UDR (UDR) 10-K 18 Feb 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Feb. 17, 2020	Jun. 28, 2019
Entity information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2019
Entity File Number	1-10524
Entity Registrant Name	UDR, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	54-0857512
Entity Address, Address Line One	1745 Shea Center Drive, Suite 200
Entity Address, City or Town	Highlands Ranch
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80129
City Area Code	720
Local Phone Number	283-6120
Title of 12(b) Security	Common Stock
Trading Symbol	UDR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		294,631,463
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0000074208
Amendment Flag	false
Entity Public Float			$ 4.9
United Dominion Realty L.P.
Entity information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2019
Entity File Number	333-156002-01
Entity Registrant Name	United Dominion Realty, L.P.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	54-1776887
Entity Address, Address Line One	1745 Shea Center Drive, Suite 200
Entity Address, City or Town	Highlands Ranch
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80129
City Area Code	720
Local Phone Number	283-6120
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	FY
Entity Central Index Key	0001018254
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real estate owned:
Real estate held for investment	$ 12,532,324	$ 10,196,159
Less: accumulated depreciation	(4,131,330)	(3,654,160)
Real estate held for investment, net	8,400,994	6,541,999
Real estate under development (net of accumulated depreciation of $23 and $0, respectively)	69,754
Total real estate owned, net of accumulated depreciation	8,470,748	6,541,999
Cash and cash equivalents	8,106	185,216
Restricted cash	25,185	23,675
Notes receivable, net	153,650	42,259
Investment in and advances to unconsolidated joint ventures, net	588,262	780,869
Operating lease right-of-use assets	204,225
Other assets	186,296	137,710
Total assets	9,636,472	7,711,728
Liabilities:
Secured debt, net	1,149,441	601,227
Unsecured debt, net	3,558,083	2,946,560
Operating lease liabilities	198,558
Real estate taxes payable	29,445	20,608
Accrued interest payable	45,199	38,747
Security deposits and prepaid rent	48,353	35,060
Distributions payable	109,382	97,666
Accounts payable, accrued expenses, and other liabilities	90,032	76,343
Total liabilities	5,228,493	3,816,211
Commitments and contingencies (Note 15)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,018,665	972,740
Equity:
Common stock, $0.01 par value; 350,000,000 shares authorized: 294,588,305 and 275,545,900 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively	2,946	2,755
Additional paid-in capital	5,781,975	4,920,732
Distributions in excess of net income	(2,462,132)	(2,063,996)
Accumulated other comprehensive income/(loss), net	(10,448)	(67)
Total stockholders' equity	3,358,542	2,905,625
Noncontrolling interests	30,772	17,152
Total equity	3,389,314	2,922,777
Total liabilities and equity	9,636,472	7,711,728
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, 2019	Dec. 31, 2018
Real estate owned:
Real estate under development accumulated depreciation	$ 23	$ 0
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	294,588,305	275,545,900
Common stock, shares outstanding	294,588,305	275,545,900
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value	$ 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, shares authorized	20,000,000
Preferred stock, shares issued	14,691,274	15,802,393
Preferred stock, shares outstanding	14,691,274	15,802,393

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES:
Rental income	$ 1,138,138	$ 1,035,105	$ 984,309
Joint venture management and other fees	$ 14,055	$ 11,754	$ 11,482
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 1,152,193	$ 1,046,859	$ 995,791
OPERATING EXPENSES:
Property operating and maintenance	178,947	169,078	164,660
Real estate taxes and insurance	150,888	133,912	121,146
Property management	32,721	28,465	27,068
Other operating expenses	13,932	12,100	9,060
Real estate depreciation and amortization	501,257	429,006	430,054
General and administrative	51,533	46,983	48,566
Casualty-related charges/(recoveries), net	474	2,121	4,335
Other depreciation and amortization	6,666	6,673	6,408
Total operating expenses	936,418	828,338	811,297
Gain/(loss) on sale of real estate owned	5,282	136,197	43,404
Operating income	221,057	354,718	227,898
Income/(loss) from unconsolidated entities	137,873	(5,055)	31,257
Interest expense	(170,917)	(134,168)	(128,711)
Interest income and other income/(expense), net	15,404	6,735	1,971
Income/(loss) before income taxes	203,417	222,230	132,415
Tax (provision)/benefit, net	(3,838)	(688)	240
Net income/(loss)	199,579	221,542	132,655
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(14,426)	(18,215)	(10,933)
Net (income)/loss attributable to noncontrolling interests	(188)	(221)	(164)
Net income/(loss) attributable to UDR, Inc.	184,965	203,106	121,558
Distributions to preferred stockholders - Series E (Convertible)	(4,104)	(3,868)	(3,708)
Net income/(loss) attributable to common stockholders	$ 180,861	$ 199,238	$ 117,850
Income/(loss) per weighted average common share - basic	$ 0.63	$ 0.74	$ 0.44
Income/(loss) per weighted average common share - diluted	$ 0.63	$ 0.74	$ 0.44
Weighted average number of common shares outstanding - Basic	285,247	268,179	267,024
Weighted average number of common shares outstanding - diluted	286,015	269,483	268,830

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 105,237	$ 29,422	$ 38,318	$ 26,602	$ 89,615	$ 20,258	$ 22,444	$ 89,225	$ 199,579	$ 221,542	$ 132,655
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)									(8,437)	4,806	1,802
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)									(2,770)	(1,948)	1,407
Other comprehensive income/(loss), including portion attributable to noncontrolling interests									(11,207)	2,858	3,209
Comprehensive income/(loss)									188,372	224,400	135,864
Comprehensive (income)/loss attributable to noncontrolling interests									(13,788)	(18,680)	(11,378)
Comprehensive income/(loss) attributable to UDR, Inc.									$ 174,584	$ 205,720	$ 124,486

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS 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, 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 ($1.24, $1.29,1.37 per share for the year ended December 31,2017,2018,2019 respectively)				(331,974)			(331,974)
Preferred stock distributions declared-Series E ($1.3288, $1.3968,$ 1.4832, per share for the year ended December 31,2017 ,2018, 2019 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, net		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 ($1.24, $1.29,1.37 per share for the year ended December 31,2017,2018,2019 respectively)				(348,079)			(348,079)
Preferred stock distributions declared-Series E ($1.3288, $1.3968,$ 1.4832, per share for the year ended December 31,2017 ,2018, 2019 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 Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				184,965			184,965
Net income/(loss) attributable to noncontrolling interests						125	125
Contribution of noncontrolling interests in consolidated real estate						125	125
Long Term Incentive Plan Unit grants/(vestings), net						13,370	13,370
Other comprehensive income/(loss)					(10,381)		(10,381)
Issuance/(forfeiture) of common and restricted shares, net			2,088				2,088
Issuance of common shares through public offering, net		158	725,157				725,315
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		33	133,998				134,031
Common stock distributions declared ($1.24, $1.29,1.37 per share for the year ended December 31,2017,2018,2019 respectively)				(395,113)			(395,113)
Preferred stock distributions declared-Series E ($1.3288, $1.3968,$ 1.4832, per share for the year ended December 31,2017 ,2018, 2019 respectively)				(4,104)			(4,104)
Adjustment to reflect redemption value of redeemable noncontrolling interests				(183,884)			(183,884)
Ending Balance at Dec. 31, 2019	$ 46,201	$ 2,946	$ 5,781,975	$ (2,462,132)	$ (10,448)	$ 30,772	$ 3,389,314

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Common stock distributions declared per share	$ 1.37	$ 1.29	$ 1.24
8.00% Series E Cumulative Convertible Preferred Stock
Preferred stock distributions declared	$ 1.4832	$ 1.3968	$ 1.3288

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Operating Activities
Net income/(loss)	$ 199,579	$ 221,542	$ 132,655
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	507,923	435,679	436,462
(Gain)/loss on sale of real estate owned	(5,282)	(136,197)	(43,404)
(Income)/loss from unconsolidated entities	(137,873)	5,055	(31,257)
Return on investment in unconsolidated joint ventures	5,179	4,248	4,416
Amortization of share-based compensation	24,330	14,244	12,862
Other	39,958	4,998	20,467
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(10,956)	(13,880)	(9,008)
Increase/(decrease) in operating liabilities	7,846	24,987	(4,278)
Net cash provided by/(used in) operating activities	630,704	560,676	518,915
Investing Activities
Acquisition of real estate assets	(1,370,770)		(96,791)
Proceeds from sales of real estate investments, net	38,000	247,031	71,235
Development of real estate assets	(25,401)	(150,238)	(248,546)
Capital expenditures and other major improvements - real estate assets	(167,188)	(112,359)	(124,728)
Capital expenditures - non-real estate assets	(17,159)	(4,850)	(1,384)
Investment in unconsolidated joint ventures	(93,059)	(112,025)	(123,842)
Distributions received from unconsolidated joint ventures	72,441	42,683	116,329
Purchase deposits on pending acquisitions	(12,160)	(1,000)
Repayment/(issuance) of notes receivable, net	(111,391)	(22,790)	321
Net cash provided by/(used in) investing activities	(1,686,687)	(113,548)	(407,406)
Financing Activities
Payments on secured debt	(162,253)	(279,243)	(326,346)
Proceeds from the issuance of secured debt	162,500	80,000
Payments on unsecured debt	(700,000)		(300,000)
Net proceeds from the issuance of unsecured debt	1,099,816	299,994	598,095
Net proceeds/(repayment) of commercial paper	198,885	(198,885)	300,000
Net proceeds/(repayment) of revolving bank debt	16,567	(21,751)	417
Proceeds from the issuance of common shares through public offering, net	725,315	299,825
Repurchase of common shares		(19,988)
Distributions paid to redeemable noncontrolling interests	(31,580)	(32,457)	(31,089)
Distributions paid to preferred stockholders	(4,063)	(3,836)	(3,708)
Distributions paid to common stockholders	(383,079)	(342,241)	(327,793)
Other	(41,725)	(41,485)	(21,361)
Net cash provided by/(used in) financing activities	880,383	(260,067)	(111,785)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(175,600)	187,061	(276)
Cash, cash equivalents, and restricted cash, beginning of year	208,891	21,830	22,106
Cash, cash equivalents, and restricted cash, end of year	33,291	208,891	21,830
Supplemental Information:
Interest paid during the period, net of amounts capitalized	169,558	132,466	126,348
Cash paid/(refunds received) for income taxes	1,519	625	1,660
Non-cash transactions:
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned	288,108		140,549
Transfer of investment in and advances to unconsolidated joint ventures to joint venture member	60,625
Secured debt assumed in the consolidation of unconsolidated joint ventures	551,800
Recognition of operating lease right-of-use assets	94,349
Recognition of operating lease liabilities	88,336
Right-of-use assets obtained in exchange for operating lease liabilities remeasurements	111,055
Vesting of LTIP Units	14,742	4,397	2,317
Development costs and capital expenditures incurred but not yet paid	16,635	10,304	43,930
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (3,165,780 shares in 2019; 348,057 shares in 2018; and 389,033 shares in 2017)	134,031	13,328	14,544
Dividends declared but not yet paid	$ 109,382	$ 97,666	$ 91,455

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
The following reconciles cash, cash equivalents, and restricted cash to the total of the same amounts as shown above:
Cash and cash equivalents	$ 8,106	$ 185,216	$ 2,038	$ 2,112
Restricted cash	25,185	23,675	19,792	19,994
Total cash, cash equivalents, and restricted cash as shown above	$ 33,291	$ 208,891	$ 21,830	$ 22,106

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Non-cash transactions:
Conversion of OP Units into common shares	3,165,780	348,057	389,033

CONSOLIDATION AND BASIS OF PRES

CONSOLIDATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2019
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, 2019, our consolidated apartment portfolio consisted of 148 consolidated communities located in 20 markets consisting of 47,010 apartment homes. In addition, the Company has an ownership interest in 5,268 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 2,138 apartment homes owned by entities in which we hold preferred equity investments. 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 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, 2019 and 2018, there were 184.1 million and 183.6 million units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 176.2 million, or 95.7% and 174.2 million, or 94.9%, respectively, were owned by UDR and 7.9 million, or 4.3% and 9.4 million, or 5.1%, respectively, were owned by outside limited partners. As of December 31, 2019 and 2018, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 18.4 million, or 56.8% and 17.2 million, or 53.2%, respectively, were owned by UDR (including 13.5 million DownREIT Units, or 41.7% and 13.5 million, or 41.6%, that were held by the Operating Partnership as of December 31, 2019 and 2018, respectively) and 14.0 million, or 43.2% and 15.2 million, or 46.8%, 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 Real Estate Owned Joint Ventures and Partnerships

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ​ In February 2016, the FASB issued ASU 2016-02, Leases The Company elected the following package of practical expedients provided by the standard: (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 elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. ​ Upon adoption of the standard on January 1, 2019, the Company recognized right-of-use assets of $94.3 million and lease liabilities of $88.3 million. The right-of-use assets included $6.0 million of prepaid rent and intangible assets that was included within Other assets ​ The lease liabilities represent the present value of the remaining minimum lease payments as of January 1, 2019 and primarily relate to ground leases for communities where we are the lessee. The right-of-use assets represent our right to use an underlying asset for the lease term, which are calculated utilizing the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. Our right-of-use assets and related lease liabilities recognized as of January 1, 2019 may change as a result of updates to the projected future minimum lease payments. Certain of our ground lease agreements where we are the lessee have future minimum lease payments that reset in the future based upon a percentage of the fair market value of the land at the time of the reset. The Company will continue to recognize lease expense for these leases in a manner similar to previous accounting 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 will 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 are expensing non-incremental leasing costs as incurred. ​ In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements Leases ​ Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, 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 30 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 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 primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. 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. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain on consolidation of a property. ​ Notes Receivable Notes receivable relate to financing arrangements which are typically secured by real estate or real estate related projects. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a variable interest entity (“VIE”), and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities which were deemed to be VIEs. Additionally, we analyze each loan arrangement for consideration of whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net as of December 31, 2019 and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2019 ​ 2019 ​ 2018 Note due February 2020 (a) 10.00 % $ 16,400 ​ $ 14,659 Note due March 2020 (b) 12.00 % 20,000 ​ 20,000 Note due October 2020 (c) 8.00 % 2,250 ​ 2,000 Note due August 2022 (d) ​ 10.00 % ​ — ​ ​ 5,600 Note due October 2022 (e) ​ 4.75 % ​ 115,000 ​ ​ — Total notes receivable, net ​ $ 153,650 ​ $ 42,259 (a) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $16.4 million has been funded, including $1.7 million funded during the year ended December 31, 2019. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). In January 2020, the terms of this secured note were amended to increase the aggregate commitment from $16.4 million to $19.4 million and to extend the maturity date of the note from the eighth anniversary of the note (February 2020) to January 2023. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. The note is secured by a parcel of land and related land improvements. Interest payments are due when the loan matures. In December 2019, the term of the secured note was extended to March 30, 2020, and any interest incurred during the extension period will be due monthly. (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $2.3 million, of which $2.3 million has been funded, including $0.3 million funded during the year ended December 31, 2019. 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 previously had a secured note with an unaffiliated third party under which $5.6 million had been funded. In January 2019, the $5.6 million secured note was repaid in full along with the contractually accrued interest of $0.2 million and an additional $8.5 million of promoted interest in conjunction with the unaffiliated third party being acquired. (e) In November 2019, the Company entered into a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which was funded during the year ended December 31, 2019. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on a 259 home operating community in Bellevue, Washington, which is expected to be completed in 2020. When the note was funded, the Company also entered into a purchase option agreement and paid a deposit of $10.0 million, which will give the Company the option to acquire the community at a fixed price of $170.0 million. The purchase option must be exercised within 30 days following the date the temporary certificate of occupancy is issued. The deposit is generally nonrefundable other than due to a failure of closing conditions pursuant to the terms of the agreement. If the Company does not exercise the purchase option, or if the Company exercises and fails to close the purchase other than due to seller’s failure or other breaches in the purchase option agreement, per the terms of the agreement, the note will be modified to extend the maturity date to 10 years following the date the temporary certificate of occupancy is issued. Upon modification, the loan will be interest only for the first three years and after such date will be based on a 30 year amortization schedule. The Company recognized $5.5 million, $4.1 million, and $1.8 million of interest income and $8.5 million, zero, and zero of promoted interest from notes receivable during the years ended December 31, 2019, 2018, and 2017, respectively, none of which was related party interest. Interest income and promoted interest are included in Interest income and other income/(expense), net Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as VIEs 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 VIE, 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, 2019, the Company did not determine any of our joint ventures or partnerships to be VIEs. 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, unrealized gains on other investment ventures and timing of expense recognition for certain accrued liabilities. As of December 31, 2019 and 2018, UDR’s net deferred tax assets/(liabilities) was $(1.6) million and less than $(0.1) million, respectively. The net deferred tax assets/(liabilities) are recorded in Accounts payable, accrued expenses and other liabilities 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. The Company invests in assets that qualify for federal investment tax credits (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2019. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2016 through 2018 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 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 VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For performance based awards, the Company remeasures the fair value each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation. For further discussion, see Note 10, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2019, 2018, and 2017, 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 Derivatives and Hedging Activity, Forward Sales Agreements ​ The Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. ​ The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity ​ The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to its own stock, first, evaluating the instrument’s contingent exercise provisions and second, evaluating the instrument’s settlement provisions. When entering into forward sales agreements, we determine that (i) none of the agreement’s exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price; and (ii) none of the settlement provisions preclude the agreements from being indexed to our own stock. ​ Before the issuance of shares of common stock, upon physical or net share settlement of the forward sales agreements, the Company expects that the shares issuable upon settlement of the forward sales agreements will be reflected in its diluted income/(loss) per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted income/(loss) per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward sales agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). When the Company physically or net share settles any forward sales agreement, the delivery of shares of common stock would result in an increase in the number of weighted average common shares outstanding and dilution to basic income/(loss) per share. (See Note 8, Income/(Loss) per Share ​ Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2019, the Company held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California; Metropolitan D.C., New York, New York and Boston, Massachusetts markets.

REAL ESTATE OWNED

REAL ESTATE OWNED	12 Months Ended
	Dec. 31, 2019
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, 2019, the Company owned and consolidated 148 communities in 13 states plus the District of Columbia totaling 47,010 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Land ​ $ 2,164,032 ​ $ 1,849,799 Depreciable property — held and used: ​ ​ Land improvements ​ 224,964 ​ 213,224 Building, improvements, and furniture, fixtures and equipment ​ 10,102,758 ​ 8,133,136 Real estate intangible assets ​ ​ 40,570 ​ ​ — Under development: ​ ​ Land and land improvements ​ 29,226 ​ — Building, improvements, and furniture, fixtures and equipment ​ 40,551 ​ — Real estate owned ​ 12,602,101 ​ 10,196,159 Accumulated depreciation ​ (4,131,353) ​ (3,654,160) Real estate owned, net ​ $ 8,470,748 ​ $ 6,541,999 ​ Acquisitions In January 2019, the Company increased its ownership interest from 49% to 100% in a 386 apartment home operating community located in Anaheim, California, for a cash purchase price of approximately $33.5 million. In connection with the acquisition, the Company repaid approximately $59.8 million of joint venture construction financing. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as an equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships In January 2019, the Company increased its ownership interest from 49% to 100% in a 155 apartment home operating community located in Seattle, Washington, for a cash purchase price of approximately $20.0 million. In connection with the acquisition, the Company repaid approximately $26.0 million of joint venture construction financing. 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 In January 2019, the Company acquired a to-be-developed parcel of land located in Washington D.C. for approximately $27.1 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 apartment home operating community located in Brooklyn, New York for approximately $132.1 million. The Company increased its real estate assets owned by approximately $97.5 million and recorded approximately $33.6 million of real estate intangibles and approximately $1.0 million of in-place lease intangibles. In February 2019, the Company acquired a 381 apartment home operating community located in St. Petersburg, Florida for approximately $98.3 million . ​ In April 2019, the Company acquired a 498 apartment home operating community located in Towson, Maryland for approximately $86.4 million. ​ In May 2019, the Company acquired a 313 apartment home operating community located in King of Prussia, Pennsylvania for approximately $107.3 million. The Company increased its real estate assets owned by approximately $106.4 million and recorded approximately $0.9 million of in-place lease intangibles. ​ In May 2019, the Company acquired a 240 apartment home operating community located in St. Petersburg, Florida for approximately $49.4 million. The Company increased its real estate assets owned by approximately $48.2 million and recorded approximately $1.2 million of in-place lease intangibles. ​ In June 2019, the Company acquired a 200 apartment home operating community located in Waltham, Massachusetts for approximately $84.6 million. The Company increased its real estate assets owned by approximately $82.6 million and recorded approximately $2.0 million of in-place lease intangibles. ​ In August 2019, the Company acquired a 914 apartment home operating community located in Norwood, Massachusetts for approximately $270.2 million. The Company increased its real estate assets owned by approximately $260.1 million and recorded approximately $10.1 million of in-place lease intangibles. ​ In August 2019, the Company acquired a 185 apartment home operating community located in Englewood, New Jersey for approximately $83.6 million. The Company increased its real estate assets owned by approximately $77.5 million and recorded approximately $4.6 million of real estate intangibles and approximately $1.5 million of in-place lease intangibles. ​ In August 2019, the Company purchased a 292 apartment home operating community in Washington, D.C., directly from the UDR/KFH joint venture, thereby increasing its ownership interest from 30% to 100%, for a purchase price at 100% of approximately $184.0 million, before $2.8 million of closing costs incurred by UDR at acquisition (see Note 5, Joint Ventures and Partnerships ​ In November 2019, the Company acquired the approximately 50% ownership interest not previously owned in 10 UDR/MetLife operating communities, one development community and four land parcels valued at $1.1 billion, or $564.2 million at UDR’s share, and sold its approximately 50% ownership interest in five UDR/MetLife operating communities valued at $645.8 million, or $322.9 million at UDR’s share, to MetLife, and recognized a net gain on sale of $114.9 million at our share. The Company paid $109.2 million directly to MetLife to complete the transaction. As a result, the Company consolidated the 10 operating communities, one development community and four land parcels, and they are no longer accounted for as equity method investments in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships upon consolidation and increased its real estate assets owned by approximately $977.8 million and recorded approximately $30.0 million of in-place lease intangibles. In connection with the acquisition, the Company assumed six secured fixed rate mortgage notes payable and one credit facility secured by four communities with a combined outstanding balance of $518.4 million and estimated fair value of $551.8 million. The Company recorded the debt at its fair value in Secured debt net ​ The following table summarizes the 10 communities, one development community and four land parcels acquired from the UDR/MetLife II and the UDR/MetLife Vitruvian Park ® ​ ​ ​ ​ ​ Property Type Number of Homes Location Strata Operating Community 163 San Diego, CA Crescent Falls Church Operating Community 214 Washington, D.C. Charles River Landing Operating Community 350 Boston, MA Lodge at Ames Pond Operating Community 364 Boston, MA Lenox Farms Operating Community 338 Boston, MA Towson Promenade Operating Community 379 Baltimore, MD Savoye Operating Community 394 Addison, TX Savoye2 Operating Community 351 Addison, TX Fiori on Vitruvian Park ® Operating Community 391 Addison, TX Vitruvian West Operating Community 383 Addison, TX Vitruvian West Phase 2 (a) Development Community 366 Addison, TX Vitruvian Park ® 4 Land Parcels N/A Addison, TX (a) The number of apartment homes for the community under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2019, no apartment homes had been completed. In January 2020, the Company acquired a 294 home operating community located in Tampa, Florida for approximately $85.2 million. ​ In January 2020, the Company increased its ownership interest from 49% to 100% in a 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 million. In connection with the acquisition, the Company repaid approximately $35.6 million of joint venture construction financing. As a result, in January 2020, 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 ​ During the year ended December 31, 2018, the Company did not have any acquisitions of real estate. Dispositions In June 2019, the Company sold a parcel of land located in Los Angeles, California for $38.0 million, resulting in a gain of approximately $5.3 million. Prior to the sale, the parcel of land was subject to a ground lease, under which UDR was the lessor, scheduled to expire in 2065. The ground lease included a purchase option for the lessee to acquire the land during specific periods of the ground lease term. During the second quarter, the lessee exercised the purchase option resulting in this sale by the Company and the ground lease being terminated. Prior to the sale, the purchase option was not deemed to be a bargain purchase option. This ground lease existed as of the adoption of the new lease accounting guidance on January 1, 2019 and we did not reassess lease classification per the practical expedient provided by the standard. As a result, this ground lease continued to be classified as an operating lease and the land parcel subject to the ground lease continued to be recognized in Real estate held for investment ​ 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 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 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. 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. Developments At December 31, 2019, the Company was developing three wholly-owned communities totaling 878 homes, none of which have been completed, with a budget of $278.5 million, in which we have a carrying value of $69.8 million. The communities are estimated to be completed between the first quarter of 2021 and the second quarter of 2022. 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. Amortization of Intangible Assets The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Balance as of December 31, 2019 ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ Thereafter Real estate intangible assets, net (a) ​ $ 37,844 ​ $ 3,062 ​ $ 2,840 ​ $ 2,740 ​ $ 2,643 ​ $ 2,525 ​ $ 24,034 In-place lease intangible assets, net (b) ​ ​ 43,614 ​ ​ 41,179 ​ ​ 501 ​ ​ 470 ​ ​ 386 ​ ​ 358 ​ ​ 720 Total ​ $ 81,458 ​ $ 44,241 ​ $ 3,341 ​ $ 3,210 ​ $ 3,029 ​ $ 2,883 ​ $ 24,754 ​ ​ ​ (a) Real estate intangible assets, net is recorded net of accumulated amortization of $2.7 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the year ended December 31, 2019, $2.7 million of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. ​ (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $23.6 million in Other assets on the Consolidated Balance Sheets. For the year ended December 31, 2019, $20.8 million was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2019
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES	4. VARIABLE INTEREST ENTITIES The Company has determined that the Operating Partnership and DownREIT Partnership are VIEs as the limited partners lack substantive kick-out rights and substantive participating rights. The Company has concluded that it is the primary beneficiary of, and therefore consolidates, the Operating Partnership and DownREIT Partnership based on its role as the sole general partner of the Operating Partnership and DownREIT Partnership. The Company’s role as community manager and its equity interests give us the power to direct the activities that most significantly impact the economic performance and the obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the Operating Partnership and DownREIT Partnership. See the consolidated financial statements of the Operating Partnership presented within this Report and Note 4, Unconsolidated Entities

JOINT VENTURES AND PARTNERSHIPS

JOINT VENTURES AND PARTNERSHIPS	12 Months Ended
	Dec. 31, 2019
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 own, operate, acquire, renovate, develop, redevelop, dispose of, and manage real estate assets that are either consolidated and included in Real estate owned Investment in and advances to unconsolidated joint ventures, net UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are typically 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, 2019 and 2018 (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 2019 2019 2019 2018 ​ ​ 2019 ​ 2018 Operating and development: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 operating community ​ 150 ​ $ 28,812 ​ $ 30,839 ​ ​ 50.0 % ​ 50.0 % UDR/MetLife II (a) Various 7 operating communities 1,250 ​ 150,893 ​ 296,807 ​ ​ 50.0 % ​ 50.0 % Other UDR/MetLife Joint Ventures Various 5 operating communities 1,437 ​ 98,441 ​ 115,668 ​ ​ 50.6 % ​ 50.6 % UDR/MetLife Vitruvian Park ® Addison, TX — ​ — ​ — ​ 71,730 ​ ​ — % ​ 50.0 % UDR/KFH (b) Washington, D.C. — ​ — ​ — ​ 5,507 ​ ​ — % ​ 30.0 % West Coast Development Joint Ventures ​ Los Angeles, CA ​ 1 operating community ​ 293 ​ ​ 34,907 ​ ​ 36,143 ​ ​ 47.0 % ​ 47.0 % Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ​ $ 313,053 ​ $ 556,694 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income from investments Developer Capital Program ​ ​ Years To ​ UDR December 31, December 31, ​ Year Ended December 31, and Other Investments (c) Location Rate Maturity ​ Commitment (d) 2019 2018 2019 2018 2017 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Coast Development Joint Ventures (e) Hillsboro, OR 6.5 % N/A ​ $ — ​ $ 17,064 ​ $ 65,417 ​ $ (447) ​ $ 865 ​ $ 23,230 1532 Harrison ​ San Francisco, CA ​ 11.0 % 2.5 ​ ​ 24,645 ​ ​ 30,585 ​ ​ 24,986 ​ ​ 3,147 ​ ​ 2,228 ​ ​ 511 1200 Broadway (f) ​ Nashville, TN ​ 8.0 % 2.8 ​ ​ 55,558 ​ ​ 63,958 ​ ​ 58,982 ​ ​ 4,888 ​ ​ 2,970 ​ ​ 370 Junction (g) ​ Santa Monica, CA ​ 12.0 % 2.6 ​ ​ 8,800 ​ ​ 10,379 ​ ​ 9,211 ​ ​ 1,169 ​ ​ 406 ​ ​ — 1300 Fairmount (h) ​ Philadelphia, PA ​ Variable ​ 3.6 ​ ​ 51,393 ​ ​ 51,215 ​ ​ 8,318 ​ ​ 3,098 ​ ​ 159 ​ ​ — Essex (i) ​ Orlando, FL ​ 12.5 % 3.7 ​ ​ 12,886 ​ ​ 14,804 ​ ​ 9,940 ​ ​ 1,639 ​ ​ 258 ​ ​ — Modera Lake Merritt (j) ​ Oakland, CA ​ 9.0 % 4.3 ​ ​ 27,250 ​ ​ 22,653 ​ ​ — ​ ​ 1,067 ​ ​ — ​ ​ — Other investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Portals ​ Washington, D.C. ​ 11.0 % 1.4 ​ ​ 38,559 ​ ​ 48,181 ​ ​ 43,167 ​ ​ 5,012 ​ ​ 3,692 ​ ​ 839 Other investment ventures ​ N/A ​ N/A ​ N/A ​ $ 18,000 ​ ​ 13,598 ​ ​ 4,154 ​ $ 4,053 ​ $ (267) ​ $ (30) Total Developer Capital Program and Other Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 272,437 ​ ​ 224,175 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment in and advances to unconsolidated joint ventures, net (k) ​ ​ ​ ​ $ 585,490 ​ $ 780,869 ​ ​ ​ ​ ​ ​ ​ ​ (a) In November 2019, the Company acquired the approximately 50% ownership interest not previously owned in 10 UDR/MetLife operating communities, one development community and four land parcels valued at $1.1 billion, or $564.2 million at UDR’s share, and sold its approximately 50% ownership interest in five UDR/MetLife operating communities valued at $645.8 million, or $322.9 million at UDR’s share, to MetLife, and recognized a net gain on sale of $114.9 million at our share, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. As a result, the Company consolidated the 10 operating communities, one development community and four land parcels, and they are no longer accounted for as equity method investments in an unconsolidated joint venture (see Note 3, Real Estate Owned ). Upon closing of the transaction, the UDR/MetLife II joint venture holds seven operating communities and the UDR/MetLife Vitruvian Park ® joint venture no longer holds any properties. (b) As of January 1, 2019, the joint venture held three operating communities. During 2019, the joint venture sold two communities with 368 homes, located in Arlington, Virginia, and Silver Spring, Maryland, for a combined sales price of approximately $118.3 million. As a result, the Company recorded total gains on the sales of approximately $10.6 million, which are included in Income/(loss) from unconsolidated entities In August 2019, the joint venture sold the third community, a 292 home operating community located in Washington, D.C., directly to the Company for a sales price at 100% of approximately $184.0 million, before $2.8 million of closing costs incurred by UDR at acquisition. The Company deferred its share of the gain on sale of approximately $23.8 million and recorded it as a reduction of the carrying amount of real estate assets owned (see Note 3, Real Estate Owned (c) 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. (d) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (e) In January 2019, the Company increased its ownership interest from 49% to 100% in a 386 apartment home operating community located in Anaheim, California, for a cash purchase price of approximately $33.5 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 ). In connection with the purchase, the construction loan on the community was paid in full. In January 2019, the Company increased its ownership interest from 49% to 100% in a 155 apartment home operating community located in Seattle, Washington, for a cash purchase price of approximately $20.0 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 In January 2020, the Company increased its ownership interest from 49% to 100% in a 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 million. As a result, in January 2020, 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 (f) The Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (g) 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 located 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, therefore, accounts for it under the equity method of accounting. (h) 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 located in Philadelphia, PA. The Company’s preferred equity investment of up to $51.4 million earns a preferred return between 8.5% and 12.0% 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, therefore, accounts for it under the equity method of accounting. (i) 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 located 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, therefore, accounts for it under the equity method of accounting. (j) In April 2019, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 173 apartment home community located in Oakland, CA. The Company’s preferred equity investment of up to $27.3 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, therefore, accounts for it under the equity method of accounting . (k) As of December 31, 2019, the Company’s negative investment in 13 th and Market Properties LLC of $2.8 million is included in Other UDR/MetLife Joint Ventures in the table above and recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheet. As of December 31, 2019 and 2018, the Company had deferred fees of $9.0 million and $11.0 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 Joint venture management and other fees 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, 2019, 2018, and 2017. 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, 2019, 2018, and 2017 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ MetLife ​ ​ ​ ​ West Coast ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Vitruvian ​ ​ ​ Development ​ ​ Year Ended December 31, 2019 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Park ® ​ UDR/KFH ​ Joint Ventures ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,834 ​ $ 151,226 ​ $ 64,273 ​ $ 26,398 ​ $ 12,217 ​ $ 14,058 ​ $ 278,006 Property operating expenses ​ 4,533 ​ 54,445 ​ 22,019 ​ 12,541 ​ 4,982 ​ 6,829 ​ 105,349 Real estate depreciation and amortization ​ 5,787 ​ 44,077 ​ 35,001 ​ 9,832 ​ 5,746 ​ 5,440 ​ 105,883 Gain/(loss) on sale of real estate (a) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 Operating income/(loss) ​ (486) ​ 52,704 ​ 7,253 ​ 4,025 ​ 117,005 ​ 1,789 ​ 182,290 Interest expense ​ (3,070) ​ (44,825) ​ (17,399) ​ (5,948) ​ (4,300) ​ (4,656) ​ (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ​ ​ — ​ ​ 458,195 ​ ​ — ​ ​ 25,711 ​ ​ — ​ ​ — ​ ​ 483,906 Other income/(loss) ​ — ​ — ​ — ​ — ​ — ​ 159 ​ 159 Net income/(loss) ​ $ (3,556) ​ $ 466,074 ​ $ (10,146) ​ $ 23,788 ​ $ 112,705 ​ $ (2,708) ​ $ 586,157 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 120,055 ​ $ 663,492 ​ $ 621,335 ​ $ — ​ $ — ​ $ 140,224 ​ $ 1,545,106 Cash and cash equivalents ​ 2,317 ​ 4,208 ​ 7,973 ​ — ​ — ​ 5,692 ​ 20,190 Other assets ​ 1,053 ​ 9,777 ​ 5,400 ​ — ​ — ​ 1,305 ​ 17,535 Total assets ​ 123,425 ​ 677,477 ​ 634,708 ​ — ​ — ​ 147,221 ​ 1,582,831 Third party debt, net ​ 70,890 ​ 425,303 ​ 454,972 ​ — ​ — ​ 90,498 ​ 1,041,663 Accounts payable and accrued liabilities ​ 4,037 ​ 9,303 ​ 9,757 ​ — ​ — ​ 3,440 ​ 26,537 Total liabilities ​ 74,927 ​ 434,606 ​ 464,729 ​ ​ — ​ — ​ 93,938 ​ 1,068,200 Total equity ​ $ 48,498 ​ $ 242,871 ​ $ 169,979 ​ $ — ​ $ — ​ $ 53,283 ​ $ 514,631 (a) Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level, as described in note (b) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net. (b) Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian Park® joint venture level prior to their distribution to the Company or MetLife in November 2019, as described in note (a) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value. For the approximately 50% ownership interest acquired in the 10 operating communities, one development community and four land parcels described above, the Company deferred its share of the net gain on revaluation of approximately $131.5 million and recorded it as a reduction of the carrying amount of real estate owned. (see Note 3, Real Estate Owned ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ 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 ​ ​ (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) Other income/(loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 439 ​ ​ 439 Net income/(loss) ​ $ (110) ​ $ 8,114 ​ $ (20,395) ​ $ (1,013) ​ $ (7,576) ​ $ 69,644 ​ $ 48,664 ​ 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, 2019, combined total assets, liabilities, equity, revenues, expenses, and other income/(loss), for such entities were $521.0 million, $135.0 million, $386.0 million, $11.2 million, $3.5 million, and $26.4 million, respectively. 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. For the year ended December 31, 2017, combined total revenues and expenses for such entities were $7.8 million, and $9.5 million, respectively.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2019
LEASES
LEASES	6. LEASES Lessee - Ground and Office Leases UDR owns six communities that are subject to ground leases, under which UDR is the lessee, expiring between 2043 and 2103, inclusive of extension options we are reasonably certain will be exercised. All of these leases existed as of the adoption of the new lease accounting guidance on January 1, 2019 and we did not reassess lease classification per the practical expedient provided by the standard. As such, these leases will continue to be classified as operating leases through the lease term expiration. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the remaining lease term. We currently do not hold any finance leases. As of December 31, 2019, the Operating lease right-of-use assets Operating lease liabilities Operating lease right-of-use assets Operating lease liabilities As the discount rate implicit in the leases was not readily determinable, we determined the discount rate for these leases utilizing the Company’s incremental borrowing rate at a portfolio level, adjusted for the remaining lease term, and the form of underlying collateral. The weighted average remaining lease term for these leases was 44.7 years at December 31, 2019 and the weighted average discount rate was 5.0% at December 31, 2019. Future minimum lease payments and total operating lease liabilities from our ground leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2020 ​ $ 12,442 2021 ​ ​ 12,442 2022 ​ ​ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 Thereafter ​ ​ 455,221 Total future minimum lease payments (undiscounted) ​ ​ 517,431 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (318,873) Total operating lease liabilities (discounted) ​ $ 198,558 ​ For purposes of recognizing our ground lease contracts, the Company uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. If there is a contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Company will remeasure the right-of-use asset and lease liability on the reset date. For the year ended December 31, 2019, Operating lease right-of-use assets Operating lease liabilities The components of operating lease expenses from our ground leases and office space were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2019 Ground lease expense: ​ ​ ​ Contractual ground lease rent expense ​ $ 8,272 Variable ground lease expense (a) ​ ​ 664 Total ground lease expense (b) ​ ​ 8,936 Contractual office space lease expense (b) ​ ​ 70 Total operating lease expense (c) (d) ​ $ 9,006 (a) Variable ground lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Ground lease and office space lease expense is reported within the line item Other operating expenses and office space expense is recorded in General and administrative on the Consolidated Statements of Operations. (c) For the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.2 million and $0.8 million, respectively. The Company recorded $0.4 million of total operating lease expense during the year ended December 31, 2019, due to the net impact of the amortization. (d) No leases qualified for the short-term lease exception during the year ended December 31, 2019. As such, short-term lease expense was zero for the year ended December 31, 2019. ​ As of December 31, 2018, in accordance with previously applicable lease accounting guidance, ASC 840, Leases (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Ground ​ ​ ​ ​ Leases ​ 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 ​ Other Operating Expenses General and Administrative Lessor - Apartment Home, Retail and Commercial Space Leases ​ UDR’s communities and retail and commercial space are leased to tenants under operating leases. As of December 31, 2019, our apartment home leases generally have initial terms of 12 months or less and represent approximately 98.1% of our total lease revenue. As of December 31, 2019, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 1.9% of our total lease revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential increases in rental rates, and our retail and commercial space leases generally have renewal options, subject to associated increases in rental rates due to market-based or fixed-price renewal options and certain other conditions. (See Note 16, Reportable Segments ​ We previously owned a parcel of land subject to a ground lease under which UDR was the lessor, expiring in 2065. The ground lease included a purchase option for the lessee to acquire the land during specific periods of the ground lease term. In June 2019, the lessee exercised the purchase option and acquired the parcel of land for $38.0 million. (See Note 3, Real Estate Owned ​ Future minimum lease payments from our retail and commercial leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 22,568 2021 ​ ​ 22,055 2022 ​ ​ 20,443 2023 ​ ​ 19,057 2024 ​ ​ 17,304 Thereafter ​ ​ 78,818 Total future minimum lease payments (a) ​ $ 180,245 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less. Certain of our leases with retail and commercial tenants provide for the payment by the lessee of additional variable rent based on a percentage of the tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of $0.4 million during the year ended December 31, 2019.

