UDR (UDR) 10-K 19 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2018	Feb. 18, 2019	Jun. 30, 2018
Entity information
Entity Registrant Name	UDR, Inc.
Entity Central Index Key	74,208
Document Type	10-K
Document period end date	Dec. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
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			$ 4.5
Entity Common Stock, Shares Outstanding		275,611,046
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
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, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
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
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate owned:
Real estate held for investment	$ 10,196,159	$ 9,584,716
Less: accumulated depreciation	(3,654,160)	(3,326,312)
Real estate held for investment, net	6,541,999	6,258,404
Real estate under development (net of accumulated depreciation of $0 and $3,854, respectively)		588,636
Total real estate owned, net of accumulated depreciation	6,541,999	6,847,040
Cash and cash equivalents	185,216	2,038
Restricted cash	23,675	19,792
Notes receivable, net	42,259	19,469
Investment in and advances to unconsolidated joint ventures, net	780,869	720,830
Other assets	137,710	124,104
Total assets	7,711,728	7,733,273
Liabilities:
Secured debt, net	601,227	803,269
Unsecured debt, net	2,946,560	2,868,394
Real estate taxes payable	20,608	18,349
Accrued interest payable	38,747	33,432
Security deposits and prepaid rent	35,060	31,916
Distributions payable	97,666	91,455
Accounts payable, accrued expenses, and other liabilities	76,343	102,956
Total liabilities	3,816,211	3,949,771
Commitments and contingencies (Note 14)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	972,740	948,138
Equity:
Common stock, $0.01 par value; 350,000,000 shares authorized: 275,545,900 and 267,822,069 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively	2,755	2,678
Additional paid-in capital	4,920,732	4,651,205
Distributions in excess of net income	(2,063,996)	(1,871,603)
Accumulated other comprehensive income/(loss), net	(67)	(2,681)
Total stockholders’ equity	2,905,625	2,825,800
Noncontrolling interests	17,152	9,564
Total equity	2,922,777	2,835,364
Total liabilities and equity	7,711,728	7,733,273
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized:	46,200	46,200
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, 2018	Dec. 31, 2017
Real estate owned:
Real estate under development accumulated depreciation	$ 0	$ 3,854
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	275,545,900	267,822,069
Common stock, shares outstanding	275,545,900	267,822,069
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	2,780,994
Preferred stock, shares outstanding	2,780,994	2,780,994
Series F
Equity:
Preferred stock, no par value	$ 0	$ 0
Preferred stock, shares authorized	20,000,000
Preferred stock, shares issued	15,802,393	15,852,721
Preferred stock, shares outstanding	15,802,393	15,852,721

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUES:
Rental income	$ 1,035,105	$ 984,309	$ 948,461
Joint venture management and other fees	$ 11,754	$ 11,482	$ 11,400
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 1,046,859	$ 995,791	$ 959,861
OPERATING EXPENSES:
Property operating and maintenance	169,078	164,660	159,947
Real estate taxes and insurance	133,912	121,146	115,429
Property management	28,465	27,068	26,083
Other operating expenses	12,100	9,060	7,649
Real estate depreciation and amortization	429,006	430,054	419,615
General and administrative	46,983	48,566	49,761
Casualty-related charges/(recoveries), net	2,121	4,335	732
Other depreciation and amortization	6,673	6,408	6,023
Total operating expenses	828,338	811,297	785,239
Gain/(loss) on sale of real estate owned	136,197	43,404	226,199
Operating income	354,718	227,898	400,821
Income/(loss) from unconsolidated entities	(5,055)	31,257	52,234
Interest expense	(134,168)	(128,711)	(123,031)
Interest income and other income/(expense), net	6,735	1,971	1,930
Income/(loss) before income taxes	222,230	132,415	331,954
Tax (provision)/benefit, net	(688)	240	(11,574)
Net income/(loss)	221,542	132,655	320,380
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(18,215)	(10,933)	(27,282)
Net (income)/loss attributable to noncontrolling interests	(221)	(164)	(380)
Net income/(loss) attributable to UDR, Inc.	203,106	121,558	292,718
Distributions to preferred stockholders — Series E (Convertible)	(3,868)	(3,708)	(3,717)
Net income/(loss) attributable to common stockholders	$ 199,238	$ 117,850	$ 289,001
Income/(loss) per weighted average common share - basic	$ 0.74	$ 0.44	$ 1.09
Income/(loss) per weighted average common share - diluted	$ 0.74	$ 0.44	$ 1.08
Weighted average number of common shares outstanding — Basic	268,179	267,024	265,386
Weighted average number of common shares outstanding — diluted	269,483	268,830	267,311

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 89,615	$ 20,258	$ 22,444	$ 89,225	$ 75,627	$ 17,570	$ 11,062	$ 28,396	$ 221,542	$ 132,655	$ 320,380
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)									4,806	1,802	3,514
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)									(1,948)	1,407	3,657
Other comprehensive income/(loss), including portion attributable to noncontrolling interests									2,858	3,209	7,171
Comprehensive income/(loss)									224,400	135,864	327,551
Comprehensive (income)/loss attributable to noncontrolling interests									(18,680)	(11,378)	(27,764)
Comprehensive income/(loss) attributable to UDR, Inc.									$ 205,720	$ 124,486	$ 299,787

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - USD ($) $ in Thousands	Preferred Stock	Common Stock	Paid-in Capital	Distributions in Excess of Net Income	Accumulated Other Comprehensive Income/(Loss), net	Noncontrolling Interests	Total
Beginning 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 interests 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/(forfeiture) of common and restricted shares, net		2	4,973				4,975
Issuance of common shares through public offering		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 ($1.29, $1.24, $1.18 per share for the years ended December 31, 2018, 2017, and 2016 respectively)				(315,102)			(315,102)
Preferred stock distributions declared-Series E ($1.3968, $1.3288, $1.3288 per share for the year ended December 31, 2018, 2017, and 2016 respectively)				(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 interests 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/(forfeiture) of common and restricted shares, net		1	437				438
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 ($1.29, $1.24, $1.18 per share for the years ended December 31, 2018, 2017, and 2016 respectively)				(331,974)			(331,974)
Preferred stock distributions declared-Series E ($1.3968, $1.3288, $1.3288 per share for the year ended December 31, 2018, 2017, and 2016 respectively)				(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 Changes in Equity
Cumulative effect upon adoption of ASU 2016-09			558	(558)
Net income/(loss) attributable to UDR, Inc.				203,106			203,106
Net income/(loss) attributable to noncontrolling interests						175	175
Contribution of noncontrolling interests in consolidated real estate						108	108
Repurchase of common shares		(6)	(19,982)				(19,988)
Long Term Incentive Plan Unit grants/(vestings), net						7,305	7,305
Other comprehensive income/(loss)					2,614		2,614
Exercise of stock options, net		8	(23,061)				(23,053)
Issuance/(forfeiture) of common and restricted shares, net		(1)	(507)				(508)
Issuance of common shares through public offering		72	299,753				299,825
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		4	13,324				13,328
Common stock distributions declared ($1.29, $1.24, $1.18 per share for the years ended December 31, 2018, 2017, and 2016 respectively)				(348,079)			(348,079)
Preferred stock distributions declared-Series E ($1.3968, $1.3288, $1.3288 per share for the year ended December 31, 2018, 2017, and 2016 respectively)				(3,868)			(3,868)
Adjustment to reflect redemption value of redeemable noncontrolling interests				(43,552)			(43,552)
Ending Balance at Dec. 31, 2018	$ 46,201	$ 2,755	$ 4,920,732	$ (2,063,996)	$ (67)	$ 17,152	$ 2,922,777

CONSOLIDATED STATEMENT OF CHA_2

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common distributions declared per share	$ 1.2900	$ 1.2400	$ 1.1800
8.00% Series E Cumulative Convertible Preferred Stock
Preferred stock distributions declared	$ 1.3968	$ 1.3288	$ 1.3288

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Operating Activities
Net income/(loss)	$ 221,542	$ 132,655	$ 320,380
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	435,679	436,462	425,638
(Gain)/loss on sale of real estate owned	(136,197)	(43,404)	(226,199)
(Income)/loss from unconsolidated entities	5,055	(31,257)	(52,234)
Return on investment in unconsolidated joint ventures	4,248	4,416	57,578
Amortization of share-based compensation	14,244	12,862	13,398
Other	4,998	20,467	39,490
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(13,880)	(9,008)	(29,399)
Increase/(decrease) in operating liabilities	24,987	(4,278)	(12,084)
Net cash provided by/(used in) operating activities	560,676	518,915	536,568
Investing Activities
Acquisition of real estate assets		(96,791)	(163,015)
Proceeds from sales of real estate investments, net	247,031	71,235	301,799
Development of real estate assets	(150,238)	(248,546)	(178,279)
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement	(112,359)	(124,728)	(91,740)
Capital expenditures — non-real estate assets	(4,850)	(1,384)	(4,439)
Investment in unconsolidated joint ventures	(112,025)	(123,842)	(40,162)
Distributions received from unconsolidated joint ventures	42,683	116,329	66,116
Purchase deposits on pending acquisitions	(1,000)
Repayment/(issuance) of notes receivable, net	(22,790)	321	(3,000)
Net cash provided by/(used in) investing activities	(113,548)	(407,406)	(112,720)
Financing Activities
Payments on secured debt	(279,243)	(326,346)	(375,308)
Proceeds from the issuance of secured debt	80,000		50,000
Payments on unsecured debt		(300,000)	(95,053)
Net proceeds from the issuance of unsecured debt	299,994	598,095	300,000
Net proceeds/(repayment) of commercial paper	(198,885)	300,000
Net proceeds/(repayment) of revolving bank debt	(21,751)	417	(128,650)
Proceeds from the issuance of common shares through public offering, net	299,825		173,211
Repurchase of common shares	(19,988)
Distributions paid to redeemable noncontrolling interests	(32,457)	(31,089)	(29,688)
Distributions paid to preferred stockholders	(3,836)	(3,708)	(3,717)
Distributions paid to common stockholders	(342,241)	(327,793)	(308,923)
Other	(41,485)	(21,361)	(11,154)
Net cash provided by/(used in) financing activities	(260,067)	(111,785)	(429,282)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	187,061	(276)	(5,434)
Cash, cash equivalents, and restricted cash, beginning of year	21,830	22,106	27,540
Cash, cash equivalents, and restricted cash, end of year	208,891	21,830	22,106
Supplemental Information:
Interest paid during the period, net of amounts capitalized	132,466	126,348	124,635
Cash paid/(refunds received) for income taxes	625	1,660	693
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
Vesting of LTIP Units	4,397	2,317
Development costs and capital expenditures incurred but not yet paid	10,304	43,930	46,285
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (348,057 shares in 2018; 389,033 shares in 2017; and 260,292 shares in 2016)	13,328	14,544	9,466
Distributions declared but not yet paid	$ 97,666	$ 91,455	$ 86,936

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
The following reconciles cash, cash equivalents, and restricted cash to the total of the same amounts as shown above:
Cash and cash equivalents	$ 185,216	$ 2,038	$ 2,112	$ 6,742
Restricted cash	23,675	19,792	19,994	20,798
Total cash, cash equivalents, and restricted cash as shown above	$ 208,891	$ 21,830	$ 22,106	$ 27,540

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Non-cash transactions:
Conversion of OP Units into common shares	348,057	389,033	260,292

CONSOLIDATION AND BASIS OF PRES

CONSOLIDATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2018
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, 2018, our consolidated apartment portfolio consisted of 127 consolidated communities located in 1 9 markets consisting of 39,931 apartment homes. In addition, the Company has an ownership interest in 8,112 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, 2018 and 2017, there were 183,636,543 and 183,350,924 units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 174,248,699, or 94.9% and 174,2 37,688, or 95.0%, respectively, were owned by UDR and 9,387,844, or 5.1% and 9,113 ,236, or 5.0%, respectively, were owned by outside limited partners. As of December 31, 2018 and 2017, there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 17,203,489, or 53.2% and 16, 866,443, or 52.1%, respectively, were owned by UDR (of which, 13,470,651, or 41.6%, were held by the Operating Partnership for both periods) and 15,163,891, or 46.8% and 1 5,500,937, or 47.9%, respectively, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those in Note 2, Significant Accounting Policies , Note 3, Real Estate Owned, Note 5, Joint Ventures and Partnerships and Note 14, Commitments and Contingencies .

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to update and simplify disclosure requirements as well as eliminate outdated, superseded and/or redundant requirements with United States generally accepted accounting principles, or GAAP, (“SEC Simplification”). The amendments are effective for all SEC filings made on or after November 5, 2018. As a result of the amendments, the Company will no longer provide ratios of earnings to fixed charges in our exhibits to our annual and quarterly filings with the SEC. Additionally, the amendments removed certain SEC guidance that conflicted with GAAP guidance, under which the Company previously followed SEC guidance and recorded Gain/(loss) on the sale of real estate owned, net of tax , after Operating income . The Company has reclassified Gain/(loss) on the sale of real estate owned within Operating income, with any income tax impact recorded within Tax (provision)/benefit, net per GAAP for all periods presented. Additionally, as a result of the SEC Simplification, for the year ended December 31, 2016, the following retrospective changes were made to the Consolidated Statement of Operations: Gain/(loss) on the sale of real estate owned, net of tax – as previously reported $ 210,851 Tax impact of sales of real estate owned 15,348 Gain/(loss) on the sale of real estate owned – as reported herein $ 226,199 Tax (provision)/benefit, net – as previously reported $ 3,774 Tax impact of sales of real estate owned (15,348) Tax (provision)/benefit, net – as reported herein $ (11,574) Other than as presented above, no retrospective changes were required for the year ended December 31, 2017. 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 aimed to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard would have been 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 early adopted the guidance on January 1, 2018; however, the updated standard did not have a material impact on the consolidated financial statements. Related disclosures were 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 changed 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 was effective for the Company on January 1, 2018. The ASU was 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 addressed the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard was effective for the Company on January 1, 2018, and was applied retrospectively to all periods presented. The updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. As a result of the adoption of ASU 2016-18, for the years ended December 31, 2017 and 2016, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Year ended December 31, 2017 2016 (Increase)/decrease in operating assets $ $ Net cash provided by /(used in) operating activities $ $ Proceeds from sales of real estate investments, net $ - $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement Net cash provided by /(used in) investing activities $ $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ $ 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. In November 2016, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The Company 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 on their balance sheets. Lessees of operating leases 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. The standard became effective for the Company on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. The Company intends to elect the following package of practical expedients provided by the standard which includes: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also plans to elect the short-term lease exception provided for in the standard and therefore will only recognize right-of-use assets and lease liabilities for leases with a term greater than one year. The Company anticipates recognizing right-of-use assets and related lease liabilities between $ 85.0 million and $150.0 million on our consolidated opening balance sheets as of January 1, 2019 upon adoption of the standard. Our anticipated range of right-of-use assets and related lease liabilities to be recognized as disclosed above may change as a result of updates to the projected future minimum lease payments. The lease liabilities represent the present value of the remaining minimum lease payments related to ground leases for communities where we are the lessee. The right-of-use assets represent the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. The Company plans to continue recognizing lease expense for these leases in a manner similar to current accounting upon adoption of the standard based on our election of the package of practical expedients. However, in the event we modify existing ground leases and/or enter into new ground leases subsequent to the adoption of the standard, such leases would likely be classified as finance leases under the standard and require expense recognition based on the effective interest method. Under the standard, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, subsequent to the adoption of the standard, we will expense internal leasing costs as incurred. In July 2018, the FASB issued ASU No. 2018-11, Leases – Targeted Improvements , which provides entities with relief from the costs of implementing certain aspects of ASU No. 2016-02, Leases . The ASU provides a practical expedient which allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company intends to elect the practical expedient to account for lease and non-lease components as a single component in lease contracts where we are the lessor. The ASU also provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. The Company also intends to elect the transition option. 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 required certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard was 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 elected the measurement alternative under which the investment is 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. During the year ended December 31, 2018, the Company recorded gains of $2.1 million, in Interest income and other income/(expense), net on the Consolidated Statements of Operations as a result of measuring the investment using this measurement alternative. The Company does not view the impact, as a result of the adoption of the updated standard, to be material to the consolidated financial statements. Disclosures were updated pursuant to the requirements of the ASU. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . ASU No. 2014-09 amended the FASB Accounting Standards Codification (“ASC”) by creating ASC Topic 606, Revenue from Contracts with Customers . The standard provided companies with a single model for use in accounting for revenue arising from contracts with customers and replaced most existing revenue recognition guidance in U.S. GAAP, including industry-specific revenue guidance. The standard specifically excluded lease contracts. The ASU allowed for the use of either the full or modified retrospective transition method. ASC Topic 606 was effective for the Company on January 1, 2018, at which time the Company adopted it using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the ASU did not have a material impact on the consolidated financial statements. Related disclosures have been 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 capitalized as incurred if the acquisition does not meet the definition of a business. 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, 2018, 2017, and 2016 were $7.5 million, $8.8 million and $ 7.9 million, respectively. During the years ended December 31, 2018, 2017, and 2016, total interest capitalized was $10.6 million, $18.6 million, and $ 16.5 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 On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of retained earnings is made to recognize any required adjustments. As a result of the adoption, the Company did not make an adjustment to retained earnings because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Company has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Company to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned. Joint venture management and other fees The Joint venture management and other fees revenue consists of management fees charged to our equity method joint ventures per the terms of contractual agreements and other fees. Joint venture fee revenue is recognized monthly as the management services are provided and the fees are earned or upon a transaction whereby the Company earns a fee. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) . Joint venture management and other fees are not included in the tables as they are not allocable to a specific reportable segment or segments. December 31, (a) 2018 2017 2016 Lease Revenue (b) Same-Store Communities West Region $ 371,366 $ 355,904 $ 328,693 Mid-Atlantic Region 204,733 199,207 194,367 Northeast Region 148,057 146,105 142,249 Southeast Region 109,190 104,106 99,451 Southwest Region 39,567 38,978 37,529 Non-Mature Communities/Other 82,986 65,474 75,478 Total segment and consolidated lease revenue $ 955,899 $ 909,774 $ 877,767 Reimbursements Revenue Same-Store Communities West Region $ 17,159 $ 16,377 $ 14,797 Mid-Atlantic Region 9,084 8,715 8,123 Northeast Region 2,721 2,775 2,434 Southeast Region 6,821 6,509 6,413 Southwest Region 2,197 2,098 1,930 Non-Mature Communities/Other 8,768 7,781 7,859 Total segment and consolidated reimbursements revenue $ 46,750 $ 44,255 $ 41,556 Other Revenue Same-Store Communities West Region $ 10,789 $ 10,728 $ 9,831 Mid-Atlantic Region 6,633 6,235 5,733 Northeast Region 3,241 2,856 2,890 Southeast Region 6,223 5,852 5,454 Southwest Region 1,945 1,916 1,814 Non-Mature Communities/Other 3,625 2,693 3,416 Total segment and consolidated other revenue $ 32,456 $ 30,280 $ 29,138 Total Revenue Same-Store Communities West Region $ 399,314 $ 383,009 $ 353,321 Mid-Atlantic Region 220,450 214,157 208,223 Northeast Region 154,019 151,736 147,573 Southeast Region 122,234 116,467 111,318 Southwest Region 43,709 42,992 41,273 Non-Mature Communities/Other 95,379 75,948 86,753 Total segment and consolidated total revenue $ 1,035,105 $ 984,309 $ 948,461 (a) Same-Store Community population consisted of 37,673 apartment homes. Same-Store Community is defined in Note 15, Reportable Segments . (b) Lease Revenue is subject to recognition under ASC 840, Leases . Notes Receivable The following table summarizes our Notes receivable, net as of December 31, 2018 and 2017 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2018 2018 2017 Note due March 2019 (a) 12.00 % $ 20,000 $ — Note due February 2020 (b) 10.00 % 14,659 13,669 Note due October 2020 (c) 8.00 % 2,000 2,000 Note due August 2022 (d) 10.00 % 5,600 3,800 Total notes receivable, net $ 42,259 $ 19,469 (a) In March 2018, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. Interest payments are due when the loan matures. The note matures in March 2019 and is secured by a parcel of land. (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $14.7 million has been funded, including $1.0 million during the year ended December 31, 2018. 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). (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 has been funded. 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 $5.6 million has been funded, including $1.8 million during the year ended December 31, 2018. 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 January 2019, the $5.6 million note was repaid in full along with contractual accrued interest of $0.2 million and $8.5 million of promoted interest in conjunction with the unaffiliated third party being acquired. During the years ended December 31, 2018, 2017, and 2016, the Company recognized $4.1 million, $1.8 million and $ 1.8 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, 2018, 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 Decemb

REAL ESTATE OWNED

REAL ESTATE OWNED	12 Months Ended
	Dec. 31, 2018
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, 2018, the Company owned and consolidated 127 communities in 11 states plus the District of Columbia totaling 39,931 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Land $ 1,849,799 $ 1,780,229 Depreciable property — held and used: Land improvements 213,224 189,919 Building, improvements, and furniture, fixtures and equipment 8,133,136 7,614,568 Under development: Land and land improvements — 109,468 Building, improvements, and furniture, fixtures and equipment — 483,022 Real estate owned 10,196,159 10,177,206 Accumulated depreciation (3,654,160) (3,330,166) Real estate owned, net $ 6,541,999 $ 6,847,040 Acquisitions The Company did not have any acquisitions during the year ended December 31, 2018. 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 was 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 January 2019, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in a 386 home operating community in Anaheim, California, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $33.5 million. As a result, in January 2019, 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 $118.1 million. In January 2019, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in a 155 home operating community located in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $20.0 million. As a result, in January 2019, 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 $61.1 million. In January 2019, the Company acquired a to-be-developed parcel of land located in Washington D.C. for approximately $27.2 million. In February 2019, the Company acquired a to-be- developed parcel of land located in Denver, Colorado for approximately $13. 7 million. In February 2019, the Company acquired a 188 home operating community located in Brooklyn, New York for approximately $132.3 million. In February 2019, the Company acquired a 381 home operating community located in St. Petersburg, Florida for approximately $98.7 million . The Company incurred zero, $ 0.4 million and $0.2 million of acquisition-related costs during the years ended December 31, 2018, 2017, and 2016, respectively. These expenses are reported within the line item General and administrative on the Consolidated Statements of Operations. Dispositions In December 2018, the Company sold an operating community in Fairfax, Virginia with a total of 604 apartment homes for gross proceeds of $160.0 million, resulting in a gain of $65. 9 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, resulting in a gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange that were used to pay a portion of the purchase price for an acquisition in October 2017. 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 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 a gain of $2.1 million. Developments During the year ended December 31, 2018, the Company completed the development of two communities, located in Huntington Beach, California and Boston, Massachusetts, with a total of 1,101 apartment homes. 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, a tax deferred Section 1031 exchange. 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, 2018
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 the financial statements required under Rule 3-09 of Regulation S-X for the DownREIT Partnership included as Exhibit 99.1 to this Report.

JOINT VENTURES AND PARTNERSHIPS

JOINT VENTURES AND PARTNERSHIPS	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 (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 2018 2018 2018 2017 2018 2017 Operating and development: UDR/MetLife I Los Angeles, CA 1 operating community 150 $ 30,839 $ 34,653 50.0 % 50.0 % UDR/MetLife II Various 18 operating communities 4,059 296,807 303,702 50.0 % 50.0 % Other UDR/MetLife Various 5 operating communities 1,437 115,668 135,563 50.6 % 50.6 % Joint Ventures UDR/MetLife Vitruvian Park ® Addison, TX 4 operating communities; 1,513 71,730 78,404 50.0 % 50.0 % 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 5,507 8,958 30.0 % 30.0 % West Coast Development Joint Ventures (c) Los Angeles, CA 1 operating community 293 36,143 37,916 47.0 % 47.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 556,694 $ 599,196 Investment at Income from investments Years To UDR December 31, December 31, Year Ended December 31, Developer Capital Program (a) Location Rate Maturity Commitment (b) 2018 2017 2018 2017 2016 Preferred equity investments: West Coast Development Joint Ventures (c) Various 6.5 % N/A $ — $ 65,417 $ 64,226 $ 865 $ 23,230 $ 2,350 1532 Harrison (d) San Francisco, CA 11.0 % 3.5 24,645 24,986 11,346 2,228 511 — 1200 Broadway (e) Nashville, TN 8.0 % 3.8 55,558 58,982 18,011 2,970 370 — Junction (f) Santa Monica, CA 12.0 % 3.6 8,800 9,211 — 406 — — 1300 Fairmount (g) Philadelphia, PA 9.0 % 4.6 51,393 8,318 — 159 — — Essex (h) Orlando, FL 12.5 % 4.7 12,886 9,940 — 258 — — Other investments: The Portals (i) Washington, D.C. 11.0 % 2.4 38,559 43,167 26,535 3,692 839 — Other investment ventures N/A N/A N/A $ 18,000 4,154 1,516 $ (267) $ (30) $ — Total Developer Capital Program 224,175 121,634 Total investment in and advances to unconsolidated joint ventures, net $ 780,869 $ 720,830 (a) The Developer Capital Program is the 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 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. (b) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (c) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and paid $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, California 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 commencing one year after completion. The unaffiliated joint venture partner is providing certain guaranties. 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. During 2017, the joint venture sold two of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million and a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. During the year ended December 31, 2018, the fixed-price option to acquire one of the two remaining communities held by the West Coast Development Joint Ventures (as defined below) expired. The community achieved stabilization during 2017, at which time the Company and its joint venture partner began allocating income and expenses based on their ownership percentages. The Company and its joint venture partner plan to continue operating the community. As of December 31, 2018, construction was completed on the remaining community subject to the fixed-price acquisition option. During the year ended December 31, 2018, the community achieved stabilization, at which time the Company and its joint venture partner began allocating income and expenses based on their ownership percentages. In January 2019, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in the 386 home operating community in Anaheim, California, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $33.5 million. As a result, in January 2019, the Company consolidated the operating community and it will no longer be accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Esate Owned ). In connection with the purchase, the construction loan on the community was paid in full. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and paid $15.5 million for a 49% ownership interest in a 155 home community in Seattle, Washington, for which construction was complete as of December 31, 2018, and $16.1 million for a 49% ownership interest in a 276 home community in Hillsboro, Oregon, for which construction was complete as of December 31, 2018 (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). 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. During the year ended December 31, 2018, the community in Seattle, Washington achieved stabilization, at which time the Company and its joint venture partner began allocating income and expenses based on their ownership percentages. 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. In January 2019, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in one of the two communities, a 155 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $20.0 million. As a result, in January 2019, the Company consolidated the operating community and it will no longer be accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Esate Owned ). In connection with the purchase, the construction loan on the community was paid in full. The Company’s recorded equity investment in the West Coast Development Joint Ventures at December 31, 2018 and 2017 of $ 101.6 million and $1 02.1 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (d) 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. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (e) 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. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (f) In August 2018, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 66 apartment home community in Santa Monica, CA. The Company’s preferred equity investment of $8.8 million earns a preferred return of 12.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (g) In August 2018, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 471 apartment home community in Philadelphia, PA. The Company’s preferred equity investment of up to $51.4 million earns a preferred return of 9.0% 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. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (h) In September 2018, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 330 apartment home community in Orlando, FL. The Company’s preferred equity investment of up to $12.9 million earns a preferred return of 12.5% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (i) 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 commitment to the joint venture is approximately $38.6 million and earns a weighted average return of approximately 11.0% per annum. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. As of December 31, 2018 and 2017, the Company had deferred fees of $11.0 million and $ 10.9 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 $11.6 million, $11.4 million, and $11.3 million during the years ended December 31, 2018, 2017, and 2016, 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, 2018, 2017, and 2016. 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, 2018, 2017, and 2016 ( dollars in thousands): UDR/ Other MetLife West Coast As of and For the UDR/ UDR/ UDR/MetLife Vitruvian Development Year Ended December 31, 2018 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ 3,187 $ 158,738 $ 61,967 $ 26,096 $ 20,703 $ 16,392 $ 287,083 Property operating expenses 3,066 56,403 21,998 13,732 8,318 8,830 112,347 Real estate depreciation and amortization 3,392 44,721 35,437 9,495 14,487 7,679 115,211 Operating income/(loss) (3,271) 57,614 4,532 2,869 (2,102) (117) 59,525 Interest expense (1,872) (49,118) (17,408) (6,051) (6,739) (6,175) (87,363) Other income/(loss) — — — — — 148 148 Net income/(loss) $ (5,143) $ 8,496 $ (12,876) $ (3,182) $ (8,841) $ (6,144) $ (27,690) Condensed Balance Sheets: Total real estate, net $ 124,112 $ 1,609,903 $ 653,729 $ 315,541 $ 182,970 $ 281,729 $ 3,167,984 Cash and cash equivalents 698 11,192 8,242 8,865 1,794 8,614 39,405 Other assets 1,074 18,670 4,904 2,241 1,320 1,610 29,819 Total assets 125,884 1,639,765 666,875 326,647 186,084 291,953 3,237,208 Third party debt, net 70,833 1,089,231 454,647 162,131 165,699 171,879 2,114,420 Accounts payable and accrued liabilities 1,935 21,258 9,753 14,968 1,860 9,943 59,717 Total liabilities 72,768 1,110,489 464,400 177,099 167,559 181,822 2,174,137 Total equity $ 53,116 $ 529,276 $ 202,475 $ 149,548 $ 18,525 $ 110,131 $ 1,063,071 UDR/ Other MetLife West Coast As of and For the UDR/ UDR/ UDR/MetLife 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 Gain/(loss) on the sale of real estate (17) (609) — — — 72,216 71,590 Operating income/(loss) (110) 58,717 (6,501) 4,017 (2,312) 74,121 127,932 Interest expense — (50,603) (13,894) (5,030) (5,264) (4,038) (78,829) 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 15,037 4,290 1,972 905 979 23,185 Total assets 109,474 1,668,322 700,378 309,004 197,359 257,545 3,242,082 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 12,700 19,477 15,003 16,931 1,745 17,389 83,245 Total liabilities 43,255 1,127,633 458,150 148,212 167,546 144,015 2,088,811 Total equity $ 66,219 $ 540,689 $ 242,228 $ 160,792 $ 29,813 $ 113,530 $ 1,153,271 UDR/ Other MetLife West Coast For the UDR/ UDR/ UDR/MetLife 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 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, 2018, combined total assets, liabilities, equity, revenues, and expenses for such entities were $248.1 million, $22.5 million, $225.6 million, $6.0 million, and $1.8 million, respectively. 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. For the year ended December 31, 2016, combined total revenues and expenses for such entities were $8.5 million, and $12.2 million, respectively.

SECURED AND UNSECURED DEBT, NET

SECURED AND UNSECURED DEBT, NET	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 ( dollars in thousands): Principal Outstanding As of December 31, 2018 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2018 2017 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 417,989 $ 395,611 3.82 % 5.9 7 Fannie Mae credit facilities (b) 90,000 285,836 3.95 % 1.5 1 Deferred financing costs (1,343) (1,670) Total fixed rate secured debt, net 506,646 679,777 3.85 % 5.1 8 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 2.33 % 4.2 2 Fannie Mae credit facilities (b) — 29,034 — % — — Deferred financing costs (119) (242) Total variable rate secured debt, net 94,581 123,492 2.33 % 4.2 2 Total Secured Debt, net 601,227 803,269 3.61 % 5.0 10 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2023 (d) (j) — — — % 4.1 Borrowings outstanding under unsecured commercial paper program due January 2019 (e) (j) 101,115 300,000 2.90 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2021 (f) 16 21,767 3.33 % 2.0 Term Loan due September 2023 (d) (j) 35,000 35,000 3.25 % 4.8 Fixed Rate Debt 3.70% Medium-Term Notes due October 2020 (net of discounts of $14 and $22, respectively) (j) 299,986 299,978 3.70 % 1.8 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,087 and $1,446, respectively) (j) 398,913 398,554 4.63 % 3.0 1.93% Term Loan due September 2023 (d) (j) 315,000 315,000 1.93 % 4.8 3.75% Medium-Term Notes due July 2024 (net of discounts of $574 and $678, respectively) (g) (j) 299,426 299,322 3.75 % 5.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 5.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $465 and $534, respectively) (h) (j) 299,535 299,466 4.00 % 6.8 2.95% Medium-Term Notes due September 2026 (j) 300,000 300,000 2.95 % 7.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $600 and $670, respectively) (j) 299,400 299,330 3.50 % 8.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,072 and $1,191, respectively) (j) 298,928 298,809 3.50 % 9.0 4.40% Medium-Term Notes due January 2029 (net of discounts of $6 and $0, respectively) (i) (j) 299,994 — 4.40 % 10.1 Other 16 19 Deferred financing costs (16,413) (14,495) Total Unsecured Debt, net 2,946,560 2,868,394 3.65 % 6.0 Total Debt, net $ 3,547,787 $ 3,671,663 3.72 % 5.8 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, 2018, secured debt encumbered $1.3 billion or 12.8% of UDR’s total real estate owned based upon gross book value ($8.9 billion or 87.2% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2018, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from August 2020 through September 202 8 and carry interest rates ranging from 3.15% to 4.35%. 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 year ended December 31, 2018, the Company prepaid $50.1 million of its fixed rate mortgage notes payable with proceeds from the issuance of senior unsecured medium-term notes and entered into an $80.0 million fixed rate mortgage note payable. During the years ended December 31, 2018, 2017, and 2016, the Company had $3.0 million, $ 3.0 million, and $2.9 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 $5.0 million and $8 .2 million at December 31, 2018 and 2017, respectively. (b) UDR had one secured credit facility with Fannie Mae with a commitment of $90.0 million at December 31, 2018. The Fannie Mae credit facility matures in July 2020 and bears interest at a fixed rate of 3.95%. During the year ended December 31, 2018, the Company prepaid $29.0 million of its variable rate secured credit facilities with proceeds from the refinance of a mortgage note payable and prepaid $195.8 million of its fixed rate secured credit facilities with proceeds from the issuance of senior unsecured medium-term notes. Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2018 2017 Borrowings outstanding $ 90,000 $ 314,870 Weighted average borrowings during the period ended 253,813 416,653 Maximum daily borrowings during the period ended 314,869 636,782 Weighted average interest rate during the period ended 4.7 % 4.3 % Weighted average interest rate at the end of the period 4.0 % 4.7 % (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 2.29% to 2.43% as of December 31, 2018. (d) In September 2018, the Company entered into a $1.1 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). 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 to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2023, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of September 30, 2023. The Credit Agreement amended and restated the Company’s prior credit agreement, which provided for: (i) a $1.1 billion revolving credit facility scheduled to mature in January 2020 and (ii) a $350.0 million term loan scheduled to mature in January 2021. The prior credit agreement allowed the total commitments under the revolving credit facility and total borrowings under the term loan to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 82.5 basis points and a facility fee of 15 basis points, and the Term Loan has an interest rate equal to LIBOR plus a margin of 90 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 75 to 145 basis points, the facility fee ranges from 10 to 30 basis points, and the margin under the Term Loan ranges from 80 to 165 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, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 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 Maximum daily borrowings during the period ended — 120,000 Weighted average interest rate during the period ended — % 1.6 % Interest rate at end of the period — % — % (1) Excludes $3.3 million and $3.3 million of letters of credit at December 31, 2018 and 2017, respectively. (e) The Company has 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, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Total unsecured commercial paper program $ 500,000 $ 500,000 Borrowings outstanding at end of period 101,115 300,000 Weighted average daily borrowings during the period ended 344,235 238,810 Maximum daily borrowings during the period ended 440,000 390,000 Weighted average interest rate during the period ended 2.4 % 1.4 % Interest rate at end of the period 2.9 % 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 15, 2021. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 82.5 basis points. Depending on the Company’s credit rating, the margin ranges from 75 to 145 basis points. In February 2018, the Company amended the Working Capital Credit Facility to extend the scheduled maturity date from January 1, 2019 to January 15, 2021. In September 2018, the Company further amended the Working Capital Credit Facility to lower the margin to the ranges disclosed above, which are consistent with the margins for the $1.1 billion unsecured revolving credit facility described above. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 16 21,767 Weighted average daily borrowings during the period ended 26,101 26,993 Maximum daily borrowings during the period ended 64,633 68,207 Weighted average interest rate during the period ended 2.9 % 2.0 % Interest rate at end of the period 3.3 % 2.5 % (g) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $100.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 3.69%. (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 4.53%. (i) In October 2018, the Company issued $300.0 million of 4.40% senior unsecured medium-term notes due January 26, 2029. Interest is payable semiannually on January 26 and July 26 of each year, beginning on January 26, 2019. The notes were priced at 99.998% of the principal amount at issuance. The Company used the net proceeds for the repayment of debt, including $195.8 million of the outstanding balance under the Fannie Mae credit facilities, and for general corporate purposes. The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $150.0 million of this debt. The all in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.27%. (j) The Operating Partnership is a guarantor of this debt. The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2018 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2019 $ 3,822 $ 67,700 $ 71,522 $ 101,115 $ 172,637 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 16 1,133 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 350,000 391,245 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 2028 80,000 — 80,000 300,000 380,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 503,017 94,700 597,717 2,966,775 3,564,492 Non-cash (a) 3,629 (119) 3,510 (20,215) (16,705) Total $ 506,646 $ 94,581 $ 601,227 $ 2,946,560 $ 3,547,787 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2018 and 2017, the Company amortized $4.2 million and $ 4.3 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2018.

INCOME_(LOSS) PER SHARE

INCOME/(LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2018
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, 2018 2017 2016 Numerator for income/(loss) per share: Net income/(loss) $ 221,542 $ 132,655 $ 320,380 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (18,215) (10,933) (27,282) Net (income)/loss attributable to noncontrolling interests (221) (164) (380) Net income/(loss) attributable to UDR, Inc. 203,106 121,558 292,718 Distributions to preferred stockholders — Series E (Convertible) (3,868) (3,708) (3,717) Income/(loss) attributable to common stockholders - basic and diluted $ 199,238 $ 117,850 $ 289,001 Denominator for income/(loss) per share: Weighted average common shares outstanding 268,513 267,567 266,211 Non-vested restricted stock awards (334) (543) (825) Denominator for basic income/(loss) per share 268,179 267,024 265,386 Incremental shares issuable from assumed conversion of stock options, unvested LTIP Units and unvested restricted stock 1,304 1,806 1,925 Denominator for diluted income/(loss) per share 269,483 268,830 267,311 Income/(loss) per weighted average common share: Basic $ 0.74 $ 0.44 $ 1.09 Diluted $ 0.74 $ 0.44 $ 1.08 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, 2018, 2017, and 2016, the effect of the conversion of the OP Units, DownREIT Units and the Company’s Series E preferred stock was not dilutive, and therefore not included in the above calculation. For the year ended December 31, 2018, 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, 2018, 2017, and 2016 (shares in thousands) : Year Ended December 31, 2018 2017 2016 OP/DownREIT Units 24,548 24,821 25,130 Convertible preferred stock 3,011 3,021 3,028 Stock options, unvested LTIP Units and unvested restricted stock 1,304 1,806 1,925

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	12 Months Ended
	Dec. 31, 2018
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, 2018. 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, 2018, 2017 and 2016 Common Preferred Stock Stock Series E Series F 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 Issuance/(forfeiture) of common and restricted shares, net 47,432 — — Issuance of common shares upon exercise of stock options 771,715 — — Issuance of common shares through public offering 7,150,000 — — Repurchase of common shares (593,373) — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 11,011 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 337,046 — — Forfeiture of Series F shares — — (50,328) Balance at December 31, 2018 275,545,900 2,780,994 15,802,393 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, 2018, 13,078,931 shares were available for sale under the continuous equity program. During the year ended December 31, 2018, the Company entered into the following equity transactions for our common stock: · Issued 7,150,000 shares of common stock through a public offering at a price per share of $41.98, for aggregate gross proceeds of approximately $300.2 million; · Repurchased 593,373 shares of common stock at a weighted average price per share of $33.69, for total consideration of approximately $20.0 million; · Issued 212,411 shares of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); · Issued 11,011 shares of common stock upon redemption of OP Units; and · Issued 337,046 shares of common stock upon redemption of DownREIT Units, resulting in the forfeiture of 50,328 Series F Preferred Shares. Distributions are subject to the approval of the Board of Directors and are dependent upon our strategy, financial condition and operating results. UDR’s common distributions for the years ended December 31, 2018, 2017, and 2016 totaled $1. 29 , $1.24, and $1. 18 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, 2018, 2017, and 2016 were $1.40, $1.33, and $1.33 per share, respectively. The Series E is not listed on any exchange. At December 31, 2018 and 2017, a total of 2,780,994 shares of the Series E were outstanding. UDR is authorized to issue up to 20,000,000 shares of the Series F Preferred Stock (“Series F”). The Series F may be purchased by holders of OP Units and DownREIT Units, at a purchase price of $0.0001 per share. OP/DownREIT Unitholders are entitled to subscribe for and purchase one share of UDR’s Series F for each OP/DownREIT Unit held. During the years ended December 31, 2018 and 2017, 50,328 and 344,168 of the Series F shares were forfeited upon the conversion of DownREIT Units into Company common stock, respectively. At December 31, 2018 and 2017, a total of 15,802,393 and 15,852,721 shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,580 and $1,585, 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 and by making additional cash payments, 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, 2018. During the year ended December 31, 2018, UDR acquired all shares issued through the open market.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2018
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, 2018, 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, 2018, there were 7,269,166 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, 2018 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, 2017 1,830,672 $ 10.06 1,830,672 $ 10.06 512,516 $ 36.82 Granted — — — — 212,358 34.16 Exercised (1,830,672) 10.06 (1,830,672) 10.06 — — Vested — — — — (409,839) 32.57 Forfeited — — — — (8,208) 36.75 Balance, December 31, 2018 — $ — — $ — 306,827 $ 36.58 As of December 31, 2018, the Company had granted 6,141,613 shares of restricted stock and 1,766,550 LTIP Units 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, 2018. During the year ended December 31, 2018, 1,830,672 stock options were exercised. During the years ended December 31, 2018, 2017, and 2016, 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, 2018, 2017, and 2016, we recognized $4. 3 million, $4.0 million, and $3.4 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 $4.8 million and had a weighted average remaining contractual life of 1.9 years as of December 31, 2018. Long-Term Incentive Compensation In January 2018, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2018 Long-Term Incentive Program (“2018 LTI”). For both restricted stock grants and LTIP Unit grants, thirty percent of the 2018 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. Fifteen percent of the 2018 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2018 LTI award is based on Total Shareholder Return (“TSR”) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the NAREIT Equity REITs Total Return Index 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 $38.06 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 $17.13 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 $18.08 per unit on the grant date, inclusive of a 5% discount. The portion of the restricted stock grant based upon relative TSR was valued at $42.18 per share for the comparable apartment REITs component and $40.49 per share for the NAREIT Equity REITs Total Return Index 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 17.0%. The portion of the LTIP Unit grant based upon relative TSR was valued at $20.12 per unit, inclusive of a 5% discount, for the comparable apartment REITs component and $19.35 per unit, inclusive of a 5% discount, for the NAREIT Equity REITs Total Return Index 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 17.0%. 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%. For the years ended December 31, 2018, 2017, and 2016, we recognized $9.9 million, $8.9 million and $ 10.0 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 $ 8.2 million and had a weighted average remaining contractual life of 1.7 years as of December 31, 2018. 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, 2018, 2017, and 2016, was $1.3 million, $1. 3 million, and $ 1.3 million, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2018
INCOME TAXES
INCOME TAXES	10. INCOME TAXES For 2018, 2017, and 2016, 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, 2018, 2017 and 2016 ( unaudited ): Year Ended December 31, 2018 2017 2016 Ordinary income $ 0.774 $ 1.018 $ 0.708 Qualified ordinary income 0.006 0.011 — Long-term capital gain 0.058 0.133 0.309 Unrecaptured section 1250 gain 0.233 0.063 0.145 Nondividend distributions 0.207 — — Total $ 1.278 $ 1.225 $ 1.162 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, 2018, 2017, and 2016 (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Income tax (benefit)/provision Current Federal $ 220 $ (1,205) $ 69 State 396 407 372 Total current 616 (798) 441 Deferred Federal 66 568 9,814 State 6 (10) 1,319 Total deferred 72 558 11,133 Total income tax (benefit)/provision $ 688 $ (240) $ 11,574 Classification of income tax (benefit)/provision: Continuing operations $ 688 $ (240) $ 11,574 As a result of the SEC Simplification, for the year ended December 31, 2016, the following retrospective changes were made (dollars in thousands) : Gain/(loss) on the sale of real estate owned, net of tax – as previously reported $ 15,348 Tax impact of sales of real estate owned (15,348) Gain/(loss) on the sale of real estate owned – as reported herein $ — Continuing operations – as previously reported $ (3,774) Tax impact of sales of real estate owned 15,348 Continuing operations – as reported herein $ 11,574 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, 2018, 2017, and 2016 (dollars in thousands): Year Ended December 31, 2018 2017 2016 Deferred tax assets: Federal and state tax attributes $ 28 $ 8 $ 536 Other 70 139 190 Total deferred tax assets 98 147 726 Valuation allowance (16) (9) (6) Net deferred tax assets 82 138 720 Deferred tax liabilities: Other (84) (67) (92) Total deferred tax liabilities (84) (67) (92) Net deferred tax asset $ (2) $ 71 $ 628 Income tax provision/(benefit), net from our TRS differed from the amounts computed by applying the U.S. statutory rate of 21% to pretax income/(loss) for the year ended December 31, 2018, and 35% for the years ended December 31, 2017, and 2016 as follows (dollars in thousands): Year Ended December 31, 2018 2017 2016 Income tax provision/(benefit) U.S. federal income tax provision/(benefit) $ 321 $ 581 $ 12,577 State income tax provision 527 493 1,370 Other items (167) (188) 134 New tax law benefit — (1,129) — Conversion of certain TRS entities to REITs — — (2,436) Valuation allowance 7 3 (71) Total income tax provision/(benefit) $ 688 $ (240) $ 11,574 As of December 31, 2018, the Company had federal net operating loss carryovers (“NOL”) of $2 4.0 million expiring in 2032 through 2035 and state NOLs of $ 69.7 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, 2018, Tax benefit/(provision), net decreased $0.9 million as compared to 2017. The decrease was primarily attributable to 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. 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, 2018 and 2017, 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 2013. The tax years 2015 through 2017 remain open to examination by the major taxing jurisdictions to which the Company is subject. As of December 31, 2017, management of the Company had completed its review of the effects of the Tax Cuts and Jobs Act, under which it 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.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 ( dollars in thousands ): Year Ended December 31, 2018 2017 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 948,138 $ 909,482 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 43,552 71,096 Conversion of OP Units/DownREIT Units to Common Stock (13,328) (14,544) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 18,215 10,933 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (32,798) (31,427) OP Units Issued 4,320 — Vesting of Long-Term Incentive Plan Units 4,397 2,317 Allocation of other comprehensive income/(loss) 244 281 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year $ 972,740 $ 948,138 Noncontrolling Interests Noncontrolling interests represent interests of unrelated partners and unvested LTIP Units in certain consolidated affiliates, and are presented as part of equity on the Consolidated Balance Sheets since these interests are not redeemable. Net (income)/loss attributable to noncontrolling interests was $(0.2) million, $(0.2) million, and $(0.4) million during the years ended December 31, 2018, 2017, and 2016, 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, 2018
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, 2018 and 2017 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2018, 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 2018 2018 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 42,259 $ 45,026 $ — $ — $ 45,026 Derivatives - Interest rate contracts (b) 4,757 4,757 — 4,757 — Total assets $ 47,016 $ 49,783 $ — $ 4,757 $ 45,026 Derivatives - Interest rate contracts (b) $ 356 $ 356 $ — $ 356 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 417,989 416,314 — — 416,314 Fannie Mae credit facilities 90,000 90,213 — — 90,213 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Unsecured debt instruments: (c) Working capital credit facility 16 16 — — 16 Commercial paper program 101,115 101,115 — — 101,115 Unsecured notes 2,861,842 2,829,390 — — 2,829,390 Total liabilities $ 3,566,018 $ 3,532,104 $ — $ 356 $ 3,531,748 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 972,740 $ 972,740 $ — $ 972,740 $ — 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 $ — (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, 2018. 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, 2018 and 2017, 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, 2018, 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, which includes notes receivable and debt instruments, are classified in Level 3 of the fair value hieracrchy due to the significant unobservable inputs that are utilized in their respective valuations. 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, 2018, 2017, and 2016. 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, 2018
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 changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in Accumulated other comprehensive income/(loss), net on the Consolidated Balance Sheets and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2018, 2017, and 2016, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. During the year ended December 31, 2017, the Company 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. No amounts were de-designated during the years ended December 31, 2018 and 2016. Amounts reported in Accumulated other comprehensive income/(loss), net on 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, 2019, the Company estimates that an additional $3.9 million will be reclassified as a decrease to Interest expense . As of December 31, 2018, 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 (a) 4 $ 315,000 Interest rate caps 1 $ 65,197 (a) In addition to the interest rate swaps summarized above, the Company entered into an additional interest rate swap during the year ended December 31, 2018 with a notional value of $50.0 million that will become effective in December 2019. The Company also entered into two additional interest rate swaps during the year ended December 31, 2018 with a notional value totaling $150.0 million that were terminated and settled in conjunction with the October 2018 issuance of $300.0 million of senior unsecured medium-term notes as disclosed in Note 6, Secured and Unsecured Debt, Net . The Company received $3.1 million to settle the swaps. The entire $3.1 million was initially deferred as a component of Accumulated other comprehensive income (loss), net and will be recognized as a decrease to Interest expense over the ten-year term of the notes. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in no gain or loss for year ended December 31, 2018 and a loss of less than $0.1 million for the years ended December 31, 2017, and 2016. As of December 31, 2018, 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 1 $ 19,880 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, 2018 and 2017 ( 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, 2018 2017 2018 2017 Derivatives designated as hedging instruments: Interest rate products $ 4,757 $ 5,743 $ 356 $ — 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, 2018, 2017, and 2016 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2018 2017 2016 2018 2017 2016 2018 2017 2016 Interest rate products $ 4,806 $ 1,802 $ 3,514 $ 1,948 $ (1,271) $ (3,657) $ — $ (136) $ — Year Ended December 31, 2018 2017 2018 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 134,168 $ 128,711 $ 123,031 Gain/(Loss) Recognized in Interest income and other income/(expense), net Year Ended December 31, Derivatives Not Designated as Hedging Instruments 2018 2017 2016 Interest rate products $ — $ (1) (3) Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where 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. 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, 2018, 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 $4.7 million. Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions on 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, 2018 and 2017 ( 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, 2018 $ 4,757 $ — $ 4,757 $ — $ — $ 4,757 December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 (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, 2018 $ 356 $ — $ 356 $ — $ — $ 356 December 31, 2017 $ — $ — $ — $ — $ — $ — (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, 2018
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at December 31, 2018 ( dollars in thousands ): Number UDR's Remaining Properties Investment Commitment Joint ventures: Preferred equity investments 3 $ 43,244 (a) $ 48,892 (b) Other investments - 4,154 13,500 (c) Total $ 47,398 $ 62,392 (a) Represents UDR’s investment in 1532 Harrison, 1300 Fairmount and Essex for the properties under development as of December 31, 2018. (b) Represents UDR’s remaining commitment for 1532 Harrison, 1300 Fairmount and Essex. (c) Represents UDR’s remaining commitment for other investment ventures. Purchase Commitments During the year ended December 31, 2018, the Company entered into a contract to purchase a $13.7 million development land parcel located in Denver, Colorado. The Company made a $1.0 million deposit on the purchase which, as of December 31, 2018, is generally non-refundable other than due to a failure of closing conditions pursuant to the terms of the agreement. The acquisition closed in February 2019. Ground and Other Leases UDR owns six communities which are subject to ground leases expiring between 2043 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, 2018 are as follows (dollars in thousands): Ground Leases (a) Office Space 2019 $ 4,901 $ 76 2020 4,901 76 2021 4,901 32 2022 4,901 — 2023 4,901 — Thereafter 313,918 — Total $ 338,423 $ 184 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 rent reset provision based on fair market value or changes in the 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 $7.3 million, $6.2 million, and $5. 5 million of ground rent expense for the years ended December 31, 2018, 2017, and 2016, respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $0. 2 million, $0.2 million, and $0.3 million of rent expense related to office space for the years ended December 31, 2018, 2017, and 2016, 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 flows.

