciation	16,008			16,008
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,272
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,008
United Dominion Reality L.P. | MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
Encumbrances				31,373
Initial Costs, Land and Land Improvements				64,889
Initial Costs, Buildings and Improvements				414,715
Total Initial Acquisition Costs				479,604
Costs of Improvements Capitalized Subsequent to Acquisition Costs				177,524
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				77,556
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				579,572
Total Carrying Value	657,128			657,128
Accumulated Depreciation	257,182			257,182
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	657,128
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	257,182
United Dominion Reality L.P. | METROPOLITAN, DC
Real Estate and Accumulated Depreciation
Encumbrances				31,373
Initial Costs, Land and Land Improvements				48,731
Initial Costs, Buildings and Improvements				344,433
Total Initial Acquisition Costs				393,164
Costs of Improvements Capitalized Subsequent to Acquisition Costs				160,936
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				60,358
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				493,742
Total Carrying Value	554,100			554,100
Accumulated Depreciation	203,478			203,478
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	554,100
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	203,478
United Dominion Reality L.P. | METROPOLITAN, DC | Ridgewood
Real Estate and Accumulated Depreciation
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				10,322
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,255
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,765
Total Carrying Value	36,020			36,020
Accumulated Depreciation	22,262			22,262
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,020
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,262
United Dominion Reality L.P. | METROPOLITAN, DC | DelRey Tower
Real Estate and Accumulated Depreciation
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				114,031
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,559
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				117,555
Total Carrying Value	127,114			127,114
Accumulated Depreciation	25,219			25,219
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,114
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,219
United Dominion Reality L.P. | METROPOLITAN, DC | Wellington Place at Olde Town
Real Estate and Accumulated Depreciation
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				19,205
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,788
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,229
Total Carrying Value	69,017			69,017
Accumulated Depreciation	38,698			38,698
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,017
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,698
United Dominion Reality L.P. | METROPOLITAN, DC | Andover House
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				183
Initial Costs, Buildings and Improvements				59,948
Total Initial Acquisition Costs				60,131
Costs of Improvements Capitalized Subsequent to Acquisition Costs				5,002
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				263
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				64,870
Total Carrying Value	65,133			65,133
Accumulated Depreciation	35,751			35,751
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,133
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,751
United Dominion Reality L.P. | METROPOLITAN, DC | Sullivan Place
Real Estate and Accumulated Depreciation
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				9,322
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,641
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				112,494
Total Carrying Value	114,135			114,135
Accumulated Depreciation	65,065			65,065
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	114,135
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	65,065
United Dominion Reality L.P. | METROPOLITAN, DC | Courts at Huntington Station
Real Estate and Accumulated Depreciation
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				3,054
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				27,852
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				114,829
Total Carrying Value	142,681			142,681
Accumulated Depreciation	16,483			16,483
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	142,681
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,483
United Dominion Reality L.P. | BALTIMORE, MD
Real Estate and Accumulated Depreciation
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				16,588
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				17,198
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				85,830
Total Carrying Value	103,028			103,028
Accumulated Depreciation	53,704			53,704
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	103,028
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	53,704
United Dominion Reality L.P. | BALTIMORE, MD | Calvert’s Walk
Real Estate and Accumulated Depreciation
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				8,029
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,900
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,229
Total Carrying Value	37,129			37,129
Accumulated Depreciation	22,913			22,913
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,129
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,913
United Dominion Reality L.P. | BALTIMORE, MD | 20 Lambourne
Real Estate and Accumulated Depreciation
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				8,559
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,298
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				53,601
Total Carrying Value	65,899			65,899
Accumulated Depreciation	30,791			30,791
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	65,899
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,791
United Dominion Reality L.P. | NORTHEAST REGION
Real Estate and Accumulated Depreciation
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				31,942
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				110,852
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				567,533
Total Carrying Value	678,385			678,385
Accumulated Depreciation	209,620			209,620
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	678,385
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	209,620
United Dominion Reality L.P. | NEW YORK, NY
Real Estate and Accumulated Depreciation
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				22,425
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				99,672
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				507,060
Total Carrying Value	606,732			606,732
Accumulated Depreciation	184,678			184,678
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	606,732
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	184,678
United Dominion Reality L.P. | NEW YORK, NY | 10 Hanover Square
Real Estate and Accumulated Depreciation
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				12,957
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,658
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				231,714
Total Carrying Value	273,372			273,372
Accumulated Depreciation	78,792			78,792
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	273,372
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	78,792
United Dominion Reality L.P. | NEW YORK, NY | 95 Wall Street
Real Estate and Accumulated Depreciation
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				9,468
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				58,014
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				275,346
Total Carrying Value	333,360			333,360
Accumulated Depreciation	105,886			105,886
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	333,360
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	105,886
United Dominion Reality L.P. | BOSTON, MA
Real Estate and Accumulated Depreciation
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				9,517
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,180
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				60,473
Total Carrying Value	71,653			71,653
Accumulated Depreciation	24,942			24,942
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,653
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,942
United Dominion Reality L.P. | BOSTON, MA | 14 North
Real Estate and Accumulated Depreciation