SECURED AND UNSECURED DEBT, NET

SECURED AND UNSECURED DEBT, NET	12 Months Ended
	Dec. 31, 2019
SECURED AND UNSECURED DEBT, NET
SECURED AND UNSECURED DEBT, NET	​ 7. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at December 31, 2019 and 2018 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2019 2018 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 884,869 ​ $ 417,989 3.61 % 6.2 15 Credit facilities (b) ​ 204,590 ​ 90,000 4.90 % 3.0 4 Deferred financing costs and other non-cash adjustments ​ 33,046 ​ (1,343) Total fixed rate secured debt, net ​ 1,122,505 ​ 506,646 3.85 % 5.6 19 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 94,700 1.79 % 12.2 1 Deferred financing costs ​ (64) ​ (119) Total variable rate secured debt, net ​ 26,936 ​ 94,581 1.79 % 12.2 1 Total Secured Debt, net ​ 1,149,441 ​ 601,227 3.80 % 5.7 20 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (m) ​ — ​ — — % 3.1 Borrowings outstanding under unsecured commercial paper program due January 2020 (e) (m) ​ ​ 300,000 ​ ​ 101,115 ​ 1.99 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2021 ​ 16,583 ​ 16 2.59 % 1.0 Term Loan due September 2023 (d) (m) ​ 35,000 ​ 35,000 2.59 % 3.8 Fixed Rate Debt ​ ​ 3.70% Medium-Term Notes due October 2020 (net of discounts of $0 and $14, respectively) (k) (m) ​ — ​ 299,986 — % — 4.63% Medium-Term Notes due January 2022 (net of discounts of $0 and $1,087, respectively) (l) (m) ​ — ​ 398,913 — % — 1.93% Term Loan due September 2023 (d) (m) ​ ​ 315,000 ​ 315,000 1.93 % 3.8 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $470 and $574, respectively) (g) (m) ​ 299,530 ​ 299,426 3.75 % 4.5 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 4.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $396 and $465, respectively) (h) (m) ​ 299,604 ​ 299,535 4.00 % 5.8 2.95% Medium-Term Notes due September 2026 (m) ​ 300,000 ​ 300,000 2.95 % 6.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $529 and $600, respectively) (l) ​ ​ 299,471 ​ ​ 299,400 ​ 3.50 % 7.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $954 and $1,072, respectively) (m) ​ ​ 299,046 ​ ​ 298,928 ​ 3.50 % 8.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $6, respectively) (i) (m) ​ ​ 299,995 ​ ​ 299,994 ​ 4.40 % 9.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $2,281 and $0, respectively) (j) (l) (m) ​ ​ 402,281 ​ ​ — ​ 3.20 % 10.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,123 and $0, respectively) (k) (m) ​ ​ 398,877 ​ ​ — ​ 3.00 % 11.6 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,309 and $0, respectively) (l) (m) ​ ​ 298,691 ​ ​ — ​ 3.10 % 14.8 ​ ​ Other ​ 13 ​ 16 Deferred financing costs ​ (21,652) ​ (16,413) Total Unsecured Debt, net ​ 3,558,083 ​ 2,946,560 3.27 % 7.5 Total Debt, net ​ $ 4,707,524 ​ $ 3,547,787 3.43 % 7.1 ​ 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, 2019, secured debt encumbered $2.1 billion or 16.8% of UDR’s total real estate owned based upon gross book value ($10.5 billion or 83.2% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2019, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from August 2020 through February 2030 and carry interest rates ranging from 2.70% to 4.35%. During the year ended December 31, 2019, the Company refinanced a $90.0 million credit facility with Fannie Mae to a fixed rate mortgage due in October 2029 and took out a new mortgage of $72.5 million due in February 2030. Interest payments are due monthly at interest rates of 2.70% and 3.10%, respectively. The refinancing was accounted for as a debt modification. The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the life of the underlying debt instrument. In November 2019, the Company assumed secured fixed rate mortgage notes payable with an outstanding balance of $313.4 million and a fair value of $332.5 million in connection with the acquisition of approximately 50% ownership interest not previously owned in six operating communities from the UDR/MetLife joint venture. The six mortgages had outstanding balances ranging from $32.6 million to $94.1 million and carry interest rates from 3.25% to 4.12% (see Note 3, Real Estate Owned (b) During the year ended December 31, 2019, the Company prepaid the $90.0 million outstanding balance under its secured credit facility with Fannie Mae from proceeds received from the refinancing of the debt. In November 2019, the Company assumed a secured credit facility with New York Life with an outstanding balance of $205.0 million and a fair value of $219.3 million in connection with the acquisition of the approximately 50% ownership not previously owned in four operating communities from the UDR/MetLife joint venture. The credit facility is a pooled facility and secured by those four properties. The credit facility is due in January 2023 and has an interest rate of 4.90% (see Note 3, Real Estate Owned Further information related to the credit facility is as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Borrowings outstanding ​ $ 204,590 ​ $ 90,000 ​ Weighted average borrowings during the period ended ​ 94,098 ​ 253,813 ​ Maximum daily borrowings during the period ended ​ 204,590 ​ 314,869 ​ Weighted average interest rate during the period ended ​ 4.3 % 4.7 % Weighted average interest rate at the end of the period ​ 4.9 % 4.0 % ​ During the years ended December 31, 2019, 2018, and 2017, the Company had $3.0 million, $3.0 million, and $3.0 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties inclusive of its fixed rate mortgage notes payable and credit facilities, which was included in Interest expense ​ (c) The variable rate mortgage note payable secures a tax-exempt housing bond issue that matures in March 2032. Interest on this note is payable in monthly installments. As of December 31, 2019, the variable interest rate on the mortgage note was 1.79%. During the year ended December 31, 2019, the Company paid off a $67.7 million variable rate mortgage note due on August 1, 2019. (d) The Company has 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. 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, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 2018 ​ 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 ​ 55 ​ — ​ Maximum daily borrowings during the period ended ​ 20,000 ​ — ​ Weighted average interest rate during the period ended ​ 2.6 % — % Interest rate at end of the period ​ — % — % (1) Excludes $2.9 million and $3.3 million of letters of credit at December 31, 2019 and 2018, 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, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Total unsecured commercial paper program $ 500,000 ​ $ 500,000 ​ Borrowings outstanding at end of period ​ 300,000 ​ 101,115 ​ Weighted average daily borrowings during the period ended ​ 173,353 ​ 344,235 ​ Maximum daily borrowings during the period ended ​ 435,000 ​ 440,000 ​ Weighted average interest rate during the period ended ​ 2.5 % 2.4 % Interest rate at end of the period ​ 2.0 % 2.9 % ​ (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. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 16,583 ​ 16 ​ Weighted average daily borrowings during the period ended ​ 23,487 ​ 26,101 ​ Maximum daily borrowings during the period ended ​ 66,170 ​ 64,633 ​ Weighted average interest rate during the period ended ​ 3.1 % 2.9 % Interest rate at end of the period ​ 2.6 % 3.3 % ​ (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) 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) In July 2019, the Company issued $300.0 million of 3.20% senior unsecured medium-term notes due January 15, 2030. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2020. The notes were priced at 99.66% of the principal amount at issuance. The Company previously entered into forward starting interest rate swaps to hedge against the interest rate risk of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 3.42%. The Company used the net proceeds for the repayment of debt, including amounts outstanding under the Company’s commercial paper program and Working Capital Credit Facility, and for other general corporate purposes. The Operating Partnership is the guarantor of this debt. (k) In August 2019, the Company issued $400.0 million of 3.00% senior unsecured medium-term notes due August 15, 2031. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2020. The notes were priced at 99.71% of the principal amount at issuance. In combination with the issuance, the Company entered into a treasury lock agreement 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 the treasury lock, was 3.01%. The Company used the net proceeds for the repayment of debt, including the repayment of all $300.0 million aggregate principal amount (plus the make-whole amount of approximately $5.4 million) of its 3.70% senior unsecured medium-term notes due October 1, 2020, and to fund acquisitions and for other general corporate purposes. (l) In October 2019, the Company issued $100.0 million of 3.20% senior unsecured medium-term notes due 2030 and $300.0 million of 3.10% senior unsecured medium-term notes due 2034. Interest is payable semi-annually in arrears on January 15 and July 15 for the 2030 notes, and May 1 and November 1 for the 2034 notes. The 2030 notes were priced at 103.32% of the principal amount at issuance, and the 2034 notes were priced at 99.56% of the principal amount at issuance. In combination with the issuance, the Company entered into treasury lock agreements to hedge against interest rate risk on all of this debt. The all-in weighted average interest rate, inclusive of the impact of the treasury locks, was 3.24% for the 2030 notes and 3.13% for the 2034 notes. The Company used the net proceeds for the repayment of all $400.0 million aggregate principal amount (plus the make-whole amount of approximately $22.0 million and accrued and unpaid interest) of its 4.63% senior unsecured medium-term notes due January 2022. The 2034 notes were issued as “green” bonds and, as a result, the Company allocated the net proceeds from the sale of the 2034 notes to fund eligible green projects, including previously incurred development costs related to properties that have received at least a LEED Silver certification. The Operating Partnership is the guarantor of both the 2030 notes and the 2034 notes. The 2030 notes are a further issuance of, and form a single series with, the $300.0 million aggregate principal amount of the Company’s 3.20% notes due 2030 that were issued in July 2019. As of the completion of the offering, the aggregate principal amount of outstanding 2030 notes was $400.0 million. (m) 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, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2020 ​ $ 110,645 ​ $ — ​ $ 110,645 ​ $ 300,000 ​ $ 410,645 2021 ​ ​ 3,797 ​ ​ — ​ ​ 3,797 ​ ​ 16,583 ​ ​ 20,380 2022 ​ 3,945 ​ — ​ 3,945 ​ — ​ 3,945 2023 ​ 310,873 ​ — ​ 310,873 ​ 350,000 ​ 660,873 2024 ​ 95,280 ​ — ​ 95,280 ​ 315,644 ​ 410,924 2025 ​ 173,189 ​ — ​ 173,189 ​ 300,000 ​ 473,189 2026 ​ 51,070 ​ — ​ 51,070 ​ 300,000 ​ 351,070 2027 ​ 1,111 ​ — ​ 1,111 ​ 300,000 ​ 301,111 2028 ​ 122,465 ​ — ​ 122,465 ​ 300,000 ​ 422,465 2029 ​ 144,584 ​ — ​ 144,584 ​ 300,000 ​ 444,584 Thereafter ​ 72,500 ​ 27,000 ​ 99,500 ​ 1,100,000 ​ 1,199,500 Subtotal ​ 1,089,459 ​ 27,000 ​ 1,116,459 ​ 3,582,227 ​ 4,698,686 Non-cash (a) ​ 33,046 ​ (64) ​ 32,982 ​ (24,144) ​ 8,838 Total ​ $ 1,122,505 ​ $ 26,936 ​ $ 1,149,441 ​ $ 3,558,083 ​ $ 4,707,524 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2019 and 2018, the Company amortized $4.2 million and $4.2 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2019. ​

INCOME_(LOSS) PER SHARE

INCOME/(LOSS) PER SHARE	12 Months Ended
	Dec. 31, 2019
INCOME/(LOSS) PER SHARE
INCOME/(LOSS) PER SHARE	8. 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, ​ 2019 2018 2017 Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 199,579 ​ $ 221,542 ​ $ 132,655 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (14,426) ​ (18,215) ​ (10,933) Net (income)/loss attributable to noncontrolling interests ​ (188) ​ (221) ​ (164) Net income/(loss) attributable to UDR, Inc. ​ 184,965 ​ 203,106 ​ 121,558 Distributions to preferred stockholders — Series E (Convertible) ​ (4,104) ​ (3,868) ​ (3,708) Income/(loss) attributable to common stockholders - basic and diluted ​ $ 180,861 ​ $ 199,238 ​ $ 117,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ Weighted average common shares outstanding ​ 285,509 ​ 268,513 ​ 267,567 Non-vested restricted stock awards ​ (262) ​ (334) ​ (543) Denominator for basic income/(loss) per share ​ 285,247 ​ 268,179 ​ 267,024 Incremental shares issuable from assumed conversion of stock options, unvested LTIP Units, and unvested restricted stock ​ 768 ​ 1,304 ​ 1,806 Denominator for diluted income/(loss) per share ​ 286,015 ​ 269,483 ​ 268,830 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ Basic ​ $ 0.63 ​ $ 0.74 ​ $ 0.44 Diluted ​ $ 0.63 ​ $ 0.74 ​ $ 0.44 ​ 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, 2019, 2018, and 2017, the effect of the conversion of the OP Units, DownREIT Units, LTIP Units and the Company’s Series E preferred stock was not dilutive and therefore not included in the above calculation. In July 2017, the Company entered into an ATM sales agreement under which the Company may offer and sell up to 20.0 million shares of its common stock, from time to time, to or through its sales agents and may enter into separate forward sales agreements to or through its forward purchasers. Upon entering into the ATM sales agreement, the Company simultaneously terminated the sales agreement for its prior at-the-market equity offering program, which was entered into in April 2017, which replaced the prior at-the-market equity offering program entered into in April 2012. During the year ended December 31, 2019, the Company sold 7.0 million shares of common stock through its ATM program for aggregate gross proceeds of approximately $316.5 million at a weighted average price per share of $45.29. Aggregate net proceeds from such sales, after deducting related expenses, including commissions paid to the sales agents of approximately $4.0 million, were approximately $312.3 million, which were primarily used to fund the Company’s recent acquisitions. In connection with any forward sales agreement under the Company’s ATM program, the relevant forward purchasers will borrow from third parties and, through the relevant sales agent, acting in its role as forward seller, sell a number of shares of the Company’s common stock equal to the number of shares underlying the agreement. The Company does not initially receive any proceeds from any sale of borrowed shares by the forward seller. ​ In September 2019, the Company entered into a forward sales agreement under its ATM program for 1.3 million shares of common stock at an initial forward price per share of $47.68. The initial forward price per share received by the Company upon settlement was determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sales agreement. ​ In December 2019, the Company settled all 1.3 million shares sold under the forward sales agreement at a forward price per share of $47.41, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of UDR common stock and commissions paid to sales agents of approximately $0.6 million, for net proceeds of $63.5 million. Aggregate net proceeds from such sales, after deducting related expenses, was $63.2 million. ​ As of December 31, 2019, we had 11.7 million shares of common stock available for future issuance under the ATM program. ​ In August 2019, the Company sold 7.5 million shares of its common stock for aggregate gross proceeds of approximately $349.9 million at a price per share of $46.65. Aggregate net proceeds from the sale, after offering-related expenses, were approximately $349.8 million, which were used for planned acquisitions of assets, working capital and general corporate purposes. 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, 2019, 2018, and 2017 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 OP/DownREIT Units 22,773 24,548 24,821 Convertible preferred stock 3,011 3,011 3,021 Stock options, unvested LTIP Units, and unvested restricted stock 768 1,304 1,806 ​

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2019
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY	9. 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 350.0 million shares of common stock and 50.0 million shares of preferred shares as of December 31, 2019. 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, 2019, 2018 and 2017 ( shares in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Preferred Stock ​ ​ Stock ​ Series E ​ Series F Balance at December 31, 2016 267,259 2,797 16,196 Issuance/(forfeiture) of common and restricted shares, net 70 — — Issuance of common shares through public offering 87 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 8 — — Conversion of Series E Cumulative Convertible shares ​ 17 ​ (16) ​ — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership ​ 381 — — Forfeiture of Series F shares ​ — — (344) Balance at December 31, 2017 267,822 2,781 15,852 Issuance/(forfeiture) of common and restricted shares, net 47 — — Issuance of common shares upon exercise of stock options 772 ​ ​ ​ ​ Issuance of common shares through public offering ​ 7,150 ​ ​ ​ ​ Repurchase of common shares ​ (593) ​ ​ ​ ​ Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 11 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 337 — — Forfeiture of Series F shares — — (50) Balance at December 31, 2018 275,546 2,781 15,802 Issuance/(forfeiture) of common and restricted shares, net 50 — — Issuance of common shares through public offering ​ 7,500 — — Issuance of common shares though ATM program ​ 6,988 ​ — ​ — Issuance of common shares through forward sales agreement ​ 1,339 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 1,969 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,196 — — Forfeiture of Series F shares — — (1,111) Balance at December 31, 2019 294,588 2,781 14,691 ​ 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 20.0 million 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, 2019, 11.7 million shares were available for sale under the continuous equity program. During the year ended December 31, 2019, the Company entered into the following equity transactions for our common stock: ● Issued 7.0 million shares of common stock through the Company’s ATM program at an average price per share of $45.29, for aggregate net proceeds of approximately $312.3 million; ● Issued 7.5 million shares of common stock through a public offering at a price per share of $46.65, for aggregate net proceeds of approximately $349.8 million; ● Issued 1.3 million shares of common stock through a forward sales agreement under the Company’s ATM program at a forward price per share of $47.41, for aggregate net proceeds of approximately $63.2 million after deducting related expenses; ● Issued 0.1 million shares of common stock through the Company’s 1999 Long-Term Incentive Plan (the “LTIP”); ● Issued 2.0 million shares of common stock upon redemption of OP Units, none of which resulted in the forfeiture of Series F Preferred Shares; and ● Issued 1.2 million shares of common stock upon redemption of DownREIT Units, resulting in the forfeiture of 1.1 million 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, 2019, 2018, and 2017 totaled $1.37, $1.29, and $1.24 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 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, 2019, 2018, and 2017 were $1.48, $1.40, and $1.33 per share, respectively. The Series E is not listed on any exchange. At December 31, 2019 and 2018, a total of 2,780,994 shares of the Series E were outstanding. UDR is authorized to issue up to 20.0 million 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, 2019 and 2018, 1.1 million and less than 0.1 million of the Series F shares were forfeited upon the conversion of OP Units and DownREIT Units into Company common stock, respectively. At December 31, 2019 and 2018, a total of 14.7 million and 15.8 million shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,469 and $1,580, 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 10.0 million shares of Company common stock. Shares in the amount of 11.0 million were reserved for issuance under the Stock Purchase Plan as of December 31, 2019. During the year ended December 31, 2019, UDR acquired all shares issued through the open market.

EMPLOYEE BENEFIT PLANS

EMPLOYEE BENEFIT PLANS	12 Months Ended
	Dec. 31, 2019
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS	In May 2001, the stockholders of UDR approved the long term incentive plan (“LTIP”), which supersedes the 1985 Stock Option Plan. The LTIP authorizes the granting of awards which may take the form of options to purchase shares of common stock, stock appreciation rights, restricted stock, dividend equivalents, other stock-based awards, and any other right or interest relating to common stock or cash incentive awards to Company directors, employees and outside trustees to promote the success of the Company by linking individual’s compensation via grants of share based payment. During the year ended December 31, 2015, the LTIP was amended to set forth the terms of new classes of partnership interests in the Operating Partnership designated as LTIP Units. LTIP Units are designed to qualify as “profits interests” in the Operating Partnership for federal income tax purposes, meaning that initially they are not economically equivalent in value to a share of our common stock, but over time can increase in value to one-for-one parity with common stock by operation of special tax rules applicable to profits interests. Until and unless such parity is reached, the value that an executive will realize for a given number of vested LTIP units is less than the value of an equal number of shares of our common stock. As of December 31, 2019, 19.0 million shares were reserved on an unadjusted basis for issuance upon the grant or exercise of awards under the LTIP. As of December 31, 2019, there were 6.3 million 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 LTIP Units and restricted stock activities during the year ended December 31, 2019 is as follows ( shares in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LTIP Units ​ Restricted Stock ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ Average Fair ​ ​ ​ ​ Average Fair ​ ​ ​ Value Per ​ ​ Number of ​ Value Per ​ Number ​ Restricted ​ ​ LTIP Units ​ LTIP Unit ​ of shares ​ Stock Balance, December 31, 2018 611 ​ $ 37.00 307 ​ $ 36.58 Granted 674 ​ 39.74 124 ​ 38.35 Vested (427) ​ 39.33 (176) ​ 36.61 Forfeited — ​ 37.69 (7) ​ 37.73 Balance, December 31, 2019 858 ​ $ 37.77 248 ​ $ 37.29 ​ As of December 31, 2019, the Company had granted 6.3 million shares of restricted stock and 2.9 million LTIP Units under the LTIP. Stock Option Plan The Company has no unexercised stock options outstanding and no remaining compensation expense related to unvested stock options as of December 31, 2019. During the years ended December 31, 2019, 2018, and 2017, 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 Short-Term Incentive Compensation In January 2019, certain officers of the Company were awarded a STI Unit grant under the 2019 Long-Term Incentive Program (“2019 LTI”). The STI Unit awards represent short-term incentive compensation for the officers and were valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant in accordance with ASC 718, Compensation - Stock Compensation Long-Term Incentive Compensation In January 2019, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2019 LTI. For both restricted stock grants and LTIP Unit grants, thirty percent of the 2019 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 2019 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 2019 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 for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $38.39 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 for compensation expense purposes at $17.47 per unit on the grant date, inclusive of a 9% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $18.24 per unit on the grant date, inclusive of a 5% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $43.63 per share for the comparable apartment REITs component and $43.42 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 21.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $20.89 per unit, inclusive of a 5% discount, for the comparable apartment REITs component and $20.79 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 21.0%. 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 for compensation expense purposes 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 for compensation expense purposes 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 for compensation expense purposes 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 for compensation expense purposes 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 for compensation expense purposes 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 for compensation expense purposes 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 for compensation expense purposes 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 for compensation expense purposes 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 for compensation expense purposes 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 for compensation expense purposes 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%. For the years ended December 31, 2019, 2018, and 2017, we recognized $12.4 million, $9.9 million and $8.9 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 $9.8 million and had a weighted average remaining contractual life of 1.4 years as of December 31, 2019. 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, 2019, 2018, and 2017, was $1.2 million, $1.3 million, and $1.3 million, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
INCOME TAXES
INCOME TAXES	11. INCOME TAXES For 2019, 2018, and 2017, 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, 2019, 2018 and 2017 ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Ordinary income $ 0.981 $ 0.774 $ 1.018 Qualified ordinary income ​ 0.004 ​ 0.006 ​ 0.011 Long-term capital gain ​ 0.021 ​ 0.058 ​ 0.133 Unrecaptured section 1250 gain ​ 0.063 ​ 0.233 ​ 0.063 Nondividend distributions ​ ​ 0.281 ​ ​ 0.207 ​ ​ — Total ​ $ 1.350 ​ $ 1.278 ​ $ 1.225 ​ 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, 2019, 2018, and 2017 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Income tax (benefit)/provision ​ ​ ​ Current ​ ​ ​ Federal ​ $ 1,466 ​ $ 220 ​ $ (1,205) State ​ 735 ​ 396 ​ 407 Total current ​ 2,201 ​ 616 ​ (798) Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 1,266 ​ 66 ​ 568 State ​ 371 ​ 6 ​ (10) Total deferred ​ 1,637 ​ 72 ​ 558 Total income tax (benefit)/provision ​ $ 3,838 ​ $ 688 ​ $ (240) Classification of income tax (benefit)/provision: ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ $ 3,838 ​ $ 688 ​ $ (240) ​ 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, 2019, 2018, and 2017 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Deferred tax assets: ​ ​ ​ Federal and state tax attributes ​ $ 22 ​ $ 28 ​ $ 8 Other ​ 87 ​ 70 ​ 139 Total deferred tax assets ​ 109 ​ 98 ​ 147 Valuation allowance ​ (19) ​ (16) ​ (9) Net deferred tax assets ​ 90 ​ 82 ​ 138 Deferred tax liabilities: ​ ​ ​ Book/tax depreciation and basis ​ ​ (367) ​ ​ — ​ ​ — Other investment ventures ​ ​ (1,291) ​ ​ (17) ​ ​ — Other ​ (67) ​ (67) ​ (67) Total deferred tax liabilities ​ (1,725) ​ (84) ​ (67) Net deferred tax assets/(liabilities) ​ $ (1,635) ​ $ (2) ​ $ 71 ​ 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 years ended December 31, 2019, and 2018 and 35% for the year ended 2017 as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Income tax provision/(benefit) ​ ​ ​ U.S. federal income tax provision/(benefit) ​ $ 2,905 ​ $ 321 ​ $ 581 State income tax provision ​ 1,013 ​ 527 ​ 493 Other items ​ (139) ​ (167) ​ (188) New tax law benefit ​ ​ — ​ ​ — ​ ​ (1,129) ITC basis adjustment ​ 56 ​ — ​ — Valuation allowance ​ 3 ​ 7 ​ 3 Total income tax provision/(benefit) ​ $ 3,838 ​ $ 688 ​ $ (240) ​ As of December 31, 2019, the Company had federal net operating loss carryovers (“NOL”) of $27.1 million expiring in 2032 through 2035 and state NOLs of $68.1 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. The Company’s Tax benefit/(provision), net 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 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 2014. The tax years 2016 through 2018 remain open to examination by the major taxing jurisdictions to which the Company is subject.

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	12 Months Ended
	Dec. 31, 2019
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	12. 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, 2019 and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2018 $ 972,740 $ 948,138 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 183,884 ​ 43,552 Conversion of OP Units/DownREIT Units to Common Stock ​ (134,031) ​ (13,328) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 14,426 ​ 18,215 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (32,270) ​ (32,798) OP Units Issued ​ ​ — ​ ​ 4,320 Vesting of Long-Term Incentive Plan Units ​ ​ 14,742 ​ ​ 4,397 Allocation of other comprehensive income/(loss) ​ (826) ​ 244 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2019 ​ $ 1,018,665 ​ $ 972,740 ​ 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 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 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

FAIR VALUE OF DERIVATIVES AND F

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2019
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	13. 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, 2019 and 2018 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, 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 ​ ​ 2019 ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable (a) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (b) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (b) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (c) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (c) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 16,583 ​ ​ 16,583 ​ ​ — ​ ​ — ​ ​ 16,583 Commercial paper program ​ ​ 300,000 ​ ​ 300,000 ​ ​ — ​ ​ — ​ ​ 300,000 Unsecured notes ​ ​ 3,263,152 ​ ​ 3,397,622 ​ ​ — ​ ​ — ​ ​ 3,397,622 Total liabilities ​ $ 4,731,595 ​ $ 4,853,337 ​ $ — ​ $ 142 ​ $ 4,853,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 facility ​ 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 ​ $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 14, Derivatives and Hedging Activity . (c) See Note 7, Secured and Unsecured Debt, Net . (d) See Note 12, 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, 2019. 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, 2019 and 2018, 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, 2019, 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 hierarchy 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 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, 2019
DERIVATIVES AND HEDGING ACTIVITY
DERIVATIVES AND HEDGING ACTIVITY	14. 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 During the year ended December 31, 2017, the Company recognized a loss of $0.1 million, reclassified from Accumulated other comprehensive income/(loss), net Interest expense Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of December 31, 2019, 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 (a) In addition to the interest rate swaps summarized above, the Company entered into an additional interest rate swap with a notional value of $315.0 million that will become effective in January 2020 upon the maturity of the interest rate swaps summarized above. Additionally, the Company had previously entered into two additional interest rate swaps with a notional value totaling $75.0 million that were subsequently terminated and settled during the year ended December 31, 2019 in conjunction with the July 2019 issuance of $300.0 million of senior unsecured medium-term notes as disclosed in Note 7, Secured and Unsecured, Net . ​ 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 the years ended December 31, 2019 and 2018, and a loss of less than $0.1 million for the year ended December 31, 2017. As of December 31, 2019, 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, 2019 and 2018 ( 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, ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 6 ​ $ 4,757 ​ $ 142 ​ $ 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, 2019, 2018, and 2017 ( 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 2019 2018 2017 2019 2018 2017 2019 2018 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (8,437) ​ $ 4,806 ​ $ 1,802 ​ $ 2,770 ​ $ 1,948 ​ $ (1,271) ​ $ — ​ $ — ​ $ (136) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ 2017 Total amount of Interest expense ​ $ 170,917 ​ $ 134,168 ​ $ 128,711 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2019 2018 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ — ​ $ — (1) ​ 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, 2019, the fair value of derivatives was in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, of less than $0.1 million. 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, 2019 and 2018 ( 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, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ $ 4,757 ​ $ — ​ $ 4,757 ​ $ — ​ $ — ​ $ 4,757 (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, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ $ 356 ​ $ — ​ $ 356 ​ $ — ​ $ — ​ $ 356 (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, 2019
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	​ 15. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 3 ​ $ 69,754 ​ $ 208,723 Wholly-owned — redevelopment 2 ​ ​ 15,744 ​ ​ 19,756 Joint ventures: ​ ​ Preferred equity investments 2 ​ ​ 73,868 (b) ​ 9,121 (c) Other investments ​ - ​ ​ 13,598 ​ ​ 8,100 (d) Total ​ $ 172,964 ​ $ 245,700 (a) Represents UDR’s investment as of December 31, 2019. (b) Represents UDR’s investment in 1300 Fairmount and Modera Lake Merritt, which were under development as of December 31, 2019. (c) Represents UDR’s remaining commitment for 1300 Fairmount and Modera Lake Merritt. (d) Represents UDR’s remaining commitment for other investment ventures. ​ Purchase Commitments In 2019, the Company entered into a contract to purchase a development land parcel located in King of Prussia, Pennsylvania for a purchase price of approximately $14.8 million. The Company made a $0.8 million deposit on the purchase, which is generally non-refundable other than due to a failure of closing conditions pursuant to the terms of the purchase agreement. The acquisition is expected to close in 2020, subject to customary closing conditions. 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, 2019
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	16. 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 2.875% 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 Non-Mature Communities/Other ● Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2018 and held as of December 31, 2019. 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 Non-Mature Community/Other 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. 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, 2019, 2018, and 2017. ​ 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 842, Leases ​ Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Company transfers a service to the lessee other than the right to use the underlying asset. The Company has elected the practical expedient under the leasing standard to not separate lease and non-lease components from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. ​ Other Revenue ​ ​ Joint venture management and other fees ​ The Joint venture management and other fees monthly as the management services are provided and the fees are earned or upon a transaction whereby the Company earns a fee. Joint venture management and other fees ​ The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2019, 2018, and 2017, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 392,456 ​ $ 377,259 ​ $ 361,277 Mid-Atlantic Region ​ 210,391 ​ 204,733 ​ 199,206 Southeast Region ​ ​ 113,175 ​ ​ 109,189 ​ ​ 104,106 Northeast Region ​ 119,910 ​ 117,572 ​ 115,713 Southwest Region ​ 54,516 ​ 52,970 ​ 51,949 Non-Mature Communities/Other ​ 162,969 ​ 94,176 ​ 77,524 Total segment and consolidated lease revenue ​ $ 1,053,417 ​ $ 955,899 ​ $ 909,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 31,045 ​ $ 28,493 ​ $ 27,493 Mid-Atlantic Region ​ 17,049 ​ 15,717 ​ 14,951 Southeast Region ​ 13,557 ​ 13,045 ​ 12,361 Northeast Region ​ 4,858 ​ 4,590 ​ 4,307 Southwest Region ​ 5,312 ​ 5,281 ​ 5,152 Non-Mature Communities/Other ​ 12,900 ​ 12,080 ​ 10,270 Total segment and consolidated other revenue ​ $ 84,721 ​ $ 79,206 ​ $ 74,534 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 423,501 ​ $ 405,752 ​ $ 388,770 Mid-Atlantic Region ​ 227,440 ​ 220,450 ​ 214,157 Southeast Region ​ 126,732 ​ 122,234 ​ 116,467 Northeast Region ​ 124,768 ​ 122,162 ​ 120,020 Southwest Region ​ 59,828 ​ 58,251 ​ 57,101 Non-Mature Communities/Other ​ 175,869 ​ 106,256 ​ 87,794 Total segment and consolidated rental income ​ $ 1,138,138 ​ $ 1,035,105 ​ $ 984,309 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 321,890 ​ $ 306,307 ​ $ 291,265 Mid-Atlantic Region ​ 159,665 ​ 153,670 ​ 150,126 Southeast Region ​ 88,467 ​ 85,220 ​ 80,726 Northeast Region ​ 83,832 ​ 84,059 ​ 83,569 Southwest Region ​ 36,589 ​ 34,506 ​ 34,439 Non-Mature Communities/Other ​ 117,860 ​ 68,353 ​ 58,378 Total segment and consolidated NOI ​ 808,303 ​ 732,115 ​ 698,503 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 14,055 ​ 11,754 ​ 11,482 Property management ​ (32,721) ​ (28,465) ​ (27,068) Other operating expenses ​ (13,932) ​ (12,100) ​ (9,060) Real estate depreciation and amortization ​ (501,257) ​ (429,006) ​ (430,054) General and administrative ​ (51,533) ​ (46,983) ​ (48,566) Casualty-related (charges)/recoveries, net ​ (474) ​ (2,121) ​ (4,335) Other depreciation and amortization ​ (6,666) ​ (6,673) ​ (6,408) Gain/(loss) on sale of real estate owned ​ ​ 5,282 ​ ​ 136,197 ​ ​ 43,404 Income/(loss) from unconsolidated entities ​ 137,873 ​ (5,055) ​ 31,257 Interest expense ​ (170,917) ​ (134,168) ​ (128,711) Interest income and other income/(expense), net ​ 15,404 ​ 6,735 ​ 1,971 Tax (provision)/benefit, net ​ (3,838) ​ (688) ​ 240 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (14,426) ​ (18,215) ​ (10,933) Net (income)/loss attributable to noncontrolling interests ​ (188) ​ (221) ​ (164) Net income/(loss) attributable to UDR, Inc. ​ $ 184,965 ​ $ 203,106 ​ $ 121,558 (a) Same-Store Community population consisted of 37,959 apartment homes. ​ The following table details the assets of UDR’s reportable segments as of December 31, 2019 and 2018 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,810,672 ​ $ 3,763,366 Mid-Atlantic Region ​ 2,350,341 ​ 2,317,369 Southeast Region ​ 806,830 ​ 779,310 Northeast Region ​ 1,500,597 ​ 1,491,994 Southwest Region ​ 456,140 ​ 447,305 Non-Mature Communities/Other ​ 3,677,521 ​ 1,396,815 Total segment assets ​ 12,602,101 ​ 10,196,159 Accumulated depreciation ​ (4,131,353) ​ (3,654,160) Total segment assets — net book value ​ 8,470,748 ​ 6,541,999 Reconciling items: ​ ​ Cash and cash equivalents ​ 8,106 ​ 185,216 Restricted cash ​ 25,185 ​ 23,675 Notes receivable, net ​ 153,650 ​ 42,259 Investment in and advances to unconsolidated joint ventures, net ​ 588,262 ​ 780,869 Operating lease right-of-use assets ​ ​ 204,225 ​ ​ — Other assets ​ 186,296 ​ 137,710 Total consolidated assets ​ $ 9,636,472 ​ $ 7,711,728 (a) Same-Store Community population consisted of 37,959 apartment homes. 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. Southeast Region — Orlando, Nashville, Tampa and Other Florida iv. Northeast Region — New York and Boston v. Southwest Region — Dallas, Austin and Denver

UNAUDITED SUMMARIZED CONSOLIDAT

UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2019
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA	17. UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2019 and 2018 is summarized in the table below (dollars in thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, 2019 ​ ​ ​ ​ Rental income ​ $ 267,922 ​ $ 278,463 ​ $ 289,008 ​ $ 302,745 Net income/(loss) ​ 26,602 ​ 38,318 ​ 29,422 ​ 105,237 Net income/(loss) attributable to common stockholders (a) ​ 23,492 ​ 34,588 ​ 26,173 ​ 96,928 Income/(loss) attributable to common stockholders per weighted average common share (a): ​ ​ ​ ​ Basic ​ $ 0.08 ​ $ 0.12 ​ $ 0.09 ​ $ 0.33 Diluted ​ $ 0.08 ​ $ 0.12 ​ $ 0.09 ​ $ 0.33 Weighted average number of common shares outstanding: ​ ​ ​ ​ Basic ​ 277,002 ​ 281,960 ​ 288,706 ​ 293,107 Diluted ​ 277,557 ​ 282,575 ​ 289,529 ​ 294,073 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 (a) Due to the quarterly pro-rata calculation of noncontrolling interest and rounding, the sum of the quarterly per share and/or dollar amounts may not equal the annual totals.