REPORTABLE SEGMENTS

REPORTABLE SEGMENTS	12 Months Ended
	Dec. 31, 2018
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, 2017 and held as of December 31, 2018. 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, 2018, 2017, and 2016. The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2018, 2017, and 2016, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Reportable apartment home segment rental income Same-Store Communities West Region $ 399,314 $ 383,009 $ 353,321 Mid-Atlantic Region 220,450 214,157 208,223 Northeast Region 154,019 151,736 147,573 Southeast Region 122,234 116,467 111,318 Southwest Region 43,709 42,992 41,273 Non-Mature Communities/Other 95,379 75,948 86,753 Total segment and consolidated rental income $ 1,035,105 $ 984,309 $ 948,461 Reportable apartment home segment NOI Same-Store Communities West Region $ 301,098 $ 286,662 $ 264,475 Mid-Atlantic Region 153,670 150,126 144,508 Northeast Region 105,998 106,473 106,005 Southeast Region 85,220 80,726 76,359 Southwest Region 26,408 26,455 25,600 Non-Mature Communities/Other 59,721 48,061 56,138 Total segment and consolidated NOI 732,115 698,503 673,085 Reconciling items: Joint venture management and other fees 11,754 11,482 11,400 Property management (28,465) (27,068) (26,083) Other operating expenses (12,100) (9,060) (7,649) Real estate depreciation and amortization (429,006) (430,054) (419,615) General and administrative (46,983) (48,566) (49,761) Casualty-related (charges)/recoveries, net (2,121) (4,335) (732) Other depreciation and amortization (6,673) (6,408) (6,023) Income/(loss) from unconsolidated entities (5,055) 31,257 52,234 Interest expense (134,168) (128,711) (123,031) Interest income and other income/(expense), net 6,735 1,971 1,930 Gain/(loss) on sale of real estate owned 136,197 43,404 226,199 Tax (provision)/benefit, net (688) 240 (11,574) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (18,215) (10,933) (27,282) Net (income)/loss attributable to noncontrolling interests (221) (164) (380) Net income/(loss) attributable to UDR, Inc. $ 203,106 $ 121,558 $ 292,718 The following table details the assets of UDR’s reportable segments as of December 31, 2018 and 2017 (dollars in thousands) : December 31, December 31, 2018 2017 Reportable apartment home segment assets: Same-Store Communities: West Region $ 3,666,169 $ 3,630,164 Mid-Atlantic Region 2,317,369 2,290,241 Northeast Region 1,874,616 1,865,762 Southeast Region 779,310 762,102 Southwest Region 297,681 292,074 Non-Mature Communities/Other 1,261,014 1,336,863 Total segment assets 10,196,159 10,177,206 Accumulated depreciation (3,654,160) (3,330,166) Total segment assets — net book value 6,541,999 6,847,040 Reconciling items: Cash and cash equivalents 185,216 2,038 Restricted cash 23,675 19,792 Notes receivable, net 42,259 19,469 Investment in and advances to unconsolidated joint ventures, net 780,869 720,830 Other assets 137,710 124,104 Total consolidated assets $ 7,711,728 $ 7,733,273 Capital expenditures related to our Same-Store Communities totaled $86.2 million, $86.2 million, and $82.9 million for the years ended December 31, 2018, 2017, and 2016, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $5.8 million, $5.7 million, and $13.4 million for the years ended December 31, 2018, 2017, and 2016, respectively. Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Richmond and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Orlando, Tampa, Nashville and Other Florida v. Southwest Region — Dallas, Austin and Denver

UNAUDITED SUMMARIZED CONSOLIDAT

UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2018 Rental income $ 250,483 $ 256,634 $ 263,256 $ 264,732 Net income/(loss) 89,225 22,444 20,258 89,615 Net income/(loss) attributable to common stockholders (a) 80,801 19,630 17,639 81,168 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.30 $ 0.07 $ 0.07 $ 0.30 Diluted $ 0.30 $ 0.07 $ 0.07 $ 0.30 Weighted average number of common shares outstanding: Basic 267,546 267,311 267,727 270,107 Diluted 269,208 268,890 268,861 270,755 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Net income/(loss) 28,396 11,062 17,570 75,627 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 (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. (1)

SCHEDULE III _ REAL ESTATE OWNE

SCHEDULE III — REAL ESTATE OWNED	12 Months Ended
	Dec. 31, 2018
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 Harbor at Mesa Verde $ — 20,476 28,538 49,014 20,382 22,134 47,262 69,396 33,329 1965/2003 Jun-03 27 Seventy Five Mesa Verde — 99,329 110,644 209,973 100,725 114,336 196,362 310,698 128,098 1979/2013 Oct-04 Huntington Vista — 8,055 22,486 30,541 14,690 9,223 36,008 45,231 24,328 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,589 10,988 6,959 17,947 5,136 1969 Dec-03 Eight 80 Newport Beach — North — 62,516 46,082 108,598 42,316 68,320 82,594 150,914 55,777 1968/2000/2016 Oct-04 Eight 80 Newport Beach — South — 58,785 50,067 108,852 34,335 60,914 82,273 143,187 52,441 1968/2000/2016 Mar-05 Foxborough — 12,071 6,187 18,258 4,278 12,479 10,057 22,536 6,819 1969 Sep-04 1818 Platinum Triangle — 16,663 51,905 68,568 2,949 16,962 54,555 71,517 27,099 2009 Aug-10 Beach & Ocean — 12,878 — 12,878 39,084 13,094 38,868 51,962 10,373 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 127,395 25,460 126,935 152,395 43,541 2013 Oct-11 Los Alisos at Mission Viejo — 17,298 — 17,298 70,730 16,525 71,503 88,028 22,756 2014 Jun-04 The Residences at Pacific City — 78,085 — 78,085 274,002 78,140 273,947 352,087 19,772 2018 Jan-14 ORANGE COUNTY, CA — 411,385 330,038 741,423 734,475 448,575 1,027,323 1,475,898 429,469 2000 Post Street — 9,861 44,578 54,439 35,069 14,363 75,145 89,508 40,523 1987/2016 Dec-98 Birch Creek — 4,365 16,696 21,061 8,868 1,178 28,751 29,929 16,687 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 28,149 7,889 51,124 59,013 35,474 1991/2010 Dec-98 Marina Playa — 6,224 23,916 30,140 13,136 1,202 42,074 43,276 23,280 1971 Dec-98 River Terrace — 22,161 40,137 62,298 6,496 22,839 45,955 68,794 30,364 2005 Aug-05 CitySouth — 14,031 30,537 44,568 37,297 16,422 65,443 81,865 45,864 1972/2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 6,139 11,580 17,562 29,142 11,590 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,243 5,772 29,383 35,155 19,339 1968/2010 Oct-07 Edgewater — 30,657 83,872 114,529 12,097 30,753 95,873 126,626 54,012 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 8,134 923 50,320 51,243 30,153 1999 Jul-08 388 Beale — 14,253 74,104 88,357 11,524 14,588 85,293 99,881 37,183 1999 Apr-11 Channel Mission Bay — 23,625 — 23,625 130,550 23,858 130,317 154,175 41,078 2014 Sep-10 SAN FRANCISCO, CA 27,000 145,665 414,240 559,905 308,702 151,367 717,240 868,607 385,547 Crowne Pointe — 2,486 6,437 8,923 8,830 3,134 14,619 17,753 9,884 1987 Dec-98 Hilltop — 2,174 7,408 9,582 5,908 2,999 12,491 15,490 8,574 1985 Dec-98 The Hawthorne — 6,474 30,226 36,700 7,367 7,087 36,980 44,067 24,741 2003 Jul-05 The Kennedy — 6,179 22,307 28,486 2,996 6,287 25,195 31,482 16,222 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 6,339 7,264 36,845 44,109 21,884 2000 May-08 Island Square — 21,284 89,389 110,673 6,929 21,660 95,942 117,602 55,430 2007 Jul-08 Borgata — 6,379 24,569 30,948 5,244 6,443 29,749 36,192 17,528 2001/2016 May-07 elements too — 27,468 72,036 99,504 18,495 30,301 87,698 117,999 58,588 2010 Feb-10 989elements — 8,541 45,990 54,531 3,901 8,657 49,775 58,432 25,129 2006 Dec-09 Lightbox — 6,449 38,884 45,333 962 6,473 39,822 46,295 11,163 2014 Aug-14 Waterscape — 9,693 65,176 74,869 2,950 9,771 68,048 77,819 16,832 2014 Sep-14 Ashton Bellevue 47,320 8,287 124,939 133,226 2,226 8,380 127,072 135,452 15,831 2009 Oct-16 TEN20 27,590 5,247 76,587 81,834 2,248 5,292 78,790 84,082 9,850 2009 Oct-16 Milehouse — 5,976 63,041 69,017 298 5,995 63,320 69,315 8,734 2016 Nov-16 CityLine — 11,220 85,787 97,007 191 11,228 85,970 97,198 10,681 2016 Jan-17 SEATTLE, WA 74,910 134,705 783,698 918,403 74,884 140,971 852,316 993,287 311,071 Rosebeach — 8,414 17,449 25,863 5,140 8,807 22,196 31,003 15,645 1970 Sep-04 Tierra Del Rey — 39,586 36,679 76,265 7,627 39,769 44,123 83,892 25,461 1998 Dec-07 The Westerly 67,700 48,182 102,364 150,546 40,209 50,875 139,880 190,755 76,018 1993/2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 93,002 61,568 87,085 148,653 47,841 2008 Sep-07 LOS ANGELES, CA 67,700 151,833 156,492 308,325 145,978 161,019 293,284 454,303 164,965 Boronda Manor — 1,946 8,982 10,928 10,652 3,310 18,270 21,580 11,146 1979 Dec-98 Garden Court — 888 4,188 5,076 6,189 1,601 9,664 11,265 6,023 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 17,695 5,648 27,969 33,617 17,036 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 7,147 2,373 11,193 13,566 6,852 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 31,779 10,280 51,741 62,021 30,646 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 11,449 3,484 18,037 21,521 11,140 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 7,454 2,333 11,784 14,117 7,053 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 92,365 29,029 148,658 177,687 89,896 Verano at Rancho Cucamonga Town Square — 13,557 3,645 17,202 56,760 23,553 50,409 73,962 40,173 2006 Oct-02 Windemere at Sycamore Highland — 5,810 23,450 29,260 3,937 6,214 26,983 33,197 20,170 2001 Nov-02 OTHER SOUTHERN CA — 19,367 27,095 46,462 60,697 29,767 77,392 107,159 60,343 Tualatin Heights — 3,273 9,134 12,407 8,197 3,983 16,621 20,604 11,989 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,625 6,489 22,020 28,509 16,786 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 15,822 10,472 38,641 49,113 28,775 TOTAL WEST REGION 169,610 889,180 1,803,951 2,693,131 1,432,923 971,200 3,154,854 4,126,054 1,470,066 MID-ATLANTIC REGION Dominion Middle Ridge — 3,311 13,283 16,594 8,928 4,042 21,480 25,522 15,425 1990 Jun-96 Dominion Lake Ridge — 2,366 8,387 10,753 8,919 3,125 16,547 19,672 12,160 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 12,132 11,795 30,365 42,160 23,380 1938 May-02 The Whitmore — 6,418 13,411 19,829 23,341 7,529 35,641 43,170 27,450 1962/2008 Apr-02 Ridgewood — 5,612 20,086 25,698 10,764 6,256 30,206 36,462 23,273 1988 Aug-02 DelRay Tower — 297 12,786 13,083 115,383 9,587 118,879 128,466 32,915 2014 Jan-08 Waterside Towers — 13,001 49,657 62,658 28,272 49,907 41,023 90,930 26,761 1971 Dec-03 Wellington Place at Olde Town — 13,753 36,059 49,812 19,895 14,819 54,888 69,707 40,260 1987/2008 Sep-05 Andover House — 183 59,948 60,131 6,038 316 65,853 66,169 37,742 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 10,580 1,708 113,685 115,393 68,821 2007 Dec-07 Delancey at Shirlington — 21,606 66,765 88,371 4,620 21,713 71,278 92,991 41,618 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 4,823 5,780 102,694 108,474 43,653 2009 Jun-11 Signal Hill — 13,290 — 13,290 71,334 25,543 59,081 84,624 37,194 2010 Mar-07 Capitol View on 14th — 31,393 — 31,393 95,663 31,442 95,614 127,056 35,431 2013 Sep-07 Domain College Park — 7,300 — 7,300 59,421 7,460 59,261 66,721 19,360 2014 Jun-11 1200 East West — 9,748 68,022 77,770 2,734 9,880 70,624 80,504 12,693 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 3,931 28,067 115,491 143,558 24,125 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 2,962 15,820 110,247 126,067 19,818 2014 Oct-15 Arbor Park of Alexandria 85,479 50,881 159,728 210,609 2,824 51,197 162,236 213,433 33,731 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 9,008 14,728 92,811 107,539 19,955 2000 Oct-15 Newport Village 127,600 55,283 177,454 232,737 15,149 55,577 192,309 247,886 41,075 1968 Oct-15 METROPOLITAN, D.C. 213,079 310,539 1,209,244 1,519,783 516,721 376,291 1,660,213 2,036,504 636,840 Gayton Pointe Townhomes — 826 5,148 5,974 30,746 3,554 33,166 36,720 30,235 1973/2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 9,193 2,472 21,804 24,276 15,985 1987 Sep-97 Carriage Homes at Wyndham — 474 30,997 31,471 9,713 3,997 37,187 41,184 27,445 1998 Nov-03 Legacy at Mayland — 1,979 11,524 13,503 32,548 5,259 40,792 46,051 36,274 1973/2007 Dec-91 RICHMOND, VA — 5,123 60,908 66,031 82,200 15,282 132,949 148,231 109,939 Calvert's Walk — 4,408 24,692 29,100 8,606 4,973 32,733 37,706 23,955 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 9,638 12,334 54,644 66,978 32,912 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 2,040 4,784 42,555 47,339 20,177 2009 Aug-10 BALTIMORE, MD — 20,827 110,912 131,739 20,284 22,091 129,932 152,023 77,044 TOTAL MID-ATLANTIC REGION 213,079 336,489 1,381,064 1,717,553 619,205 413,664 1,923,094 2,336,758 823,823 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 15,597 41,764 234,248 276,012 90,792 2005 Apr-11 21 Chelsea — 36,399 107,154 143,553 14,312 36,522 121,343 157,865 49,240 2001 Aug-11 View 34 — 114,410 324,920 439,330 107,401 115,083 431,648 546,731 179,020 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 9,794 58,031 275,655 333,686 122,770 2008 Aug-11 NEW YORK, NY — 249,878 917,312 1,167,190 147,104 251,400 1,062,894 1,314,294 441,822 Garrison Square — 5,591 91,027 96,618 10,200 5,775 101,043 106,818 47,908 1887/1990 Sep-10 Ridge at Blue Hills 25,000 6,039 34,869 40,908 3,878 6,363 38,423 44,786 18,350 2007 Sep-10 Inwood West 80,000 20,778 88,096 108,874 11,100 19,607 100,367 119,974 45,446 2006 Apr-11 14 North — 10,961 51,175 62,136 10,746 11,331 61,551 72,882 29,311 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 201,721 24,688 201,617 226,305 40,301 2015 Dec-15 345 Harrison — 32,938 — 32,938 320,927 44,889 308,976 353,865 7,980 2018 Nov-11 BOSTON, MA 105,000 100,891 265,167 366,058 558,572 112,653 811,977 924,630 189,296 TOTAL NORTHEAST REGION 105,000 350,769 1,182,479 1,533,248 705,676 364,053 1,874,871 2,238,924 631,118 SOUTHEAST REGION Seabrook — 1,846 4,155 6,001 9,659 2,977 12,683 15,660 10,891 1984/2004 Feb-96 Altamira Place — 1,533 11,076 12,609 21,993 3,879 30,723 34,602 28,109 1984/2007 Apr-94 Regatta Shore — 757 6,608 7,365 17,515 2,235 22,645 24,880 19,641 1988/2007 Jun-94 Alafaya Woods — 1,653 9,042 10,695 11,258 2,735 19,218 21,953 15,417 1989/2006 Oct-94 Los Altos — 2,804 12,349 15,153 13,251 4,632 23,772 28,404 18,310 1990/2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 11,448 3,006 19,266 22,272 14,310 1985/2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 8,165 1,819 14,126 15,945 10,703 1986/2004 Oct-97 Ashton Waterford — 3,872 17,538 21,410 6,044 4,411 23,043 27,454 15,807 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 15,000 7,653 26,899 34,552 21,284 1992/2007 Aug-06 ORLANDO, FL — 22,624 88,765 111,389 114,333 33,347 192,375 225,722 154,472 Summit West — 2,176 4,710 6,886 11,204 3,664 14,426 18,090 12,677 1972 Dec-92 The Breyley — 1,780 2,458 4,238 18,397 3,742 18,893 22,635 18,639 1977/2007 Sep-93 Lakewood Place — 1,395 10,647 12,042 12,198 3,009 21,231 24,240 16,930 1986 Mar-94 Cambridge Woods — 1,791 7,166 8,957 11,674 3,401 17,230 20,631 13,378 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 18,288 10,294 38,846 49,140 31,488 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 10,042 11,836 45,933 57,769 33,490 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 19,970 15,421 48,823 64,244 31,560 2009 Jul-09 TAMPA, FL — 32,324 122,652 154,976 101,773 51,367 205,382 256,749 158,162 Legacy Hill — 1,148 5,867 7,015 10,278 1,890 15,403 17,293 12,627 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 11,372 2,465 21,960 24,425 16,052 1989 Dec-95 Carrington Hills — 2,117 — 2,117 37,947 4,753 35,311 40,064 25,412 1999 Dec-95 Brookridge — 708 5,461 6,169 6,920 1,477 11,612 13,089 8,555 1986 Mar-96 Breckenridge — 766 7,714 8,480 6,359 1,484 13,355 14,839 9,644 1986 Mar-97 Colonnade — 1,460 16,015 17,475 8,022 2,109 23,388 25,497 15,205 1998 Jan-99 The Preserve at Brentwood — 3,182 24,674 27,856 9,673 3,853 33,676 37,529 24,873 1998 Jun-04 Polo Park — 4,583 16,293 20,876 17,752 5,958 32,670 38,628 26,083 1987/2008 May-06 NASHVILLE, TN — 15,433 87,608 103,041 108,323 23,989 187,375 211,364 138,451 The Reserve and Park at Riverbridge — 15,968 56,401 72,369 13,106 16,787 68,688 85,475 47,623 1999/2001 Dec-04 OTHER FLORIDA — 15,968 56,401 72,369 13,106 16,787 68,688 85,475 47,623 TOTAL SOUTHEAST REGION — 86,349 355,426 441,775 337,535 125,490 653,820 779,310 498,708 SOUTHWEST REGION Thirty377 25,000 24,036 32,951 56,987 19,849 26,184 50,652 76,836 30,721 1999/2007 Aug-06 Legacy Village 90,000 16,882 100,102 116,984 19,602 20,652 115,934 136,586 70,195 2005/06/07 Mar-08 Addison Apts at The Park — 22,041 11,228 33,269 9,723 30,790 12,202 42,992 9,782 1977/78/79 May-07 Addison Apts at The Park II — 7,903 554 8,457 3,490 8,415 3,532 11,947 2,359 1970 May-07 Addison Apts at The Park I — 10,440 634 11,074 3,916 11,024 3,966 14,990 2,912 1975 May-07 DALLAS, TX 115,000 81,302 145,469 226,771 56,580 97,065 186,286 283,351 115,969 Barton Creek Landing — 3,151 14,269 17,420 23,987 5,279 36,128 41,407 28,115 1986/2012 Mar-02 Residences at the Domain — 4,034 55,256 59,290 13,497 4,515 68,272 72,787 38,447 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 3,519 5,512 20,737 26,249 10,112 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 2,542 4,507 19,052 23,559 9,001 2002 Apr-12 AUSTIN, TX — 16,417 104,040 120,457 43,545 19,813 144,189 164,002 85,675 Steele Creek — 8,586 130,400 138,986 2,932 8,604 133,314 141,918 9,204 2015 Oct-17 DENVER, CO — 8,586 130,400 138,986 2,932 8,604 133,314 141,918 9,204 TOTAL SOUTHWEST REGION 115,000 106,305 379,909 486,214 103,057 125,482 463,789 589,271 210,848 TOTAL OPERATING COMMUNITIES 602,689 1,769,092 5,102,829 6,871,921 3,198,396 1,999,889 8,070,428 10,070,317 3,634,563 LAND 7 Harcourt — 884 — 884 5,858 804 5,938 6,742 268 Vitruvian Park® — 4,325 — 4,325 9,322 11,373 2,274 13,647 2,370 Wilshire at LaJolla 31,105 — 31,105 97 31,202 — 31,202 — Dublin Land — 8,922 — 8,922 7,221 8,922 7,221 16,143 — TOTAL LAND — 45,236 — 45,236 22,498 52,301 15,433 67,734 2,638 COMMERCIAL Brookhaven Shopping Center — — — — 28,604 7,798 20,806 28,604 14,052 TOTAL COMMERCIAL — — — — 28,604 7,798 20,806 28,604 14,052 Other (b) — — — — 4,604 — 4,604 4,604 — 1745 Shea Center I — 3,034 20,534 23,568 1,332 3,035 21,865 24,900 2,907 TOTAL CORPORATE — 3,034 20,534 23,568 5,936 3,035 26,469 29,504 2,907 TOTAL COMMERCIAL & CORPORATE — 3,034 20,534 23,568 34,540 10,833 47,275 58,108 16,959 Deferred Financing Costs (1,462) TOTAL REAL ESTATE OWNED $ 601,227 $ 1,817,362 $ 5,123,363 $ 6,940,725 $ 3,255,434 $ 2,063,023 $ 8,133,136 $ 10,196,159 $ 3,654,160 (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. 2018 2017 2016 Balance at beginning of the year $ 10,177,206 $ 9,615,753 $ 9,190,276 Real estate acquired — 235,993 324,104 Capital expenditures and development 214,898 369,029 339,813 Real estate sold (195,945) (43,569) (238,440) Balance at end of the year $ 10,196,159 $ 10,177,206 $ 9,615,753 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2018 2017 2016 Balance at beginning of the year $ 3,330,166 $ 2,923,625 $ 2,646,874 Depreciation expense for the year 426,006 424,772 398,904 Accumulated depreciation on sales (102,012) (18,231) (122,153) Balance at end of year $ 3,654,160 $ 3,330,166 $ 2,923,625

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
SIGNIFICANT ACCOUNTING POLICIES
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to update and simplify disclosure requirements as well as eliminate outdated, superseded and/or redundant requirements with United States generally accepted accounting principles, or GAAP, (“SEC Simplification”). The amendments are effective for all SEC filings made on or after November 5, 2018. As a result of the amendments, the Company will no longer provide ratios of earnings to fixed charges in our exhibits to our annual and quarterly filings with the SEC. Additionally, the amendments removed certain SEC guidance that conflicted with GAAP guidance, under which the Company previously followed SEC guidance and recorded Gain/(loss) on the sale of real estate owned, net of tax , after Operating income . The Company has reclassified Gain/(loss) on the sale of real estate owned within Operating income, with any income tax impact recorded within Tax (provision)/benefit, net per GAAP for all periods presented. Additionally, as a result of the SEC Simplification, for the year ended December 31, 2016, the following retrospective changes were made to the Consolidated Statement of Operations: Gain/(loss) on the sale of real estate owned, net of tax – as previously reported $ 210,851 Tax impact of sales of real estate owned 15,348 Gain/(loss) on the sale of real estate owned – as reported herein $ 226,199 Tax (provision)/benefit, net – as previously reported $ 3,774 Tax impact of sales of real estate owned (15,348) Tax (provision)/benefit, net – as reported herein $ (11,574) Other than as presented above, no retrospective changes were required for the year ended December 31, 2017. 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 aimed to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard would have been 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 early adopted the guidance on January 1, 2018; however, the updated standard did not have a material impact on the consolidated financial statements. Related disclosures were 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 changed 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 was effective for the Company on January 1, 2018. The ASU was 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 addressed the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard was effective for the Company on January 1, 2018, and was applied retrospectively to all periods presented. The updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. As a result of the adoption of ASU 2016-18, for the years ended December 31, 2017 and 2016, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Year ended December 31, 2017 2016 (Increase)/decrease in operating assets $ $ Net cash provided by /(used in) operating activities $ $ Proceeds from sales of real estate investments, net $ - $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement Net cash provided by /(used in) investing activities $ $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ $ 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. In November 2016, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The Company 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 on their balance sheets. Lessees of operating leases 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. The standard became effective for the Company on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. The Company intends to elect the following package of practical expedients provided by the standard which includes: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also plans to elect the short-term lease exception provided for in the standard and therefore will only recognize right-of-use assets and lease liabilities for leases with a term greater than one year. The Company anticipates recognizing right-of-use assets and related lease liabilities between $ 85.0 million and $150.0 million on our consolidated opening balance sheets as of January 1, 2019 upon adoption of the standard. Our anticipated range of right-of-use assets and related lease liabilities to be recognized as disclosed above may change as a result of updates to the projected future minimum lease payments. The lease liabilities represent the present value of the remaining minimum lease payments related to ground leases for communities where we are the lessee. The right-of-use assets represent the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. The Company plans to continue recognizing lease expense for these leases in a manner similar to current accounting upon adoption of the standard based on our election of the package of practical expedients. However, in the event we modify existing ground leases and/or enter into new ground leases subsequent to the adoption of the standard, such leases would likely be classified as finance leases under the standard and require expense recognition based on the effective interest method. Under the standard, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, subsequent to the adoption of the standard, we will expense internal leasing costs as incurred. In July 2018, the FASB issued ASU No. 2018-11, Leases – Targeted Improvements , which provides entities with relief from the costs of implementing certain aspects of ASU No. 2016-02, Leases . The ASU provides a practical expedient which allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company intends to elect the practical expedient to account for lease and non-lease components as a single component in lease contracts where we are the lessor. The ASU also provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. The Company also intends to elect the transition option. 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 required certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard was 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 elected the measurement alternative under which the investment is 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. During the year ended December 31, 2018, the Company recorded gains of $2.1 million, in Interest income and other income/(expense), net on the Consolidated Statements of Operations as a result of measuring the investment using this measurement alternative. The Company does not view the impact, as a result of the adoption of the updated standard, to be material to the consolidated financial statements. Disclosures were updated pursuant to the requirements of the ASU. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . ASU No. 2014-09 amended the FASB Accounting Standards Codification (“ASC”) by creating ASC Topic 606, Revenue from Contracts with Customers . The standard provided companies with a single model for use in accounting for revenue arising from contracts with customers and replaced most existing revenue recognition guidance in U.S. GAAP, including industry-specific revenue guidance. The standard specifically excluded lease contracts. The ASU allowed for the use of either the full or modified retrospective transition method. ASC Topic 606 was effective for the Company on January 1, 2018, at which time the Company adopted it using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the ASU did not have a material impact on the consolidated financial statements. Related disclosures have been 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 capitalized as incurred if the acquisition does not meet the definition of a business. 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, 2018, 2017, and 2016 were $7.5 million, $8.8 million and $ 7.9 million, respectively. During the years ended December 31, 2018, 2017, and 2016, total interest capitalized was $10.6 million, $18.6 million, and $ 16.5 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	Revenue On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of retained earnings is made to recognize any required adjustments. As a result of the adoption, the Company did not make an adjustment to retained earnings because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Company has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Company to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned. Joint venture management and other fees The Joint venture management and other fees revenue consists of management fees charged to our equity method joint ventures per the terms of contractual agreements and other fees. Joint venture fee revenue is recognized monthly as the management services are provided and the fees are earned or upon a transaction whereby the Company earns a fee.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed.
Disaggregation of Revenue	Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) . Joint venture management and other fees are not included in the tables as they are not allocable to a specific reportable segment or segments. December 31, (a) 2018 2017 2016 Lease Revenue (b) Same-Store Communities West Region $ 371,366 $ 355,904 $ 328,693 Mid-Atlantic Region 204,733 199,207 194,367 Northeast Region 148,057 146,105 142,249 Southeast Region 109,190 104,106 99,451 Southwest Region 39,567 38,978 37,529 Non-Mature Communities/Other 82,986 65,474 75,478 Total segment and consolidated lease revenue $ 955,899 $ 909,774 $ 877,767 Reimbursements Revenue Same-Store Communities West Region $ 17,159 $ 16,377 $ 14,797 Mid-Atlantic Region 9,084 8,715 8,123 Northeast Region 2,721 2,775 2,434 Southeast Region 6,821 6,509 6,413 Southwest Region 2,197 2,098 1,930 Non-Mature Communities/Other 8,768 7,781 7,859 Total segment and consolidated reimbursements revenue $ 46,750 $ 44,255 $ 41,556 Other Revenue Same-Store Communities West Region $ 10,789 $ 10,728 $ 9,831 Mid-Atlantic Region 6,633 6,235 5,733 Northeast Region 3,241 2,856 2,890 Southeast Region 6,223 5,852 5,454 Southwest Region 1,945 1,916 1,814 Non-Mature Communities/Other 3,625 2,693 3,416 Total segment and consolidated other revenue $ 32,456 $ 30,280 $ 29,138 Total Revenue Same-Store Communities West Region $ 399,314 $ 383,009 $ 353,321 Mid-Atlantic Region 220,450 214,157 208,223 Northeast Region 154,019 151,736 147,573 Southeast Region 122,234 116,467 111,318 Southwest Region 43,709 42,992 41,273 Non-Mature Communities/Other 95,379 75,948 86,753 Total segment and consolidated total revenue $ 1,035,105 $ 984,309 $ 948,461 (a) Same-Store Community population consisted of 37,673 apartment homes. Same-Store Community is defined in Note 15, Reportable Segments . (b) Lease Revenue is subject to recognition under ASC 840, Leases .
Notes Receivable	Notes Receivable The following table summarizes our Notes receivable, net as of December 31, 2018 and 2017 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2018 2018 2017 Note due March 2019 (a) 12.00 % $ 20,000 $ — Note due February 2020 (b) 10.00 % 14,659 13,669 Note due October 2020 (c) 8.00 % 2,000 2,000 Note due August 2022 (d) 10.00 % 5,600 3,800 Total notes receivable, net $ 42,259 $ 19,469 (a) In March 2018, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. Interest payments are due when the loan matures. The note matures in March 2019 and is secured by a parcel of land. (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $14.7 million has been funded, including $1.0 million during the year ended December 31, 2018. 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). (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 has been funded. 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 $5.6 million has been funded, including $1.8 million during the year ended December 31, 2018. 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 January 2019, the $5.6 million note was repaid in full along with contractual accrued interest of $0.2 million and $8.5 million of promoted interest in conjunction with the unaffiliated third party being acquired. During the years ended December 31, 2018, 2017, and 2016, the Company recognized $4.1 million, $1.8 million and $ 1.8 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	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, 2018, 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 and DownREIT 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, 2018 and 2017, UDR’s net deferred tax asset/(liability) was less than $(0.1) million and $0.1 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, 2018. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2015 through 2017 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. As of December 31, 2017, management of the Company had completed its review of the effects of the Tax Cuts and Jobs Act, under which it 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.
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 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, 2018, 2017, and 2016, total advertising expense was $6.7 million, $6.2 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, 2018, 2017, and 2016, 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, 2018, 2017, and 2016 was $0.2 million, $0.3 million, and $0.1 million, respectively.
Use of Estimates	Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.
Market Concentration Risk	Market Concentration Risk The 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, 2018, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California, San Francisco, California; Metropolitan D.C. and New York, New York markets.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
New accounting pronouncements
Schedule of SEC Simplification	Gain/(loss) on the sale of real estate owned, net of tax – as previously reported $ 210,851 Tax impact of sales of real estate owned 15,348 Gain/(loss) on the sale of real estate owned – as reported herein $ 226,199 Tax (provision)/benefit, net – as previously reported $ 3,774 Tax impact of sales of real estate owned (15,348) Tax (provision)/benefit, net – as reported herein $ (11,574)
Schedule of disaggregation of revenue	Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) . Joint venture management and other fees are not included in the tables as they are not allocable to a specific reportable segment or segments. December 31, (a) 2018 2017 2016 Lease Revenue (b) Same-Store Communities West Region $ 371,366 $ 355,904 $ 328,693 Mid-Atlantic Region 204,733 199,207 194,367 Northeast Region 148,057 146,105 142,249 Southeast Region 109,190 104,106 99,451 Southwest Region 39,567 38,978 37,529 Non-Mature Communities/Other 82,986 65,474 75,478 Total segment and consolidated lease revenue $ 955,899 $ 909,774 $ 877,767 Reimbursements Revenue Same-Store Communities West Region $ 17,159 $ 16,377 $ 14,797 Mid-Atlantic Region 9,084 8,715 8,123 Northeast Region 2,721 2,775 2,434 Southeast Region 6,821 6,509 6,413 Southwest Region 2,197 2,098 1,930 Non-Mature Communities/Other 8,768 7,781 7,859 Total segment and consolidated reimbursements revenue $ 46,750 $ 44,255 $ 41,556 Other Revenue Same-Store Communities West Region $ 10,789 $ 10,728 $ 9,831 Mid-Atlantic Region 6,633 6,235 5,733 Northeast Region 3,241 2,856 2,890 Southeast Region 6,223 5,852 5,454 Southwest Region 1,945 1,916 1,814 Non-Mature Communities/Other 3,625 2,693 3,416 Total segment and consolidated other revenue $ 32,456 $ 30,280 $ 29,138 Total Revenue Same-Store Communities West Region $ 399,314 $ 383,009 $ 353,321 Mid-Atlantic Region 220,450 214,157 208,223 Northeast Region 154,019 151,736 147,573 Southeast Region 122,234 116,467 111,318 Southwest Region 43,709 42,992 41,273 Non-Mature Communities/Other 95,379 75,948 86,753 Total segment and consolidated total revenue $ 1,035,105 $ 984,309 $ 948,461 (a) Same-Store Community population consisted of 37,673 apartment homes. Same-Store Community is defined in Note 15, Reportable Segments . Lease Revenue is subject to recognition under ASC 840, Leases .
Summary of notes receivable, net	The following table summarizes our Notes receivable, net as of December 31, 2018 and 2017 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2018 2018 2017 Note due March 2019 (a) 12.00 % $ 20,000 $ — Note due February 2020 (b) 10.00 % 14,659 13,669 Note due October 2020 (c) 8.00 % 2,000 2,000 Note due August 2022 (d) 10.00 % 5,600 3,800 Total notes receivable, net $ 42,259 $ 19,469 (a) In March 2018, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. Interest payments are due when the loan matures. The note matures in March 2019 and is secured by a parcel of land. (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $14.7 million has been funded, including $1.0 million during the year ended December 31, 2018. 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). (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 has been funded. 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 $5.6 million has been funded, including $1.8 million during the year ended December 31, 2018. 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.
Adjustment | ASU 2016-18
New accounting pronouncements
Schedule of reclassification on the Consolidated Statements of Cash Flows	As a result of the adoption of ASU 2016-18, for the years ended December 31, 2017 and 2016, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Year ended December 31, 2017 2016 (Increase)/decrease in operating assets $ $ Net cash provided by /(used in) operating activities $ $ Proceeds from sales of real estate investments, net $ - $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement Net cash provided by /(used in) investing activities $ $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ $

REAL ESTATE OWNED (Tables)

REAL ESTATE OWNED (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Land $ 1,849,799 $ 1,780,229 Depreciable property — held and used: Land improvements 213,224 189,919 Building, improvements, and furniture, fixtures and equipment 8,133,136 7,614,568 Under development: Land and land improvements — 109,468 Building, improvements, and furniture, fixtures and equipment — 483,022 Real estate owned 10,196,159 10,177,206 Accumulated depreciation (3,654,160) (3,330,166) Real estate owned, net $ 6,541,999 $ 6,847,040

JOINT VENTURES AND PARTNERSHI_2

JOINT VENTURES AND PARTNERSHIPS (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 (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 2018 2018 2018 2017 2018 2017 Operating and development: UDR/MetLife I Los Angeles, CA 1 operating community 150 $ 30,839 $ 34,653 50.0 % 50.0 % UDR/MetLife II Various 18 operating communities 4,059 296,807 303,702 50.0 % 50.0 % Other UDR/MetLife Various 5 operating communities 1,437 115,668 135,563 50.6 % 50.6 % Joint Ventures UDR/MetLife Vitruvian Park ® Addison, TX 4 operating communities; 1,513 71,730 78,404 50.0 % 50.0 % 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 5,507 8,958 30.0 % 30.0 % West Coast Development Joint Ventures (c) Los Angeles, CA 1 operating community 293 36,143 37,916 47.0 % 47.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 556,694 $ 599,196 Investment at Income from investments Years To UDR December 31, December 31, Year Ended December 31, Developer Capital Program (a) Location Rate Maturity Commitment (b) 2018 2017 2018 2017 2016 Preferred equity investments: West Coast Development Joint Ventures (c) Various 6.5 % N/A $ — $ 65,417 $ 64,226 $ 865 $ 23,230 $ 2,350 1532 Harrison (d) San Francisco, CA 11.0 % 3.5 24,645 24,986 11,346 2,228 511 — 1200 Broadway (e) Nashville, TN 8.0 % 3.8 55,558 58,982 18,011 2,970 370 — Junction (f) Santa Monica, CA 12.0 % 3.6 8,800 9,211 — 406 — — 1300 Fairmount (g) Philadelphia, PA 9.0 % 4.6 51,393 8,318 — 159 — — Essex (h) Orlando, FL 12.5 % 4.7 12,886 9,940 — 258 — — Other investments: The Portals (i) Washington, D.C. 11.0 % 2.4 38,559 43,167 26,535 3,692 839 — Other investment ventures N/A N/A N/A $ 18,000 4,154 1,516 $ (267) $ (30) $ — Total Developer Capital Program 224,175 121,634 Total investment in and advances to unconsolidated joint ventures, net $ 780,869 $ 720,830 (a) The Developer Capital Program is the 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 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. (b) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (c) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and paid $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, California 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 commencing one year after completion. The unaffiliated joint venture partner is providing certain guaranties. 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. During 2017, the joint venture sold two of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million and a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. During the year ended December 31, 2018, the fixed-price option to acquire one of the two remaining communities held by the West Coast Development Joint Ventures (as defined below) expired. The community achieved stabilization during 2017, at which time the Company and its joint venture partner began allocating income and expenses based on their ownership percentages. The Company and its joint venture partner plan to continue operating the community. As of December 31, 2018, construction was completed on the remaining community subject to the fixed-price acquisition option. During the year ended December 31, 2018, the community achieved stabilization, at which time the Company and its joint venture partner began allocating income and expenses based on their ownership percentages. In January 2019, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in the 386 home operating community in Anaheim, California, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $33.5 million. As a result, in January 2019, the Company consolidated the operating community and it will no longer be accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Esate Owned ). In connection with the purchase, the construction loan on the community was paid in full. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and paid $15.5 million for a 49% ownership interest in a 155 home community in Seattle, Washington, for which construction was complete as of December 31, 2018, and $16.1 million for a 49% ownership interest in a 276 home community in Hillsboro, Oregon, for which construction was complete as of December 31, 2018 (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). 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. During the year ended December 31, 2018, the community in Seattle, Washington achieved stabilization, at which time the Company and its joint venture partner began allocating income and expenses based on their ownership percentages. 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. In January 2019, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in one of the two communities, a 155 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $20.0 million. As a result, in January 2019, the Company consolidated the operating community and it will no longer be accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Esate Owned ). In connection with the purchase, the construction loan on the community was paid in full. The Company’s recorded equity investment in the West Coast Development Joint Ventures at December 31, 2018 and 2017 of $ 101.6 million and $1 02.1 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (d) 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. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (e) 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. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (f) In August 2018, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 66 apartment home community in Santa Monica, CA. The Company’s preferred equity investment of $8.8 million earns a preferred return of 12.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (g) In August 2018, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 471 apartment home community in Philadelphia, PA. The Company’s preferred equity investment of up to $51.4 million earns a preferred return of 9.0% 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. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (h) In September 2018, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 330 apartment home community in Orlando, FL. The Company’s preferred equity investment of up to $12.9 million earns a preferred return of 12.5% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (i) 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 commitment to the joint venture is approximately $38.6 million and earns a weighted average return of approximately 11.0% per annum. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting.
Combined summary of balance sheets and income statement relating to unconsolidated joint ventures and partnerships	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, 2018, 2017, and 2016 ( dollars in thousands): UDR/ Other MetLife West Coast As of and For the UDR/ UDR/ UDR/MetLife Vitruvian Development Year Ended December 31, 2018 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ 3,187 $ 158,738 $ 61,967 $ 26,096 $ 20,703 $ 16,392 $ 287,083 Property operating expenses 3,066 56,403 21,998 13,732 8,318 8,830 112,347 Real estate depreciation and amortization 3,392 44,721 35,437 9,495 14,487 7,679 115,211 Operating income/(loss) (3,271) 57,614 4,532 2,869 (2,102) (117) 59,525 Interest expense (1,872) (49,118) (17,408) (6,051) (6,739) (6,175) (87,363) Other income/(loss) — — — — — 148 148 Net income/(loss) $ (5,143) $ 8,496 $ (12,876) $ (3,182) $ (8,841) $ (6,144) $ (27,690) Condensed Balance Sheets: Total real estate, net $ 124,112 $ 1,609,903 $ 653,729 $ 315,541 $ 182,970 $ 281,729 $ 3,167,984 Cash and cash equivalents 698 11,192 8,242 8,865 1,794 8,614 39,405 Other assets 1,074 18,670 4,904 2,241 1,320 1,610 29,819 Total assets 125,884 1,639,765 666,875 326,647 186,084 291,953 3,237,208 Third party debt, net 70,833 1,089,231 454,647 162,131 165,699 171,879 2,114,420 Accounts payable and accrued liabilities 1,935 21,258 9,753 14,968 1,860 9,943 59,717 Total liabilities 72,768 1,110,489 464,400 177,099 167,559 181,822 2,174,137 Total equity $ 53,116 $ 529,276 $ 202,475 $ 149,548 $ 18,525 $ 110,131 $ 1,063,071 UDR/ Other MetLife West Coast As of and For the UDR/ UDR/ UDR/MetLife 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 Gain/(loss) on the sale of real estate (17) (609) — — — 72,216 71,590 Operating income/(loss) (110) 58,717 (6,501) 4,017 (2,312) 74,121 127,932 Interest expense — (50,603) (13,894) (5,030) (5,264) (4,038) (78,829) 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 15,037 4,290 1,972 905 979 23,185 Total assets 109,474 1,668,322 700,378 309,004 197,359 257,545 3,242,082 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 12,700 19,477 15,003 16,931 1,745 17,389 83,245 Total liabilities 43,255 1,127,633 458,150 148,212 167,546 144,015 2,088,811 Total equity $ 66,219 $ 540,689 $ 242,228 $ 160,792 $ 29,813 $ 113,530 $ 1,153,271
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	UDR/ Other MetLife West Coast For the UDR/ UDR/ UDR/MetLife 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

SECURED AND UNSECURED DEBT, N_2

SECURED AND UNSECURED DEBT, NET (Tables)	12 Months Ended
	Dec. 31, 2018
Unsecured Debt
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at December 31, 2018 and 2017 ( dollars in thousands): Principal Outstanding As of December 31, 2018 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2018 2017 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 417,989 $ 395,611 3.82 % 5.9 7 Fannie Mae credit facilities (b) 90,000 285,836 3.95 % 1.5 1 Deferred financing costs (1,343) (1,670) Total fixed rate secured debt, net 506,646 679,777 3.85 % 5.1 8 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 2.33 % 4.2 2 Fannie Mae credit facilities (b) — 29,034 — % — — Deferred financing costs (119) (242) Total variable rate secured debt, net 94,581 123,492 2.33 % 4.2 2 Total Secured Debt, net 601,227 803,269 3.61 % 5.0 10 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2023 (d) (j) — — — % 4.1 Borrowings outstanding under unsecured commercial paper program due January 2019 (e) (j) 101,115 300,000 2.90 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2021 (f) 16 21,767 3.33 % 2.0 Term Loan due September 2023 (d) (j) 35,000 35,000 3.25 % 4.8 Fixed Rate Debt 3.70% Medium-Term Notes due October 2020 (net of discounts of $14 and $22, respectively) (j) 299,986 299,978 3.70 % 1.8 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,087 and $1,446, respectively) (j) 398,913 398,554 4.63 % 3.0 1.93% Term Loan due September 2023 (d) (j) 315,000 315,000 1.93 % 4.8 3.75% Medium-Term Notes due July 2024 (net of discounts of $574 and $678, respectively) (g) (j) 299,426 299,322 3.75 % 5.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 5.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $465 and $534, respectively) (h) (j) 299,535 299,466 4.00 % 6.8 2.95% Medium-Term Notes due September 2026 (j) 300,000 300,000 2.95 % 7.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $600 and $670, respectively) (j) 299,400 299,330 3.50 % 8.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,072 and $1,191, respectively) (j) 298,928 298,809 3.50 % 9.0 4.40% Medium-Term Notes due January 2029 (net of discounts of $6 and $0, respectively) (i) (j) 299,994 — 4.40 % 10.1 Other 16 19 Deferred financing costs (16,413) (14,495) Total Unsecured Debt, net 2,946,560 2,868,394 3.65 % 6.0 Total Debt, net $ 3,547,787 $ 3,671,663 3.72 % 5.8
Secured credit facilities	Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2018 2017 Borrowings outstanding $ 90,000 $ 314,870 Weighted average borrowings during the period ended 253,813 416,653 Maximum daily borrowings during the period ended 314,869 636,782 Weighted average interest rate during the period ended 4.7 % 4.3 % Weighted average interest rate at the end of the period 4.0 % 4.7 %
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt	The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2018 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2019 $ 3,822 $ 67,700 $ 71,522 $ 101,115 $ 172,637 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 16 1,133 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 350,000 391,245 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 2028 80,000 — 80,000 300,000 380,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 503,017 94,700 597,717 2,966,775 3,564,492 Non-cash (a) 3,629 (119) 3,510 (20,215) (16,705) Total $ 506,646 $ 94,581 $ 601,227 $ 2,946,560 $ 3,547,787 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2018 and 2017, the Company amortized $4.2 million and $ 4.3 million, respectively, of deferred financing costs into Interest expense .
Commercial Paper
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Total unsecured commercial paper program $ 500,000 $ 500,000 Borrowings outstanding at end of period 101,115 300,000 Weighted average daily borrowings during the period ended 344,235 238,810 Maximum daily borrowings during the period ended 440,000 390,000 Weighted average interest rate during the period ended 2.4 % 1.4 % Interest rate at end of the period 2.9 % 2.0 %
Revolving Credit Facility
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 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 Maximum daily borrowings during the period ended — 120,000 Weighted average interest rate during the period ended — % 1.6 % Interest rate at end of the period — % — % (1) Excludes $3.3 million and $3.3 million of letters of credit at December 31, 2018 and 2017, respectively.
Unsecured Working Capital Credit Facility due January 2019
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 16 21,767 Weighted average daily borrowings during the period ended 26,101 26,993 Maximum daily borrowings during the period ended 64,633 68,207 Weighted average interest rate during the period ended 2.9 % 2.0 % Interest rate at end of the period 3.3 % 2.5 %

INCOME_(LOSS) PER SHARE (Tables

INCOME/(LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
INCOME/(LOSS) PER SHARE
Computation of basic and diluted 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, 2018 2017 2016 Numerator for income/(loss) per share: Net income/(loss) $ 221,542 $ 132,655 $ 320,380 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (18,215) (10,933) (27,282) Net (income)/loss attributable to noncontrolling interests (221) (164) (380) Net income/(loss) attributable to UDR, Inc. 203,106 121,558 292,718 Distributions to preferred stockholders — Series E (Convertible) (3,868) (3,708) (3,717) Income/(loss) attributable to common stockholders - basic and diluted $ 199,238 $ 117,850 $ 289,001 Denominator for income/(loss) per share: Weighted average common shares outstanding 268,513 267,567 266,211 Non-vested restricted stock awards (334) (543) (825) Denominator for basic income/(loss) per share 268,179 267,024 265,386 Incremental shares issuable from assumed conversion of stock options, unvested LTIP Units and unvested restricted stock 1,304 1,806 1,925 Denominator for diluted income/(loss) per share 269,483 268,830 267,311 Income/(loss) per weighted average common share: Basic $ 0.74 $ 0.44 $ 1.09 Diluted $ 0.74 $ 0.44 $ 1.08
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, 2018, 2017, and 2016 (shares in thousands) : Year Ended December 31, 2018 2017 2016 OP/DownREIT Units 24,548 24,821 25,130 Convertible preferred stock 3,011 3,021 3,028 Stock options, unvested LTIP Units and unvested restricted stock 1,304 1,806 1,925

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018, 2017 and 2016 Common Preferred Stock Stock Series E Series F 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 Issuance/(forfeiture) of common and restricted shares, net 47,432 — — Issuance of common shares upon exercise of stock options 771,715 — — Issuance of common shares through public offering 7,150,000 — — Repurchase of common shares (593,373) — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 11,011 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 337,046 — — Forfeiture of Series F shares — — (50,328) Balance at December 31, 2018 275,545,900 2,780,994 15,802,393

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 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, 2017 1,830,672 $ 10.06 1,830,672 $ 10.06 512,516 $ 36.82 Granted — — — — 212,358 34.16 Exercised (1,830,672) 10.06 (1,830,672) 10.06 — — Vested — — — — (409,839) 32.57 Forfeited — — — — (8,208) 36.75 Balance, December 31, 2018 — $ — — $ — 306,827 $ 36.58

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018, 2017 and 2016 ( unaudited ): Year Ended December 31, 2018 2017 2016 Ordinary income $ 0.774 $ 1.018 $ 0.708 Qualified ordinary income 0.006 0.011 — Long-term capital gain 0.058 0.133 0.309 Unrecaptured section 1250 gain 0.233 0.063 0.145 Nondividend distributions 0.207 — — Total $ 1.278 $ 1.225 $ 1.162
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, 2018, 2017, and 2016 (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Income tax (benefit)/provision Current Federal $ 220 $ (1,205) $ 69 State 396 407 372 Total current 616 (798) 441 Deferred Federal 66 568 9,814 State 6 (10) 1,319 Total deferred 72 558 11,133 Total income tax (benefit)/provision $ 688 $ (240) $ 11,574 Classification of income tax (benefit)/provision: Continuing operations $ 688 $ (240) $ 11,574
Schedule of SEC simplification - Income tax impact	As a result of the SEC Simplification, for the year ended December 31, 2016, the following retrospective changes were made (dollars in thousands) : Gain/(loss) on the sale of real estate owned, net of tax – as previously reported $ 15,348 Tax impact of sales of real estate owned (15,348) Gain/(loss) on the sale of real estate owned – as reported herein $ — Continuing operations – as previously reported $ (3,774) Tax impact of sales of real estate owned 15,348 Continuing operations – as reported herein $ 11,574
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, 2018, 2017, and 2016 (dollars in thousands): Year Ended December 31, 2018 2017 2016 Deferred tax assets: Federal and state tax attributes $ 28 $ 8 $ 536 Other 70 139 190 Total deferred tax assets 98 147 726 Valuation allowance (16) (9) (6) Net deferred tax assets 82 138 720 Deferred tax liabilities: Other (84) (67) (92) Total deferred tax liabilities (84) (67) (92) Net deferred tax asset $ (2) $ 71 $ 628
Schedule of effective income tax rate reconciliation	Income tax provision/(benefit), net from our TRS differed from the amounts computed by applying the U.S. statutory rate of 21% to pretax income/(loss) for the year ended December 31, 2018, and 35% for the years ended December 31, 2017, and 2016 as follows (dollars in thousands): Year Ended December 31, 2018 2017 2016 Income tax provision/(benefit) U.S. federal income tax provision/(benefit) $ 321 $ 581 $ 12,577 State income tax provision 527 493 1,370 Other items (167) (188) 134 New tax law benefit — (1,129) — Conversion of certain TRS entities to REITs — — (2,436) Valuation allowance 7 3 (71) Total income tax provision/(benefit) $ 688 $ (240) $ 11,574

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2018
NONCONTROLLING INTERESTS
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the years ended December 31, 2018 and 2017 ( dollars in thousands ): Year Ended December 31, 2018 2017 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 948,138 $ 909,482 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 43,552 71,096 Conversion of OP Units/DownREIT Units to Common Stock (13,328) (14,544) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership 18,215 10,933 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (32,798) (31,427) OP Units Issued 4,320 — Vesting of Long-Term Incentive Plan Units 4,397 2,317 Allocation of other comprehensive income/(loss) 244 281 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year $ 972,740 $ 948,138

FAIR VALUE OF DERIVATIVES AND_2

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
Schedule of 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, 2018 and 2017 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2018, 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 2018 2018 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 42,259 $ 45,026 $ — $ — $ 45,026 Derivatives - Interest rate contracts (b) 4,757 4,757 — 4,757 — Total assets $ 47,016 $ 49,783 $ — $ 4,757 $ 45,026 Derivatives - Interest rate contracts (b) $ 356 $ 356 $ — $ 356 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 417,989 416,314 — — 416,314 Fannie Mae credit facilities 90,000 90,213 — — 90,213 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Unsecured debt instruments: (c) Working capital credit facility 16 16 — — 16 Commercial paper program 101,115 101,115 — — 101,115 Unsecured notes 2,861,842 2,829,390 — — 2,829,390 Total liabilities $ 3,566,018 $ 3,532,104 $ — $ 356 $ 3,531,748 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 972,740 $ 972,740 $ — $ 972,740 $ — 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 $ — (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 ACTIV_2

DERIVATIVES AND HEDGING ACTIVITY (Tables)	12 Months Ended
	Dec. 31, 2018
DERIVATIVES AND HEDGING ACTIVITY
Schedule of outstanding interest rate derivatives	As of December 31, 2018, 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 (a) 4 $ 315,000 Interest rate caps 1 $ 65,197 (a) In addition to the interest rate swaps summarized above, the Company entered into an additional interest rate swap during the year ended December 31, 2018 with a notional value of $50.0 million that will become effective in December 2019. The Company also entered into two additional interest rate swaps during the year ended December 31, 2018 with a notional value totaling $150.0 million that were terminated and settled in conjunction with the October 2018 issuance of $300.0 million of senior unsecured medium-term notes as disclosed in Note 6, Secured and Unsecured Debt, Net . The Company received $3.1 million to settle the swaps. The entire $3.1 million was initially deferred as a component of Accumulated other comprehensive income (loss), net and will be recognized as a decrease to Interest expense over the ten-year term of the notes. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in no gain or loss for year ended December 31, 2018 and a loss of less than $0.1 million for the years ended December 31, 2017, and 2016. As of December 31, 2018, 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 1 $ 19,880
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2018 and 2017 ( 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, 2018 2017 2018 2017 Derivatives designated as hedging instruments: Interest rate products $ 4,757 $ 5,743 $ 356 $ —
Effect of Company's derivative financial instruments on 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, 2018, 2017, and 2016 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2018 2017 2016 2018 2017 2016 2018 2017 2016 Interest rate products $ 4,806 $ 1,802 $ 3,514 $ 1,948 $ (1,271) $ (3,657) $ — $ (136) $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	Year Ended December 31, 2018 2017 2018 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 134,168 $ 128,711 $ 123,031 Gain/(Loss) Recognized in Interest income and other income/(expense), net Year Ended December 31, Derivatives Not Designated as Hedging Instruments 2018 2017 2016 Interest rate products $ — $ (1) (3)
Offsetting of Derivative Assets	The Company has elected not to offset derivative positions on 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, 2018 and 2017 ( 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, 2018 $ 4,757 $ — $ 4,757 $ — $ — $ 4,757 December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 (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, 2018 $ 356 $ — $ 356 $ — $ — $ 356 December 31, 2017 $ — $ — $ — $ — $ — $ — 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, 2018
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	The following summarizes the Company’s real estate commitments at December 31, 2018 ( dollars in thousands ): Number UDR's Remaining Properties Investment Commitment Joint ventures: Preferred equity investments 3 $ 43,244 (a) $ 48,892 (b) Other investments - 4,154 13,500 (c) Total $ 47,398 $ 62,392 (a) Represents UDR’s investment in 1532 Harrison, 1300 Fairmount and Essex for the properties under development as of December 31, 2018. (b) Represents UDR’s remaining commitment for 1532 Harrison, 1300 Fairmount and Essex. (c) Represents UDR’s remaining commitment for other investment ventures.
Schedule of future minimum lease payments	Future minimum lease payments as of December 31, 2018 are as follows (dollars in thousands): Ground Leases (a) Office Space 2019 $ 4,901 $ 76 2020 4,901 76 2021 4,901 32 2022 4,901 — 2023 4,901 — Thereafter 313,918 — Total $ 338,423 $ 184 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 rent reset provision based on fair market value or changes in the consumer price index but does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term.