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				9,517
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,180
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				60,473
Total Carrying Value	71,653			71,653
Accumulated Depreciation	24,942			24,942
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,653
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,942
United Dominion Reality L.P. | SOUTHEAST REGION
Real Estate and Accumulated Depreciation
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				126,153
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				56,161
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				278,650
Total Carrying Value	334,811			334,811
Accumulated Depreciation	200,833			200,833
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	334,811
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	200,833
United Dominion Reality L.P. | NASHVILLE, TN
Real Estate and Accumulated Depreciation
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				87,076
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				17,581
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				127,205
Total Carrying Value	144,786			144,786
Accumulated Depreciation	93,539			93,539
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,786
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	93,539
United Dominion Reality L.P. | NASHVILLE, TN | Legacy Hill
Real Estate and Accumulated Depreciation
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				9,844
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,887
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,972
Total Carrying Value	16,859			16,859
Accumulated Depreciation	12,130			12,130
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,859
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,130
United Dominion Reality L.P. | NASHVILLE, TN | Hickory Run
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				1,469
Initial Costs, Buildings and Improvements				11,584
Total Initial Acquisition Costs				13,053
Costs of Improvements Capitalized Subsequent to Acquisition Costs				10,771
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,322
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,502
Total Carrying Value	23,824			23,824
Accumulated Depreciation	15,164			15,164
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,824
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,164
United Dominion Reality L.P. | NASHVILLE, TN | Brookridge
Real Estate and Accumulated Depreciation
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				6,490
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,371
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,288
Total Carrying Value	12,659			12,659
Accumulated Depreciation	7,975			7,975
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	12,659
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,975
United Dominion Reality L.P. | NASHVILLE, TN | Breckenridge
Real Estate and Accumulated Depreciation
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				5,871
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,435
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,916
Total Carrying Value	14,351			14,351
Accumulated Depreciation	9,110			9,110
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,351
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,110
United Dominion Reality L.P. | NASHVILLE, TN | Polo Park
Real Estate and Accumulated Depreciation
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				17,190
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,856
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,210
Total Carrying Value	38,066			38,066
Accumulated Depreciation	25,178			25,178
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,066
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,178
United Dominion Reality L.P. | NASHVILLE, TN | Carrington Hills
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				2,117
Total Initial Acquisition Costs				2,117
Costs of Improvements Capitalized Subsequent to Acquisition Costs				36,910
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,710
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				34,317
Total Carrying Value	39,027			39,027
Accumulated Depreciation	23,982			23,982
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,027
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,982
United Dominion Reality L.P. | TAMPA, FL
Real Estate and Accumulated Depreciation
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				26,926
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,834
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				83,671
Total Carrying Value	105,505			105,505
Accumulated Depreciation	61,984			61,984
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	105,505
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	61,984
United Dominion Reality L.P. | TAMPA, FL | Inlet Bay
Real Estate and Accumulated Depreciation
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				17,391
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,092
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,151
Total Carrying Value	48,243			48,243
Accumulated Depreciation	30,024			30,024
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	48,243
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,024
United Dominion Reality L.P. | TAMPA, FL | MacAlpine Place
Real Estate and Accumulated Depreciation
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				9,535
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,742
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,520
Total Carrying Value	57,262			57,262
Accumulated Depreciation	31,960			31,960
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	57,262
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,960
United Dominion Reality L.P. | OTHER FLORIDA
Real Estate and Accumulated Depreciation
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				12,151
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,746
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				67,774
Total Carrying Value	84,520			84,520
Accumulated Depreciation	45,310			45,310
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,520
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,310
United Dominion Reality L.P. | OTHER FLORIDA | The Reserve and Park at Riverbridge
Real Estate and Accumulated Depreciation
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				12,151
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,746
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				67,774
Total Carrying Value	84,520			84,520
Accumulated Depreciation	45,310			45,310
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,520
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,310
United Dominion Reality L.P. | SOUTHWEST REGION
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,586
Initial Costs, Buildings and Improvements				130,400
Total Initial Acquisition Costs				138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs				278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,592
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				130,672
Total Carrying Value	139,264			139,264
Accumulated Depreciation	1,721			1,721
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	139,264
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,721
United Dominion Reality L.P. | DENVER, CO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,586
Initial Costs, Buildings and Improvements				130,400
Total Initial Acquisition Costs				138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs				278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,592
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				130,672
Total Carrying Value	139,264			139,264
Accumulated Depreciation	1,721			1,721
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	139,264
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,721
United Dominion Reality L.P. | DENVER, CO | Steele Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,586
Initial Costs, Buildings and Improvements				130,400
Total Initial Acquisition Costs				138,986
Costs of Improvements Capitalized Subsequent to Acquisition Costs				278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,592
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				130,672
Total Carrying Value	139,264			139,264
Accumulated Depreciation	1,721			$ 1,721
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	139,264
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	$ 1,721