SCHEDULE III - REAL ESTATE OWNE

SCHEDULE III - REAL ESTATE OWNED	12 Months Ended
	Dec. 31, 2019
Schedule III - Real Estate Owned
Schedule III - Real Estate Owned	UDR, INC. SCHEDULE III — REAL ESTATE OWNED DECEMBER 31, 2019 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 22,350 ​ $ 22,175 ​ $ 49,189 ​ $ 71,364 ​ $ 35,561 ​ 1965/2003 ​ Jun-03 27 Seventy Five Mesa Verde ​ ​ — ​ ​ 99,329 ​ ​ 110,644 ​ ​ 209,973 ​ ​ 104,036 ​ ​ 114,820 ​ ​ 199,189 ​ ​ 314,009 ​ ​ 137,814 ​ 1979/2013 ​ Oct-04 Huntington Vista ​ ​ — ​ ​ 8,055 ​ ​ 22,486 ​ ​ 30,541 ​ ​ 14,117 ​ ​ 9,277 ​ ​ 35,381 ​ ​ 44,658 ​ ​ 25,545 ​ 1970 ​ Jun-03 Missions at Back Bay ​ ​ — ​ ​ 229 ​ ​ 14,129 ​ ​ 14,358 ​ ​ 3,822 ​ ​ 10,990 ​ ​ 7,190 ​ ​ 18,180 ​ ​ 5,486 ​ 1969 ​ Dec-03 Eight 80 Newport Beach - North ​ ​ — ​ ​ 62,516 ​ ​ 46,082 ​ ​ 108,598 ​ ​ 45,252 ​ ​ 69,131 ​ ​ 84,719 ​ ​ 153,850 ​ ​ 60,216 ​ 1968/2000/2016 ​ Oct-04 Eight 80 Newport Beach - South ​ ​ — ​ ​ 58,785 ​ ​ 50,067 ​ ​ 108,852 ​ ​ 35,651 ​ ​ 60,953 ​ ​ 83,550 ​ ​ 144,503 ​ ​ 56,092 ​ 1968/2000/2016 ​ Mar-05 Foxborough ​ ​ — ​ ​ 12,071 ​ ​ 6,187 ​ ​ 18,258 ​ ​ 4,701 ​ ​ 12,528 ​ ​ 10,431 ​ ​ 22,959 ​ ​ 7,409 ​ 1969 ​ Sep-04 1818 Platinum Triangle ​ ​ — ​ ​ 16,663 ​ ​ 51,905 ​ ​ 68,568 ​ ​ 4,031 ​ ​ 17,074 ​ ​ 55,525 ​ ​ 72,599 ​ ​ 30,618 ​ 2009 ​ Aug-10 Beach & Ocean ​ ​ — ​ ​ 12,878 ​ ​ — ​ ​ 12,878 ​ ​ 39,374 ​ ​ 13,114 ​ ​ 39,138 ​ ​ 52,252 ​ ​ 12,871 ​ 2014 ​ Aug-11 The Residences at Bella Terra ​ ​ — ​ ​ 25,000 ​ ​ — ​ ​ 25,000 ​ ​ 129,030 ​ ​ 25,476 ​ ​ 128,554 ​ ​ 154,030 ​ ​ 50,709 ​ 2013 ​ Oct-11 Los Alisos at Mission Viejo ​ ​ — ​ ​ 17,298 ​ ​ — ​ ​ 17,298 ​ ​ 71,351 ​ ​ 16,674 ​ ​ 71,975 ​ ​ 88,649 ​ ​ 26,850 ​ 2014 ​ Jun-04 The Residences at Pacific City ​ ​ — ​ ​ 78,085 ​ ​ — ​ ​ 78,085 ​ ​ 276,247 ​ ​ 78,143 ​ ​ 276,189 ​ ​ 354,332 ​ ​ 37,475 ​ 2018 ​ Jan-14 Parallel ​ ​ — ​ ​ 15,181 ​ ​ 100,595 ​ ​ 115,776 ​ ​ 705 ​ ​ 15,184 ​ ​ 101,297 ​ ​ 116,481 ​ ​ 7,003 ​ 2018 ​ Jan-19 ORANGE COUNTY, CA ​ — ​ 426,566 ​ 430,633 ​ 857,199 ​ 750,667 ​ 465,539 ​ 1,142,327 ​ 1,607,866 ​ 493,649 ​ ​ ​ ​ 2000 Post Street ​ ​ — ​ ​ 9,861 ​ ​ 44,578 ​ ​ 54,439 ​ ​ 36,423 ​ ​ 14,406 ​ ​ 76,456 ​ ​ 90,862 ​ ​ 43,622 ​ 1987/2016 ​ Dec-98 Birch Creek ​ ​ — ​ ​ 4,365 ​ ​ 16,696 ​ ​ 21,061 ​ ​ 9,895 ​ ​ 1,376 ​ ​ 29,580 ​ ​ 30,956 ​ ​ 17,725 ​ 1968 ​ Dec-98 Highlands Of Marin ​ ​ — ​ ​ 5,996 ​ ​ 24,868 ​ ​ 30,864 ​ ​ 28,751 ​ ​ 7,995 ​ ​ 51,620 ​ ​ 59,615 ​ ​ 37,583 ​ 1991/2010 ​ Dec-98 Marina Playa ​ ​ — ​ ​ 6,224 ​ ​ 23,916 ​ ​ 30,140 ​ ​ 13,977 ​ ​ 1,242 ​ ​ 42,875 ​ ​ 44,117 ​ ​ 24,745 ​ 1971 ​ Dec-98 River Terrace ​ ​ — ​ ​ 22,161 ​ ​ 40,137 ​ ​ 62,298 ​ ​ 7,850 ​ ​ 22,911 ​ ​ 47,237 ​ ​ 70,148 ​ ​ 32,060 ​ 2005 ​ Aug-05 CitySouth ​ ​ — ​ ​ 14,031 ​ ​ 30,537 ​ ​ 44,568 ​ ​ 38,610 ​ ​ 16,545 ​ ​ 66,633 ​ ​ 83,178 ​ ​ 48,737 ​ 1972/2012 ​ Nov-05 Bay Terrace ​ ​ — ​ ​ 8,545 ​ ​ 14,458 ​ ​ 23,003 ​ ​ 7,231 ​ ​ 11,637 ​ ​ 18,597 ​ ​ 30,234 ​ ​ 12,278 ​ 1962 ​ Oct-05 Highlands of Marin Phase II ​ ​ — ​ ​ 5,353 ​ ​ 18,559 ​ ​ 23,912 ​ ​ 11,287 ​ ​ 5,777 ​ ​ 29,422 ​ ​ 35,199 ​ ​ 20,313 ​ 1968/2010 ​ Oct-07 Edgewater ​ ​ — ​ ​ 30,657 ​ ​ 83,872 ​ ​ 114,529 ​ ​ 12,736 ​ ​ 30,804 ​ ​ 96,461 ​ ​ 127,265 ​ ​ 57,547 ​ 2007 ​ Mar-08 Almaden Lake Village ​ ​ 27,000 ​ ​ 594 ​ ​ 42,515 ​ ​ 43,109 ​ ​ 9,265 ​ ​ 963 ​ ​ 51,411 ​ ​ 52,374 ​ ​ 31,947 ​ 1999 ​ Jul-08 388 Beale ​ ​ — ​ ​ 14,253 ​ ​ 74,104 ​ ​ 88,357 ​ ​ 13,993 ​ ​ 14,643 ​ ​ 87,707 ​ ​ 102,350 ​ ​ 42,629 ​ 1999 ​ Apr-11 Channel Mission Bay ​ ​ — ​ ​ 23,625 ​ ​ — ​ ​ 23,625 ​ ​ 131,471 ​ ​ 23,983 ​ ​ 131,113 ​ ​ 155,096 ​ ​ 48,635 ​ 2014 ​ Sep-10 SAN FRANCISCO, CA ​ 27,000 ​ 145,665 ​ 414,240 ​ 559,905 ​ 321,489 ​ 152,282 ​ 729,112 ​ 881,394 ​ 417,821 ​ ​ ​ ​ Crowne Pointe ​ ​ — ​ ​ 2,486 ​ ​ 6,437 ​ ​ 8,923 ​ ​ 9,323 ​ ​ 3,177 ​ ​ 15,069 ​ ​ 18,246 ​ ​ 10,776 ​ 1987 ​ Dec-98 Hilltop ​ ​ — ​ ​ 2,174 ​ ​ 7,408 ​ ​ 9,582 ​ ​ 6,365 ​ ​ 3,030 ​ ​ 12,917 ​ ​ 15,947 ​ ​ 9,216 ​ 1985 ​ Dec-98 The Hawthorne ​ ​ — ​ ​ 6,474 ​ ​ 30,226 ​ ​ 36,700 ​ ​ 8,473 ​ ​ 7,101 ​ ​ 38,072 ​ ​ 45,173 ​ ​ 26,389 ​ 2003 ​ Jul-05 The Kennedy ​ ​ — ​ ​ 6,179 ​ ​ 22,307 ​ ​ 28,486 ​ ​ 3,261 ​ ​ 6,300 ​ ​ 25,447 ​ ​ 31,747 ​ ​ 17,028 ​ 2005 ​ Nov-05 Hearthstone at Merrill Creek ​ ​ — ​ ​ 6,848 ​ ​ 30,922 ​ ​ 37,770 ​ ​ 7,368 ​ ​ 7,302 ​ ​ 37,836 ​ ​ 45,138 ​ ​ 23,317 ​ 2000 ​ May-08 Island Square ​ ​ — ​ ​ 21,284 ​ ​ 89,389 ​ ​ 110,673 ​ ​ 7,672 ​ ​ 21,667 ​ ​ 96,678 ​ ​ 118,345 ​ ​ 58,376 ​ 2007 ​ Jul-08 Borgata ​ ​ — ​ ​ 6,379 ​ ​ 24,569 ​ ​ 30,948 ​ ​ 5,542 ​ ​ 6,452 ​ ​ 30,038 ​ ​ 36,490 ​ ​ 18,943 ​ 2001/2016 ​ May-07 elements too ​ ​ — ​ ​ 27,468 ​ ​ 72,036 ​ ​ 99,504 ​ ​ 19,466 ​ ​ 30,331 ​ ​ 88,639 ​ ​ 118,970 ​ ​ 64,466 ​ 2010 ​ Feb-10 989elements ​ ​ — ​ ​ 8,541 ​ ​ 45,990 ​ ​ 54,531 ​ ​ 5,009 ​ ​ 8,679 ​ ​ 50,861 ​ ​ 59,540 ​ ​ 28,277 ​ 2006 ​ Dec-09 Lightbox ​ ​ — ​ ​ 6,449 ​ ​ 38,884 ​ ​ 45,333 ​ ​ 1,235 ​ ​ 6,474 ​ ​ 40,094 ​ ​ 46,568 ​ ​ 13,689 ​ 2014 ​ Aug-14 Waterscape ​ ​ — ​ ​ 9,693 ​ ​ 65,176 ​ ​ 74,869 ​ ​ 3,222 ​ ​ 9,784 ​ ​ 68,307 ​ ​ 78,091 ​ ​ 20,951 ​ 2014 ​ Sep-14 Ashton Bellevue ​ ​ 44,594 ​ ​ 8,287 ​ ​ 124,939 ​ ​ 133,226 ​ ​ 2,631 ​ ​ 8,368 ​ ​ 127,489 ​ ​ 135,857 ​ ​ 23,100 ​ 2009 ​ Oct-16 TEN20 ​ ​ 26,337 ​ ​ 5,247 ​ ​ 76,587 ​ ​ 81,834 ​ ​ 3,635 ​ ​ 5,292 ​ ​ 80,177 ​ ​ 85,469 ​ ​ 14,496 ​ 2009 ​ Oct-16 Milehouse ​ ​ — ​ ​ 5,976 ​ ​ 63,041 ​ ​ 69,017 ​ ​ 741 ​ ​ 5,995 ​ ​ 63,763 ​ ​ 69,758 ​ ​ 12,863 ​ 2016 ​ Nov-16 CityLine ​ ​ — ​ ​ 11,220 ​ ​ 85,787 ​ ​ 97,007 ​ ​ 348 ​ ​ 11,228 ​ ​ 86,127 ​ ​ 97,355 ​ ​ 16,232 ​ 2016 ​ Jan-17 CityLine II ​ ​ — ​ ​ 3,723 ​ ​ 56,843 ​ ​ 60,566 ​ ​ 435 ​ ​ 3,723 ​ ​ 57,278 ​ ​ 61,001 ​ ​ 3,947 ​ 2018 ​ Jan-19 SEATTLE, WA ​ 70,931 ​ 138,428 ​ 840,541 ​ 978,969 ​ 84,726 ​ 144,903 ​ 918,792 ​ 1,063,695 ​ 362,066 ​ ​ ​ ​ Rosebeach ​ ​ — ​ ​ 8,414 ​ ​ 17,449 ​ ​ 25,863 ​ ​ 5,903 ​ ​ 8,855 ​ ​ 22,911 ​ ​ 31,766 ​ ​ 16,642 ​ 1970 ​ Sep-04 Tierra Del Rey ​ ​ — ​ ​ 39,586 ​ ​ 36,679 ​ ​ 76,265 ​ ​ 8,415 ​ ​ 39,857 ​ ​ 44,823 ​ ​ 84,680 ​ ​ 27,165 ​ 1998 ​ Dec-07 The Westerly ​ ​ — ​ ​ 48,182 ​ ​ 102,364 ​ ​ 150,546 ​ ​ 41,493 ​ ​ 50,887 ​ ​ 141,152 ​ ​ 192,039 ​ ​ 83,909 ​ 1993/2013 ​ Sep-10 Jefferson at Marina del Rey ​ ​ — ​ ​ 55,651 ​ ​ — ​ ​ 55,651 ​ ​ 94,053 ​ ​ 61,580 ​ ​ 88,124 ​ ​ 149,704 ​ ​ 52,782 ​ 2008 ​ Sep-07 LOS ANGELES, CA ​ — ​ 151,833 ​ 156,492 ​ 308,325 ​ 149,864 ​ 161,179 ​ 297,010 ​ 458,189 ​ 180,498 ​ ​ ​ ​ Boronda Manor ​ ​ — ​ ​ 1,946 ​ ​ 8,982 ​ ​ 10,928 ​ ​ 11,332 ​ ​ 3,330 ​ ​ 18,930 ​ ​ 22,260 ​ ​ 11,809 ​ 1979 ​ Dec-98 Garden Court ​ ​ — ​ ​ 888 ​ ​ 4,188 ​ ​ 5,076 ​ ​ 6,546 ​ ​ 1,613 ​ ​ 10,009 ​ ​ 11,622 ​ ​ 6,382 ​ 1973 ​ Dec-98 Cambridge Court ​ ​ — ​ ​ 3,039 ​ ​ 12,883 ​ ​ 15,922 ​ ​ 18,449 ​ ​ 5,695 ​ ​ 28,676 ​ ​ 34,371 ​ ​ 18,243 ​ 1974 ​ Dec-98 Laurel Tree ​ ​ — ​ ​ 1,304 ​ ​ 5,115 ​ ​ 6,419 ​ ​ 7,657 ​ ​ 2,449 ​ ​ 11,627 ​ ​ 14,076 ​ ​ 7,337 ​ 1977 ​ Dec-98 The Pointe At Harden Ranch ​ ​ — ​ ​ 6,388 ​ ​ 23,854 ​ ​ 30,242 ​ ​ 33,268 ​ ​ 10,345 ​ ​ 53,165 ​ ​ 63,510 ​ ​ 32,804 ​ 1986 ​ Dec-98 The Pointe At Northridge ​ ​ — ​ ​ 2,044 ​ ​ 8,028 ​ ​ 10,072 ​ ​ 12,096 ​ ​ 3,623 ​ ​ 18,545 ​ ​ 22,168 ​ ​ 11,851 ​ 1979 ​ Dec-98 The Pointe At Westlake ​ ​ — ​ ​ 1,329 ​ ​ 5,334 ​ ​ 6,663 ​ ​ 7,960 ​ ​ 2,361 ​ ​ 12,262 ​ ​ 14,623 ​ ​ 7,544 ​ 1975 ​ Dec-98 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 MONTEREY PENINSULA, CA ​ — ​ 16,938 ​ 68,384 ​ 85,322 ​ 97,308 ​ 29,416 ​ 153,214 ​ 182,630 ​ 95,970 ​ ​ ​ ​ Verano at Rancho Cucamonga Town Square ​ ​ — ​ ​ 13,557 ​ ​ 3,645 ​ ​ 17,202 ​ ​ 57,985 ​ ​ 23,633 ​ ​ 51,554 ​ ​ 75,187 ​ ​ 42,170 ​ 2006 ​ Oct-02 Windemere at Sycamore Highland ​ ​ — ​ ​ 5,810 ​ ​ 23,450 ​ ​ 29,260 ​ ​ 4,934 ​ ​ 6,271 ​ ​ 27,923 ​ ​ 34,194 ​ ​ 21,136 ​ 2001 ​ Nov-02 Strata ​ ​ 42,698 ​ ​ 14,278 ​ ​ 84,242 ​ ​ 98,520 ​ ​ 85 ​ ​ 14,278 ​ ​ 84,327 ​ ​ 98,605 ​ ​ 468 ​ 2010 ​ Nov-19 OTHER SOUTHERN CA ​ 42,698 ​ 33,645 ​ 111,337 ​ 144,982 ​ 63,004 ​ 44,182 ​ 163,804 ​ 207,986 ​ 63,774 ​ ​ ​ ​ Tualatin Heights ​ ​ — ​ ​ 3,273 ​ ​ 9,134 ​ ​ 12,407 ​ ​ 9,090 ​ ​ 4,141 ​ ​ 17,356 ​ ​ 21,497 ​ ​ 12,657 ​ 1989 ​ Dec-98 Hunt Club ​ ​ — ​ ​ 6,014 ​ ​ 14,870 ​ ​ 20,884 ​ ​ 8,014 ​ ​ 6,516 ​ ​ 22,382 ​ ​ 28,898 ​ ​ 17,520 ​ 1985 ​ Sep-04 PORTLAND, OR ​ — ​ 9,287 ​ 24,004 ​ 33,291 ​ 17,104 ​ 10,657 ​ 39,738 ​ 50,395 ​ 30,177 ​ ​ ​ ​ TOTAL WEST REGION ​ 140,629 ​ 922,362 ​ 2,045,631 ​ 2,967,993 ​ 1,484,162 ​ 1,008,158 ​ 3,443,997 ​ 4,452,155 ​ 1,643,955 ​ ​ ​ ​ MID-ATLANTIC REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dominion Middle Ridge ​ ​ — ​ ​ 3,311 ​ ​ 13,283 ​ ​ 16,594 ​ ​ 11,745 ​ ​ 4,054 ​ ​ 24,285 ​ ​ 28,339 ​ ​ 16,308 ​ 1990 ​ Jun-96 Dominion Lake Ridge ​ ​ — ​ ​ 2,366 ​ ​ 8,387 ​ ​ 10,753 ​ ​ 9,611 ​ ​ 3,163 ​ ​ 17,201 ​ ​ 20,364 ​ ​ 12,846 ​ 1987 ​ Feb-96 Presidential Greens ​ ​ — ​ ​ 11,238 ​ ​ 18,790 ​ ​ 30,028 ​ ​ 13,019 ​ ​ 11,826 ​ ​ 31,221 ​ ​ 43,047 ​ ​ 24,563 ​ 1938 ​ May-02 The Whitmore ​ ​ — ​ ​ 6,418 ​ ​ 13,411 ​ ​ 19,829 ​ ​ 24,170 ​ ​ 7,564 ​ ​ 36,435 ​ ​ 43,999 ​ ​ 28,764 ​ 1962/2008 ​ Apr-02 Ridgewood -apts side ​ ​ — ​ ​ 5,612 ​ ​ 20,086 ​ ​ 25,698 ​ ​ 10,801 ​ ​ 6,362 ​ ​ 30,137 ​ ​ 36,499 ​ ​ 24,033 ​ 1988 ​ Aug-02 DelRay Tower ​ ​ — ​ ​ 297 ​ ​ 12,786 ​ ​ 13,083 ​ ​ 116,038 ​ ​ 9,652 ​ ​ 119,469 ​ ​ 129,121 ​ ​ 40,394 ​ 2014 ​ Jan-08 Waterside Towers ​ ​ — ​ ​ 13,001 ​ ​ 49,657 ​ ​ 62,658 ​ ​ 31,372 ​ ​ 50,603 ​ ​ 43,427 ​ ​ 94,030 ​ ​ 29,028 ​ 1971 ​ Dec-03 Wellington Place at Olde Town ​ ​ — ​ ​ 13,753 ​ ​ 36,059 ​ ​ 49,812 ​ ​ 20,955 ​ ​ 14,885 ​ ​ 55,882 ​ ​ 70,767 ​ ​ 41,845 ​ 1987/2008 ​ Sep-05 Andover House ​ ​ — ​ ​ 183 ​ ​ 59,948 ​ ​ 60,131 ​ ​ 6,813 ​ ​ 317 ​ ​ 66,627 ​ ​ 66,944 ​ ​ 39,795 ​ 2004 ​ Mar-07 Sullivan Place ​ ​ — ​ ​ 1,137 ​ ​ 103,676 ​ ​ 104,813 ​ ​ 12,102 ​ ​ 1,775 ​ ​ 115,140 ​ ​ 116,915 ​ ​ 72,629 ​ 2007 ​ Dec-07 Delancey at Shirlington ​ ​ — ​ ​ 21,606 ​ ​ 66,765 ​ ​ 88,371 ​ ​ 5,930 ​ ​ 21,713 ​ ​ 72,588 ​ ​ 94,301 ​ ​ 43,905 ​ 2006/2007 ​ Mar-08 View 14 ​ ​ — ​ ​ 5,710 ​ ​ 97,941 ​ ​ 103,651 ​ ​ 5,174 ​ ​ 5,780 ​ ​ 103,045 ​ ​ 108,825 ​ ​ 49,727 ​ 2009 ​ Jun-11 Signal Hill Apartments ​ ​ — ​ ​ 13,290 ​ ​ — ​ ​ 13,290 ​ ​ 72,169 ​ ​ 25,576 ​ ​ 59,883 ​ ​ 85,459 ​ ​ 41,319 ​ 2010 ​ Mar-07 Capitol View on 14th ​ ​ — ​ ​ 31,393 ​ ​ — ​ ​ 31,393 ​ ​ 96,501 ​ ​ 31,471 ​ ​ 96,423 ​ ​ 127,894 ​ ​ 40,878 ​ 2013 ​ Sep-07 Domain College Park ​ ​ — ​ ​ 7,300 ​ ​ — ​ ​ 7,300 ​ ​ 60,095 ​ ​ 7,508 ​ ​ 59,887 ​ ​ 67,395 ​ ​ 22,856 ​ 2014 ​ Jun-11 1200 East West ​ ​ — ​ ​ 9,748 ​ ​ 68,022 ​ ​ 77,770 ​ ​ 3,289 ​ ​ 9,888 ​ ​ 71,171 ​ ​ 81,059 ​ ​ 16,873 ​ 2010 ​ Oct-15 Courts at Huntington Station ​ ​ — ​ ​ 27,749 ​ ​ 111,878 ​ ​ 139,627 ​ ​ 4,526 ​ ​ 28,085 ​ ​ 116,068 ​ ​ 144,153 ​ ​ 31,845 ​ 2011 ​ Oct-15 Eleven55 Ripley ​ ​ — ​ ​ 15,566 ​ ​ 107,539 ​ ​ 123,105 ​ ​ 4,111 ​ ​ 15,838 ​ ​ 111,378 ​ ​ 127,216 ​ ​ 26,234 ​ 2014 ​ Oct-15 Arbor Park of Alexandria ​ ​ 80,664 ​ ​ 50,881 ​ ​ 159,728 ​ ​ 210,609 ​ ​ 5,571 ​ ​ 51,347 ​ ​ 164,833 ​ ​ 216,180 ​ ​ 44,595 ​ 1969/2015 ​ Oct-15 Courts at Dulles ​ ​ — ​ ​ 14,697 ​ ​ 83,834 ​ ​ 98,531 ​ ​ 10,035 ​ ​ 14,767 ​ ​ 93,799 ​ ​ 108,566 ​ ​ 26,917 ​ 2000 ​ Oct-15 Newport Village ​ ​ 127,600 ​ ​ 55,283 ​ ​ 177,454 ​ ​ 232,737 ​ ​ 20,485 ​ ​ 55,708 ​ ​ 197,514 ​ ​ 253,222 ​ ​ 54,930 ​ 1968 ​ Oct-15 1301 Thomas Circle ​ ​ — ​ ​ 27,836 ​ ​ 128,191 ​ ​ 156,027 ​ ​ 144 ​ ​ 27,836 ​ ​ 128,335 ​ ​ 156,171 ​ ​ 2,892 ​ 2006 ​ Aug-19 Crescent Falls Church ​ ​ 43,803 ​ ​ 13,687 ​ ​ 88,692 ​ ​ 102,379 ​ ​ 27 ​ ​ 13,687 ​ ​ 88,719 ​ ​ 102,406 ​ ​ 577 ​ 2010 ​ Nov-19 METROPOLITAN, D.C. ​ 252,067 ​ 352,062 ​ 1,426,127 ​ 1,778,189 ​ 544,683 ​ 419,405 ​ 1,903,467 ​ 2,322,872 ​ 733,753 ​ ​ ​ ​ Gayton Pointe Townhomes ​ ​ — ​ ​ 826 ​ ​ 5,148 ​ ​ 5,974 ​ ​ 31,396 ​ ​ 3,598 ​ ​ 33,772 ​ ​ 37,370 ​ ​ 30,959 ​ 1973/2007 ​ Sep-95 Waterside At Ironbridge ​ ​ — ​ ​ 1,844 ​ ​ 13,239 ​ ​ 15,083 ​ ​ 9,922 ​ ​ 2,575 ​ ​ 22,430 ​ ​ 25,005 ​ ​ 16,763 ​ 1987 ​ Sep-97 Carriage Homes at Wyndham ​ ​ — ​ ​ 474 ​ ​ 30,997 ​ ​ 31,471 ​ ​ 10,475 ​ ​ 4,056 ​ ​ 37,890 ​ ​ 41,946 ​ ​ 28,644 ​ 1998 ​ Nov-03 Legacy at Mayland ​ ​ — ​ ​ 1,979 ​ ​ 11,524 ​ ​ 13,503 ​ ​ 33,902 ​ ​ 5,451 ​ ​ 41,954 ​ ​ 47,405 ​ ​ 37,420 ​ 1973/2007 ​ Dec-91 RICHMOND, VA ​ — ​ 5,123 ​ 60,908 ​ 66,031 ​ 85,695 ​ 15,680 ​ 136,046 ​ 151,726 ​ 113,786 ​ ​ ​ ​ Calvert's Walk ​ ​ — ​ ​ 4,408 ​ ​ 24,692 ​ ​ 29,100 ​ ​ 9,266 ​ ​ 4,996 ​ ​ 33,370 ​ ​ 38,366 ​ ​ 25,052 ​ 1988 ​ Mar-04 20 Lambourne ​ ​ — ​ ​ 11,750 ​ ​ 45,590 ​ ​ 57,340 ​ ​ 10,667 ​ ​ 12,428 ​ ​ 55,579 ​ ​ 68,007 ​ ​ 34,852 ​ 2003 ​ Mar-08 Domain Brewers Hill ​ ​ — ​ ​ 4,669 ​ ​ 40,630 ​ ​ 45,299 ​ ​ 2,279 ​ ​ 4,808 ​ ​ 42,770 ​ ​ 47,578 ​ ​ 22,704 ​ 2009 ​ Aug-10 Rodgers Forge ​ ​ — ​ ​ 15,392 ​ ​ 67,958 ​ ​ 83,350 ​ ​ 3,001 ​ ​ 15,392 ​ ​ 70,959 ​ ​ 86,351 ​ ​ 3,367 ​ 1945 ​ Apr-19 Towson Promenade ​ ​ 58,600 ​ ​ 12,599 ​ ​ 78,847 ​ ​ 91,446 ​ ​ 29 ​ ​ 12,599 ​ ​ 78,876 ​ ​ 91,475 ​ ​ 501 ​ 2009 ​ Nov-19 BALTIMORE, MD ​ 58,600 ​ 48,818 ​ 257,717 ​ 306,535 ​ 25,242 ​ 50,223 ​ 281,554 ​ 331,777 ​ 86,476 ​ ​ ​ ​ TOTAL MID-ATLANTIC REGION ​ 310,667 ​ 406,003 ​ 1,744,752 ​ 2,150,755 ​ 655,620 ​ 485,308 ​ 2,321,067 ​ 2,806,375 ​ 934,015 ​ ​ ​ ​ SOUTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Seabrook ​ ​ — ​ ​ 1,846 ​ ​ 4,155 ​ ​ 6,001 ​ ​ 10,276 ​ ​ 3,018 ​ ​ 13,259 ​ ​ 16,277 ​ ​ 11,396 ​ 1984/2004 ​ Feb-96 Altamira Place ​ ​ — ​ ​ 1,533 ​ ​ 11,076 ​ ​ 12,609 ​ ​ 22,790 ​ ​ 3,887 ​ ​ 31,512 ​ ​ 35,399 ​ ​ 28,929 ​ 1984/2007 ​ Apr-94 Regatta Shore ​ ​ — ​ ​ 757 ​ ​ 6,608 ​ ​ 7,365 ​ ​ 18,177 ​ ​ 2,301 ​ ​ 23,241 ​ ​ 25,542 ​ ​ 20,424 ​ 1988/2007 ​ Jun-94 Alafaya Woods ​ ​ — ​ ​ 1,653 ​ ​ 9,042 ​ ​ 10,695 ​ ​ 12,841 ​ ​ 2,860 ​ ​ 20,676 ​ ​ 23,536 ​ ​ 16,273 ​ 1989/2006 ​ Oct-94 Los Altos ​ ​ — ​ ​ 2,804 ​ ​ 12,349 ​ ​ 15,153 ​ ​ 13,797 ​ ​ 4,710 ​ ​ 24,240 ​ ​ 28,950 ​ ​ 19,347 ​ 1990/2004 ​ Oct-96 Lotus Landing ​ ​ — ​ ​ 2,185 ​ ​ 8,639 ​ ​ 10,824 ​ ​ 12,182 ​ ​ 3,050 ​ ​ 19,956 ​ ​ 23,006 ​ ​ 15,091 ​ 1985/2006 ​ Jul-97 Seville On The Green ​ ​ — ​ ​ 1,282 ​ ​ 6,498 ​ ​ 7,780 ​ ​ 8,635 ​ ​ 1,872 ​ ​ 14,543 ​ ​ 16,415 ​ ​ 11,259 ​ 1986/2004 ​ Oct-97 Ashton Waterford ​ ​ — ​ ​ 3,872 ​ ​ 17,538 ​ ​ 21,410 ​ ​ 6,886 ​ ​ 4,406 ​ ​ 23,890 ​ ​ 28,296 ​ ​ 16,848 ​ 2000 ​ May-98 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Arbors at Lee Vista ​ ​ — ​ ​ 6,692 ​ ​ 12,860 ​ ​ 19,552 ​ ​ 16,125 ​ ​ 7,669 ​ ​ 28,008 ​ ​ 35,677 ​ ​ 21,670 ​ 1992/2007 ​ Aug-06 ORLANDO, FL ​ — ​ 22,624 ​ 88,765 ​ 111,389 ​ 121,709 ​ 33,773 ​ 199,325 ​ 233,098 ​ 161,237 ​ ​ ​ ​ Legacy Hill ​ ​ — ​ ​ 1,148 ​ ​ 5,867 ​ ​ 7,015 ​ ​ 11,083 ​ ​ 2,026 ​ ​ 16,072 ​ ​ 18,098 ​ ​ 13,203 ​ 1977 ​ Nov-95 Hickory Run ​ ​ — ​ ​ 1,469 ​ ​ 11,584 ​ ​ 13,053 ​ ​ 14,126 ​ ​ 2,592 ​ ​ 24,587 ​ ​ 27,179 ​ ​ 16,915 ​ 1989 ​ Dec-95 Carrington Hills ​ ​ — ​ ​ 2,117 ​ ​ — ​ ​ 2,117 ​ ​ 39,283 ​ ​ 4,925 ​ ​ 36,475 ​ ​ 41,400 ​ ​ 26,945 ​ 1999 ​ Dec-95 Brookridge ​ ​ — ​ ​ 708 ​ ​ 5,461 ​ ​ 6,169 ​ ​ 7,396 ​ ​ 1,492 ​ ​ 12,073 ​ ​ 13,565 ​ ​ 9,211 ​ 1986 ​ Mar-96 Breckenridge ​ ​ — ​ ​ 766 ​ ​ 7,714 ​ ​ 8,480 ​ ​ 6,998 ​ ​ 1,539 ​ ​ 13,939 ​ ​ 15,478 ​ ​ 10,241 ​ 1986 ​ Mar-97 Colonnade ​ ​ — ​ ​ 1,460 ​ ​ 16,015 ​ ​ 17,475 ​ ​ 8,865 ​ ​ 2,317 ​ ​ 24,023 ​ ​ 26,340 ​ ​ 16,356 ​ 1998 ​ Jan-99 The Preserve at Brentwood ​ ​ — ​ ​ 3,182 ​ ​ 24,674 ​ ​ 27,856 ​ ​ 11,163 ​ ​ 4,145 ​ ​ 34,874 ​ ​ 39,019 ​ ​ 26,346 ​ 1998 ​ Jun-04 Polo Park ​ ​ — ​ ​ 4,583 ​ ​ 16,293 ​ ​ 20,876 ​ ​ 18,611 ​ ​ 6,140 ​ ​ 33,347 ​ ​ 39,487 ​ ​ 27,026 ​ 1987/2008 ​ May-06 NASHVILLE, TN ​ — ​ 15,433 ​ 87,608 ​ 103,041 ​ 117,525 ​ 25,176 ​ 195,390 ​ 220,566 ​ 146,243 ​ ​ ​ ​ Summit West ​ ​ — ​ ​ 2,176 ​ ​ 4,710 ​ ​ 6,886 ​ ​ 12,423 ​ ​ 3,688 ​ ​ 15,621 ​ ​ 19,309 ​ ​ 13,431 ​ 1972 ​ Dec-92 The Breyley ​ ​ — ​ ​ 1,780 ​ ​ 2,458 ​ ​ 4,238 ​ ​ 18,948 ​ ​ 3,811 ​ ​ 19,375 ​ ​ 23,186 ​ ​ 19,088 ​ 1977/2007 ​ Sep-93 Lakewood Place ​ ​ — ​ ​ 1,395 ​ ​ 10,647 ​ ​ 12,042 ​ ​ 13,457 ​ ​ 3,257 ​ ​ 22,242 ​ ​ 25,499 ​ ​ 17,883 ​ 1986 ​ Mar-94 Cambridge Woods ​ ​ — ​ ​ 1,791 ​ ​ 7,166 ​ ​ 8,957 ​ ​ 12,591 ​ ​ 3,514 ​ ​ 18,034 ​ ​ 21,548 ​ ​ 14,194 ​ 1985 ​ Jun-97 Inlet Bay ​ ​ — ​ ​ 7,702 ​ ​ 23,150 ​ ​ 30,852 ​ ​ 19,716 ​ ​ 10,421 ​ ​ 40,147 ​ ​ 50,568 ​ ​ 32,988 ​ 1988/1989 ​ Jun-03 MacAlpine Place ​ ​ — ​ ​ 10,869 ​ ​ 36,858 ​ ​ 47,727 ​ ​ 11,770 ​ ​ 12,194 ​ ​ 47,303 ​ ​ 59,497 ​ ​ 35,105 ​ 2001 ​ Dec-04 The Vintage Lofts at West End ​ ​ — ​ ​ 6,611 ​ ​ 37,663 ​ ​ 44,274 ​ ​ 21,768 ​ ​ 15,826 ​ ​ 50,216 ​ ​ 66,042 ​ ​ 33,876 ​ 2009 ​ Jul-09 Peridot Palms ​ ​ — ​ ​ 6,293 ​ ​ 89,752 ​ ​ 96,045 ​ ​ 1,002 ​ ​ 6,301 ​ ​ 90,746 ​ ​ 97,047 ​ ​ 5,481 ​ 2017 ​ Feb-19 The Preserve at Gateway ​ ​ — ​ ​ 4,467 ​ ​ 43,723 ​ ​ 48,190 ​ ​ 961 ​ ​ 4,467 ​ ​ 44,684 ​ ​ 49,151 ​ ​ 1,828 ​ 2013 ​ May-19 TAMPA, FL ​ — ​ 43,084 ​ 256,127 ​ 299,211 ​ 112,636 ​ 63,479 ​ 348,368 ​ 411,847 ​ 173,874 ​ ​ ​ ​ The Reserve and Park at Riverbridge ​ ​ — ​ ​ 15,968 ​ ​ 56,401 ​ ​ 72,369 ​ ​ 15,149 ​ ​ 16,840 ​ ​ 70,678 ​ ​ 87,518 ​ ​ 50,001 ​ 1999/2001 ​ Dec-04 OTHER FLORIDA ​ — ​ 15,968 ​ 56,401 ​ 72,369 ​ 15,149 ​ 16,840 ​ 70,678 ​ 87,518 ​ 50,001 ​ ​ ​ ​ TOTAL SOUTHEAST REGION ​ — ​ 97,109 ​ 488,901 ​ 586,010 ​ 367,019 ​ 139,268 ​ 813,761 ​ 953,029 ​ 531,355 ​ ​ ​ ​ NORTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 Hanover Square ​ ​ — ​ ​ 41,432 ​ ​ 218,983 ​ ​ 260,415 ​ ​ 24,465 ​ ​ 41,765 ​ ​ 243,115 ​ ​ 284,880 ​ ​ 103,344 ​ 2005 ​ Apr-11 21 Chelsea ​ ​ — ​ ​ 36,399 ​ ​ 107,154 ​ ​ 143,553 ​ ​ 14,695 ​ ​ 36,529 ​ ​ 121,719 ​ ​ 158,248 ​ ​ 55,758 ​ 2001 ​ Aug-11 View 34 ​ ​ — ​ ​ 114,410 ​ ​ 324,920 ​ ​ 439,330 ​ ​ 112,238 ​ ​ 116,021 ​ ​ 435,547 ​ ​ 551,568 ​ ​ 203,215 ​ 1985/2013 ​ Jul-11 95 Wall Street ​ ​ — ​ ​ 57,637 ​ ​ 266,255 ​ ​ 323,892 ​ ​ 10,474 ​ ​ 58,063 ​ ​ 276,303 ​ ​ 334,366 ​ ​ 139,677 ​ 2008 ​ Aug-11 Leonard Pointe ​ ​ — ​ ​ 38,010 ​ ​ 93,204 ​ ​ 131,214 ​ ​ 1,169 ​ ​ 38,014 ​ ​ 94,369 ​ ​ 132,383 ​ ​ 5,661 ​ 2015 ​ Feb-19 One William ​ ​ — ​ ​ 6,422 ​ ​ 75,527 ​ ​ 81,949 ​ ​ 151 ​ ​ 6,422 ​ ​ 75,678 ​ ​ 82,100 ​ ​ 2,029 ​ 2018 ​ Aug-19 NEW YORK, NY ​ — ​ 294,310 ​ 1,086,043 ​ 1,380,353 ​ 163,192 ​ 296,814 ​ 1,246,731 ​ 1,543,545 ​ 509,684 ​ ​ ​ ​ Garrison Square ​ ​ — ​ ​ 6,475 ​ ​ 91,027 ​ ​ 97,502 ​ ​ 23,062 ​ ​ 6,613 ​ ​ 113,951 ​ ​ 120,564 ​ ​ 54,270 ​ 1887/1990 ​ Sep-10 Ridge at Blue Hills ​ ​ 25,000 ​ ​ 6,039 ​ ​ 34,869 ​ ​ 40,908 ​ ​ 4,884 ​ ​ 6,420 ​ ​ 39,372 ​ ​ 45,792 ​ ​ 20,913 ​ 2007 ​ Sep-10 Inwood West ​ ​ 80,000 ​ ​ 20,778 ​ ​ 88,096 ​ ​ 108,874 ​ ​ 13,326 ​ ​ 19,799 ​ ​ 102,401 ​ ​ 122,200 ​ ​ 52,250 ​ 2006 ​ Apr-11 14 North ​ ​ 72,500 ​ ​ 10,961 ​ ​ 51,175 ​ ​ 62,136 ​ ​ 12,621 ​ ​ 11,404 ​ ​ 63,353 ​ ​ 74,757 ​ ​ 33,733 ​ 2005 ​ Apr-11 100 Pier 4 ​ ​ — ​ ​ 24,584 ​ ​ — ​ ​ 24,584 ​ ​ 202,433 ​ ​ 24,689 ​ ​ 202,328 ​ ​ 227,017 ​ ​ 51,639 ​ 2015 ​ Dec-15 345 Harrison ​ ​ — ​ ​ 32,938 ​ ​ — ​ ​ 32,938 ​ ​ 326,016 ​ ​ 44,889 ​ ​ 314,065 ​ ​ 358,954 ​ ​ 25,913 ​ 2018 ​ Nov-11 Currents on the Charles ​ ​ — ​ ​ 12,580 ​ ​ 70,149 ​ ​ 82,729 ​ ​ 285 ​ ​ 12,580 ​ ​ 70,434 ​ ​ 83,014 ​ ​ 2,431 ​ 2015 ​ Jun-19 The Commons at Windsor Gardens ​ ​ — ​ ​ 34,609 ​ ​ 225,515 ​ ​ 260,124 ​ ​ 1,126 ​ ​ 34,611 ​ ​ 226,639 ​ ​ 261,250 ​ ​ 7,205 ​ 1969 ​ Aug-19 Charles River Landing ​ ​ 69,315 ​ ​ 17,068 ​ ​ 112,777 ​ ​ 129,845 ​ ​ 51 ​ ​ 17,068 ​ ​ 112,828 ​ ​ 129,896 ​ ​ 722 ​ 2010 ​ Nov-19 Lenox Farms ​ ​ 94,050 ​ ​ 17,692 ​ ​ 115,898 ​ ​ 133,590 ​ ​ 70 ​ ​ 17,692 ​ ​ 115,968 ​ ​ 133,660 ​ ​ 754 ​ 2009 ​ Nov-19 Lodge at Ames Pond ​ ​ 48,774 ​ ​ 12,645 ​ ​ 70,653 ​ ​ 83,298 ​ ​ 76 ​ ​ 12,645 ​ ​ 70,729 ​ ​ 83,374 ​ ​ 466 ​ 2010 ​ Nov-19 BOSTON, MA ​ 389,639 ​ 196,369 ​ 860,159 ​ 1,056,528 ​ 583,950 ​ 208,410 ​ 1,432,068 ​ 1,640,478 ​ 250,296 ​ ​ ​ ​ Park Square ​ ​ — ​ ​ 10,365 ​ ​ 96,050 ​ ​ 106,415 ​ ​ 935 ​ ​ 10,416 ​ ​ 96,934 ​ ​ 107,350 ​ ​ 4,483 ​ 2018 ​ May-19 PHILADELPHIA, PA ​ ​ — ​ ​ 10,365 ​ ​ 96,050 ​ ​ 106,415 ​ ​ 935 ​ ​ 10,416 ​ ​ 96,934 ​ ​ 107,350 ​ ​ 4,483 ​ ​ ​ ​ TOTAL NORTHEAST REGION ​ 389,639 ​ 501,044 ​ 2,042,252 ​ 2,543,296 ​ 748,077 ​ 515,640 ​ 2,775,733 ​ 3,291,373 ​ 764,463 ​ ​ ​ ​ SOUTHWEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty377 ​ ​ 25,000 ​ ​ 24,036 ​ ​ 32,951 ​ ​ 56,987 ​ ​ 20,627 ​ ​ 26,207 ​ ​ 51,407 ​ ​ 77,614 ​ ​ 33,450 ​ 1999/2007 ​ Aug-06 Legacy Village ​ ​ 90,000 ​ ​ 16,882 ​ ​ 100,102 ​ ​ 116,984 ​ ​ 22,641 ​ ​ 21,394 ​ ​ 118,231 ​ ​ 139,625 ​ ​ 74,746 ​ 2005/06/07 ​ Mar-08 Addison Apts at The Park ​ ​ — ​ ​ 22,041 ​ ​ 11,228 ​ ​ 33,269 ​ ​ 11,058 ​ ​ 30,969 ​ ​ 13,358 ​ ​ 44,327 ​ ​ 10,768 ​ 1977/78/79 ​ May-07 Addison Apts at The Park II ​ ​ — ​ ​ 7,903 ​ ​ 554 ​ ​ 8,457 ​ ​ 3,718 ​ ​ 8,442 ​ ​ 3,733 ​ ​ 12,175 ​ ​ 2,664 ​ 1970 ​ May-07 Addison Apts at The Park I ​ ​ — ​ ​ 10,440 ​ ​ 634 ​ ​ 11,074 ​ ​ 4,158 ​ ​ 11,055 ​ ​ 4,177 ​ ​ 15,232 ​ ​ 3,270 ​ 1975 ​ May-07 Savoye ​ ​ 32,575 ​ ​ 8,432 ​ ​ 50,482 ​ ​ 58,914 ​ ​ 47 ​ ​ 8,432 ​ ​ 50,529 ​ ​ 58,961 ​ ​ 331 ​ 2009 ​ Nov-19 Savoye 2 ​ ​ 36,023 ​ ​ 6,451 ​ ​ 56,616 ​ ​ 63,067 ​ ​ 11 ​ ​ 6,451 ​ ​ 56,627 ​ ​ 63,078 ​ ​ 365 ​ 2011 ​ Nov-19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Fiori on Vitruvian Park ​ ​ 50,609 ​ ​ 7,934 ​ ​ 78,574 ​ ​ 86,508 ​ ​ 59 ​ ​ 7,934 ​ ​ 78,633 ​ ​ 86,567 ​ ​ 519 ​ 2013 ​ Nov-19 Vitruvian West 1 ​ ​ 41,317 ​ ​ 6,273 ​ ​ 61,418 ​ ​ 67,691 ​ ​ 86 ​ ​ 6,273 ​ ​ 61,504 ​ ​ 67,777 ​ ​ 427 ​ 2018 ​ Nov-19 DALLAS, TX ​ 275,524 ​ 110,392 ​ 392,559 ​ 502,951 ​ 62,405 ​ 127,157 ​ 438,199 ​ 565,356 ​ 126,540 ​ ​ ​ ​ Barton Creek Landing ​ ​ — ​ ​ 3,151 ​ ​ 14,269 ​ ​ 17,420 ​ ​ 24,444 ​ ​ 5,358 ​ ​ 36,506 ​ ​ 41,864 ​ ​ 29,696 ​ 1986/2012 ​ Mar-02 Residences at the Domain ​ ​ — ​ ​ 4,034 ​ ​ 55,256 ​ ​ 59,290 ​ ​ 14,140 ​ ​ 4,524 ​ ​ 68,906 ​ ​ 73,430 ​ ​ 41,561 ​ 2007 ​ Aug-08 Red Stone Ranch ​ ​ — ​ ​ 5,084 ​ ​ 17,646 ​ ​ 22,730 ​ ​ 4,740 ​ ​ 5,656 ​ ​ 21,814 ​ ​ 27,470 ​ ​ 11,697 ​ 2000 ​ Apr-12 Lakeline Villas ​ ​ — ​ ​ 4,148 ​ ​ 16,869 ​ ​ 21,017 ​ ​ 3,436 ​ ​ 4,625 ​ ​ 19,828 ​ ​ 24,453 ​ ​ 10,429 ​ 2002 ​ Apr-12 AUSTIN, TX ​ — ​ 16,417 ​ 104,040 ​ 120,457 ​ 46,760 ​ 20,163 ​ 147,054 ​ 167,217 ​ 93,383 ​ ​ ​ ​ Steele Creek ​ ​ — ​ ​ 8,586 ​ ​ 130,402 ​ ​ 138,988 ​ ​ 5,264 ​ ​ 8,614 ​ ​ 135,638 ​ ​ 144,252 ​ ​ 17,097 ​ 2015 ​ Oct-17 DENVER, CO ​ ​ — ​ 8,586 ​ 130,402 ​ 138,988 ​ 5,264 ​ 8,614 ​ 135,638 ​ 144,252 ​ 17,097 ​ ​ ​ ​ TOTAL SOUTHWEST REGION ​ 275,524 ​ 135,395 ​ 627,001 ​ 762,396 ​ 114,429 ​ 155,934 ​ 720,891 ​ 876,825 ​ 237,020 ​ ​ ​ ​ TOTAL OPERATING COMMUNITIES ​ 1,116,459 ​ 2,061,913 ​ 6,948,537 ​ 9,010,450 ​ 3,369,307 ​ 2,304,308 ​ 10,075,449 ​ 12,379,757 ​ 4,110,808 ​ ​ ​ ​ REAL ESTATE UNDER DEVELOPMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vitruvian West Phase 2 ​ ​ — ​ ​ 6,451 ​ ​ 15,798 ​ ​ 22,249 ​ ​ 2,558 ​ ​ 6,451 ​ ​ 18,356 ​ ​ 24,807 ​ ​ 23 ​ ​ ​ ​ Cirrus ​ ​ — ​ ​ 13,853 ​ ​ — ​ ​ 13,853 ​ ​ 12,759 ​ ​ 13,853 ​ ​ 12,759 ​ ​ 26,612 ​ ​ — ​ ​ ​ ​ Dublin ​ ​ — ​ ​ 8,922 ​ ​ — ​ ​ 8,922 ​ ​ 9,436 ​ ​ 8,922 ​ ​ 9,436 ​ ​ 18,358 ​ ​ — ​ ​ ​ ​ TOTAL REAL ESTATE UNDER DEVELOPMENT ​ — ​ 29,226 ​ 15,798 ​ 45,024 ​ 24,753 ​ 29,226 ​ 40,551 ​ 69,777 ​ 23 ​ ​ ​ ​ LAND ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vitruvian Park® ​ ​ — ​ ​ 39,609 ​ ​ 4,997 ​ ​ 44,606 ​ ​ 9,543 ​ ​ 46,666 ​ ​ 7,483 ​ ​ 54,149 ​ ​ 2,489 ​ ​ ​ ​ 500 Penn ​ ​ — ​ ​ 27,135 ​ ​ — ​ ​ 27,135 ​ ​ 6,331 ​ ​ 27,135 ​ ​ 6,331 ​ ​ 33,466 ​ ​ — ​ ​ ​ ​ TOTAL LAND ​ — ​ 66,744 ​ 4,997 ​ 71,741 ​ 15,874 ​ 73,801 ​ 13,814 ​ 87,615 ​ 2,489 ​ ​ ​ ​ COMMERCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brookhaven Shopping Center ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 29,808 ​ ​ 7,793 ​ ​ 22,015 ​ ​ 29,808 ​ ​ 14,297 ​ ​ ​ ​ TOTAL COMMERCIAL ​ — ​ — ​ — ​ — ​ 29,808 ​ 7,793 ​ 22,015 ​ 29,808 ​ 14,297 ​ ​ ​ ​ Other (b) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,581 ​ ​ — ​ ​ 9,581 ​ ​ 9,581 ​ ​ — ​ ​ ​ ​ 1745 Shea Center I ​ ​ — ​ ​ 3,034 ​ ​ 20,534 ​ ​ 23,568 ​ ​ 1,995 ​ ​ 3,094 ​ ​ 22,469 ​ ​ 25,563 ​ ​ 3,736 ​ ​ ​ ​ TOTAL CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 11,576 ​ 3,094 ​ 32,050 ​ 35,144 ​ 3,736 ​ ​ ​ ​ TOTAL COMMERCIAL & CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 41,384 ​ 10,887 ​ 54,065 ​ 64,952 ​ 18,033 ​ ​ ​ ​ Deferred Financing Costs and Other Non-Cash Adjustments ​ ​ 32,982 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL REAL ESTATE OWNED ​ $ 1,149,441 ​ $ 2,160,917 ​ $ 6,989,866 ​ $ 9,150,783 ​ $ 3,451,318 ​ $ 2,418,222 ​ $ 10,183,879 ​ $ 12,602,101 ​ $ 4,131,353 ​ ​ ​ ​ (a) Date of original construction/date of last major renovation, if applicable. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purposes was approximately $11.7 billion at December 31, 2019 ( unaudited The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 30 to 55 years. ​ 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 Balance at beginning of the year ​ $ 10,196,159 ​ $ 10,177,206 ​ $ 9,615,753 Real estate acquired ​ 2,241,163 ​ — ​ 235,993 Capital expenditures and development ​ 195,981 ​ 214,898 ​ 369,029 Real estate sold ​ (31,202) ​ (195,945) ​ (43,569) Balance at end of the year ​ $ 12,602,101 ​ $ 10,196,159 ​ $ 10,177,206 ​ The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 Balance at beginning of the year ​ $ 3,654,160 ​ $ 3,330,166 ​ $ 2,923,625 Depreciation expense for the year ​ 477,193 ​ 426,006 ​ 424,772 Accumulated depreciation on sales ​ — ​ (102,012) ​ (18,231) Balance at end of year ​ $ 4,131,353 ​ $ 3,654,160 ​ $ 3,330,166 ​