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
REPORTABLE SEGMENTS
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)	The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2018, 2017, and 2016, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Reportable apartment home segment rental income Same-Store Communities West Region $ 399,314 $ 383,009 $ 353,321 Mid-Atlantic Region 220,450 214,157 208,223 Northeast Region 154,019 151,736 147,573 Southeast Region 122,234 116,467 111,318 Southwest Region 43,709 42,992 41,273 Non-Mature Communities/Other 95,379 75,948 86,753 Total segment and consolidated rental income $ 1,035,105 $ 984,309 $ 948,461 Reportable apartment home segment NOI Same-Store Communities West Region $ 301,098 $ 286,662 $ 264,475 Mid-Atlantic Region 153,670 150,126 144,508 Northeast Region 105,998 106,473 106,005 Southeast Region 85,220 80,726 76,359 Southwest Region 26,408 26,455 25,600 Non-Mature Communities/Other 59,721 48,061 56,138 Total segment and consolidated NOI 732,115 698,503 673,085 Reconciling items: Joint venture management and other fees 11,754 11,482 11,400 Property management (28,465) (27,068) (26,083) Other operating expenses (12,100) (9,060) (7,649) Real estate depreciation and amortization (429,006) (430,054) (419,615) General and administrative (46,983) (48,566) (49,761) Casualty-related (charges)/recoveries, net (2,121) (4,335) (732) Other depreciation and amortization (6,673) (6,408) (6,023) Income/(loss) from unconsolidated entities (5,055) 31,257 52,234 Interest expense (134,168) (128,711) (123,031) Interest income and other income/(expense), net 6,735 1,971 1,930 Gain/(loss) on sale of real estate owned 136,197 43,404 226,199 Tax (provision)/benefit, net (688) 240 (11,574) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (18,215) (10,933) (27,282) Net (income)/loss attributable to noncontrolling interests (221) (164) (380) Net income/(loss) attributable to UDR, Inc. $ 203,106 $ 121,558 $ 292,718
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of December 31, 2018 and 2017 (dollars in thousands) : December 31, December 31, 2018 2017 Reportable apartment home segment assets: Same-Store Communities: West Region $ 3,666,169 $ 3,630,164 Mid-Atlantic Region 2,317,369 2,290,241 Northeast Region 1,874,616 1,865,762 Southeast Region 779,310 762,102 Southwest Region 297,681 292,074 Non-Mature Communities/Other 1,261,014 1,336,863 Total segment assets 10,196,159 10,177,206 Accumulated depreciation (3,654,160) (3,330,166) Total segment assets — net book value 6,541,999 6,847,040 Reconciling items: Cash and cash equivalents 185,216 2,038 Restricted cash 23,675 19,792 Notes receivable, net 42,259 19,469 Investment in and advances to unconsolidated joint ventures, net 780,869 720,830 Other assets 137,710 124,104 Total consolidated assets $ 7,711,728 $ 7,733,273

UNAUDITED SUMMARIZED CONSOLID_2

UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2018
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA
Schedule of quarterly financial information	Selected consolidated quarterly financial data for the years ended December 31, 2018 and 2017 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2018 Rental income $ 250,483 $ 256,634 $ 263,256 $ 264,732 Net income/(loss) 89,225 22,444 20,258 89,615 Net income/(loss) attributable to common stockholders (a) 80,801 19,630 17,639 81,168 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.30 $ 0.07 $ 0.07 $ 0.30 Diluted $ 0.30 $ 0.07 $ 0.07 $ 0.30 Weighted average number of common shares outstanding: Basic 267,546 267,311 267,727 270,107 Diluted 269,208 268,890 268,861 270,755 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Net income/(loss) 28,396 11,062 17,570 75,627 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 (a) Due to the quarterly pro-rata calculation of noncontrolling interest and rounding, the sum of the quarterly per share and/or dollar amounts may not equal the annual totals.

CONSOLIDATION AND BASIS OF PR_2

CONSOLIDATION AND BASIS OF PRESENTATION (Details)	Dec. 31, 2018home	Dec. 31, 2018community	Dec. 31, 2018	Dec. 31, 2018item	Dec. 31, 2018shares	Dec. 31, 2017shares	Dec. 31, 2016shares	Dec. 31, 2015shares
Consolidation And 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	39,931
Joint venture, number of homes in communities | home	8,112
Operating Partnership units outstanding related to limited partner					183,636,543	183,350,924	183,278,698	183,278,698
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner					174,248,699	174,237,688
Percentage of units outstanding in Partnership			94.90%			95.00%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units					17,203,489	16,866,443
General Partners' ownership (as a percent)			53.20%			52.10%
United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Number of real estate properties | community		52
Number of markets operating within (in markets) | item				15
Number of apartments owned (in apartments homes)	16,434			16,434
Operating Partnership outstanding units					183,636,543	183,350,924
Operating Partnership units outstanding related to limited partner					183,525,660	183,240,041
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 Partnership			41.60%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Number of real estate properties | community		12
Operating Partnership outstanding units					32,367,380
Non-affiliated Partners | United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units					9,387,844	9,113,236
Operating Partnership units outstanding related to limited partner					9,387,844	9,113,236
Percentage of units outstanding in Partnership			5.10%			5.00%
Non-affiliated Partners | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units					15,163,891	15,500,937
Percentage of units outstanding in Partnership			46.80%			47.90%
UDR, Inc. | United Dominion Reality L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units					174,248,699	174,237,688
General Partners' ownership (as a percent)			94.90%
Operating Partnership units outstanding related to limited partner					174,137,816	174,126,805
Percentage of units outstanding in Partnership			94.80%			95.00%

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - SEC Simplification (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New accounting pronouncements
Gain/(loss) on sales of real estate owned, net of tax			$ 226,199
Tax (provision)/benefit, net	$ (688)	$ 240	(11,574)
Previously Reported
New accounting pronouncements
Gain/(loss) on sales of real estate owned, net of tax			210,851
Tax (provision)/benefit, net			3,774
Adjustment
New accounting pronouncements
Tax impact of sales of real estate owned			$ 15,348

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New accounting pronouncements
(Increase)/decrease in operating assets	$ (13,880)	$ (9,008)	$ (29,399)
Net cash provided by/(used in) operating activities	560,676	518,915	536,568
Proceeds from sales of real estate investments, net	247,031	71,235	301,799
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement	112,359	124,728	91,740
Net cash provided by/(used in) investing activities	(113,548)	(407,406)	(112,720)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	$ 187,061	(276)	(5,434)
ASU 2016-18 | Adjustment
New accounting pronouncements
(Increase)/decrease in operating assets		(237)	(361)
Net cash provided by/(used in) operating activities		(237)	(361)
Proceeds from sales of real estate investments, net			(555)
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement		35	112
Net cash provided by/(used in) investing activities		35	(443)
Net increase/(decrease) in cash, cash equivalents, and restricted cash		$ (202)	$ (804)

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Details) shares in Thousands, $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 31, 2019USD ($)	Oct. 20, 2015	Dec. 31, 2018USD ($)itemshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)shares	Jan. 01, 2019USD ($)	Mar. 31, 2018USD ($)
Accounting policies
Return on investment in unconsolidated joint ventures			$ 4,248	$ 4,416	$ 57,578
Distributions received from unconsolidated entities			$ (42,683)	(116,329)	(66,116)
Document period end date			Dec. 31, 2018
Allocation of other comprehensive income/(loss)			$ 244	281
Significant Accounting Policies
Development costs excluding direct costs and capitalized interest			7,500	8,800	7,900
Interest capitalized during period			10,600	18,600	16,500
Notes receivable			$ 42,259	19,469
Number of extension options on loan | item			2
Extension period of option on loan		6 months
Proceeds from notes receivable	$ 5,600
Procceds from accrued interest	200
Note receivable interest income			$ 4,100	1,800	$ 1,800
Promoted interest received	$ 8,500
Minimum period units are outstanding prior to redemption (in years)			1 year
Deferred Tax Liabilities, Net			$ (100)
Deferred Tax Assets, Net				$ 100
U.S. federal corporate income tax rate			21.00%	35.00%	35.00%
One time tax benefit				$ (1,100)
Advertising expense			$ 6,700	6,200	$ 6,400
Minimum percentage of carrying value of real estate portfolio			0.10
Note due March 2019
Significant Accounting Policies
Notes receivable			$ 20,000
Note receivable interest rate			12.00%
Aggregate Commitment on Note Receivable							$ 20,000
Note due February 2020
Significant Accounting Policies
Notes receivable			$ 14,659	13,669
Note receivable interest rate			10.00%
Aggregate Commitment on Note Receivable			$ 16,400
Additional amount loaned			1,000
Note maturity public capital threshold			5,000
Note due October 2020
Significant Accounting Policies
Notes receivable			$ 2,000	2,000
Note receivable interest rate			8.00%
Aggregate Commitment on Note Receivable			$ 2,000
Note maturity public capital threshold			10,000
Note due August 2022
Significant Accounting Policies
Notes receivable			$ 5,600	$ 3,800
Note receivable interest rate			10.00%
Aggregate Commitment on Note Receivable			$ 10,000
Additional amount loaned			1,800
Note maturity public capital threshold			$ 25,000
OP/DownREIT Units
Significant Accounting Policies
Antidilutive securities | shares			24,548	24,821	25,130
Convertible preferred stock
Significant Accounting Policies
Antidilutive securities | shares			3,011	3,021	3,028
Stock options, unvested LTIP Units and unvested restricted stock
Significant Accounting Policies
Antidilutive securities | shares			1,304	1,806	1,925
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
ASU 2016-02 | Minimum
Accounting policies
Right-of-use asset						$ 85,000
Operating lease liability						85,000
ASU 2016-02 | Maximum
Accounting policies
Right-of-use asset						150,000
Operating lease liability						$ 150,000
ASU 2016-01
Accounting policies
Gain on investment			$ 2,100
Secured Debt
Accounting policies
Deferred finance costs, net			(1,462)
Noncontrolling Interests
Accounting policies
Allocation of other comprehensive income/(loss)			$ 200	$ 300	$ 100

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Disaggregation (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disaggregation of revenue
Rental income									$ 955,899	$ 909,774	$ 877,767
Disaggregated income									11,754	11,482	11,400
Rental income	$ 264,732	$ 263,256	$ 256,634	$ 250,483	$ 250,116	$ 248,264	$ 244,658	$ 241,271	$ 1,035,105	984,309	948,461
Same store communities | item									37,673
Same Store Communities West Region
Disaggregation of revenue
Rental income									$ 371,366	355,904	328,693
Rental income									399,314	383,009	353,321
Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Rental income									204,733	199,207	194,367
Rental income									220,450	214,157	208,223
Same Store Communities Northeast Region
Disaggregation of revenue
Rental income									148,057	146,105	142,249
Rental income									154,019	151,736	147,573
Same Store Communities Southeast Region
Disaggregation of revenue
Rental income									109,190	104,106	99,451
Rental income									122,234	116,467	111,318
Same Store Communities Southwest Region
Disaggregation of revenue
Rental income									39,567	38,978	37,529
Rental income									43,709	42,992	41,273
Non-Mature communities/Other
Disaggregation of revenue
Rental income									82,986	65,474	75,478
Rental income									95,379	75,948	86,753
Reimbursements Revenue
Disaggregation of revenue
Disaggregated income									46,750	44,255	41,556
Reimbursements Revenue | Same Store Communities West Region
Disaggregation of revenue
Disaggregated income									17,159	16,377	14,797
Reimbursements Revenue | Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Disaggregated income									9,084	8,715	8,123
Reimbursements Revenue | Same Store Communities Northeast Region
Disaggregation of revenue
Disaggregated income									2,721	2,775	2,434
Reimbursements Revenue | Same Store Communities Southeast Region
Disaggregation of revenue
Disaggregated income									6,821	6,509	6,413
Reimbursements Revenue | Same Store Communities Southwest Region
Disaggregation of revenue
Disaggregated income									2,197	2,098	1,930
Reimbursements Revenue | Non-Mature communities/Other
Disaggregation of revenue
Disaggregated income									8,768	7,781	7,859
Other Revenue
Disaggregation of revenue
Disaggregated income									32,456	30,280	29,138
Other Revenue | Same Store Communities West Region
Disaggregation of revenue
Disaggregated income									10,789	10,728	9,831
Other Revenue | Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Disaggregated income									6,633	6,235	5,733
Other Revenue | Same Store Communities Northeast Region
Disaggregation of revenue
Disaggregated income									3,241	2,856	2,890
Other Revenue | Same Store Communities Southeast Region
Disaggregation of revenue
Disaggregated income									6,223	5,852	5,454
Other Revenue | Same Store Communities Southwest Region
Disaggregation of revenue
Disaggregated income									1,945	1,916	1,814
Other Revenue | Non-Mature communities/Other
Disaggregation of revenue
Disaggregated income									$ 3,625	$ 2,693	$ 3,416

REAL ESTATE OWNED - Summarizes

REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) $ in Thousands	Feb. 20, 2018USD ($)item	Dec. 31, 2018USD ($)homeitem	Dec. 31, 2017USD ($)community	Feb. 28, 2017USD ($)	Dec. 31, 2016USD ($)
Real estate owned
Land		$ 1,849,799	$ 1,780,229
Land improvements		213,224	189,919
Depreciable property - held and used:
Building, improvements, and furniture, fixtures and equipment		8,133,136	7,614,568
Under development:
Real estate under development			588,636
Real estate owned		10,196,159	10,177,206
Accumulated depreciation		(3,654,160)	(3,330,166)
Total real estate owned, net of accumulated depreciation		$ 6,541,999	6,847,040
Number of apartments owned (in apartments homes) | home		39,931
Gain on sale of real estate owned					$ 226,199
Land
Under development:
Real estate under development			109,468
Construction in progress
Under development:
Real estate under development			$ 483,022
ORANGE COUNTY, CA
Under development:
Number of apartment homes sold | item	264
Sale price	$ 90,500
Gain on sale of real estate owned	$ 70,300
Fairfax, VA
Under development:
Number of apartment homes sold | item		604
Sale price		$ 160,000
Gain on sale of real estate owned		$ 65,900
Orange County and Carlsbad Properties
Under development:
Number of apartment homes sold | community			218
Gross proceeds from sale of properties			$ 69,000
Gain on sale of real estate owned			$ 41,300
RICHMOND, VA
Under development:
Gross proceeds from sale of properties				$ 3,500
Gain on sale of real estate owned				$ 2,100

REAL ESTATE OWNED - Additional

REAL ESTATE OWNED - Additional Information (Details) $ in Thousands	1 Months Ended						12 Months Ended
	Feb. 20, 2019USD ($)	Feb. 19, 2019USD ($)community	Jan. 31, 2019USD ($)communityitem	Dec. 31, 2017USD ($)community	Oct. 31, 2017USD ($)item	Jan. 31, 2017USD ($)item	Dec. 31, 2018USD ($)statepropertyhomecommunity	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2017item
Real estate properties
Revenues							$ 1,046,859	$ 995,791	$ 959,861
Document period end date							Dec. 31, 2018
Real Estate Owned Disclosure
Number of apartment homes owned and consolidated | home							39,931
Investment in unconsolidated joint ventures							$ 112,025	123,842	40,162
Deferred fees from the sale of properties				$ 10,900			$ 11,000	10,900
Joint venture, number of homes in communities | home							8,112
Acquisition-related costs							$ 0	400	200
Number of real estate properties | community							127
Number of states in which there are owned and consolidated communities | state							11
Gain/(loss) on sales of real estate owned, net of tax									226,199
Secured debt assumed in the consolidation of unconsolidated joint ventures									75,796
Gain/(loss) on sale of real estate owned							$ 136,197	$ 43,404	$ 226,199
CityLine
Real Estate Owned Disclosure
Ownership (as a percent)						100.00%			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
386 Home Operating Community In Anaheim
Real Estate Owned Disclosure
Ownership (as a percent)			100.00%				49.00%
Number of apartment homes acquired | item			386
Real estate acquired			$ 118,100
Payment to acquire real estate			$ 33,500
155 Home Operating Community in Seattle
Real Estate Owned Disclosure
Ownership (as a percent)			100.00%				49.00%
Number of apartment homes acquired | item			155
Real estate acquired			$ 61,100
Payment to acquire real estate			$ 20,000
Number of communities acquired | community			1
To Be Developed Parcel Of Land In Denver, Colorado
Real Estate Owned Disclosure
Payment to acquire real estate	$ 13,700
Operating Community in Brooklyn, New York
Real Estate Owned Disclosure
Payment to acquire real estate		$ 132,300
Number of communities acquired | community		188
Operating Community in St. Petersburg, Florida
Real Estate Owned Disclosure
Payment to acquire real estate		$ 98,700
Number of communities acquired | community		381
Other Investment Ventures
Real Estate Owned Disclosure
UDR commitment							$ 18,000
Preferred Equity Investment 1200 Broadway Nashville TN
Real Estate Owned Disclosure
Number of apartment homes | item										313
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%
Number of apartment homes | home							4,059
Number of real estate properties | property							18
Operating Community | Unconsolidated Joint Venture Vitruvian Park
Real Estate Owned Disclosure
Ownership (as a percent)				50.00%			50.00%	50.00%
Number of apartment homes | home							1,513
Number of real estate properties | property							4
Development Community | Other Investment The Portals Washington, DC
Real Estate Owned Disclosure
UDR commitment							$ 38,559
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN
Real Estate Owned Disclosure
UDR commitment							55,558
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA
Real Estate Owned Disclosure
UDR commitment							$ 24,645
Subsequent Event | To-Be-Developed Parcel of Land in Washington D.C
Real Estate Owned Disclosure
Payment to acquire real estate			$ 27,200
Orange County and Carlsbad Properties
Real Estate Owned Disclosure
Communities sold | community				2
Huntington Beach, CA and Boston, MA
Real Estate Owned Disclosure
Number of apartment homes | home							1,101
Number of communities developed | community							2
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 AND PARTNERSHI_3

JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)propertyhomecommunity	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2018item	Aug. 31, 2018item	Oct. 31, 2017USD ($)	Sep. 30, 2017item	Jun. 30, 2017item	May 31, 2017	Mar. 31, 2017	Jan. 31, 2017	May 31, 2015
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | community	127
Investment in unconsolidated entities		$ 780,869
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 556,694	$ 599,196
Participating Loan Investment Steele Creek Denver Colorado
Schedule of Equity Method Investments [Line Items]
UDR commitment						$ 93,500
Preferred Equity Investment West Coast Development JV
Schedule of Equity Method Investments [Line Items]
UDR's Ownership Interest		49.00%							49.00%	49.00%	100.00%	48.00%
Rate												6.50%
Preferred Equity Investment 1200 Broadway Nashville TN
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | item							313
Rate							8.00%
Preferred Equity Investment 1641 Lincoln Santa Monica CA
Schedule of Equity Method Investments [Line Items]
Number of apartment homes					66
Investment in unconsolidated entities	$ 9,211
Rate	12.00%				12.00%
Years to Maturity	3 years 7 months 6 days
UDR commitment	$ 8,800
Income from investments	406
Preferred Equity Investment 1300 Fairmount Philadelphia, PA
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | item					471
Investment in unconsolidated entities	$ 8,318
Rate	9.00%				9.00%
Years to Maturity	4 years 7 months 6 days
UDR commitment	$ 51,393
Income from investments	159
Preferred Equity Investment Essex Orlando, FL
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | item				330
Investment in unconsolidated entities	$ 9,940
Rate	12.50%			12.50%
Years to Maturity	4 years 8 months 12 days
UDR commitment	$ 12,886
Income from investments	258
Other Investment Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	4,154	$ 1,516
UDR commitment	18,000
Income from investments	(267)	(30)
Preferred Equity Investment San Francisco California JV
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | item								136
Rate								11.00%
Development Community
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 224,175	121,634
Development Community | Unconsolidated Joint Venture UDR Met Life I Partnership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	1
Number of apartment homes | home	150
Investment in unconsolidated entities	$ 30,839	$ 34,653
UDR's Ownership Interest	50.00%	50.00%
Development Community | Preferred Equity Investment West Coast Development JV
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 65,417	$ 64,226
Rate	6.50%
Income from investments	$ 865	23,230	$ 2,350
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 24,986	11,346
Rate	11.00%
Years to Maturity	3 years 6 months
UDR commitment	$ 24,645
Income from investments	2,228	511
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 58,982	18,011
Rate	8.00%
Years to Maturity	3 years 9 months 18 days
UDR commitment	$ 55,558
Income from investments	2,970	370
Development Community | Other Investment The Portals Washington, DC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities	$ 43,167	26,535
Rate	11.00%
Years to Maturity	2 years 4 months 24 days
UDR commitment	$ 38,559
Income from investments	$ 3,692	839
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	18
Number of apartment homes | home	4,059
Investment in unconsolidated entities	$ 296,807	$ 303,702
UDR's Ownership Interest	50.00%	50.00%
Operating Community | Unconsolidated Joint Venture Other MetLife
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	5
Number of apartment homes | home	1,437
Investment in unconsolidated entities	$ 115,668	$ 135,563
UDR's Ownership Interest	50.60%	50.60%
Operating Community | Unconsolidated Joint Venture Vitruvian Park
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	4
Number of apartment homes | home	1,513
Investment in unconsolidated entities	$ 71,730	$ 78,404
UDR's Ownership Interest	50.00%	50.00%
Operating Community | Unconsolidated Joint Venture Three Washington DC
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	3
Number of apartment homes | home	660
Investment in unconsolidated entities	$ 5,507	$ 8,958
UDR's Ownership Interest	30.00%	30.00%
Operating Community | Unconsolidated Joint Venture West Coast Development JV
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	1
Number of apartment homes | home	293
Investment in unconsolidated entities	$ 36,143	$ 37,916
UDR's Ownership Interest	47.00%	47.00%
Land Parcel | Unconsolidated Joint Venture Vitruvian Park
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	5

JOINT VENTURES AND PARTNERSHI_4

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) $ in Thousands	1 Months Ended					12 Months Ended
	Oct. 31, 2017USD ($)item	May 31, 2017USD ($)loanitem	Mar. 31, 2017USD ($)item	Jan. 31, 2017USD ($)communityitem	May 31, 2015USD ($)community	Dec. 31, 2018USD ($)community	Dec. 31, 2017USD ($)homecommunity	Dec. 31, 2016USD ($)	Sep. 30, 2018USD ($)item	Aug. 31, 2018USD ($)item	Sep. 30, 2017USD ($)item	Jun. 30, 2017USD ($)item
Joint Ventures
Real estate owned						$ 10,196,159	$ 10,177,206
Investment in unconsolidated joint ventures						112,025	123,842	$ 40,162
Equity Investment						47,398
Long-term Debt						3,547,787	3,671,663
Deferred fees from the sale of properties						11,000	10,900
Joint venture management and other fees						11,754	11,482	11,400
Management Service
Joint Ventures
Joint venture management and other fees						$ 11,600	$ 11,400	$ 11,300
Participating Loan Investment Steele Creek Denver Colorado
Joint Ventures
Number of apartment homes acquired | item	218
Payment to acquire real estate	$ 141,500
Participating Loan Investment Steele Creek Denver Colorado | Income (Loss) From Unconsolidated Entities
Joint Ventures
Gain on consolidation	$ 14,800
Preferred Equity Investment West Coast Development JV
Joint Ventures
Cost of ownership interest		$ 16,100	$ 15,500		$ 136,300
UDR's Ownership Interest		49.00%	49.00%	100.00%	48.00%		49.00%
Number of completed communities | community					5
Number of remaining communities sold | community					3		2
Preferred return (as a percent)					6.50%
Condition for Community considered to have stabilized occupancy					80%
Time to maintain percent occupancy to be considered a community					90 years
Hold period					1 year
Number of joint ventures agreements entered into | item		2	2
Number of apartment homes acquired | item		276	155	244
Investment in unconsolidated joint ventures				$ 66,000
Number of remaining communities | community						2	4
Number of communities acquired | community						1
Total fixed price option		$ 72,300	$ 61,300
Equity Investment						$ 101,600	$ 102,100
Number of Stabilized Communities | community				1
Preferred Equity Investment West Coast Development JV | Income (Loss) From Unconsolidated Entities
Joint Ventures
Gain on consolidation						$ 12,200
Preferred Equity Investment Seattle WA
Joint Ventures
Number of apartment homes | home							211
Sale price							$ 101,300
Preferred Equity Investment Anaheim CA
Joint Ventures
Number of apartment homes | home							399
Sale price							$ 148,000
Preferred Equity Investment San Francisco California JV
Joint Ventures
Preferred return (as a percent)												11.00%
Number of apartment homes | item												136
Equity Investment												$ 24,600
Preferred Equity Investment 1200 Broadway Nashville TN
Joint Ventures
Preferred return (as a percent)											8.00%
Number of apartment homes | item											313
Equity Investment											$ 55,600
Preferred Equity Investment 1641 Lincoln Santa Monica CA
Joint Ventures
Preferred return (as a percent)						12.00%				12.00%
Number of apartment homes										66
Equity Investment										$ 8,800
Preferred Equity Investment 1300 Fairmount Philadelphia, PA
Joint Ventures
Preferred return (as a percent)						9.00%				9.00%
Number of apartment homes | item										471
Equity Investment										$ 51,400
Preferred Equity Investment Essex Orlando, FL
Joint Ventures
Preferred return (as a percent)						12.50%			12.50%
Number of apartment homes | item									330
Equity Investment									$ 12,900
Third Party Developer in Washington D.C.
Joint Ventures
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
Weighted average interest rate of Company's committed portion		11

JOINT VENTURES AND PARTNERSHI_5

JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial information relating to unconsolidated joint ventures operations
Operating income/(loss)	$ (5,055)	$ 31,257	$ 52,234
Joint Ventures and Partnerships
Financial information relating to unconsolidated joint ventures operations
Total revenues	287,083	267,116	242,630
Property operating expenses	112,347	103,969	91,204
Real estate depreciation and amortization	115,211	106,805	90,037
Gain (loss) on sale of real estate		71,590
Operating income/(loss)	59,525	127,932	61,389
Interest expense	(87,363)	(78,829)	(69,967)
Income/(loss) from discontinued operations			33,826
Other income/(loss)	148
Net (income)/loss attributable to noncontrolling interest		439	(62)
Net income /(loss)	(27,690)	48,664	25,310
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	3,167,984	3,185,185
Cash and cash equivalents	39,405	33,712
Other assets	29,819	23,185
Total assets	3,237,208	3,242,082
Third party debt, net	2,114,420	2,005,566
Accounts payable and accrued liabilities	59,717	83,245
Total liabilities	2,174,137	2,088,811
Total equity	1,063,071	1,153,271
Unconsolidated Joint Venture Other MetLife
Financial information relating to unconsolidated joint ventures operations
Total revenues	61,967	48,032	18,090
Property operating expenses	21,998	21,908	11,655
Real estate depreciation and amortization	35,437	32,625	16,353
Operating income/(loss)	4,532	(6,501)	(9,918)
Interest expense	(17,408)	(13,894)	(6,164)
Net income /(loss)	(12,876)	(20,395)	(16,082)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	653,729	687,492
Cash and cash equivalents	8,242	8,596
Other assets	4,904	4,290
Total assets	666,875	700,378
Third party debt, net	454,647	443,147
Accounts payable and accrued liabilities	9,753	15,003
Total liabilities	464,400	458,150
Total equity	202,475	242,228
Unconsolidated Joint Venture Vitruvian Park
Financial information relating to unconsolidated joint ventures operations
Total revenues	26,096	23,025	22,916
Property operating expenses	13,732	11,839	11,730
Real estate depreciation and amortization	9,495	7,169	6,835
Operating income/(loss)	2,869	4,017	4,351
Interest expense	(6,051)	(5,030)	(5,095)
Net income /(loss)	(3,182)	(1,013)	(744)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	315,541	299,420
Cash and cash equivalents	8,865	7,612
Other assets	2,241	1,972
Total assets	326,647	309,004
Third party debt, net	162,131	131,281
Accounts payable and accrued liabilities	14,968	16,931
Total liabilities	177,099	148,212
Total equity	149,548	160,792
Unconsolidated Joint Venture UDR Met Life I Partnership
Financial information relating to unconsolidated joint ventures operations
Total revenues	3,187		278
Property operating expenses	3,066	93	552
Real estate depreciation and amortization	3,392		52
Gain (loss) on sale of real estate		(17)
Operating income/(loss)	(3,271)	(110)	(326)
Interest expense	(1,872)
Income/(loss) from discontinued operations			(375)
Net income /(loss)	(5,143)	(110)	(701)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	124,112	108,958
Cash and cash equivalents	698	514
Other assets	1,074	2
Total assets	125,884	109,474
Third party debt, net	70,833	30,555
Accounts payable and accrued liabilities	1,935	12,700
Total liabilities	72,768	43,255
Total equity	53,116	66,219
Unconsolidated Joint Venture UDR MetLife II Partnership
Financial information relating to unconsolidated joint ventures operations
Total revenues	158,738	156,920	169,175
Property operating expenses	56,403	52,450	52,322
Real estate depreciation and amortization	44,721	45,144	46,135
Gain (loss) on sale of real estate		(609)
Operating income/(loss)	57,614	58,717	70,718
Interest expense	(49,118)	(50,603)	(51,173)
Income/(loss) from discontinued operations			34,201
Net income /(loss)	8,496	8,114	53,746
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	1,609,903	1,641,338
Cash and cash equivalents	11,192	11,947
Other assets	18,670	15,037
Total assets	1,639,765	1,668,322
Third party debt, net	1,089,231	1,108,156
Accounts payable and accrued liabilities	21,258	19,477
Total liabilities	1,110,489	1,127,633
Total equity	529,276	540,689
Unconsolidated Joint Venture Three Washington DC
Financial information relating to unconsolidated joint ventures operations
Total revenues	20,703	20,327	19,997
Property operating expenses	8,318	8,159	7,828
Real estate depreciation and amortization	14,487	14,480	14,444
Operating income/(loss)	(2,102)	(2,312)	(2,275)
Interest expense	(6,739)	(5,264)	(5,369)
Net income /(loss)	(8,841)	(7,576)	(7,644)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	182,970	195,625
Cash and cash equivalents	1,794	829
Other assets	1,320	905
Total assets	186,084	197,359
Third party debt, net	165,699	165,801
Accounts payable and accrued liabilities	1,860	1,745
Total liabilities	167,559	167,546
Total equity	18,525	29,813
Preferred Equity Investment West Coast Development JV
Financial information relating to unconsolidated joint ventures operations
Total revenues	16,392	18,812	12,174
Property operating expenses	8,830	9,520	7,117
Real estate depreciation and amortization	7,679	7,387	6,218
Gain (loss) on sale of real estate		72,216
Operating income/(loss)	(117)	74,121	(1,161)
Interest expense	(6,175)	(4,038)	(2,166)
Other income/(loss)	148
Net (income)/loss attributable to noncontrolling interest		439	(62)
Net income /(loss)	(6,144)	69,644	(3,265)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	281,729	252,352
Cash and cash equivalents	8,614	4,214
Other assets	1,610	979
Total assets	291,953	257,545
Third party debt, net	171,879	126,626
Accounts payable and accrued liabilities	9,943	17,389
Total liabilities	181,822	144,015
Total equity	110,131	113,530
Developer Capital Program excluding West Coast Development Joint Ventures
Financial information relating to unconsolidated joint ventures operations
Total revenues	6,000	7,800	8,500
Expenses	1,800	9,500	$ 12,200
Combined summary of balance sheets relating to unconsolidated joint ventures
Total assets	248,100	79,100
Total liabilities	22,500	800
Total equity	$ 225,600	$ 78,300

SECURED AND UNSECURED DEBT, N_3

SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)communityitem	Dec. 31, 2017USD ($)
Secured debt instruments
Unamortized discount	$ 5,000	$ 8,200
Interest rate at end of the period	3.72%
Long-term Debt	$ 3,547,787	3,671,663
Unsecured Debt	2,946,560	2,868,394
Borrowings outstanding	$ 3,300	3,300
Number of secured credit facilities with Fannie Mae | item	1
Weighted Average
Secured debt instruments
Years to maturity	5 years 9 months 18 days
Commercial Paper
Secured debt instruments
Interest rate at end of the period	2.90%
Borrowings outstanding at end of period	$ 101,115	300,000
Borrowings outstanding	$ 101,115	300,000
Commercial Paper | Weighted Average
Secured debt instruments
Years to maturity	1 month 6 days
Mortgages Notes Payable | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 417,989	395,611
Interest rate at end of the period	3.82%
Number of Communities Encumbered | community	7
Mortgages Notes Payable | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	5 years 10 months 24 days
Tax-exempt secured notes payable | Variable Rate Debt
Secured debt instruments
Principal outstanding	$ 94,700	94,700
Interest rate at end of the period	2.33%
Number of Communities Encumbered | community	2
Tax-exempt secured notes payable | Variable Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	4 years 2 months 12 days
Fannie Mae credit facilities | Variable Rate Debt
Secured debt instruments
Principal outstanding		29,034
Secured Debt
Secured debt instruments
Long-term Debt	$ 601,227
Secured Debt | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 506,646	679,777
Interest rate at end of the period	3.85%
Long-term Debt	$ 506,646
Number of Communities Encumbered | community	8
Secured Debt | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	5 years 1 month 6 days
Secured Debt | Variable Rate Debt
Secured debt instruments
Long-term Debt	$ 94,581
Deferred finance costs, net	$ (119)	(242)
Unsecured Revolving credit facility due 2023 | Weighted Average
Secured debt instruments
Years to maturity	4 years 1 month 6 days
Unsecured Working Capital Credit Facility due January 2019
Secured debt instruments
Borrowings outstanding	$ 16	21,767
Unsecured Working Capital Credit Facility due January 2021
Secured debt instruments
Interest rate at end of the period	3.33%
Borrowings outstanding	$ 16	21,767
Unsecured Working Capital Credit Facility due January 2021 | Weighted Average
Secured debt instruments
Years to maturity	2 years
Term Loan due September 2023
Secured debt instruments
Interest rate at end of the period	3.25%
Senior Notes	$ 35,000	35,000
Term Loan due September 2023 | Weighted Average
Secured debt instruments
Years to maturity	4 years 9 months 18 days
3.70% Term Notes Due October 2020
Secured debt instruments
Unamortized discount	$ 14	22
Interest rate at end of the period	3.70%
Senior Notes	$ 299,986	299,978
3.70% Term Notes Due October 2020 | Weighted Average
Secured debt instruments
Years to maturity	1 year 9 months 18 days
4.63% Medium-Term Notes due January 2022
Secured debt instruments
Unamortized discount	$ 1,087	1,446
Interest rate at end of the period	4.63%
Senior Notes	$ 398,913	398,554
4.63% Medium-Term Notes due January 2022 | Weighted Average
Secured debt instruments
Years to maturity	3 years
1.93% Term Loan due September 2023
Secured debt instruments
Interest rate at end of the period	1.93%
Senior Notes	$ 315,000	315,000
1.93% Term Loan due September 2023 | Weighted Average
Secured debt instruments
Years to maturity	4 years 9 months 18 days
3.75% Medium-Term Notes Due July 2024
Secured debt instruments
Unamortized discount	$ 574	678
Interest rate at end of the period	3.75%
Senior Notes	$ 299,426	299,322
3.75% Medium-Term Notes Due July 2024 | Weighted Average
Secured debt instruments
Years to maturity	5 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
8.50% Debentures, Due September 2024 | Weighted Average
Secured debt instruments
Years to maturity	5 years 8 months 12 days
4.00% Medium-Term Note due October 2025
Secured debt instruments
Unamortized discount	$ 465	534
Interest rate at end of the period	4.00%
Senior Notes	$ 299,535	299,466
4.00% Medium-Term Note due October 2025 | Weighted Average
Secured debt instruments
Years to maturity	6 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
2.95% Medium-Term Note due September 2026 | Weighted Average
Secured debt instruments
Years to maturity	7 years 8 months 12 days
3.50 Medium-Term Note due July 2027
Secured debt instruments
Unamortized discount	$ 600	670
Interest rate at end of the period	3.50%
Senior Notes	$ 299,400	299,330
3.50 Medium-Term Note due July 2027 | Weighted Average
Secured debt instruments
Years to maturity	8 years 6 months
3.50% Medium-Term Notes Due January 2028
Secured debt instruments
Unamortized discount	$ 1,072	1,191
Interest rate at end of the period	3.50%
Senior Notes	$ 298,928	298,809
3.50% Medium-Term Notes Due January 2028 | Weighted Average
Secured debt instruments
Years to maturity	9 years
4.40% Medium-Term Notes due January 2029
Secured debt instruments
Unamortized discount	$ 6	0
Interest rate at end of the period	4.40%
Senior Notes	$ 299,994
4.40% Medium-Term Notes due January 2029 | Weighted Average
Secured debt instruments
Years to maturity	10 years 1 month 6 days
Other
Secured debt instruments
Senior Notes	$ 16	19
Unsecured Debt
Secured debt instruments
Interest rate at end of the period	3.65%
Long-term Debt	$ 2,946,560
Unsecured Debt	2,946,560	2,868,394
Deferred finance costs, net	$ (16,413)	(14,495)
Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	6 years
Unsecured Revolving Credit Facility due October 2015 | Commercial Paper
Secured debt instruments
Borrowings outstanding	$ 101,100	300,000
Secured Debt
Secured debt instruments
Principal outstanding	$ 601,227	803,269
Interest rate at end of the period	3.61%
Number of Communities Encumbered | community	10
Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	5 years
Secured Debt | Fixed Rate Debt
Secured debt instruments
Deferred finance costs, net	$ (1,343)	(1,670)
Secured Debt | Variable Rate Debt
Secured debt instruments
Principal outstanding	$ 94,581	123,492
Interest rate at end of the period	2.33%
Number of Communities Encumbered | community	2
Secured Debt | Variable Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	4 years 2 months 12 days
Fannie Mae credit facilities | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 90,000	$ 285,836
Interest rate at end of the period	3.95%
Number of Communities Encumbered | community	1
Fannie Mae credit facilities | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	1 year 6 months

SECURED AND UNSECURED DEBT, N_4

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Oct. 31, 2018	Sep. 30, 2018	Jun. 30, 2018
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	$ 3,300	$ 3,300
Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility		1,100,000		$ 2,000,000	$ 2,000,000
Weighted average daily borrowings during the period ended		2,274
Maximum daily borrowings during the period ended		$ 120,000
Weighted average interest rate during the period ended		1.60%
Fannie Mae
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	90,000	$ 314,870
Weighted average daily borrowings during the period ended	253,813	416,653
Maximum daily borrowings during the period ended	$ 314,869	$ 636,782
Weighted average interest rate during the period ended	4.70%	4.30%
Interest rate at the end of the period	4.00%	4.70%
Term note due January 2029 | Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility			$ 300,000
Interest rate			4.40%
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			1,100,000	1,100,000
Unsecured Debt | Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility				$ 350,000	$ 350,000
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	16	21,767
Weighted average daily borrowings during the period ended	26,101	26,993
Maximum daily borrowings during the period ended	$ 64,633	$ 68,207
Weighted average interest rate during the period ended	2.90%	2.00%
Interest rate at the end of the period	3.30%	2.50%
Unsecured Working Capital Credit Facility due January 2021
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	$ 16	$ 21,767

SECURED AND UNSECURED DEBT, N_5

SECURED AND UNSECURED DEBT, NET - Revolving Credit Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Sep. 30, 2018	Jun. 30, 2018
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	$ 3,300	$ 3,300
Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility		1,100,000	$ 2,000,000	$ 2,000,000
Weighted average daily borrowings during the period ended		2,274
Maximum daily borrowings during the period ended		$ 120,000
Weighted average interest rate during the period ended		1.60%

SECURED AND UNSECURED DEBT, N_6

SECURED AND UNSECURED DEBT, NET - Short Term Debt (Details) - Commercial Paper - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Unsecured Debt
Total unsecured commercial paper program	$ 500,000	$ 500,000
Borrowings outstanding at end of period	101,115	300,000
Weighted average daily borrowings during the period ended	344,235	238,810
Maximum daily borrowings during the period ended	$ 440,000	$ 390,000
Weighted average interest rate during the period ended	2.40%	1.40%
Interest rate at the end of the period	2.90%	2.00%

SECURED AND UNSECURED DEBT, N_7

SECURED AND UNSECURED DEBT, NET - Unsecured Working Capital Facility (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Working capital credit facility
Borrowings outstanding at end of period	$ 3,300	$ 3,300
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	16	21,767
Weighted average borrowings during the period ended	26,101	26,993
Line of Credit Facility, Maximum Amount Outstanding During Period	$ 64,633	$ 68,207
Line of Credit Facility, Interest Rate During Period	2.90%	2.00%
Interest rate at the end of the period	3.30%	2.50%

SECURED AND UNSECURED DEBT, N_8

SECURED AND UNSECURED DEBT, NET - Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Aggregate maturities of secured debt
2,019	$ 172,637
2,020	498,076
2,021	1,133
2,022	401,157
2,023	391,245
2,024	315,644
2,025	427,600
2,026	350,000
2,027	300,000
2,028	380,000
Thereafter	327,000
Subtotal	3,564,492
Debt Instrument, Unamortized Discount (Premium), Net	(16,705)
Long-term Debt, Total	3,547,787	$ 3,671,663
Secured Debt
Aggregate maturities of secured debt
2,019	71,522
2,020	198,076
2,021	1,117
2,022	1,157
2,023	41,245
2,025	127,600
2,026	50,000
2,028	80,000
Thereafter	27,000
Subtotal	597,717
Debt Instrument, Unamortized Discount (Premium), Net	3,510
Long-term Debt, Total	601,227
Secured Debt | Fixed Rate Debt
Aggregate maturities of secured debt
2,019	3,822
2,020	198,076
2,021	1,117
2,022	1,157
2,023	41,245
2,025	127,600
2,026	50,000
2,028	80,000
Subtotal	503,017
Debt Instrument, Unamortized Discount (Premium), Net	3,629
Long-term Debt, Total	506,646
Secured Debt | Variable Rate Debt
Aggregate maturities of secured debt
2,019	67,700
Thereafter	27,000
Subtotal	94,700
Debt Instrument, Unamortized Discount (Premium), Net	(119)
Long-term Debt, Total	94,581
Unsecured Debt
Aggregate maturities of secured debt
2,019	101,115
2,020	300,000
2,021	16
2,022	400,000
2,023	350,000
2,024	315,644
2,025	300,000
2,026	300,000
2,027	300,000
2,028	300,000
Thereafter	300,000
Subtotal	2,966,775
Debt Instrument, Unamortized Discount (Premium), Net	(20,215)
Long-term Debt, Total	$ 2,946,560

SECURED AND UNSECURED DEBT, N_9

SECURED AND UNSECURED DEBT, NET - Additional Information (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Oct. 31, 2018USD ($)	Oct. 20, 2015	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)
Secured and unsecured debt
Amortization of Financing Costs			$ 4,200	$ 4,300
Secured Debt
Secured debt amount which encumbers real estate owned based upon book value			$ 1,300,000
Percentage of secured debt which encumbers real estate owned based upon book value			12.80%
Secured debt amount of real estate owned which is unencumbered			$ 8,900,000
Percentage of secured debt of real estate owned which is unencumbered			87.20%
Secured Debt			$ 601,227	803,269
Repayments of Secured Debt			$ 279,243	326,346	$ 375,308
Interest rate at end of the period			3.72%
Borrowings outstanding at end of period			$ 3,300	3,300
Unamortized fair market adjustment			$ 5,000	8,200
Number of extension options on loan | item			2
Extension period of option on loan		6 months
Fixed Rate Debt
Secured Debt
Repayments of Secured Debt			$ 195,800
Variable Rate Debt
Secured Debt
Repayments of Secured Debt			$ 29,000
Fannie Mae
Secured Debt
Repayments of Secured Debt	$ 195,800
Commercial Paper
Secured Debt
Interest rate at end of the period			2.90%
Borrowings outstanding at end of period			$ 101,115	$ 300,000
Interest rate at the end of the period			2.90%	2.00%
Borrowings outstanding at end of period			$ 101,115	$ 300,000
3.75% Medium-Term Notes Due July 2024
Secured Debt
Interest rate at end of the period			3.75%
Unamortized fair market adjustment			$ 574	678
Portion of medium term note subject to interest rate swaps			$ 100,000
Long-term Debt, Weighted Average Interest Rate			3.69%
Senior Notes			$ 299,426	299,322
Mortgages Notes Payable | Fixed Rate Debt
Secured Debt
Debt instrument, maturity date range, start			Aug. 1, 2020
Debt instrument, maturity date range, end			Sep. 1, 2028
Prepaypayment of fixed rate mortgage notes			$ 50,100
Mortgage notes payable			$ 80,000
Interest rate at end of the period			3.82%
Secured debt including debt on real estate held for sale			$ 417,989	395,611
Debt Assumed As Part of Acquisition
Secured Debt
Amortization of Debt Discount (Premium)			$ 3,000	3,000	$ 2,900
Fannie Mae credit facilities | Fixed Rate Debt
Secured Debt
Weighted average interest rate (as a percent)			3.95%
Fannie Mae credit facilities | Variable Rate Debt
Secured Debt
Secured debt including debt on real estate held for sale				29,034
Tax-exempt secured notes payable | Variable Rate Debt
Secured Debt
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 | Commercial Paper
Secured Debt
Borrowings outstanding at end of period			$ 101,100	300,000
4.63% Medium-Term Notes due January 2022
Secured Debt
Interest rate at end of the period			4.63%
Unamortized fair market adjustment			$ 1,087	1,446
Senior Notes			$ 398,913	398,554
3.70% Term Notes Due October 2020
Secured Debt
Interest rate at end of the period			3.70%
Unamortized fair market adjustment			$ 14	22
Senior Notes			$ 299,986	299,978
Unsecured Debt
Secured Debt
Interest rate at end of the period			3.65%
Basis points added to to variable rate			90.00%
Unsecured Working Capital Credit Facility due January 2019
Secured Debt
Borrowings outstanding at end of period			$ 16	21,767
Total revolving credit facility			$ 75,000	$ 75,000
Interest rate at the end of the period			3.30%	2.50%
Basis points added to to variable rate			82.50%
Unsecured Working Capital Credit Facility due January 2021
Secured Debt
Interest rate at end of the period			3.33%
Borrowings outstanding at end of period			$ 16	$ 21,767
Revolving Credit Facility
Secured Debt
Basis points added to to variable rate			82.50%
Commitment fee			15.00%
4.00% Medium-Term Note due October 2025
Secured Debt
Interest rate at end of the period			4.00%
Unamortized fair market adjustment			$ 465	534
Portion of medium term note subject to interest rate swaps			$ 200,000
Long-term Debt, Weighted Average Interest Rate			4.53%
Senior Notes			$ 299,535	299,466
4.40% Medium-Term Notes due January 2029
Secured Debt
Interest rate at end of the period			4.40%
Unamortized fair market adjustment			$ 6	0
Portion of medium term note subject to interest rate swaps			$ 150,000
Percentage of Debt Instrument Price	99.998%
Long-term Debt, Weighted Average Interest Rate			4.27%
Senior Notes			$ 299,994
2.95% Medium-Term Note due September 2026
Secured Debt
Interest rate at end of the period			2.95%
Senior Notes			$ 300,000	300,000
Minimum | Mortgages Notes Payable | Fixed Rate Debt
Secured Debt
Notes payable maximum interest rates range			3.15%
Minimum | Tax-exempt secured notes payable | Variable Rate Debt
Secured Debt
Notes payable maximum interest rates range			2.29%
Minimum | Unsecured Debt
Secured Debt
Basis points added to to variable rate			0.80%
Minimum | Unsecured Working Capital Credit Facility due January 2019
Secured Debt
Basis points added to to variable rate			75.00%
Minimum | Revolving Credit Facility
Secured Debt
Basis points added to to variable rate			0.75%
Commitment fee			10.00%
Maximum | Mortgages Notes Payable | Fixed Rate Debt
Secured Debt
Notes payable maximum interest rates range			4.35%
Maximum | Tax-exempt secured notes payable | Variable Rate Debt
Secured Debt
Notes payable maximum interest rates range			2.43%
Maximum | Unsecured Debt
Secured Debt
Basis points added to to variable rate			1.65%
Maximum | Unsecured Working Capital Credit Facility due January 2019
Secured Debt
Basis points added to to variable rate			145.00%
Maximum | Revolving Credit Facility
Secured Debt
Basis points added to to variable rate			1.45%
Commitment fee			0.30%
Unsecured Commercial Bank Credit Facility
Secured Debt
Total revolving credit facility				1,100,000		$ 2,000,000	$ 2,000,000
Unsecured Commercial Bank Credit Facility | Unsecured Debt
Secured Debt
Total revolving credit facility						350,000	350,000
Unsecured Commercial Bank Credit Facility | Revolving Credit Facility
Secured Debt
Total revolving credit facility			$ 1,100,000			$ 1,100,000	$ 1,100,000
Fannie Mae credit facilities | Fixed Rate Debt
Secured Debt
Interest rate at end of the period			3.95%
Secured debt including debt on real estate held for sale			$ 90,000	$ 285,836

INCOME_(LOSS) PER SHARE - Compu

INCOME/(LOSS) PER SHARE - Computation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
INCOME/(LOSS) PER SHARE
Net income/(loss)	$ 89,615	$ 20,258	$ 22,444	$ 89,225	$ 75,627	$ 17,570	$ 11,062	$ 28,396	$ 221,542	$ 132,655	$ 320,380
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership									(18,215)	(10,933)	(27,282)
Net (income)/loss attributable to noncontrolling interests									(221)	(164)	(380)
Net income/(loss) attributable to UDR, Inc.									203,106	121,558	292,718
Distributions to preferred stockholders — Series E (Convertible)									3,868	3,708	3,717
Net Income (Loss) Available to Common Stockholders, Basic	$ 81,168	$ 17,639	$ 19,630	$ 80,801	$ 68,356	$ 15,264	$ 9,228	$ 25,038	$ 199,238	$ 117,850	$ 289,001
Weighted average common shares outstanding									268,513	267,567	266,211
Non-vested restricted stock awards									334	543	825
Denominator for basic income/(loss) per share	270,107	267,727	267,311	267,546	267,270	267,056	266,972	266,790	268,179	267,024	265,386
Incremental shares issuable from assumed conversion of stock options, unvested LTIP Units and unvested restricted stock									1,304	1,806	1,925
Denominator for diluted income/(loss) per share	270,755	268,861	268,890	269,208	269,221	269,062	268,859	268,688	269,483	268,830	267,311
Income/(loss) per weighted average common share - basic	$ 0.30	$ 0.07	$ 0.07	$ 0.30	$ 0.26	$ 0.06	$ 0.03	$ 0.09	$ 0.74	$ 0.44	$ 1.09
Income/(loss) per weighted average common share - diluted	$ 0.30	$ 0.07	$ 0.07	$ 0.30	$ 0.25	$ 0.06	$ 0.03	$ 0.09	$ 0.74	$ 0.44	$ 1.08

INCOME_(LOSS) PER SHARE - Other

INCOME/(LOSS) PER SHARE - Other information (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
OP/DownREIT Units
Antidilutive securities
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	24,548	24,821	25,130
Convertible preferred stock
Antidilutive securities
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3,011	3,021	3,028
Stock options, unvested LTIP Units and unvested restricted stock
Antidilutive securities
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1,304	1,806	1,925

STOCKHOLDERS_ EQUITY - Shares R

STOCKHOLDERS’ EQUITY - Shares Rollforward (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Common Stock
Shares issued, beginning of period	267,822,069	267,259,469	261,844,521
Issuance/(forfeiture) of common and restricted shares, net	47,432	69,788	154,656
Issuance of common shares upon exercise of stock options	771,715	86,554
Issuance of common shares through public offering	7,150,000		5,000,000
Repurchase of common shares	(593,373)
Conversion of Series E Cumulative Convertible shares		17,225
Adjustment for conversion of non-controlling interest of unitholders			255,607
Shares issued, end of period	275,545,900	267,822,069	267,259,469
8.00% Series E Cumulative Convertible Preferred Stock
Shares issued, beginning of period	2,780,994	2,796,903	2,796,903
Conversion of Series E Cumulative Convertible shares		(15,909)
Shares issued, end of period	2,780,994	2,780,994	2,796,903
Series F
Shares issued, beginning of period	15,852,721	16,196,889	16,452,496
Forfeiture of Series F shares	(50,328)	(344,168)	(255,607)
Shares issued, end of period	15,802,393	15,852,721	16,196,889
United Dominion Reality L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders	11,011	7,604	4,685
UDR Lighthouse DownREIT L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders	337,046	381,429