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ​ In February 2016, the FASB issued ASU 2016-02, Leases The Company elected the following package of practical expedients provided by the standard: (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 elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. ​ Upon adoption of the standard on January 1, 2019, the Company recognized right-of-use assets of $94.3 million and lease liabilities of $88.3 million. The right-of-use assets included $6.0 million of prepaid rent and intangible assets that was included within Other assets ​ The lease liabilities represent the present value of the remaining minimum lease payments as of January 1, 2019 and primarily relate to ground leases for communities where we are the lessee. The right-of-use assets represent our right to use an underlying asset for the lease term, which are calculated utilizing the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. Our right-of-use assets and related lease liabilities recognized as of January 1, 2019 may change as a result of updates to the projected future minimum lease payments. Certain of our ground lease agreements where we are the lessee have future minimum lease payments that reset in the future based upon a percentage of the fair market value of the land at the time of the reset. The Company will continue to recognize lease expense for these leases in a manner similar to previous accounting 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 will 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 are expensing non-incremental leasing costs as incurred. ​ In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements Leases ​
Real Estate	Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, 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 30 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
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 primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits.
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. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain on consolidation of a property.
Notes Receivable	Notes Receivable Notes receivable relate to financing arrangements which are typically secured by real estate or real estate related projects. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a variable interest entity (“VIE”), and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities which were deemed to be VIEs. Additionally, we analyze each loan arrangement for consideration of whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net as of December 31, 2019 and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2019 ​ 2019 ​ 2018 Note due February 2020 (a) 10.00 % $ 16,400 ​ $ 14,659 Note due March 2020 (b) 12.00 % 20,000 ​ 20,000 Note due October 2020 (c) 8.00 % 2,250 ​ 2,000 Note due August 2022 (d) ​ 10.00 % ​ — ​ ​ 5,600 Note due October 2022 (e) ​ 4.75 % ​ 115,000 ​ ​ — Total notes receivable, net ​ $ 153,650 ​ $ 42,259 (a) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $16.4 million has been funded, including $1.7 million funded during the year ended December 31, 2019. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). In January 2020, the terms of this secured note were amended to increase the aggregate commitment from $16.4 million to $19.4 million and to extend the maturity date of the note from the eighth anniversary of the note (February 2020) to January 2023. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. The note is secured by a parcel of land and related land improvements. Interest payments are due when the loan matures. In December 2019, the term of the secured note was extended to March 30, 2020, and any interest incurred during the extension period will be due monthly. (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $2.3 million, of which $2.3 million has been funded, including $0.3 million funded during the year ended December 31, 2019. 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 previously had a secured note with an unaffiliated third party under which $5.6 million had been funded. In January 2019, the $5.6 million secured note was repaid in full along with the contractually accrued interest of $0.2 million and an additional $8.5 million of promoted interest in conjunction with the unaffiliated third party being acquired. (e) In November 2019, the Company entered into a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which was funded during the year ended December 31, 2019. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on a 259 home operating community in Bellevue, Washington, which is expected to be completed in 2020. When the note was funded, the Company also entered into a purchase option agreement and paid a deposit of $10.0 million, which will give the Company the option to acquire the community at a fixed price of $170.0 million. The purchase option must be exercised within 30 days following the date the temporary certificate of occupancy is issued. The deposit is generally nonrefundable other than due to a failure of closing conditions pursuant to the terms of the agreement. If the Company does not exercise the purchase option, or if the Company exercises and fails to close the purchase other than due to seller’s failure or other breaches in the purchase option agreement, per the terms of the agreement, the note will be modified to extend the maturity date to 10 years following the date the temporary certificate of occupancy is issued. Upon modification, the loan will be interest only for the first three years and after such date will be based on a 30 year amortization schedule. The Company recognized $5.5 million, $4.1 million, and $1.8 million of interest income and $8.5 million, zero, and zero of promoted interest from notes receivable during the years ended December 31, 2019, 2018, and 2017, respectively, none of which was related party interest. Interest income and promoted interest are included in Interest income and other income/(expense), net
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 VIEs 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 VIE, 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, 2019, the Company did not determine any of our joint ventures or partnerships to be VIEs. 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, unrealized gains on other investment ventures and timing of expense recognition for certain accrued liabilities. As of December 31, 2019 and 2018, UDR’s net deferred tax assets/(liabilities) was $(1.6) million and less than $(0.1) million, respectively. The net deferred tax assets/(liabilities) are recorded in Accounts payable, accrued expenses and other liabilities 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. The Company invests in assets that qualify for federal investment tax credits (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2019. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2016 through 2018 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
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 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
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 10, 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
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, 2019, 2018, and 2017, 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 Derivatives and Hedging Activity,
Forward Sales Agreements	Forward Sales Agreements ​ The Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. ​ The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity ​ The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to its own stock, first, evaluating the instrument’s contingent exercise provisions and second, evaluating the instrument’s settlement provisions. When entering into forward sales agreements, we determine that (i) none of the agreement’s exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price; and (ii) none of the settlement provisions preclude the agreements from being indexed to our own stock. ​ Before the issuance of shares of common stock, upon physical or net share settlement of the forward sales agreements, the Company expects that the shares issuable upon settlement of the forward sales agreements will be reflected in its diluted income/(loss) per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted income/(loss) per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward sales agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). When the Company physically or net share settles any forward sales agreement, the delivery of shares of common stock would result in an increase in the number of weighted average common shares outstanding and dilution to basic income/(loss) per share. (See Note 8, Income/(Loss) per Share ​
Use of Estimates	Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.
Market Concentration Risk	Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2019, the Company held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California; Metropolitan D.C., New York, New York and Boston, Massachusetts markets.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2019
SIGNIFICANT ACCOUNTING POLICIES
Summary of notes receivable, net	The following table summarizes our Notes receivable, net as of December 31, 2019 and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2019 ​ 2019 ​ 2018 Note due February 2020 (a) 10.00 % $ 16,400 ​ $ 14,659 Note due March 2020 (b) 12.00 % 20,000 ​ 20,000 Note due October 2020 (c) 8.00 % 2,250 ​ 2,000 Note due August 2022 (d) ​ 10.00 % ​ — ​ ​ 5,600 Note due October 2022 (e) ​ 4.75 % ​ 115,000 ​ ​ — Total notes receivable, net ​ $ 153,650 ​ $ 42,259 (a) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $16.4 million has been funded, including $1.7 million funded during the year ended December 31, 2019. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). In January 2020, the terms of this secured note were amended to increase the aggregate commitment from $16.4 million to $19.4 million and to extend the maturity date of the note from the eighth anniversary of the note (February 2020) to January 2023. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. The note is secured by a parcel of land and related land improvements. Interest payments are due when the loan matures. In December 2019, the term of the secured note was extended to March 30, 2020, and any interest incurred during the extension period will be due monthly. (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $2.3 million, of which $2.3 million has been funded, including $0.3 million funded during the year ended December 31, 2019. 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 previously had a secured note with an unaffiliated third party under which $5.6 million had been funded. In January 2019, the $5.6 million secured note was repaid in full along with the contractually accrued interest of $0.2 million and an additional $8.5 million of promoted interest in conjunction with the unaffiliated third party being acquired. (e) In November 2019, the Company entered into a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which was funded during the year ended December 31, 2019. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on a 259 home operating community in Bellevue, Washington, which is expected to be completed in 2020. When the note was funded, the Company also entered into a purchase option agreement and paid a deposit of $10.0 million, which will give the Company the option to acquire the community at a fixed price of $170.0 million. The purchase option must be exercised within 30 days following the date the temporary certificate of occupancy is issued. The deposit is generally nonrefundable other than due to a failure of closing conditions pursuant to the terms of the agreement. If the Company does not exercise the purchase option, or if the Company exercises and fails to close the purchase other than due to seller’s failure or other breaches in the purchase option agreement, per the terms of the agreement, the note will be modified to extend the maturity date to 10 years following the date the temporary certificate of occupancy is issued. Upon modification, the loan will be interest only for the first three years and after such date will be based on a 30 year amortization schedule.

REAL ESTATE OWNED (Tables)

REAL ESTATE OWNED (Tables)	12 Months Ended
	Dec. 31, 2019
REAL ESTATE OWNED
Summary of carrying amounts for real estate owned (at cost)	​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Land ​ $ 2,164,032 ​ $ 1,849,799 Depreciable property — held and used: ​ ​ Land improvements ​ 224,964 ​ 213,224 Building, improvements, and furniture, fixtures and equipment ​ 10,102,758 ​ 8,133,136 Real estate intangible assets ​ ​ 40,570 ​ ​ — Under development: ​ ​ Land and land improvements ​ 29,226 ​ — Building, improvements, and furniture, fixtures and equipment ​ 40,551 ​ — Real estate owned ​ 12,602,101 ​ 10,196,159 Accumulated depreciation ​ (4,131,353) ​ (3,654,160) Real estate owned, net ​ $ 8,470,748 ​ $ 6,541,999
Schedule of acquisition of properties from UDR/MetLife joint venture	​ ​ ​ ​ ​ Property Type Number of Homes Location Strata Operating Community 163 San Diego, CA Crescent Falls Church Operating Community 214 Washington, D.C. Charles River Landing Operating Community 350 Boston, MA Lodge at Ames Pond Operating Community 364 Boston, MA Lenox Farms Operating Community 338 Boston, MA Towson Promenade Operating Community 379 Baltimore, MD Savoye Operating Community 394 Addison, TX Savoye2 Operating Community 351 Addison, TX Fiori on Vitruvian Park ® Operating Community 391 Addison, TX Vitruvian West Operating Community 383 Addison, TX Vitruvian West Phase 2 (a) Development Community 366 Addison, TX Vitruvian Park ® 4 Land Parcels N/A Addison, TX (a) The number of apartment homes for the community under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2019, no apartment homes had been completed.
Schedule of future amortization	The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Balance as of December 31, 2019 ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ Thereafter Real estate intangible assets, net (a) ​ $ 37,844 ​ $ 3,062 ​ $ 2,840 ​ $ 2,740 ​ $ 2,643 ​ $ 2,525 ​ $ 24,034 In-place lease intangible assets, net (b) ​ ​ 43,614 ​ ​ 41,179 ​ ​ 501 ​ ​ 470 ​ ​ 386 ​ ​ 358 ​ ​ 720 Total ​ $ 81,458 ​ $ 44,241 ​ $ 3,341 ​ $ 3,210 ​ $ 3,029 ​ $ 2,883 ​ $ 24,754

JOINT VENTURES AND PARTNERSHI_2

JOINT VENTURES AND PARTNERSHIPS (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 (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 2019 2019 2019 2018 ​ ​ 2019 ​ 2018 Operating and development: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 operating community ​ 150 ​ $ 28,812 ​ $ 30,839 ​ ​ 50.0 % ​ 50.0 % UDR/MetLife II (a) Various 7 operating communities 1,250 ​ 150,893 ​ 296,807 ​ ​ 50.0 % ​ 50.0 % Other UDR/MetLife Joint Ventures Various 5 operating communities 1,437 ​ 98,441 ​ 115,668 ​ ​ 50.6 % ​ 50.6 % UDR/MetLife Vitruvian Park ® Addison, TX — ​ — ​ — ​ 71,730 ​ ​ — % ​ 50.0 % UDR/KFH (b) Washington, D.C. — ​ — ​ — ​ 5,507 ​ ​ — % ​ 30.0 % West Coast Development Joint Ventures ​ Los Angeles, CA ​ 1 operating community ​ 293 ​ ​ 34,907 ​ ​ 36,143 ​ ​ 47.0 % ​ 47.0 % Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ​ $ 313,053 ​ $ 556,694 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income from investments Developer Capital Program ​ ​ Years To ​ UDR December 31, December 31, ​ Year Ended December 31, and Other Investments (c) Location Rate Maturity ​ Commitment (d) 2019 2018 2019 2018 2017 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Coast Development Joint Ventures (e) Hillsboro, OR 6.5 % N/A ​ $ — ​ $ 17,064 ​ $ 65,417 ​ $ (447) ​ $ 865 ​ $ 23,230 1532 Harrison ​ San Francisco, CA ​ 11.0 % 2.5 ​ ​ 24,645 ​ ​ 30,585 ​ ​ 24,986 ​ ​ 3,147 ​ ​ 2,228 ​ ​ 511 1200 Broadway (f) ​ Nashville, TN ​ 8.0 % 2.8 ​ ​ 55,558 ​ ​ 63,958 ​ ​ 58,982 ​ ​ 4,888 ​ ​ 2,970 ​ ​ 370 Junction (g) ​ Santa Monica, CA ​ 12.0 % 2.6 ​ ​ 8,800 ​ ​ 10,379 ​ ​ 9,211 ​ ​ 1,169 ​ ​ 406 ​ ​ — 1300 Fairmount (h) ​ Philadelphia, PA ​ Variable ​ 3.6 ​ ​ 51,393 ​ ​ 51,215 ​ ​ 8,318 ​ ​ 3,098 ​ ​ 159 ​ ​ — Essex (i) ​ Orlando, FL ​ 12.5 % 3.7 ​ ​ 12,886 ​ ​ 14,804 ​ ​ 9,940 ​ ​ 1,639 ​ ​ 258 ​ ​ — Modera Lake Merritt (j) ​ Oakland, CA ​ 9.0 % 4.3 ​ ​ 27,250 ​ ​ 22,653 ​ ​ — ​ ​ 1,067 ​ ​ — ​ ​ — Other investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Portals ​ Washington, D.C. ​ 11.0 % 1.4 ​ ​ 38,559 ​ ​ 48,181 ​ ​ 43,167 ​ ​ 5,012 ​ ​ 3,692 ​ ​ 839 Other investment ventures ​ N/A ​ N/A ​ N/A ​ $ 18,000 ​ ​ 13,598 ​ ​ 4,154 ​ $ 4,053 ​ $ (267) ​ $ (30) Total Developer Capital Program and Other Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 272,437 ​ ​ 224,175 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment in and advances to unconsolidated joint ventures, net (k) ​ ​ ​ ​ $ 585,490 ​ $ 780,869 ​ ​ ​ ​ ​ ​ ​ ​ (a) In November 2019, the Company acquired the approximately 50% ownership interest not previously owned in 10 UDR/MetLife operating communities, one development community and four land parcels valued at $1.1 billion, or $564.2 million at UDR’s share, and sold its approximately 50% ownership interest in five UDR/MetLife operating communities valued at $645.8 million, or $322.9 million at UDR’s share, to MetLife, and recognized a net gain on sale of $114.9 million at our share, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. As a result, the Company consolidated the 10 operating communities, one development community and four land parcels, and they are no longer accounted for as equity method investments in an unconsolidated joint venture (see Note 3, Real Estate Owned ). Upon closing of the transaction, the UDR/MetLife II joint venture holds seven operating communities and the UDR/MetLife Vitruvian Park ® joint venture no longer holds any properties. (b) As of January 1, 2019, the joint venture held three operating communities. During 2019, the joint venture sold two communities with 368 homes, located in Arlington, Virginia, and Silver Spring, Maryland, for a combined sales price of approximately $118.3 million. As a result, the Company recorded total gains on the sales of approximately $10.6 million, which are included in Income/(loss) from unconsolidated entities In August 2019, the joint venture sold the third community, a 292 home operating community located in Washington, D.C., directly to the Company for a sales price at 100% of approximately $184.0 million, before $2.8 million of closing costs incurred by UDR at acquisition. The Company deferred its share of the gain on sale of approximately $23.8 million and recorded it as a reduction of the carrying amount of real estate assets owned (see Note 3, Real Estate Owned (c) 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. (d) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (e) In January 2019, the Company increased its ownership interest from 49% to 100% in a 386 apartment home operating community located in Anaheim, California, for a cash purchase price of approximately $33.5 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 ). In connection with the purchase, the construction loan on the community was paid in full. In January 2019, the Company increased its ownership interest from 49% to 100% in a 155 apartment home operating community located in Seattle, Washington, for a cash purchase price of approximately $20.0 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 In January 2020, the Company increased its ownership interest from 49% to 100% in a 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 million. As a result, in January 2020, 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 (f) The Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (g) 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 located 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, therefore, accounts for it under the equity method of accounting. (h) 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 located in Philadelphia, PA. The Company’s preferred equity investment of up to $51.4 million earns a preferred return between 8.5% and 12.0% 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, therefore, accounts for it under the equity method of accounting. (i) 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 located 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, therefore, accounts for it under the equity method of accounting. (j) In April 2019, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 173 apartment home community located in Oakland, CA. The Company’s preferred equity investment of up to $27.3 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, therefore, accounts for it under the equity method of accounting . (k) As of December 31, 2019, the Company’s negative investment in 13 th and Market Properties LLC of $2.8 million is included in Other UDR/MetLife Joint Ventures in the table above and recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheet.
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	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, 2019, 2018, and 2017 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ MetLife ​ ​ ​ ​ West Coast ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Vitruvian ​ ​ ​ Development ​ ​ Year Ended December 31, 2019 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Park ® ​ UDR/KFH ​ Joint Ventures ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,834 ​ $ 151,226 ​ $ 64,273 ​ $ 26,398 ​ $ 12,217 ​ $ 14,058 ​ $ 278,006 Property operating expenses ​ 4,533 ​ 54,445 ​ 22,019 ​ 12,541 ​ 4,982 ​ 6,829 ​ 105,349 Real estate depreciation and amortization ​ 5,787 ​ 44,077 ​ 35,001 ​ 9,832 ​ 5,746 ​ 5,440 ​ 105,883 Gain/(loss) on sale of real estate (a) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 Operating income/(loss) ​ (486) ​ 52,704 ​ 7,253 ​ 4,025 ​ 117,005 ​ 1,789 ​ 182,290 Interest expense ​ (3,070) ​ (44,825) ​ (17,399) ​ (5,948) ​ (4,300) ​ (4,656) ​ (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ​ ​ — ​ ​ 458,195 ​ ​ — ​ ​ 25,711 ​ ​ — ​ ​ — ​ ​ 483,906 Other income/(loss) ​ — ​ — ​ — ​ — ​ — ​ 159 ​ 159 Net income/(loss) ​ $ (3,556) ​ $ 466,074 ​ $ (10,146) ​ $ 23,788 ​ $ 112,705 ​ $ (2,708) ​ $ 586,157 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 120,055 ​ $ 663,492 ​ $ 621,335 ​ $ — ​ $ — ​ $ 140,224 ​ $ 1,545,106 Cash and cash equivalents ​ 2,317 ​ 4,208 ​ 7,973 ​ — ​ — ​ 5,692 ​ 20,190 Other assets ​ 1,053 ​ 9,777 ​ 5,400 ​ — ​ — ​ 1,305 ​ 17,535 Total assets ​ 123,425 ​ 677,477 ​ 634,708 ​ — ​ — ​ 147,221 ​ 1,582,831 Third party debt, net ​ 70,890 ​ 425,303 ​ 454,972 ​ — ​ — ​ 90,498 ​ 1,041,663 Accounts payable and accrued liabilities ​ 4,037 ​ 9,303 ​ 9,757 ​ — ​ — ​ 3,440 ​ 26,537 Total liabilities ​ 74,927 ​ 434,606 ​ 464,729 ​ ​ — ​ — ​ 93,938 ​ 1,068,200 Total equity ​ $ 48,498 ​ $ 242,871 ​ $ 169,979 ​ $ — ​ $ — ​ $ 53,283 ​ $ 514,631 (a) Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level, as described in note (b) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net. (b) Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian Park® joint venture level prior to their distribution to the Company or MetLife in November 2019, as described in note (a) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value. For the approximately 50% ownership interest acquired in the 10 operating communities, one development community and four land parcels described above, the Company deferred its share of the net gain on revaluation of approximately $131.5 million and recorded it as a reduction of the carrying amount of real estate owned. (see Note 3, Real Estate Owned ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ 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 ​ ​ (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) Other income/(loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 439 ​ ​ 439 Net income/(loss) ​ $ (110) ​ $ 8,114 ​ $ (20,395) ​ $ (1,013) ​ $ (7,576) ​ $ 69,644 ​ $ 48,664

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
LEASES
Lessee - Future minimum lease payments and total operating lease liabilities	Future minimum lease payments and total operating lease liabilities from our ground leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2020 ​ $ 12,442 2021 ​ ​ 12,442 2022 ​ ​ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 Thereafter ​ ​ 455,221 Total future minimum lease payments (undiscounted) ​ ​ 517,431 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (318,873) Total operating lease liabilities (discounted) ​ $ 198,558
Lessee - components of operating lease expenses	The components of operating lease expenses from our ground leases and office space were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2019 Ground lease expense: ​ ​ ​ Contractual ground lease rent expense ​ $ 8,272 Variable ground lease expense (a) ​ ​ 664 Total ground lease expense (b) ​ ​ 8,936 Contractual office space lease expense (b) ​ ​ 70 Total operating lease expense (c) (d) ​ $ 9,006 (a) Variable ground lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Ground lease and office space lease expense is reported within the line item Other operating expenses and office space expense is recorded in General and administrative on the Consolidated Statements of Operations. (c) For the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.2 million and $0.8 million, respectively. The Company recorded $0.4 million of total operating lease expense during the year ended December 31, 2019, due to the net impact of the amortization. (d) No leases qualified for the short-term lease exception during the year ended December 31, 2019. As such, short-term lease expense was zero for the year ended December 31, 2019.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 22,568 2021 ​ ​ 22,055 2022 ​ ​ 20,443 2023 ​ ​ 19,057 2024 ​ ​ 17,304 Thereafter ​ ​ 78,818 Total future minimum lease payments (a) ​ $ 180,245 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less.

SECURED AND UNSECURED DEBT, N_2

SECURED AND UNSECURED DEBT, NET (Tables)	12 Months Ended
	Dec. 31, 2019
Unsecured Debt
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at December 31, 2019 and 2018 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2019 2018 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 884,869 ​ $ 417,989 3.61 % 6.2 15 Credit facilities (b) ​ 204,590 ​ 90,000 4.90 % 3.0 4 Deferred financing costs and other non-cash adjustments ​ 33,046 ​ (1,343) Total fixed rate secured debt, net ​ 1,122,505 ​ 506,646 3.85 % 5.6 19 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 94,700 1.79 % 12.2 1 Deferred financing costs ​ (64) ​ (119) Total variable rate secured debt, net ​ 26,936 ​ 94,581 1.79 % 12.2 1 Total Secured Debt, net ​ 1,149,441 ​ 601,227 3.80 % 5.7 20 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (m) ​ — ​ — — % 3.1 Borrowings outstanding under unsecured commercial paper program due January 2020 (e) (m) ​ ​ 300,000 ​ ​ 101,115 ​ 1.99 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2021 ​ 16,583 ​ 16 2.59 % 1.0 Term Loan due September 2023 (d) (m) ​ 35,000 ​ 35,000 2.59 % 3.8 Fixed Rate Debt ​ ​ 3.70% Medium-Term Notes due October 2020 (net of discounts of $0 and $14, respectively) (k) (m) ​ — ​ 299,986 — % — 4.63% Medium-Term Notes due January 2022 (net of discounts of $0 and $1,087, respectively) (l) (m) ​ — ​ 398,913 — % — 1.93% Term Loan due September 2023 (d) (m) ​ ​ 315,000 ​ 315,000 1.93 % 3.8 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $470 and $574, respectively) (g) (m) ​ 299,530 ​ 299,426 3.75 % 4.5 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 4.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $396 and $465, respectively) (h) (m) ​ 299,604 ​ 299,535 4.00 % 5.8 2.95% Medium-Term Notes due September 2026 (m) ​ 300,000 ​ 300,000 2.95 % 6.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $529 and $600, respectively) (l) ​ ​ 299,471 ​ ​ 299,400 ​ 3.50 % 7.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $954 and $1,072, respectively) (m) ​ ​ 299,046 ​ ​ 298,928 ​ 3.50 % 8.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $6, respectively) (i) (m) ​ ​ 299,995 ​ ​ 299,994 ​ 4.40 % 9.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $2,281 and $0, respectively) (j) (l) (m) ​ ​ 402,281 ​ ​ — ​ 3.20 % 10.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,123 and $0, respectively) (k) (m) ​ ​ 398,877 ​ ​ — ​ 3.00 % 11.6 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,309 and $0, respectively) (l) (m) ​ ​ 298,691 ​ ​ — ​ 3.10 % 14.8 ​ ​ Other ​ 13 ​ 16 Deferred financing costs ​ (21,652) ​ (16,413) Total Unsecured Debt, net ​ 3,558,083 ​ 2,946,560 3.27 % 7.5 Total Debt, net ​ $ 4,707,524 ​ $ 3,547,787 3.43 % 7.1
Secured credit facilities	Further information related to the credit facility is as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Borrowings outstanding ​ $ 204,590 ​ $ 90,000 ​ Weighted average borrowings during the period ended ​ 94,098 ​ 253,813 ​ Maximum daily borrowings during the period ended ​ 204,590 ​ 314,869 ​ Weighted average interest rate during the period ended ​ 4.3 % 4.7 % Weighted average interest rate at the end of the period ​ 4.9 % 4.0 %
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, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2020 ​ $ 110,645 ​ $ — ​ $ 110,645 ​ $ 300,000 ​ $ 410,645 2021 ​ ​ 3,797 ​ ​ — ​ ​ 3,797 ​ ​ 16,583 ​ ​ 20,380 2022 ​ 3,945 ​ — ​ 3,945 ​ — ​ 3,945 2023 ​ 310,873 ​ — ​ 310,873 ​ 350,000 ​ 660,873 2024 ​ 95,280 ​ — ​ 95,280 ​ 315,644 ​ 410,924 2025 ​ 173,189 ​ — ​ 173,189 ​ 300,000 ​ 473,189 2026 ​ 51,070 ​ — ​ 51,070 ​ 300,000 ​ 351,070 2027 ​ 1,111 ​ — ​ 1,111 ​ 300,000 ​ 301,111 2028 ​ 122,465 ​ — ​ 122,465 ​ 300,000 ​ 422,465 2029 ​ 144,584 ​ — ​ 144,584 ​ 300,000 ​ 444,584 Thereafter ​ 72,500 ​ 27,000 ​ 99,500 ​ 1,100,000 ​ 1,199,500 Subtotal ​ 1,089,459 ​ 27,000 ​ 1,116,459 ​ 3,582,227 ​ 4,698,686 Non-cash (a) ​ 33,046 ​ (64) ​ 32,982 ​ (24,144) ​ 8,838 Total ​ $ 1,122,505 ​ $ 26,936 ​ $ 1,149,441 ​ $ 3,558,083 ​ $ 4,707,524 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2019 and 2018, the Company amortized $4.2 million and $4.2 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, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Total unsecured commercial paper program $ 500,000 ​ $ 500,000 ​ Borrowings outstanding at end of period ​ 300,000 ​ 101,115 ​ Weighted average daily borrowings during the period ended ​ 173,353 ​ 344,235 ​ Maximum daily borrowings during the period ended ​ 435,000 ​ 440,000 ​ Weighted average interest rate during the period ended ​ 2.5 % 2.4 % Interest rate at end of the period ​ 2.0 % 2.9 %
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, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 2018 ​ 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 ​ 55 ​ — ​ Maximum daily borrowings during the period ended ​ 20,000 ​ — ​ Weighted average interest rate during the period ended ​ 2.6 % — % Interest rate at end of the period ​ — % — % (1) Excludes $2.9 million and $3.3 million of letters of credit at December 31, 2019 and 2018, respectively.
Unsecured Working Capital Credit Facility due January 2021
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, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 16,583 ​ 16 ​ Weighted average daily borrowings during the period ended ​ 23,487 ​ 26,101 ​ Maximum daily borrowings during the period ended ​ 66,170 ​ 64,633 ​ Weighted average interest rate during the period ended ​ 3.1 % 2.9 % Interest rate at end of the period ​ 2.6 % 3.3 %

INCOME_(LOSS) PER SHARE (Tables

INCOME/(LOSS) PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2019
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, ​ 2019 2018 2017 Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 199,579 ​ $ 221,542 ​ $ 132,655 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (14,426) ​ (18,215) ​ (10,933) Net (income)/loss attributable to noncontrolling interests ​ (188) ​ (221) ​ (164) Net income/(loss) attributable to UDR, Inc. ​ 184,965 ​ 203,106 ​ 121,558 Distributions to preferred stockholders — Series E (Convertible) ​ (4,104) ​ (3,868) ​ (3,708) Income/(loss) attributable to common stockholders - basic and diluted ​ $ 180,861 ​ $ 199,238 ​ $ 117,850 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ Weighted average common shares outstanding ​ 285,509 ​ 268,513 ​ 267,567 Non-vested restricted stock awards ​ (262) ​ (334) ​ (543) Denominator for basic income/(loss) per share ​ 285,247 ​ 268,179 ​ 267,024 Incremental shares issuable from assumed conversion of stock options, unvested LTIP Units, and unvested restricted stock ​ 768 ​ 1,304 ​ 1,806 Denominator for diluted income/(loss) per share ​ 286,015 ​ 269,483 ​ 268,830 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ Basic ​ $ 0.63 ​ $ 0.74 ​ $ 0.44 Diluted ​ $ 0.63 ​ $ 0.74 ​ $ 0.44
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, 2019, 2018, and 2017 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 OP/DownREIT Units 22,773 24,548 24,821 Convertible preferred stock 3,011 3,011 3,021 Stock options, unvested LTIP Units, and unvested restricted stock 768 1,304 1,806

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019, 2018 and 2017 ( shares in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Common ​ Preferred Stock ​ ​ Stock ​ Series E ​ Series F Balance at December 31, 2016 267,259 2,797 16,196 Issuance/(forfeiture) of common and restricted shares, net 70 — — Issuance of common shares through public offering 87 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 8 — — Conversion of Series E Cumulative Convertible shares ​ 17 ​ (16) ​ — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership ​ 381 — — Forfeiture of Series F shares ​ — — (344) Balance at December 31, 2017 267,822 2,781 15,852 Issuance/(forfeiture) of common and restricted shares, net 47 — — Issuance of common shares upon exercise of stock options 772 ​ ​ ​ ​ Issuance of common shares through public offering ​ 7,150 ​ ​ ​ ​ Repurchase of common shares ​ (593) ​ ​ ​ ​ Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 11 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 337 — — Forfeiture of Series F shares — — (50) Balance at December 31, 2018 275,546 2,781 15,802 Issuance/(forfeiture) of common and restricted shares, net 50 — — Issuance of common shares through public offering ​ 7,500 — — Issuance of common shares though ATM program ​ 6,988 ​ — ​ — Issuance of common shares through forward sales agreement ​ 1,339 — — Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 1,969 — — Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,196 — — Forfeiture of Series F shares — — (1,111) Balance at December 31, 2019 294,588 2,781 14,691

EMPLOYEE BENEFIT PLANS (Tables)

EMPLOYEE BENEFIT PLANS (Tables)	12 Months Ended
	Dec. 31, 2019
EMPLOYEE BENEFIT PLANS
Summary of LTIP Units and restricted stock activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ LTIP Units ​ Restricted Stock ​ ​ ​ ​ Weighted ​ ​ ​ ​ Weighted ​ ​ ​ Average Fair ​ ​ ​ ​ Average Fair ​ ​ ​ Value Per ​ ​ Number of ​ Value Per ​ Number ​ Restricted ​ ​ LTIP Units ​ LTIP Unit ​ of shares ​ Stock Balance, December 31, 2018 611 ​ $ 37.00 307 ​ $ 36.58 Granted 674 ​ 39.74 124 ​ 38.35 Vested (427) ​ 39.33 (176) ​ 36.61 Forfeited — ​ 37.69 (7) ​ 37.73 Balance, December 31, 2019 858 ​ $ 37.77 248 ​ $ 37.29

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019, 2018 and 2017 ( unaudited ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Ordinary income $ 0.981 $ 0.774 $ 1.018 Qualified ordinary income ​ 0.004 ​ 0.006 ​ 0.011 Long-term capital gain ​ 0.021 ​ 0.058 ​ 0.133 Unrecaptured section 1250 gain ​ 0.063 ​ 0.233 ​ 0.063 Nondividend distributions ​ ​ 0.281 ​ ​ 0.207 ​ ​ — Total ​ $ 1.350 ​ $ 1.278 ​ $ 1.225
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, 2019, 2018, and 2017 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Income tax (benefit)/provision ​ ​ ​ Current ​ ​ ​ Federal ​ $ 1,466 ​ $ 220 ​ $ (1,205) State ​ 735 ​ 396 ​ 407 Total current ​ 2,201 ​ 616 ​ (798) Deferred ​ ​ ​ ​ ​ ​ ​ ​ ​ Federal ​ 1,266 ​ 66 ​ 568 State ​ 371 ​ 6 ​ (10) Total deferred ​ 1,637 ​ 72 ​ 558 Total income tax (benefit)/provision ​ $ 3,838 ​ $ 688 ​ $ (240) Classification of income tax (benefit)/provision: ​ ​ ​ ​ ​ ​ ​ ​ ​ Continuing operations ​ $ 3,838 ​ $ 688 ​ $ (240)
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, 2019, 2018, and 2017 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Deferred tax assets: ​ ​ ​ Federal and state tax attributes ​ $ 22 ​ $ 28 ​ $ 8 Other ​ 87 ​ 70 ​ 139 Total deferred tax assets ​ 109 ​ 98 ​ 147 Valuation allowance ​ (19) ​ (16) ​ (9) Net deferred tax assets ​ 90 ​ 82 ​ 138 Deferred tax liabilities: ​ ​ ​ Book/tax depreciation and basis ​ ​ (367) ​ ​ — ​ ​ — Other investment ventures ​ ​ (1,291) ​ ​ (17) ​ ​ — Other ​ (67) ​ (67) ​ (67) Total deferred tax liabilities ​ (1,725) ​ (84) ​ (67) Net deferred tax assets/(liabilities) ​ $ (1,635) ​ $ (2) ​ $ 71
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 years ended December 31, 2019, and 2018 and 35% for the year ended 2017 as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 ​ 2017 Income tax provision/(benefit) ​ ​ ​ U.S. federal income tax provision/(benefit) ​ $ 2,905 ​ $ 321 ​ $ 581 State income tax provision ​ 1,013 ​ 527 ​ 493 Other items ​ (139) ​ (167) ​ (188) New tax law benefit ​ ​ — ​ ​ — ​ ​ (1,129) ITC basis adjustment ​ 56 ​ — ​ — Valuation allowance ​ 3 ​ 7 ​ 3 Total income tax provision/(benefit) ​ $ 3,838 ​ $ 688 ​ $ (240) ​

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2019 ​ 2018 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2018 $ 972,740 $ 948,138 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 183,884 ​ 43,552 Conversion of OP Units/DownREIT Units to Common Stock ​ (134,031) ​ (13,328) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 14,426 ​ 18,215 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (32,270) ​ (32,798) OP Units Issued ​ ​ — ​ ​ 4,320 Vesting of Long-Term Incentive Plan Units ​ ​ 14,742 ​ ​ 4,397 Allocation of other comprehensive income/(loss) ​ (826) ​ 244 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2019 ​ $ 1,018,665 ​ $ 972,740 ​

FAIR VALUE OF DERIVATIVES AND_2

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019 and 2018 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, 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 ​ ​ 2019 ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable (a) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (b) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (b) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (c) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (c) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 16,583 ​ ​ 16,583 ​ ​ — ​ ​ — ​ ​ 16,583 Commercial paper program ​ ​ 300,000 ​ ​ 300,000 ​ ​ — ​ ​ — ​ ​ 300,000 Unsecured notes ​ ​ 3,263,152 ​ ​ 3,397,622 ​ ​ — ​ ​ — ​ ​ 3,397,622 Total liabilities ​ $ 4,731,595 ​ $ 4,853,337 ​ $ — ​ $ 142 ​ $ 4,853,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 facility ​ 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 ​ $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 14, Derivatives and Hedging Activity . (c) See Note 7, Secured and Unsecured Debt, Net . (d) See Note 12, Noncontrolling Interests .

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITY (Tables)	12 Months Ended
	Dec. 31, 2019
DERIVATIVES AND HEDGING ACTIVITY
Schedule of outstanding interest rate derivatives	As of December 31, 2019, 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 (a) In addition to the interest rate swaps summarized above, the Company entered into an additional interest rate swap with a notional value of $315.0 million that will become effective in January 2020 upon the maturity of the interest rate swaps summarized above. Additionally, the Company had previously entered into two additional interest rate swaps with a notional value totaling $75.0 million that were subsequently terminated and settled during the year ended December 31, 2019 in conjunction with the July 2019 issuance of $300.0 million of senior unsecured medium-term notes as disclosed in Note 7, Secured and Unsecured, Net . ​ 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 the years ended December 31, 2019 and 2018, and a loss of less than $0.1 million for the year ended December 31, 2017. As of December 31, 2019, 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, 2019 and 2018 ( 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, ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 6 ​ $ 4,757 ​ $ 142 ​ $ 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, 2019, 2018, and 2017 ( 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 2019 2018 2017 2019 2018 2017 2019 2018 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (8,437) ​ $ 4,806 ​ $ 1,802 ​ $ 2,770 ​ $ 1,948 ​ $ (1,271) ​ $ — ​ $ — ​ $ (136)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ 2017 Total amount of Interest expense ​ $ 170,917 ​ $ 134,168 ​ $ 128,711 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2019 2018 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ — ​ $ — (1)
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, 2019 and 2018 ( 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, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ $ 4,757 ​ $ — ​ $ 4,757 ​ $ — ​ $ — ​ $ 4,757 (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, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ $ 356 ​ $ — ​ $ 356 ​ $ — ​ $ — ​ $ 356 (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 (Tables)	12 Months Ended
	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	The following summarizes the Company’s real estate commitments at December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 3 ​ $ 69,754 ​ $ 208,723 Wholly-owned — redevelopment 2 ​ ​ 15,744 ​ ​ 19,756 Joint ventures: ​ ​ Preferred equity investments 2 ​ ​ 73,868 (b) ​ 9,121 (c) Other investments ​ - ​ ​ 13,598 ​ ​ 8,100 (d) Total ​ $ 172,964 ​ $ 245,700 (a) Represents UDR’s investment as of December 31, 2019. (b) Represents UDR’s investment in 1300 Fairmount and Modera Lake Merritt, which were under development as of December 31, 2019. (c) Represents UDR’s remaining commitment for 1300 Fairmount and Modera Lake Merritt. (d) Represents UDR’s remaining commitment for other investment ventures. ​

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
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, 2019, 2018, and 2017, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 392,456 ​ $ 377,259 ​ $ 361,277 Mid-Atlantic Region ​ 210,391 ​ 204,733 ​ 199,206 Southeast Region ​ ​ 113,175 ​ ​ 109,189 ​ ​ 104,106 Northeast Region ​ 119,910 ​ 117,572 ​ 115,713 Southwest Region ​ 54,516 ​ 52,970 ​ 51,949 Non-Mature Communities/Other ​ 162,969 ​ 94,176 ​ 77,524 Total segment and consolidated lease revenue ​ $ 1,053,417 ​ $ 955,899 ​ $ 909,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 31,045 ​ $ 28,493 ​ $ 27,493 Mid-Atlantic Region ​ 17,049 ​ 15,717 ​ 14,951 Southeast Region ​ 13,557 ​ 13,045 ​ 12,361 Northeast Region ​ 4,858 ​ 4,590 ​ 4,307 Southwest Region ​ 5,312 ​ 5,281 ​ 5,152 Non-Mature Communities/Other ​ 12,900 ​ 12,080 ​ 10,270 Total segment and consolidated other revenue ​ $ 84,721 ​ $ 79,206 ​ $ 74,534 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 423,501 ​ $ 405,752 ​ $ 388,770 Mid-Atlantic Region ​ 227,440 ​ 220,450 ​ 214,157 Southeast Region ​ 126,732 ​ 122,234 ​ 116,467 Northeast Region ​ 124,768 ​ 122,162 ​ 120,020 Southwest Region ​ 59,828 ​ 58,251 ​ 57,101 Non-Mature Communities/Other ​ 175,869 ​ 106,256 ​ 87,794 Total segment and consolidated rental income ​ $ 1,138,138 ​ $ 1,035,105 ​ $ 984,309 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 321,890 ​ $ 306,307 ​ $ 291,265 Mid-Atlantic Region ​ 159,665 ​ 153,670 ​ 150,126 Southeast Region ​ 88,467 ​ 85,220 ​ 80,726 Northeast Region ​ 83,832 ​ 84,059 ​ 83,569 Southwest Region ​ 36,589 ​ 34,506 ​ 34,439 Non-Mature Communities/Other ​ 117,860 ​ 68,353 ​ 58,378 Total segment and consolidated NOI ​ 808,303 ​ 732,115 ​ 698,503 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 14,055 ​ 11,754 ​ 11,482 Property management ​ (32,721) ​ (28,465) ​ (27,068) Other operating expenses ​ (13,932) ​ (12,100) ​ (9,060) Real estate depreciation and amortization ​ (501,257) ​ (429,006) ​ (430,054) General and administrative ​ (51,533) ​ (46,983) ​ (48,566) Casualty-related (charges)/recoveries, net ​ (474) ​ (2,121) ​ (4,335) Other depreciation and amortization ​ (6,666) ​ (6,673) ​ (6,408) Gain/(loss) on sale of real estate owned ​ ​ 5,282 ​ ​ 136,197 ​ ​ 43,404 Income/(loss) from unconsolidated entities ​ 137,873 ​ (5,055) ​ 31,257 Interest expense ​ (170,917) ​ (134,168) ​ (128,711) Interest income and other income/(expense), net ​ 15,404 ​ 6,735 ​ 1,971 Tax (provision)/benefit, net ​ (3,838) ​ (688) ​ 240 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (14,426) ​ (18,215) ​ (10,933) Net (income)/loss attributable to noncontrolling interests ​ (188) ​ (221) ​ (164) Net income/(loss) attributable to UDR, Inc. ​ $ 184,965 ​ $ 203,106 ​ $ 121,558
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of December 31, 2019 and 2018 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,810,672 ​ $ 3,763,366 Mid-Atlantic Region ​ 2,350,341 ​ 2,317,369 Southeast Region ​ 806,830 ​ 779,310 Northeast Region ​ 1,500,597 ​ 1,491,994 Southwest Region ​ 456,140 ​ 447,305 Non-Mature Communities/Other ​ 3,677,521 ​ 1,396,815 Total segment assets ​ 12,602,101 ​ 10,196,159 Accumulated depreciation ​ (4,131,353) ​ (3,654,160) Total segment assets — net book value ​ 8,470,748 ​ 6,541,999 Reconciling items: ​ ​ Cash and cash equivalents ​ 8,106 ​ 185,216 Restricted cash ​ 25,185 ​ 23,675 Notes receivable, net ​ 153,650 ​ 42,259 Investment in and advances to unconsolidated joint ventures, net ​ 588,262 ​ 780,869 Operating lease right-of-use assets ​ ​ 204,225 ​ ​ — Other assets ​ 186,296 ​ 137,710 Total consolidated assets ​ $ 9,636,472 ​ $ 7,711,728 (a) Same-Store Community population consisted of 37,959 apartment homes.

UNAUDITED SUMMARIZED CONSOLID_2

UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2019
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA
Schedule of quarterly financial information	Selected consolidated quarterly financial data for the years ended December 31, 2019 and 2018 is summarized in the table below (dollars in thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, 2019 ​ ​ ​ ​ Rental income ​ $ 267,922 ​ $ 278,463 ​ $ 289,008 ​ $ 302,745 Net income/(loss) ​ 26,602 ​ 38,318 ​ 29,422 ​ 105,237 Net income/(loss) attributable to common stockholders (a) ​ 23,492 ​ 34,588 ​ 26,173 ​ 96,928 Income/(loss) attributable to common stockholders per weighted average common share (a): ​ ​ ​ ​ Basic ​ $ 0.08 ​ $ 0.12 ​ $ 0.09 ​ $ 0.33 Diluted ​ $ 0.08 ​ $ 0.12 ​ $ 0.09 ​ $ 0.33 Weighted average number of common shares outstanding: ​ ​ ​ ​ Basic ​ 277,002 ​ 281,960 ​ 288,706 ​ 293,107 Diluted ​ 277,557 ​ 282,575 ​ 289,529 ​ 294,073 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 (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)	12 Months Ended
	Dec. 31, 2019homeUSD ($)communityitemshares	Dec. 31, 2018shares	Dec. 31, 2017shares	Dec. 31, 2016shares
Consolidation And Basis Of Presentation
Number of Real Estate Properties | community	148
Number of Markets Operating Within | $	20
Number Of Apartment Homes Owned And Consolidated By Company | home	47,010
Operating Partnership units outstanding related to limited partner	184,064,000	183,637,000	183,351,000	183,279,000
Joint venture, number of completed or to be completed homes in communities | home	5,268
Preferred equity investment,, number of apartment homes | home	2,138
Operating Partnership outstanding units	184,100,000	183,600,000
United Dominion Realty L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176,200,000	174,200,000
Percentage of units outstanding in Partnership	95.70%	94.90%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
General Partners' ownership (as a percent)		53.20%
Operating Partnership outstanding units	13,500,000
Percentage of units outstanding in Partnership	41.70%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	32,400,000	13,500,000
Percentage of units outstanding in Partnership		41.60%
Non-affiliated Partners
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	7,900,000
Operating Partnership outstanding units	14,000,000	9,400,000
Percentage of units outstanding in Partnership	4.30%	5.10%
Non-affiliated Partners | United Dominion Realty L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	7,900,000
Operating Partnership outstanding units	7,900,000	9,400,000
Percentage of units outstanding in Partnership	4.30%	5.10%
Non-affiliated Partners | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units		15,200,000
Percentage of units outstanding in Partnership	43.20%	46.80%
UDR, Inc.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176,100,000	174,100,000
General Partners' ownership (as a percent)	56.80%
Operating Partnership outstanding units	18,400,000	17,200,000
Percentage of units outstanding in Partnership	95.70%	94.90%
UDR, Inc. | United Dominion Realty L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176,100,000	174,100,000
General Partners' ownership (as a percent)	95.70%	94.90%
Operating Partnership outstanding units	176,200,000	174,200,000
Percentage of units outstanding in Partnership	95.70%	94.80%
United Dominion Realty L.P.
Consolidation And Basis Of Presentation
Number of Real Estate Properties | community	52
Number of Markets Operating Within | item	15
Number Of Apartment Homes Owned And Consolidated By Company | home	16,434
Operating Partnership units outstanding related to limited partner	183,952,659	183,525,660
Operating Partnership outstanding units	184,100,000	183,600,000

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Nov. 30, 2019USD ($)home	Jan. 31, 2019USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jan. 31, 2020USD ($)	Jan. 01, 2019USD ($)	Mar. 31, 2018USD ($)
Accounting policies
Lease classification per practical expedient			true
Recognition of operating lease right-of-use assets			$ 204,225
Recognition of operating lease liabilities			198,558
Allocation of other comprehensive income/(loss)			(826)	$ 244
Significant Accounting Policies
Development costs excluding direct costs and capitalized interest			8,400	7,500	$ 8,800
Interest capitalized during period			5,100	10,600	18,600
Notes receivable			153,650	42,259
Promoted interest received			8,500	0	0
Interest Income, Related Party			0
Amortization schedule term	30 years
Note receivable interest income			$ 5,500	4,100	1,800
Minimum period units are outstanding prior to redemption (in years)			1 year
Current Income Tax Expense (Benefit)			$ 0
Deferred tax liabilities, net			(1,600)
Unrecognized tax benefit, accrued interest or penalties due to examination			0
Advertising expense			$ 6,500	6,700	6,200
Minimum percentage of carrying value of real estate portfolio			10.00%
Bellevue, WA 259 Home Community
Significant Accounting Policies
Aggregate commitment on note receivable			$ 115,000
Number of apartment homes | home	259
Deposit made under purchase option agreement			10,000
Payment to acquire real estate	$ 170,000
Purchase option exercisable term	30 days
Maturity date extension term	10 years
Loan interest term	3 years
Note due February 2020
Significant Accounting Policies
Notes receivable			$ 16,400	14,659
Note receivable interest rate			10.00%
Aggregate commitment on note receivable			$ 16,400
Additional amount loaned			1,700
Note maturity public capital threshold			5,000
Note due January 2023
Significant Accounting Policies
Notes receivable						$ 19,400
Note due March 2020
Significant Accounting Policies
Notes receivable			$ 20,000	20,000				$ 20,000
Note receivable interest rate			12.00%
Aggregate commitment on note receivable								$ 20,000
Note due October 2020
Significant Accounting Policies
Notes receivable			$ 2,250	2,000
Note receivable interest rate			8.00%
Aggregate commitment on note receivable			$ 2,300
Additional amount loaned			300
Note maturity public capital threshold			$ 10,000
Note due August 2022
Significant Accounting Policies
Notes receivable				5,600
Proceeds from secured notes receivable		$ 5,600
Procceds from accrued interest		200
Note receivable interest rate			10.00%
Promoted interest received		$ 8,500
Note due October 2022
Significant Accounting Policies
Notes receivable			$ 115,000
Note receivable interest rate			4.75%
Minimum
Significant Accounting Policies
Ownership (as a percent)			100.00%
Minimum | Buildings
Significant Accounting Policies
Estimated useful lives			30 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
Significant Accounting Policies
Deferred tax liabilities, net				(100)
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
Adjustment | ASU 2016-02
Accounting policies
Recognition of operating lease right-of-use assets							$ 94,300
Recognition of operating lease liabilities							88,300
Prepaid rent and intangible assets							$ 6,000
Noncontrolling Interests
Accounting policies
Allocation of other comprehensive income/(loss)			$ (800)	$ 200	$ 300

REAL ESTATE OWNED - Summarizes

REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2019USD ($)	Feb. 28, 2019USD ($)item	Dec. 31, 2018USD ($)item	Dec. 31, 2017USD ($)community	Feb. 28, 2017USD ($)	Dec. 31, 2019USD ($)
Real estate owned
Land			$ 1,849,799			$ 2,164,032
Depreciable property - held and used:
Land improvements			213,224			224,964
Building, improvements, and furniture, fixtures and equipment			8,133,136			10,102,758
Real estate intangible assets						40,570
Under development:
Real estate under development						69,754
Real estate owned			10,196,159			12,602,101
Accumulated depreciation			(3,654,160)			(4,131,353)
Total real estate owned, net of accumulated depreciation			$ 6,541,999			8,470,748
LAND
Under development:
Real estate under development						29,226
Construction in progress
Under development:
Real estate under development						$ 40,551
ORANGE COUNTY, CA
Under development:
Apartment homes sold | item		264
Sale price		$ 90,500
Gain on sale of real estate owned		$ 70,300
Fairfax, VA
Under development:
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:
Apartment homes sold | community				218
Sale price				$ 69,000
Gain on sale of real estate owned				$ 41,300
RICHMOND, VA
Under development:
Sale price					$ 3,500
Gain on sale of real estate owned					$ 2,100
LAND
Under development:
Gain on sale of real estate owned	$ 5,300

REAL ESTATE OWNED - Additional

REAL ESTATE OWNED - Additional Information (Details)	1 Months Ended														12 Months Ended
	Jan. 31, 2020item	Jan. 31, 2020USD ($)	Jan. 31, 2020home	Nov. 30, 2019USD ($)itemcommunity	Nov. 30, 2019USD ($)community	Nov. 30, 2019USD ($)community	Nov. 30, 2019USD ($)propertycommunity	Aug. 31, 2019USD ($)home	Jun. 30, 2019USD ($)home	May 31, 2019USD ($)home	Apr. 30, 2019USD ($)home	Feb. 28, 2019USD ($)home	Jan. 31, 2019USD ($)itemhome	Dec. 31, 2017community	Dec. 31, 2019USD ($)statehomecommunityitem	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jul. 31, 2019
Real Estate Owned Disclosure
Number of real estate properties | community															148
Number of states in which there are owned and consolidated communities | state															13
Number of apartment homes owned and consolidated | home															47,010
Long term debt fair value				$ 551,800,000	$ 551,800,000	$ 551,800,000	$ 551,800,000
In-place intangibles															$ 40,570,000
Gain on consolidation					0
Development of real estate assets					$ 977,800,000										25,401,000	$ 150,238,000	$ 248,546,000
Real estate held for investment															12,532,324,000	$ 10,196,159,000
Long-term Debt															$ 4,698,686,000
Number Of Credit Facilities				1	1	1	1
Number of land parcels | property							4
Number of communities under development															3
Number of homes under development | home															878
Budgeted value															$ 278,500,000
Carrying value															$ 69,800,000
In-place lease
Real Estate Owned Disclosure
Real estate held for investment				$ 30,000,000	$ 30,000,000	$ 30,000,000	$ 30,000,000
LAND
Real Estate Owned Disclosure
Proceeds from sale of real estate									$ 38,000,000
Orange County and Carlsbad Properties
Real Estate Owned Disclosure
Number of communities sold | community														2
LAND
Real Estate Owned Disclosure
Proceeds from sale of real estate									38,000,000
Gain on sale of real estate owned									$ 5,300,000
386 Home Operating Community In Anaheim
Real Estate Owned Disclosure
Number of apartment homes | home													386
Number of apartment homes acquired | home													386
Ownership (as a percent)													100.00%		49.00%	49.00%
Payment to acquire real estate													$ 33,500,000
Repayments of joint venture construction financing													59,800,000
Real estate acquired													115,700,000
In-place intangibles													2,400,000
Gain on consolidation													$ 0
155 Home Operating Community in Seattle
Real Estate Owned Disclosure
Number of apartment homes | home													155
Number of apartment homes acquired | item													155
Ownership (as a percent)													100.00%		49.00%	49.00%
Real estate intangibles													$ 2,400,000
Payment to acquire real estate													20,000,000
Repayments of joint venture construction financing													26,000,000
Real estate acquired													58,100,000
In-place intangibles													600,000
Gain on consolidation													0
To-Be-Developed Parcel of Land in Washington D.C
Real Estate Owned Disclosure
Payment to acquire real estate													$ 27,100,000
To Be Developed Parcel Of Land In Denver, Colorado
Real Estate Owned Disclosure
Payment to acquire real estate												$ 13,700,000
Operating Community in Brooklyn, New York
Real Estate Owned Disclosure
Number of apartment homes acquired | home												188
Real estate intangibles												$ 33,600,000
Payment to acquire real estate												132,100,000
Real estate acquired												97,500,000
In-place intangibles												$ 1,000,000
Operating Community in St. Petersburg, Florida
Real Estate Owned Disclosure
Number of apartment homes acquired | home										240		381
Payment to acquire real estate										$ 49,400,000		$ 98,300,000
Real estate acquired										48,200,000		96,000,000
In-place intangibles										$ 1,200,000		$ 2,300,000
Operating Community in St. Petersburg, Florida | Subsequent Event
Real Estate Owned Disclosure
Payment to acquire real estate		$ 85,200,000
Number of communities acquired | home			294
Operating Community in Towson, Maryland
Real Estate Owned Disclosure
Number of apartment homes acquired | home											498
Payment to acquire real estate											$ 86,400,000
Real estate acquired											82,500,000
In-place intangibles											$ 3,900,000
Operating Community in King of Prussia, Pennsylvania
Real Estate Owned Disclosure
Number of apartment homes acquired | home										313
Payment to acquire real estate										$ 107,300,000
Real estate acquired										106,400,000
In-place intangibles										$ 900,000
Operating Community in Waltham, Massachusetts
Real Estate Owned Disclosure
Number of apartment homes acquired | home									200
Payment to acquire real estate									$ 84,600,000
Real estate acquired									82,600,000
In-place intangibles									$ 2,000,000
Operating Community in Norwood, Massachusetts
Real Estate Owned Disclosure
Number of apartment homes acquired | home								914
Payment to acquire real estate								$ 270,200,000
Real estate acquired								260,100,000
In-place intangibles								$ 10,100,000
Operating Community in Englewood, New Jersey
Real Estate Owned Disclosure
Number of apartment homes acquired | home								185
Real estate intangibles								$ 4,600,000
Payment to acquire real estate								83,600,000
Real estate acquired								77,500,000
In-place intangibles								$ 1,500,000
Unconsolidated Joint Venture Three Washington DC
Real Estate Owned Disclosure
Number of apartment homes owned and consolidated | home								292
Ownership (as a percent)								100.00%										30.00%
Cash purchase price ( as a percent)								100.00%
Acquisition-related costs								$ 2,800,000
Payment to acquire real estate								184,000,000
Acquisition-related costs								2,800,000
Real estate acquired								156,000,000
In-place intangibles								5,900,000
Gain on consolidation								$ 0
Number of communities sold | home								292
UDR/MetLife operating communities
Real Estate Owned Disclosure
Ownership (as a percent)				50.00%	50.00%	50.00%	50.00%
Payment to acquire real estate					$ 109,200,000
Gain on consolidation					114,900,000										$ 131,500,000
Debt instrument, number of mortgage notes payable | item				6
Long-term Debt				$ 518,400,000	518,400,000	$ 518,400,000	$ 518,400,000
Number of communities acquired | community						10									10
Number of communities sold | community						5
Number of communities under development purchased | community						1									1
Number of land parcels				4			4								4
Total value of joint venture portion that was purchased				$ 1,100,000,000	1,100,000,000	$ 1,100,000,000	$ 1,100,000,000
Total value of joint venture that was purchased - UDR's share					564,200,000
Total value of joint venture portion that was sold				$ 645,800,000	$ 645,800,000	$ 645,800,000	$ 645,800,000
Number of communities sold | community				5	5	5	5
Sale value of joint venture					$ 645,800,000
Sale value of joint venture UDR's share					$ 322,900,000
Preferred Equity Investment Hillsboro Oregon
Real Estate Owned Disclosure
Ownership (as a percent)															49.00%
Preferred Equity Investment Hillsboro Oregon | Subsequent Event
Real Estate Owned Disclosure
Number of apartment homes acquired	276		276
Ownership (as a percent)	100.00%	100.00%	100.00%
Payment to acquire real estate		$ 21,600,000
Repayments of joint venture construction financing		$ 35,600,000

REAL ESTATE OWNED - Acquisition

REAL ESTATE OWNED - Acquisition from UDR/MetLife joint venture (Details)	1 Months Ended			12 Months Ended
	Nov. 30, 2019item	Nov. 30, 2019community	Nov. 30, 2019property	Dec. 31, 2019homecommunityitem
Real estate properties
Number of land parcels | property			4
UDR/MetLife operating communities
Real estate properties
Number of communities acquired | community		10		10
Number of communities under development purchased | community		1		1
Number of land parcels	4		4	4
UDR/MetLife operating communities | Strata
Real estate properties
Number of apartment homes				163
UDR/MetLife operating communities | Crescent Fall Church
Real estate properties
Number of apartment homes				214
UDR/MetLife operating communities | Charles River Landing
Real estate properties
Number of apartment homes				350
UDR/MetLife operating communities | Lodge at Ames Pond
Real estate properties
Number of apartment homes				364
UDR/MetLife operating communities | Lenox Farms
Real estate properties
Number of apartment homes				338
UDR/MetLife operating communities | Towson Promenade
Real estate properties
Number of apartment homes				379
UDR/MetLife operating communities | Savoye
Real estate properties
Number of apartment homes				394
UDR/MetLife operating communities | Savoye 2
Real estate properties
Number of apartment homes				351
UDR/MetLife operating communities | Fiori on Vitruvian Park
Real estate properties
Number of apartment homes				391
UDR/MetLife operating communities | Vitruvian West
Real estate properties
Number of apartment homes				383
UDR/MetLife operating communities | Vitruvian West Phase 2
Real estate properties
Number of apartment homes				366

REAL ESTATE OWNED - Amortizatio

REAL ESTATE OWNED - Amortization of intangible assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Intangible assets, net
Balance as of December 31, 2019	$ 81,458
2020	44,241
2021	3,341
2022	3,210
2023	3,029
2024	2,883
Thereafter	24,754
Accumulated depreciation	4,131,330	$ 3,654,160
Real estate
Intangible assets, net
Balance as of December 31, 2019	37,844
2020	3,062
2021	2,840
2022	2,740
2023	2,643
2024	2,525
Thereafter	24,034
Accumulated depreciation	2,700
Amortization expense	2,700
In-place lease
Intangible assets, net
Balance as of December 31, 2019	43,614
2020	41,179
2021	501
2022	470
2023	386
2024	358
Thereafter	720
Accumulated depreciation	23,600
Amortization expense	$ 20,800