STOCKHOLDERS_ EQUITY - Other in

STOCKHOLDERS’ EQUITY - Other information (Details)	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 31, 2017USD ($)$ / sharesshares	Dec. 31, 2016$ / sharesshares	Dec. 31, 2008shares
Stockholders' equity
Common stock, shares authorized	350,000,000	350,000,000
Preferred stock, shares authorized	50,000,000	50,000,000
Total consideration | $	$ 19,988,000
Common distributions declared per share | $ / shares	$ 1.2900	$ 1.2400	$ 1.1800
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 | $ / shares	$ 16.61
Number of common stock shares to which each preferred share is convertible after special dividend	1.083
Declared preferred stock dividend | $ / shares	$ 1.40	$ 1.33	$ 1.33
Preferred Stock, Shares Issued	2,780,994	2,780,994
Common Stock
Stockholders' equity
Issuance of common shares through public offering	7,150,000		5,000,000
Share Price | $ / shares	$ 41.98
Aggregate gross proceeds of common stock | $	$ 300,200,000
Repurchase of common shares	(593,373)
Average price | $ / shares	33.69
Adjustment for conversion of non-controlling interest of unitholders			255,607
Series F
Stockholders' equity
Preferred stock, shares authorized	20,000,000
Share Price | $ / shares	$ 0.0001
Preferred stock, value, issued | $	$ 1,580	$ 1,585
Preferred Stock, Shares Issued	15,802,393	15,852,721
Restricted Stock
Stockholders' equity
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	212,358
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	8,208
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period Net of Forfeitures	212,411

EMPLOYEE BENEFIT PLANS - Rollfo

EMPLOYEE BENEFIT PLANS - Rollforward (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Options Exercisable, Number of Options
Number of Options		1,830,672
Options Exercisable, Weighted Average Exercise Price
Weighted Average Exercise Price (in dollars per share)		$ 10.06
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, 2017	1,830,672
Exercised	1,830,672
Balance, December 31, 2018		1,830,672
Options Outstanding, Weighted Average Exercise Price
Balance, December 31, 2017 (in dollars per share)	$ 10.06
Exercised (in dollars per share)	$ 10.06
Balance, December 31, 2018 (in dollars per share)		$ 10.06
Restricted Stock
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 4.8
Restricted Stock, Number Of shares
Balance, December 31, 2017	512,516
Granted	212,358
Vested	(409,839)
Forfeited	(8,208)
Balance, December 31, 2018	306,827	512,516
Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2017 (in dollars per share)	$ 36.82
Granted (in dollars per share)	34.16
Vested (in dollars per share)	32.57
Forfeited (in dollars per share)	36.75
Balance, December 31, 2018 (in dollars per share)	$ 36.58	$ 36.82
Exercisable
Options Exercisable, Number of Options
Number of Options	1,830,672
Options Exercisable, Weighted Average Exercise Price
Weighted Average Exercise Price (in dollars per share)	$ 10.06

EMPLOYEE BENEFIT PLANS - Other

EMPLOYEE BENEFIT PLANS - Other information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Jan. 31, 2018	Jan. 31, 2017	Jan. 31, 2016	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Employee benefits
Number of share options exercisable					1,830,672
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
Restricted Stock
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Options, Issued				6,141,613
Total remaining compensation cost related to unvested share options				$ 4.8
Weighted average remaining contractual life				1 year 10 months 24 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 34.16
Stock based compensation expense				$ 4.3	$ 4	$ 3.4
Restricted Stock | Minimum
Employee benefits
Vesting period				3 years
Restricted Stock | Maximum
Employee benefits
Vesting period				4 years
Long Term Incentive Plan
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Options, Issued				1,766,550
Total remaining compensation cost related to unvested share options				$ 8
Shares available for issuance under plan				7,269,166
Weighted average remaining contractual life				1 year 8 months 12 days
Stock based compensation expense				$ 9.9	8.9	10
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
2018 LTIP
Employee benefits
FFO as Adjusted Per Share, Value	$ 18.08
Share Price	$ 38.06
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	17.00%
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date	5.00%
Vesting period	3 years
2018 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	$ 17.13
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date	10.00%
Vesting period	1 year
2018 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%
2018 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%
2018 LTIP | Second portion of awards
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	15.00%
2018 LTIP | Third portion of awards
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	55.00%
Vesting period	3 years
2018 LTIP | Relative component
Employee benefits
FFO as Adjusted Per Share, Value	$ 20.12
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date	5.00%
2018 LTIP | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value	$ 19.35
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date	5.00%
2018 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	$ 42.18
2018 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	$ 40.49
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%
Long Term Incentive Plan
Employee benefits
Shares reserved for issuance under plan				19,000,000
Profit Sharing Plan
Employee benefits
Aggregate provisions for contributions				$ 1.3	$ 1.3	$ 1.3

INCOME TAXES - Taxable Distribu

INCOME TAXES - Taxable Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Taxable Distributions Paid Per Common Share [Abstract]
Ordinary income	$ 0.774	$ 1.018	$ 0.708
Qualified ordinary income	0.006	0.011	0
Long-term capital gain	0.058	0.133	0.309
Unrecapture section 1250 gain	0.233	0.063	0.145
Nondividend distributions	0.207
Taxable distributions per common share	$ 1.278	$ 1.225	$ 1.162

INCOME TAXES - Provision (Detai

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred
Total income tax provision/(benefit)	$ 688	$ (240)	$ 11,574
TRS
Current
Federal	220	(1,205)	69
State	396	407	372
Current Income Tax Expense (Benefit), Total	616	(798)	441
Deferred
Federal	66	568	9,814
State	6	(10)	1,319
Total deferred	72	558	11,133
Total income tax provision/(benefit)	688	(240)	11,574
TRS | Continuing Operations
Deferred
Total income tax provision/(benefit)	$ 688	$ (240)	11,574
Tax Benefit of Taxable Subsidiary			$ 11,574

INCOME TAXES - SEC Simplificati

INCOME TAXES - SEC Simplification (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax (provision)/benefit, net	$ 688	$ (240)	$ 11,574
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax (provision)/benefit, net			(3,774)
Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax impact of sales of real estate owned			15,348
TRS
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax (provision)/benefit, net	688	(240)	11,574
TRS | Continuing Operations
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax (provision)/benefit, net	$ 688	$ (240)	11,574
TRS | Continuing Operations | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax (provision)/benefit, net			(3,774)
TRS | Continuing Operations | Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax impact of sales of real estate owned			(15,348)
TRS | Sale of Real Estate | Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax (provision)/benefit, net			15,348
TRS | Sale of Real Estate | Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Tax impact of sales of real estate owned			$ (15,348)

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Deferred tax assets:
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	35.00%	35.00%
Deferred tax liabilities:
Deferred Tax Assets, Net, Total		$ 100
Deferred Tax Liabilities, Net	$ (100)
TRS
Deferred tax assets:
Federal and state tax attributes	28	8	$ 536
Other	70	139	190
Total deferred tax assets	98	147	726
Valuation allowance	(16)	(9)	(6)
Net deferred tax assets	82	138	720
Deferred tax liabilities:
Other	(84)	(67)	(92)
Total deferred tax liabilities	(84)	(67)	(92)
Deferred Tax Assets, Net, Total		$ 71	$ 628
Deferred Tax Liabilities, Net	$ (2)

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
U.S. federal corporate income tax rate	21.00%	35.00%	35.00%
Income tax provision/(benefit)
New tax law benefit		$ 1,100
Total income tax provision/(benefit)	$ 688	(240)	$ 11,574
TRS
Income tax provision/(benefit)
U.S. federal income tax provision/(benefit)	321	581	12,577
State income tax provision	527	493	1,370
Other items	(167)	(188)	134
New tax law benefit		(1,129)
Conversion of certain TRS entities to REITs			(2,436)
Valuation allowance	7	3	(71)
Total income tax provision/(benefit)	$ 688	$ (240)	$ 11,574

INCOME TAXES - Other Informatio

INCOME TAXES - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Carryforwards
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	35.00%	35.00%
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount	$ (900)
Tax (provision)/benefit, net	688	$ (240)	$ 11,574
One time tax benefit		$ (1,100)
Internal Revenue Service (IRS)
Carryforwards
Net loss carryforwards	24,000
State
Carryforwards
Net loss carryforwards	$ 69,700

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Noncontrolling interests
Minimum holding period prior to redemption (in years)	1 year
Redeemable noncontrolling interests in the Operating Partnership
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year	$ 948,138	$ 909,482
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(43,552)	(71,096)
Conversion of OP Units/DownREIT Units to Common Stock	13,328	14,544
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	18,215	10,933	$ 27,282
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(32,798)	(31,427)
OP Units Issued	4,320
Vesting of Long-Term Incentive Plan Units	4,397	2,317
Allocation of other comprehensive income/(loss)	244	281
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year	972,740	948,138	909,482
Net income/(loss) attributable to noncontrolling interests	$ (175)	$ (147)	$ (322)
LTIP Units | Minimum
Redeemable noncontrolling interests in the Operating Partnership
Vesting period	1 year
LTIP Units | Maximum
Redeemable noncontrolling interests in the Operating Partnership
Vesting period	3 years

FAIR VALUE OF DERIVATIVES AND_3

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fair Value
Notes receivable, net	$ 42,259	$ 19,469
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Gross Amounts of Recognized Assets	4,757	5,743
Gross Amounts of Recognized Liabilities	356
Debt instruments - fair value
Transfers between levels of fair value hierarchy	0
Unsecured debt instruments
Redeemable Noncontrolling Interest, Equity, Carrying Amount	972,740	948,138	$ 909,482
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	972,740	948,138
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 (b)	356
Carrying Amount | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net	42,259	19,469
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Gross Amounts of Recognized Assets	4,757	5,743
Total assets	47,016	25,212
Gross Amounts of Recognized Liabilities	356
Unsecured debt instruments
Total liabilities	3,566,018	3,688,070
Redeemable Noncontrolling Interest, Equity, Carrying Amount	972,740
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership		948,138
Carrying Amount | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	16	21,767
Commercial paper program	101,115	300,000
Carrying Amount | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	2,861,842	2,561,122
Fair Value | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Notes receivable (a)	45,026	19,567
Total assets	49,783	25,310
Unsecured debt instruments
Total liabilities	3,532,104	3,746,572
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	972,740	948,138
Fair Value | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	4,757	5,743
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	416,314
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 | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	16	21,767
Commercial paper program	101,115	300,000
Fair Value | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	2,829,390	2,611,458
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	4,757	5,743
Unsecured debt instruments
Total liabilities	356
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	972,740	948,138
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	4,757	5,743
Derivatives - Interest rate contracts (b)	356
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)	45,026	19,567
Total assets	45,026	19,567
Unsecured debt instruments
Commercial paper program	101,115
Total liabilities	3,531,748	3,746,572
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	416,314
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
Fair Value | Level 3 | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	16	21,767
Commercial paper program		300,000
Fair Value | Level 3 | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	2,829,390	2,611,458
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	90,000	285,836
Fixed Rate Debt | Fair Value | Mortgages Notes Payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value		397,386
Fixed Rate Debt | Fair Value | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	90,213	292,227
Fixed Rate Debt | Fair Value | Level 3 | Mortgages Notes Payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value		397,386
Fixed Rate Debt | Fair Value | Level 3 | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	90,213	292,227
Variable Rate Debt | Fair Value | 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
Variable Rate Debt | 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
Variable Rate Debt | Fair Value | Level 3 | 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
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
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	94,700	94,700
Fannie Mae credit facilities | Fixed Rate Debt | Carrying Amount | Fannie Mae credit facilities | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	90,000	285,836
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
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
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	417,989	395,611
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	$ 417,989	$ 395,611

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITY - Interest Rate Derivatives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)instrumentitem	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Oct. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)
Derivatives
Unrealized holding gain/(loss)	$ 4,806	$ 1,802	$ 3,514
Unsecured Commercial Bank Credit Facility
Derivatives
Total revolving credit facility		$ 1,100,000			$ 2,000,000	$ 2,000,000
Term note due January 2029 | Unsecured Commercial Bank Credit Facility
Derivatives
Total revolving credit facility				$ 300,000
Years to maturity	10 years
Designated as Hedging Instrument | Interest rate swaps
Derivatives
Number of Interest Rate Derivatives Held | item	4
Notional	$ 315,000
Designated as Hedging Instrument | Interest rate swaps subsequently terminated and settled
Derivatives
Number of Interest Rate Derivatives Held | instrument	2
Notional	$ 150,000
Cash received to settle swaps	3,100
Unrealized holding gain/(loss)	3,100
Designated as Hedging Instrument | Interest rate swaps effective from December 2019
Derivatives
Notional	$ 50,000
Designated as Hedging Instrument | Interest rate caps
Derivatives
Number of Interest Rate Derivatives Held | item	1
Notional	$ 65,197
Not Designated as Hedging Instrument | Interest rate caps
Derivatives
Number of Interest Rate Derivatives Held | instrument	1
Notional	$ 19,880

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - Interest rate contracts - Designated as Hedging Instrument - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other assets
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet
Derivative Asset Designated as Hedging Instrument, Fair Value	$ 4,757	$ 5,743
Other liabilities
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet
Derivative Liability Designated as Hedging Instrument, Fair Value	$ 356

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITY - Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss) Recognized in OCI	$ 4,806	$ 1,802	$ 3,514
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net		(1)	(3)
Interest expense | Cash Flow Hedging | Interest rate contracts
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss) Recognized in OCI	4,806	1,802	3,514
Gain/(Loss) Reclassified from Accumulated OCI into Interest expense	1,948	(1,271)	(3,657)
Interest rate contracts | Interest expense | Cash Flow Hedging | Interest rate contracts
Effect of derivative instruments on the Consolidated Statements of Operations
Gain/(Loss) recognized in Interest Expense (Amount excluded from effectiveness testing)		$ 136
Interest rate contracts | Other income/(expense)
Effect of derivative instruments on the Consolidated Statements of Operations
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	$ 0		$ 0

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Offsetting derivative assets
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 4,757	$ 5,743
Net Amount	4,757	5,743
Offsetting derivative liabilities
Gross Amounts of Recognized Liabilities	356
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b)	356
Net Amount	356
Fair Value, Measurements, Recurring | Carrying Amount
Offsetting derivative assets
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	4,757	$ 5,743
Offsetting derivative liabilities
Gross Amounts of Recognized Liabilities	356
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b)	$ 356

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITY - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivatives and hedging activity
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 3,900
Total amount of Interest expense presented on the Consolidated Statements of Operations	134,168	$ 128,711	$ 123,031
Derivative instruments not designated as hedging instruments, gain (loss), net		(1)	(3)
Payment required to pay for contract termination	4,700
Interest rate swaps | Other income/(expense)
Derivatives and hedging activity
Derivative instruments not designated as hedging instruments, gain (loss), net	0	100	0
Interest rate swaps | Designated as Hedging Instrument
Derivatives
Notional	315,000
Interest rate contracts | Other income/(expense)
Derivatives and hedging activity
Derivative instruments not designated as hedging instruments, gain (loss), net	$ 0		0
Interest rate contracts | Maximum | Other income/(expense)
Derivatives and hedging activity
Derivative instruments not designated as hedging instruments, gain (loss), net		$ 100	$ 100

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Real Estate Commitments (Details) $ in Thousands	Dec. 31, 2018USD ($)communityitem
Commitments
Number of communities owned (in communities) | community	127
Investment	$ 47,398
UDR's Remaining Commitment	62,392
Development land parcel, Denver, Colorado
Commitments
Contractual purchase price commitment	13,700
Deposit	$ 1,000
Preferred Equity Investments
Commitments
Number of communities owned (in communities) | item	3
Investment	$ 43,244
UDR's Remaining Commitment	48,892
Other investments
Commitments
Investment	4,154
UDR's Remaining Commitment	$ 13,500

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Lease Maturities (Details) $ in Thousands	Dec. 31, 2018USD ($)
Ground Leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,019	$ 4,901
2,020	4,901
2,021	4,901
2,022	4,901
2,023	4,901
Thereafter	313,918
Total	338,423
Office Space
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2,019	76
2,020	76
2,021	32
Total	$ 184

COMMITMENTS AND CONTINGENCIES-

COMMITMENTS AND CONTINGENCIES- Other Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)community	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Real estate properties
Development costs and capital expenditures incurred but not yet paid	$ 10,304	$ 43,930	$ 46,285
Number of real estate properties | community	127
Ground Leases
Real estate properties
Number of real estate properties | community	6
Rent expense	$ 7,300	6,200	5,500
Office Space
Real estate properties
Rent expense	$ 200	$ 200	$ 300

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)segmentitem	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Segments
Same store communities | item									37,673
Reportable Segments
Number of reportable segments | segment									2
Capital expenditures and development									$ 214,898	$ 369,029	$ 339,813
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue	$ 264,732	$ 263,256	$ 256,634	$ 250,483	$ 250,116	$ 248,264	$ 244,658	$ 241,271	1,035,105	984,309	948,461
Reportable apartment home segment NOI									732,115	698,503	673,085
Reconciling items:
Joint venture management and other fees									$ 11,754	$ 11,482	$ 11,400
Type of revenue									udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Property management									$ (28,465)	$ (27,068)	$ (26,083)
Other operating expenses									(12,100)	(9,060)	(7,649)
Real estate depreciation and amortization									(429,006)	(430,054)	(419,615)
General and administrative									(46,983)	(48,566)	(49,761)
Casualty-related (charges)/recoveries, net									(2,121)	(4,335)	(732)
Other depreciation and amortization									(6,673)	(6,408)	(6,023)
Income/(loss) from unconsolidated entities									(5,055)	31,257	52,234
Interest expense									(134,168)	(128,711)	(123,031)
Interest and other income/(expense), net									6,735	1,971	1,930
Gain/(loss) on sale of real estate owned									136,197	43,404	226,199
Tax (provision)/benefit, net									(688)	240	(11,574)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership									(18,215)	(10,933)	(27,282)
Net (income)/loss attributable to noncontrolling interests									(221)	(164)	(380)
Net income/(loss) attributable to UDR, Inc.									203,106	121,558	292,718
Reportable apartment home segment assets:
Total segment assets	10,196,159				10,177,206				10,196,159	10,177,206
Accumulated depreciation	(3,654,160)				(3,330,166)				(3,654,160)	(3,330,166)
Total real estate owned, net of accumulated depreciation	6,541,999				6,847,040				6,541,999	6,847,040
Reconciling items:
Cash and cash equivalents	185,216				2,038				185,216	2,038	2,112	$ 6,742
Restricted cash	23,675				19,792				23,675	19,792	19,994	20,798
Notes receivable, net	42,259				19,469				42,259	19,469
Investment in and advances to unconsolidated joint ventures, net	780,869				720,830				780,869	720,830
Other assets	137,710				124,104				137,710	124,104
Total consolidated assets	7,711,728				7,733,273				7,711,728	7,733,273
Same Communities
Reportable Segments
Capital expenditures and development									86,200	86,200	82,900
Same Store Communities West Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									399,314	383,009	353,321
Reportable apartment home segment NOI									301,098	286,662	264,475
Reportable apartment home segment assets:
Total segment assets	3,666,169				3,630,164				3,666,169	3,630,164
Same Store Communities Mid-Atlantic Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									220,450	214,157	208,223
Reportable apartment home segment NOI									153,670	150,126	144,508
Reportable apartment home segment assets:
Total segment assets	2,317,369				2,290,241				2,317,369	2,290,241
Same Store Communities Northeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									154,019	151,736	147,573
Reportable apartment home segment NOI									105,998	106,473	106,005
Reportable apartment home segment assets:
Total segment assets	1,874,616				1,865,762				1,874,616	1,865,762
Same Store Communities Southeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									122,234	116,467	111,318
Reportable apartment home segment NOI									85,220	80,726	76,359
Reportable apartment home segment assets:
Total segment assets	779,310				762,102				779,310	762,102
Same Store Communities Southwest Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									43,709	42,992	41,273
Reportable apartment home segment NOI									26,408	26,455	25,600
Reportable apartment home segment assets:
Total segment assets	297,681				292,074				297,681	292,074
Non-Mature communities/Other
Reportable Segments
Capital expenditures and development									5,800	5,700	13,400
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									95,379	75,948	86,753
Reportable apartment home segment NOI									59,721	48,061	56,138
Reportable apartment home segment assets:
Total segment assets	1,261,014				1,336,863				$ 1,261,014	1,336,863
United Dominion Reality L.P.
Segments
Same store communities | item									16,216
Reportable Segments
Number of reportable segments | segment									2
Capital expenditures and development									$ 44,353	45,211	71,720
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue	108,523	109,539	107,266	106,592	107,431	105,253	104,088	102,605	431,920	419,377	404,415
Reportable apartment home segment NOI									317,380	306,841	297,121
Reconciling items:
Property management									(11,878)	(11,533)	(11,122)
Other operating expenses									(8,864)	(6,833)	(6,059)
Real estate depreciation and amortization									(143,481)	(152,473)	(147,074)
General and administrative									(16,889)	(17,875)	(18,808)
Casualty-related (charges)/recoveries, net									(951)	(1,922)	(484)
Income/(loss) from unconsolidated entities									43,496	(19,256)	(37,425)
Interest expense									(22,835)	(30,366)	(30,067)
Gain/(loss) on sale of real estate owned									75,507	41,272	33,180
Net (income)/loss attributable to noncontrolling interests									(1,722)	(1,548)	(1,444)
Net income/(loss) attributable to UDR, Inc.	85,880	$ 27,695	$ 24,761	$ 91,427	61,065	$ 20,736	$ 10,849	$ 13,657	229,763	106,307	77,818
Reportable apartment home segment assets:
Total segment assets	3,811,985				3,816,956				3,811,985	3,816,956
Total real estate owned, net of accumulated depreciation	2,153,824				2,273,304				2,153,824	2,273,304
Reconciling items:
Cash and cash equivalents	125				293				125	293	756	3,103
Restricted cash	13,563				12,579				13,563	12,579	11,694	$ 11,344
Investment in and advances to unconsolidated joint ventures, net	103,026				76,907				103,026	76,907
Other assets	34,052				32,490				34,052	32,490
Total consolidated assets	2,304,590				2,395,573				2,304,590	2,395,573
United Dominion Reality L.P. | Same Communities
Reportable Segments
Capital expenditures and development									41,000	41,800	41,500
United Dominion Reality L.P. | Same Store Communities West Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									246,047	235,022	223,539
Reportable apartment home segment NOI									187,664	177,229	168,762
Reportable apartment home segment assets:
Total segment assets	1,981,007				1,955,962				1,981,007	1,955,962
United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									60,389	59,006	57,563
Reportable apartment home segment NOI									41,642	40,292	38,711
Reportable apartment home segment assets:
Total segment assets	663,083				655,850				663,083	655,850
United Dominion Reality L.P. | Same Store Communities Northeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									54,749	54,530	53,036
Reportable apartment home segment NOI									39,456	40,524	40,704
Reportable apartment home segment assets:
Total segment assets	681,953				677,767				681,953	677,767
United Dominion Reality L.P. | Same Store Communities Southeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									51,896	49,586	47,792
Reportable apartment home segment NOI									35,948	34,182	32,519
Reportable apartment home segment assets:
Total segment assets	340,722				334,811				340,722	334,811
United Dominion Reality L.P. | Non-Mature communities/Other
Reportable Segments
Capital expenditures and development									900	1,800	2,600
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									18,839	21,233	22,485
Reportable apartment home segment NOI									12,670	14,614	$ 16,425
Reportable apartment home segment assets:
Total segment assets	$ 145,220				$ 192,566				$ 145,220	$ 192,566
Minimum
Reportable Segments
Community Threshold, Percent Occupancy Threshold									90%
Time to maintain percent occupancy to be considered a community									3 months
Minimum | United Dominion Reality L.P.
Reportable Segments
Community Threshold, Percent Occupancy Threshold									90%
Time to maintain percent occupancy to be considered a community									3 months
Taxable REIT Subsidiaries
Reportable Segments
Management fee (as a percent)									2.75%

UNAUDITED SUMMARIZED CONSOLID_3

UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly financial data
Rental income	$ 264,732	$ 263,256	$ 256,634	$ 250,483	$ 250,116	$ 248,264	$ 244,658	$ 241,271	$ 1,035,105	$ 984,309	$ 948,461
Net income/(loss)	89,615	20,258	22,444	89,225	75,627	17,570	11,062	28,396	221,542	132,655	320,380
Net (loss)/income attributable to stakeholders	$ 81,168	$ 17,639	$ 19,630	$ 80,801	$ 68,356	$ 15,264	$ 9,228	$ 25,038	$ 199,238	$ 117,850	$ 289,001
Income/(loss) per weighted average common share - basic	$ 0.30	$ 0.07	$ 0.07	$ 0.30	$ 0.26	$ 0.06	$ 0.03	$ 0.09	$ 0.74	$ 0.44	$ 1.09
Income/(loss) per weighted average common share - diluted	$ 0.30	$ 0.07	$ 0.07	$ 0.30	$ 0.25	$ 0.06	$ 0.03	$ 0.09	$ 0.74	$ 0.44	$ 1.08
Weighted average number of common shares outstanding — Basic	270,107	267,727	267,311	267,546	267,270	267,056	266,972	266,790	268,179	267,024	265,386
Weighted average number of common shares outstanding — diluted	270,755	268,861	268,890	269,208	269,221	269,062	268,859	268,688	269,483	268,830	267,311

SCHEDULE III _ REAL ESTATE OW_2

SCHEDULE III — REAL ESTATE OWNED (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Real Estate and Accumulated Depreciation
Encumbrances				$ 601,227
Initial Costs, Land and Land Improvements				1,817,362
Initial Costs, Buildings and Improvements				5,123,363
Total Initial Acquisition Costs				6,940,725
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,255,434
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,063,023
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				8,133,136
Total Carrying Value	$ 10,177,206	$ 9,615,753	$ 9,190,276	10,196,159
Accumulated Depreciation	3,330,166	2,923,625	2,646,874	3,654,160
Aggregate cost for federal income tax purposes				9,200,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	10,177,206	9,615,753	9,190,276
Real estate acquired		235,993	324,104
Capital expenditures and development	214,898	369,029	339,813
Real estate sold	(195,945)	(43,569)	(238,440)
Balance at end of the year	10,196,159	10,177,206	9,615,753
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	3,330,166	2,923,625	2,646,874
Depreciation expense for the year	426,006	424,772	398,904
Accumulated depreciation on sales	(102,012)	(18,231)	(122,153)
Balance at end of year	$ 3,654,160	$ 3,330,166	$ 2,923,625
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
Land
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				45,236
Total Initial Acquisition Costs				45,236
Costs of Improvements Capitalized Subsequent to Acquisition Costs				22,498
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				52,301
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				15,433
Total Carrying Value	$ 67,734			67,734
Accumulated Depreciation	2,638			2,638
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	67,734
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,638
Land | 7 Harcourt
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				5,858
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				5,938
Total Carrying Value	6,742			6,742
Accumulated Depreciation	268			268
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	6,742
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	268
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				9,322
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,373
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				2,274
Total Carrying Value	13,647			13,647
Accumulated Depreciation	2,370			2,370
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,647
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,370
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				7,221
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				7,221
Total Carrying Value	16,143			16,143
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,143
COMMERCIAL
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				28,604
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,798
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				20,806
Total Carrying Value	28,604			28,604
Accumulated Depreciation	14,052			14,052
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,604
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,052
COMMERCIAL | Brookhaven Shopping Center
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				28,604
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,798
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				20,806
Total Carrying Value	28,604			28,604
Accumulated Depreciation	14,052			14,052
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,604
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,052
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				5,936
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				26,469
Total Carrying Value	29,504			29,504
Accumulated Depreciation	2,907			2,907
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,504
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,907
TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				4,604
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				4,604
Total Carrying Value	4,604			4,604
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,604
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				1,332
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				21,865
Total Carrying Value	24,900			24,900
Accumulated Depreciation	2,907			2,907
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,900
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,907
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				34,540
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,833
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,275
Total Carrying Value	58,108			58,108
Accumulated Depreciation	16,959			16,959
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,108
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,959
TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances				602,689
Initial Costs, Land and Land Improvements				1,769,092
Initial Costs, Buildings and Improvements				5,102,829
Total Initial Acquisition Costs				6,871,921
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,198,396
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,999,889
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				8,070,428
Total Carrying Value	10,070,317			10,070,317
Accumulated Depreciation	3,634,563			3,634,563
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	10,070,317
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,634,563
WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				169,610
Initial Costs, Land and Land Improvements				889,180
Initial Costs, Buildings and Improvements				1,803,951
Total Initial Acquisition Costs				2,693,131
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,432,923
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				971,200
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,154,854
Total Carrying Value	4,126,054			4,126,054
Accumulated Depreciation	1,470,066			1,470,066
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,126,054
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,470,066
ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				411,385
Initial Costs, Buildings and Improvements				330,038
Total Initial Acquisition Costs				741,423
Costs of Improvements Capitalized Subsequent to Acquisition Costs				734,475
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				448,575
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,027,323
Total Carrying Value	1,475,898			1,475,898
Accumulated Depreciation	429,469			429,469
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,475,898
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	429,469
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				20,382
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,134
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,262
Total Carrying Value	69,396			69,396
Accumulated Depreciation	33,329			33,329
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,396
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,329
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				100,725
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				114,336
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				196,362
Total Carrying Value	310,698			310,698
Accumulated Depreciation	128,098			128,098
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	310,698
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	128,098
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				14,690
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,223
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,008
Total Carrying Value	45,231			45,231
Accumulated Depreciation	24,328			24,328
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,231
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,328
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				3,589
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,988
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				6,959
Total Carrying Value	17,947			17,947
Accumulated Depreciation	5,136			5,136
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,947
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,136
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				42,316
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				68,320
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				82,594
Total Carrying Value	150,914			150,914
Accumulated Depreciation	55,777			55,777
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	150,914
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,777
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				34,335
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				60,914
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				82,273
Total Carrying Value	143,187			143,187
Accumulated Depreciation	52,441			52,441
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	143,187
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,441
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				4,278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,479
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,057
Total Carrying Value	22,536			22,536
Accumulated Depreciation	6,819			6,819
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,536
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,819
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				2,949
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,962
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,555
Total Carrying Value	71,517			71,517
Accumulated Depreciation	27,099			27,099
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,517
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,099
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				39,084
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				13,094
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,868
Total Carrying Value	51,962			51,962
Accumulated Depreciation	10,373			10,373
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,962
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,373
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				127,395
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				25,460
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				126,935
Total Carrying Value	152,395			152,395
Accumulated Depreciation	43,541			43,541
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	152,395
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,541
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				70,730
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,525
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				71,503
Total Carrying Value	88,028			88,028
Accumulated Depreciation	22,756			22,756
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,028
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,756
ORANGE COUNTY, CA | 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				274,002
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				78,140
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				273,947
Total Carrying Value	352,087			352,087
Accumulated Depreciation	19,772			19,772
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	352,087
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,772
SAN FRANCISCO, CA
Real Estate and Accumulated Depreciation
Encumbrances				27,000
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				308,702
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				151,367
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				717,240
Total Carrying Value	868,607			868,607
Accumulated Depreciation	385,547			385,547
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	868,607
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	385,547
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				35,069
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,363
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				75,145
Total Carrying Value	89,508			89,508
Accumulated Depreciation	40,523			40,523
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	89,508
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,523
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				8,868
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,178
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,751
Total Carrying Value	29,929			29,929
Accumulated Depreciation	16,687			16,687
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,929
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,687
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				28,149
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,889
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,124
Total Carrying Value	59,013			59,013
Accumulated Depreciation	35,474			35,474
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,013
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,474
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				13,136
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,202
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				42,074
Total Carrying Value	43,276			43,276
Accumulated Depreciation	23,280			23,280
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,276
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,280
SAN FRANCISCO, CA | River Terrace
Real Estate and Accumulated Depreciation
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				6,496
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,839
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,955
Total Carrying Value	68,794			68,794
Accumulated Depreciation	30,364			30,364
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,794
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,364
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				37,297
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,422
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				65,443
Total Carrying Value	81,865			81,865
Accumulated Depreciation	45,864			45,864
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,865
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,864
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				6,139
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,580
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,562
Total Carrying Value	29,142			29,142
Accumulated Depreciation	11,590			11,590
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,142
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,590
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				11,243
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,772
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,383
Total Carrying Value	35,155			35,155
Accumulated Depreciation	19,339			19,339
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,155
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,339
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				12,097
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,753
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,873
Total Carrying Value	126,626			126,626
Accumulated Depreciation	54,012			54,012
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	126,626
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	54,012
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				8,134
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				923
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,320
Total Carrying Value	51,243			51,243
Accumulated Depreciation	30,153			30,153
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,243
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,153
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				11,524
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,588
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				85,293
Total Carrying Value	99,881			99,881
Accumulated Depreciation	37,183			37,183
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	99,881
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,183
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				130,550
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,858
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				130,317
Total Carrying Value	154,175			154,175
Accumulated Depreciation	41,078			41,078
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	154,175
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,078
SEATTLE, WA
Real Estate and Accumulated Depreciation
Encumbrances				74,910
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				74,884
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				140,971
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				852,316
Total Carrying Value	993,287			993,287
Accumulated Depreciation	311,071			311,071
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	993,287
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	311,071
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				8,830
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,134
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,619
Total Carrying Value	17,753			17,753
Accumulated Depreciation	9,884			9,884
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,753
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,884
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				5,908
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,999
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,491
Total Carrying Value	15,490			15,490
Accumulated Depreciation	8,574			8,574
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,490
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,574
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				7,367
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,087
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,980
Total Carrying Value	44,067			44,067
Accumulated Depreciation	24,741			24,741
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,067
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,741
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				2,996
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,287
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				25,195
Total Carrying Value	31,482			31,482
Accumulated Depreciation	16,222			16,222
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,482
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,222
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				6,339
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,264
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,845
Total Carrying Value	44,109			44,109
Accumulated Depreciation	21,884			21,884
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,109
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,884
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				6,929
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,660
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,942
Total Carrying Value	117,602			117,602
Accumulated Depreciation	55,430			55,430
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	117,602
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,430
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				5,244
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,443
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,749
Total Carrying Value	36,192			36,192
Accumulated Depreciation	17,528			17,528
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,192
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,528
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				18,495
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,301
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				87,698
Total Carrying Value	117,999			117,999
Accumulated Depreciation	58,588			58,588
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	117,999
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	58,588
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				3,901
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,657
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,775
Total Carrying Value	58,432			58,432
Accumulated Depreciation	25,129			25,129
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,432
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,129
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				962
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,473
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				39,822
Total Carrying Value	46,295			46,295
Accumulated Depreciation	11,163			11,163
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,295
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,163
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				2,950
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,771
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				68,048
Total Carrying Value	77,819			77,819
Accumulated Depreciation	16,832			16,832
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	77,819
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,832
SEATTLE, WA | Ashton Bellevue
Real Estate and Accumulated Depreciation
Encumbrances				47,320
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				2,226
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,380
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				127,072
Total Carrying Value	135,452			135,452
Accumulated Depreciation	15,831			15,831
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	135,452
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,831
SEATTLE, WA | TEN20
Real Estate and Accumulated Depreciation
Encumbrances				27,590
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				2,248
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				78,790
Total Carrying Value	84,082			84,082
Accumulated Depreciation	9,850			9,850
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,082
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,850
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				298
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,995
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				63,320
Total Carrying Value	69,315			69,315
Accumulated Depreciation	8,734			8,734
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,315
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,734
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				191
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,228
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				85,970
Total Carrying Value	97,198			97,198
Accumulated Depreciation	10,681			10,681
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	97,198
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,681
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				145,978
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				161,019
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				293,284
Total Carrying Value	454,303			454,303
Accumulated Depreciation	164,965			164,965
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	454,303
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	164,965
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				5,140
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,807
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,196
Total Carrying Value	31,003			31,003
Accumulated Depreciation	15,645			15,645
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,003
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,645
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				7,627
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				44,123
Total Carrying Value	83,892			83,892
Accumulated Depreciation	25,461			25,461
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,892
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,461
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				40,209
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				50,875
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				139,880
Total Carrying Value	190,755			190,755
Accumulated Depreciation	76,018			76,018
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	190,755
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	76,018
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				93,002
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				87,085
Total Carrying Value	148,653			148,653
Accumulated Depreciation	47,841			47,841
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	148,653
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,841
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				92,365
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,029
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				148,658
Total Carrying Value	177,687			177,687
Accumulated Depreciation	89,896			89,896
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	177,687
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	89,896
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				10,652
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,310
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,270
Total Carrying Value	21,580			21,580
Accumulated Depreciation	11,146			11,146
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,580
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,146
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				6,189
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,601
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				9,664
Total Carrying Value	11,265			11,265
Accumulated Depreciation	6,023			6,023
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	11,265
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,023
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				17,695
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,648
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				27,969
Total Carrying Value	33,617			33,617
Accumulated Depreciation	17,036			17,036
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,617
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,036
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				7,147
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,373
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,193
Total Carrying Value	13,566			13,566
Accumulated Depreciation	6,852			6,852
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,566
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,852
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				31,779
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,280
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,741
Total Carrying Value	62,021			62,021
Accumulated Depreciation	30,646			30,646
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,021
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,646
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				11,449
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,484
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,037
Total Carrying Value	21,521			21,521
Accumulated Depreciation	11,140			11,140
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,521
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,140
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				7,454
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,333
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,784
Total Carrying Value	14,117			14,117
Accumulated Depreciation	7,053			7,053
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,117
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,053
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				60,697
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,767
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				77,392
Total Carrying Value	107,159			107,159
Accumulated Depreciation	60,343			60,343
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	107,159
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	60,343
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				56,760
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,553
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,409
Total Carrying Value	73,962			73,962
Accumulated Depreciation	40,173			40,173
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,962
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,173
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				3,937
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,214
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				26,983
Total Carrying Value	33,197			33,197
Accumulated Depreciation	20,170			20,170
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,197
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,170
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				15,822
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,472
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,641
Total Carrying Value	49,113			49,113
Accumulated Depreciation	28,775			28,775
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,113
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,775
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				8,197
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,983
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,621
Total Carrying Value	20,604			20,604
Accumulated Depreciation	11,989			11,989
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,604
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,989
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				7,625
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,489
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,020
Total Carrying Value	28,509			28,509
Accumulated Depreciation	16,786			16,786
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,509
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,786
MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
Encumbrances				213,079
Initial Costs, Land and Land Improvements				336,489
Initial Costs, Buildings and Improvements				1,381,064
Total Initial Acquisition Costs				1,717,553
Costs of Improvements Capitalized Subsequent to Acquisition Costs				619,205
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				413,664
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,923,094
Total Carrying Value	2,336,758			2,336,758
Accumulated Depreciation	823,823			823,823
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,336,758
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	823,823
METROPOLITAN, D.C.
Real Estate and Accumulated Depreciation
Encumbrances				213,079
Initial Costs, Land and Land Improvements				310,539
Initial Costs, Buildings and Improvements				1,209,244
Total Initial Acquisition Costs				1,519,783
Costs of Improvements Capitalized Subsequent to Acquisition Costs				516,721
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				376,291
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,660,213
Total Carrying Value	2,036,504			2,036,504
Accumulated Depreciation	636,840			636,840
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,036,504
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	636,840
METROPOLITAN, D.C. | 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				8,928
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,042
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,480
Total Carrying Value	25,522			25,522
Accumulated Depreciation	15,425			15,425
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,522
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,425
METROPOLITAN, D.C. | 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				8,919
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,125
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,547
Total Carrying Value	19,672			19,672
Accumulated Depreciation	12,160			12,160
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,672
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,160
METROPOLITAN, D.C. | 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				12,132
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,795
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				30,365
Total Carrying Value	42,160			42,160
Accumulated Depreciation	23,380			23,380
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,160
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,380
METROPOLITAN, D.C. | 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				23,341
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,529
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,641
Total Carrying Value	43,170			43,170
Accumulated Depreciation	27,450			27,450
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,170
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,450
METROPOLITAN, D.C. | 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				10,764
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,256
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				30,206
Total Carrying Value	36,462			36,462
Accumulated Depreciation	23,273			23,273
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,462
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,273
METROPOLITAN, D.C. | 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				115,383
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,587
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				118,879
Total Carrying Value	128,466			128,466
Accumulated Depreciation	32,915			32,915
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	128,466
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,915
METROPOLITAN, D.C. | Waterside Towers
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				13,001
Initial Costs, Buildings and Improvements				49,657
Total Initial Acquisition Costs				62,658
Costs of Improvements Capitalized Subsequent to Acquisition Costs				28,272
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				49,907
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				41,023
Total Carrying Value	90,930			90,930
Accumulated Depreciation	26,761			26,761
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	90,930
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,761
METROPOLITAN, D.C. | Wellington Place at Olde Town
Real Estate and Accumulated Depreciation
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				19,895
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,819
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,888
Total Carrying Value	69,707			69,707
Accumulated Depreciation	40,260			40,260
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,707
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,260
METROPOLITAN, D.C. | 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				6,038
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				316
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				65,853
Total Carrying Value	66,169			66,169
Accumulated Depreciation	37,742			37,742
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,169
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,742
METROPOLITAN, D.C. | 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				10,580
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,708
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				113,685
Total Carrying Value	115,393			115,393
Accumulated Depreciation	68,821			68,821
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	115,393
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	68,821
METROPOLITAN, D.C. | 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				4,620
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,713
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				71,278
Total Carrying Value	92,991			92,991
Accumulated Depreciation	41,618			41,618
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	92,991
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,618
METROPOLITAN, D.C. | 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				4,823
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,780
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				102,694
Total Carrying Value	108,474			108,474
Accumulated Depreciation	43,653			43,653
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	108,474
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,653
METROPOLITAN, D.C. | 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				71,334
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				25,543
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				59,081
Total Carrying Value	84,624			84,624
Accumulated Depreciation	37,194			37,194
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,624
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,194
METROPOLITAN, D.C. | 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				95,663
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				31,442
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,614
Total Carrying Value	127,056			127,056
Accumulated Depreciation	35,431			35,431
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,056
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,431
METROPOLITAN, D.C. | 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				59,421
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,460
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				59,261
Total Carrying Value	66,721			66,721
Accumulated Depreciation	19,360			19,360
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,721
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,360
METROPOLITAN, D.C. | 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				2,734
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,880
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				70,624
Total Carrying Value	80,504			80,504
Accumulated Depreciation	12,693			12,693
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	80,504
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,693
METROPOLITAN, D.C. | 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				3,931
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				28,067
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				115,491
Total Carrying Value	143,558			143,558
Accumulated Depreciation	24,125			24,125
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	143,558
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,125
METROPOLITAN, D.C. | 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				2,962
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				15,820
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				110,247
Total Carrying Value	126,067			126,067
Accumulated Depreciation	19,818			19,818
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	126,067
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,818
METROPOLITAN, D.C. | Arbor Park of Alexandria
Real Estate and Accumulated Depreciation
Encumbrances				85,479
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				2,824
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				51,197
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				162,236
Total Carrying Value	213,433			213,433
Accumulated Depreciation	33,731			33,731
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	213,433
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,731
METROPOLITAN, D.C. | 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				9,008
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,728
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				92,811
Total Carrying Value	107,539			107,539
Accumulated Depreciation	19,955			19,955
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	107,539
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,955
METROPOLITAN, D.C. | 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				15,149
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				55,577
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				192,309
Total Carrying Value	247,886			247,886
Accumulated Depreciation	41,075			41,075
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	247,886
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,075
RICHMOND, VA
Real Estate and Accumulated Depreciation
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				82,200
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				15,282
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				132,949
Total Carrying Value	148,231			148,231
Accumulated Depreciation	109,939			109,939
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	148,231
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	109,939
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				30,746
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,554
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,166
Total Carrying Value	36,720			36,720
Accumulated Depreciation	30,235			30,235
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,720
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,235
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				9,193
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,472
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,804
Total Carrying Value	24,276			24,276
Accumulated Depreciation	15,985			15,985
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,276
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,985
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				9,713
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,997
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				37,187
Total Carrying Value	41,184			41,184
Accumulated Depreciation	27,445			27,445
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,184
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,445
RICHMOND, VA | Legacy at Mayland
Real Estate and Accumulated Depreciation
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				32,548
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,259
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				40,792
Total Carrying Value	46,051			46,051
Accumulated Depreciation	36,274			36,274
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,051
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,274
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				20,284
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,091
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				129,932
Total Carrying Value	152,023			152,023
Accumulated Depreciation	77,044			77,044
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	152,023
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	77,044
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				8,606
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,973
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,733
Total Carrying Value	37,706			37,706
Accumulated Depreciation	23,955			23,955
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,706
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,955
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				9,638
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,334
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,644
Total Carrying Value	66,978			66,978
Accumulated Depreciation	32,912			32,912
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,978
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,912
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				2,040
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,784
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				42,555
Total Carrying Value	47,339			47,339
Accumulated Depreciation	20,177			20,177
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,339
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,177
NORTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances				105,000
Initial Costs, Land and Land Improvements				350,769
Initial Costs, Buildings and Improvements				1,182,479
Total Initial Acquisition Costs				1,533,248
Costs of Improvements Capitalized Subsequent to Acquisition Costs				705,676
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				364,053
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,874,871
Total Carrying Value	2,238,924			2,238,924
Accumulated Depreciation	631,118			631,118
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,238,924
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	631,118
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				147,104
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				251,400
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,062,894
Total Carrying Value	1,314,294			1,314,294
Accumulated Depreciation	441,822			441,822
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,314,294
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	441,822
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				15,597
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,764
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				234,248
Total Carrying Value	276,012			276,012
Accumulated Depreciation	90,792			90,792
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	276,012
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	90,792
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				14,312
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				36,522
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				121,343
Total Carrying Value	157,865			157,865
Accumulated Depreciation	49,240			49,240
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	157,865
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,240
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				107,401
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				115,083
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				431,648
Total Carrying Value	546,731			546,731
Accumulated Depreciation	179,020			179,020
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	546,731
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	179,020
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				9,794
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				58,031
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				275,655
Total Carrying Value	333,686			333,686
Accumulated Depreciation	122,770			122,770
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	333,686
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	122,770
BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances				105,000
Initial Costs, Land and Land Improvements				100,891
Initial Costs, Buildings and Improvements				265,167
Total Initial Acquisition Costs				366,058
Costs of Improvements Capitalized Subsequent to Acquisition Costs				558,572
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				112,653
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				811,977
Total Carrying Value	924,630			924,630
Accumulated Depreciation	189,296			189,296
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	924,630
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	189,296
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				10,200
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,775
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				101,043
Total Carrying Value	106,818			106,818
Accumulated Depreciation	47,908			47,908
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	106,818
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,908
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				3,878
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,363
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,423
Total Carrying Value	44,786			44,786
Accumulated Depreciation	18,350			18,350
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,786
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,350
BOSTON, MA | Inwood West
Real Estate and Accumulated Depreciation
Encumbrances				80,000
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				11,100
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				19,607
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				100,367
Total Carrying Value	119,974			119,974
Accumulated Depreciation	45,446			45,446
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	119,974
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,446
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				10,746
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,331
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				61,551
Total Carrying Value	72,882			72,882
Accumulated Depreciation	29,311			29,311
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,882
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,311
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				201,721
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				24,688
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				201,617
Total Carrying Value	226,305			226,305
Accumulated Depreciation	40,301			40,301
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	226,305
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,301
BOSTON, MA | 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				320,927
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				44,889
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				308,976
Total Carrying Value	353,865			353,865
Accumulated Depreciation	7,980			7,980
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	353,865
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,980
SOUTHEAST REGION
Real Estate and Accumulated Depreciation
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				337,535
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				125,490
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				653,820
Total Carrying Value	779,310			779,310
Accumulated Depreciation	498,708			498,708
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	779,310
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	498,708
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				114,333
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				33,347
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				192,375
Total Carrying Value	225,722			225,722
Accumulated Depreciation	154,472			154,472
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	225,722
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	154,472
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				9,659
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,977
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,683
Total Carrying Value	15,660			15,660
Accumulated Depreciation	10,891			10,891
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,660
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,891
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				21,993
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,879
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				30,723
Total Carrying Value	34,602			34,602
Accumulated Depreciation	28,109			28,109
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,602
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,109
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				17,515
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,235
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,645
Total Carrying Value	24,880			24,880
Accumulated Depreciation	19,641			19,641
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,880
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,641
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				11,258
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,735
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				19,218
Total Carrying Value	21,953			21,953
Accumulated Depreciation	15,417			15,417
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,953
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,417
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				13,251
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,632
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				23,772
Total Carrying Value	28,404			28,404
Accumulated Depreciation	18,310			18,310
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,404
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,310
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				11,448
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,006
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				19,266
Total Carrying Value	22,272			22,272
Accumulated Depreciation	14,310			14,310
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,272
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,310
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				8,165
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,819
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,126
Total Carrying Value	15,945			15,945
Accumulated Depreciation	10,703			10,703
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,945
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,703
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				6,044
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,411
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				23,043
Total Carrying Value	27,454			27,454
Accumulated Depreciation	15,807			15,807
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,454
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,807
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				15,000
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,653
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				26,899
Total Carrying Value	34,552			34,552
Accumulated Depreciation	21,284			21,284
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,552
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,284
TAMPA, FL
Real Estate and Accumulated Depreciation
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				101,773
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				51,367
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				205,382
Total Carrying Value	256,749			256,749
Accumulated Depreciation	158,162			158,162
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	256,749
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	158,162
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				11,204
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,664
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,426
Total Carrying Value	18,090			18,090
Accumulated Depreciation	12,677			12,677
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,090
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,677
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				18,397
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,742
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,893
Total Carrying Value	22,635			22,635
Accumulated Depreciation	18,639			18,639
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,635
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,639
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				12,198
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,009
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,231
Total Carrying Value	24,240			24,240
Accumulated Depreciation	16,930			16,930
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,240
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,930
TAMPA, FL | Cambridge Woods
Real Estate and Accumulated Depreciation
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				11,674
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,401
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,230
Total Carrying Value	20,631			20,631
Accumulated Depreciation	13,378			13,378
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,631
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,378
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				18,288
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,294
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,846
Total Carrying Value	49,140			49,140
Accumulated Depreciation	31,488			31,488
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,140
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,488
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				10,042
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,836
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,933
Total Carrying Value	57,769			57,769
Accumulated Depreciation	33,490			33,490
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	57,769
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,490
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				19,970
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				15,421
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				48,823
Total Carrying Value	64,244			64,244
Accumulated Depreciation	31,560			31,560
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	64,244
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,560
NASHVILLE, TN
Real Estate and Accumulated Depreciation
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				108,323
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,989
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				187,375
Total Carrying Value	211,364			211,364
Accumulated Depreciation	138,451			138,451
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	211,364
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	138,451
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				10,278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,890
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				15,403
Total Carrying Value	17,293			17,293
Accumulated Depreciation	12,627			12,627
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,293
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,627
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				11,372
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,465
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,960
Total Carrying Value	24,425			24,425
Accumulated Depreciation	16,052			16,052
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,425
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,052
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				37,947
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,753
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,311
Total Carrying Value	40,064			40,064
Accumulated Depreciation	25,412			25,412
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,064
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,412
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				6,920
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,477
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,612
Total Carrying Value	13,089			13,089
Accumulated Depreciation	8,555			8,555
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,089
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,555
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				6,359
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,484
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,355
Total Carrying Value	14,839			14,839
Accumulated Depreciation	9,644			9,644
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,839
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,644
NASHVILLE, TN | Colonnade
Real Estate and Accumulated Depreciation
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				8,022
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,109
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				23,388
Total Carrying Value	25,497			25,497
Accumulated Depreciation	15,205			15,205
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,497
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,205
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				9,673
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,853
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,676
Total Carrying Value	37,529			37,529
Accumulated Depreciation	24,873			24,873
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,529
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,873
NASHVILLE, TN | Polo Park
Real Estate and Accumulated Depreciation
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				17,752
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,958
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,670
Total Carrying Value	38,628			38,628
Accumulated Depreciation	26,083			26,083
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,628
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,083
OTHER FLORIDA
Real Estate and Accumulated Depreciation
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				13,106
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,787
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				68,688
Total Carrying Value	85,475			85,475
Accumulated Depreciation	47,623			47,623
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,475
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,623
OTHER FLORIDA | The Reserve and Park at Riverbridge
Real Estate and Accumulated Depreciation
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				13,106
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,787
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				68,688
Total Carrying Value	85,475			85,475
Accumulated Depreciation	47,623			47,623
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,475
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,623
SOUTHWEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				115,000
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				103,057
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				125,482
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				463,789
Total Carrying Value	589,271			589,271
Accumulated Depreciation	210,848			210,848
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	589,271
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	210,848
DALLAS, TX
Real Estate and Accumulated Depreciation
Encumbrances				115,000
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				56,580
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				97,065
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				186,286
Total Carrying Value	283,351			283,351
Accumulated Depreciation	115,969			115,969
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	283,351
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	115,969
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				19,849
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				26,184
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,652
Total Carrying Value	76,836			76,836
Accumulated Depreciation	30,721			30,721
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	76,836
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,721
DALLAS, TX | Legacy Village
Real Estate and Accumulated Depreciation
Encumbrances				90,000
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				19,602
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				20,652
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				115,934
Total Carrying Value	136,586			136,586
Accumulated Depreciation	70,195			70,195
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	136,586
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	70,195
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				9,723
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,790
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,202
Total Carrying Value	42,992			42,992
Accumulated Depreciation	9,782			9,782
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	42,992
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,782
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				3,490
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				3,532
Total Carrying Value	11,947			11,947
Accumulated Depreciation	2,359			2,359
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	11,947
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,359
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				3,916
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,024
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,966
Total Carrying Value	14,990			14,990
Accumulated Depreciation	2,912			2,912
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,990
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,912
AUSTIN, TX
Real Estate and Accumulated Depreciation
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				43,545
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				19,813
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				144,189
Total Carrying Value	164,002			164,002
Accumulated Depreciation	85,675			85,675
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	164,002
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	85,675
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				23,987
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,279
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,128
Total Carrying Value	41,407			41,407
Accumulated Depreciation	28,115			28,115
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,407
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,115
AUSTIN, TX | Residences at the Domain
Real Estate and Accumulated Depreciation
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				13,497
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,515
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				68,272
Total Carrying Value	72,787			72,787
Accumulated Depreciation	38,447			38,447
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,787
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	38,447
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				3,519
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,512
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				20,737
Total Carrying Value	26,249			26,249
Accumulated Depreciation	10,112			10,112
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,249
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,112
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				2,542
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,507
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				19,052
Total Carrying Value	23,559			23,559
Accumulated Depreciation	9,001			9,001
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,559
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,001
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				2,932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,604
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				133,314
Total Carrying Value	141,918			141,918
Accumulated Depreciation	9,204			9,204
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,918
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,204
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				2,932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,604
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				133,314
Total Carrying Value	141,918			141,918
Accumulated Depreciation	9,204			9,204
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,918
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	$ 9,204
Secured Debt
Real Estate and Accumulated Depreciation
Deferred finance costs, net				$ (1,462)