JOINT VENTURES AND PARTNERSHI_3

JOINT VENTURES AND PARTNERSHIPS - Summary (Details)	1 Months Ended			12 Months Ended
	Jan. 31, 2020USD ($)	Aug. 31, 2019USD ($)	Jan. 31, 2019USD ($)home	Dec. 31, 2019USD ($)homepropertycommunity	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jul. 31, 2019	Sep. 30, 2018item	Aug. 31, 2018USD ($)item
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | community				148
Investment in unconsolidated entities					$ 585,490,000
Unconsolidated Joint Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities				$ 313,053,000	556,694,000
Unconsolidated Joint Venture Three Washington DC
Schedule of Equity Method Investments [Line Items]
Payment to acquire real estate		$ 184,000,000
UDR's Ownership Interest		100.00%					30.00%
Preferred Equity Investment 1641 Lincoln Santa Monica CA
Schedule of Equity Method Investments [Line Items]
Number of apartment homes									66
Investment in unconsolidated entities				$ 10,379,000	9,211,000
Rate				12.00%					12.00%
Years to Maturity				2 years 7 months 6 days
UDR commitment				$ 8,800,000
Income from investments				1,169,000	406,000
Preferred Equity Investment 1300 Fairmount Philadelphia, PA
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | item									471
Investment in unconsolidated entities				$ 51,215,000	8,318,000
Years to Maturity				3 years 7 months 6 days
UDR commitment				$ 51,393,000
Income from investments				3,098,000	159,000
Preferred Equity Investment Essex Orlando, FL
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | item								330
Investment in unconsolidated entities				$ 14,804,000	9,940,000
Rate				12.50%				12.50%
Years to Maturity				3 years 8 months 12 days
UDR commitment				$ 12,886,000
Income from investments				1,639,000	258,000
Preferred Equity Investment Oakland, CA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities				$ 22,653,000
Rate				9.00%
Years to Maturity				4 years 3 months 18 days
UDR commitment				$ 27,250,000
Income from investments				1,067,000
Other Investment Ventures
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities				13,598,000	4,154,000
UDR commitment				18,000,000
Income from investments				$ 4,053,000	$ (267,000)	$ (30,000)
386 Home Operating Community In Anaheim
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | home			386
Payment to acquire real estate			$ 33,500,000
UDR's Ownership Interest			100.00%	49.00%	49.00%
155 Home Operating Community in Seattle
Schedule of Equity Method Investments [Line Items]
Number of apartment homes | home			155
Payment to acquire real estate			$ 20,000,000
UDR's Ownership Interest			100.00%	49.00%	49.00%
Preferred Equity Investment Hillsboro Oregon
Schedule of Equity Method Investments [Line Items]
UDR's Ownership Interest				49.00%
Development Community
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities				$ 272,437,000	$ 224,175,000
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				$ 28,812,000	$ 30,839,000
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				$ 17,064,000	$ 65,417,000
Rate				6.50%
Income from investments				$ (447,000)	865,000	23,230,000
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities				$ 30,585,000	24,986,000
Rate				11.00%
Years to Maturity				2 years 6 months
UDR commitment				$ 24,645,000
Income from investments				3,147,000	2,228,000	511,000
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities				$ 63,958,000	58,982,000
Rate				8.00%
Years to Maturity				2 years 9 months 18 days
UDR commitment				$ 55,558,000
Income from investments				4,888,000	2,970,000	370,000
Development Community | Other Investment The Portals Washington, DC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities				$ 48,181,000	43,167,000
Rate				11.00%
Years to Maturity				1 year 4 months 24 days
UDR commitment				$ 38,559,000
Income from investments				$ 5,012,000	3,692,000	$ 839,000
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property				7
Number of apartment homes | home				1,250
Investment in unconsolidated entities				$ 150,893,000	$ 296,807,000
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				$ 98,441,000	$ 115,668,000
UDR's Ownership Interest				50.60%	50.60%
Operating Community | Unconsolidated Joint Venture Vitruvian Park
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities					$ 71,730,000
UDR's Ownership Interest					50.00%
Operating Community | Unconsolidated Joint Venture Three Washington DC
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated entities					$ 5,507,000
UDR's Ownership Interest					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				$ 34,907,000	$ 36,143,000
UDR's Ownership Interest				47.00%	47.00%
Subsequent Event | Preferred Equity Investment Hillsboro Oregon
Schedule of Equity Method Investments [Line Items]
Payment to acquire real estate	$ 21,600,000
UDR's Ownership Interest	100.00%

JOINT VENTURES AND PARTNERSHI_4

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details)	Nov. 30, 2019USD ($)community	Nov. 30, 2019USD ($)itemcommunity	Nov. 30, 2019USD ($)community	Nov. 30, 2019USD ($)propertycommunity	Nov. 30, 2019USD ($)community	Aug. 31, 2019USD ($)home	May 31, 2019USD ($)homecommunity	Dec. 31, 2019USD ($)communityitem	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jul. 31, 2019	Apr. 30, 2019USD ($)home	Jan. 01, 2019community	Sep. 30, 2018USD ($)item	Aug. 31, 2018USD ($)item
Joint Ventures
Real estate owned								$ 12,602,101,000	$ 10,196,159,000
Investment in unconsolidated entities									585,490,000
Time to maintain percent occupancy to be considered a community								3 months
Number of land parcels | property				4
Investment in unconsolidated joint ventures								$ 93,059,000	112,025,000	$ 123,842,000
Gain on consolidation			$ 0
Long-term Debt								4,707,524,000	3,547,787,000
Deferred fees from the sale of properties								9,000,000	11,000,000
Joint venture management and other fees								$ 14,055,000	$ 11,754,000	$ 11,482,000
Type of revenue								udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Management Service
Joint Ventures
Joint venture management and other fees								$ 14,000,000	$ 11,600,000	$ 11,400,000
Joint Ventures and Partnerships
Joint Ventures
Liabilities								$ 1,068,200,000	2,174,137,000
UDR/MetLife operating communities
Joint Ventures
UDR's Ownership Interest	50.00%	50.00%	50.00%	50.00%	50.00%
Number of communities acquired | community					10			10
Number of communities under development purchased | community					1			1
Number of land parcels		4		4				4
Total value of joint venture portion that was purchased	$ 1,100,000,000	$ 1,100,000,000	$ 1,100,000,000	$ 1,100,000,000	$ 1,100,000,000
Total value of joint venture that was purchased - UDR's share			564,200,000
Value of Joint Venture Sold	$ 645,800,000	$ 645,800,000	645,800,000	$ 645,800,000	$ 645,800,000
Sale value of joint venture			645,800,000
Sale value of joint venture UDR's share			322,900,000
Payment to acquire real estate			109,200,000
Gain on consolidation			$ 114,900,000					$ 131,500,000
Number of communities sold | community	5	5	5	5	5
Ownership interest (percentage)								50.00%
UDR/MetLife II operating communities
Joint Ventures
Number Of Operating Communities Held Upon Closing Of Transactions | community	7
UDR's Ownership Interest								50.00%
Number of communities acquired | community					15			5
Gain on consolidation								$ 114,900,000
Unconsolidated Joint Venture Vitruvian Park
Joint Ventures
Liabilities									177,099,000
Unconsolidated Joint Venture UDR Met Life I Partnership
Joint Ventures
Liabilities								74,927,000	72,768,000
Unconsolidated Joint Venture UDR MetLife II Partnership
Joint Ventures
Liabilities								434,606,000	1,110,489,000
Unconsolidated Joint Venture Three Washington DC
Joint Ventures
UDR's Ownership Interest						100.00%					30.00%
Payment to acquire real estate						$ 184,000,000
Gain on consolidation						$ 0
Number of completed communities | community													3
Number of communities sold | home						292
Acquisition-related costs						$ 2,800,000
Reduction of carrying amount of real estate						$ 23,800,000
Liabilities									167,559,000
Ownership interest (percentage)						100.00%
Unconsolidated Joint Venture Other MetLife
Joint Ventures
Liabilities								464,729,000	464,400,000
Preferred Equity Investment West Coast Development JV
Joint Ventures
Liabilities								$ 93,938,000	181,822,000
Preferred Equity Investment Hillsboro Oregon
Joint Ventures
UDR's Ownership Interest								49.00%
Preferred Equity Investment 1641 Lincoln Santa Monica CA
Joint Ventures
Investment in unconsolidated entities								$ 10,379,000	9,211,000
Income from investments								$ 1,169,000	406,000
Preferred return (as a percent)								12.00%							12.00%
Number of apartment homes															66
Equity Investment															$ 8,800,000
Preferred Equity Investment 1300 Fairmount Philadelphia, PA
Joint Ventures
Investment in unconsolidated entities								$ 51,215,000	8,318,000
Income from investments								3,098,000	159,000
Number of apartment homes | item															471
Equity Investment															$ 51,400,000
Preferred Equity Investment Essex Orlando, FL
Joint Ventures
Investment in unconsolidated entities								14,804,000	9,940,000
Income from investments								$ 1,639,000	$ 258,000
Preferred return (as a percent)								12.50%						12.50%
Number of apartment homes | item														330
Equity Investment														$ 12,900,000
Operating Communities in Arlington, Virginia and Silver Spring, Maryland
Joint Ventures
Number of communities sold | community							2
Number of apartment homes | home							368
Proceeds from sale of real estate							$ 118,300,000
Gain/(loss) on sales of real estate owned, net of tax							$ 10,600,000
Preferred Equity Investment Modera Lake Merritt, Oakland
Joint Ventures
Preferred return (as a percent)												9.00%
Number of apartment homes | home												173
Equity Investment												$ 27,300,000
UDR/KFH joint venture
Joint Ventures
Number of communities sold | community								3
Maximum | Preferred Equity Investment 1300 Fairmount Philadelphia, PA
Joint Ventures
Preferred return (as a percent)															12.00%
Minimum
Joint Ventures
UDR's Ownership Interest								100.00%
Minimum | Preferred Equity Investment 1300 Fairmount Philadelphia, PA
Joint Ventures
Preferred return (as a percent)															8.50%
Market Property LLC | Accounts Payable and Accrued Liabilities
Joint Ventures
Investment in unconsolidated entities								$ 2,800,000

JOINT VENTURES AND PARTNERSHI_5

JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Financial information relating to unconsolidated joint ventures operations
Operating income/(loss)	$ 137,873	$ (5,055)	$ 31,257
Joint Ventures and Partnerships
Financial information relating to unconsolidated joint ventures operations
Total revenues	278,006	287,083	267,116
Property operating expenses	105,349	112,347	103,969
Real estate depreciation and amortization	105,883	115,211	106,805
Gain (loss) on sale of real estate	115,516		71,590
Operating income/(loss)	182,290	59,525	127,932
Interest expense	(80,198)	(87,363)	(78,829)
Gain loss on revaluation of assets and liabilities	483,906
Other income/(loss)	159	148	(439)
Net income /(loss)	586,157	(27,690)	48,664
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	1,545,106	3,167,984
Cash and cash equivalents	20,190	39,405
Other assets	17,535	29,819
Total assets	1,582,831	3,237,208
Third party debt, net	1,041,663	2,114,420
Accounts payable and accrued liabilities	26,537	59,717
Total liabilities	1,068,200	2,174,137
Total equity	514,631	1,063,071
Unconsolidated Joint Venture Other MetLife
Financial information relating to unconsolidated joint ventures operations
Total revenues	64,273	61,967	48,032
Property operating expenses	22,019	21,998	21,908
Real estate depreciation and amortization	35,001	35,437	32,625
Operating income/(loss)	7,253	4,532	(6,501)
Interest expense	(17,399)	(17,408)	(13,894)
Net income /(loss)	(10,146)	(12,876)	(20,395)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	621,335	653,729
Cash and cash equivalents	7,973	8,242
Other assets	5,400	4,904
Total assets	634,708	666,875
Third party debt, net	454,972	454,647
Accounts payable and accrued liabilities	9,757	9,753
Total liabilities	464,729	464,400
Total equity	169,979	202,475
Unconsolidated Joint Venture Vitruvian Park
Financial information relating to unconsolidated joint ventures operations
Total revenues	26,398	26,096	23,025
Property operating expenses	12,541	13,732	11,839
Real estate depreciation and amortization	9,832	9,495	7,169
Operating income/(loss)	4,025	2,869	4,017
Interest expense	(5,948)	(6,051)	(5,030)
Gain loss on revaluation of assets and liabilities	25,711
Net income /(loss)	23,788	(3,182)	(1,013)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net		315,541
Cash and cash equivalents		8,865
Other assets		2,241
Total assets		326,647
Third party debt, net		162,131
Accounts payable and accrued liabilities		14,968
Total liabilities		177,099
Total equity		149,548
Unconsolidated Joint Venture UDR Met Life I Partnership
Financial information relating to unconsolidated joint ventures operations
Total revenues	9,834	3,187
Property operating expenses	4,533	3,066	93
Real estate depreciation and amortization	5,787	3,392
Gain (loss) on sale of real estate			(17)
Operating income/(loss)	(486)	(3,271)	(110)
Interest expense	(3,070)	(1,872)
Net income /(loss)	(3,556)	(5,143)	(110)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	120,055	124,112
Cash and cash equivalents	2,317	698
Other assets	1,053	1,074
Total assets	123,425	125,884
Third party debt, net	70,890	70,833
Accounts payable and accrued liabilities	4,037	1,935
Total liabilities	74,927	72,768
Total equity	48,498	53,116
Unconsolidated Joint Venture UDR MetLife II Partnership
Financial information relating to unconsolidated joint ventures operations
Total revenues	151,226	158,738	156,920
Property operating expenses	54,445	56,403	52,450
Real estate depreciation and amortization	44,077	44,721	45,144
Gain (loss) on sale of real estate			(609)
Operating income/(loss)	52,704	57,614	58,717
Interest expense	(44,825)	(49,118)	(50,603)
Gain loss on revaluation of assets and liabilities	458,195
Net income /(loss)	466,074	8,496	8,114
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	663,492	1,609,903
Cash and cash equivalents	4,208	11,192
Other assets	9,777	18,670
Total assets	677,477	1,639,765
Third party debt, net	425,303	1,089,231
Accounts payable and accrued liabilities	9,303	21,258
Total liabilities	434,606	1,110,489
Total equity	242,871	529,276
Unconsolidated Joint Venture Three Washington DC
Financial information relating to unconsolidated joint ventures operations
Total revenues	12,217	20,703	20,327
Property operating expenses	4,982	8,318	8,159
Real estate depreciation and amortization	5,746	14,487	14,480
Gain (loss) on sale of real estate	115,516
Operating income/(loss)	117,005	(2,102)	(2,312)
Interest expense	(4,300)	(6,739)	(5,264)
Net income /(loss)	112,705	(8,841)	(7,576)
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net		182,970
Cash and cash equivalents		1,794
Other assets		1,320
Total assets		186,084
Third party debt, net		165,699
Accounts payable and accrued liabilities		1,860
Total liabilities		167,559
Total equity		18,525
Preferred Equity Investment West Coast Development JV
Financial information relating to unconsolidated joint ventures operations
Total revenues	14,058	16,392	18,812
Property operating expenses	6,829	8,830	9,520
Real estate depreciation and amortization	5,440	7,679	7,387
Gain (loss) on sale of real estate			72,216
Operating income/(loss)	1,789	(117)	74,121
Interest expense	(4,656)	(6,175)	(4,038)
Other income/(loss)	159	148	(439)
Net income /(loss)	(2,708)	(6,144)	69,644
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	140,224	281,729
Cash and cash equivalents	5,692	8,614
Other assets	1,305	1,610
Total assets	147,221	291,953
Third party debt, net	90,498	171,879
Accounts payable and accrued liabilities	3,440	9,943
Total liabilities	93,938	181,822
Total equity	53,283	110,131
Developer Capital Program excluding West Coast Development Joint Ventures
Financial information relating to unconsolidated joint ventures operations
Total revenues		11,200	6,000	$ 7,800
Expenses		3,500	1,800	$ 9,500
Other income/ loss	$ 26,400
Combined summary of balance sheets relating to unconsolidated joint ventures
Total assets		521,000	248,100
Total liabilities		135,000	22,500
Total equity		$ 386,000	$ 225,600

LEASES - Lessee Future Minimum

LEASES - Lessee Future Minimum Payments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)leasecommunity	Sep. 30, 2019
Lessee operating leases
Number of communities subject to ground leases | community	6
Operating leases existence of option to extend	true
Lease classification per practical expedient	true
Operating lease right-of-use assets	$ 204,225
Weighted average remaining lease term		44 years 8 months 12 days
Weighted average discount rate	5.00%
Increase in operating lease right-to-use assets	$ 111,055
Number of ground leases that became fixed | lease	2
Future minimum lease payments
Operating lease liabilities	$ 198,558
LAND
Future minimum lease payments
2020	12,442
2021	12,442
2022	12,442
2023	12,442
2024	12,442
Thereafter	455,221
Total future minimum lease payments (undiscounted)	517,431
Difference between future undiscounted cash flows and discounted cash flows	(318,873)
Operating lease liabilities	$ 198,558

LEASES - Lease Maturities ASC 8

LEASES - Lease Maturities ASC 840 (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2019community
Operating leases
Number of real estate properties | community			148
Ground Leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019	$ 4,901
2020	4,901
2021	4,901
2022	4,901
2023	4,901
Thereafter	313,918
Total	338,423
Office Space
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019	76
2020	76
2021	32
Total	184
Other operating expense | Ground Leases
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Rent expense	7,300	$ 6,200
General and administrative expense | Office Space
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
Rent expense	$ 200	$ 200

LEASES - Lessee Expenses (Detai

LEASES - Lessee Expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Lessee operating leases
Contractual ground lease expense	$ 400
Variable lease expense	400
Operating lease right-of-use asset amortization	1,200
Operating lease liabilities amortization	800
Short-term Lease Payments	0
LAND
Lessee operating leases
Contractual ground lease expense	8,272
Variable lease expense	664
LAND | Other operating expense
Lessee operating leases
Total lease expense	8,936
Office Space
Lessee operating leases
Total lease expense	9,006
Office Space | General and administrative expense
Lessee operating leases
Contractual ground lease expense	$ 70

LEASES - Lessor (Details)

LEASES - Lessor (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2019
Future minimum lease payments
2020		$ 22,568
2021		22,055
2022		20,443
2023		19,057
2024		17,304
Thereafter		78,818
Total future minimum payments		180,245
Variable lease expense		400
LAND
Lessor leases
Proceeds from sale of real estate	$ 38,000
Future minimum lease payments
Variable lease expense		$ 664
Apartment Homes
Lessor leases
Percentage of lease revenue		98.10%
Option to extend		true
Apartment Homes | Maximum
Lessor leases
Lease terms		12 months
Retail and Commercial Spaces
Lessor leases
Percentage of lease revenue		1.90%
Option to extend		true
Retail and Commercial Spaces | Minimum
Lessor leases
Lease terms		5 years
Retail and Commercial Spaces | Maximum
Lessor leases
Lease terms		15 years

SECURED AND UNSECURED DEBT, N_3

SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)community	Dec. 31, 2018USD ($)	Nov. 30, 2019USD ($)
Secured debt instruments
Unamortized net premium	$ 35,300	$ 5,000
Interest rate at end of the period	3.43%
Long-term Debt	$ 4,707,524	3,547,787
Unsecured Debt	3,558,083	2,946,560
Borrowings outstanding	$ 2,900	3,300
Weighted Average
Secured debt instruments
Years to maturity	7 years 1 month 6 days
Commercial Paper
Secured debt instruments
Interest rate at end of the period	1.99%
Borrowings outstanding at end of period	$ 300,000	101,115
Borrowings outstanding	$ 300,000	101,115
Commercial Paper | Weighted Average
Secured debt instruments
Years to maturity	1 month 6 days
Mortgages Notes Payable | Minimum
Secured debt instruments
Principal outstanding			$ 32,600
Mortgages Notes Payable | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 884,869	417,989	313,400
Interest rate at end of the period	3.61%
Number of Communities Encumbered | community	15
Mortgages Notes Payable | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	6 years 2 months 12 days
Tax-exempt secured notes payable | Variable Rate Debt
Secured debt instruments
Principal outstanding	$ 27,000	94,700
Interest rate at end of the period	1.79%
Number of Communities Encumbered | community	1
Tax-exempt secured notes payable | Variable Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	12 years 2 months 12 days
Credit facilities
Secured debt instruments
Principal outstanding			$ 205,000
Secured Debt
Secured debt instruments
Long-term Debt	$ 1,149,441
Secured Debt | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 1,122,505	506,646
Interest rate at end of the period	3.85%
Long-term Debt	$ 1,122,505
Number of Communities Encumbered | community	19
Secured Debt | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	5 years 7 months 6 days
Secured Debt | Variable Rate Debt
Secured debt instruments
Long-term Debt	$ 26,936
Deferred finance costs, net	$ (64)	(119)
Unsecured Revolving credit facility due 2023 | Weighted Average
Secured debt instruments
Years to maturity	3 years 1 month 6 days
Unsecured Working Capital Credit Facility due January 2021
Secured debt instruments
Interest rate at end of the period	2.59%
Borrowings outstanding	$ 16,583	16
Unsecured Working Capital Credit Facility due January 2021 | Weighted Average
Secured debt instruments
Years to maturity	1 year
Term Loan due September 2023
Secured debt instruments
Interest rate at end of the period	2.59%
Senior Notes	$ 35,000	35,000
Term Loan due September 2023 | Weighted Average
Secured debt instruments
Years to maturity	3 years 9 months 18 days
3.70% Term Notes Due October 2020
Secured debt instruments
Unamortized discount	$ 0	$ 14
Interest rate at end of the period		3.70%
Senior Notes		$ 299,986
4.63% Medium-Term Notes due January 2022
Secured debt instruments
Unamortized discount	$ 0	$ 1,087
Interest rate at end of the period		4.63%
Senior Notes		$ 398,913
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	3 years 9 months 18 days
3.75% Medium-Term Notes Due July 2024
Secured debt instruments
Unamortized discount	$ 470	574
Interest rate at end of the period	3.75%
Senior Notes	$ 299,530	299,426
3.75% Medium-Term Notes Due July 2024 | Weighted Average
Secured debt instruments
Years to maturity	4 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	4 years 8 months 12 days
4.00% Medium-Term Note due October 2025
Secured debt instruments
Unamortized discount	$ 396	465
Interest rate at end of the period	4.00%
Senior Notes	$ 299,604	299,535
4.00% Medium-Term Note due October 2025 | Weighted Average
Secured debt instruments
Years to maturity	5 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	6 years 8 months 12 days
3.50 Medium-Term Note due July 2027
Secured debt instruments
Unamortized discount	$ 529	600
Interest rate at end of the period	3.50%
Senior Notes	$ 299,471	299,400
3.50 Medium-Term Note due July 2027 | Weighted Average
Secured debt instruments
Years to maturity	7 years 6 months
3.50% Medium-Term Notes Due January 2028
Secured debt instruments
Unamortized discount	$ 954	1,072
Interest rate at end of the period	3.50%
Senior Notes	$ 299,046	298,928
3.50% Medium-Term Notes Due January 2028 | Weighted Average
Secured debt instruments
Years to maturity	8 years
4.40% Medium-Term Notes due January 2029
Secured debt instruments
Unamortized discount	$ 5	6
Interest rate at end of the period	4.40%
Senior Notes	$ 299,995	299,994
4.40% Medium-Term Notes due January 2029 | Weighted Average
Secured debt instruments
Years to maturity	9 years 1 month 6 days
3.20% Medium-Term Notes due January 2030
Secured debt instruments
Unamortized net premium	$ 2,281	0
Interest rate at end of the period	3.20%
Senior Notes	$ 402,281
3.20% Medium-Term Notes due January 2030 | Weighted Average
Secured debt instruments
Years to maturity	10 years
3.00% Medium-Term Notes due August 2031
Secured debt instruments
Unamortized discount	$ 1,123	0
Interest rate at end of the period	3.00%
Senior Notes	$ 398,877
3.00% Medium-Term Notes due August 2031 | Weighted Average
Secured debt instruments
Years to maturity	11 years 7 months 6 days
3.10% Medium-Term Notes due November 2034
Secured debt instruments
Unamortized discount	$ 1,309	0
Interest rate at end of the period	3.10%
Senior Notes	$ 298,691
3.10% Medium-Term Notes due November 2034 | Weighted Average
Secured debt instruments
Years to maturity	14 years 9 months 18 days
Other
Secured debt instruments
Senior Notes	$ 13	16
Unsecured Debt
Secured debt instruments
Interest rate at end of the period	3.27%
Long-term Debt	$ 3,558,083
Unsecured Debt	3,558,083	2,946,560
Deferred finance costs, net	$ (21,652)	(16,413)
Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	7 years 6 months
Secured Debt
Secured debt instruments
Principal outstanding	$ 1,149,441	601,227
Interest rate at end of the period	3.80%
Number of Communities Encumbered | community	20
Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	5 years 8 months 12 days
Secured Debt | Fixed Rate Debt
Secured debt instruments
Deferred financing costs and other non-cash adjustments	$ (33,046)	1,343
Secured Debt | Variable Rate Debt
Secured debt instruments
Principal outstanding	$ 26,936	94,581
Interest rate at end of the period	1.79%
Number of Communities Encumbered | community	1
Secured Debt | Variable Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	12 years 2 months 12 days
Credit facilities
Secured debt instruments
Borrowings outstanding	$ 204,590	90,000
Credit facilities | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 204,590	90,000
Interest rate at end of the period	4.90%
Number of Communities Encumbered | community	4
Credit facilities | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	3 years
United Dominion Realty L.P.
Secured debt instruments
Principal outstanding	$ 99,071	26,929
Interest rate at end of the period	2.78%
Number of Communities Encumbered | community	2
Deferred finance costs, net	$ (429)
United Dominion Realty L.P. | Weighted Average
Secured debt instruments
Years to maturity	10 years 8 months 12 days
United Dominion Realty L.P. | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 72,135
Interest rate at end of the period	3.10%
Number of Communities Encumbered | community	1
Deferred finance costs, net	$ (365)
United Dominion Realty L.P. | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	10 years 1 month 6 days
United Dominion Realty L.P. | Variable Rate Debt
Secured debt instruments
Deferred finance costs, net	$ (64)	(71)
United Dominion Realty L.P. | Commercial Paper
Secured debt instruments
Borrowings outstanding	300,000	101,100
United Dominion Realty L.P. | Mortgages Notes Payable | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 72,500
Interest rate at end of the period	3.10%
Number of Communities Encumbered | community	1
United Dominion Realty L.P. | Mortgages Notes Payable | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	10 years 1 month 6 days
United Dominion Realty L.P. | Tax-exempt secured notes payable | Variable Rate Debt
Secured debt instruments
Principal outstanding	$ 27,000	$ 27,000
Interest rate at end of the period	1.79%
Number of Communities Encumbered | community	1
United Dominion Realty L.P. | Tax-exempt secured notes payable | Variable Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	12 years 2 months 12 days

SECURED AND UNSECURED DEBT, N_4

SECURED AND UNSECURED DEBT, NET - Variable Rate Debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Credit facilities
Unamortized net premium	$ 35.3	$ 5
Secured credit facilities
Borrowings outstanding at end of period	$ 2.9	$ 3.3

SECURED AND UNSECURED DEBT, N_5

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	$ 2,900	$ 3,300
Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	2,000,000
Weighted average daily borrowings during the period ended	55
Maximum daily borrowings during the period ended	$ 20,000
Weighted average interest rate during the period ended	2.60%
Credit facilities
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	$ 204,590	90,000
Weighted average daily borrowings during the period ended	94,098	253,813
Maximum daily borrowings during the period ended	$ 204,590	$ 314,869
Weighted average interest rate during the period ended	4.30%	4.70%
Interest rate at the end of the period	4.90%	4.00%
Unsecured Revolving credit facility due 2023 | Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	$ 1,100,000
Term Loan due September 2023 | Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	350,000
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
Unsecured Working Capital Credit Facility due January 2021
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	16,583	16
Weighted average daily borrowings during the period ended	23,487	26,101
Maximum daily borrowings during the period ended	$ 66,170	$ 64,633
Weighted average interest rate during the period ended	3.10%	2.90%
Interest rate at the end of the period	2.60%	3.30%

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, 2019	Dec. 31, 2018
Unsecured Debt
Total unsecured commercial paper program	$ 500,000	$ 500,000
Borrowings outstanding at end of period	300,000	101,115
Weighted average daily borrowings during the period ended	173,353	344,235
Maximum daily borrowings during the period ended	$ 435,000	$ 440,000
Weighted average interest rate during the period ended	2.50%	2.40%
Interest rate at the end of the period	2.00%	2.90%

SECURED AND UNSECURED DEBT, N_7

SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Aggregate maturities of unsecured debt
2020	$ 410,645
2021	20,380
2021	3,945
2022	660,873
2023	410,924
2025	473,189
2026	351,070
2027	301,111
2028	422,465
2029	444,584
Thereafter	1,199,500
Subtotal	4,698,686
Non-cash (a)	8,838
Long-term Debt, Total	4,707,524	$ 3,547,787
Secured Debt
Aggregate maturities of unsecured debt
2020	110,645
2021	3,797
2021	3,945
2022	310,873
2023	95,280
2025	173,189
2026	51,070
2027	1,111
2028	122,465
2029	144,584
Thereafter	99,500
Subtotal	1,116,459
Non-cash (a)	32,982
Long-term Debt, Total	1,149,441
Unsecured Debt
Aggregate maturities of unsecured debt
2020	300,000
2021	16,583
2022	350,000
2023	315,644
2025	300,000
2026	300,000
2027	300,000
2028	300,000
2029	300,000
Thereafter	1,100,000
Subtotal	3,582,227
Non-cash (a)	(24,144)
Long-term Debt, Total	3,558,083
Fixed Rate Debt | Secured Debt
Aggregate maturities of unsecured debt
2020	110,645
2021	3,797
2021	3,945
2022	310,873
2023	95,280
2025	173,189
2026	51,070
2027	1,111
2028	122,465
2029	144,584
Thereafter	72,500
Subtotal	1,089,459
Non-cash (a)	33,046
Long-term Debt, Total	1,122,505
Variable Rate Debt | Secured Debt
Aggregate maturities of unsecured debt
Thereafter	27,000
Subtotal	27,000
Non-cash (a)	(64)
Long-term Debt, Total	$ 26,936

SECURED AND UNSECURED DEBT, N_8

SECURED AND UNSECURED DEBT, NET - Debt Covenants (Details) $ in Thousands	Jul. 02, 2019USD ($)	Oct. 20, 2015	Nov. 30, 2019USD ($)communityloanitem	Oct. 30, 2019USD ($)	Aug. 31, 2019USD ($)	Jul. 31, 2019USD ($)	Dec. 31, 2019USD ($)itemcommunity	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Fixed and variable rate debt
Amortization of financing costs							$ 4,200	$ 4,200
Secured Debt
Secured debt amount which encumbers real estate owned based upon book value							$ 2,100,000
Percentage of secured debt which encumbers real estate owned based upon book value							16.80%
Secured debt amount of real estate owned which is unencumbered							$ 10,500,000
Percentage of secured debt of real estate owned which is unencumbered							83.20%
Number of Extensions of loan | item							2
Interest rate at end of the period							3.43%
Long term debt fair value			$ 551,800
Extension period of option on loan		6 months
Borrowings outstanding at end of period							$ 2,900	3,300
Unamortized net premium							$ 35,300	5,000
UDR/MetLife operating communities
Secured Debt
Debt instrument, number of mortgage notes payable | item			6
Equity Method Investment, Ownership Percentage			50.00%
Number of communities acquired | community			10				10
Minimum
Secured Debt
Equity Method Investment, Ownership Percentage							100.00%
Commercial Paper
Secured Debt
Interest rate at end of the period							1.99%
Borrowings outstanding at end of period							$ 300,000	101,115
Fixed Rate Mortgage Due October 2029
Secured Debt
Principal outstanding							$ 90,000
Interest rate at end of the period							2.70%
Mortgage Due February 2030
Secured Debt
Principal outstanding							$ 72,500
Interest rate at end of the period							3.10%
3.20% senior unsecured notes due 2030
Secured Debt
Principal outstanding				$ 400,000
Interest rate at end of the period	3.20%			3.20%
Senior Notes	$ 300,000			$ 100,000
Percentage of notes price				103.32%
3.20% senior unsecured notes due 2030 | Treasury Lock
Secured Debt
Weighted average interest rate (as a percent)				3.24%
3.10% senior unsecured notes due 2034
Secured Debt
Interest rate at end of the period				3.10%
Senior Notes				$ 300,000
Percentage of notes price				99.56%
3.10% senior unsecured notes due 2034 | Treasury Lock
Secured Debt
Weighted average interest rate (as a percent)				3.13%
4.63% Medium-Term Notes due January 2022
Secured Debt
Interest rate at end of the period				4.63%
Make-whole amount				$ 22,000
Senior Notes				$ 400,000
Credit facilities
Secured Debt
Redemption of debt							$ 90,000
Unsecured Debt
Secured Debt
Interest rate at end of the period							3.27%
Basis points added to to variable rate							90.00%
Unsecured Debt | Maximum
Secured Debt
Basis points added to to variable rate							1.65%
Unsecured Debt | Minimum
Secured Debt
Basis points added to to variable rate							0.80%
Unsecured Working Capital Credit Facility due January 2021
Secured Debt
Credit facilities with aggregate commitment							$ 75,000	75,000
Interest rate at end of the period							2.59%
Basis points added to to variable rate							82.50%
Borrowings outstanding at end of period							$ 16,583	16
Unsecured Working Capital Credit Facility due January 2021 | Maximum
Secured Debt
Basis points added to to variable rate							145.00%
Unsecured Working Capital Credit Facility due January 2021 | Minimum
Secured Debt
Basis points added to to variable rate							75.00%
3.75% Medium-Term Notes Due July 2024
Secured Debt
Interest rate at end of the period							3.75%
Portion of medium term note subject to interest rate swaps							$ 100,000
Long-term Debt, Weighted Average Interest Rate							3.69%
Senior Notes							$ 299,530	299,426
Mortgages Notes Payable
Secured Debt
Long term debt fair value			$ 332,500
Debt instrument, number of mortgage notes payable | loan			6
Mortgages Notes Payable | UDR/MetLife operating communities
Secured Debt
Equity Method Investment, Ownership Percentage			50.00%
Number of communities acquired | community			6
Mortgages Notes Payable | Maximum
Secured Debt
Principal outstanding			$ 94,100
Interest rate			4.12%
Interest rate of medium-term notes			4.12%
Mortgages Notes Payable | Minimum
Secured Debt
Principal outstanding			$ 32,600
Interest rate			3.25%
Interest rate of medium-term notes			3.25%
Mortgages Notes Payable | Fixed Rate Debt
Secured Debt
Principal outstanding			$ 313,400				$ 884,869	417,989
Interest rate at end of the period							3.61%
Mortgages Notes Payable | Fixed Rate Debt | Maximum
Secured Debt
Notes payable maximum interest rates range							4.35%
Mortgages Notes Payable | Fixed Rate Debt | Minimum
Secured Debt
Notes payable maximum interest rates range							2.70%
Debt Assumed As Part of Acquisition
Secured Debt
Amortization of debt discount (Premium)							$ 3,000	3,000	$ 3,000
Tax-exempt secured notes payable | Variable Rate Debt
Secured Debt
Notes payable maximum interest rates range							1.79%
Principal outstanding							$ 27,000	94,700
Interest rate at end of the period							1.79%
Credit facilities
Secured Debt
Principal outstanding			205,000
Long term debt fair value			$ 219,300
Interest rate			4.90%
Interest rate of medium-term notes			4.90%
Credit facilities | UDR/MetLife operating communities
Secured Debt
Debt instrument, number of mortgage notes payable | community			4
Equity Method Investment, Ownership Percentage			50.00%
Revolving Credit Facility
Secured Debt
Basis points added to to variable rate							82.50%
Commitment fee							15.00%
Revolving Credit Facility | Maximum
Secured Debt
Basis points added to to variable rate							1.45%
Commitment fee							0.30%
Revolving Credit Facility | Minimum
Secured Debt
Basis points added to to variable rate							0.75%
Commitment fee							10.00%
4.00% Medium-Term Note due October 2025
Secured Debt
Interest rate at end of the period							4.00%
Portion of medium term note subject to interest rate swaps							$ 200,000
Long-term Debt, Weighted Average Interest Rate							4.53%
Senior Notes							$ 299,604	299,535
4.40% Medium-Term Notes due January 2029
Secured Debt
Interest rate at end of the period							4.40%
Portion of medium term note subject to interest rate swaps							$ 150,000
Long-term Debt, Weighted Average Interest Rate							4.27%
Senior Notes							$ 299,995	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
3.20% Medium-Term Notes due January 2030
Secured Debt
Interest rate at end of the period							3.20%
Interest rate						3.20%
Medium-term notes						$ 300,000
Interest rate of medium-term notes						3.20%
Percentage of principal amount at issuance						99.66
Long-term Debt, Weighted Average Interest Rate						3.42%
Senior Notes							$ 402,281
Unamortized net premium							$ 2,281	$ 0
3.00% Medium-Term Notes due August 2031
Secured Debt
Interest rate at end of the period							3.00%
Interest rate					3.00%
Medium-term notes					$ 400,000
Interest rate of medium-term notes					3.00%
Percentage of principal amount at issuance					99.71
Senior Notes							$ 398,877
3.00% Medium-Term Notes due August 2031 | Treasury Lock
Secured Debt
Medium-term notes					$ 150,000
Weighted average interest rate (as a percent)					3.01%
3.70% Term Notes Due October 2020
Secured Debt
Interest rate at end of the period								3.70%
Interest rate					3.70%
Make-whole amount					$ 5,400
Interest rate of medium-term notes					3.70%
Redemption of debt					$ 300,000
Senior Notes								$ 299,986
Unsecured Commercial Bank Credit Facility
Secured Debt
Credit facilities with aggregate commitment							2,000,000
Unsecured Commercial Bank Credit Facility | Unsecured Revolving credit facility due 2023
Secured Debt
Credit facilities with aggregate commitment							1,100,000
Unsecured Commercial Bank Credit Facility | Revolving Credit Facility
Secured Debt
Credit facilities with aggregate commitment							$ 1,100,000	1,100,000
United Dominion Realty L.P.
Secured Debt
Notes payable maximum interest rates range							3.43%
Principal outstanding							$ 99,071	26,929
Interest rate at end of the period							2.78%
United Dominion Realty L.P. | Fixed Rate Debt
Secured Debt
Principal outstanding							$ 72,135
Interest rate at end of the period							3.10%
United Dominion Realty L.P. | Commercial Paper
Secured Debt
Borrowings outstanding at end of period							$ 300,000	101,100
United Dominion Realty L.P. | Mortgages Notes Payable | Fixed Rate Debt
Secured Debt
Principal outstanding							$ 72,500
Interest rate at end of the period							3.10%
Interest rate							3.10%
Interest rate of medium-term notes							3.10%
United Dominion Realty L.P. | Tax-exempt secured notes payable | Variable Rate Debt
Secured Debt
Principal outstanding							$ 27,000	27,000
Interest rate at end of the period							1.79%
Credit facilities
Secured Debt
Borrowings outstanding at end of period							$ 204,590	90,000
Credit facilities | Fixed Rate Debt
Secured Debt
Principal outstanding							$ 204,590	90,000
Interest rate at end of the period							4.90%
Credit facilities | Fair Value, Measurements, Recurring | Carrying Amount
Secured Debt
Principal outstanding							$ 218,490
Credit facilities | Fair Value, Measurements, Recurring | Carrying Amount | Fannie Mae | Fixed Rate Debt
Secured Debt
Principal outstanding								90,000
Mortgages Notes Payable | Tax-exempt secured notes payable | Variable Rate Debt
Secured Debt
Payment of notes payable							67,700
Mortgages Notes Payable | Fair Value, Measurements, Recurring | Carrying Amount | Fixed Rate Debt
Secured Debt
Principal outstanding							$ 906,228	$ 417,989

INCOME_(LOSS) PER SHARE (Detail

INCOME/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jul. 31, 2017
Antidilutive securities
Net income/(loss)												$ 199,579	$ 221,542	$ 132,655
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership												(14,426)	(18,215)	(10,933)
Net (income)/loss attributable to noncontrolling interests												(188)	(221)	(164)
Net income/(loss) attributable to UDR, Inc.												184,965	203,106	121,558
Distributions to preferred stockholders - Series E (Convertible)												(4,104)	(3,868)	(3,708)
Net income/(loss) attributable to common stockholders								$ 81,168	$ 17,639	$ 19,630	$ 80,801	$ 180,861	$ 199,238	$ 117,850
Denominator for earnings per share - basic and diluted:
Weighted average common shares outstanding												285,509,000	268,513,000	267,567,000
Non-vested restricted stock awards												(262,000)	(334,000)	(543,000)
Denominator for basic income/(loss) per share				293,107,000	288,706,000	281,960,000	277,002,000	270,107,000	267,727,000	267,311,000	267,546,000	285,247,000	268,179,000	267,024,000
Denominator for diluted income/(loss) per share				294,073,000	289,529,000	282,575,000	277,557,000	270,755,000	268,861,000	268,890,000	269,208,000	286,015,000	269,483,000	268,830,000
Income/(loss) per weighted average common share - basic				$ 0.33	$ 0.09	$ 0.12	$ 0.08	$ 0.30	$ 0.07	$ 0.07	$ 0.30	$ 0.63	$ 0.74	$ 0.44
Income/(loss) per weighted average common share - diluted				$ 0.33	$ 0.09	$ 0.12	$ 0.08	$ 0.30	$ 0.07	$ 0.07	$ 0.30	$ 0.63	$ 0.74	$ 0.44
Number of shares authorized	350,000,000			350,000,000				350,000,000				350,000,000	350,000,000
Number of shares sold			7,500,000
Aggregate gross proceeds			$ 349,900									$ 725,315	$ 299,825
Weighted average price per share			$ 46.65
Proceeds from the issuance of common shares through public offering, net			$ 349,900									725,315	299,825
Aggregate net proceeds from sales, after deducting related costs			$ 349,800									$ 725,315	$ 299,825
OP/DownREIT Units
Antidilutive securities
Antidilutive securities												22,773,000	24,548,000	24,821,000
Convertible preferred stock
Antidilutive securities
Antidilutive securities												3,011,000	3,011,000	3,021,000
stock options, unvested LTIP Units, and unvested restricted stock
Antidilutive securities
Antidilutive securities												768,000	1,304,000	1,806,000
Denominator for earnings per share - basic and diluted:
Incremental shares issuable from assumed conversion of stock options, unvested LTIP Units, unvested restricted stock, and shares issuable upon settlement of forward purchase agreements												768,000	1,304,000	1,806,000
ATM
Denominator for earnings per share - basic and diluted:
Number of shares authorized															20,000,000
Number of shares sold												7,000,000
Aggregate gross proceeds												$ 316,500
Weighted average price per share												$ 45.29
Proceeds from the issuance of common shares through public offering, net												$ 316,500
Commissions paid to sales agents												4,000
Aggregate net proceeds from sales, after deducting related costs												$ 312,300
Shares of common stock available for future issuance	11,700,000			11,700,000								11,700,000
Forward Sales Agreement
Denominator for earnings per share - basic and diluted:
Number of shares authorized		1,300,000			1,300,000
Number of shares sold	1,300,000
Aggregate gross proceeds	$ 63,500												$ 63,200
Weighted average price per share	$ 47.41	$ 47.68
Forward price													$ 47.41
Proceeds from the issuance of common shares through public offering, net	$ 63,500												$ 63,200
Commissions paid to sales agents	600
Aggregate net proceeds from sales, after deducting related costs	$ 63,200

STOCKHOLDERS' EQUITY - Shares R

STOCKHOLDERS' EQUITY - Shares Rollforward (Details) - shares shares in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Issuance of common shares through public offering	7,500
Common Stock
Shares issued, beginning of period		275,546	267,822	267,259
Issuance/(forfeiture) of common and restricted shares, net		50	47	70
Issuance of common shares upon exercise of stock options			772
Issuance of common shares through public offering		7,500	7,150	87
Issuance of common shares though ATM program		6,988
Issuance of common shares through forward sales agreement		1,339
Repurchase of common shares			(593)
Conversion of Series E Cumulative Convertible shares				17
Shares issued, end of period		294,588	275,546	267,822
8.00% Series E Cumulative Convertible Preferred Stock
Shares issued, beginning of period		2,781	2,781	2,797
Conversion of Series E Cumulative Convertible shares				(16)
Shares issued, end of period		2,781	2,781	2,781
Series F
Shares issued, beginning of period		15,802	15,852	16,196
Forfeiture of Series F shares		(1,111)	(50)	(344)
Shares issued, end of period		14,691	15,802	15,852
Series F | Maximum
Forfeiture of Series F shares			(100)
United Dominion Realty L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders		1,969	11	8
UDR Lighthouse DownREIT L.P. | Common Stock
Adjustment for conversion of non-controlling interest of unitholders		1,196	337	381
UDR Lighthouse DownREIT L.P. | Series F
Forfeiture of Series F shares		(1,100)
Common Stock
Issuance of common shares through public offering		7,500

STOCKHOLDERS' EQUITY - Other in

STOCKHOLDERS' EQUITY - Other information (Details) - USD ($)	1 Months Ended			12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Aug. 31, 2019	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2008	Jul. 31, 2017	Dec. 31, 2007
Stockholders' equity
Preferred stock, no par value	$ 0			$ 0	$ 0
Common stock, shares authorized	350,000,000			350,000,000	350,000,000
Weighted average price per share			$ 46.65
Proceeds from the issuance of common shares through public offering, net			$ 349,900,000	$ 725,315,000	$ 299,825,000
Preferred stock, shares authorized	50,000,000			50,000,000	50,000,000
Issuance of common shares through public offering			7,500,000
Common distributions declared per share				$ 1.37	$ 1.29	$ 1.24
Stock issued during period, shares, Distribution Reinvestment and Stock Purchase Plan							10,000,000
Shares reserved for issuance under the Stock Purchase Plan				11,000,000
Equity Distribution Agreement
Stockholders' equity
Common stock, shares authorized	20,000,000			20,000,000
Common Stock, Capital Shares Reserved for Future Issuance	11,700,000			11,700,000
8.00% Series E Cumulative Convertible Preferred Stock
Stockholders' equity
Preferred stock, no par value	$ 0			$ 0
Preferred stock, liquidation preference per share	$ 16.61			$ 16.61
Number of common stock shares each preferred shares can be converted to									1
Number of common stock shares to which each preferred share is convertible after special dividend				1.083
Declared preferred stock dividend				$ 1.48	$ 1.40	$ 1.33
Preferred Stock, Shares Issued	2,780,994			2,780,994	2,780,994
Common Stock
Stockholders' equity
Issuance of common shares though ATM program				6,988,000
Issuance of common shares through public offering				7,500,000	7,150,000	87,000
Share Price	$ 46.65			$ 46.65
Aggregate gross proceeds of common stock				$ 349,800,000
Series F
Stockholders' equity
Preferred stock, shares authorized	20,000,000			20,000,000
Share Price	$ 0.0001			$ 0.0001
Preferred stock, value, issued	$ 1,469			$ 1,469	$ 1,580
Preferred Stock, Shares Issued	14,691,274			14,691,274	15,802,393
Restricted Stock
Stockholders' equity
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period Net of Forfeitures				100,000
Common Stock
Stockholders' equity
Issuance of common shares through public offering				7,500,000
ATM
Stockholders' equity
Common stock, shares authorized								20,000,000
Issuance of common shares though ATM program				7,000,000
Weighted average price per share				$ 45.29
Net proceeds from the issues of common shares				$ 312,300,000
Proceeds from the issuance of common shares through public offering, net				$ 316,500,000
Common Stock, Capital Shares Reserved for Future Issuance	11,700,000			11,700,000
Issuance of common shares through public offering				7,000,000
Forward Sales Agreement
Stockholders' equity
Common stock, shares authorized		1,300,000
Issuance of common shares though ATM program					1,300,000
Weighted average price per share	$ 47.41	$ 47.68
Proceeds from the issuance of common shares through public offering, net	$ 63,500,000				$ 63,200,000
Issuance of common shares through public offering	1,300,000
Forward price					$ 47.41

EMPLOYEE BENEFIT PLANS - Rollfo

EMPLOYEE BENEFIT PLANS - Rollforward (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2019USD ($)$ / sharesshares
Stock Options
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $	$ 0
Long Term Incentive Plan
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $	$ 9.8
Options Exercisable, Number of Options
Balance, December 31, 2018 | shares	611
Granted | shares	674,000
Vested | shares	(427,000)
Balance, December 31, 2019 | shares	858,000
Options Exercisable, Weighted Average Exercise Price
Balance, December 31, 2018 (in dollars per share)	$ 37
Granted (in dollars per share)	39.74
Vested (in dollars per share)	39.33
Forfeited (in dollars per share)	37.69
Balance, December 31, 2019 (in dollars per share)	$ 37.77
Restricted Stock
Employee benefits
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $	$ 3.9
LTIP Units and Restricted Stock, Number Of shares
Balance, December 31, 2018 | shares	307,000
Granted | shares	124,000
Vested | shares	(176,000)
Forfeited | shares	(7,000)
Balance, December 31, 2019 | shares	248,000
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock
Balance, December 31, 2018 (in dollars per share)	$ 36.58
Granted (in dollars per share)	38.35
Vested (in dollars per share)	36.61
Forfeited (in dollars per share)	37.73
Balance, December 31, 2019 (in dollars per share)	$ 37.29

EMPLOYEE BENEFIT PLANS - Other

EMPLOYEE BENEFIT PLANS - Other information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
	Jan. 31, 2019	Jan. 31, 2018	Jan. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Employee benefits
Unexercised stock options outstanding				0
Stock Options
Employee benefits
Total remaining compensation cost related to unvested share options				$ 0
Restricted Stock
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Options, Issued				6,300,000
Total remaining compensation cost related to unvested share options				$ 3.9
Weighted average remaining contractual life				1 year 7 months 6 days
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value				$ 38.35
Stock based compensation expense				$ 4.8	$ 4.3	$ 4
Initial performance period to make adjustments				1 year
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				2,900,000
Total remaining compensation cost related to unvested share options				$ 9.8
Shares available for issuance under plan				6,300,000
Weighted average remaining contractual life				1 year 4 months 24 days
Number of share options exercisable				858,000	611
Stock based compensation expense				$ 12.4	$ 9.9	8.9
Short Term Incentive Plan
Employee benefits
Stock based compensation expense					$ 0	$ 0
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%
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		100.00%	10.00%
Vesting period			3 years			3 years
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			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
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage					100.00%
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%
Vesting period		3 years		3 years
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		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, 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%
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
2019 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	$ 43.63
2019 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	43.42
2019 LTIP | Long Term Incentive Plan
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				100.00%
FFO as Adjusted Per Share, Value	18.24
Share Price	$ 38.39
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	21.00%
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date	5.00%
Vesting period	3 years
2019 LTIP | Long Term Incentive Plan | 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	$ 17.47
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date	9.00%
Vesting period	1 year
2019 LTIP | Long Term Incentive Plan | 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%
2019 LTIP | Long Term Incentive Plan | 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%
2019 LTIP | Long Term Incentive Plan | Second portion of awards
Employee benefits
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	15.00%
Vesting period	3 years			3 years
2019 LTIP | Long Term Incentive Plan | 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			3 years
2019 LTIP | Long Term Incentive Plan | Relative component
Employee benefits
FFO as Adjusted Per Share, Value	$ 20.89
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date	5.00%
2019 LTIP | Long Term Incentive Plan | Absolute component
Employee benefits
FFO as Adjusted Per Share, Value	$ 20.79
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate				21.00%
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date	5.00%
2019 LTIP | Short Term Incentive Plan
Employee benefits
FFO as Adjusted Per Share, Value	$ 33.40
Stock based compensation expense				$ 7.2
Vesting period	1 year
Initial performance period to make adjustments	1 year
Unrecognized compensation expense				$ 0
Long Term Incentive Plan
Employee benefits
Shares reserved for issuance under plan				19,000,000
Profit Sharing Plan
Employee benefits
Aggregate provisions for contributions				$ 1.2	$ 1.3	$ 1.3

INCOME TAXES - Taxable Distribu

INCOME TAXES - Taxable Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Taxable Distributions Paid Per Common Share [Abstract]
Ordinary income	$ 0.981	$ 0.774	$ 1.018
Qualified ordinary income	0.004	0.006	0.011
Long-term capital gain	0.021	0.058	0.133
Unrecapture section 1250 gain	0.063	0.233	0.063
Nondividend distributions	0.281	0.207
Taxable distributions per common share	$ 1.350	$ 1.278	$ 1.225

INCOME TAXES - Provision (Detai

INCOME TAXES - Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Current
Current Income Tax Expense (Benefit), Total	$ 0
Deferred
Total income tax provision/(benefit)	3,838	$ 688	$ (240)
TRS
Current
Federal	1,466	220	(1,205)
State	735	396	407
Current Income Tax Expense (Benefit), Total	2,201	616	(798)
Deferred
Federal	1,266	66	568
State	371	6	(10)
Total deferred	1,637	72	558
Total income tax provision/(benefit)	3,838	688	(240)
TRS | Continuing Operations
Deferred
Total income tax provision/(benefit)	$ 3,838	$ 688
Tax Benefit of Taxable Subsidiary			$ (240)

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Deferred tax assets:
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	35.00%
Deferred tax liabilities:
Deferred tax liabilities, net	$ (1,600)
TRS
Deferred tax assets:
Federal and state tax attributes	22	$ 28	$ 8
Other	87	70	139
Total deferred tax assets	109	98	147
Valuation allowance	(19)	(16)	(9)
Net deferred tax assets	90	82	138
Deferred tax liabilities:
Book/tax depreciation and basis	(367)
Other investment ventures	(1,291)	(17)
Other	(67)	(67)	(67)
Total deferred tax liabilities	(1,725)	(84)	(67)
Deferred Tax Assets, Net, Total			$ 71
Deferred tax liabilities, net	$ (1,635)	$ (2)

INCOME TAXES - Effective Tax Ra

INCOME TAXES - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
U.S. federal corporate income tax rate	21.00%	21.00%	35.00%
Income tax provision/(benefit)
New tax law benefit		$ 2,000
Total income tax provision/(benefit)	$ 3,838	688	$ (240)
TRS
Income tax provision/(benefit)
U.S. federal income tax provision/(benefit)	2,905	321	581
State income tax provision	1,013	527	493
Other items	(139)	(167)	(188)
New tax law benefit			(1,129)
ITC basis adjustment	56
Valuation allowance	3	7	3
Total income tax provision/(benefit)	$ 3,838	$ 688	$ (240)

INCOME TAXES - Other Informatio

INCOME TAXES - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Carryforwards
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%	35.00%
Tax (provision)/benefit, net	$ 3,838	$ 688	$ (240)
Increase in tax benefit	3,100
Unrealized gains, other investment	1,300
One time tax benefit		(2,000)
Internal Revenue Service (IRS)
Carryforwards
Net loss carryforwards	27,100
State
Carryforwards
Net loss carryforwards	68,100
UDR, Inc.
Carryforwards
Unrecognized Tax Benefits	$ 0	$ 0

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
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	$ 972,740	$ 948,138
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	183,884	43,552	$ 71,096
Conversion of OP Units/DownREIT Units to Common Stock	134,031	13,328
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	14,426	18,215	10,933
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(32,270)	(32,798)
OP Units Issued		4,320
Vesting of Long-Term Incentive Plan Units	14,742	4,397
Allocation of other comprehensive income/(loss)	(826)	244
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year	1,018,665	972,740	948,138
Net income/(loss) attributable to noncontrolling interests	(125)	(175)	(147)
Net (income)/loss attributable to noncontrolling interests	$ (188)	$ (221)	$ (164)
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, 2019	Nov. 30, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair Value
Notes receivable, net	$ 153,650		$ 42,259
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Gross Amounts of Recognized Assets	6		4,757
Gross Amounts of Recognized Liabilities	142		356
Unsecured debt instruments
Redeemable Noncontrolling Interest, Equity, Carrying Amount	1,018,665		972,740	$ 948,138
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,018,665		972,740
Transfer Between the Levels	0
Carrying Amount | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net	153,650		42,259
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	153,656		47,016
Unsecured debt instruments
Total liabilities	4,731,595		3,566,018
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,018,665		972,740
Carrying Amount | Interest rate contracts | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Derivative Asset Designated as Hedging Instrument, Fair Value	6		4,757
Derivatives - Interest rate contracts (b)	142		356
Carrying Amount | 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	218,490
Carrying Amount | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	16,583		16
Commercial paper program	300,000		101,115
Carrying Amount | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	3,263,152		2,861,842
Fair Value | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net	160,197		45,026
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	160,203		49,783
Unsecured debt instruments
Total liabilities	4,853,337		3,532,104
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,018,665		972,740
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	6		4,757
Derivatives - Interest rate contracts (b)	142		356
Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value			94,700
Fair Value | Credit facilities | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	213,661
Fair Value | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	16,583		16
Commercial paper program	300,000		101,115
Fair Value | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	3,397,622		2,829,390
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	6		4,757
Unsecured debt instruments
Total liabilities	142		356
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	1,018,665		972,740
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	6		4,757
Derivatives - Interest rate contracts (b)	142		356
Fair Value | Level 3 | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net	160,197		45,026
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	160,197		45,026
Unsecured debt instruments
Total liabilities	4,853,195		3,531,748
Fair Value | Level 3 | Credit facilities | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	213,661
Fair Value | Level 3 | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	16,583		16
Commercial paper program	300,000		101,115
Fair Value | Level 3 | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	3,397,622		2,829,390
Fixed Rate Debt | 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	204,590		90,000
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	906,228		417,989
Fixed Rate Debt | Fair Value | Mortgages Notes Payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	898,329		416,314
Fixed Rate Debt | Fair Value | Level 3 | Mortgages Notes Payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	898,329		416,314
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	27,000		94,700
Variable Rate Debt | Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000
Variable Rate Debt | Fair Value | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000		94,700
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	27,000		94,700
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		$ 205,000
Fannie Mae | Fixed Rate Debt | Carrying Amount | 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
Fannie Mae | Fixed Rate Debt | Fair Value | Credit facilities | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value			90,213
Fannie Mae | Fixed Rate Debt | Fair Value | Level 3 | Credit facilities | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value			90,213
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	$ 884,869	$ 313,400	$ 417,989

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITY - Interest Rate Derivatives (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)iteminstrument	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jul. 31, 2019USD ($)
Derivatives
Unrealized holding gain/(loss)	$ (8,437)	$ 4,806	$ 1,802
Unsecured Commercial Bank Credit Facility
Derivatives
Total revolving credit facility	$ 2,000,000
3.20% Medium-Term Notes due January 2030
Derivatives
Medium-term notes				$ 300,000
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	$ 75,000
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, 2019	Dec. 31, 2018
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	$ 6	$ 4,757
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	$ 142	$ 356

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITY - Gains and Losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss) Recognized in OCI	$ (8,437)	$ 4,806	$ 1,802
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net			(1)
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	(8,437)	4,806	1,802
Gain/(Loss) Reclassified from Accumulated OCI into Interest expense	2,770	1,948	(1,271)
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, 2019	Dec. 31, 2018
Offsetting derivative assets
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 6	$ 4,757
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	(3)
Net Amount	3	4,757
Offsetting derivative liabilities
Gross Amounts of Recognized Liabilities	142	356
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b)	142	356
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments	(3)
Net Amount	$ 139	$ 356

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITY - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivatives and hedging activity
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 1,700
Total amount of Interest expense presented on the Consolidated Statements of Operations	170,917	$ 134,168	$ 128,711
Derivative instruments not designated as hedging instruments, gain (loss), net			(1)
Maximum
Derivatives and hedging activity
Payment required to pay for contract termination	100
Interest rate swaps | Other income/(expense)
Derivatives and hedging activity
Derivative instruments not designated as hedging instruments, gain (loss), net	0	0	100
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

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Real Estate Commitments (Details) $ in Thousands	1 Months Ended
	Nov. 30, 2019USD ($)home	Dec. 31, 2019USD ($)itemcommunity
Commitments
Number of communities owned (in communities) | community		148
Cost Incurred to Date		$ 172,964
UDR's Remaining Commitment		$ 245,700
Wholly owned - under development
Commitments
Number of communities owned (in communities) | item		3
Cost Incurred to Date		$ 69,754
UDR's Remaining Commitment		$ 208,723
Wholly owned - redevelopment
Commitments
Number of communities owned (in communities) | item		2
Cost Incurred to Date		$ 15,744
UDR's Remaining Commitment		$ 19,756
Preferred Equity Investments
Commitments
Number of communities owned (in communities) | item		2
Cost Incurred to Date		$ 73,868
UDR's Remaining Commitment		9,121
Other investments
Commitments
Cost Incurred to Date		13,598
UDR's Remaining Commitment		8,100
Bellevue, WA 259 Home Community
Commitments
Aggregate commitment on note receivable		115,000
Number of apartment homes | home	259
Payment to acquire real estate	$ 170,000
King of Prussia
Commitments
Contractual purchase price commitment		14,800
Deposit on purchase		800
Deposit On Purchase Commitment		$ 800

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)segmenthome	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segments
Same store communities | home									37,959
Reportable Segments
Number of reportable segments | segment									2
Community Threshold, Percent Occupancy Threshold									90%
Time to maintain percent occupancy to be considered a community									3 months
Practical expedient, single lease component									true
Capital expenditures and development									$ 195,981	$ 214,898	$ 369,029
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	$ 302,745	$ 289,008	$ 278,463	$ 267,922	$ 264,732	$ 263,256	$ 256,634	$ 250,483	1,138,138	1,035,105	984,309
Reconciling items:
Joint venture management and other fees									$ 14,055	$ 11,754	$ 11,482
Type of revenue									udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Property management									$ (32,721)	$ (28,465)	$ (27,068)
Other operating expenses									(13,932)	(12,100)	(9,060)
Real estate depreciation and amortization									(501,257)	(429,006)	(430,054)
General and administrative									(51,533)	(46,983)	(48,566)
Casualty-related (charges)/recoveries, net									(474)	(2,121)	(4,335)
Other depreciation and amortization									(6,666)	(6,673)	(6,408)
Gain/(loss) on sale of real estate owned									5,282	136,197	43,404
Income/(loss) from unconsolidated entities									137,873	(5,055)	31,257
Interest expense									(170,917)	(134,168)	(128,711)
Interest and other income/(expense), net									15,404	6,735	1,971
Tax (provision)/benefit, net									(3,838)	(688)	240
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership									(14,426)	(18,215)	(10,933)
Net (income)/loss attributable to noncontrolling interests									(188)	(221)	(164)
Net income/(loss) attributable to UDR, Inc.									184,965	203,106	121,558
Reportable apartment home segment assets:
Total segment assets	12,602,101				10,196,159				12,602,101	10,196,159
Accumulated depreciation	(4,131,353)				(3,654,160)				(4,131,353)	(3,654,160)
Total real estate owned, net of accumulated depreciation	8,470,748				6,541,999				8,470,748	6,541,999
Reconciling items:
Cash and cash equivalents	8,106				185,216				8,106	185,216	2,038	$ 2,112
Restricted cash	25,185				23,675				25,185	23,675	19,792	$ 19,994
Notes receivable, net	153,650				42,259				153,650	42,259
Investment in and advances to unconsolidated joint ventures, net	588,262				780,869				588,262	780,869
Operating lease right-of-use assets	204,225								204,225
Other assets	186,296				137,710				186,296	137,710
Total consolidated assets	9,636,472				7,711,728				9,636,472	7,711,728
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									392,456	377,259	361,277
Other revenue									31,045	28,493	27,493
Rental income									423,501	405,752	388,770
Reportable apartment home segment NOI									321,890	306,307	291,265
Reportable apartment home segment assets:
Total segment assets	3,810,672				3,763,366				3,810,672	3,763,366
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									210,391	204,733	199,206
Other revenue									17,049	15,717	14,951
Rental income									227,440	220,450	214,157
Reportable apartment home segment NOI									159,665	153,670	150,126
Reportable apartment home segment assets:
Total segment assets	2,350,341				2,317,369				2,350,341	2,317,369
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									113,175	109,189	104,106
Other revenue									13,557	13,045	12,361
Rental income									126,732	122,234	116,467
Reportable apartment home segment NOI									88,467	85,220	80,726
Reportable apartment home segment assets:
Total segment assets	806,830				779,310				806,830	779,310
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									119,910	117,572	115,713
Other revenue									4,858	4,590	4,307
Rental income									124,768	122,162	120,020
Reportable apartment home segment NOI									83,832	84,059	83,569
Reportable apartment home segment assets:
Total segment assets	1,500,597				1,491,994				1,500,597	1,491,994
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									54,516	52,970	51,949
Other revenue									5,312	5,281	5,152
Rental income									59,828	58,251	57,101
Reportable apartment home segment NOI									36,589	34,506	34,439
Reportable apartment home segment assets:
Total segment assets	456,140				447,305				456,140	447,305
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									162,969	94,176	77,524
Other revenue									12,900	12,080	10,270
Rental income									175,869	106,256	87,794
Reportable apartment home segment NOI									117,860	68,353	58,378
Reportable apartment home segment assets:
Total segment assets	$ 3,677,521				$ 1,396,815				3,677,521	1,396,815
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue									1,053,417	955,899	909,775
Other revenue									84,721	79,206	74,534
Rental income									1,138,138	1,035,105	984,309
Reportable apartment home segment NOI									$ 808,303	$ 732,115	$ 698,503
Taxable REIT Subsidiaries
Reportable Segments
Management fee (as a percent)									2.875%

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly financial data
Rental income	$ 302,745	$ 289,008	$ 278,463	$ 267,922	$ 264,732	$ 263,256	$ 256,634	$ 250,483	$ 1,138,138	$ 1,035,105	$ 984,309
Income/(loss) from continuing operations									199,579	221,542	132,655
Net income/(loss)	105,237	29,422	38,318	26,602	$ 89,615	$ 20,258	$ 22,444	$ 89,225	$ 199,579	$ 221,542	$ 132,655
Net income/(loss) attributable to common stockholders	$ 96,928	$ 26,173	$ 34,588	$ 23,492
Income/(loss) per weighted average common share - basic	$ 0.33	$ 0.09	$ 0.12	$ 0.08	$ 0.30	$ 0.07	$ 0.07	$ 0.30	$ 0.63	$ 0.74	$ 0.44
Income/(loss) per weighted average common share - diluted	$ 0.33	$ 0.09	$ 0.12	$ 0.08	$ 0.30	$ 0.07	$ 0.07	$ 0.30	$ 0.63	$ 0.74	$ 0.44
Weighted average number of common shares outstanding - Basic	293,107	288,706	281,960	277,002	270,107	267,727	267,311	267,546	285,247	268,179	267,024
Weighted average number of common shares outstanding - diluted	294,073	289,529	282,575	277,557	270,755	268,861	268,890	269,208	286,015	269,483	268,830