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate owned:
Real estate held for investment	$ 10,196,159	$ 9,584,716
Less: accumulated depreciation	(3,654,160)	(3,326,312)
Total real estate owned, net of accumulated depreciation	6,541,999	6,847,040
Cash and cash equivalents	185,216	2,038
Restricted cash	23,675	19,792
Investment in unconsolidated entities		780,869
Other assets	137,710	124,104
Total assets	7,711,728	7,733,273
LIABILITIES AND CAPITAL
Secured debt, net	601,227	803,269
Real estate taxes payable	20,608	18,349
Accrued interest payable	38,747	33,432
Security deposits and prepaid rent	35,060	31,916
Distributions payable	97,666	91,455
Accounts payable, accrued expenses, and other liabilities	76,343	102,956
Total liabilities	3,816,211	3,949,771
Commitments and contingencies (Note 10)
Partners’ capital:
Total liabilities and equity	7,711,728	7,733,273
United Dominion Reality L.P.
Real estate owned:
Real estate held for investment	3,811,985	3,816,956
Less: accumulated depreciation	(1,658,161)	(1,543,652)
Total real estate owned, net of accumulated depreciation	2,153,824	2,273,304
Cash and cash equivalents	125	293
Restricted cash	13,563	12,579
Investment in unconsolidated entities	103,026	76,907
Other assets	34,052	32,490
Total assets	2,304,590	2,395,573
LIABILITIES AND CAPITAL
Secured debt, net	26,929	159,845
Notes payable due to the General Partner	700,115	273,334
Real estate taxes payable	2,699	2,683
Accrued interest payable	32	629
Security deposits and prepaid rent	15,250	13,949
Distributions payable	59,461	57,025
Accounts payable, accrued expenses, and other liabilities	14,215	12,978
Total liabilities	818,701	520,443
Commitments and contingencies (Note 10)
Partners’ capital:
General partner: 110,883 OP Units outstanding at December 31, 2018 and December 31, 2017	950	955
Limited partners: 183,525,660 and 183,240,041 OP Units outstanding at December 31, 2018 and December 31, 2017, respectively	1,471,120	1,463,340
Total partners’ capital	1,472,070	1,464,295
Advances (to)/from the General Partner		397,899
Noncontrolling interests	13,819	12,936
Total capital	1,485,889	1,875,130
Total liabilities and equity	$ 2,304,590	$ 2,395,573

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNITED DOMINION REALTY, L.P.) (Parenthetical) - shares	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Partners’ capital:
Operating Partnership units outstanding related to limited partner	183,636,543	183,350,924	183,278,698	183,278,698
United Dominion Reality L.P.
Partners’ capital:
OP units outstanding related to general partner	110,883	110,883
Operating Partnership units outstanding related to limited partner	183,525,660	183,240,041

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (UNITED DOMINION REALTY, L.P.) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUES:
Rental income	$ 1,035,105	$ 984,309	$ 948,461
OPERATING EXPENSES:
Property operating and maintenance	169,078	164,660	159,947
Real estate taxes and insurance	133,912	121,146	115,429
Property management	28,465	27,068	26,083
Other operating expenses	12,100	9,060	7,649
Real estate depreciation and amortization	429,006	430,054	419,615
General and administrative	46,983	48,566	49,761
Casualty-related charges/(recoveries), net	2,121	4,335	732
Total operating expenses	828,338	811,297	785,239
Gain/(loss) on sale of real estate owned	136,197	43,404	226,199
Operating income	354,718	227,898	400,821
Income/(loss) from unconsolidated entities	(5,055)	31,257	52,234
Interest expense	(134,168)	(128,711)	(123,031)
Net income/(loss)	221,542	132,655	320,380
United Dominion Reality L.P.
REVENUES:
Rental income	431,920	419,377	404,415
OPERATING EXPENSES:
Property operating and maintenance	67,400	67,493	65,562
Real estate taxes and insurance	47,140	45,043	41,732
Property management	11,878	11,533	11,122
Other operating expenses	8,864	6,833	6,059
Real estate depreciation and amortization	143,481	152,473	147,074
General and administrative	16,889	17,875	18,808
Casualty-related charges/(recoveries), net	951	1,922	484
Total operating expenses	296,603	303,172	290,841
Gain/(loss) on sale of real estate owned	75,507	41,272	33,180
Operating income	210,824	157,477	146,754
Income/(loss) from unconsolidated entities	43,496	(19,256)	(37,425)
Interest expense	(8,733)	(18,156)	(17,855)
Interest expense on notes payable due to the General Partner	(14,102)	(12,210)	(12,212)
Net income/(loss)	231,485	107,855	79,262
Net (income)/loss attributable to noncontrolling interests	(1,722)	(1,548)	(1,444)
Net income/(loss) attributable to OP unitholders	$ 229,763	$ 106,307	$ 77,818
Income/(loss) per OP unit- basic and diluted:
Net income/(loss) per weighted average OP Unit - basic and diluted	$ 1.25	$ 0.58	$ 0.42
Weighted average OP Units outstanding - basic and diluted	183,609	183,344	183,279

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income/(loss)	$ 221,542	$ 132,655	$ 320,380
Other comprehensive income/(loss) - derivative instruments:
Unrealized holding gain/(loss)	4,806	1,802	3,514
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	(1,948)	1,407	3,657
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	2,858	3,209	7,171
Comprehensive income/(loss)	224,400	135,864	327,551
Comprehensive (income)/loss attributable to noncontrolling interests	(18,680)	(11,378)	(27,764)
Comprehensive income/(loss) attributable to OP unitholders	205,720	124,486	299,787
United Dominion Reality L.P.
Net income/(loss)	231,485	107,855	79,262
Other comprehensive income/(loss) - derivative instruments:
Unrealized holding gain/(loss)			(4)
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)		106	12
Other comprehensive income/(loss), including portion attributable to noncontrolling interests		106	8
Comprehensive income/(loss)	231,485	107,961	79,270
Comprehensive (income)/loss attributable to noncontrolling interests	(1,722)	(1,548)	(1,444)
Comprehensive income/(loss) attributable to OP unitholders	$ 229,763	$ 106,413	$ 77,826

CONSOLIDATED STATEMENT OF CHA_3

CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income/(loss)	$ 89,615	$ 89,225	$ 75,627	$ 28,396	$ 221,542	$ 132,655	$ 320,380
United Dominion Reality L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		1,875,130		1,618,499	1,875,130	1,618,499	1,721,330
Net income/(loss)	86,324	91,845	61,546	14,007	231,485	107,855	79,262
Distributions					(237,827)	(228,090)	(216,763)
Long Term Incentive Plan Unit grants					15,839	7,763	3,735
Unrealized gain/(loss) on derivative financial investments						107	6
Conversion of Advances (to)/from the General Partner to notes payable					(257,204)
Net change in advances (to)/from the General Partner					(141,534)	368,996	30,929
Ending Balance	1,485,889		1,875,130		1,485,889	1,875,130	1,618,499
United Dominion Reality L.P. | Advances (to)/from General Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		397,899		19,659	397,899	19,659	(11,270)
Conversion of Advances (to)/from the General Partner to notes payable					(257,204)
Net change in advances (to)/from the General Partner					(140,695)	378,240	30,929
Ending Balance			397,899			397,899	19,659
United Dominion Reality L.P. | Accumulated Other Comprehensive Income/(Loss), net
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance				(113)		(113)	(113)
Unrealized gain/(loss) on derivative financial investments						113
Ending Balance							(113)
United Dominion Reality L.P. | Total Partner's Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		1,464,295		1,578,202	1,464,295	1,578,202	1,713,412
Net income/(loss)					229,763	106,307	77,818
Distributions					(237,827)	(228,090)	(216,763)
Long Term Incentive Plan Unit grants					15,839	7,763	3,735
Unrealized gain/(loss) on derivative financial investments						113
Ending Balance	1,472,070		1,464,295		1,472,070	1,464,295	1,578,202
United Dominion Reality L.P. | Noncontrolling Interests
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		12,936		20,638	12,936	20,638	19,188
Net income/(loss)					1,722	1,548	1,444
Unrealized gain/(loss) on derivative financial investments						(6)	6
Net change in advances (to)/from the General Partner					(839)	(9,244)
Ending Balance	13,819		12,936		13,819	12,936	20,638
United Dominion Reality L.P. | Class A Limited Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		67,474		63,901	67,474	63,901	64,409
Net income/(loss)					2,221	1,015	743
Distributions					(2,328)	(2,328)	(2,328)
Adjustment to reflect limited partners’ capital at redemption value					2,034	4,886	1,077
Ending Balance	69,401		67,474		69,401	67,474	63,901
United Dominion Reality L.P. | Limited Partners and LTIP Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		283,568		269,928	283,568	269,928	268,481
Net income/(loss)					9,977	4,270	3,099
Distributions					(10,718)	(9,704)	(8,831)
OP Unit redemptions for common shares of UDR					(416)	(288)	(175)
Adjustment to reflect limited partners’ capital at redemption value					4,295	11,599	3,619
Long Term Incentive Plan Unit grants					15,839	7,763	3,735
Ending Balance	302,545		283,568		302,545	283,568	269,928
United Dominion Reality L.P. | Limited Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		1,112,298		1,243,460	1,112,298	1,243,460	1,379,525
Net income/(loss)					217,426	100,957	73,928
Distributions					(224,637)	(215,922)	(205,472)
OP Unit redemptions for common shares of UDR					416	288	175
Adjustment to reflect limited partners’ capital at redemption value					(6,329)	(16,485)	(4,696)
Ending Balance	1,099,174		1,112,298		1,099,174	1,112,298	1,243,460
United Dominion Reality L.P. | General Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		$ 955		$ 1,026	955	1,026	1,110
Net income/(loss)					139	65	48
Distributions					(144)	(136)	(132)
Ending Balance	$ 950		$ 955		$ 950	$ 955	$ 1,026

CONSOLIDATED STATEMENTS OF CA_4

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED DOMINION REALTY, L.P.) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Operating Activities
Net income/(loss)	$ 221,542	$ 132,655	$ 320,380
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	435,679	436,462	425,638
(Gain)/loss on sale of real estate owned	(136,197)	(43,404)	(226,199)
(Income)/loss from unconsolidated entities	5,055	(31,257)	(52,234)
Other	4,998	20,467	39,490
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(13,880)	(9,008)	(29,399)
Increase/(decrease) in operating liabilities	24,987	(4,278)	(12,084)
Net cash provided by/(used in) operating activities	560,676	518,915	536,568
Investing Activities
Acquisition of real estate assets		(96,791)	(163,015)
Proceeds from sales of real estate investments, net	247,031	71,235	301,799
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement	(112,359)	(124,728)	(91,740)
Distributions received from unconsolidated entities	42,683	116,329	66,116
Net cash provided by/(used in) investing activities	(113,548)	(407,406)	(112,720)
Financing Activities
Payments on secured debt	(279,243)	(326,346)	(375,308)
Other	(41,485)	(21,361)	(11,154)
Net cash provided by/(used in) financing activities	(260,067)	(111,785)	(429,282)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	187,061	(276)	(5,434)
Cash, cash equivalents, and restricted cash, beginning of year	21,830	22,106	27,540
Cash, cash equivalents, and restricted cash, end of year	208,891	21,830	22,106
Supplemental Information:
Interest paid during the period, net of amounts capitalized	132,466	126,348	124,635
Non-cash transactions:
Development costs and capital expenditures incurred but not yet paid	10,304	43,930	46,285
Distributions declared but not yet paid	97,666	91,455	86,936
United Dominion Reality L.P.
Operating Activities
Net income/(loss)	231,485	107,855	79,262
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	143,481	152,473	147,074
(Gain)/loss on sale of real estate owned	(75,507)	(41,272)	(33,180)
(Income)/loss from unconsolidated entities	(43,496)	19,256	37,425
Other	1,771	5,642	1,769
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(3,260)	(3,992)	(3,251)
Increase/(decrease) in operating liabilities	1,194	(4,705)	(158)
Net cash provided by/(used in) operating activities	255,668	235,257	228,941
Investing Activities
Acquisition of real estate assets		(137,332)
Proceeds from sales of real estate investments, net	98,533	67,985	44,553
Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement	(44,227)	(53,346)	(69,902)
Distributions received from unconsolidated entities	17,377	16,704	15,894
Net cash provided by/(used in) investing activities	71,683	(105,989)	(9,455)
Financing Activities
Advances (to)/from the General Partner, net	(348,381)	163,196	(180,391)
Payments on secured debt	(133,205)	(275,345)	(30,322)
Issuance of notes payable to the General Partner	169,577
Distributions paid to partnership unitholders	(12,705)	(11,694)	(10,770)
Other	(1,821)	(5,003)
Net cash provided by/(used in) financing activities	(326,535)	(128,846)	(221,483)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	816	422	(1,997)
Cash, cash equivalents, and restricted cash, beginning of year	12,872	12,450	14,447
Cash, cash equivalents, and restricted cash, end of year	13,688	12,872	12,450
Supplemental Information:
Interest paid during the period, net of amounts capitalized	17,173	24,331	22,922
Non-cash transactions:
Reallocation of credit facilities debt from the General Partner			12,292
Development costs and capital expenditures incurred but not yet paid	2,056	2,032	5,098
LTIP Unit grants	15,839	7,763	3,735
Distributions declared but not yet paid	59,461	$ 57,025	$ 54,192
Conversion of Advances (to)/from the General Partner to notes payable	$ 257,204

CONSOLIDATED STATEMENTS OF CA_5

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
The following reconciles cash, cash equivalents, and restricted cash to the total of the same amounts as shown above:
Cash and cash equivalents	$ 185,216	$ 2,038	$ 2,112	$ 6,742
Restricted cash	23,675	19,792	19,994	20,798
Total cash, cash equivalents, and restricted cash as shown above	208,891	21,830	22,106	27,540
United Dominion Reality L.P.
The following reconciles cash, cash equivalents, and restricted cash to the total of the same amounts as shown above:
Cash and cash equivalents	125	293	756	3,103
Restricted cash	13,563	12,579	11,694	11,344
Total cash, cash equivalents, and restricted cash as shown above	$ 13,688	$ 12,872	$ 12,450	$ 14,447

CONSOLIDATION AND BASIS OF PR_3

CONSOLIDATION AND BASIS OF PRESENTATION (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2018
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, 2018, our consolidated apartment portfolio consisted of 127 consolidated communities located in 1 9 markets consisting of 39,931 apartment homes. In addition, the Company has an ownership interest in 8,112 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, 2018 and 2017, there were 183,636,543 and 183,350,924 units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 174,248,699, or 94.9% and 174,2 37,688, or 95.0%, respectively, were owned by UDR and 9,387,844, or 5.1% and 9,113 ,236, or 5.0%, respectively, were owned by outside limited partners. As of December 31, 2018 and 2017, there were 32,367,380 units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 17,203,489, or 53.2% and 16, 866,443, or 52.1%, respectively, were owned by UDR (of which, 13,470,651, or 41.6%, were held by the Operating Partnership for both periods) and 15,163,891, or 46.8% and 1 5,500,937, or 47.9%, respectively, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those in Note 2, Significant Accounting Policies , Note 3, Real Estate Owned, Note 5, Joint Ventures and Partnerships and Note 14, Commitments and Contingencies .
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, 2018, 2017, and 2016, rental revenues of the Operating Partnership represented 42%, 43%, and 43%, respectively, of the General Partner’s consolidated rental revenues. As of December 31, 2018, the Operating Partnership’s apartment portfolio consisted of 52 communities located in 15 markets consisting of 16,434 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, 2018, there were 183,636,543 OP Units outstanding, of which 174,248,699, or 94.9%, were owned by UDR and affiliated entities and 9,387,844, or 5.1%, were owned by non-affiliated limited partners. There were 183,350,924 OP Units outstanding as of December 31, 2017, 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. See Note 9, Capital Structure . 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, 2018 and 2017. At December 31, 2018 and 2017, there were 183,525,660 and 183,240,041, 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 174,137,816, or 94.8%, and 174,126,805, or 95.0%, at December 31, 2018 and 2017, respectively. The remaining 9,387,844, or 5.1%, and 9,113,236, or 5.0%, of the limited partner OP Units outstanding were held by non-affiliated partners at December 31, 2018 and 2017, 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.

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2018
Entity information
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to update and simplify disclosure requirements as well as eliminate outdated, superseded and/or redundant requirements with United States generally accepted accounting principles, or GAAP, (“SEC Simplification”). The amendments are effective for all SEC filings made on or after November 5, 2018. As a result of the amendments, the Company will no longer provide ratios of earnings to fixed charges in our exhibits to our annual and quarterly filings with the SEC. Additionally, the amendments removed certain SEC guidance that conflicted with GAAP guidance, under which the Company previously followed SEC guidance and recorded Gain/(loss) on the sale of real estate owned, net of tax , after Operating income . The Company has reclassified Gain/(loss) on the sale of real estate owned within Operating income, with any income tax impact recorded within Tax (provision)/benefit, net per GAAP for all periods presented. Additionally, as a result of the SEC Simplification, for the year ended December 31, 2016, the following retrospective changes were made to the Consolidated Statement of Operations: Gain/(loss) on the sale of real estate owned, net of tax – as previously reported $ 210,851 Tax impact of sales of real estate owned 15,348 Gain/(loss) on the sale of real estate owned – as reported herein $ 226,199 Tax (provision)/benefit, net – as previously reported $ 3,774 Tax impact of sales of real estate owned (15,348) Tax (provision)/benefit, net – as reported herein $ (11,574) Other than as presented above, no retrospective changes were required for the year ended December 31, 2017. 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 aimed to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard would have been 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 early adopted the guidance on January 1, 2018; however, the updated standard did not have a material impact on the consolidated financial statements. Related disclosures were 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 changed 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 was effective for the Company on January 1, 2018. The ASU was 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 addressed the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard was effective for the Company on January 1, 2018, and was applied retrospectively to all periods presented. The updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. As a result of the adoption of ASU 2016-18, for the years ended December 31, 2017 and 2016, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Year ended December 31, 2017 2016 (Increase)/decrease in operating assets $ $ Net cash provided by /(used in) operating activities $ $ Proceeds from sales of real estate investments, net $ - $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement Net cash provided by /(used in) investing activities $ $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ $ 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. In November 2016, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The Company 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 on their balance sheets. Lessees of operating leases 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. The standard became effective for the Company on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. The Company intends to elect the following package of practical expedients provided by the standard which includes: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also plans to elect the short-term lease exception provided for in the standard and therefore will only recognize right-of-use assets and lease liabilities for leases with a term greater than one year. The Company anticipates recognizing right-of-use assets and related lease liabilities between $ 85.0 million and $150.0 million on our consolidated opening balance sheets as of January 1, 2019 upon adoption of the standard. Our anticipated range of right-of-use assets and related lease liabilities to be recognized as disclosed above may change as a result of updates to the projected future minimum lease payments. The lease liabilities represent the present value of the remaining minimum lease payments related to ground leases for communities where we are the lessee. The right-of-use assets represent the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. The Company plans to continue recognizing lease expense for these leases in a manner similar to current accounting upon adoption of the standard based on our election of the package of practical expedients. However, in the event we modify existing ground leases and/or enter into new ground leases subsequent to the adoption of the standard, such leases would likely be classified as finance leases under the standard and require expense recognition based on the effective interest method. Under the standard, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, subsequent to the adoption of the standard, we will expense internal leasing costs as incurred. In July 2018, the FASB issued ASU No. 2018-11, Leases – Targeted Improvements , which provides entities with relief from the costs of implementing certain aspects of ASU No. 2016-02, Leases . The ASU provides a practical expedient which allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company intends to elect the practical expedient to account for lease and non-lease components as a single component in lease contracts where we are the lessor. The ASU also provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. The Company also intends to elect the transition option. 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 required certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard was 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 elected the measurement alternative under which the investment is 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. During the year ended December 31, 2018, the Company recorded gains of $2.1 million, in Interest income and other income/(expense), net on the Consolidated Statements of Operations as a result of measuring the investment using this measurement alternative. The Company does not view the impact, as a result of the adoption of the updated standard, to be material to the consolidated financial statements. Disclosures were updated pursuant to the requirements of the ASU. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . ASU No. 2014-09 amended the FASB Accounting Standards Codification (“ASC”) by creating ASC Topic 606, Revenue from Contracts with Customers . The standard provided companies with a single model for use in accounting for revenue arising from contracts with customers and replaced most existing revenue recognition guidance in U.S. GAAP, including industry-specific revenue guidance. The standard specifically excluded lease contracts. The ASU allowed for the use of either the full or modified retrospective transition method. ASC Topic 606 was effective for the Company on January 1, 2018, at which time the Company adopted it using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the ASU did not have a material impact on the consolidated financial statements. Related disclosures have been 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 capitalized as incurred if the acquisition does not meet the definition of a business. 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, 2018, 2017, and 2016 were $7.5 million, $8.8 million and $ 7.9 million, respectively. During the years ended December 31, 2018, 2017, and 2016, total interest capitalized was $10.6 million, $18.6 million, and $ 16.5 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 On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of retained earnings is made to recognize any required adjustments. As a result of the adoption, the Company did not make an adjustment to retained earnings because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Company has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Company to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned. Joint venture management and other fees The Joint venture management and other fees revenue consists of management fees charged to our equity method joint ventures per the terms of contractual agreements and other fees. Joint venture fee revenue is recognized monthly as the management services are provided and the fees are earned or upon a transaction whereby the Company earns a fee. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) . Joint venture management and other fees are not included in the tables as they are not allocable to a specific reportable segment or segments. December 31, (a) 2018 2017 2016 Lease Revenue (b) Same-Store Communities West Region $ 371,366 $ 355,904 $ 328,693 Mid-Atlantic Region 204,733 199,207 194,367 Northeast Region 148,057 146,105 142,249 Southeast Region 109,190 104,106 99,451 Southwest Region 39,567 38,978 37,529 Non-Mature Communities/Other 82,986 65,474 75,478 Total segment and consolidated lease revenue $ 955,899 $ 909,774 $ 877,767 Reimbursements Revenue Same-Store Communities West Region $ 17,159 $ 16,377 $ 14,797 Mid-Atlantic Region 9,084 8,715 8,123 Northeast Region 2,721 2,775 2,434 Southeast Region 6,821 6,509 6,413 Southwest Region 2,197 2,098 1,930 Non-Mature Communities/Other 8,768 7,781 7,859 Total segment and consolidated reimbursements revenue $ 46,750 $ 44,255 $ 41,556 Other Revenue Same-Store Communities West Region $ 10,789 $ 10,728 $ 9,831 Mid-Atlantic Region 6,633 6,235 5,733 Northeast Region 3,241 2,856 2,890 Southeast Region 6,223 5,852 5,454 Southwest Region 1,945 1,916 1,814 Non-Mature Communities/Other 3,625 2,693 3,416 Total segment and consolidated other revenue $ 32,456 $ 30,280 $ 29,138 Total Revenue Same-Store Communities West Region $ 399,314 $ 383,009 $ 353,321 Mid-Atlantic Region 220,450 214,157 208,223 Northeast Region 154,019 151,736 147,573 Southeast Region 122,234 116,467 111,318 Southwest Region 43,709 42,992 41,273 Non-Mature Communities/Other 95,379 75,948 86,753 Total segment and consolidated total revenue $ 1,035,105 $ 984,309 $ 948,461 (a) Same-Store Community population consisted of 37,673 apartment homes. Same-Store Community is defined in Note 15, Reportable Segments . (b) Lease Revenue is subject to recognition under ASC 840, Leases . Notes Receivable The following table summarizes our Notes receivable, net as of December 31, 2018 and 2017 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2018 2018 2017 Note due March 2019 (a) 12.00 % $ 20,000 $ — Note due February 2020 (b) 10.00 % 14,659 13,669 Note due October 2020 (c) 8.00 % 2,000 2,000 Note due August 2022 (d) 10.00 % 5,600 3,800 Total notes receivable, net $ 42,259 $ 19,469 (a) In March 2018, the Company entered into a secured note receivable with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. Interest payments are due when the loan matures. The note matures in March 2019 and is secured by a parcel of land. (b) The Company has a secured note receivable with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $14.7 million has been funded, including $1.0 million during the year ended December 31, 2018. 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). (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 has been funded. 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 $5.6 million has been funded, including $1.8 million during the year ended December 31, 2018. 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 January 2019, the $5.6 million note was repaid in full along with contractual accrued interest of $0.2 million and $8.5 million of promoted interest in conjunction with the unaffiliated third party being acquired. During the years ended December 31, 2018, 2017, and 2016, the Company recognized $4.1 million, $1.8 million and $ 1.8 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, 2018, 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 Decemb
United Dominion Reality L.P.
Entity information
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to update and simplify disclosure requirements as well as eliminate outdated, superseded and/or redundant requirements with US GAAP (“SEC Simplification”). The amendments are effective for all SEC filings made on or after November 5, 2018. As a result of the amendments, the Operating Partnership will no longer provide ratios of earnings to fixed charges in our exhibits to our annual and quarterly filings with the SEC. Additionally, the amendments removed certain SEC guidance that conflicted with GAAP guidance, under which the Operating Partnership previously followed SEC guidance and recorded Gain/(loss) on the sale of real estate owned after Income from continuing operations . The Operating Partnership has reclassified Gain/(loss) on the sale of real estate owned within Operating income. 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 aimed to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard would have been 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 early adopted the guidance on January 1, 2018; however, the updated standard did not have a material impact on the consolidated financial statements. Related disclosures were 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 changed 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 was effective for the Operating Partnership on January 1, 2018. The ASU was 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 addressed the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard was effective for the Operating Partnership on January 1, 2018, and was applied retrospectively to all periods presented. The updated standard did not have a material impact on the consolidated financial statements of the Operating Partnership. Related disclosures were updated pursuant to the requirements of the ASU. As a result of the adoption of ASU 2016-18, for the years ended December 31, 2017 and 2016, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Year ended December 31, 2017 2016 (Increase)/decrease in operating assets $ $ Net cash provided by /(used in) operating activities $ $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement $ $ Net cash provided by /(used in) investing activities $ $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ $ 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. In November 2016, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. 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 on their balance sheets. Lessees of operating leases 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. The standard became effective for the Operating Partnership on January 1, 2019. The Operating Partnership is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. The Operating Partnership intends to elect the following package of practical expedients provided by the standard which includes: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Operating Partnership also plans to elect the short-term lease exception provided for in the standard and therefore will only recognize right-of-use assets and lease liabilities for leases with a term greater than one year. The Operating Partnership anticipates recognizing right-of-use assets and related lease liabilities between $85.0 million and $150.0 million on our consolidated opening balance sheets as of January 1, 2019 upon adoption of the standard. Our anticipated range of right-of-use assets and related lease liabilities to be recognized as disclosed above may change as a result of updates to the projected future minimum lease payments . The lease liabilities represent the present value of the remaining minimum lease payments related to ground leases for communities where we are the lessee. The right-of-use assets represent the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. The Operating Partnership plans to continue recognizing lease expense for these leases in a manner similar to current accounting upon adoption of the standard based on our election of the package of practical expedients. However, in the event we modify existing ground leases and/or enter into new ground leases subsequent to the adoption of the standard, such leases would likely be classified as finance leases under the standard and require expense recognition based on the effective interest method. Under the standard, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, subsequent to the adoption of the standard, we will be required to expense internal leasing costs as incurred. In July 2018, the FASB issued ASU No. 2018-11, Leases – Targeted Improvements , which provides entities with relief from the costs of implementing certain aspects of ASU No. 2016-02, Leases . The ASU provides a practical expedient which allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Operating Partnership intends to elect the practical expedient to account for lease and non-lease components as a single component in lease contracts where we are the lessor. The ASU also provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. The Operating Partnership also intends to elect the transition option. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . ASU No. 2014-09 amended the FASB Accounting Standards Codification (“ASC”) by creating ASC Topic 606, Revenue from Contracts with Customers . The standard provided companies with a single model for use in accounting for revenue arising from contracts with customers and replaced most existing revenue recognition guidance in U.S. GAAP, including industry-specific revenue guidance. The standard specifically excluded lease contracts. The ASU allowed for the use of either the full or modified retrospective transition method. ASC Topic 606 was effective for the Operating Partnership on January 1, 2018, at which time the Operating Partnership adopted it using the modified retrospective approach. However, as the majority of the Operating Partnership’s revenue is from rental income related to leases, the ASU did not have a material impact on the consolidated financial statements. Related disclosures have been 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 capitalized as incurred if the acquisition does not meet the definition of a business. 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, 2018, 2017, and 2016 were less than $0.1 million, $0.5 million, and $ 0.6 million, respectively. During the years ended December 31, 2018, 2017, and 2016, total interest capitalized was less than $0.1 million, less than $0.1 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 On January 1, 2018, the Operating Partnership adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of partners’ capital is made to recognize any required adjustments. As a result of the adoption, the Operating Partnership did not make an adjustment to partners’ capital because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Operating Partnership recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Operating Partnership generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Operating Partership has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Operating Partnership to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Operating Partnership generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Operating Partnership will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Operating Partnership sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Operating Partnership will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Operating Partnership will record a full gain or loss in the period the property is contributed. Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) : December 31, (a) 2018 2017 2016 Lease Revenue (b) Same-Store Communities West Region $ 227,233 $ 217,033 $ 206,660 Mid-Atlantic Region 56,168 54,891 53,588 Northeast Region 52,039 51,716 50,314 Southeast Region 46,075 43,993 42,342 Non-Mature Communities/Other 16,421 18,912 20,029 Total segment and consolidated lease revenue $ 397,936 $ 386,545 $ 372,933 Reimbursements Revenue Same-Store Communities West Region $ 11,652 $ 10,994 $ 10,284 Mid-Atlantic Region 2,456 2,384 2,227 Northeast Region 1,697 1,867 1,682 Southeast Region 3,057 2,953 2,907 Non-Mature Communities/Other 2,084 2,019 1,992 Total segment and consolidated reimbursements revenue $ 20,946 $ 20,217 $ 19,092 Other Revenue Same-Store Communities West Region $ 7,162 $ 6,995 $ 6,595 Mid-Atlantic Region 1,765 1,731 1,748 Northeast Region 1,013 947 1,040 Southeast Region 2,764 2,640 2,543 Non-Mature Communities/Other 334 302 464 Total segment and consolidated other revenue $ 13,038 $ 12,615 $ 12,390 Total Revenue Same-Store Communities West Region $ 246,047 $ 235,022 $ 223,539 Mid-Atlantic Region 60,389 59,006 57,563 Northeast Region 54,749 54,530 53,036 Southeast Region 51,896 49,586 47,792 Non-Mature Communities/Other 18,839 21,233 22,485 Total segment and consolidated total revenue $ 431,920 $ 419,377 $ 404,415 (a) Same-Store Community population consisted of 16,216 apartment homes. Same-Store Community is defined in Note 11, Reportable Segments . (b) Lease Revenue is subject to recognition under ASC 840, Leases . 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 (2015 through 2017) 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. As of December 31, 2017, management of the Operating Partnership had completed its review of the effects of the Tax Cuts and Jobs Act and had determined that the impact to the Operating Partnership 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, 2018, 2017, and 2016, total advertising expense from continuing operations was $1.9 million, $2.1 million, and $2.2 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, 2018, 2017, and 2016, 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, 2018, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California, San Francisco, California; Metropolitan D.C. and New York, New York markets.

REAL ESTATE OWNED (UNITED DOMIN

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2018
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, 2018, the Company owned and consolidated 127 communities in 11 states plus the District of Columbia totaling 39,931 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Land $ 1,849,799 $ 1,780,229 Depreciable property — held and used: Land improvements 213,224 189,919 Building, improvements, and furniture, fixtures and equipment 8,133,136 7,614,568 Under development: Land and land improvements — 109,468 Building, improvements, and furniture, fixtures and equipment — 483,022 Real estate owned 10,196,159 10,177,206 Accumulated depreciation (3,654,160) (3,330,166) Real estate owned, net $ 6,541,999 $ 6,847,040 Acquisitions The Company did not have any acquisitions during the year ended December 31, 2018. 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 was 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 January 2019, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in a 386 home operating community in Anaheim, California, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $33.5 million. As a result, in January 2019, 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 $118.1 million. In January 2019, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in a 155 home operating community located in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $20.0 million. As a result, in January 2019, 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 $61.1 million. In January 2019, the Company acquired a to-be-developed parcel of land located in Washington D.C. for approximately $27.2 million. In February 2019, the Company acquired a to-be- developed parcel of land located in Denver, Colorado for approximately $13. 7 million. In February 2019, the Company acquired a 188 home operating community located in Brooklyn, New York for approximately $132.3 million. In February 2019, the Company acquired a 381 home operating community located in St. Petersburg, Florida for approximately $98.7 million . The Company incurred zero, $ 0.4 million and $0.2 million of acquisition-related costs during the years ended December 31, 2018, 2017, and 2016, respectively. These expenses are reported within the line item General and administrative on the Consolidated Statements of Operations. Dispositions In December 2018, the Company sold an operating community in Fairfax, Virginia with a total of 604 apartment homes for gross proceeds of $160.0 million, resulting in a gain of $65. 9 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, resulting in a gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange that were used to pay a portion of the purchase price for an acquisition in October 2017. 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 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 a gain of $2.1 million. Developments During the year ended December 31, 2018, the Company completed the development of two communities, located in Huntington Beach, California and Boston, Massachusetts, with a total of 1,101 apartment homes. 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, a tax deferred Section 1031 exchange. 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, 2018, the Operating Partnership owned and consolidated 52 communities in nine states plus the District of Columbia totaling 16,434 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Land $ 711,256 $ 719,410 Depreciable property — held and used: Land improvements 92,000 89,331 Buildings, improvements, and furniture, fixtures and equipment 3,008,729 3,008,215 Real estate owned 3,811,985 3,816,956 Accumulated depreciation (1,658,161) (1,543,652) Real estate owned, net $ 2,153,824 $ 2,273,304 Acquisitions The Operating Partnership did not have any acquisitions of real estate during the year ended December 31, 2018. During the year ended December 31, 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 was partially funded with tax-deferred like-kind exchanges under Section 1031 of the Internal Revenue Code of 1986 (“Section 1031 exchanges”). Dispositions In December 2018, the Operating Partnership sold a commercial office building in Fairfax, Virginia for gross proceeds of $9.3 million, resulting in a gain of $5.2 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, resulting in a gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange that were used to pay a portion of the purchase price for an acquisition in October 2017. During the year ended December 31, 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 a gain of $41.3 million. 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, a tax deferred Section 1031 exchange. 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, 2018
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, 2018 and 2017 (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 2018 2018 2018 2017 2018 2017 Operating and development: UDR/MetLife I Los Angeles, CA 1 operating community 150 $ 30,839 $ 34,653 50.0 % 50.0 % UDR/MetLife II Various 18 operating communities 4,059 296,807 303,702 50.0 % 50.0 % Other UDR/MetLife Various 5 operating communities 1,437 115,668 135,563 50.6 % 50.6 % Joint Ventures UDR/MetLife Vitruvian Park ® Addison, TX 4 operating communities; 1,513 71,730 78,404 50.0 % 50.0 % 5 land parcels UDR/KFH Washington, D.C. 3 operating communities 660 5,507 8,958 30.0 % 30.0 % West Coast Development Joint Ventures (c) Los Angeles, CA 1 operating community 293 36,143 37,916 47.0 % 47.0 % Investment in and advances to unconsolidated joint ventures, net, before participating loan investment, preferred equity investments and other investments $ 556,694 $ 599,196 Investment at Income from investments Years To UDR December 31, December 31, Year Ended December 31, Developer Capital Program (a) Location Rate Maturity Commitment (b) 2018 2017 2018 2017 2016 Preferred equity investments: West Coast Development Joint Ventures (c) Various 6.5 % N/A $ — $ 65,417 $ 64,226 $ 865 $ 23,230 $ 2,350 1532 Harrison (d) San Francisco, CA 11.0 % 3.5 24,645 24,986 11,346 2,228 511 — 1200 Broadway (e) Nashville, TN 8.0 % 3.8 55,558 58,982 18,011 2,970 370 — Junction (f) Santa Monica, CA 12.0 % 3.6 8,800 9,211 — 406 — — 1300 Fairmount (g) Philadelphia, PA 9.0 % 4.6 51,393 8,318 — 159 — — Essex (h) Orlando, FL 12.5 % 4.7 12,886 9,940 — 258 — — Other investments: The Portals (i) Washington, D.C. 11.0 % 2.4 38,559 43,167 26,535 3,692 839 — Other investment ventures N/A N/A N/A $ 18,000 4,154 1,516 $ (267) $ (30) $ — Total Developer Capital Program 224,175 121,634 Total investment in and advances to unconsolidated joint ventures, net $ 780,869 $ 720,830 (a) The Developer Capital Program is the 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 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. (b) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (c) In May 2015, the Company entered into a joint venture agreement with an unaffiliated joint venture partner and paid $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, California 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 commencing one year after completion. The unaffiliated joint venture partner is providing certain guaranties. 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. During 2017, the joint venture sold two of the four remaining communities, a 211 home operating community in Seattle, Washington for a sales price of approximately $101.3 million and a 399 home operating community in Anaheim, California for a sales price of approximately $148.0 million. During the year ended December 31, 2018, the fixed-price option to acquire one of the two remaining communities held by the West Coast Development Joint Ventures (as defined below) expired. The community achieved stabilization during 2017, at which time the Company and its joint venture partner began allocating income and expenses based on their ownership percentages. The Company and its joint venture partner plan to continue operating the community. As of December 31, 2018, construction was completed on the remaining community subject to the fixed-price acquisition option. During the year ended December 31, 2018, the community achieved stabilization, at which time the Company and its joint venture partner began allocating income and expenses based on their ownership percentages. In January 2019, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in the 386 home operating community in Anaheim, California, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $33.5 million. As a result, in January 2019, the Company consolidated the operating community and it will no longer be accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Esate Owned ). In connection with the purchase, the construction loan on the community was paid in full. In March 2017 and May 2017, the Company entered into two additional joint venture agreements with the unaffiliated joint venture partner and paid $15.5 million for a 49% ownership interest in a 155 home community in Seattle, Washington, for which construction was complete as of December 31, 2018, and $16.1 million for a 49% ownership interest in a 276 home community in Hillsboro, Oregon, for which construction was complete as of December 31, 2018 (together with the May 2015 joint venture described above, the “West Coast Development Joint Ventures”). 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. During the year ended December 31, 2018, the community in Seattle, Washington achieved stabilization, at which time the Company and its joint venture partner began allocating income and expenses based on their ownership percentages. 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. In January 2019, the Company exercised its fixed-price option to purchase its joint venture partner’s ownership interest in one of the two communities, a 155 home operating community in Seattle, Washington, thereby increasing its ownership interest from 49% to 100%, for a cash purchase price of approximately $20.0 million. As a result, in January 2019, the Company consolidated the operating community and it will no longer be accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Esate Owned ). In connection with the purchase, the construction loan on the community was paid in full. The Company’s recorded equity investment in the West Coast Development Joint Ventures at December 31, 2018 and 2017 of $ 101.6 million and $1 02.1 million, respectively, is inclusive of outside basis costs and our accrued but unpaid preferred return. (d) 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. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (e) 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. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (f) In August 2018, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 66 apartment home community in Santa Monica, CA. The Company’s preferred equity investment of $8.8 million earns a preferred return of 12.0% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (g) In August 2018, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 471 apartment home community in Philadelphia, PA. The Company’s preferred equity investment of up to $51.4 million earns a preferred return of 9.0% 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. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (h) In September 2018, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 330 apartment home community in Orlando, FL. The Company’s preferred equity investment of up to $12.9 million earns a preferred return of 12.5% per annum. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. (i) 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 commitment to the joint venture is approximately $38.6 million and earns a weighted average return of approximately 11.0% per annum. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. As of December 31, 2018 and 2017, the Company had deferred fees of $11.0 million and $ 10.9 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 $11.6 million, $11.4 million, and $11.3 million during the years ended December 31, 2018, 2017, and 2016, 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, 2018, 2017, and 2016. 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, 2018, 2017, and 2016 ( dollars in thousands): UDR/ Other MetLife West Coast As of and For the UDR/ UDR/ UDR/MetLife Vitruvian Development Year Ended December 31, 2018 MetLife I MetLife II Joint Ventures Park ® UDR/KFH Joint Ventures Total Condensed Statements of Operations: Total revenues $ 3,187 $ 158,738 $ 61,967 $ 26,096 $ 20,703 $ 16,392 $ 287,083 Property operating expenses 3,066 56,403 21,998 13,732 8,318 8,830 112,347 Real estate depreciation and amortization 3,392 44,721 35,437 9,495 14,487 7,679 115,211 Operating income/(loss) (3,271) 57,614 4,532 2,869 (2,102) (117) 59,525 Interest expense (1,872) (49,118) (17,408) (6,051) (6,739) (6,175) (87,363) Other income/(loss) — — — — — 148 148 Net income/(loss) $ (5,143) $ 8,496 $ (12,876) $ (3,182) $ (8,841) $ (6,144) $ (27,690) Condensed Balance Sheets: Total real estate, net $ 124,112 $ 1,609,903 $ 653,729 $ 315,541 $ 182,970 $ 281,729 $ 3,167,984 Cash and cash equivalents 698 11,192 8,242 8,865 1,794 8,614 39,405 Other assets 1,074 18,670 4,904 2,241 1,320 1,610 29,819 Total assets 125,884 1,639,765 666,875 326,647 186,084 291,953 3,237,208 Third party debt, net 70,833 1,089,231 454,647 162,131 165,699 171,879 2,114,420 Accounts payable and accrued liabilities 1,935 21,258 9,753 14,968 1,860 9,943 59,717 Total liabilities 72,768 1,110,489 464,400 177,099 167,559 181,822 2,174,137 Total equity $ 53,116 $ 529,276 $ 202,475 $ 149,548 $ 18,525 $ 110,131 $ 1,063,071 UDR/ Other MetLife West Coast As of and For the UDR/ UDR/ UDR/MetLife 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 Gain/(loss) on the sale of real estate (17) (609) — — — 72,216 71,590 Operating income/(loss) (110) 58,717 (6,501) 4,017 (2,312) 74,121 127,932 Interest expense — (50,603) (13,894) (5,030) (5,264) (4,038) (78,829) 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 15,037 4,290 1,972 905 979 23,185 Total assets 109,474 1,668,322 700,378 309,004 197,359 257,545 3,242,082 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 12,700 19,477 15,003 16,931 1,745 17,389 83,245 Total liabilities 43,255 1,127,633 458,150 148,212 167,546 144,015 2,088,811 Total equity $ 66,219 $ 540,689 $ 242,228 $ 160,792 $ 29,813 $ 113,530 $ 1,153,271 UDR/ Other MetLife West Coast For the UDR/ UDR/ UDR/MetLife 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 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, 2018, combined total assets, liabilities, equity, revenues, and expenses for such entities were $248.1 million, $22.5 million, $225.6 million, $6.0 million, and $1.8 million, respectively. 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. For the year ended December 31, 2016, combined total revenues and expenses for such entities were $8.5 million, and $12.2 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, 2018, the DownREIT Partnership owned 12 communities with 5,657 apartment homes. The Operating Partnership’s investment in the DownREIT Partnership was $103.0 million and $76 .9 million as of December 31, 2018 and 2017, respectively. In December 2018, the DownREIT Partnership sold an operating community in Fairfax, Virginia with a total of 604 apartment homes for gross proceeds of $150.7 million. As a result, the Operating Partnership recorded a gain of $51.1 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statement of Operations. 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, 2018
Entity information
DEBT, NET	6. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at December 31, 2018 and 2017 ( dollars in thousands): Principal Outstanding As of December 31, 2018 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2018 2017 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 417,989 $ 395,611 3.82 % 5.9 7 Fannie Mae credit facilities (b) 90,000 285,836 3.95 % 1.5 1 Deferred financing costs (1,343) (1,670) Total fixed rate secured debt, net 506,646 679,777 3.85 % 5.1 8 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 2.33 % 4.2 2 Fannie Mae credit facilities (b) — 29,034 — % — — Deferred financing costs (119) (242) Total variable rate secured debt, net 94,581 123,492 2.33 % 4.2 2 Total Secured Debt, net 601,227 803,269 3.61 % 5.0 10 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2023 (d) (j) — — — % 4.1 Borrowings outstanding under unsecured commercial paper program due January 2019 (e) (j) 101,115 300,000 2.90 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2021 (f) 16 21,767 3.33 % 2.0 Term Loan due September 2023 (d) (j) 35,000 35,000 3.25 % 4.8 Fixed Rate Debt 3.70% Medium-Term Notes due October 2020 (net of discounts of $14 and $22, respectively) (j) 299,986 299,978 3.70 % 1.8 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,087 and $1,446, respectively) (j) 398,913 398,554 4.63 % 3.0 1.93% Term Loan due September 2023 (d) (j) 315,000 315,000 1.93 % 4.8 3.75% Medium-Term Notes due July 2024 (net of discounts of $574 and $678, respectively) (g) (j) 299,426 299,322 3.75 % 5.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 5.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $465 and $534, respectively) (h) (j) 299,535 299,466 4.00 % 6.8 2.95% Medium-Term Notes due September 2026 (j) 300,000 300,000 2.95 % 7.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $600 and $670, respectively) (j) 299,400 299,330 3.50 % 8.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,072 and $1,191, respectively) (j) 298,928 298,809 3.50 % 9.0 4.40% Medium-Term Notes due January 2029 (net of discounts of $6 and $0, respectively) (i) (j) 299,994 — 4.40 % 10.1 Other 16 19 Deferred financing costs (16,413) (14,495) Total Unsecured Debt, net 2,946,560 2,868,394 3.65 % 6.0 Total Debt, net $ 3,547,787 $ 3,671,663 3.72 % 5.8 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, 2018, secured debt encumbered $1.3 billion or 12.8% of UDR’s total real estate owned based upon gross book value ($8.9 billion or 87.2% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2018, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from August 2020 through September 202 8 and carry interest rates ranging from 3.15% to 4.35%. 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 year ended December 31, 2018, the Company prepaid $50.1 million of its fixed rate mortgage notes payable with proceeds from the issuance of senior unsecured medium-term notes and entered into an $80.0 million fixed rate mortgage note payable. During the years ended December 31, 2018, 2017, and 2016, the Company had $3.0 million, $ 3.0 million, and $2.9 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 $5.0 million and $8 .2 million at December 31, 2018 and 2017, respectively. (b) UDR had one secured credit facility with Fannie Mae with a commitment of $90.0 million at December 31, 2018. The Fannie Mae credit facility matures in July 2020 and bears interest at a fixed rate of 3.95%. During the year ended December 31, 2018, the Company prepaid $29.0 million of its variable rate secured credit facilities with proceeds from the refinance of a mortgage note payable and prepaid $195.8 million of its fixed rate secured credit facilities with proceeds from the issuance of senior unsecured medium-term notes. Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2018 2017 Borrowings outstanding $ 90,000 $ 314,870 Weighted average borrowings during the period ended 253,813 416,653 Maximum daily borrowings during the period ended 314,869 636,782 Weighted average interest rate during the period ended 4.7 % 4.3 % Weighted average interest rate at the end of the period 4.0 % 4.7 % (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 2.29% to 2.43% as of December 31, 2018. (d) In September 2018, the Company entered into a $1.1 billion unsecured revolving credit facility (the “Revolving Credit Facility”) and a $350.0 million unsecured term loan (the “Term Loan”). 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 to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2023, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of September 30, 2023. The Credit Agreement amended and restated the Company’s prior credit agreement, which provided for: (i) a $1.1 billion revolving credit facility scheduled to mature in January 2020 and (ii) a $350.0 million term loan scheduled to mature in January 2021. The prior credit agreement allowed the total commitments under the revolving credit facility and total borrowings under the term loan to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions. Based on the Company’s current credit rating, the Revolving Credit Facility has an interest rate equal to LIBOR plus a margin of 82.5 basis points and a facility fee of 15 basis points, and the Term Loan has an interest rate equal to LIBOR plus a margin of 90 basis points. Depending on the Company’s credit rating, the margin under the Revolving Credit Facility ranges from 75 to 145 basis points, the facility fee ranges from 10 to 30 basis points, and the margin under the Term Loan ranges from 80 to 165 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, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 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 Maximum daily borrowings during the period ended — 120,000 Weighted average interest rate during the period ended — % 1.6 % Interest rate at end of the period — % — % (1) Excludes $3.3 million and $3.3 million of letters of credit at December 31, 2018 and 2017, respectively. (e) The Company has 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, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Total unsecured commercial paper program $ 500,000 $ 500,000 Borrowings outstanding at end of period 101,115 300,000 Weighted average daily borrowings during the period ended 344,235 238,810 Maximum daily borrowings during the period ended 440,000 390,000 Weighted average interest rate during the period ended 2.4 % 1.4 % Interest rate at end of the period 2.9 % 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 15, 2021. Based on the Company’s current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 82.5 basis points. Depending on the Company’s credit rating, the margin ranges from 75 to 145 basis points. In February 2018, the Company amended the Working Capital Credit Facility to extend the scheduled maturity date from January 1, 2019 to January 15, 2021. In September 2018, the Company further amended the Working Capital Credit Facility to lower the margin to the ranges disclosed above, which are consistent with the margins for the $1.1 billion unsecured revolving credit facility described above. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Total working capital credit facility $ 75,000 $ 75,000 Borrowings outstanding at end of period 16 21,767 Weighted average daily borrowings during the period ended 26,101 26,993 Maximum daily borrowings during the period ended 64,633 68,207 Weighted average interest rate during the period ended 2.9 % 2.0 % Interest rate at end of the period 3.3 % 2.5 % (g) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $100.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 3.69%. (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 4.53%. (i) In October 2018, the Company issued $300.0 million of 4.40% senior unsecured medium-term notes due January 26, 2029. Interest is payable semiannually on January 26 and July 26 of each year, beginning on January 26, 2019. The notes were priced at 99.998% of the principal amount at issuance. The Company used the net proceeds for the repayment of debt, including $195.8 million of the outstanding balance under the Fannie Mae credit facilities, and for general corporate purposes. The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $150.0 million of this debt. The all in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.27%. (j) The Operating Partnership is a guarantor of this debt. The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2018 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2019 $ 3,822 $ 67,700 $ 71,522 $ 101,115 $ 172,637 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 16 1,133 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 350,000 391,245 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 2028 80,000 — 80,000 300,000 380,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 503,017 94,700 597,717 2,966,775 3,564,492 Non-cash (a) 3,629 (119) 3,510 (20,215) (16,705) Total $ 506,646 $ 94,581 $ 601,227 $ 2,946,560 $ 3,547,787 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2018 and 2017, the Company amortized $4.2 million and $ 4.3 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2018.
United Dominion Reality L.P.
Entity information
DEBT, NET	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, 2018 and 2017 ( dollars in thousands ): Principal Outstanding As of December 31, 2018 Weighted Weighted Average December 31, December 31, Average Years to Communities 2018 2017 Interest Rate Maturity Encumbered Fixed Rate Debt Fannie Mae credit facilities $ — $ 133,205 — % — — Deferred financing costs — (282) Total fixed rate secured debt, net — 132,923 — % — — Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 2.43 % 13.2 1 Deferred financing costs (71) (78) Total variable rate secured debt, net 26,929 26,922 3.03 % 13.2 1 Total Secured Debt, Net $ 26,929 $ 159,845 3.03 % 13.2 1 During the year ended December 31, 2018, $133.2 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 $1.8 million during the year ended December 31, 2018, 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, 2018 2017 Borrowings outstanding $ — $ 133,205 Weighted average borrowings during the period ended 99,904 223,347 Maximum daily borrowings during the period ended 133,205 408,549 Weighted average interest rate during the period ended 5.3 % 4.6 % Interest rate at the end of the period — % 5.3 % 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. 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 2.43% as of December 31, 2018. 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, $400 million of medium-term notes due January 2022, a $350 million term loan due September 2023, $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, $300 million of medium-term notes due January 2028, and $300 million of medium-term notes due January 2029. As of December 31, 2018 and 2017, the General Partner did not have an outstanding balance under the unsecured revolving credit facility and had $101.1 million and $300.0 million, 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, 2018
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. Prior to December 2018, the net Advances (to)/from the General Partner were reflected as increases/(decreases) of capital on the Consolidated Balance Sheets. In December 2018, the Operating Partnership converted the net balance of Advances(to)/from the General Partner into a revolving note payable with the General Partner. (See “Notes Payable to the General Partner” section below for further detail). 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 zero and $397.9 million as of December 31, 2018 and 2017, respectively. 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 $13.5 million, $14.0 million, and $15.4 million during the years ended December 31, 2018, 2017 and 2016, 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, 2018, 2017 and 2016, the Operating Partnership reimbursed the General Partner $15.2 million, $15.4 million, and $14.5 million, respectively, for shared services related to corporate level property management costs incurred by the General Partner. These shared cost reimbursements 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 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 The following table summarizes the Operating Partnership’s Notes payable due to General Partner as of December 31, 2018 and 2017 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2018 2018 2017 Note due August 2021 5.34 % $ 5,500 $ 5,500 Note due December 2023 5.18 % 83,196 83,196 Note due April 2026 4.12 % 184,638 184,638 Note due November 2028 (a) 4.69 % 133,205 — Note due December 2028 (b) 3.72 % 293,576 — Total notes payable due to General Partner $ 700,115 $ 273,334 (a) On October 31, 2018, the Operating Partnership entered into an unsecured note payable with the General Partner with an aggregate commitment of $133.2 million. Interest is incurred at a rate of 4.69% and is paid monthly. The note matures on November 1, 2028. (b) In December 2018, the Operating Partnership converted the remaining outstanding portion of the Advances (to)/from the General Partner capital balance in connection with entering into an unsecured revolving note payable with the General Partner. There is no limit on the total commitments under this note. The initial balance upon conversion of the note was $257.2 million and the balance as of December 31, 2018 was $293.6 million. Interest is incurred on the unpaid principal balance at a variable interest rate equivalent to the General Partner’s weighted average interest rate on borrowings, or 3.72% as of December 31, 2018. The note matures on December 1, 2028. To the extent there is an outstanding principal balance on the revolving note payable, the General Partner, at its discretion, can demand payment at any time prior to the stated maturity date of the note. 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 Operating Partnership recognized interest expense on the notes payable of $14.1 million, $12.2 million and $12.2 million for the years ended December 31, 2018, 2017, and 2016, respectively.

FAIR VALUE OF DERIVATIVES AND_4

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2018, 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 2018 2018 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 42,259 $ 45,026 $ — $ — $ 45,026 Derivatives - Interest rate contracts (b) 4,757 4,757 — 4,757 — Total assets $ 47,016 $ 49,783 $ — $ 4,757 $ 45,026 Derivatives - Interest rate contracts (b) $ 356 $ 356 $ — $ 356 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 417,989 416,314 — — 416,314 Fannie Mae credit facilities 90,000 90,213 — — 90,213 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Unsecured debt instruments: (c) Working capital credit facility 16 16 — — 16 Commercial paper program 101,115 101,115 — — 101,115 Unsecured notes 2,861,842 2,829,390 — — 2,829,390 Total liabilities $ 3,566,018 $ 3,532,104 $ — $ 356 $ 3,531,748 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 972,740 $ 972,740 $ — $ 972,740 $ — 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 $ — (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, 2018. 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, 2018 and 2017, 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, 2018, 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, which includes notes receivable and debt instruments, are classified in Level 3 of the fair value hieracrchy due to the significant unobservable inputs that are utilized in their respective valuations. 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, 2018, 2017, and 2016. 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, 2018 and 2017 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2018, 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 2018 2018 (Level 1) (Level 2) (Level 3) Description: Secured debt instruments - variable rate: (a) Tax-exempt secured notes payable $ 27,000 $ 27,000 $ — $ — $ 27,000 Total liabilities $ 27,000 $ 27,000 $ — $ — $ 27,000 Fair Value at December 31, 2017, 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 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 (a) Debt, Net . There were no transfers into or out of each of the levels of the fair value hierarchy during the year ended December 31, 2018. 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, 2018 and 2017, the Operating Partnership has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Operating Partnership has determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. In conjunction with the FASB’s fair value measurement guidance, the Operating Partnership made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Financial Instruments Not Carried at Fair Value As of December 31, 2018, 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, which includes debt instruments, are classified in Level 3 of the fair value hieracrchy due to the significant unobservable inputs that are utilized in their respective valuations. 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, 2018 and 2017.

DERIVATIVES AND HEDGING ACTIV_8

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2018
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 changes in the fair value of derivatives designated and that qualify as cash flow hedges are recorded in Accumulated other comprehensive income/(loss), net on the Consolidated Balance Sheets and subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2018, 2017, and 2016, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. During the year ended December 31, 2017, the Company 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. No amounts were de-designated during the years ended December 31, 2018 and 2016. Amounts reported in Accumulated other comprehensive income/(loss), net on 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, 2019, the Company estimates that an additional $3.9 million will be reclassified as a decrease to Interest expense . As of December 31, 2018, 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 (a) 4 $ 315,000 Interest rate caps 1 $ 65,197 (a) In addition to the interest rate swaps summarized above, the Company entered into an additional interest rate swap during the year ended December 31, 2018 with a notional value of $50.0 million that will become effective in December 2019. The Company also entered into two additional interest rate swaps during the year ended December 31, 2018 with a notional value totaling $150.0 million that were terminated and settled in conjunction with the October 2018 issuance of $300.0 million of senior unsecured medium-term notes as disclosed in Note 6, Secured and Unsecured Debt, Net . The Company received $3.1 million to settle the swaps. The entire $3.1 million was initially deferred as a component of Accumulated other comprehensive income (loss), net and will be recognized as a decrease to Interest expense over the ten-year term of the notes. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in no gain or loss for year ended December 31, 2018 and a loss of less than $0.1 million for the years ended December 31, 2017, and 2016. As of December 31, 2018, 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 1 $ 19,880 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, 2018 and 2017 ( 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, 2018 2017 2018 2017 Derivatives designated as hedging instruments: Interest rate products $ 4,757 $ 5,743 $ 356 $ — 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, 2018, 2017, and 2016 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2018 2017 2016 2018 2017 2016 2018 2017 2016 Interest rate products $ 4,806 $ 1,802 $ 3,514 $ 1,948 $ (1,271) $ (3,657) $ — $ (136) $ — Year Ended December 31, 2018 2017 2018 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 134,168 $ 128,711 $ 123,031 Gain/(Loss) Recognized in Interest income and other income/(expense), net Year Ended December 31, Derivatives Not Designated as Hedging Instruments 2018 2017 2016 Interest rate products $ — $ (1) (3) Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where 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. 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, 2018, 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 $4.7 million. Tabular Disclosure of Offsetting Derivatives The Company has elected not to offset derivative positions on 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, 2018 and 2017 ( 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, 2018 $ 4,757 $ — $ 4,757 $ — $ — $ 4,757 December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 (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, 2018 $ 356 $ — $ 356 $ — $ — $ 356 December 31, 2017 $ — $ — $ — $ — $ — $ — (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 changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated other comprehensive income/(loss), net on 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 and 2016, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of and during the year ended December 31, 2018, no derivatives designated as cash flow hedges were held by the Operating Partnership. 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. No amounts were de-designated during the years ended December 31, 2018 and 2016. 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, 2018, no derivatives designated as cash flow hedges were held by the Operating Partnership and, as a result, no amounts are anticipated to be reclassified as an increase to interest expense through December 31, 2019. 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 no gain or loss for the year ended December 31, 2018 and a loss of less than $0.1 million for each of the years ended December 31, 2017 and 2016. As of December 31, 2018, 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 As of December 31, 2018 and December 31, 2017, the fair value of the Operating Partnership’s derivative financial instruments was zero. 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, 2018, 2017, and 2016 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2018 2017 2016 2018 2017 2016 2018 2017 2016 Interest rate products $ — $ — $ (4) $ — $ — $ (12) $ — $ (106) $ — Year Ended December 31, 2018 2017 2016 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 8,733 $ 18,156 17,855 Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2018 2017 2016 Interest rate products $ — $ (1) $ (3) Credit-risk-related Contingent Features The General Partner has agreements with its derivative counterparties that contain a provision where 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. 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.

CAPITAL STRUCTURE (UNITED DOMIN

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017, all of which were held by UDR. Limited Partnership Units As of December 31, 2018 and 2017, there were 183,525,660 and 183,240,041, respectively, of limited partnership units outstanding, of which 1,873,332 were Class A Limited Partnership Units for both periods. UDR owned 174,137,816, or 94.8%, and 174,126,805, or 95.0%, of OP Units outstanding at December 31, 2018 and 2017, respectively, of which 121,661 were Class A Limited Partnership Units for both periods. The remaining 9,387,844, or 5.1%, and 9,113,236, or 5.0%, of OP Units outstanding were held by non-affiliated partners at December 31, 2018 and 2017, 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 $371.9 million and $351.0 million as of December 31, 2018 and 2017, 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, 2018, 2017, and 2016: UDR, Inc. Class A Class A Limited Limited Limited Limited General Partners Partners Partner Partner Partner Total 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 Vesting of LTIP Units — 285,619 — — — 285,619 OP redemptions for UDR stock — (11,011) 11,011 — — — Ending balance at December 31, 2018 1,751,671 7,636,173 174,016,155 121,661 110,883 183,636,543 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 certain employees and non-employee directors and vest over a period of up to four years. 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 CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.) Commitments and Contingencies (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2018
Entity information
COMMITMENTS AND CONTINGENCIES	14. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at December 31, 2018 ( dollars in thousands ): Number UDR's Remaining Properties Investment Commitment Joint ventures: Preferred equity investments 3 $ 43,244 (a) $ 48,892 (b) Other investments - 4,154 13,500 (c) Total $ 47,398 $ 62,392 (a) Represents UDR’s investment in 1532 Harrison, 1300 Fairmount and Essex for the properties under development as of December 31, 2018. (b) Represents UDR’s remaining commitment for 1532 Harrison, 1300 Fairmount and Essex. (c) Represents UDR’s remaining commitment for other investment ventures. Purchase Commitments During the year ended December 31, 2018, the Company entered into a contract to purchase a $13.7 million development land parcel located in Denver, Colorado. The Company made a $1.0 million deposit on the purchase which, as of December 31, 2018, is generally non-refundable other than due to a failure of closing conditions pursuant to the terms of the agreement. The acquisition closed in February 2019. Ground and Other Leases UDR owns six communities which are subject to ground leases expiring between 2043 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, 2018 are as follows (dollars in thousands): Ground Leases (a) Office Space 2019 $ 4,901 $ 76 2020 4,901 76 2021 4,901 32 2022 4,901 — 2023 4,901 — Thereafter 313,918 — Total $ 338,423 $ 184 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 rent reset provision based on fair market value or changes in the 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 $7.3 million, $6.2 million, and $5. 5 million of ground rent expense for the years ended December 31, 2018, 2017, and 2016, respectively. These costs are reported within the line item Other Operating Expenses on the Consolidated Statements of Operations. The Company incurred $0. 2 million, $0.2 million, and $0.3 million of rent expense related to office space for the years ended December 31, 2018, 2017, and 2016, 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 flows.
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 2043 and 2103, including extension options. Future minimum lease payments as of December 31, 2018 are $4.9 million for each of the years ending December 31, 2019 to 202 3 and a total of $313.9 million for years thereafter. For purposes of our ground lease contracts, the Operating Partnership uses the minimum lease payment, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on fair market value or changes in the 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 $7.3 million, $6.2 million, and $5.5 million of ground rent expense for the years ended December 31, 2018, 2017, and 2016, 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 flows.

REPORTABLE SEGMENTS (UNITED DOM

REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2018
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, 2017 and held as of December 31, 2018. 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, 2018, 2017, and 2016. The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2018, 2017, and 2016, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Reportable apartment home segment rental income Same-Store Communities West Region $ 399,314 $ 383,009 $ 353,321 Mid-Atlantic Region 220,450 214,157 208,223 Northeast Region 154,019 151,736 147,573 Southeast Region 122,234 116,467 111,318 Southwest Region 43,709 42,992 41,273 Non-Mature Communities/Other 95,379 75,948 86,753 Total segment and consolidated rental income $ 1,035,105 $ 984,309 $ 948,461 Reportable apartment home segment NOI Same-Store Communities West Region $ 301,098 $ 286,662 $ 264,475 Mid-Atlantic Region 153,670 150,126 144,508 Northeast Region 105,998 106,473 106,005 Southeast Region 85,220 80,726 76,359 Southwest Region 26,408 26,455 25,600 Non-Mature Communities/Other 59,721 48,061 56,138 Total segment and consolidated NOI 732,115 698,503 673,085 Reconciling items: Joint venture management and other fees 11,754 11,482 11,400 Property management (28,465) (27,068) (26,083) Other operating expenses (12,100) (9,060) (7,649) Real estate depreciation and amortization (429,006) (430,054) (419,615) General and administrative (46,983) (48,566) (49,761) Casualty-related (charges)/recoveries, net (2,121) (4,335) (732) Other depreciation and amortization (6,673) (6,408) (6,023) Income/(loss) from unconsolidated entities (5,055) 31,257 52,234 Interest expense (134,168) (128,711) (123,031) Interest income and other income/(expense), net 6,735 1,971 1,930 Gain/(loss) on sale of real estate owned 136,197 43,404 226,199 Tax (provision)/benefit, net (688) 240 (11,574) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (18,215) (10,933) (27,282) Net (income)/loss attributable to noncontrolling interests (221) (164) (380) Net income/(loss) attributable to UDR, Inc. $ 203,106 $ 121,558 $ 292,718 The following table details the assets of UDR’s reportable segments as of December 31, 2018 and 2017 (dollars in thousands) : December 31, December 31, 2018 2017 Reportable apartment home segment assets: Same-Store Communities: West Region $ 3,666,169 $ 3,630,164 Mid-Atlantic Region 2,317,369 2,290,241 Northeast Region 1,874,616 1,865,762 Southeast Region 779,310 762,102 Southwest Region 297,681 292,074 Non-Mature Communities/Other 1,261,014 1,336,863 Total segment assets 10,196,159 10,177,206 Accumulated depreciation (3,654,160) (3,330,166) Total segment assets — net book value 6,541,999 6,847,040 Reconciling items: Cash and cash equivalents 185,216 2,038 Restricted cash 23,675 19,792 Notes receivable, net 42,259 19,469 Investment in and advances to unconsolidated joint ventures, net 780,869 720,830 Other assets 137,710 124,104 Total consolidated assets $ 7,711,728 $ 7,733,273 Capital expenditures related to our Same-Store Communities totaled $86.2 million, $86.2 million, and $82.9 million for the years ended December 31, 2018, 2017, and 2016, respectively. Capital expenditures related to our Non-Mature Communities/Other totaled $5.8 million, $5.7 million, and $13.4 million for the years ended December 31, 2018, 2017, and 2016, respectively. Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan D.C., Richmond and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Orlando, Tampa, Nashville 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, 2017 and held as of December 31, 2018. 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, 2018, 2017, and 2016. The following table details rental income and NOI for the Operating Partnership’s reportable segments for the years ended December 31, 2018, 2017, and 2016, and reconciles NOI to Net income/(loss) attributable to OP unitholders on the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Reportable apartment home segment rental income Same-Store Communities West Region $ 246,047 $ 235,022 $ 223,539 Mid-Atlantic Region 60,389 59,006 57,563 Northeast Region 54,749 54,530 53,036 Southeast Region 51,896 49,586 47,792 Non-Mature Communities/Other 18,839 21,233 22,485 Total segment and consolidated rental income $ 431,920 419,377 $ 404,415 Reportable apartment home segment NOI Same-Store Communities West Region $ 187,664 $ 177,229 $ 168,762 Mid-Atlantic Region 41,642 40,292 38,711 Northeast Region 39,456 40,524 40,704 Southeast Region 35,948 34,182 32,519 Non-Mature Communities/Other 12,670 14,614 16,425 Total segment and consolidated NOI 317,380 306,841 297,121 Reconciling items: Property management (11,878) (11,533) (11,122) Other operating expenses (8,864) (6,833) (6,059) Real estate depreciation and amortization (143,481) (152,473) (147,074) General and administrative (16,889) (17,875) (18,808) Casualty-related (charges)/recoveries, net (951) (1,922) (484) Income/(loss) from unconsolidated entities 43,496 (19,256) (37,425) Interest expense (22,835) (30,366) (30,067) Gain/(loss) on sale of real estate owned 75,507 41,272 33,180 Net (income)/loss attributable to noncontrolling interests (1,722) (1,548) (1,444) Net income/(loss) attributable to OP unitholders $ 229,763 $ 106,307 $ 77,818 The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2018 and 2017 (dollars in thousands) : December 31, December 31, 2018 2017 Reportable apartment home segment assets Same-Store Communities West Region $ 1,981,007 $ 1,955,962 Mid-Atlantic Region 663,083 655,850 Northeast Region 681,953 677,767 Southeast Region 340,722 334,811 Non-Mature Communities/Other 145,220 192,566 Total segment assets 3,811,985 3,816,956 Accumulated depreciation (1,658,161) (1,543,652) Total segment assets - net book value 2,153,824 2,273,304 Reconciling items: Cash and cash equivalents 125 293 Restricted cash 13,563 12,579 Investment in unconsolidated entities 103,026 76,907 Other assets 34,052 32,490 Total consolidated assets $ 2,304,590 $ 2,395,573 Capital expenditures related to the Operating Partnership’s Same-Store Communities totaled $41.0 million, $41.8 million and $41.5 million for the years ended December 31, 2018, 2017, and 2016, respectively. Capital expenditures related to the Operating Partnership’s Non-Mature Communities/Other totaled $0.9 million, $1.8 million, and $2.6 million for the years ended December 31, 2018, 2017, and 2016, respectively. Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan, D.C. and Baltimore iii. Northeast Region — New York and Boston iv. Southeast Region — Tampa, Nashville and Other Florida v. Southwest Region — Denver

UNAUDITED SUMMARIZED CONSOLID_4

UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2018 Rental income $ 250,483 $ 256,634 $ 263,256 $ 264,732 Net income/(loss) 89,225 22,444 20,258 89,615 Net income/(loss) attributable to common stockholders (a) 80,801 19,630 17,639 81,168 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.30 $ 0.07 $ 0.07 $ 0.30 Diluted $ 0.30 $ 0.07 $ 0.07 $ 0.30 Weighted average number of common shares outstanding: Basic 267,546 267,311 267,727 270,107 Diluted 269,208 268,890 268,861 270,755 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Net income/(loss) 28,396 11,062 17,570 75,627 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 (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. (1)
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, 2018 and 2017 is summarized in the table below ( dollars in thousands, except per share amounts ): Three Months Ended March 31, June 30, September 30, December 31, 2018 Rental income $ 106,592 $ 107,266 $ 109,539 $ 108,523 Income/(loss) 91,845 25,181 28,135 86,324 Income/(loss) attributable to OP unitholders 91,427 24,761 27,695 85,880 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.50 $ 0.13 $ 0.15 $ 0.47 2017 Rental income $ 102,605 $ 104,088 $ 105,253 $ 107,431 Income/(loss) 14,007 11,192 21,110 61,546 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 (a)

SCHEDULE III _ REAL ESTATE OW_3

SCHEDULE III — REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2018
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 Harbor at Mesa Verde $ — 20,476 28,538 49,014 20,382 22,134 47,262 69,396 33,329 1965/2003 Jun-03 27 Seventy Five Mesa Verde — 99,329 110,644 209,973 100,725 114,336 196,362 310,698 128,098 1979/2013 Oct-04 Huntington Vista — 8,055 22,486 30,541 14,690 9,223 36,008 45,231 24,328 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,589 10,988 6,959 17,947 5,136 1969 Dec-03 Eight 80 Newport Beach — North — 62,516 46,082 108,598 42,316 68,320 82,594 150,914 55,777 1968/2000/2016 Oct-04 Eight 80 Newport Beach — South — 58,785 50,067 108,852 34,335 60,914 82,273 143,187 52,441 1968/2000/2016 Mar-05 Foxborough — 12,071 6,187 18,258 4,278 12,479 10,057 22,536 6,819 1969 Sep-04 1818 Platinum Triangle — 16,663 51,905 68,568 2,949 16,962 54,555 71,517 27,099 2009 Aug-10 Beach & Ocean — 12,878 — 12,878 39,084 13,094 38,868 51,962 10,373 2014 Aug-11 The Residences at Bella Terra — 25,000 — 25,000 127,395 25,460 126,935 152,395 43,541 2013 Oct-11 Los Alisos at Mission Viejo — 17,298 — 17,298 70,730 16,525 71,503 88,028 22,756 2014 Jun-04 The Residences at Pacific City — 78,085 — 78,085 274,002 78,140 273,947 352,087 19,772 2018 Jan-14 ORANGE COUNTY, CA — 411,385 330,038 741,423 734,475 448,575 1,027,323 1,475,898 429,469 2000 Post Street — 9,861 44,578 54,439 35,069 14,363 75,145 89,508 40,523 1987/2016 Dec-98 Birch Creek — 4,365 16,696 21,061 8,868 1,178 28,751 29,929 16,687 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 28,149 7,889 51,124 59,013 35,474 1991/2010 Dec-98 Marina Playa — 6,224 23,916 30,140 13,136 1,202 42,074 43,276 23,280 1971 Dec-98 River Terrace — 22,161 40,137 62,298 6,496 22,839 45,955 68,794 30,364 2005 Aug-05 CitySouth — 14,031 30,537 44,568 37,297 16,422 65,443 81,865 45,864 1972/2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 6,139 11,580 17,562 29,142 11,590 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,243 5,772 29,383 35,155 19,339 1968/2010 Oct-07 Edgewater — 30,657 83,872 114,529 12,097 30,753 95,873 126,626 54,012 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 8,134 923 50,320 51,243 30,153 1999 Jul-08 388 Beale — 14,253 74,104 88,357 11,524 14,588 85,293 99,881 37,183 1999 Apr-11 Channel Mission Bay — 23,625 — 23,625 130,550 23,858 130,317 154,175 41,078 2014 Sep-10 SAN FRANCISCO, CA 27,000 145,665 414,240 559,905 308,702 151,367 717,240 868,607 385,547 Crowne Pointe — 2,486 6,437 8,923 8,830 3,134 14,619 17,753 9,884 1987 Dec-98 Hilltop — 2,174 7,408 9,582 5,908 2,999 12,491 15,490 8,574 1985 Dec-98 The Hawthorne — 6,474 30,226 36,700 7,367 7,087 36,980 44,067 24,741 2003 Jul-05 The Kennedy — 6,179 22,307 28,486 2,996 6,287 25,195 31,482 16,222 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 6,339 7,264 36,845 44,109 21,884 2000 May-08 Island Square — 21,284 89,389 110,673 6,929 21,660 95,942 117,602 55,430 2007 Jul-08 Borgata — 6,379 24,569 30,948 5,244 6,443 29,749 36,192 17,528 2001/2016 May-07 elements too — 27,468 72,036 99,504 18,495 30,301 87,698 117,999 58,588 2010 Feb-10 989elements — 8,541 45,990 54,531 3,901 8,657 49,775 58,432 25,129 2006 Dec-09 Lightbox — 6,449 38,884 45,333 962 6,473 39,822 46,295 11,163 2014 Aug-14 Waterscape — 9,693 65,176 74,869 2,950 9,771 68,048 77,819 16,832 2014 Sep-14 Ashton Bellevue 47,320 8,287 124,939 133,226 2,226 8,380 127,072 135,452 15,831 2009 Oct-16 TEN20 27,590 5,247 76,587 81,834 2,248 5,292 78,790 84,082 9,850 2009 Oct-16 Milehouse — 5,976 63,041 69,017 298 5,995 63,320 69,315 8,734 2016 Nov-16 CityLine — 11,220 85,787 97,007 191 11,228 85,970 97,198 10,681 2016 Jan-17 SEATTLE, WA 74,910 134,705 783,698 918,403 74,884 140,971 852,316 993,287 311,071 Rosebeach — 8,414 17,449 25,863 5,140 8,807 22,196 31,003 15,645 1970 Sep-04 Tierra Del Rey — 39,586 36,679 76,265 7,627 39,769 44,123 83,892 25,461 1998 Dec-07 The Westerly 67,700 48,182 102,364 150,546 40,209 50,875 139,880 190,755 76,018 1993/2013 Sep-10 Jefferson at Marina del Rey — 55,651 — 55,651 93,002 61,568 87,085 148,653 47,841 2008 Sep-07 LOS ANGELES, CA 67,700 151,833 156,492 308,325 145,978 161,019 293,284 454,303 164,965 Boronda Manor — 1,946 8,982 10,928 10,652 3,310 18,270 21,580 11,146 1979 Dec-98 Garden Court — 888 4,188 5,076 6,189 1,601 9,664 11,265 6,023 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 17,695 5,648 27,969 33,617 17,036 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 7,147 2,373 11,193 13,566 6,852 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 31,779 10,280 51,741 62,021 30,646 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 11,449 3,484 18,037 21,521 11,140 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 7,454 2,333 11,784 14,117 7,053 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 92,365 29,029 148,658 177,687 89,896 Verano at Rancho Cucamonga Town Square — 13,557 3,645 17,202 56,760 23,553 50,409 73,962 40,173 2006 Oct-02 Windemere at Sycamore Highland — 5,810 23,450 29,260 3,937 6,214 26,983 33,197 20,170 2001 Nov-02 OTHER SOUTHERN CA — 19,367 27,095 46,462 60,697 29,767 77,392 107,159 60,343 Tualatin Heights — 3,273 9,134 12,407 8,197 3,983 16,621 20,604 11,989 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,625 6,489 22,020 28,509 16,786 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 15,822 10,472 38,641 49,113 28,775 TOTAL WEST REGION 169,610 889,180 1,803,951 2,693,131 1,432,923 971,200 3,154,854 4,126,054 1,470,066 MID-ATLANTIC REGION Dominion Middle Ridge — 3,311 13,283 16,594 8,928 4,042 21,480 25,522 15,425 1990 Jun-96 Dominion Lake Ridge — 2,366 8,387 10,753 8,919 3,125 16,547 19,672 12,160 1987 Feb-96 Presidential Greens — 11,238 18,790 30,028 12,132 11,795 30,365 42,160 23,380 1938 May-02 The Whitmore — 6,418 13,411 19,829 23,341 7,529 35,641 43,170 27,450 1962/2008 Apr-02 Ridgewood — 5,612 20,086 25,698 10,764 6,256 30,206 36,462 23,273 1988 Aug-02 DelRay Tower — 297 12,786 13,083 115,383 9,587 118,879 128,466 32,915 2014 Jan-08 Waterside Towers — 13,001 49,657 62,658 28,272 49,907 41,023 90,930 26,761 1971 Dec-03 Wellington Place at Olde Town — 13,753 36,059 49,812 19,895 14,819 54,888 69,707 40,260 1987/2008 Sep-05 Andover House — 183 59,948 60,131 6,038 316 65,853 66,169 37,742 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 10,580 1,708 113,685 115,393 68,821 2007 Dec-07 Delancey at Shirlington — 21,606 66,765 88,371 4,620 21,713 71,278 92,991 41,618 2006/2007 Mar-08 View 14 — 5,710 97,941 103,651 4,823 5,780 102,694 108,474 43,653 2009 Jun-11 Signal Hill — 13,290 — 13,290 71,334 25,543 59,081 84,624 37,194 2010 Mar-07 Capitol View on 14th — 31,393 — 31,393 95,663 31,442 95,614 127,056 35,431 2013 Sep-07 Domain College Park — 7,300 — 7,300 59,421 7,460 59,261 66,721 19,360 2014 Jun-11 1200 East West — 9,748 68,022 77,770 2,734 9,880 70,624 80,504 12,693 2010 Oct-15 Courts at Huntington Station — 27,749 111,878 139,627 3,931 28,067 115,491 143,558 24,125 2011 Oct-15 Eleven55 Ripley — 15,566 107,539 123,105 2,962 15,820 110,247 126,067 19,818 2014 Oct-15 Arbor Park of Alexandria 85,479 50,881 159,728 210,609 2,824 51,197 162,236 213,433 33,731 1969/2015 Oct-15 Courts at Dulles — 14,697 83,834 98,531 9,008 14,728 92,811 107,539 19,955 2000 Oct-15 Newport Village 127,600 55,283 177,454 232,737 15,149 55,577 192,309 247,886 41,075 1968 Oct-15 METROPOLITAN, D.C. 213,079 310,539 1,209,244 1,519,783 516,721 376,291 1,660,213 2,036,504 636,840 Gayton Pointe Townhomes — 826 5,148 5,974 30,746 3,554 33,166 36,720 30,235 1973/2007 Sep-95 Waterside At Ironbridge — 1,844 13,239 15,083 9,193 2,472 21,804 24,276 15,985 1987 Sep-97 Carriage Homes at Wyndham — 474 30,997 31,471 9,713 3,997 37,187 41,184 27,445 1998 Nov-03 Legacy at Mayland — 1,979 11,524 13,503 32,548 5,259 40,792 46,051 36,274 1973/2007 Dec-91 RICHMOND, VA — 5,123 60,908 66,031 82,200 15,282 132,949 148,231 109,939 Calvert's Walk — 4,408 24,692 29,100 8,606 4,973 32,733 37,706 23,955 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 9,638 12,334 54,644 66,978 32,912 2003 Mar-08 Domain Brewers Hill — 4,669 40,630 45,299 2,040 4,784 42,555 47,339 20,177 2009 Aug-10 BALTIMORE, MD — 20,827 110,912 131,739 20,284 22,091 129,932 152,023 77,044 TOTAL MID-ATLANTIC REGION 213,079 336,489 1,381,064 1,717,553 619,205 413,664 1,923,094 2,336,758 823,823 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 15,597 41,764 234,248 276,012 90,792 2005 Apr-11 21 Chelsea — 36,399 107,154 143,553 14,312 36,522 121,343 157,865 49,240 2001 Aug-11 View 34 — 114,410 324,920 439,330 107,401 115,083 431,648 546,731 179,020 1985/2013 Jul-11 95 Wall Street — 57,637 266,255 323,892 9,794 58,031 275,655 333,686 122,770 2008 Aug-11 NEW YORK, NY — 249,878 917,312 1,167,190 147,104 251,400 1,062,894 1,314,294 441,822 Garrison Square — 5,591 91,027 96,618 10,200 5,775 101,043 106,818 47,908 1887/1990 Sep-10 Ridge at Blue Hills 25,000 6,039 34,869 40,908 3,878 6,363 38,423 44,786 18,350 2007 Sep-10 Inwood West 80,000 20,778 88,096 108,874 11,100 19,607 100,367 119,974 45,446 2006 Apr-11 14 North — 10,961 51,175 62,136 10,746 11,331 61,551 72,882 29,311 2005 Apr-11 100 Pier 4 — 24,584 — 24,584 201,721 24,688 201,617 226,305 40,301 2015 Dec-15 345 Harrison — 32,938 — 32,938 320,927 44,889 308,976 353,865 7,980 2018 Nov-11 BOSTON, MA 105,000 100,891 265,167 366,058 558,572 112,653 811,977 924,630 189,296 TOTAL NORTHEAST REGION 105,000 350,769 1,182,479 1,533,248 705,676 364,053 1,874,871 2,238,924 631,118 SOUTHEAST REGION Seabrook — 1,846 4,155 6,001 9,659 2,977 12,683 15,660 10,891 1984/2004 Feb-96 Altamira Place — 1,533 11,076 12,609 21,993 3,879 30,723 34,602 28,109 1984/2007 Apr-94 Regatta Shore — 757 6,608 7,365 17,515 2,235 22,645 24,880 19,641 1988/2007 Jun-94 Alafaya Woods — 1,653 9,042 10,695 11,258 2,735 19,218 21,953 15,417 1989/2006 Oct-94 Los Altos — 2,804 12,349 15,153 13,251 4,632 23,772 28,404 18,310 1990/2004 Oct-96 Lotus Landing — 2,185 8,639 10,824 11,448 3,006 19,266 22,272 14,310 1985/2006 Jul-97 Seville On The Green — 1,282 6,498 7,780 8,165 1,819 14,126 15,945 10,703 1986/2004 Oct-97 Ashton Waterford — 3,872 17,538 21,410 6,044 4,411 23,043 27,454 15,807 2000 May-98 Arbors at Lee Vista — 6,692 12,860 19,552 15,000 7,653 26,899 34,552 21,284 1992/2007 Aug-06 ORLANDO, FL — 22,624 88,765 111,389 114,333 33,347 192,375 225,722 154,472 Summit West — 2,176 4,710 6,886 11,204 3,664 14,426 18,090 12,677 1972 Dec-92 The Breyley — 1,780 2,458 4,238 18,397 3,742 18,893 22,635 18,639 1977/2007 Sep-93 Lakewood Place — 1,395 10,647 12,042 12,198 3,009 21,231 24,240 16,930 1986 Mar-94 Cambridge Woods — 1,791 7,166 8,957 11,674 3,401 17,230 20,631 13,378 1985 Jun-97 Inlet Bay — 7,702 23,150 30,852 18,288 10,294 38,846 49,140 31,488 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 10,042 11,836 45,933 57,769 33,490 2001 Dec-04 The Vintage Lofts at West End — 6,611 37,663 44,274 19,970 15,421 48,823 64,244 31,560 2009 Jul-09 TAMPA, FL — 32,324 122,652 154,976 101,773 51,367 205,382 256,749 158,162 Legacy Hill — 1,148 5,867 7,015 10,278 1,890 15,403 17,293 12,627 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 11,372 2,465 21,960 24,425 16,052 1989 Dec-95 Carrington Hills — 2,117 — 2,117 37,947 4,753 35,311 40,064 25,412 1999 Dec-95 Brookridge — 708 5,461 6,169 6,920 1,477 11,612 13,089 8,555 1986 Mar-96 Breckenridge — 766 7,714 8,480 6,359 1,484 13,355 14,839 9,644 1986 Mar-97 Colonnade — 1,460 16,015 17,475 8,022 2,109 23,388 25,497 15,205 1998 Jan-99 The Preserve at Brentwood — 3,182 24,674 27,856 9,673 3,853 33,676 37,529 24,873 1998 Jun-04 Polo Park — 4,583 16,293 20,876 17,752 5,958 32,670 38,628 26,083 1987/2008 May-06 NASHVILLE, TN — 15,433 87,608 103,041 108,323 23,989 187,375 211,364 138,451 The Reserve and Park at Riverbridge — 15,968 56,401 72,369 13,106 16,787 68,688 85,475 47,623 1999/2001 Dec-04 OTHER FLORIDA — 15,968 56,401 72,369 13,106 16,787 68,688 85,475 47,623 TOTAL SOUTHEAST REGION — 86,349 355,426 441,775 337,535 125,490 653,820 779,310 498,708 SOUTHWEST REGION Thirty377 25,000 24,036 32,951 56,987 19,849 26,184 50,652 76,836 30,721 1999/2007 Aug-06 Legacy Village 90,000 16,882 100,102 116,984 19,602 20,652 115,934 136,586 70,195 2005/06/07 Mar-08 Addison Apts at The Park — 22,041 11,228 33,269 9,723 30,790 12,202 42,992 9,782 1977/78/79 May-07 Addison Apts at The Park II — 7,903 554 8,457 3,490 8,415 3,532 11,947 2,359 1970 May-07 Addison Apts at The Park I — 10,440 634 11,074 3,916 11,024 3,966 14,990 2,912 1975 May-07 DALLAS, TX 115,000 81,302 145,469 226,771 56,580 97,065 186,286 283,351 115,969 Barton Creek Landing — 3,151 14,269 17,420 23,987 5,279 36,128 41,407 28,115 1986/2012 Mar-02 Residences at the Domain — 4,034 55,256 59,290 13,497 4,515 68,272 72,787 38,447 2007 Aug-08 Red Stone Ranch — 5,084 17,646 22,730 3,519 5,512 20,737 26,249 10,112 2000 Apr-12 Lakeline Villas — 4,148 16,869 21,017 2,542 4,507 19,052 23,559 9,001 2002 Apr-12 AUSTIN, TX — 16,417 104,040 120,457 43,545 19,813 144,189 164,002 85,675 Steele Creek — 8,586 130,400 138,986 2,932 8,604 133,314 141,918 9,204 2015 Oct-17 DENVER, CO — 8,586 130,400 138,986 2,932 8,604 133,314 141,918 9,204 TOTAL SOUTHWEST REGION 115,000 106,305 379,909 486,214 103,057 125,482 463,789 589,271 210,848 TOTAL OPERATING COMMUNITIES 602,689 1,769,092 5,102,829 6,871,921 3,198,396 1,999,889 8,070,428 10,070,317 3,634,563 LAND 7 Harcourt — 884 — 884 5,858 804 5,938 6,742 268 Vitruvian Park® — 4,325 — 4,325 9,322 11,373 2,274 13,647 2,370 Wilshire at LaJolla 31,105 — 31,105 97 31,202 — 31,202 — Dublin Land — 8,922 — 8,922 7,221 8,922 7,221 16,143 — TOTAL LAND — 45,236 — 45,236 22,498 52,301 15,433 67,734 2,638 COMMERCIAL Brookhaven Shopping Center — — — — 28,604 7,798 20,806 28,604 14,052 TOTAL COMMERCIAL — — — — 28,604 7,798 20,806 28,604 14,052 Other (b) — — — — 4,604 — 4,604 4,604 — 1745 Shea Center I — 3,034 20,534 23,568 1,332 3,035 21,865 24,900 2,907 TOTAL CORPORATE — 3,034 20,534 23,568 5,936 3,035 26,469 29,504 2,907 TOTAL COMMERCIAL & CORPORATE — 3,034 20,534 23,568 34,540 10,833 47,275 58,108 16,959 Deferred Financing Costs (1,462) TOTAL REAL ESTATE OWNED $ 601,227 $ 1,817,362 $ 5,123,363 $ 6,940,725 $ 3,255,434 $ 2,063,023 $ 8,133,136 $ 10,196,159 $ 3,654,160 (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. 2018 2017 2016 Balance at beginning of the year $ 10,177,206 $ 9,615,753 $ 9,190,276 Real estate acquired — 235,993 324,104 Capital expenditures and development 214,898 369,029 339,813 Real estate sold (195,945) (43,569) (238,440) Balance at end of the year $ 10,196,159 $ 10,177,206 $ 9,615,753 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2018 2017 2016 Balance at beginning of the year $ 3,330,166 $ 2,923,625 $ 2,646,874 Depreciation expense for the year 426,006 424,772 398,904 Accumulated depreciation on sales (102,012) (18,231) (122,153) Balance at end of year $ 3,654,160 $ 3,330,166 $ 2,923,625
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 Harbor at Mesa Verde $ — $ 20,476 $ 28,538 $ 49,014 $ 20,382 $ 22,134 $ 47,262 $ 69,396 $ 33,329 1965/2003 Jun-03 27 Seventy Five Mesa Verde — 99,329 110,644 209,973 100,725 114,336 196,362 310,698 128,098 1979/2013 Oct-04 Huntington Vista — 8,055 22,486 30,541 14,690 9,223 36,008 45,231 24,328 1970 Jun-03 Missions at Back Bay — 229 14,129 14,358 3,589 10,988 6,959 17,947 5,136 1969 Dec-03 Eight 80 Newport Beach - North — 62,516 46,082 108,598 42,316 68,320 82,594 150,914 55,777 1968/2000/2016 Oct-04 Eight 80 Newport Beach - South — 58,785 50,067 108,852 34,335 60,914 82,273 143,187 52,441 1968/2000/2016 Mar-05 ORANGE COUNTY, CA — 249,390 271,946 521,336 216,037 285,915 451,458 737,373 299,109 2000 Post Street — 9,861 44,578 54,439 22,507 11,075 65,871 76,946 33,355 1987/2016 Dec-98 Birch Creek — 4,365 16,696 21,061 8,868 1,178 28,751 29,929 16,687 1968 Dec-98 Highlands Of Marin — 5,996 24,868 30,864 28,149 7,889 51,124 59,013 35,474 1991/2010 Dec-98 Marina Playa — 6,224 23,916 30,140 13,136 1,202 42,074 43,276 23,280 1971 Dec-98 River Terrace — 22,161 40,137 62,298 6,496 22,839 45,955 68,794 30,364 2005 Aug-05 CitySouth — 14,031 30,537 44,568 37,297 16,422 65,443 81,865 45,864 1972/2012 Nov-05 Bay Terrace — 8,545 14,458 23,003 6,139 11,580 17,562 29,142 11,590 1962 Oct-05 Highlands of Marin Phase II — 5,353 18,559 23,912 11,243 5,772 29,383 35,155 19,339 1968/2010 Oct-07 Edgewater — 30,657 83,872 114,529 12,097 30,753 95,873 126,626 54,012 2007 Mar-08 Almaden Lake Village 27,000 594 42,515 43,109 8,134 923 50,320 51,243 30,153 1999 Jul-08 SAN FRANCISCO, CA 27,000 107,787 340,136 447,923 154,066 109,633 492,356 601,989 300,118 Crowne Pointe — 2,486 6,437 8,923 8,830 3,134 14,619 17,753 9,884 1987 Dec-98 Hilltop — 2,174 7,408 9,582 5,908 2,999 12,491 15,490 8,574 1985 Dec-98 The Kennedy — 6,179 22,307 28,486 2,996 6,287 25,195 31,482 16,222 2005 Nov-05 Hearthstone at Merrill Creek — 6,848 30,922 37,770 6,339 7,264 36,845 44,109 21,884 2000 May-08 Island Square — 21,284 89,389 110,673 6,929 21,660 95,942 117,602 55,430 2007 Jul-08 SEATTLE, WA — 38,971 156,463 195,434 31,002 41,344 185,092 226,436 111,994 Rosebeach — 8,414 17,449 25,863 5,140 8,807 22,196 31,003 15,645 1970 Sep-04 Tierra Del Rey — 39,586 36,679 76,265 7,627 39,769 44,123 83,892 25,461 1998 Dec-07 LOS ANGELES, CA — 48,000 54,128 102,128 12,767 48,576 66,319 114,895 41,106 Boronda Manor — 1,946 8,982 10,928 10,652 3,310 18,270 21,580 11,146 1979 Dec-98 Garden Court — 888 4,188 5,076 6,189 1,601 9,664 11,265 6,023 1973 Dec-98 Cambridge Court — 3,039 12,883 15,922 17,695 5,648 27,969 33,617 17,036 1974 Dec-98 Laurel Tree — 1,304 5,115 6,419 7,147 2,373 11,193 13,566 6,852 1977 Dec-98 The Pointe At Harden Ranch — 6,388 23,854 30,242 31,779 10,280 51,741 62,021 30,646 1986 Dec-98 The Pointe At Northridge — 2,044 8,028 10,072 11,449 3,484 18,037 21,521 11,140 1979 Dec-98 The Pointe At Westlake — 1,329 5,334 6,663 7,454 2,333 11,784 14,117 7,053 1975 Dec-98 MONTEREY PENINSULA, CA — 16,938 68,384 85,322 92,365 29,029 148,658 177,687 89,896 Verano at Rancho Cucamonga Town Square — 13,557 3,645 17,202 56,760 23,553 50,409 73,962 40,173 2006 Oct-02 OTHER SOUTHERN CA — 13,557 3,645 17,202 56,760 23,553 50,409 73,962 40,173 Tualatin Heights — 3,273 9,134 12,407 8,197 3,983 16,621 20,604 11,989 1989 Dec-98 Hunt Club — 6,014 14,870 20,884 7,625 6,489 22,020 28,509 16,786 1985 Sep-04 PORTLAND, OR — 9,287 24,004 33,291 15,822 10,472 38,641 49,113 28,775 TOTAL WEST REGION 27,000 483,930 918,706 1,402,636 578,819 548,522 1,432,933 1,981,455 911,171 MID-ATLANTIC REGION Ridgewood — 5,612 20,086 25,698 10,764 6,256 30,206 36,462 23,273 1988 Aug-02 DelRay Tower — 297 12,786 13,083 115,383 9,587 118,879 128,466 32,915 2014 Jan-08 Wellington Place at Olde Town — 13,753 36,059 49,812 19,895 14,819 54,888 69,707 40,260 1987/2008 Sep-05 Andover House — 183 59,948 60,131 6,038 316 65,853 66,169 37,742 2004 Mar-07 Sullivan Place — 1,137 103,676 104,813 10,516 1,708 113,621 115,329 68,757 2007 Dec-07 Courts at Huntington Station — 27,749 111,878 139,627 3,931 28,067 115,491 143,558 24,125 2011 Oct-15 METROPOLITAN D.C. — 48,731 344,433 393,164 166,527 60,753 498,938 559,691 227,072 Calvert’s Walk — 4,408 24,692 29,100 8,606 4,973 32,733 37,706 23,955 1988 Mar-04 20 Lambourne — 11,750 45,590 57,340 9,638 12,334 54,644 66,978 32,912 2003 Mar-08 BALTIMORE, MD — 16,158 70,282 86,440 18,244 17,307 87,377 104,684 56,867 TOTAL MID-ATLANTIC REGION — 64,889 414,715 479,604 184,771 78,060 586,315 664,375 283,939 NORTHEAST REGION 10 Hanover Square — 41,432 218,983 260,415 15,597 41,764 234,248 276,012 90,792 2005 Apr-11 95 Wall Street — 57,637 266,255 323,892 9,794 58,031 275,655 333,686 122,770 2008 Aug-11 NEW YORK, NY — 99,069 485,238 584,307 25,391 99,795 509,903 609,698 213,562 14 North — 10,961 51,175 62,136 10,746 11,331 61,551 72,882 29,311 2005 Apr-11 BOSTON, MA — 10,961 51,175 62,136 10,746 11,331 61,551 72,882 29,311 TOTAL NORTHEAST REGION — 110,030 536,413 646,443 36,137 111,126 571,454 682,580 242,873 SOUTHEAST REGION Inlet Bay — 7,702 23,150 30,852 18,288 10,294 38,846 49,140 31,488 1988/1989 Jun-03 MacAlpine Place — 10,869 36,858 47,727 10,042 11,836 45,933 57,769 33,490 2001 Dec-04 TAMPA, FL — 18,571 60,008 78,579 28,330 22,130 84,779 106,909 64,978 Legacy Hill — 1,148 5,867 7,015 10,278 1,890 15,403 17,293 12,627 1977 Nov-95 Hickory Run — 1,469 11,584 13,053 11,372 2,465 21,960 24,425 16,052 1989 Dec-95 Carrington Hills — 2,117 — 2,117 37,947 4,753 35,311 40,064 25,412 1999 Dec-95 Brookridge — 708 5,461 6,169 6,920 1,477 11,612 13,089 8,555 1986 Mar-96 Breckenridge — 766 7,714 8,480 6,359 1,484 13,355 14,839 9,644 1986 Mar-97 Polo Park — 4,583 16,293 20,876 17,752 5,958 32,670 38,628 26,083 1987/2008 May-06 NASHVILLE, TN — 10,791 46,919 57,710 90,628 18,027 130,311 148,338 98,373 The Reserve and Park at Riverbridge — 15,968 56,401 72,369 13,106 16,787 68,688 85,475 47,623 1999/2001 Dec-04 OTHER FLORIDA — 15,968 56,401 72,369 13,106 16,787 68,688 85,475 47,623 TOTAL SOUTHEAST REGION — 45,330 163,328 208,658 132,064 56,944 283,778 340,722 210,974 SOUTHWEST REGION Steele Creek — 8,586 130,400 138,986 2,932 8,604 133,314 141,918 9,204 2015 Oct-17 DENVER, CO — 8,586 130,400 138,986 2,932 8,604 133,314 141,918 9,204 TOTAL SOUTHWEST REGION — 8,586 130,400 138,986 2,932 8,604 133,314 141,918 9,204 TOTAL OPERATING COMMUNITIES 27,000 712,765 2,163,562 2,876,327 934,723 803,256 3,007,794 3,811,050 1,658,161 Other (b) — — — — 935 — 935 935 — TOTAL CORPORATE — — — — 935 — 935 935 — Deferred Financing Costs (71) TOTAL REAL ESTATE OWNED $ 26,929 $ 712,765 $ 2,163,562 $ 2,876,327 $ 935,658 $ 803,256 $ 3,008,729 $ 3,811,985 $ 1,658,161 (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. 2018 2017 2016 Balance at beginning of the year $ 3,816,956 $ 3,674,704 $ 3,630,905 Real estate acquired — 138,986 — Capital expenditures and development 44,353 45,211 71,720 Real estate sold (49,324) (41,945) (27,921) Balance at end of year $ 3,811,985 $ 3,816,956 $ 3,674,704 The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ): 2018 2017 2016 Balance at beginning of the year $ 1,543,652 $ 1,408,815 $ 1,281,258 Depreciation expense for the year 141,683 153,068 144,942 Accumulated depreciation on sales (27,174) (18,231) (17,385) Balance at end of year $ 1,658,161 $ 1,543,652 $ 1,408,815

SIGNIFICANT ACCOUNTING POLICI_9

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) (Policies)	12 Months Ended
	Dec. 31, 2018
Entity information
Recent Accounting Pronouncements	Recent Accounting Pronouncements In August 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to update and simplify disclosure requirements as well as eliminate outdated, superseded and/or redundant requirements with United States generally accepted accounting principles, or GAAP, (“SEC Simplification”). The amendments are effective for all SEC filings made on or after November 5, 2018. As a result of the amendments, the Company will no longer provide ratios of earnings to fixed charges in our exhibits to our annual and quarterly filings with the SEC. Additionally, the amendments removed certain SEC guidance that conflicted with GAAP guidance, under which the Company previously followed SEC guidance and recorded Gain/(loss) on the sale of real estate owned, net of tax , after Operating income . The Company has reclassified Gain/(loss) on the sale of real estate owned within Operating income, with any income tax impact recorded within Tax (provision)/benefit, net per GAAP for all periods presented. Additionally, as a result of the SEC Simplification, for the year ended December 31, 2016, the following retrospective changes were made to the Consolidated Statement of Operations: Gain/(loss) on the sale of real estate owned, net of tax – as previously reported $ 210,851 Tax impact of sales of real estate owned 15,348 Gain/(loss) on the sale of real estate owned – as reported herein $ 226,199 Tax (provision)/benefit, net – as previously reported $ 3,774 Tax impact of sales of real estate owned (15,348) Tax (provision)/benefit, net – as reported herein $ (11,574) Other than as presented above, no retrospective changes were required for the year ended December 31, 2017. 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 aimed to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard would have been 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 early adopted the guidance on January 1, 2018; however, the updated standard did not have a material impact on the consolidated financial statements. Related disclosures were 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 changed 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 was effective for the Company on January 1, 2018. The ASU was 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 addressed the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard was effective for the Company on January 1, 2018, and was applied retrospectively to all periods presented. The updated standard did not have a material impact on the consolidated financial statements. Related disclosures were updated pursuant to the requirements of the ASU. As a result of the adoption of ASU 2016-18, for the years ended December 31, 2017 and 2016, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Year ended December 31, 2017 2016 (Increase)/decrease in operating assets $ $ Net cash provided by /(used in) operating activities $ $ Proceeds from sales of real estate investments, net $ - $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement Net cash provided by /(used in) investing activities $ $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ $ 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. In November 2016, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. The Company 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 on their balance sheets. Lessees of operating leases 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. The standard became effective for the Company on January 1, 2019. The Company is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. The Company intends to elect the following package of practical expedients provided by the standard which includes: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Company also plans to elect the short-term lease exception provided for in the standard and therefore will only recognize right-of-use assets and lease liabilities for leases with a term greater than one year. The Company anticipates recognizing right-of-use assets and related lease liabilities between $ 85.0 million and $150.0 million on our consolidated opening balance sheets as of January 1, 2019 upon adoption of the standard. Our anticipated range of right-of-use assets and related lease liabilities to be recognized as disclosed above may change as a result of updates to the projected future minimum lease payments. The lease liabilities represent the present value of the remaining minimum lease payments related to ground leases for communities where we are the lessee. The right-of-use assets represent the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. The Company plans to continue recognizing lease expense for these leases in a manner similar to current accounting upon adoption of the standard based on our election of the package of practical expedients. However, in the event we modify existing ground leases and/or enter into new ground leases subsequent to the adoption of the standard, such leases would likely be classified as finance leases under the standard and require expense recognition based on the effective interest method. Under the standard, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, subsequent to the adoption of the standard, we will expense internal leasing costs as incurred. In July 2018, the FASB issued ASU No. 2018-11, Leases – Targeted Improvements , which provides entities with relief from the costs of implementing certain aspects of ASU No. 2016-02, Leases . The ASU provides a practical expedient which allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company intends to elect the practical expedient to account for lease and non-lease components as a single component in lease contracts where we are the lessor. The ASU also provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. The Company also intends to elect the transition option. 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 required certain equity securities to be measured at fair value on the balance sheet, with changes in fair value recognized in net income. The standard was 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 elected the measurement alternative under which the investment is 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. During the year ended December 31, 2018, the Company recorded gains of $2.1 million, in Interest income and other income/(expense), net on the Consolidated Statements of Operations as a result of measuring the investment using this measurement alternative. The Company does not view the impact, as a result of the adoption of the updated standard, to be material to the consolidated financial statements. Disclosures were updated pursuant to the requirements of the ASU. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . ASU No. 2014-09 amended the FASB Accounting Standards Codification (“ASC”) by creating ASC Topic 606, Revenue from Contracts with Customers . The standard provided companies with a single model for use in accounting for revenue arising from contracts with customers and replaced most existing revenue recognition guidance in U.S. GAAP, including industry-specific revenue guidance. The standard specifically excluded lease contracts. The ASU allowed for the use of either the full or modified retrospective transition method. ASC Topic 606 was effective for the Company on January 1, 2018, at which time the Company adopted it using the modified retrospective approach. However, as the majority of the Company’s revenue is from rental income related to leases, the ASU did not have a material impact on the consolidated financial statements. Related disclosures have been 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 capitalized as incurred if the acquisition does not meet the definition of a business. 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, 2018, 2017, and 2016 were $7.5 million, $8.8 million and $ 7.9 million, respectively. During the years ended December 31, 2018, 2017, and 2016, total interest capitalized was $10.6 million, $18.6 million, and $ 16.5 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	Revenue On January 1, 2018, the Company adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of retained earnings is made to recognize any required adjustments. As a result of the adoption, the Company did not make an adjustment to retained earnings because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Company recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Company has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Company to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned. Joint venture management and other fees The Joint venture management and other fees revenue consists of management fees charged to our equity method joint ventures per the terms of contractual agreements and other fees. Joint venture fee revenue is recognized monthly as the management services are provided and the fees are earned or upon a transaction whereby the Company earns a fee.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed.
Disaggregation of Revenue	Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) . Joint venture management and other fees are not included in the tables as they are not allocable to a specific reportable segment or segments. December 31, (a) 2018 2017 2016 Lease Revenue (b) Same-Store Communities West Region $ 371,366 $ 355,904 $ 328,693 Mid-Atlantic Region 204,733 199,207 194,367 Northeast Region 148,057 146,105 142,249 Southeast Region 109,190 104,106 99,451 Southwest Region 39,567 38,978 37,529 Non-Mature Communities/Other 82,986 65,474 75,478 Total segment and consolidated lease revenue $ 955,899 $ 909,774 $ 877,767 Reimbursements Revenue Same-Store Communities West Region $ 17,159 $ 16,377 $ 14,797 Mid-Atlantic Region 9,084 8,715 8,123 Northeast Region 2,721 2,775 2,434 Southeast Region 6,821 6,509 6,413 Southwest Region 2,197 2,098 1,930 Non-Mature Communities/Other 8,768 7,781 7,859 Total segment and consolidated reimbursements revenue $ 46,750 $ 44,255 $ 41,556 Other Revenue Same-Store Communities West Region $ 10,789 $ 10,728 $ 9,831 Mid-Atlantic Region 6,633 6,235 5,733 Northeast Region 3,241 2,856 2,890 Southeast Region 6,223 5,852 5,454 Southwest Region 1,945 1,916 1,814 Non-Mature Communities/Other 3,625 2,693 3,416 Total segment and consolidated other revenue $ 32,456 $ 30,280 $ 29,138 Total Revenue Same-Store Communities West Region $ 399,314 $ 383,009 $ 353,321 Mid-Atlantic Region 220,450 214,157 208,223 Northeast Region 154,019 151,736 147,573 Southeast Region 122,234 116,467 111,318 Southwest Region 43,709 42,992 41,273 Non-Mature Communities/Other 95,379 75,948 86,753 Total segment and consolidated total revenue $ 1,035,105 $ 984,309 $ 948,461 (a) Same-Store Community population consisted of 37,673 apartment homes. Same-Store Community is defined in Note 15, Reportable Segments . (b) Lease Revenue is subject to recognition under ASC 840, Leases .
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.
Noncontrolling 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, 2018 and 2017, UDR’s net deferred tax asset/(liability) was less than $(0.1) million and $0.1 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, 2018. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2015 through 2017 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. As of December 31, 2017, management of the Company had completed its review of the effects of the Tax Cuts and Jobs Act, under which it 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.
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.
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, 2018, 2017, and 2016, total advertising expense was $6.7 million, $6.2 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, 2018, 2017, and 2016, 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, 2018, 2017, and 2016 was $0.2 million, $0.3 million, and $0.1 million, respectively.
Use of Estimates	Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.
Market Concentration Risk	Market Concentration Risk The 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, 2018, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California, San Francisco, 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 2018, the Securities and Exchange Commission (“SEC”) adopted amendments to update and simplify disclosure requirements as well as eliminate outdated, superseded and/or redundant requirements with US GAAP (“SEC Simplification”). The amendments are effective for all SEC filings made on or after November 5, 2018. As a result of the amendments, the Operating Partnership will no longer provide ratios of earnings to fixed charges in our exhibits to our annual and quarterly filings with the SEC. Additionally, the amendments removed certain SEC guidance that conflicted with GAAP guidance, under which the Operating Partnership previously followed SEC guidance and recorded Gain/(loss) on the sale of real estate owned after Income from continuing operations . The Operating Partnership has reclassified Gain/(loss) on the sale of real estate owned within Operating income. 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 aimed to better align a company’s financial reporting for hedging activities with the economic objectives of those activities. The updated standard would have been 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 early adopted the guidance on January 1, 2018; however, the updated standard did not have a material impact on the consolidated financial statements. Related disclosures were 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 changed 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 was effective for the Operating Partnership on January 1, 2018. The ASU was 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 addressed the presentation of restricted cash and restricted cash equivalents in the statement of cash flows. The updated standard was effective for the Operating Partnership on January 1, 2018, and was applied retrospectively to all periods presented. The updated standard did not have a material impact on the consolidated financial statements of the Operating Partnership. Related disclosures were updated pursuant to the requirements of the ASU. As a result of the adoption of ASU 2016-18, for the years ended December 31, 2017 and 2016, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Year ended December 31, 2017 2016 (Increase)/decrease in operating assets $ $ Net cash provided by /(used in) operating activities $ $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement $ $ Net cash provided by /(used in) investing activities $ $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ $ 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. In November 2016, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, which amends the transition requirements and scope of ASU 2016-13 and clarifies that receivables arising from operating leases are not within the scope of the credit losses standard, but rather, should be accounted for in accordance with the leases standard. 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 on their balance sheets. Lessees of operating leases 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. The standard became effective for the Operating Partnership on January 1, 2019. The Operating Partnership is currently evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. The Operating Partnership intends to elect the following package of practical expedients provided by the standard which includes: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) an entity need not reassess initial direct costs for any existing leases. The Operating Partnership also plans to elect the short-term lease exception provided for in the standard and therefore will only recognize right-of-use assets and lease liabilities for leases with a term greater than one year. The Operating Partnership anticipates recognizing right-of-use assets and related lease liabilities between $85.0 million and $150.0 million on our consolidated opening balance sheets as of January 1, 2019 upon adoption of the standard. Our anticipated range of right-of-use assets and related lease liabilities to be recognized as disclosed above may change as a result of updates to the projected future minimum lease payments . The lease liabilities represent the present value of the remaining minimum lease payments related to ground leases for communities where we are the lessee. The right-of-use assets represent the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. The Operating Partnership plans to continue recognizing lease expense for these leases in a manner similar to current accounting upon adoption of the standard based on our election of the package of practical expedients. However, in the event we modify existing ground leases and/or enter into new ground leases subsequent to the adoption of the standard, such leases would likely be classified as finance leases under the standard and require expense recognition based on the effective interest method. Under the standard, initial direct costs for both lessees and lessors would include only those costs that are incremental to the arrangement and would not have been incurred if the lease had not been obtained. As a result, subsequent to the adoption of the standard, we will be required to expense internal leasing costs as incurred. In July 2018, the FASB issued ASU No. 2018-11, Leases – Targeted Improvements , which provides entities with relief from the costs of implementing certain aspects of ASU No. 2016-02, Leases . The ASU provides a practical expedient which allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Operating Partnership intends to elect the practical expedient to account for lease and non-lease components as a single component in lease contracts where we are the lessor. The ASU also provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. The Operating Partnership also intends to elect the transition option. In May 2014, the FASB issued ASU No. 2014‑09, Revenue from Contracts with Customers . ASU No. 2014-09 amended the FASB Accounting Standards Codification (“ASC”) by creating ASC Topic 606, Revenue from Contracts with Customers . The standard provided companies with a single model for use in accounting for revenue arising from contracts with customers and replaced most existing revenue recognition guidance in U.S. GAAP, including industry-specific revenue guidance. The standard specifically excluded lease contracts. The ASU allowed for the use of either the full or modified retrospective transition method. ASC Topic 606 was effective for the Operating Partnership on January 1, 2018, at which time the Operating Partnership adopted it using the modified retrospective approach. However, as the majority of the Operating Partnership’s revenue is from rental income related to leases, the ASU did not have a material impact on the consolidated financial statements. Related disclosures have been 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 capitalized as incurred if the acquisition does not meet the definition of a business. 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, 2018, 2017, and 2016 were less than $0.1 million, $0.5 million, and $ 0.6 million, respectively. During the years ended December 31, 2018, 2017, and 2016, total interest capitalized was less than $0.1 million, less than $0.1 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	Revenue On January 1, 2018, the Operating Partnership adopted ASC Topic 606, Revenue from Contracts with Customers , utilizing the modified retrospective method, under which only contracts entered into after the effective date or not complete as of the effective date are subject to the new standard and an adjustment to the opening balance of partners’ capital is made to recognize any required adjustments. As a result of the adoption, the Operating Partnership did not make an adjustment to partners’ capital because no open contracts required different treatment under the new standard. Revenue is measured based on consideration specified in contracts with customers. The Operating Partnership recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following is a description of the principal streams from which the Operating Partnership generates its revenue: Lease Revenue Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 840, Leases . Rental payments are generally due on a monthly basis and recognized on a straight-line basis over the reasonably assured lease term. In addition, in circumstances where a lease incentive is provided to tenants, the incentive is recognized as a reduction of lease revenue on a straight-line basis over the reasonably assured lease term. Reimbursements Revenue Reimbursements revenue includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. Reimbursements revenue is recognized on a gross basis as earned as the Operating Partership has determined it is the principal provider of the services. Other Revenue Other revenue is generated by services provided by the Operating Partnership to its retail and residential tenants and other unrelated third parties. These fees are generally recognized as earned.
Real Estate Sales Gain Recognition	Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Operating Partnership generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Operating Partnership will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Operating Partnership sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Operating Partnership will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Operating Partnership will record a full gain or loss in the period the property is contributed.
Disaggregation of Revenue	Disaggregation of Revenue Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) : December 31, (a) 2018 2017 2016 Lease Revenue (b) Same-Store Communities West Region $ 227,233 $ 217,033 $ 206,660 Mid-Atlantic Region 56,168 54,891 53,588 Northeast Region 52,039 51,716 50,314 Southeast Region 46,075 43,993 42,342 Non-Mature Communities/Other 16,421 18,912 20,029 Total segment and consolidated lease revenue $ 397,936 $ 386,545 $ 372,933 Reimbursements Revenue Same-Store Communities West Region $ 11,652 $ 10,994 $ 10,284 Mid-Atlantic Region 2,456 2,384 2,227 Northeast Region 1,697 1,867 1,682 Southeast Region 3,057 2,953 2,907 Non-Mature Communities/Other 2,084 2,019 1,992 Total segment and consolidated reimbursements revenue $ 20,946 $ 20,217 $ 19,092 Other Revenue Same-Store Communities West Region $ 7,162 $ 6,995 $ 6,595 Mid-Atlantic Region 1,765 1,731 1,748 Northeast Region 1,013 947 1,040 Southeast Region 2,764 2,640 2,543 Non-Mature Communities/Other 334 302 464 Total segment and consolidated other revenue $ 13,038 $ 12,615 $ 12,390 Total Revenue Same-Store Communities West Region $ 246,047 $ 235,022 $ 223,539 Mid-Atlantic Region 60,389 59,006 57,563 Northeast Region 54,749 54,530 53,036 Southeast Region 51,896 49,586 47,792 Non-Mature Communities/Other 18,839 21,233 22,485 Total segment and consolidated total revenue $ 431,920 $ 419,377 $ 404,415 (a) Same-Store Community population consisted of 16,216 apartment homes. Same-Store Community is defined in Note 11, Reportable Segments . (b) Lease Revenue is subject to recognition under ASC 840, Leases .
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.
Noncontrolling 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 (2015 through 2017) 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. As of December 31, 2017, management of the Operating Partnership had completed its review of the effects of the Tax Cuts and Jobs Act and had determined that the impact to the Operating Partnership 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, 2018, 2017, and 2016, total advertising expense from continuing operations was $1.9 million, $2.1 million, and $2.2 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, 2018, 2017, and 2016, 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, 2018, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California, San Francisco, California; Metropolitan D.C. and New York, New York markets

SIGNIFICANT ACCOUNTING POLIC_10

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2018
New accounting pronouncements
Schedule of disaggregation of revenue	Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) . Joint venture management and other fees are not included in the tables as they are not allocable to a specific reportable segment or segments. December 31, (a) 2018 2017 2016 Lease Revenue (b) Same-Store Communities West Region $ 371,366 $ 355,904 $ 328,693 Mid-Atlantic Region 204,733 199,207 194,367 Northeast Region 148,057 146,105 142,249 Southeast Region 109,190 104,106 99,451 Southwest Region 39,567 38,978 37,529 Non-Mature Communities/Other 82,986 65,474 75,478 Total segment and consolidated lease revenue $ 955,899 $ 909,774 $ 877,767 Reimbursements Revenue Same-Store Communities West Region $ 17,159 $ 16,377 $ 14,797 Mid-Atlantic Region 9,084 8,715 8,123 Northeast Region 2,721 2,775 2,434 Southeast Region 6,821 6,509 6,413 Southwest Region 2,197 2,098 1,930 Non-Mature Communities/Other 8,768 7,781 7,859 Total segment and consolidated reimbursements revenue $ 46,750 $ 44,255 $ 41,556 Other Revenue Same-Store Communities West Region $ 10,789 $ 10,728 $ 9,831 Mid-Atlantic Region 6,633 6,235 5,733 Northeast Region 3,241 2,856 2,890 Southeast Region 6,223 5,852 5,454 Southwest Region 1,945 1,916 1,814 Non-Mature Communities/Other 3,625 2,693 3,416 Total segment and consolidated other revenue $ 32,456 $ 30,280 $ 29,138 Total Revenue Same-Store Communities West Region $ 399,314 $ 383,009 $ 353,321 Mid-Atlantic Region 220,450 214,157 208,223 Northeast Region 154,019 151,736 147,573 Southeast Region 122,234 116,467 111,318 Southwest Region 43,709 42,992 41,273 Non-Mature Communities/Other 95,379 75,948 86,753 Total segment and consolidated total revenue $ 1,035,105 $ 984,309 $ 948,461 (a) Same-Store Community population consisted of 37,673 apartment homes. Same-Store Community is defined in Note 15, Reportable Segments . Lease Revenue is subject to recognition under ASC 840, Leases .
Adjustment | ASU 2016-18
New accounting pronouncements
Schedule of reclassification on the Consolidated Statements of Cash Flows	As a result of the adoption of ASU 2016-18, for the years ended December 31, 2017 and 2016, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Year ended December 31, 2017 2016 (Increase)/decrease in operating assets $ $ Net cash provided by /(used in) operating activities $ $ Proceeds from sales of real estate investments, net $ - $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement Net cash provided by /(used in) investing activities $ $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ $
United Dominion Reality L.P.
New accounting pronouncements
Schedule of disaggregation of revenue	Rental income , as disclosed on the Consolidated Statements of Operations, is disaggregated by principal revenue stream and by reportable segment in the following tables (dollars in thousands) : December 31, (a) 2018 2017 2016 Lease Revenue (b) Same-Store Communities West Region $ 227,233 $ 217,033 $ 206,660 Mid-Atlantic Region 56,168 54,891 53,588 Northeast Region 52,039 51,716 50,314 Southeast Region 46,075 43,993 42,342 Non-Mature Communities/Other 16,421 18,912 20,029 Total segment and consolidated lease revenue $ 397,936 $ 386,545 $ 372,933 Reimbursements Revenue Same-Store Communities West Region $ 11,652 $ 10,994 $ 10,284 Mid-Atlantic Region 2,456 2,384 2,227 Northeast Region 1,697 1,867 1,682 Southeast Region 3,057 2,953 2,907 Non-Mature Communities/Other 2,084 2,019 1,992 Total segment and consolidated reimbursements revenue $ 20,946 $ 20,217 $ 19,092 Other Revenue Same-Store Communities West Region $ 7,162 $ 6,995 $ 6,595 Mid-Atlantic Region 1,765 1,731 1,748 Northeast Region 1,013 947 1,040 Southeast Region 2,764 2,640 2,543 Non-Mature Communities/Other 334 302 464 Total segment and consolidated other revenue $ 13,038 $ 12,615 $ 12,390 Total Revenue Same-Store Communities West Region $ 246,047 $ 235,022 $ 223,539 Mid-Atlantic Region 60,389 59,006 57,563 Northeast Region 54,749 54,530 53,036 Southeast Region 51,896 49,586 47,792 Non-Mature Communities/Other 18,839 21,233 22,485 Total segment and consolidated total revenue $ 431,920 $ 419,377 $ 404,415 (a) Same-Store Community population consisted of 16,216 apartment homes. Same-Store Community is defined in Note 11, Reportable Segments . (b) Lease Revenue is subject to recognition under ASC 840, Leases .
United Dominion Reality L.P. | Adjustment | ASU 2016-18
New accounting pronouncements
Schedule of reclassification on the Consolidated Statements of Cash Flows	As a result of the adoption of ASU 2016-18, for the years ended December 31, 2017 and 2016, the following line items in the following amounts were reclassified on the Consolidated Statements of Cash Flows ( in thousands ): Year ended December 31, 2017 2016 (Increase)/decrease in operating assets $ $ Net cash provided by /(used in) operating activities $ $ Capital expenditures and other major improvements — real estate assets, net of escrow reimbursement $ $ Net cash provided by /(used in) investing activities $ $ Net increase/(decrease) in cash, cash equivalents, and restricted cash $ $

REAL ESTATE OWNED (UNITED DOM_2

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Land $ 1,849,799 $ 1,780,229 Depreciable property — held and used: Land improvements 213,224 189,919 Building, improvements, and furniture, fixtures and equipment 8,133,136 7,614,568 Under development: Land and land improvements — 109,468 Building, improvements, and furniture, fixtures and equipment — 483,022 Real estate owned 10,196,159 10,177,206 Accumulated depreciation (3,654,160) (3,330,166) Real estate owned, net $ 6,541,999 $ 6,847,040
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, 2018 and 2017 (dollars in thousands): December 31, December 31, 2018 2017 Land $ 711,256 $ 719,410 Depreciable property — held and used: Land improvements 92,000 89,331 Buildings, improvements, and furniture, fixtures and equipment 3,008,729 3,008,215 Real estate owned 3,811,985 3,816,956 Accumulated depreciation (1,658,161) (1,543,652) Real estate owned, net $ 2,153,824 $ 2,273,304

UNCONSOLIDATED ENTITIES (UNIT_2

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2018
UNCONSOLIDATED ENTITIES
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	UDR/ Other MetLife West Coast For the UDR/ UDR/ UDR/MetLife 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

DEBT, NET (UNITED DOMINION RE_2

DEBT, NET (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2018
Entity information
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at December 31, 2018 and 2017 ( dollars in thousands): Principal Outstanding As of December 31, 2018 Weighted Weighted Average Average Number of December 31, December 31, Interest Years to Communities 2018 2017 Rate Maturity Encumbered Secured Debt: Fixed Rate Debt Mortgage notes payable (a) $ 417,989 $ 395,611 3.82 % 5.9 7 Fannie Mae credit facilities (b) 90,000 285,836 3.95 % 1.5 1 Deferred financing costs (1,343) (1,670) Total fixed rate secured debt, net 506,646 679,777 3.85 % 5.1 8 Variable Rate Debt Tax-exempt secured notes payable (c) 94,700 94,700 2.33 % 4.2 2 Fannie Mae credit facilities (b) — 29,034 — % — — Deferred financing costs (119) (242) Total variable rate secured debt, net 94,581 123,492 2.33 % 4.2 2 Total Secured Debt, net 601,227 803,269 3.61 % 5.0 10 Unsecured Debt: Variable Rate Debt Borrowings outstanding under unsecured credit facility due January 2023 (d) (j) — — — % 4.1 Borrowings outstanding under unsecured commercial paper program due January 2019 (e) (j) 101,115 300,000 2.90 % 0.1 Borrowings outstanding under unsecured working capital credit facility due January 2021 (f) 16 21,767 3.33 % 2.0 Term Loan due September 2023 (d) (j) 35,000 35,000 3.25 % 4.8 Fixed Rate Debt 3.70% Medium-Term Notes due October 2020 (net of discounts of $14 and $22, respectively) (j) 299,986 299,978 3.70 % 1.8 4.63% Medium-Term Notes due January 2022 (net of discounts of $1,087 and $1,446, respectively) (j) 398,913 398,554 4.63 % 3.0 1.93% Term Loan due September 2023 (d) (j) 315,000 315,000 1.93 % 4.8 3.75% Medium-Term Notes due July 2024 (net of discounts of $574 and $678, respectively) (g) (j) 299,426 299,322 3.75 % 5.5 8.50% Debentures due September 2024 15,644 15,644 8.50 % 5.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $465 and $534, respectively) (h) (j) 299,535 299,466 4.00 % 6.8 2.95% Medium-Term Notes due September 2026 (j) 300,000 300,000 2.95 % 7.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $600 and $670, respectively) (j) 299,400 299,330 3.50 % 8.5 3.50% Medium-Term Notes due January 2028 (net of discounts of $1,072 and $1,191, respectively) (j) 298,928 298,809 3.50 % 9.0 4.40% Medium-Term Notes due January 2029 (net of discounts of $6 and $0, respectively) (i) (j) 299,994 — 4.40 % 10.1 Other 16 19 Deferred financing costs (16,413) (14,495) Total Unsecured Debt, net 2,946,560 2,868,394 3.65 % 6.0 Total Debt, net $ 3,547,787 $ 3,671,663 3.72 % 5.8
Secured credit facilities	Further information related to these credit facilities is as follows (dollars in thousands) : December 31, December 31, 2018 2017 Borrowings outstanding $ 90,000 $ 314,870 Weighted average borrowings during the period ended 253,813 416,653 Maximum daily borrowings during the period ended 314,869 636,782 Weighted average interest rate during the period ended 4.7 % 4.3 % Weighted average interest rate at the end of the period 4.0 % 4.7 %
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt	The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2018 are as follows (dollars in thousands): Total Fixed Total Variable Total Total Total Year Secured Debt Secured Debt Secured Debt Unsecured Debt Debt 2019 $ 3,822 $ 67,700 $ 71,522 $ 101,115 $ 172,637 2020 198,076 — 198,076 300,000 498,076 2021 1,117 — 1,117 16 1,133 2022 1,157 — 1,157 400,000 401,157 2023 41,245 — 41,245 350,000 391,245 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 2028 80,000 — 80,000 300,000 380,000 Thereafter — 27,000 27,000 300,000 327,000 Subtotal 503,017 94,700 597,717 2,966,775 3,564,492 Non-cash (a) 3,629 (119) 3,510 (20,215) (16,705) Total $ 506,646 $ 94,581 $ 601,227 $ 2,946,560 $ 3,547,787 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2018 and 2017, the Company amortized $4.2 million and $ 4.3 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, 2018 and 2017 ( dollars in thousands ): Principal Outstanding As of December 31, 2018 Weighted Weighted Average December 31, December 31, Average Years to Communities 2018 2017 Interest Rate Maturity Encumbered Fixed Rate Debt Fannie Mae credit facilities $ — $ 133,205 — % — — Deferred financing costs — (282) Total fixed rate secured debt, net — 132,923 — % — — Variable Rate Debt Tax-exempt secured note payable 27,000 27,000 2.43 % 13.2 1 Deferred financing costs (71) (78) Total variable rate secured debt, net 26,929 26,922 3.03 % 13.2 1 Total Secured Debt, Net $ 26,929 $ 159,845 3.03 % 13.2 1
Secured credit facilities	The following information relates to the credit facilities owed by the Operating Partnership ( dollars in thousands ): December 31, December 31, 2018 2017 Borrowings outstanding $ — $ 133,205 Weighted average borrowings during the period ended 99,904 223,347 Maximum daily borrowings during the period ended 133,205 408,549 Weighted average interest rate during the period ended 5.3 % 4.6 % Interest rate at the end of the period — % 5.3 %

RELATED PARTY TRANSACTIONS (U_2

RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2018
United Dominion Reality L.P.
Related Party Transaction [Line Items]
Schedule of Notes payable due to General Partner	The following table summarizes the Operating Partnership’s Notes payable due to General Partner as of December 31, 2018 and 2017 ( dollars in thousands ): Interest rate at Balance Outstanding December 31, December 31, December 31, 2018 2018 2017 Note due August 2021 5.34 % $ 5,500 $ 5,500 Note due December 2023 5.18 % 83,196 83,196 Note due April 2026 4.12 % 184,638 184,638 Note due November 2028 (a) 4.69 % 133,205 — Note due December 2028 (b) 3.72 % 293,576 — Total notes payable due to General Partner $ 700,115 $ 273,334 (a) On October 31, 2018, the Operating Partnership entered into an unsecured note payable with the General Partner with an aggregate commitment of $133.2 million. Interest is incurred at a rate of 4.69% and is paid monthly. The note matures on November 1, 2028. (b) In December 2018, the Operating Partnership converted the remaining outstanding portion of the Advances (to)/from the General Partner capital balance in connection with entering into an unsecured revolving note payable with the General Partner. There is no limit on the total commitments under this note. The initial balance upon conversion of the note was $257.2 million and the balance as of December 31, 2018 was $293.6 million. Interest is incurred on the unpaid principal balance at a variable interest rate equivalent to the General Partner’s weighted average interest rate on borrowings, or 3.72% as of December 31, 2018. The note matures on December 1, 2028. To the extent there is an outstanding principal balance on the revolving note payable, the General Partner, at its discretion, can demand payment at any time prior to the stated maturity date of the note.

FAIR VALUE OF DERIVATIVES AND_5

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2018
Entity information
Schedule of 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, 2018 and 2017 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2018, 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 2018 2018 (Level 1) (Level 2) (Level 3) Description: Notes receivable (a) $ 42,259 $ 45,026 $ — $ — $ 45,026 Derivatives - Interest rate contracts (b) 4,757 4,757 — 4,757 — Total assets $ 47,016 $ 49,783 $ — $ 4,757 $ 45,026 Derivatives - Interest rate contracts (b) $ 356 $ 356 $ — $ 356 $ — Secured debt instruments - fixed rate: (c) Mortgage notes payable 417,989 416,314 — — 416,314 Fannie Mae credit facilities 90,000 90,213 — — 90,213 Secured debt instruments - variable rate: (c) Tax-exempt secured notes payable 94,700 94,700 — — 94,700 Unsecured debt instruments: (c) Working capital credit facility 16 16 — — 16 Commercial paper program 101,115 101,115 — — 101,115 Unsecured notes 2,861,842 2,829,390 — — 2,829,390 Total liabilities $ 3,566,018 $ 3,532,104 $ — $ 356 $ 3,531,748 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) $ 972,740 $ 972,740 $ — $ 972,740 $ — 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 $ — (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
Schedule of 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, 2018 and 2017 are summarized as follows (dollars in thousands) : Fair Value at December 31, 2018, 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 2018 2018 (Level 1) (Level 2) (Level 3) Description: Secured debt instruments - variable rate: (a) Tax-exempt secured notes payable $ 27,000 $ 27,000 $ — $ — $ 27,000 Total liabilities $ 27,000 $ 27,000 $ — $ — $ 27,000 Fair Value at December 31, 2017, 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 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 (a) Debt, Net .

DERIVATIVES AND HEDGING ACTIV_9

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2018
Entity information
Schedule of outstanding interest rate derivatives	As of December 31, 2018, 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 (a) 4 $ 315,000 Interest rate caps 1 $ 65,197 (a) In addition to the interest rate swaps summarized above, the Company entered into an additional interest rate swap during the year ended December 31, 2018 with a notional value of $50.0 million that will become effective in December 2019. The Company also entered into two additional interest rate swaps during the year ended December 31, 2018 with a notional value totaling $150.0 million that were terminated and settled in conjunction with the October 2018 issuance of $300.0 million of senior unsecured medium-term notes as disclosed in Note 6, Secured and Unsecured Debt, Net . The Company received $3.1 million to settle the swaps. The entire $3.1 million was initially deferred as a component of Accumulated other comprehensive income (loss), net and will be recognized as a decrease to Interest expense over the ten-year term of the notes. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in no gain or loss for year ended December 31, 2018 and a loss of less than $0.1 million for the years ended December 31, 2017, and 2016. As of December 31, 2018, 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 1 $ 19,880
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2018 and 2017 ( 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, 2018 2017 2018 2017 Derivatives designated as hedging instruments: Interest rate products $ 4,757 $ 5,743 $ 356 $ —
Effect of Company's derivative financial instruments on 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, 2018, 2017, and 2016 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Year Ended December 31, Year Ended December 31, Year Ended December 31, Derivatives in Cash Flow Hedging Relationships 2018 2017 2016 2018 2017 2016 2018 2017 2016 Interest rate products $ 4,806 $ 1,802 $ 3,514 $ 1,948 $ (1,271) $ (3,657) $ — $ (136) $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	Year Ended December 31, 2018 2017 2018 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 134,168 $ 128,711 $ 123,031 Gain/(Loss) Recognized in Interest income and other income/(expense), net Year Ended December 31, Derivatives Not Designated as Hedging Instruments 2018 2017 2016 Interest rate products $ — $ (1) (3)
Offsetting of Derivative Assets	The Company has elected not to offset derivative positions on 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, 2018 and 2017 ( 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, 2018 $ 4,757 $ — $ 4,757 $ — $ — $ 4,757 December 31, 2017 $ 5,743 $ — $ 5,743 $ — $ — $ 5,743 (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, 2018 $ 356 $ — $ 356 $ — $ — $ 356 December 31, 2017 $ — $ — $ — $ — $ — $ — 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
Schedule of outstanding interest rate derivatives	As of December 31, 2018, 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
Effect of Company's derivative financial instruments on 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, 2018, 2017, and 2016 ( dollars in thousands ): Gain/(Loss) Recognized in Gain/(Loss) Reclassified Interest expense Unrealized holding gain/(loss) from Accumulated OCI into (Amount Excluded from Recognized in OCI Interest expense Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2018 2017 2016 2018 2017 2016 2018 2017 2016 Interest rate products $ — $ — $ (4) $ — $ — $ (12) $ — $ (106) $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	Year Ended December 31, 2018 2017 2016 Total amount of Interest expense presented on the Consolidated Statements of Operations $ 8,733 $ 18,156 17,855 Gain/(Loss) Recognized in Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2018 2017 2016 Interest rate products $ — $ (1) $ (3)

CAPITAL STRUCTURE (UNITED DOM_2

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) Capital Structure (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018, 2017, and 2016: UDR, Inc. Class A Class A Limited Limited Limited Limited General Partners Partners Partner Partner Partner Total 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 Vesting of LTIP Units — 285,619 — — — 285,619 OP redemptions for UDR stock — (11,011) 11,011 — — — Ending balance at December 31, 2018 1,751,671 7,636,173 174,016,155 121,661 110,883 183,636,543

REPORTABLE SEGMENTS (UNITED D_2

REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2018
Entity information
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)	The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2018, 2017, and 2016, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. on the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Reportable apartment home segment rental income Same-Store Communities West Region $ 399,314 $ 383,009 $ 353,321 Mid-Atlantic Region 220,450 214,157 208,223 Northeast Region 154,019 151,736 147,573 Southeast Region 122,234 116,467 111,318 Southwest Region 43,709 42,992 41,273 Non-Mature Communities/Other 95,379 75,948 86,753 Total segment and consolidated rental income $ 1,035,105 $ 984,309 $ 948,461 Reportable apartment home segment NOI Same-Store Communities West Region $ 301,098 $ 286,662 $ 264,475 Mid-Atlantic Region 153,670 150,126 144,508 Northeast Region 105,998 106,473 106,005 Southeast Region 85,220 80,726 76,359 Southwest Region 26,408 26,455 25,600 Non-Mature Communities/Other 59,721 48,061 56,138 Total segment and consolidated NOI 732,115 698,503 673,085 Reconciling items: Joint venture management and other fees 11,754 11,482 11,400 Property management (28,465) (27,068) (26,083) Other operating expenses (12,100) (9,060) (7,649) Real estate depreciation and amortization (429,006) (430,054) (419,615) General and administrative (46,983) (48,566) (49,761) Casualty-related (charges)/recoveries, net (2,121) (4,335) (732) Other depreciation and amortization (6,673) (6,408) (6,023) Income/(loss) from unconsolidated entities (5,055) 31,257 52,234 Interest expense (134,168) (128,711) (123,031) Interest income and other income/(expense), net 6,735 1,971 1,930 Gain/(loss) on sale of real estate owned 136,197 43,404 226,199 Tax (provision)/benefit, net (688) 240 (11,574) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (18,215) (10,933) (27,282) Net (income)/loss attributable to noncontrolling interests (221) (164) (380) Net income/(loss) attributable to UDR, Inc. $ 203,106 $ 121,558 $ 292,718
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of December 31, 2018 and 2017 (dollars in thousands) : December 31, December 31, 2018 2017 Reportable apartment home segment assets: Same-Store Communities: West Region $ 3,666,169 $ 3,630,164 Mid-Atlantic Region 2,317,369 2,290,241 Northeast Region 1,874,616 1,865,762 Southeast Region 779,310 762,102 Southwest Region 297,681 292,074 Non-Mature Communities/Other 1,261,014 1,336,863 Total segment assets 10,196,159 10,177,206 Accumulated depreciation (3,654,160) (3,330,166) Total segment assets — net book value 6,541,999 6,847,040 Reconciling items: Cash and cash equivalents 185,216 2,038 Restricted cash 23,675 19,792 Notes receivable, net 42,259 19,469 Investment in and advances to unconsolidated joint ventures, net 780,869 720,830 Other assets 137,710 124,104 Total consolidated assets $ 7,711,728 $ 7,733,273
United Dominion Reality L.P.
Entity information
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to Net income/(loss)	The following table details rental income and NOI for the Operating Partnership’s reportable segments for the years ended December 31, 2018, 2017, and 2016, and reconciles NOI to Net income/(loss) attributable to OP unitholders on the Consolidated Statements of Operations (dollars in thousands) : Year Ended December 31, 2018 2017 2016 Reportable apartment home segment rental income Same-Store Communities West Region $ 246,047 $ 235,022 $ 223,539 Mid-Atlantic Region 60,389 59,006 57,563 Northeast Region 54,749 54,530 53,036 Southeast Region 51,896 49,586 47,792 Non-Mature Communities/Other 18,839 21,233 22,485 Total segment and consolidated rental income $ 431,920 419,377 $ 404,415 Reportable apartment home segment NOI Same-Store Communities West Region $ 187,664 $ 177,229 $ 168,762 Mid-Atlantic Region 41,642 40,292 38,711 Northeast Region 39,456 40,524 40,704 Southeast Region 35,948 34,182 32,519 Non-Mature Communities/Other 12,670 14,614 16,425 Total segment and consolidated NOI 317,380 306,841 297,121 Reconciling items: Property management (11,878) (11,533) (11,122) Other operating expenses (8,864) (6,833) (6,059) Real estate depreciation and amortization (143,481) (152,473) (147,074) General and administrative (16,889) (17,875) (18,808) Casualty-related (charges)/recoveries, net (951) (1,922) (484) Income/(loss) from unconsolidated entities 43,496 (19,256) (37,425) Interest expense (22,835) (30,366) (30,067) Gain/(loss) on sale of real estate owned 75,507 41,272 33,180 Net (income)/loss attributable to noncontrolling interests (1,722) (1,548) (1,444) Net income/(loss) attributable to OP unitholders $ 229,763 $ 106,307 $ 77,818
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, 2018 and 2017 (dollars in thousands) : December 31, December 31, 2018 2017 Reportable apartment home segment assets Same-Store Communities West Region $ 1,981,007 $ 1,955,962 Mid-Atlantic Region 663,083 655,850 Northeast Region 681,953 677,767 Southeast Region 340,722 334,811 Non-Mature Communities/Other 145,220 192,566 Total segment assets 3,811,985 3,816,956 Accumulated depreciation (1,658,161) (1,543,652) Total segment assets - net book value 2,153,824 2,273,304 Reconciling items: Cash and cash equivalents 125 293 Restricted cash 13,563 12,579 Investment in unconsolidated entities 103,026 76,907 Other assets 34,052 32,490 Total consolidated assets $ 2,304,590 $ 2,395,573

UNAUDITED SUMMARIZED CONSOLID_5

UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DAT (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2018
Entity information
Schedule of quarterly financial information	Selected consolidated quarterly financial data for the years ended December 31, 2018 and 2017 is summarized in the table below (dollars in thousands, except per share amounts) : Three Months Ended March 31, June 30, September 30, December 31, 2018 Rental income $ 250,483 $ 256,634 $ 263,256 $ 264,732 Net income/(loss) 89,225 22,444 20,258 89,615 Net income/(loss) attributable to common stockholders (a) 80,801 19,630 17,639 81,168 Income/(loss) attributable to common stockholders per weighted average common share (a): Basic $ 0.30 $ 0.07 $ 0.07 $ 0.30 Diluted $ 0.30 $ 0.07 $ 0.07 $ 0.30 Weighted average number of common shares outstanding: Basic 267,546 267,311 267,727 270,107 Diluted 269,208 268,890 268,861 270,755 2017 Rental income $ 241,271 $ 244,658 $ 248,264 $ 250,116 Net income/(loss) 28,396 11,062 17,570 75,627 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 (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
Schedule of quarterly financial information	Selected consolidated quarterly financial data for the years ended December 31, 2018 and 2017 is summarized in the table below ( dollars in thousands, except per share amounts ): Three Months Ended March 31, June 30, September 30, December 31, 2018 Rental income $ 106,592 $ 107,266 $ 109,539 $ 108,523 Income/(loss) 91,845 25,181 28,135 86,324 Income/(loss) attributable to OP unitholders 91,427 24,761 27,695 85,880 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) $ 0.50 $ 0.13 $ 0.15 $ 0.47 2017 Rental income $ 102,605 $ 104,088 $ 105,253 $ 107,431 Income/(loss) 14,007 11,192 21,110 61,546 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 (a)

CONSOLIDATION AND BASIS OF PR_4

CONSOLIDATION AND BASIS OF PRESENTATION - GP Units (UNITED DOMINION REALTY, L.P.) (Details)	12 Months Ended
	Dec. 31, 2018home	Dec. 31, 2017shares	Dec. 31, 2016shares	Dec. 31, 2018community	Dec. 31, 2018	Dec. 31, 2018item	Dec. 31, 2018shares	Dec. 31, 2015shares
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	39,931
Operating Partnership units outstanding related to limited partner		183,350,924	183,278,698				183,636,543	183,278,698
United Dominion Reality L.P.
Basis of presentation
Operating Partnership units outstanding related to limited partner		174,237,688					174,248,699
Percentage of units outstanding in Partnership		95.00%			94.90%
United Dominion Reality L.P.
Basis of presentation
Rental revenues percent of General Partner's consolidated rental revenues	42.00%	43.00%	43.00%
Number of real estate properties | community				52
Number of markets operating within (in markets) | item						15
Number of apartments owned (in apartments homes)	16,434					16,434
Operating Partnership outstanding units		183,350,924					183,636,543
OP units outstanding related to general partner		110,883					110,883
Operating Partnership units outstanding related to limited partner		183,240,041					183,525,660
UDR, Inc. | United Dominion Reality L.P.
Basis of presentation
Operating Partnership outstanding units		174,237,688					174,248,699
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%
Operating Partnership units outstanding related to limited partner		174,126,805					174,137,816
Percentage of units outstanding in Partnership		95.00%			94.80%
Non-affiliated Partners | United Dominion Reality L.P.
Basis of presentation
Operating Partnership outstanding units		9,113,236					9,387,844
Operating Partnership units outstanding related to limited partner		9,113,236					9,387,844
Percentage of units outstanding in Partnership		5.00%			5.10%
Class A Limited Partner
Basis of presentation
Operating Partnership units outstanding related to limited partner		1,751,671					1,751,671
Class A Limited Partner | United Dominion Reality L.P.
Basis of presentation
Operating Partnership units outstanding related to limited partner		1,873,332					1,873,332
Class A Limited Partner | UDR, Inc.
Basis of presentation
Operating Partnership 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
Operating Partnership units outstanding related to limited partner		121,661					121,661
Class A Limited Partner | Non-affiliated Partners
Basis of presentation
Operating Partnership units outstanding related to limited partner		1,751,671					1,751,671
Class A Limited Partner | Non-affiliated Partners | United Dominion Reality L.P.
Basis of presentation
Operating Partnership units outstanding related to limited partner		1,751,671					1,751,671
Limited Partner | UDR, Inc.
Basis of presentation
Operating Partnership units outstanding related to limited partner		7,361,565	7,296,943				7,636,173	7,301,628
General Partner | UDR, Inc.
Basis of presentation
Operating Partnership units outstanding related to limited partner		110,883	110,883				110,883	110,883
Non-affiliated Partners
Basis of presentation
Operating Partnership units outstanding related to limited partner		174,005,144	173,997,540				174,016,155	173,992,855
Non-affiliated Partners | Class A Limited Partner
Basis of presentation
Operating Partnership units outstanding related to limited partner		1,751,671	1,751,671				1,751,671	1,751,671

SIGNIFICANT ACCOUNTING POLIC_11

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue Recognition
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	35.00%	35.00%
(Increase)/decrease in operating assets	$ (13,880)	$ (9,008)	$ (29,399)
Net cash provided by/(used in) operating activities	560,676	518,915	536,568
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement	112,359	124,728	91,740
Net cash provided by/(used in) investing activities	(113,548)	(407,406)	(112,720)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	187,061	(276)	(5,434)
ASU 2016-18 | Adjustment
Revenue Recognition
(Increase)/decrease in operating assets		(237)	(361)
Net cash provided by/(used in) operating activities		(237)	(361)
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement		35	112
Net cash provided by/(used in) investing activities		35	(443)
Net increase/(decrease) in cash, cash equivalents, and restricted cash		(202)	(804)
United Dominion Reality L.P.
Revenue Recognition
(Increase)/decrease in operating assets	(3,260)	(3,992)	(3,251)
Net cash provided by/(used in) operating activities	255,668	235,257	228,941
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement	44,227	53,346	69,902
Net cash provided by/(used in) investing activities	71,683	(105,989)	(9,455)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	$ 816	422	(1,997)
United Dominion Reality L.P. | ASU 2016-18 | Adjustment
Revenue Recognition
(Increase)/decrease in operating assets		794	259
Net cash provided by/(used in) operating activities		794	259
Capital expenditures and other major improvements - real estate assets, net of escrow reimbursement		91	91
Net cash provided by/(used in) investing activities		91	91
Net increase/(decrease) in cash, cash equivalents, and restricted cash		$ 885	$ 350

SIGNIFICANT ACCOUNTING POLIC_12

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Jan. 01, 2019USD ($)
Accounting policies
Minimum percentage of carrying value of real estate portfolio	0.10
Development costs excluding direct costs and capitalized interest	$ 7.5	$ 8.8	$ 7.9
Interest capitalized during period	$ 10.6	$ 18.6	$ 16.5
U.S. federal corporate income tax rate	21.00%	35.00%	35.00%
Advertising expense	$ 6.7	$ 6.2	$ 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
Interest capitalized during period			0.2
Advertising expense	$ 1.9	2.1	$ 2.2
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
Development costs excluding direct costs and capitalized interest	$ 0.1
Interest capitalized during period	$ 0.1	$ 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
ASU 2016-02 | Minimum
Accounting policies
Right-of-use asset				$ 85
Operating lease liability				85
ASU 2016-02 | Maximum
Accounting policies
Right-of-use asset				150
Operating lease liability				150
ASU 2016-02 | United Dominion Reality L.P. | Minimum
Accounting policies
Right-of-use asset				85
Operating lease liability				85
ASU 2016-02 | United Dominion Reality L.P. | Maximum
Accounting policies
Right-of-use asset				150
Operating lease liability				$ 150

SIGNIFICANT ACCOUNTING POLIC_13

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) - Disaggregation (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Disaggregation of revenue
Rental income									$ 955,899	$ 909,774	$ 877,767
Disaggregated income									11,754	11,482	11,400
Total revenue	$ 264,732	$ 263,256	$ 256,634	$ 250,483	$ 250,116	$ 248,264	$ 244,658	$ 241,271	$ 1,035,105	984,309	948,461
Same store communities | item									37,673
Same Store Communities West Region
Disaggregation of revenue
Rental income									$ 371,366	355,904	328,693
Total revenue									399,314	383,009	353,321
Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Rental income									204,733	199,207	194,367
Total revenue									220,450	214,157	208,223
Same Store Communities Northeast Region
Disaggregation of revenue
Rental income									148,057	146,105	142,249
Total revenue									154,019	151,736	147,573
Same Store Communities Southeast Region
Disaggregation of revenue
Rental income									109,190	104,106	99,451
Total revenue									122,234	116,467	111,318
Same Store Communities Southwest Region
Disaggregation of revenue
Rental income									39,567	38,978	37,529
Total revenue									43,709	42,992	41,273
Non-Mature communities/Other
Disaggregation of revenue
Rental income									82,986	65,474	75,478
Total revenue									95,379	75,948	86,753
United Dominion Reality L.P.
Disaggregation of revenue
Rental income									397,936	386,545	372,933
Total revenue	$ 108,523	$ 109,539	$ 107,266	$ 106,592	$ 107,431	$ 105,253	$ 104,088	$ 102,605	$ 431,920	419,377	404,415
Same store communities | item									16,216
United Dominion Reality L.P. | Same Store Communities West Region
Disaggregation of revenue
Rental income									$ 227,233	217,033	206,660
Total revenue									246,047	235,022	223,539
United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Rental income									56,168	54,891	53,588
Total revenue									60,389	59,006	57,563
United Dominion Reality L.P. | Same Store Communities Northeast Region
Disaggregation of revenue
Rental income									52,039	51,716	50,314
Total revenue									54,749	54,530	53,036
United Dominion Reality L.P. | Same Store Communities Southeast Region
Disaggregation of revenue
Rental income									46,075	43,993	42,342
Total revenue									51,896	49,586	47,792
United Dominion Reality L.P. | Non-Mature communities/Other
Disaggregation of revenue
Rental income									16,421	18,912	20,029
Total revenue									18,839	21,233	22,485
Reimbursements Revenue
Disaggregation of revenue
Disaggregated income									46,750	44,255	41,556
Reimbursements Revenue | Same Store Communities West Region
Disaggregation of revenue
Disaggregated income									17,159	16,377	14,797
Reimbursements Revenue | Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Disaggregated income									9,084	8,715	8,123
Reimbursements Revenue | Same Store Communities Northeast Region
Disaggregation of revenue
Disaggregated income									2,721	2,775	2,434
Reimbursements Revenue | Same Store Communities Southeast Region
Disaggregation of revenue
Disaggregated income									6,821	6,509	6,413
Reimbursements Revenue | Same Store Communities Southwest Region
Disaggregation of revenue
Disaggregated income									2,197	2,098	1,930
Reimbursements Revenue | Non-Mature communities/Other
Disaggregation of revenue
Disaggregated income									8,768	7,781	7,859
Reimbursements Revenue | United Dominion Reality L.P.
Disaggregation of revenue
Disaggregated income									20,946	20,217	19,092
Reimbursements Revenue | United Dominion Reality L.P. | Same Store Communities West Region
Disaggregation of revenue
Disaggregated income									11,652	10,994	10,284
Reimbursements Revenue | United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Disaggregated income									2,456	2,384	2,227
Reimbursements Revenue | United Dominion Reality L.P. | Same Store Communities Northeast Region
Disaggregation of revenue
Disaggregated income									1,697	1,867	1,682
Reimbursements Revenue | United Dominion Reality L.P. | Same Store Communities Southeast Region
Disaggregation of revenue
Disaggregated income									3,057	2,953	2,907
Reimbursements Revenue | United Dominion Reality L.P. | Non-Mature communities/Other
Disaggregation of revenue
Disaggregated income									2,084	2,019	1,992
Other Revenue
Disaggregation of revenue
Disaggregated income									32,456	30,280	29,138
Other Revenue | Same Store Communities West Region
Disaggregation of revenue
Disaggregated income									10,789	10,728	9,831
Other Revenue | Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Disaggregated income									6,633	6,235	5,733
Other Revenue | Same Store Communities Northeast Region
Disaggregation of revenue
Disaggregated income									3,241	2,856	2,890
Other Revenue | Same Store Communities Southeast Region
Disaggregation of revenue
Disaggregated income									6,223	5,852	5,454
Other Revenue | Same Store Communities Southwest Region
Disaggregation of revenue
Disaggregated income									1,945	1,916	1,814
Other Revenue | Non-Mature communities/Other
Disaggregation of revenue
Disaggregated income									3,625	2,693	3,416
Other Revenue | United Dominion Reality L.P.
Disaggregation of revenue
Disaggregated income									13,038	12,615	12,390
Other Revenue | United Dominion Reality L.P. | Same Store Communities West Region
Disaggregation of revenue
Disaggregated income									7,162	6,995	6,595
Other Revenue | United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Disaggregation of revenue
Disaggregated income									1,765	1,731	1,748
Other Revenue | United Dominion Reality L.P. | Same Store Communities Northeast Region
Disaggregation of revenue
Disaggregated income									1,013	947	1,040
Other Revenue | United Dominion Reality L.P. | Same Store Communities Southeast Region
Disaggregation of revenue
Disaggregated income									2,764	2,640	2,543
Other Revenue | United Dominion Reality L.P. | Non-Mature communities/Other
Disaggregation of revenue
Disaggregated income									$ 334	$ 302	$ 464

REAL ESTATE OWNED (UNITED DOM_3

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) - Summary (Details) $ in Thousands	Feb. 20, 2018USD ($)item	Dec. 31, 2018USD ($)item	Feb. 28, 2018USD ($)home	Dec. 31, 2017USD ($)community	Dec. 31, 2017USD ($)community	Dec. 31, 2016USD ($)
Real estate owned
Land		$ 1,849,799		$ 1,780,229	$ 1,780,229
Depreciable property - held and used:
Land improvements		213,224		189,919	189,919
Building, improvements, and furniture, fixtures and equipment		8,133,136		7,614,568	7,614,568
Real estate owned		10,196,159		10,177,206	10,177,206
Accumulated depreciation		(3,654,160)		(3,330,166)	(3,330,166)
Total real estate owned, net of accumulated depreciation		$ 6,541,999		$ 6,847,040	6,847,040
Gain/(loss) on sales of real estate owned, net of tax						$ 226,199
ORANGE COUNTY, CA
Depreciable property - held and used:
Number of apartment homes sold | item	264
Sale price	$ 90,500
Gain/(loss) on sales of real estate owned, net of tax	$ 70,300
Fairfax, VA
Depreciable property - held and used:
Number of apartment homes sold | item		604
Sale price		$ 160,000
Gain/(loss) on sales of real estate owned, net of tax		65,900
Orange County and Carlsbad Properties
Depreciable property - held and used:
Number of apartment homes sold | community				218
Gross proceeds from sale of properties				$ 69,000	69,000
Gain/(loss) on sales of real estate owned, net of tax				41,300
United Dominion Reality L.P.
Real estate owned
Land		711,256		719,410	719,410
Depreciable property - held and used:
Land improvements		92,000		89,331	89,331
Building, improvements, and furniture, fixtures and equipment		3,008,729		3,008,215	3,008,215
Real estate owned		3,811,985		3,816,956	3,816,956
Total real estate owned, net of accumulated depreciation		2,153,824		2,273,304	$ 2,273,304
United Dominion Reality L.P. | ORANGE COUNTY, CA
Depreciable property - held and used:
Number of apartment homes sold | home			264
Sale price			$ 90,500
Gain/(loss) on sales of real estate owned, net of tax			$ 70,300
United Dominion Reality L.P. | Fairfax, VA
Depreciable property - held and used:
Gross proceeds from sale of properties		9,300
Gain/(loss) on sales of real estate owned, net of tax		$ 5,200
United Dominion Reality L.P. | Orange County and Carlsbad Properties
Depreciable property - held and used:
Communities sold | community					2
Number of apartment homes sold | community					218
Gross proceeds from sale of properties				$ 69,000	$ 69,000
Gain/(loss) on sales of real estate owned, net of tax					$ 41,300

REAL ESTATE OWNED (UNITED DOM_4

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) - Other Information (Details) $ in Thousands	Feb. 20, 2018USD ($)item	Dec. 31, 2018USD ($)stateitem	Feb. 28, 2018USD ($)home	Dec. 31, 2017USD ($)community	Oct. 31, 2017USD ($)item	Dec. 31, 2017USD ($)communityitem	Dec. 31, 2016USD ($)	Dec. 31, 2018home	Dec. 31, 2018community	Dec. 31, 2018item	Dec. 31, 2018USD ($)
Real estate properties
Number of apartment homes owned and consolidated | home								39,931
Number of real estate properties | community									127
Number of states in which there are owned and consolidated communities | state		11
Gain on sale of real estate owned							$ 226,199
United Dominion Reality L.P.
Real estate properties
Number of apartment homes owned and consolidated								16,434		16,434
Number of real estate properties | community									52
Number of states in which there are owned and consolidated communities | state		9
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					$ 141,500
Real estate acquired					139,000
Increase in in-place intangibles					$ 2,500
Participating Loan Investment Steele Creek Denver Colorado | United Dominion Reality L.P.
Real estate properties
Number of apartment homes acquired | item						218
Amount of retail square feet				17,000		17,000
Payment to acquire real estate						$ 141,500
Real estate acquired				$ 139,000		139,000
Increase in in-place intangibles				$ 2,500		2,500
Orange County and Carlsbad Properties
Real estate properties
Apartment homes sold | community				218
Gross proceeds from sale of properties				$ 69,000		$ 69,000
Gain on sale of real estate owned				41,300
Orange County and Carlsbad Properties | United Dominion Reality L.P.
Real estate properties
Communities sold | community						2
Apartment homes sold | community						218
Gross proceeds from sale of properties				$ 69,000		$ 69,000
Gain on sale of real estate owned						$ 41,300
ORANGE COUNTY, CA
Real estate properties
Apartment homes sold | item	264
Net proceeds from sale of properties	$ 90,500
Gain on sale of real estate owned	$ 70,300
ORANGE COUNTY, CA | United Dominion Reality L.P.
Real estate properties
Apartment homes sold | home			264
Net proceeds from sale of properties			$ 90,500
Gain on sale of real estate owned			$ 70,300
Fairfax, VA
Real estate properties
Apartment homes sold | item		604
Net proceeds from sale of properties											$ 160,000
Gain on sale of real estate owned		$ 65,900
Fairfax, VA | United Dominion Reality L.P.
Real estate properties
Gross proceeds from sale of properties											$ 9,300
Gain on sale of real estate owned		$ 5,200

UNCONSOLIDATED ENTITIES (UNIT_3

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)home	Dec. 31, 2018community	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Properties
Number of real estate properties | community		127
Investment in unconsolidated entities				$ 780,869
UDR Lighthouse DownREIT L.P.
Properties
Number of real estate properties | community		12
United Dominion Reality L.P.
Properties
Number of real estate properties | community		52
Investment in unconsolidated entities			$ 103,026	76,907
UDR Lighthouse DownREIT L.P. | United Dominion Reality L.P.
Properties
Number of apartment homes	604	5,657
Proceeds from sale of apartment homes	$ 150,700
Gain on sale of property	$ 51,100
Investment in unconsolidated entities			$ 103,000	$ 76,900

DEBT, NET (UNITED DOMINION RE_3

DEBT, NET (UNITED DOMINION REALTY, L.P.) - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)community	Dec. 31, 2017USD ($)
Fixed and variable rate debt
Weighted Average Interest Rate	3.72%
Weighted Average
Fixed and variable rate debt
Years to maturity	5 years 9 months 18 days
Fixed Rate Debt | Mortgages Notes Payable
Fixed and variable rate debt
Principal outstanding	$ 417,989	$ 395,611
Weighted Average Interest Rate	3.82%
Communities Encumbered (in communities) | community	7
Fixed Rate Debt | Mortgages Notes Payable | Weighted Average
Fixed and variable rate debt
Years to maturity	5 years 10 months 24 days
Variable Rate Debt | Fannie Mae credit facilities
Fixed and variable rate debt
Principal outstanding		29,034
Variable Rate Debt | Tax-exempt secured notes payable
Fixed and variable rate debt
Principal outstanding	$ 94,700	94,700
Weighted Average Interest Rate	2.33%
Communities Encumbered (in communities) | community	2
Variable Rate Debt | Tax-exempt secured notes payable | Weighted Average
Fixed and variable rate debt
Years to maturity	4 years 2 months 12 days
United Dominion Reality L.P.
Fixed and variable rate debt
Principal outstanding	$ 26,929	159,845
Weighted Average Interest Rate	3.03%
Communities Encumbered (in communities) | community	1
Deferred finance costs, net	$ (71)
United Dominion Reality L.P. | Weighted Average
Fixed and variable rate debt
Years to maturity	13 years 2 months 12 days
United Dominion Reality L.P. | Fixed Rate Debt
Fixed and variable rate debt
Principal outstanding		132,923
United Dominion Reality L.P. | Fixed Rate Debt | Fannie Mae credit facilities
Fixed and variable rate debt
Principal outstanding		133,205
United Dominion Reality L.P. | Variable Rate Debt
Fixed and variable rate debt
Principal outstanding	$ 26,929	26,922
Weighted Average Interest Rate	3.03%
Communities Encumbered (in communities) | community	1
United Dominion Reality L.P. | Variable Rate Debt | Weighted Average
Fixed and variable rate debt
Years to maturity	13 years 2 months 12 days
United Dominion Reality L.P. | Variable Rate Debt | Tax-exempt secured notes payable
Fixed and variable rate debt
Principal outstanding	$ 27,000	27,000
Weighted Average Interest Rate	2.43%
Communities Encumbered (in communities) | community	1
United Dominion Reality L.P. | Variable Rate Debt | Tax-exempt secured notes payable | Weighted Average
Fixed and variable rate debt
Years to maturity	13 years 2 months 12 days
Fannie Mae credit facilities | Fixed Rate Debt
Fixed and variable rate debt
Principal outstanding	$ 90,000	285,836
Weighted Average Interest Rate	3.95%
Communities Encumbered (in communities) | community	1
Fannie Mae credit facilities | Fixed Rate Debt | Weighted Average
Fixed and variable rate debt
Years to maturity	1 year 6 months
Secured Debt
Fixed and variable rate debt
Principal outstanding	$ 601,227	803,269
Weighted Average Interest Rate	3.61%
Communities Encumbered (in communities) | community	10
Secured Debt | Weighted Average
Fixed and variable rate debt
Years to maturity	5 years
Secured Debt | Fixed Rate Debt
Fixed and variable rate debt
Deferred finance costs, net	$ (1,343)	(1,670)
Secured Debt | Variable Rate Debt
Fixed and variable rate debt
Principal outstanding	$ 94,581	123,492
Weighted Average Interest Rate	2.33%
Communities Encumbered (in communities) | community	2
Secured Debt | Variable Rate Debt | Weighted Average
Fixed and variable rate debt
Years to maturity	4 years 2 months 12 days
Secured Debt | United Dominion Reality L.P. | Fixed Rate Debt
Fixed and variable rate debt
Deferred finance costs, net		(282)
Secured Debt | United Dominion Reality L.P. | Variable Rate Debt
Fixed and variable rate debt
Deferred finance costs, net	$ (71)	$ (78)

DEBT, NET (UNITED DOMINION RE_4

DEBT, NET (UNITED DOMINION REALTY, L.P.) - Fannie Mae Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fixed and variable rate debt
Borrowings outstanding	$ 3,300	$ 3,300
United Dominion Reality L.P. | Fannie Mae credit facilities
Fixed and variable rate debt
Borrowings outstanding		133,205
Weighted average daily borrowings during the period ended	99,904	223,347
Maximum daily borrowings during the period ended	$ 133,205	$ 408,549
Weighted average interest rate during the period ended	5.30%	4.60%
Interest rate at the end of the period		5.30%

DEBT, NET (UNITED DOMINION RE_5

DEBT, NET (UNITED DOMINION REALTY, L.P.) - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Fixed and variable rate debt
Borrowings outstanding	$ 3,300	$ 3,300
United Dominion Reality L.P. | Interest expense
Fixed and variable rate debt
Gain (Loss) on Extinguishment of Debt	1,800
Commercial Paper
Fixed and variable rate debt
Borrowings outstanding	101,115	300,000
Borrowings outstanding at end of period	$ 101,115	300,000
Fannie Mae credit facilities | Fixed Rate Debt
Fixed and variable rate debt
Weighted average interest rate (as a percent)	3.95%
Unsecured Revolving Credit Facility due October 2015 | Commercial Paper
Fixed and variable rate debt
Borrowings outstanding	$ 101,100	300,000
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. | Fannie Mae credit facilities
Fixed and variable rate debt
Borrowings outstanding		$ 133,205
Repayments of Lines of Credit	$ 133,200
United Dominion Reality L.P. | Mortgages Notes Payable | Variable Rate Debt
Fixed and variable rate debt
Notes payable maximum interest rates range	2.43%
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. | 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. | 1.93% Term Loan due September 2023 | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity	350,000
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
Guarantor borrowing capacity	300,000
United Dominion Reality L.P. | Medium-Term Note due January 2028 | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity	300,000
United Dominion Reality L.P. | Medium-Term Note due January 2029 | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity	$ 300,000

RELATED PARTY TRANSACTIONS (U_3

RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Oct. 31, 2018
Related party transactions
Related party management fees	$ 15,200	$ 15,400	$ 14,500
United Dominion Reality L.P.
Related party transactions
Net advances (to)/from the General Partner	0	397,900
Notes payable due to the General Partner	700,115	273,334
Interest expense, related party	14,102	12,210	12,212
United Dominion Reality L.P. | UDR, Inc.
Related party transactions
General and administrative expenses allocated to the Operating Partnership by UDR	$ 13,500	14,000	$ 15,400
Note due August 2021 | United Dominion Reality L.P.
Related party transactions
Debt Instrument, Interest Rate Period End	5.34%
Notes payable due to the General Partner	$ 5,500	5,500
Note due December 2023 | United Dominion Reality L.P.
Related party transactions
Debt Instrument, Interest Rate Period End	5.18%
Notes payable due to the General Partner	$ 83,196	83,196
Note due April 2026 | United Dominion Reality L.P.
Related party transactions
Debt Instrument, Interest Rate Period End	4.12%
Notes payable due to the General Partner	$ 184,638	$ 184,638
Note due November 2028 | United Dominion Reality L.P.
Related party transactions
Debt Instrument, Interest Rate Period End	4.69%			4.69%
Notes payable due to the General Partner	$ 133,205			$ 133,200
Note due December 2028 | United Dominion Reality L.P.
Related party transactions
Debt Instrument, Interest Rate Period End	3.72%
Notes payable due to the General Partner	$ 293,576
Initial balance	$ 257,200

FAIR VALUE OF DERIVATIVES AND_6

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Carrying Amount
Debt instruments - fair value
Total liabilities	$ 3,566,018	$ 3,688,070
Fair Value
Debt instruments - fair value
Total liabilities	3,532,104	3,746,572
Level 2 | Fair Value
Debt instruments - fair value
Total liabilities	356
Level 3 | Fair Value
Debt instruments - fair value
Total liabilities	3,531,748	3,746,572
United Dominion Reality L.P. | Carrying Amount
Debt instruments - fair value
Total liabilities	27,000	160,205
United Dominion Reality L.P. | Fair Value
Debt instruments - fair value
Total liabilities	27,000	164,150
United Dominion Reality L.P. | Level 3 | Fair Value
Debt instruments - fair value
Total liabilities	27,000	164,150
Fixed Rate Debt | Fannie Mae credit facilities | Fair Value
Debt instruments - fair value
Fair value	90,213	292,227
Fixed Rate Debt | Level 3 | Fannie Mae credit facilities | Fair Value
Debt instruments - fair value
Fair value	90,213	292,227
Fixed Rate Debt | United Dominion Reality L.P. | Fannie Mae credit facilities | Carrying Amount
Debt instruments - fair value
Fair value		133,205
Fixed Rate Debt | United Dominion Reality L.P. | Fannie Mae credit facilities | Fair Value
Debt instruments - fair value
Fair value		137,150
Fixed Rate Debt | United Dominion Reality L.P. | Level 3 | Fannie Mae credit facilities
Debt instruments - fair value
Fair value		137,150
Variable Rate Debt | United Dominion Reality L.P. | Tax-exempt secured notes payable | Carrying Amount
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt | United Dominion Reality L.P. | Tax-exempt secured notes payable | Fair Value
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt | United Dominion Reality L.P. | Level 3 | Tax-exempt secured notes payable
Debt instruments - fair value
Fair value	$ 27,000	$ 27,000

DERIVATIVES AND HEDGING ACTI_10

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) - Interest Rate Derivatives (Details) $ in Thousands	Dec. 31, 2018USD ($)instrumentitem
Derivatives
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 3,900
United Dominion Reality L.P.
Derivatives
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 0
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	1
Notional	$ 19,880
Interest rate caps | United Dominion Reality L.P. | Designated as Hedging Instrument
Derivatives
Number instruments | instrument	1
Notional	$ 19,880

DERIVATIVES AND HEDGING ACTI_11

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) - Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Gains (losses)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net		$ (1)	$ (3)
United Dominion Reality L.P. | Interest expense | Cash Flow Hedging
Gains (losses)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	$ 0
Interest rate contracts | Other income/(expense)
Gains (losses)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	0		0
Interest rate contracts | United Dominion Reality L.P.
Gains (losses)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	$ 0
Interest rate contracts | United Dominion Reality L.P. | Other income/(expense)
Gains (losses)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net		(1)	(3)
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)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net			$ (12)
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net		$ (106)

DERIVATIVES AND HEDGING ACTI_12

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships		$ 1	$ 3
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 3,900
Total amount of Interest expense presented on the Consolidated Statements of Operations	134,168	128,711	123,031
United Dominion Reality L.P.
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	0
Fair value of operating partnerships derivative financial instruments	0	0
Total amount of Interest expense presented on the Consolidated Statements of Operations	8,733	18,156	17,855
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	0
Interest rate contracts | United Dominion Reality L.P. | Maximum
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships		(100)	(100)
Interest rate contracts | Other income/(expense)
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships	$ 0		0
Interest rate contracts | Other income/(expense) | Maximum
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships		(100)	(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
Interest rate contracts | Cash Flow Hedging | Interest expense | United Dominion Reality L.P.
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships			$ 12

CAPITAL STRUCTURE (UNITED DOM_3

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) - Units Rollforward (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Capital structure
Balance	183,350,924	183,278,698	183,278,698
Vesting of LTIP Units	285,619	72,226
Balance	183,636,543	183,350,924	183,278,698
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
Balance	1,751,671	1,751,671
Non-affiliated Partners
Capital structure
Balance	174,005,144	173,997,540	173,992,855
OP redemptions for UDR stock	11,011	7,604	4,685
Balance	174,016,155	174,005,144	173,997,540
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	7,361,565	7,296,943	7,301,628
Vesting of LTIP Units	285,619	72,226
OP redemptions for UDR stock	(11,011)	(7,604)	(4,685)
Balance	7,636,173	7,361,565	7,296,943
General Partner | UDR, Inc.
Capital structure
Balance	110,883	110,883	110,883
Balance	110,883	110,883	110,883

CAPITAL STRUCTURE (UNITED DOM_4

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) - Ownership Interests (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)class$ / sharesshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016shares	Dec. 31, 2015shares
Capital structure
Limited partnership units owned	183,636,543	183,350,924	183,278,698	183,278,698
Redeemable noncontrolling interests in the Operating Partnership | $	$ 972,740	$ 948,138
Number of classes of LTIP Units | class	2
United Dominion Reality L.P.
Capital structure
Limited partnership units owned	174,248,699	174,237,688
Percentage of units	94.90%	95.00%
United Dominion Reality L.P.
Capital structure
General Partnership units outstanding	110,883	110,883
Limited partnership units owned	183,525,660	183,240,041
Redeemable noncontrolling interests in the Operating Partnership | $	$ 371,900	$ 351,000
UDR, Inc. | United Dominion Reality L.P.
Capital structure
General Partnership units outstanding	110,883,000	110,883,000
Limited partnership units owned	174,137,816	174,126,805
Percentage of units	94.80%	95.00%
Non-affiliated Partners | United Dominion Reality L.P.
Capital structure
Limited partnership units owned	9,387,844	9,113,236
Percentage of units	5.10%	5.00%
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) | $ / shares	$ 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
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	174,016,155	174,005,144	173,997,540	173,992,855
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
LTIP Units One
Capital structure
Vesting period	4 years
Minimum | LTIP Units
Capital structure
Vesting period	1 year
Period of time LTIP units have been outstanding	2 years
Minimum | Employee Director | LTIP Units Two
Capital structure
Vesting period	1 year
Maximum | LTIP Units
Capital structure
Vesting period	3 years
Maximum | Employee Director | LTIP Units Two
Capital structure
Vesting period	3 years

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)community	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Real estate properties
Number of real estate properties | community	127
United Dominion Reality L.P.
Real estate properties
Number of real estate properties | community	52
Ground Leases
Real estate properties
Number of real estate properties | community	6
2,019	$ 4,901
2,020	4,901
2,021	4,901
2,022	4,901
2,023	4,901
Thereafter	313,918
Rent expense	$ 7,300	$ 6,200	$ 5,500
Ground Leases | United Dominion Reality L.P.
Real estate properties
Number of real estate properties | community	6
2,019	$ 4,900
2,020	4,900
2,021	4,900
2,022	5,600
2,023	4,900
Thereafter	4,900
Rent expense	$ 7,300	$ 6,200	$ 5,500

REPORTABLE SEGMENTS (UNITED D_3

REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) (Details). $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)segmentitem	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Segments
Equity Method Investments					$ 780,869					$ 780,869
Same store communities | item									37,673
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue	$ 264,732	$ 263,256	$ 256,634	$ 250,483	250,116	$ 248,264	$ 244,658	$ 241,271	$ 1,035,105	984,309	$ 948,461
Reportable apartment home segment NOI									732,115	698,503	673,085
Reconciling items:
Property management									(28,465)	(27,068)	(26,083)
Other operating expenses									(12,100)	(9,060)	(7,649)
Real estate depreciation and amortization									(429,006)	(430,054)	(419,615)
General and administrative									(46,983)	(48,566)	(49,761)
Casualty-related (charges)/recoveries, net									(2,121)	(4,335)	(732)
Income/(loss) from unconsolidated entities									(5,055)	31,257	52,234
Interest expense									(134,168)	(128,711)	(123,031)
Gain/(loss) on sale of real estate owned									136,197	43,404	226,199
Net (income)/loss attributable to noncontrolling interests									(221)	(164)	(380)
Net income/(loss) attributable to OP unitholders									203,106	121,558	292,718
Reportable apartment home segment assets:
Total segment assets	10,196,159				10,177,206				10,196,159	10,177,206
Accumulated depreciation	(3,654,160)				(3,330,166)				(3,654,160)	(3,330,166)
Total real estate owned, net of accumulated depreciation	6,541,999				6,847,040				6,541,999	6,847,040
Total segment asset - net book value	6,541,999				6,847,040				6,541,999	6,847,040
Reconciling items:
Cash and cash equivalents	185,216				2,038				185,216	2,038	2,112	$ 6,742
Restricted cash	23,675				19,792				23,675	19,792	19,994	20,798
Investment in unconsolidated entities	780,869				720,830				780,869	720,830
Other assets	137,710				124,104				137,710	124,104
Total assets	7,711,728				7,733,273				$ 7,711,728	7,733,273
Reportable Segments
Number of reportable segments | segment									2
Capital expenditures and development									$ 214,898	369,029	339,813
Same Store Communities West Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									399,314	383,009	353,321
Reportable apartment home segment NOI									301,098	286,662	264,475
Reportable apartment home segment assets:
Total segment assets	3,666,169				3,630,164				3,666,169	3,630,164
Same Store Communities Mid-Atlantic Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									220,450	214,157	208,223
Reportable apartment home segment NOI									153,670	150,126	144,508
Reportable apartment home segment assets:
Total segment assets	2,317,369				2,290,241				2,317,369	2,290,241
Same Store Communities Northeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									154,019	151,736	147,573
Reportable apartment home segment NOI									105,998	106,473	106,005
Reportable apartment home segment assets:
Total segment assets	1,874,616				1,865,762				1,874,616	1,865,762
Same Store Communities Southeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									122,234	116,467	111,318
Reportable apartment home segment NOI									85,220	80,726	76,359
Reportable apartment home segment assets:
Total segment assets	779,310				762,102				779,310	762,102
Same Store Communities Southwest Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									43,709	42,992	41,273
Reportable apartment home segment NOI									26,408	26,455	25,600
Reportable apartment home segment assets:
Total segment assets	297,681				292,074				297,681	292,074
Non-Mature communities/Other
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									95,379	75,948	86,753
Reportable apartment home segment NOI									59,721	48,061	56,138
Reportable apartment home segment assets:
Total segment assets	1,261,014				1,336,863				1,261,014	1,336,863
Reportable Segments
Capital expenditures and development									5,800	5,700	13,400
United Dominion Reality L.P.
Segments
Equity Method Investments	103,026				76,907				$ 103,026	76,907
Same store communities | item									16,216
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue	108,523	109,539	107,266	106,592	107,431	105,253	104,088	102,605	$ 431,920	419,377	404,415
Reportable apartment home segment NOI									317,380	306,841	297,121
Reconciling items:
Property management									(11,878)	(11,533)	(11,122)
Other operating expenses									(8,864)	(6,833)	(6,059)
Real estate depreciation and amortization									(143,481)	(152,473)	(147,074)
General and administrative									(16,889)	(17,875)	(18,808)
Casualty-related (charges)/recoveries, net									(951)	(1,922)	(484)
Income/(loss) from unconsolidated entities									43,496	(19,256)	(37,425)
Interest expense									(22,835)	(30,366)	(30,067)
Gain/(loss) on sale of real estate owned									75,507	41,272	33,180
Net (income)/loss attributable to noncontrolling interests									(1,722)	(1,548)	(1,444)
Net income/(loss) attributable to OP unitholders	85,880	$ 27,695	$ 24,761	$ 91,427	61,065	$ 20,736	$ 10,849	$ 13,657	229,763	106,307	77,818
Reportable apartment home segment assets:
Total segment assets	3,811,985				3,816,956				3,811,985	3,816,956
Total real estate owned, net of accumulated depreciation	2,153,824				2,273,304				2,153,824	2,273,304
Total segment asset - net book value	2,153,824				2,273,304				2,153,824	2,273,304
Reconciling items:
Cash and cash equivalents	125				293				125	293	756	3,103
Restricted cash	13,563				12,579				13,563	12,579	11,694	$ 11,344
Investment in unconsolidated entities	103,026				76,907				103,026	76,907
Other assets	34,052				32,490				34,052	32,490
Total assets	2,304,590				2,395,573				$ 2,304,590	2,395,573
Reportable Segments
Number of reportable segments | segment									2
Capital expenditures and development									$ 44,353	45,211	71,720
United Dominion Reality L.P. | Same Store Communities West Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									246,047	235,022	223,539
Reportable apartment home segment NOI									187,664	177,229	168,762
Reportable apartment home segment assets:
Total segment assets	1,981,007				1,955,962				1,981,007	1,955,962
United Dominion Reality L.P. | Same Store Communities Mid-Atlantic Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									60,389	59,006	57,563
Reportable apartment home segment NOI									41,642	40,292	38,711
Reportable apartment home segment assets:
Total segment assets	663,083				655,850				663,083	655,850
United Dominion Reality L.P. | Same Store Communities Northeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									54,749	54,530	53,036
Reportable apartment home segment NOI									39,456	40,524	40,704
Reportable apartment home segment assets:
Total segment assets	681,953				677,767				681,953	677,767
United Dominion Reality L.P. | Same Store Communities Southeast Region
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									51,896	49,586	47,792
Reportable apartment home segment NOI									35,948	34,182	32,519
Reportable apartment home segment assets:
Total segment assets	340,722				334,811				340,722	334,811
United Dominion Reality L.P. | Non-Mature communities/Other
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease Revenue									18,839	21,233	22,485
Reportable apartment home segment NOI									12,670	14,614	16,425
Reportable apartment home segment assets:
Total segment assets	$ 145,220				$ 192,566				145,220	192,566
Reportable Segments
Capital expenditures and development									$ 900	$ 1,800	$ 2,600

UNAUDITED SUMMARIZED CONSOLID_6

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, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Rental income	$ 264,732	$ 263,256	$ 256,634	$ 250,483	$ 250,116	$ 248,264	$ 244,658	$ 241,271	$ 1,035,105	$ 984,309	$ 948,461
Net income/(loss)	89,615	20,258	22,444	89,225	75,627	17,570	11,062	28,396	221,542	132,655	320,380
Net income/(loss) attributable to OP unitholders									203,106	121,558	292,718
United Dominion Reality L.P.
Quarterly Financial Data [Abstract]
Rental income	108,523	109,539	107,266	106,592	107,431	105,253	104,088	102,605	431,920	419,377	404,415
Net income/(loss)	86,324	28,135	25,181	91,845	61,546	21,110	11,192	14,007	231,485	107,855	79,262
Net income/(loss) attributable to OP unitholders	$ 85,880	$ 27,695	$ 24,761	$ 91,427	$ 61,065	$ 20,736	$ 10,849	$ 13,657	$ 229,763	$ 106,307	$ 77,818
Net Income (Loss), Per Outstanding Limited Partnership and General Partnership Unit, Basic and Diluted	$ 0.47	$ 0.15	$ 0.13	$ 0.50	$ 0.33	$ 0.11	$ 0.06	$ 0.07	$ 1.25	$ 0.58	$ 0.42

Schedule III Real Estate Owned

Schedule III Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2018
Real Estate and Accumulated Depreciation
Encumbrances				$ 601,227
Initial Costs, Land and Land Improvements				1,817,362
Initial Costs, Buildings and Improvements				5,123,363
Total Initial Acquisition Costs				6,940,725
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,255,434
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,063,023
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				8,133,136
Total Carrying Value	$ 10,177,206	$ 9,615,753	$ 9,190,276	10,196,159
Accumulated Depreciation	3,330,166	2,923,625	2,646,874	3,654,160
Aggregate cost for federal income tax purposes				9,200,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	10,177,206	9,615,753	9,190,276
Real estate acquired		235,993	324,104
Capital expenditures and development	214,898	369,029	339,813
Real estate sold	(195,945)	(43,569)	(238,440)
Balance at end of the year	10,196,159	10,177,206	9,615,753
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	3,330,166	2,923,625	2,646,874
Depreciation expense for the year	426,006	424,772	398,904
Accumulated depreciation on sales	(102,012)	(18,231)	(122,153)
Balance at end of year	$ 3,654,160	3,330,166	2,923,625
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
Land
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				45,236
Total Initial Acquisition Costs				45,236
Costs of Improvements Capitalized Subsequent to Acquisition Costs				22,498
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				52,301
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				15,433
Total Carrying Value	$ 67,734			67,734
Accumulated Depreciation	2,638			2,638
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	67,734
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,638
COMMERCIAL
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				28,604
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,798
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				20,806
Total Carrying Value	28,604			28,604
Accumulated Depreciation	14,052			14,052
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,604
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,052
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				5,936
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				26,469
Total Carrying Value	29,504			29,504
Accumulated Depreciation	2,907			2,907
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,504
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,907
TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				4,604
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				4,604
Total Carrying Value	4,604			4,604
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,604
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				34,540
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,833
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,275
Total Carrying Value	58,108			58,108
Accumulated Depreciation	16,959			16,959
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,108
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,959
TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances				602,689
Initial Costs, Land and Land Improvements				1,769,092
Initial Costs, Buildings and Improvements				5,102,829
Total Initial Acquisition Costs				6,871,921
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,198,396
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,999,889
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				8,070,428
Total Carrying Value	10,070,317			10,070,317
Accumulated Depreciation	3,634,563			3,634,563
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	10,070,317
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,634,563
WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				169,610
Initial Costs, Land and Land Improvements				889,180
Initial Costs, Buildings and Improvements				1,803,951
Total Initial Acquisition Costs				2,693,131
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,432,923
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				971,200
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,154,854
Total Carrying Value	4,126,054			4,126,054
Accumulated Depreciation	1,470,066			1,470,066
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,126,054
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,470,066
ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				411,385
Initial Costs, Buildings and Improvements				330,038
Total Initial Acquisition Costs				741,423
Costs of Improvements Capitalized Subsequent to Acquisition Costs				734,475
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				448,575
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,027,323
Total Carrying Value	1,475,898			1,475,898
Accumulated Depreciation	429,469			429,469
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,475,898
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	429,469
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				20,382
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,134
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,262
Total Carrying Value	69,396			69,396
Accumulated Depreciation	33,329			33,329
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,396
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,329
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				100,725
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				114,336
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				196,362
Total Carrying Value	310,698			310,698
Accumulated Depreciation	128,098			128,098
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	310,698
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	128,098
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				14,690
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,223
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,008
Total Carrying Value	45,231			45,231
Accumulated Depreciation	24,328			24,328
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,231
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,328
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				3,589
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,988
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				6,959
Total Carrying Value	17,947			17,947
Accumulated Depreciation	5,136			5,136
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,947
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,136
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				42,316
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				68,320
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				82,594
Total Carrying Value	150,914			150,914
Accumulated Depreciation	55,777			55,777
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	150,914
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,777
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				34,335
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				60,914
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				82,273
Total Carrying Value	143,187			143,187
Accumulated Depreciation	52,441			52,441
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	143,187
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,441
SAN FRANCISCO, CA
Real Estate and Accumulated Depreciation
Encumbrances				27,000
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				308,702
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				151,367
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				717,240
Total Carrying Value	868,607			868,607
Accumulated Depreciation	385,547			385,547
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	868,607
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	385,547
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				35,069
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,363
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				75,145
Total Carrying Value	89,508			89,508
Accumulated Depreciation	40,523			40,523
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	89,508
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,523
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				8,868
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,178
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,751
Total Carrying Value	29,929			29,929
Accumulated Depreciation	16,687			16,687
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,929
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,687
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				28,149
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,889
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,124
Total Carrying Value	59,013			59,013
Accumulated Depreciation	35,474			35,474
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,013
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,474
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				13,136
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,202
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				42,074
Total Carrying Value	43,276			43,276
Accumulated Depreciation	23,280			23,280
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,276
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,280
SAN FRANCISCO, CA | River Terrace
Real Estate and Accumulated Depreciation
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				6,496
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,839
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,955
Total Carrying Value	68,794			68,794
Accumulated Depreciation	30,364			30,364
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,794
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,364
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				37,297
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,422
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				65,443
Total Carrying Value	81,865			81,865
Accumulated Depreciation	45,864			45,864
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,865
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,864
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				6,139
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,580
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,562
Total Carrying Value	29,142			29,142
Accumulated Depreciation	11,590			11,590
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,142
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,590
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				11,243
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,772
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,383
Total Carrying Value	35,155			35,155
Accumulated Depreciation	19,339			19,339
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,155
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,339
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				12,097
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,753
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,873
Total Carrying Value	126,626			126,626
Accumulated Depreciation	54,012			54,012
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	126,626
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	54,012
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				8,134
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				923
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,320
Total Carrying Value	51,243			51,243
Accumulated Depreciation	30,153			30,153
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,243
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,153
SEATTLE, WA
Real Estate and Accumulated Depreciation
Encumbrances				74,910
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				74,884
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				140,971
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				852,316
Total Carrying Value	993,287			993,287
Accumulated Depreciation	311,071			311,071
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	993,287
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	311,071
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				8,830
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,134
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,619
Total Carrying Value	17,753			17,753
Accumulated Depreciation	9,884			9,884
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,753
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,884
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				5,908
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,999
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,491
Total Carrying Value	15,490			15,490
Accumulated Depreciation	8,574			8,574
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,490
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,574
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				2,996
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,287
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				25,195
Total Carrying Value	31,482			31,482
Accumulated Depreciation	16,222			16,222
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,482
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,222
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				6,339
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,264
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,845
Total Carrying Value	44,109			44,109
Accumulated Depreciation	21,884			21,884
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,109
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,884
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				6,929
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,660
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,942
Total Carrying Value	117,602			117,602
Accumulated Depreciation	55,430			55,430
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	117,602
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,430
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				145,978
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				161,019
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				293,284
Total Carrying Value	454,303			454,303
Accumulated Depreciation	164,965			164,965
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	454,303
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	164,965
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				5,140
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,807
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,196
Total Carrying Value	31,003			31,003
Accumulated Depreciation	15,645			15,645
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,003
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,645
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				7,627
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				44,123
Total Carrying Value	83,892			83,892
Accumulated Depreciation	25,461			25,461
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,892
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,461
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				92,365
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,029
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				148,658
Total Carrying Value	177,687			177,687
Accumulated Depreciation	89,896			89,896
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	177,687
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	89,896
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				10,652
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,310
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,270
Total Carrying Value	21,580			21,580
Accumulated Depreciation	11,146			11,146
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,580
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,146
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				6,189
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,601
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				9,664
Total Carrying Value	11,265			11,265
Accumulated Depreciation	6,023			6,023
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	11,265
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,023
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				17,695
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,648
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				27,969
Total Carrying Value	33,617			33,617
Accumulated Depreciation	17,036			17,036
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,617
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,036
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				7,147
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,373
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,193
Total Carrying Value	13,566			13,566
Accumulated Depreciation	6,852			6,852
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,566
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,852
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				31,779
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,280
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,741
Total Carrying Value	62,021			62,021
Accumulated Depreciation	30,646			30,646
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,021
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,646
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				11,449
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,484
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,037
Total Carrying Value	21,521			21,521
Accumulated Depreciation	11,140			11,140
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,521
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,140
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				7,454
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,333
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,784
Total Carrying Value	14,117			14,117
Accumulated Depreciation	7,053			7,053
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,117
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,053
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				60,697
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,767
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				77,392
Total Carrying Value	107,159			107,159
Accumulated Depreciation	60,343			60,343
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	107,159
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	60,343
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				56,760
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,553
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,409
Total Carrying Value	73,962			73,962
Accumulated Depreciation	40,173			40,173
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,962
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,173
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				15,822
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,472
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,641
Total Carrying Value	49,113			49,113
Accumulated Depreciation	28,775			28,775
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,113
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,775
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				8,197
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,983
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,621
Total Carrying Value	20,604			20,604
Accumulated Depreciation	11,989			11,989
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,604
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,989
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				7,625
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,489
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,020
Total Carrying Value	28,509			28,509
Accumulated Depreciation	16,786			16,786
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,509
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,786
MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
Encumbrances				213,079
Initial Costs, Land and Land Improvements				336,489
Initial Costs, Buildings and Improvements				1,381,064
Total Initial Acquisition Costs				1,717,553
Costs of Improvements Capitalized Subsequent to Acquisition Costs				619,205
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				413,664
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,923,094
Total Carrying Value	2,336,758			2,336,758
Accumulated Depreciation	823,823			823,823
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,336,758
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	823,823
METROPOLITAN, D.C.
Real Estate and Accumulated Depreciation
Encumbrances				213,079
Initial Costs, Land and Land Improvements				310,539
Initial Costs, Buildings and Improvements				1,209,244
Total Initial Acquisition Costs				1,519,783
Costs of Improvements Capitalized Subsequent to Acquisition Costs				516,721
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				376,291
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,660,213
Total Carrying Value	2,036,504			2,036,504
Accumulated Depreciation	636,840			636,840
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,036,504
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	636,840
METROPOLITAN, D.C. | 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				10,764
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,256
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				30,206
Total Carrying Value	36,462			36,462
Accumulated Depreciation	23,273			23,273
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,462
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,273
METROPOLITAN, D.C. | 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				115,383
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,587
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				118,879
Total Carrying Value	128,466			128,466
Accumulated Depreciation	32,915			32,915
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	128,466
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,915
METROPOLITAN, D.C. | Wellington Place at Olde Town
Real Estate and Accumulated Depreciation
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				19,895
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,819
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,888
Total Carrying Value	69,707			69,707
Accumulated Depreciation	40,260			40,260
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,707
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,260
METROPOLITAN, D.C. | 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				6,038
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				316
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				65,853
Total Carrying Value	66,169			66,169
Accumulated Depreciation	37,742			37,742
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,169
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,742
METROPOLITAN, D.C. | 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				10,580
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,708
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				113,685
Total Carrying Value	115,393			115,393
Accumulated Depreciation	68,821			68,821
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	115,393
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	68,821
METROPOLITAN, D.C. | 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				3,931
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				28,067
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				115,491
Total Carrying Value	143,558			143,558
Accumulated Depreciation	24,125			24,125
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	143,558
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,125
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				20,284
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,091
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				129,932
Total Carrying Value	152,023			152,023
Accumulated Depreciation	77,044			77,044
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	152,023
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	77,044
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				8,606
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,973
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,733
Total Carrying Value	37,706			37,706
Accumulated Depreciation	23,955			23,955
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,706
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,955
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				9,638
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,334
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,644
Total Carrying Value	66,978			66,978
Accumulated Depreciation	32,912			32,912
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,978
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,912
NORTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances				105,000
Initial Costs, Land and Land Improvements				350,769
Initial Costs, Buildings and Improvements				1,182,479
Total Initial Acquisition Costs				1,533,248
Costs of Improvements Capitalized Subsequent to Acquisition Costs				705,676
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				364,053
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,874,871
Total Carrying Value	2,238,924			2,238,924
Accumulated Depreciation	631,118			631,118
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,238,924
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	631,118
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				147,104
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				251,400
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,062,894
Total Carrying Value	1,314,294			1,314,294
Accumulated Depreciation	441,822			441,822
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,314,294
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	441,822
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				15,597
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,764
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				234,248
Total Carrying Value	276,012			276,012
Accumulated Depreciation	90,792			90,792
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	276,012
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	90,792
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				9,794
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				58,031
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				275,655
Total Carrying Value	333,686			333,686
Accumulated Depreciation	122,770			122,770
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	333,686
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	122,770
BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances				105,000
Initial Costs, Land and Land Improvements				100,891
Initial Costs, Buildings and Improvements				265,167
Total Initial Acquisition Costs				366,058
Costs of Improvements Capitalized Subsequent to Acquisition Costs				558,572
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				112,653
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				811,977
Total Carrying Value	924,630			924,630
Accumulated Depreciation	189,296			189,296
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	924,630
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	189,296
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				10,746
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,331
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				61,551
Total Carrying Value	72,882			72,882
Accumulated Depreciation	29,311			29,311
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,882
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,311
BOSTON, MA | Inwood West
Real Estate and Accumulated Depreciation
Encumbrances				80,000
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				11,100
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				19,607
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				100,367
Total Carrying Value	119,974			119,974
Accumulated Depreciation	45,446			45,446
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	119,974
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,446
SOUTHEAST REGION
Real Estate and Accumulated Depreciation
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				337,535
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				125,490
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				653,820
Total Carrying Value	779,310			779,310
Accumulated Depreciation	498,708			498,708
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	779,310
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	498,708
TAMPA, FL
Real Estate and Accumulated Depreciation
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				101,773
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				51,367
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				205,382
Total Carrying Value	256,749			256,749
Accumulated Depreciation	158,162			158,162
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	256,749
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	158,162
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				18,288
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,294
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,846
Total Carrying Value	49,140			49,140
Accumulated Depreciation	31,488			31,488
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,140
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,488
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				10,042
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,836
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,933
Total Carrying Value	57,769			57,769
Accumulated Depreciation	33,490			33,490
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	57,769
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,490
NASHVILLE, TN
Real Estate and Accumulated Depreciation
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				108,323
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,989
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				187,375
Total Carrying Value	211,364			211,364
Accumulated Depreciation	138,451			138,451
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	211,364
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	138,451
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				10,278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,890
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				15,403
Total Carrying Value	17,293			17,293
Accumulated Depreciation	12,627			12,627
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,293
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,627
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				11,372
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,465
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,960
Total Carrying Value	24,425			24,425
Accumulated Depreciation	16,052			16,052
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,425
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,052
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				37,947
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,753
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,311
Total Carrying Value	40,064			40,064
Accumulated Depreciation	25,412			25,412
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,064
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,412
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				6,920
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,477
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,612
Total Carrying Value	13,089			13,089
Accumulated Depreciation	8,555			8,555
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,089
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,555
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				6,359
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,484
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,355
Total Carrying Value	14,839			14,839
Accumulated Depreciation	9,644			9,644
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,839
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,644
NASHVILLE, TN | Polo Park
Real Estate and Accumulated Depreciation
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				17,752
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,958
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,670
Total Carrying Value	38,628			38,628
Accumulated Depreciation	26,083			26,083
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,628
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,083
OTHER FLORIDA
Real Estate and Accumulated Depreciation
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				13,106
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,787
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				68,688
Total Carrying Value	85,475			85,475
Accumulated Depreciation	47,623			47,623
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,475
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,623
OTHER FLORIDA | The Reserve and Park at Riverbridge
Real Estate and Accumulated Depreciation
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				13,106
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,787
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				68,688
Total Carrying Value	85,475			85,475
Accumulated Depreciation	47,623			47,623
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,475
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,623
SOUTHWEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				115,000
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				103,057
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				125,482
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				463,789
Total Carrying Value	589,271			589,271
Accumulated Depreciation	210,848			210,848
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	589,271
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	210,848
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				2,932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,604
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				133,314
Total Carrying Value	141,918			141,918
Accumulated Depreciation	9,204			9,204
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,918
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,204
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				2,932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,604
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				133,314
Total Carrying Value	141,918			141,918
Accumulated Depreciation	9,204			9,204
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,918
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,204
United Dominion Reality L.P.
Real Estate and Accumulated Depreciation
Deferred finance costs, net				(71)
Encumbrances				26,929
Initial Costs, Land and Land Improvements				712,765
Initial Costs, Buildings and Improvements				2,163,562
Total Initial Acquisition Costs				2,876,327
Costs of Improvements Capitalized Subsequent to Acquisition Costs				935,658
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				803,256
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,008,729
Total Carrying Value	3,816,956	3,674,704	3,630,905	3,811,985
Accumulated Depreciation	1,543,652	1,408,815	1,281,258	1,658,161
Aggregate cost for federal income tax purposes				3,200,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	3,816,956	3,674,704	3,630,905
Real estate acquired		138,986
Capital expenditures and development	44,353	45,211	71,720
Real estate sold	(49,324)	(41,945)	(27,921)
Balance at end of the year	3,811,985	3,816,956	3,674,704
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	1,543,652	1,408,815	1,281,258
Depreciation expense for the year	141,683	153,068	144,942
Accumulated depreciation on sales	(27,174)	(18,231)	(17,385)
Balance at end of year	$ 1,658,161	$ 1,543,652	$ 1,408,815
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. | TOTAL CORPORATE
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				935
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				935
Total Carrying Value	$ 935			935
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	935
United Dominion Reality L.P. | TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				935
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				935
Total Carrying Value	935			935
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	935
United Dominion Reality L.P. | TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances				27,000
Initial Costs, Land and Land Improvements				712,765
Initial Costs, Buildings and Improvements				2,163,562
Total Initial Acquisition Costs				2,876,327
Costs of Improvements Capitalized Subsequent to Acquisition Costs				934,723
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				803,256
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,007,794
Total Carrying Value	3,811,050			3,811,050
Accumulated Depreciation	1,658,161			1,658,161
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,811,050
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,658,161
United Dominion Reality L.P. | WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				27,000
Initial Costs, Land and Land Improvements				483,930
Initial Costs, Buildings and Improvements				918,706
Total Initial Acquisition Costs				1,402,636
Costs of Improvements Capitalized Subsequent to Acquisition Costs				578,819
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				548,522
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,432,933
Total Carrying Value	1,981,455			1,981,455
Accumulated Depreciation	911,171			911,171
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,981,455
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	911,171
United Dominion Reality L.P. | ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				249,390
Initial Costs, Buildings and Improvements				271,946
Total Initial Acquisition Costs				521,336
Costs of Improvements Capitalized Subsequent to Acquisition Costs				216,037
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				285,915
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				451,458
Total Carrying Value	737,373			737,373
Accumulated Depreciation	299,109			299,109
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	737,373
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	299,109
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				20,382
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,134
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,262
Total Carrying Value	69,396			69,396
Accumulated Depreciation	33,329			33,329
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,396
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,329
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				100,725
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				114,336
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				196,362
Total Carrying Value	310,698			310,698
Accumulated Depreciation	128,098			128,098
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	310,698
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	128,098
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				14,690
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,223
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,008
Total Carrying Value	45,231			45,231
Accumulated Depreciation	24,328			24,328
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,231
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,328
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				3,589
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,988
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				6,959
Total Carrying Value	17,947			17,947
Accumulated Depreciation	5,136			5,136
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,947
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,136
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				42,316
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				68,320
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				82,594
Total Carrying Value	150,914			150,914
Accumulated Depreciation	55,777			55,777
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	150,914
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,777
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				34,335
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				60,914
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				82,273
Total Carrying Value	143,187			143,187
Accumulated Depreciation	52,441			52,441
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	143,187
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,441
United Dominion Reality L.P. | SAN FRANCISCO, CA
Real Estate and Accumulated Depreciation
Encumbrances				27,000
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				154,066
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				109,633
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				492,356
Total Carrying Value	601,989			601,989
Accumulated Depreciation	300,118			300,118
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	601,989
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	300,118
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				22,507
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,075
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				65,871
Total Carrying Value	76,946			76,946
Accumulated Depreciation	33,355			33,355
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	76,946
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,355
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				8,868
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,178
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,751
Total Carrying Value	29,929			29,929
Accumulated Depreciation	16,687			16,687
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,929
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,687
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				28,149
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,889
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,124
Total Carrying Value	59,013			59,013
Accumulated Depreciation	35,474			35,474
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,013
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,474
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				13,136
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,202
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				42,074
Total Carrying Value	43,276			43,276
Accumulated Depreciation	23,280			23,280
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,276
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,280
United Dominion Reality L.P. | SAN FRANCISCO, CA | River Terrace
Real Estate and Accumulated Depreciation
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				6,496
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,839
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,955
Total Carrying Value	68,794			68,794
Accumulated Depreciation	30,364			30,364
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,794
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,364
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				37,297
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,422
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				65,443
Total Carrying Value	81,865			81,865
Accumulated Depreciation	45,864			45,864
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,865
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	45,864
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				6,139
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,580
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,562
Total Carrying Value	29,142			29,142
Accumulated Depreciation	11,590			11,590
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,142
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,590
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				11,243
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,772
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,383
Total Carrying Value	35,155			35,155
Accumulated Depreciation	19,339			19,339
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,155
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,339
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				12,097
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,753
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,873
Total Carrying Value	126,626			126,626
Accumulated Depreciation	54,012			54,012
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	126,626
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	54,012
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				8,134
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				923
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,320
Total Carrying Value	51,243			51,243
Accumulated Depreciation	30,153			30,153
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	51,243
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,153
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				31,002
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,344
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				185,092
Total Carrying Value	226,436			226,436
Accumulated Depreciation	111,994			111,994
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	226,436
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	111,994
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				8,830
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,134
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,619
Total Carrying Value	17,753			17,753
Accumulated Depreciation	9,884			9,884
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,753
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,884
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				5,908
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,999
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,491
Total Carrying Value	15,490			15,490
Accumulated Depreciation	8,574			8,574
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,490
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,574
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				2,996
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,287
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				25,195
Total Carrying Value	31,482			31,482
Accumulated Depreciation	16,222			16,222
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,482
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,222
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				6,339
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,264
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,845
Total Carrying Value	44,109			44,109
Accumulated Depreciation	21,884			21,884
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,109
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,884
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				6,929
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,660
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				95,942
Total Carrying Value	117,602			117,602
Accumulated Depreciation	55,430			55,430
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	117,602
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,430
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				12,767
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				48,576
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				66,319
Total Carrying Value	114,895			114,895
Accumulated Depreciation	41,106			41,106
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	114,895
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,106
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				5,140
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,807
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,196
Total Carrying Value	31,003			31,003
Accumulated Depreciation	15,645			15,645
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,003
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,645
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				7,627
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				44,123
Total Carrying Value	83,892			83,892
Accumulated Depreciation	25,461			25,461
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,892
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,461
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				92,365
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,029
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				148,658
Total Carrying Value	177,687			177,687
Accumulated Depreciation	89,896			89,896
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	177,687
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	89,896
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				10,652
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,310
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,270
Total Carrying Value	21,580			21,580
Accumulated Depreciation	11,146			11,146
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,580
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,146
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				6,189
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,601
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				9,664
Total Carrying Value	11,265			11,265
Accumulated Depreciation	6,023			6,023
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	11,265
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,023
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				17,695
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,648
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				27,969
Total Carrying Value	33,617			33,617
Accumulated Depreciation	17,036			17,036
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,617
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,036
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				7,147
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,373
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,193
Total Carrying Value	13,566			13,566
Accumulated Depreciation	6,852			6,852
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,566
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,852
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				31,779
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,280
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,741
Total Carrying Value	62,021			62,021
Accumulated Depreciation	30,646			30,646
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	62,021
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,646
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				11,449
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,484
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,037
Total Carrying Value	21,521			21,521
Accumulated Depreciation	11,140			11,140
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,521
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,140
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				7,454
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,333
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,784
Total Carrying Value	14,117			14,117
Accumulated Depreciation	7,053			7,053
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,117
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,053
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				56,760
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,553
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,409
Total Carrying Value	73,962			73,962
Accumulated Depreciation	40,173			40,173
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,962
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,173
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				56,760
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,553
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,409
Total Carrying Value	73,962			73,962
Accumulated Depreciation	40,173			40,173
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,962
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,173
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				15,822
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,472
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,641
Total Carrying Value	49,113			49,113
Accumulated Depreciation	28,775			28,775
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,113
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,775
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				8,197
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,983
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,621
Total Carrying Value	20,604			20,604
Accumulated Depreciation	11,989			11,989
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,604
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,989
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				7,625
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,489
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,020
Total Carrying Value	28,509			28,509
Accumulated Depreciation	16,786			16,786
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,509
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,786
United Dominion Reality L.P. | MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
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				184,771
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				78,060
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				586,315
Total Carrying Value	664,375			664,375
Accumulated Depreciation	283,939			283,939
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	664,375
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	283,939
United Dominion Reality L.P. | METROPOLITAN, D.C.
Real Estate and Accumulated Depreciation
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				166,527
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				60,753
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				498,938
Total Carrying Value	559,691			559,691
Accumulated Depreciation	227,072			227,072
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	559,691
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	227,072
United Dominion Reality L.P. | METROPOLITAN, D.C. | 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				10,764
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,256
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				30,206
Total Carrying Value	36,462			36,462
Accumulated Depreciation	23,273			23,273
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,462
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,273
United Dominion Reality L.P. | METROPOLITAN, D.C. | 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				115,383
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,587
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				118,879
Total Carrying Value	128,466			128,466
Accumulated Depreciation	32,915			32,915
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	128,466
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,915
United Dominion Reality L.P. | METROPOLITAN, D.C. | Wellington Place at Olde Town
Real Estate and Accumulated Depreciation
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				19,895
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,819
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,888
Total Carrying Value	69,707			69,707
Accumulated Depreciation	40,260			40,260
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,707
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,260
United Dominion Reality L.P. | METROPOLITAN, D.C. | 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				6,038
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				316
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				65,853
Total Carrying Value	66,169			66,169
Accumulated Depreciation	37,742			37,742
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,169
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,742
United Dominion Reality L.P. | METROPOLITAN, D.C. | 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				10,516
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,708
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				113,621
Total Carrying Value	115,329			115,329
Accumulated Depreciation	68,757			68,757
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	115,329
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	68,757
United Dominion Reality L.P. | METROPOLITAN, D.C. | 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				3,931
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				28,067
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				115,491
Total Carrying Value	143,558			143,558
Accumulated Depreciation	24,125			24,125
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	143,558
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,125
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				18,244
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				17,307
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				87,377
Total Carrying Value	104,684			104,684
Accumulated Depreciation	56,867			56,867
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	104,684
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	56,867
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				8,606
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,973
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,733
Total Carrying Value	37,706			37,706
Accumulated Depreciation	23,955			23,955
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,706
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,955
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				9,638
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,334
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,644
Total Carrying Value	66,978			66,978
Accumulated Depreciation	32,912			32,912
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,978
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,912
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				36,137
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				111,126
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				571,454
Total Carrying Value	682,580			682,580
Accumulated Depreciation	242,873			242,873
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	682,580
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	242,873
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				25,391
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				99,795
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				509,903
Total Carrying Value	609,698			609,698
Accumulated Depreciation	213,562			213,562
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	609,698
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	213,562
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				15,597
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,764
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				234,248
Total Carrying Value	276,012			276,012
Accumulated Depreciation	90,792			90,792
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	276,012
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	90,792
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				9,794
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				58,031
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				275,655
Total Carrying Value	333,686			333,686
Accumulated Depreciation	122,770			122,770
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	333,686
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	122,770
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				10,746
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,331
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				61,551
Total Carrying Value	72,882			72,882
Accumulated Depreciation	29,311			29,311
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,882
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,311
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				10,746
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,331
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				61,551
Total Carrying Value	72,882			72,882
Accumulated Depreciation	29,311			29,311
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,882
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,311
United Dominion Reality L.P. | SOUTHEAST REGION
Real Estate and Accumulated Depreciation
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				132,064
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				56,944
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				283,778
Total Carrying Value	340,722			340,722
Accumulated Depreciation	210,974			210,974
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	340,722
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	210,974
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				28,330
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,130
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				84,779
Total Carrying Value	106,909			106,909
Accumulated Depreciation	64,978			64,978
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	106,909
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	64,978
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				18,288
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,294
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,846
Total Carrying Value	49,140			49,140
Accumulated Depreciation	31,488			31,488
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,140
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,488
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				10,042
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,836
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				45,933
Total Carrying Value	57,769			57,769
Accumulated Depreciation	33,490			33,490
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	57,769
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,490
United Dominion Reality L.P. | NASHVILLE, TN
Real Estate and Accumulated Depreciation
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				90,628
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				18,027
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				130,311
Total Carrying Value	148,338			148,338
Accumulated Depreciation	98,373			98,373
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	148,338
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	98,373
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				10,278
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,890
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				15,403
Total Carrying Value	17,293			17,293
Accumulated Depreciation	12,627			12,627
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	17,293
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,627
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				11,372
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,465
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,960
Total Carrying Value	24,425			24,425
Accumulated Depreciation	16,052			16,052
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,425
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,052
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				37,947
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,753
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,311
Total Carrying Value	40,064			40,064
Accumulated Depreciation	25,412			25,412
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	40,064
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,412
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				6,920
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,477
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,612
Total Carrying Value	13,089			13,089
Accumulated Depreciation	8,555			8,555
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,089
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	8,555
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				6,359
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,484
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,355
Total Carrying Value	14,839			14,839
Accumulated Depreciation	9,644			9,644
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,839
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,644
United Dominion Reality L.P. | NASHVILLE, TN | Polo Park
Real Estate and Accumulated Depreciation
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				17,752
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,958
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,670
Total Carrying Value	38,628			38,628
Accumulated Depreciation	26,083			26,083
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,628
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,083
United Dominion Reality L.P. | OTHER FLORIDA
Real Estate and Accumulated Depreciation
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				13,106
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,787
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				68,688
Total Carrying Value	85,475			85,475
Accumulated Depreciation	47,623			47,623
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,475
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,623
United Dominion Reality L.P. | OTHER FLORIDA | The Reserve and Park at Riverbridge
Real Estate and Accumulated Depreciation
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				13,106
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,787
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				68,688
Total Carrying Value	85,475			85,475
Accumulated Depreciation	47,623			47,623
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,475
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	47,623
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				2,932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,604
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				133,314
Total Carrying Value	141,918			141,918
Accumulated Depreciation	9,204			9,204
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,918
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,204
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				2,932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,604
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				133,314
Total Carrying Value	141,918			141,918
Accumulated Depreciation	9,204			9,204
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,918
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,204
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				2,932
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,604
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				133,314
Total Carrying Value	141,918			141,918
Accumulated Depreciation	9,204			$ 9,204
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	141,918
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	$ 9,204