SCHEDULE III - REAL ESTATE OW_2

SCHEDULE III - REAL ESTATE OWNED (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Real Estate and Accumulated Depreciation
Encumbrances				$ 1,149,441
Initial Costs, Land and Land Improvements				2,160,917
Initial Costs, Buildings and Improvements				6,989,866
Total Initial Acquisition Costs				9,150,783
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,451,318
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,418,222
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,183,879
Total Carrying Value	$ 10,196,159	$ 10,177,206	$ 10,177,206	12,602,101
Accumulated Depreciation	3,654,160	3,330,166	3,330,166	4,131,353
Aggregate cost for federal income tax purposes				11,700,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	10,196,159	10,177,206	9,615,753
Real estate acquired	2,241,163		235,993
Capital expenditures and development	195,981	214,898	369,029
Real estate sold	(31,202)	(195,945)	(43,569)
Balance at end of the year	12,602,101	10,196,159	10,177,206
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	3,654,160	3,330,166	2,923,625
Depreciation expense for the year	477,193	426,006	424,772
Accumulated depreciation on sales		(102,012)	(18,231)
Balance at end of year	$ 4,131,353	$ 3,654,160	$ 3,330,166
Minimum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	30 years
Maximum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	55 years
REAL ESTATE UNDER DEVELOPMENT
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				29,226
Initial Costs, Buildings and Improvements				15,798
Total Initial Acquisition Costs				45,024
Costs of Improvements Capitalized Subsequent to Acquisition Costs				24,753
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,226
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				40,551
Total Carrying Value	$ 69,777			69,777
Accumulated Depreciation	23			23
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,777
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23
REAL ESTATE UNDER DEVELOPMENT | Vitruvian West Phase 2
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				6,451
Initial Costs, Buildings and Improvements				15,798
Total Initial Acquisition Costs				22,249
Costs of Improvements Capitalized Subsequent to Acquisition Costs				2,558
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,451
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,356
Total Carrying Value	24,807			24,807
Accumulated Depreciation	23			23
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,807
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23
REAL ESTATE UNDER DEVELOPMENT | Cirrus
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				13,853
Total Initial Acquisition Costs				13,853
Costs of Improvements Capitalized Subsequent to Acquisition Costs				12,759
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				13,853
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,759
Total Carrying Value	26,612			26,612
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,612
REAL ESTATE UNDER DEVELOPMENT | Dublin
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				9,436
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				9,436
Total Carrying Value	18,358			18,358
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,358
LAND
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				66,744
Initial Costs, Buildings and Improvements				4,997
Total Initial Acquisition Costs				71,741
Costs of Improvements Capitalized Subsequent to Acquisition Costs				15,874
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				73,801
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,814
Total Carrying Value	87,615			87,615
Accumulated Depreciation	2,489			2,489
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,615
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,489
LAND | Vitruvian Park
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				39,609
Initial Costs, Buildings and Improvements				4,997
Total Initial Acquisition Costs				44,606
Costs of Improvements Capitalized Subsequent to Acquisition Costs				9,543
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				46,666
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				7,483
Total Carrying Value	54,149			54,149
Accumulated Depreciation	2,489			2,489
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	54,149
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,489
LAND | 500 Penn
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				27,135
Total Initial Acquisition Costs				27,135
Costs of Improvements Capitalized Subsequent to Acquisition Costs				6,331
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				27,135
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				6,331
Total Carrying Value	33,466			33,466
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	33,466
COMMERCIAL
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				29,808
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,793
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,015
Total Carrying Value	29,808			29,808
Accumulated Depreciation	14,297			14,297
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,808
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,297
COMMERCIAL | Brookhaven Shopping Center
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				29,808
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,793
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,015
Total Carrying Value	29,808			29,808
Accumulated Depreciation	14,297			14,297
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,808
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,297
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				11,576
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,094
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,050
Total Carrying Value	35,144			35,144
Accumulated Depreciation	3,736			3,736
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,144
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,736
TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				9,581
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				9,581
Total Carrying Value	9,581			9,581
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	9,581
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				1,995
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,094
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,469
Total Carrying Value	25,563			25,563
Accumulated Depreciation	3,736			3,736
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,563
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,736
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				41,384
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,887
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,065
Total Carrying Value	64,952			64,952
Accumulated Depreciation	18,033			18,033
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	64,952
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,033
TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances				1,116,459
Initial Costs, Land and Land Improvements				2,061,913
Initial Costs, Buildings and Improvements				6,948,537
Total Initial Acquisition Costs				9,010,450
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,369,307
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,304,308
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,075,449
Total Carrying Value	12,379,757			12,379,757
Accumulated Depreciation	4,110,808			4,110,808
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	12,379,757
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,110,808
WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				140,629
Initial Costs, Land and Land Improvements				922,362
Initial Costs, Buildings and Improvements				2,045,631
Total Initial Acquisition Costs				2,967,993
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,484,162
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,008,158
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,443,997
Total Carrying Value	4,452,155			4,452,155
Accumulated Depreciation	1,643,955			1,643,955
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,452,155
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,643,955
ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				426,566
Initial Costs, Buildings and Improvements				430,633
Total Initial Acquisition Costs				857,199
Costs of Improvements Capitalized Subsequent to Acquisition Costs				750,667
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				465,539
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,142,327
Total Carrying Value	1,607,866			1,607,866
Accumulated Depreciation	493,649			493,649
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,607,866
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	493,649
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				22,350
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,175
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,189
Total Carrying Value	71,364			71,364
Accumulated Depreciation	35,561			35,561
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,364
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,561
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				104,036
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				114,820
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				199,189
Total Carrying Value	314,009			314,009
Accumulated Depreciation	137,814			137,814
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	314,009
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	137,814
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				14,117
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,277
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,381
Total Carrying Value	44,658			44,658
Accumulated Depreciation	25,545			25,545
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,658
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,545
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				3,822
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,990
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				7,190
Total Carrying Value	18,180			18,180
Accumulated Depreciation	5,486			5,486
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,180
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,486
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				45,252
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				69,131
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				84,719
Total Carrying Value	153,850			153,850
Accumulated Depreciation	60,216			60,216
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	153,850
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	60,216
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				35,651
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				60,953
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				83,550
Total Carrying Value	144,503			144,503
Accumulated Depreciation	56,092			56,092
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,503
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	56,092
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				4,701
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,528
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,431
Total Carrying Value	22,959			22,959
Accumulated Depreciation	7,409			7,409
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,959
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,409
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				4,031
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				17,074
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				55,525
Total Carrying Value	72,599			72,599
Accumulated Depreciation	30,618			30,618
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	72,599
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,618
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				39,374
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				13,114
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				39,138
Total Carrying Value	52,252			52,252
Accumulated Depreciation	12,871			12,871
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	52,252
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,871
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				129,030
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				25,476
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				128,554
Total Carrying Value	154,030			154,030
Accumulated Depreciation	50,709			50,709
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	154,030
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	50,709
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				71,351
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,674
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				71,975
Total Carrying Value	88,649			88,649
Accumulated Depreciation	26,850			26,850
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	88,649
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,850
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				276,247
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				78,143
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				276,189
Total Carrying Value	354,332			354,332
Accumulated Depreciation	37,475			37,475
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	354,332
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,475
ORANGE COUNTY, CA | Parallel
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				15,181
Initial Costs, Buildings and Improvements				100,595
Total Initial Acquisition Costs				115,776
Costs of Improvements Capitalized Subsequent to Acquisition Costs				705
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				15,184
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				101,297
Total Carrying Value	116,481			116,481
Accumulated Depreciation	7,003			7,003
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,481
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,003
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				321,489
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				152,282
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				729,112
Total Carrying Value	881,394			881,394
Accumulated Depreciation	417,821			417,821
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	881,394
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	417,821
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				36,423
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,406
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				76,456
Total Carrying Value	90,862			90,862
Accumulated Depreciation	43,622			43,622
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	90,862
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,622
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				9,895
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,376
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,580
Total Carrying Value	30,956			30,956
Accumulated Depreciation	17,725			17,725
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,956
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,725
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				28,751
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,995
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,620
Total Carrying Value	59,615			59,615
Accumulated Depreciation	37,583			37,583
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,615
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,583
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				13,977
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,242
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				42,875
Total Carrying Value	44,117			44,117
Accumulated Depreciation	24,745			24,745
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,117
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,745
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				7,850
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,911
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,237
Total Carrying Value	70,148			70,148
Accumulated Depreciation	32,060			32,060
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,148
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,060
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				38,610
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,545
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				66,633
Total Carrying Value	83,178			83,178
Accumulated Depreciation	48,737			48,737
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,178
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,737
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				7,231
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,637
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,597
Total Carrying Value	30,234			30,234
Accumulated Depreciation	12,278			12,278
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,234
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,278
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				11,287
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,777
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,422
Total Carrying Value	35,199			35,199
Accumulated Depreciation	20,313			20,313
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,199
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,313
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				12,736
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,804
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				96,461
Total Carrying Value	127,265			127,265
Accumulated Depreciation	57,547			57,547
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,265
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	57,547
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				9,265
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				963
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,411
Total Carrying Value	52,374			52,374
Accumulated Depreciation	31,947			31,947
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	52,374
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,947
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				13,993
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,643
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				87,707
Total Carrying Value	102,350			102,350
Accumulated Depreciation	42,629			42,629
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	102,350
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,629
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				131,471
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,983
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				131,113
Total Carrying Value	155,096			155,096
Accumulated Depreciation	48,635			48,635
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	155,096
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,635
SEATTLE, WA
Real Estate and Accumulated Depreciation
Encumbrances				70,931
Initial Costs, Land and Land Improvements				138,428
Initial Costs, Buildings and Improvements				840,541
Total Initial Acquisition Costs				978,969
Costs of Improvements Capitalized Subsequent to Acquisition Costs				84,726
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				144,903
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				918,792
Total Carrying Value	1,063,695			1,063,695
Accumulated Depreciation	362,066			362,066
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,063,695
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	362,066
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				9,323
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,177
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				15,069
Total Carrying Value	18,246			18,246
Accumulated Depreciation	10,776			10,776
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,246
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,776
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				6,365
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,030
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,917
Total Carrying Value	15,947			15,947
Accumulated Depreciation	9,216			9,216
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,947
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,216
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				8,473
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,101
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				38,072
Total Carrying Value	45,173			45,173
Accumulated Depreciation	26,389			26,389
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,173
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,389
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				3,261
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,300
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				25,447
Total Carrying Value	31,747			31,747
Accumulated Depreciation	17,028			17,028
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,747
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,028
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				7,368
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,302
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				37,836
Total Carrying Value	45,138			45,138
Accumulated Depreciation	23,317			23,317
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,138
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,317
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				7,672
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,667
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				96,678
Total Carrying Value	118,345			118,345
Accumulated Depreciation	58,376			58,376
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	118,345
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	58,376
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				5,542
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,452
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				30,038
Total Carrying Value	36,490			36,490
Accumulated Depreciation	18,943			18,943
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,490
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,943
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				19,466
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,331
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				88,639
Total Carrying Value	118,970			118,970
Accumulated Depreciation	64,466			64,466
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	118,970
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	64,466
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				5,009
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,679
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,861
Total Carrying Value	59,540			59,540
Accumulated Depreciation	28,277			28,277
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,540
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,277
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				1,235
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,474
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				40,094
Total Carrying Value	46,568			46,568
Accumulated Depreciation	13,689			13,689
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	46,568
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,689
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				3,222
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,784
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				68,307
Total Carrying Value	78,091			78,091
Accumulated Depreciation	20,951			20,951
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	78,091
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,951
SEATTLE, WA | Ashton Bellevue
Real Estate and Accumulated Depreciation
Encumbrances				44,594
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				2,631
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,368
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				127,489
Total Carrying Value	135,857			135,857
Accumulated Depreciation	23,100			23,100
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	135,857
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,100
SEATTLE, WA | TEN20
Real Estate and Accumulated Depreciation
Encumbrances				26,337
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				3,635
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				80,177
Total Carrying Value	85,469			85,469
Accumulated Depreciation	14,496			14,496
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,469
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,496
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				741
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				63,763
Total Carrying Value	69,758			69,758
Accumulated Depreciation	12,863			12,863
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,758
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,863
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				348
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				86,127
Total Carrying Value	97,355			97,355
Accumulated Depreciation	16,232			16,232
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	97,355
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,232
SEATTLE, WA | CityLine II
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				3,723
Initial Costs, Buildings and Improvements				56,843
Total Initial Acquisition Costs				60,566
Costs of Improvements Capitalized Subsequent to Acquisition Costs				435
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,723
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				57,278
Total Carrying Value	61,001			61,001
Accumulated Depreciation	3,947			3,947
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	61,001
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,947
LOS ANGELES, CA
Real Estate and Accumulated Depreciation
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				149,864
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				161,179
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				297,010
Total Carrying Value	458,189			458,189
Accumulated Depreciation	180,498			180,498
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	458,189
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	180,498
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				5,903
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,855
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,911
Total Carrying Value	31,766			31,766
Accumulated Depreciation	16,642			16,642
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,766
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,642
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				8,415
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				39,857
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				44,823
Total Carrying Value	84,680			84,680
Accumulated Depreciation	27,165			27,165
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,680
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,165
LOS ANGELES, CA | The Westerly
Real Estate and Accumulated Depreciation
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				41,493
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				50,887
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				141,152
Total Carrying Value	192,039			192,039
Accumulated Depreciation	83,909			83,909
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	192,039
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	83,909
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				94,053
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				61,580
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				88,124
Total Carrying Value	149,704			149,704
Accumulated Depreciation	52,782			52,782
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	149,704
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,782
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				97,308
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,416
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				153,214
Total Carrying Value	182,630			182,630
Accumulated Depreciation	95,970			95,970
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	182,630
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	95,970
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				11,332
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,330
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,930
Total Carrying Value	22,260			22,260
Accumulated Depreciation	11,809			11,809
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,260
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,809
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				6,546
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,613
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,009
Total Carrying Value	11,622			11,622
Accumulated Depreciation	6,382			6,382
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	11,622
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,382
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				18,449
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,695
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,676
Total Carrying Value	34,371			34,371
Accumulated Depreciation	18,243			18,243
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,371
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,243
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				7,657
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,449
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,627
Total Carrying Value	14,076			14,076
Accumulated Depreciation	7,337			7,337
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,076
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,337
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				33,268
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,345
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				53,165
Total Carrying Value	63,510			63,510
Accumulated Depreciation	32,804			32,804
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	63,510
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,804
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				12,096
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,623
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,545
Total Carrying Value	22,168			22,168
Accumulated Depreciation	11,851			11,851
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,168
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,851
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				7,960
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,361
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,262
Total Carrying Value	14,623			14,623
Accumulated Depreciation	7,544			7,544
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,623
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,544
OTHER SOUTHERN CA
Real Estate and Accumulated Depreciation
Encumbrances				42,698
Initial Costs, Land and Land Improvements				33,645
Initial Costs, Buildings and Improvements				111,337
Total Initial Acquisition Costs				144,982
Costs of Improvements Capitalized Subsequent to Acquisition Costs				63,004
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				44,182
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				163,804
Total Carrying Value	207,986			207,986
Accumulated Depreciation	63,774			63,774
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	207,986
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	63,774
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				57,985
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,633
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,554
Total Carrying Value	75,187			75,187
Accumulated Depreciation	42,170			42,170
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,187
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,170
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				4,934
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,271
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				27,923
Total Carrying Value	34,194			34,194
Accumulated Depreciation	21,136			21,136
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,194
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,136
OTHER SOUTHERN CA | Strata
Real Estate and Accumulated Depreciation
Encumbrances				42,698
Initial Costs, Land and Land Improvements				14,278
Initial Costs, Buildings and Improvements				84,242
Total Initial Acquisition Costs				98,520
Costs of Improvements Capitalized Subsequent to Acquisition Costs				85
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,278
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				84,327
Total Carrying Value	98,605			98,605
Accumulated Depreciation	468			468
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	98,605
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	468
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				17,104
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,657
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				39,738
Total Carrying Value	50,395			50,395
Accumulated Depreciation	30,177			30,177
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,395
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,177
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				9,090
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,141
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,356
Total Carrying Value	21,497			21,497
Accumulated Depreciation	12,657			12,657
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,497
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,657
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				8,014
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,516
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,382
Total Carrying Value	28,898			28,898
Accumulated Depreciation	17,520			17,520
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,898
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,520
MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
Encumbrances				310,667
Initial Costs, Land and Land Improvements				406,003
Initial Costs, Buildings and Improvements				1,744,752
Total Initial Acquisition Costs				2,150,755
Costs of Improvements Capitalized Subsequent to Acquisition Costs				655,620
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				485,308
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				2,321,067
Total Carrying Value	2,806,375			2,806,375
Accumulated Depreciation	934,015			934,015
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,806,375
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	934,015
METROPOLITAN, D.C.
Real Estate and Accumulated Depreciation
Encumbrances				252,067
Initial Costs, Land and Land Improvements				352,062
Initial Costs, Buildings and Improvements				1,426,127
Total Initial Acquisition Costs				1,778,189
Costs of Improvements Capitalized Subsequent to Acquisition Costs				544,683
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				419,405
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,903,467
Total Carrying Value	2,322,872			2,322,872
Accumulated Depreciation	733,753			733,753
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,322,872
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	733,753
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				11,745
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,054
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				24,285
Total Carrying Value	28,339			28,339
Accumulated Depreciation	16,308			16,308
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,339
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,308
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				9,611
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,163
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,201
Total Carrying Value	20,364			20,364
Accumulated Depreciation	12,846			12,846
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	20,364
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,846
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				13,019
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,826
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				31,221
Total Carrying Value	43,047			43,047
Accumulated Depreciation	24,563			24,563
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,047
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,563
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				24,170
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,564
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,435
Total Carrying Value	43,999			43,999
Accumulated Depreciation	28,764			28,764
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	43,999
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,764
METROPOLITAN, D.C. | Ridgewood - apts side
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				10,801
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,362
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				30,137
Total Carrying Value	36,499			36,499
Accumulated Depreciation	24,033			24,033
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,499
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,033
METROPOLITAN, D.C. | DelRay 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				116,038
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,652
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				119,469
Total Carrying Value	129,121			129,121
Accumulated Depreciation	40,394			40,394
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	129,121
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,394
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				31,372
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				50,603
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				43,427
Total Carrying Value	94,030			94,030
Accumulated Depreciation	29,028			29,028
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	94,030
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,028
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				20,955
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,885
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				55,882
Total Carrying Value	70,767			70,767
Accumulated Depreciation	41,845			41,845
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,767
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,845
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				6,813
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				317
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				66,627
Total Carrying Value	66,944			66,944
Accumulated Depreciation	39,795			39,795
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,944
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,795
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				12,102
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,775
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				115,140
Total Carrying Value	116,915			116,915
Accumulated Depreciation	72,629			72,629
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,915
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	72,629
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				5,930
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				72,588
Total Carrying Value	94,301			94,301
Accumulated Depreciation	43,905			43,905
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	94,301
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,905
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				5,174
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				103,045
Total Carrying Value	108,825			108,825
Accumulated Depreciation	49,727			49,727
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	108,825
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	49,727
METROPOLITAN, D.C. | Signal Hill Apartments
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				72,169
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				25,576
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				59,883
Total Carrying Value	85,459			85,459
Accumulated Depreciation	41,319			41,319
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	85,459
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,319
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				96,501
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				31,471
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				96,423
Total Carrying Value	127,894			127,894
Accumulated Depreciation	40,878			40,878
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,894
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,878
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				60,095
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,508
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				59,887
Total Carrying Value	67,395			67,395
Accumulated Depreciation	22,856			22,856
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	67,395
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,856
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				3,289
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,888
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				71,171
Total Carrying Value	81,059			81,059
Accumulated Depreciation	16,873			16,873
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	81,059
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,873
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				4,526
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				28,085
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				116,068
Total Carrying Value	144,153			144,153
Accumulated Depreciation	31,845			31,845
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,153
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,845
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				4,111
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				15,838
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				111,378
Total Carrying Value	127,216			127,216
Accumulated Depreciation	26,234			26,234
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,216
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,234
METROPOLITAN, D.C. | Arbor Park of Alexandria
Real Estate and Accumulated Depreciation
Encumbrances				80,664
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				5,571
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				51,347
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				164,833
Total Carrying Value	216,180			216,180
Accumulated Depreciation	44,595			44,595
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	216,180
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	44,595
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				10,035
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,767
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				93,799
Total Carrying Value	108,566			108,566
Accumulated Depreciation	26,917			26,917
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	108,566
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,917
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				20,485
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				55,708
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				197,514
Total Carrying Value	253,222			253,222
Accumulated Depreciation	54,930			54,930
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	253,222
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	54,930
METROPOLITAN, D.C. | 1301 Thomas Circle
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				27,836
Initial Costs, Buildings and Improvements				128,191
Total Initial Acquisition Costs				156,027
Costs of Improvements Capitalized Subsequent to Acquisition Costs				144
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				27,836
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				128,335
Total Carrying Value	156,171			156,171
Accumulated Depreciation	2,892			2,892
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	156,171
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,892
METROPOLITAN, D.C. | Crescent Falls Church
Real Estate and Accumulated Depreciation
Encumbrances				43,803
Initial Costs, Land and Land Improvements				13,687
Initial Costs, Buildings and Improvements				88,692
Total Initial Acquisition Costs				102,379
Costs of Improvements Capitalized Subsequent to Acquisition Costs				27
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				13,687
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				88,719
Total Carrying Value	102,406			102,406
Accumulated Depreciation	577			577
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	102,406
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	577
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				85,695
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				15,680
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				136,046
Total Carrying Value	151,726			151,726
Accumulated Depreciation	113,786			113,786
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	151,726
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	113,786
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				31,396
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,598
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,772
Total Carrying Value	37,370			37,370
Accumulated Depreciation	30,959			30,959
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	37,370
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,959
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				9,922
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,575
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,430
Total Carrying Value	25,005			25,005
Accumulated Depreciation	16,763			16,763
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,005
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,763
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				10,475
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,056
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				37,890
Total Carrying Value	41,946			41,946
Accumulated Depreciation	28,644			28,644
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,946
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,644
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				33,902
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,451
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				41,954
Total Carrying Value	47,405			47,405
Accumulated Depreciation	37,420			37,420
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,405
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,420
BALTIMORE, MD
Real Estate and Accumulated Depreciation
Encumbrances				58,600
Initial Costs, Land and Land Improvements				48,818
Initial Costs, Buildings and Improvements				257,717
Total Initial Acquisition Costs				306,535
Costs of Improvements Capitalized Subsequent to Acquisition Costs				25,242
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				50,223
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				281,554
Total Carrying Value	331,777			331,777
Accumulated Depreciation	86,476			86,476
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	331,777
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	86,476
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				9,266
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,996
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,370
Total Carrying Value	38,366			38,366
Accumulated Depreciation	25,052			25,052
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,366
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,052
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				10,667
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,428
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				55,579
Total Carrying Value	68,007			68,007
Accumulated Depreciation	34,852			34,852
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,007
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,852
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				2,279
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,808
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				42,770
Total Carrying Value	47,578			47,578
Accumulated Depreciation	22,704			22,704
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	47,578
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	22,704
BALTIMORE, MD | Rodgers Forge
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				15,392
Initial Costs, Buildings and Improvements				67,958
Total Initial Acquisition Costs				83,350
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,001
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				15,392
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				70,959
Total Carrying Value	86,351			86,351
Accumulated Depreciation	3,367			3,367
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,351
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,367
BALTIMORE, MD | Towson Promenade
Real Estate and Accumulated Depreciation
Encumbrances				58,600
Initial Costs, Land and Land Improvements				12,599
Initial Costs, Buildings and Improvements				78,847
Total Initial Acquisition Costs				91,446
Costs of Improvements Capitalized Subsequent to Acquisition Costs				29
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,599
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				78,876
Total Carrying Value	91,475			91,475
Accumulated Depreciation	501			501
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	91,475
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	501
SOUTHEAST REGION
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				97,109
Initial Costs, Buildings and Improvements				488,901
Total Initial Acquisition Costs				586,010
Costs of Improvements Capitalized Subsequent to Acquisition Costs				367,019
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				139,268
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				813,761
Total Carrying Value	953,029			953,029
Accumulated Depreciation	531,355			531,355
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	953,029
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	531,355
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				121,709
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				33,773
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				199,325
Total Carrying Value	233,098			233,098
Accumulated Depreciation	161,237			161,237
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	233,098
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	161,237
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				10,276
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,018
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,259
Total Carrying Value	16,277			16,277
Accumulated Depreciation	11,396			11,396
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,277
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,396
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				22,790
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,887
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				31,512
Total Carrying Value	35,399			35,399
Accumulated Depreciation	28,929			28,929
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,399
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	28,929
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				18,177
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,301
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				23,241
Total Carrying Value	25,542			25,542
Accumulated Depreciation	20,424			20,424
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,542
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,424
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				12,841
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,860
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				20,676
Total Carrying Value	23,536			23,536
Accumulated Depreciation	16,273			16,273
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,536
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,273
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				13,797
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,710
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				24,240
Total Carrying Value	28,950			28,950
Accumulated Depreciation	19,347			19,347
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,950
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,347
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				12,182
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,050
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				19,956
Total Carrying Value	23,006			23,006
Accumulated Depreciation	15,091			15,091
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,006
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	15,091
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				8,635
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,872
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				14,543
Total Carrying Value	16,415			16,415
Accumulated Depreciation	11,259			11,259
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	16,415
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,259
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				6,886
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,406
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				23,890
Total Carrying Value	28,296			28,296
Accumulated Depreciation	16,848			16,848
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,296
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,848
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				16,125
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,669
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,008
Total Carrying Value	35,677			35,677
Accumulated Depreciation	21,670			21,670
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,677
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	21,670
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				117,525
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				25,176
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				195,390
Total Carrying Value	220,566			220,566
Accumulated Depreciation	146,243			146,243
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	220,566
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	146,243
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				11,083
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,026
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,072
Total Carrying Value	18,098			18,098
Accumulated Depreciation	13,203			13,203
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,098
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,203
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				14,126
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,592
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				24,587
Total Carrying Value	27,179			27,179
Accumulated Depreciation	16,915			16,915
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,179
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,915
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				39,283
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,925
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,475
Total Carrying Value	41,400			41,400
Accumulated Depreciation	26,945			26,945
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,400
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,945
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				7,396
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,492
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,073
Total Carrying Value	13,565			13,565
Accumulated Depreciation	9,211			9,211
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,565
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,211
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				6,998
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,539
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,939
Total Carrying Value	15,478			15,478
Accumulated Depreciation	10,241			10,241
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,478
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,241
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				8,865
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,317
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				24,023
Total Carrying Value	26,340			26,340
Accumulated Depreciation	16,356			16,356
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	26,340
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,356
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				11,163
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,145
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				34,874
Total Carrying Value	39,019			39,019
Accumulated Depreciation	26,346			26,346
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,019
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,346
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				18,611
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,140
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,347
Total Carrying Value	39,487			39,487
Accumulated Depreciation	27,026			27,026
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,487
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,026
TAMPA, FL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				43,084
Initial Costs, Buildings and Improvements				256,127
Total Initial Acquisition Costs				299,211
Costs of Improvements Capitalized Subsequent to Acquisition Costs				112,636
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				63,479
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				348,368
Total Carrying Value	411,847			411,847
Accumulated Depreciation	173,874			173,874
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	411,847
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	173,874
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				12,423
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,688
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				15,621
Total Carrying Value	19,309			19,309
Accumulated Depreciation	13,431			13,431
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	19,309
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,431
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				18,948
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,811
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				19,375
Total Carrying Value	23,186			23,186
Accumulated Depreciation	19,088			19,088
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	23,186
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	19,088
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				13,457
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,257
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,242
Total Carrying Value	25,499			25,499
Accumulated Depreciation	17,883			17,883
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	25,499
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,883
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				12,591
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,514
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,034
Total Carrying Value	21,548			21,548
Accumulated Depreciation	14,194			14,194
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,548
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,194
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				19,716
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,421
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				40,147
Total Carrying Value	50,568			50,568
Accumulated Depreciation	32,988			32,988
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,568
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,988
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				11,770
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,194
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,303
Total Carrying Value	59,497			59,497
Accumulated Depreciation	35,105			35,105
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,497
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,105
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				21,768
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				15,826
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,216
Total Carrying Value	66,042			66,042
Accumulated Depreciation	33,876			33,876
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,042
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,876
TAMPA, FL | Peridot Palms
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				6,293
Initial Costs, Buildings and Improvements				89,752
Total Initial Acquisition Costs				96,045
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,002
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,301
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				90,746
Total Carrying Value	97,047			97,047
Accumulated Depreciation	5,481			5,481
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	97,047
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,481
TAMPA, FL | The Preserve at Gateway
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				4,467
Initial Costs, Buildings and Improvements				43,723
Total Initial Acquisition Costs				48,190
Costs of Improvements Capitalized Subsequent to Acquisition Costs				961
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,467
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				44,684
Total Carrying Value	49,151			49,151
Accumulated Depreciation	1,828			1,828
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	49,151
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,828
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				15,149
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,840
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				70,678
Total Carrying Value	87,518			87,518
Accumulated Depreciation	50,001			50,001
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,518
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	50,001
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				15,149
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,840
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				70,678
Total Carrying Value	87,518			87,518
Accumulated Depreciation	50,001			50,001
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,518
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	50,001
NORTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances				389,639
Initial Costs, Land and Land Improvements				501,044
Initial Costs, Buildings and Improvements				2,042,252
Total Initial Acquisition Costs				2,543,296
Costs of Improvements Capitalized Subsequent to Acquisition Costs				748,077
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				515,640
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				2,775,733
Total Carrying Value	3,291,373			3,291,373
Accumulated Depreciation	764,463			764,463
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,291,373
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	764,463
NEW YORK, NY
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				294,310
Initial Costs, Buildings and Improvements				1,086,043
Total Initial Acquisition Costs				1,380,353
Costs of Improvements Capitalized Subsequent to Acquisition Costs				163,192
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				296,814
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,246,731
Total Carrying Value	1,543,545			1,543,545
Accumulated Depreciation	509,684			509,684
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,543,545
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	509,684
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				24,465
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,765
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				243,115
Total Carrying Value	284,880			284,880
Accumulated Depreciation	103,344			103,344
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	284,880
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	103,344
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				14,695
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				36,529
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				121,719
Total Carrying Value	158,248			158,248
Accumulated Depreciation	55,758			55,758
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	158,248
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	55,758
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				112,238
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				116,021
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				435,547
Total Carrying Value	551,568			551,568
Accumulated Depreciation	203,215			203,215
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	551,568
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	203,215
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				10,474
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				58,063
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				276,303
Total Carrying Value	334,366			334,366
Accumulated Depreciation	139,677			139,677
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	334,366
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	139,677
NEW YORK, NY | Leonard Pointe
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				38,010
Initial Costs, Buildings and Improvements				93,204
Total Initial Acquisition Costs				131,214
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,169
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				38,014
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				94,369
Total Carrying Value	132,383			132,383
Accumulated Depreciation	5,661			5,661
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	132,383
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,661
NEW YORK, NY | One William
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				6,422
Initial Costs, Buildings and Improvements				75,527
Total Initial Acquisition Costs				81,949
Costs of Improvements Capitalized Subsequent to Acquisition Costs				151
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,422
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				75,678
Total Carrying Value	82,100			82,100
Accumulated Depreciation	2,029			2,029
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	82,100
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,029
BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances				389,639
Initial Costs, Land and Land Improvements				196,369
Initial Costs, Buildings and Improvements				860,159
Total Initial Acquisition Costs				1,056,528
Costs of Improvements Capitalized Subsequent to Acquisition Costs				583,950
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				208,410
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,432,068
Total Carrying Value	1,640,478			1,640,478
Accumulated Depreciation	250,296			250,296
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,640,478
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	250,296
BOSTON, MA | Garrison Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				6,475
Initial Costs, Buildings and Improvements				91,027
Total Initial Acquisition Costs				97,502
Costs of Improvements Capitalized Subsequent to Acquisition Costs				23,062
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,613
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				113,951
Total Carrying Value	120,564			120,564
Accumulated Depreciation	54,270			54,270
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	120,564
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	54,270
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				4,884
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,420
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				39,372
Total Carrying Value	45,792			45,792
Accumulated Depreciation	20,913			20,913
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,792
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,913
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				13,326
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				19,799
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				102,401
Total Carrying Value	122,200			122,200
Accumulated Depreciation	52,250			52,250
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	122,200
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,250
BOSTON, MA | 14 North
Real Estate and Accumulated Depreciation
Encumbrances				72,500
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				12,621
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,404
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				63,353
Total Carrying Value	74,757			74,757
Accumulated Depreciation	33,733			33,733
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	74,757
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,733
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				202,433
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				24,689
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				202,328
Total Carrying Value	227,017			227,017
Accumulated Depreciation	51,639			51,639
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	227,017
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	51,639
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				326,016
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				314,065
Total Carrying Value	358,954			358,954
Accumulated Depreciation	25,913			25,913
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	358,954
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,913
BOSTON, MA | Currents on the Charles
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				12,580
Initial Costs, Buildings and Improvements				70,149
Total Initial Acquisition Costs				82,729
Costs of Improvements Capitalized Subsequent to Acquisition Costs				285
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,580
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				70,434
Total Carrying Value	83,014			83,014
Accumulated Depreciation	2,431			2,431
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,014
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,431
BOSTON, MA | The Commons at Windsor Gardens
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				34,609
Initial Costs, Buildings and Improvements				225,515
Total Initial Acquisition Costs				260,124
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,126
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				34,611
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				226,639
Total Carrying Value	261,250			261,250
Accumulated Depreciation	7,205			7,205
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	261,250
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,205
BOSTON, MA | Charles River Landing
Real Estate and Accumulated Depreciation
Encumbrances				69,315
Initial Costs, Land and Land Improvements				17,068
Initial Costs, Buildings and Improvements				112,777
Total Initial Acquisition Costs				129,845
Costs of Improvements Capitalized Subsequent to Acquisition Costs				51
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				17,068
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				112,828
Total Carrying Value	129,896			129,896
Accumulated Depreciation	722			722
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	129,896
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	722
BOSTON, MA | Lenox Farms
Real Estate and Accumulated Depreciation
Encumbrances				94,050
Initial Costs, Land and Land Improvements				17,692
Initial Costs, Buildings and Improvements				115,898
Total Initial Acquisition Costs				133,590
Costs of Improvements Capitalized Subsequent to Acquisition Costs				70
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				17,692
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				115,968
Total Carrying Value	133,660			133,660
Accumulated Depreciation	754			754
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	133,660
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	754
BOSTON, MA | Lodge at Ames Pond
Real Estate and Accumulated Depreciation
Encumbrances				48,774
Initial Costs, Land and Land Improvements				12,645
Initial Costs, Buildings and Improvements				70,653
Total Initial Acquisition Costs				83,298
Costs of Improvements Capitalized Subsequent to Acquisition Costs				76
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,645
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				70,729
Total Carrying Value	83,374			83,374
Accumulated Depreciation	466			466
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,374
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	466
PHILADELPHIA, PA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				10,365
Initial Costs, Buildings and Improvements				96,050
Total Initial Acquisition Costs				106,415
Costs of Improvements Capitalized Subsequent to Acquisition Costs				935
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,416
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				96,934
Total Carrying Value	107,350			107,350
Accumulated Depreciation	4,483			4,483
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	107,350
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,483
PHILADELPHIA, PA | Park Square
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				10,365
Initial Costs, Buildings and Improvements				96,050
Total Initial Acquisition Costs				106,415
Costs of Improvements Capitalized Subsequent to Acquisition Costs				935
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,416
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				96,934
Total Carrying Value	107,350			107,350
Accumulated Depreciation	4,483			4,483
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	107,350
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,483
SOUTHWEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				275,524
Initial Costs, Land and Land Improvements				135,395
Initial Costs, Buildings and Improvements				627,001
Total Initial Acquisition Costs				762,396
Costs of Improvements Capitalized Subsequent to Acquisition Costs				114,429
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				155,934
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				720,891
Total Carrying Value	876,825			876,825
Accumulated Depreciation	237,020			237,020
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	876,825
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	237,020
DALLAS, TX
Real Estate and Accumulated Depreciation
Encumbrances				275,524
Initial Costs, Land and Land Improvements				110,392
Initial Costs, Buildings and Improvements				392,559
Total Initial Acquisition Costs				502,951
Costs of Improvements Capitalized Subsequent to Acquisition Costs				62,405
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				127,157
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				438,199
Total Carrying Value	565,356			565,356
Accumulated Depreciation	126,540			126,540
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	565,356
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	126,540
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				20,627
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				26,207
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,407
Total Carrying Value	77,614			77,614
Accumulated Depreciation	33,450			33,450
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	77,614
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,450
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				22,641
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,394
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				118,231
Total Carrying Value	139,625			139,625
Accumulated Depreciation	74,746			74,746
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	139,625
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	74,746
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				11,058
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,969
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,358
Total Carrying Value	44,327			44,327
Accumulated Depreciation	10,768			10,768
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,327
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,768
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				3,718
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,442
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,733
Total Carrying Value	12,175			12,175
Accumulated Depreciation	2,664			2,664
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	12,175
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,664
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				4,158
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,055
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				4,177
Total Carrying Value	15,232			15,232
Accumulated Depreciation	3,270			3,270
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,232
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,270
DALLAS, TX | Savoye
Real Estate and Accumulated Depreciation
Encumbrances				32,575
Initial Costs, Land and Land Improvements				8,432
Initial Costs, Buildings and Improvements				50,482
Total Initial Acquisition Costs				58,914
Costs of Improvements Capitalized Subsequent to Acquisition Costs				47
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,432
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				50,529
Total Carrying Value	58,961			58,961
Accumulated Depreciation	331			331
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	58,961
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	331
DALLAS, TX | Savoye 2
Real Estate and Accumulated Depreciation
Encumbrances				36,023
Initial Costs, Land and Land Improvements				6,451
Initial Costs, Buildings and Improvements				56,616
Total Initial Acquisition Costs				63,067
Costs of Improvements Capitalized Subsequent to Acquisition Costs				11
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,451
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				56,627
Total Carrying Value	63,078			63,078
Accumulated Depreciation	365			365
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	63,078
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	365
DALLAS, TX | Fiori on Vitruvian Park
Real Estate and Accumulated Depreciation
Encumbrances				50,609
Initial Costs, Land and Land Improvements				7,934
Initial Costs, Buildings and Improvements				78,574
Total Initial Acquisition Costs				86,508
Costs of Improvements Capitalized Subsequent to Acquisition Costs				59
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,934
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				78,633
Total Carrying Value	86,567			86,567
Accumulated Depreciation	519			519
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	86,567
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	519
DALLAS, TX | Vitruvian West 1
Real Estate and Accumulated Depreciation
Encumbrances				41,317
Initial Costs, Land and Land Improvements				6,273
Initial Costs, Buildings and Improvements				61,418
Total Initial Acquisition Costs				67,691
Costs of Improvements Capitalized Subsequent to Acquisition Costs				86
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,273
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				61,504
Total Carrying Value	67,777			67,777
Accumulated Depreciation	427			427
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	67,777
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	427
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				46,760
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				20,163
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				147,054
Total Carrying Value	167,217			167,217
Accumulated Depreciation	93,383			93,383
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	167,217
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	93,383
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				24,444
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,358
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,506
Total Carrying Value	41,864			41,864
Accumulated Depreciation	29,696			29,696
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,864
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	29,696
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				14,140
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,524
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				68,906
Total Carrying Value	73,430			73,430
Accumulated Depreciation	41,561			41,561
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	73,430
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,561
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				4,740
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,656
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				21,814
Total Carrying Value	27,470			27,470
Accumulated Depreciation	11,697			11,697
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,470
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,697
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				3,436
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,625
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				19,828
Total Carrying Value	24,453			24,453
Accumulated Depreciation	10,429			10,429
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	24,453
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,429
DENVER, CO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,586
Initial Costs, Buildings and Improvements				130,402
Total Initial Acquisition Costs				138,988
Costs of Improvements Capitalized Subsequent to Acquisition Costs				5,264
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,614
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				135,638
Total Carrying Value	144,252			144,252
Accumulated Depreciation	17,097			17,097
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,252
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,097
DENVER, CO | Steele Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,586
Initial Costs, Buildings and Improvements				130,402
Total Initial Acquisition Costs				138,988
Costs of Improvements Capitalized Subsequent to Acquisition Costs				5,264
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,614
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				135,638
Total Carrying Value	144,252			144,252
Accumulated Depreciation	17,097			$ 17,097
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,252
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,097
Secured Debt
Real Estate and Accumulated Depreciation
Deferred Financing Costs and Other Non-Cash Adjustments	$ 32,982

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real estate owned:
Real estate held for investment	$ 12,532,324	$ 10,196,159
Less: accumulated depreciation	(4,131,330)	(3,654,160)
Total real estate owned, net of accumulated depreciation	8,470,748	6,541,999
Cash and cash equivalents	8,106	185,216
Restricted cash	25,185	23,675
Investment in unconsolidated entities		585,490
Operating lease right-of-use assets	204,225
Other assets	186,296	137,710
Total assets	9,636,472	7,711,728
LIABILITIES AND CAPITAL
Secured debt, net	1,149,441	601,227
Operating lease liabilities	198,558
Real estate taxes payable	29,445	20,608
Accrued interest payable	45,199	38,747
Security deposits and prepaid rent	48,353	35,060
Distributions payable	109,382	97,666
Accounts payable, accrued expenses, and other liabilities	90,032	76,343
Total liabilities	5,228,493	3,816,211
Commitments and contingencies (Note 11)
Partners' capital:
Total liabilities and equity	9,636,472	7,711,728
United Dominion Realty L.P.
Real estate owned:
Real estate held for investment	3,875,160	3,811,985
Less: accumulated depreciation	(1,796,568)	(1,658,161)
Total real estate owned, net of accumulated depreciation	2,078,592	2,153,824
Cash and cash equivalents	24	125
Restricted cash	13,998	13,563
Investment in unconsolidated entities	76,222	103,026
Operating lease right-of-use assets	205,668
Other assets	24,241	34,052
Total assets	2,398,745	2,304,590
LIABILITIES AND CAPITAL
Secured debt, net	99,071	26,929
Notes payable due to the General Partner	637,233	700,115
Operating lease liabilities	200,001
Real estate taxes payable	2,801	2,699
Accrued interest payable	217	32
Security deposits and prepaid rent	17,946	15,250
Distributions payable	63,364	59,461
Accounts payable, accrued expenses, and other liabilities	12,226	14,215
Total liabilities	1,032,859	818,701
Commitments and contingencies (Note 11)
Partners' capital:
General partner: 110,883 OP Units outstanding at December 31, 2019 and December 31, 2018	859	950
Limited partners: 183,952,659 and 183,525,660 OP Units outstanding at December 31, 2019 and December 31, 2018, respectively	1,347,622	1,471,120
Total partners' capital	1,348,481	1,472,070
Noncontrolling interests	17,405	13,819
Total capital	1,365,886	1,485,889
Total liabilities and equity	$ 2,398,745	$ 2,304,590

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNITED DOMINION REALTY, L.P.) (Parenthetical) - shares	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Partners' capital:
Operating Partnership units outstanding related to limited partner	184,064,000	183,637,000	183,351,000	183,279,000
United Dominion Realty L.P.
Partners' capital:
OP units outstanding related to general partner	110,883	110,883
Operating Partnership units outstanding related to limited partner	183,952,659	183,525,660

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, 2019	Dec. 31, 2018	Dec. 31, 2017
REVENUES:
Rental income	$ 1,138,138	$ 1,035,105	$ 984,309
OPERATING EXPENSES:
Property operating and maintenance	178,947	169,078	164,660
Real estate taxes and insurance	150,888	133,912	121,146
Property management	32,721	28,465	27,068
Other operating expenses	13,932	12,100	9,060
Real estate depreciation and amortization	501,257	429,006	430,054
General and administrative	51,533	46,983	48,566
Casualty-related charges/(recoveries), net	474	2,121	4,335
Total operating expenses	936,418	828,338	811,297
Gain/(loss) on sale of real estate owned	5,282	136,197	43,404
Operating income	221,057	354,718	227,898
Income/(loss) from unconsolidated entities	137,873	(5,055)	31,257
Interest expense	(170,917)	(134,168)	(128,711)
Net income/(loss)	199,579	221,542	132,655
United Dominion Realty L.P.
REVENUES:
Rental income	441,773	431,920	419,377
OPERATING EXPENSES:
Property operating and maintenance	67,710	67,400	67,493
Real estate taxes and insurance	51,057	47,140	45,043
Property management	12,701	11,878	11,533
Other operating expenses	9,488	8,864	6,833
Real estate depreciation and amortization	139,975	143,481	152,473
General and administrative	18,014	16,889	17,875
Casualty-related charges/(recoveries), net	853	951	1,922
Total operating expenses	299,798	296,603	303,172
Gain/(loss) on sale of real estate owned		75,507	41,272
Operating income	141,975	210,824	157,477
Income/(loss) from unconsolidated entities	(8,313)	43,496	(19,256)
Interest expense	(1,639)	(8,733)	(18,156)
Interest expense on notes payable due to the General Partner	(28,028)	(14,102)	(12,210)
Net income/(loss)	103,995	231,485	107,855
Net (income)/loss attributable to noncontrolling interests	(1,832)	(1,722)	(1,548)
Net income/(loss) attributable to OP unitholders	$ 102,163	$ 229,763	$ 106,307
Income/(loss) per OP unit- basic and diluted:
Net income/(loss) per weighted average OP Unit - basic and diluted	$ 0.56	$ 1.25	$ 0.58
Weighted average OP Units outstanding - basic and diluted	184,034	183,609	183,344

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Net income/(loss)	$ 199,579	$ 221,542	$ 132,655
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	(8,437)	4,806	1,802
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	(2,770)	(1,948)	1,407
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	(11,207)	2,858	3,209
Comprehensive income/(loss)	188,372	224,400	135,864
Comprehensive (income)/loss attributable to noncontrolling interests	(13,788)	(18,680)	(11,378)
Comprehensive income/(loss) attributable to OP unitholders	174,584	205,720	124,486
United Dominion Realty L.P.
Net income/(loss)	103,995	231,485	107,855
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)			106
Other comprehensive income/(loss), including portion attributable to noncontrolling interests			106
Comprehensive income/(loss)	103,995	231,485	107,961
Comprehensive (income)/loss attributable to noncontrolling interests	(1,832)	(1,722)	(1,548)
Comprehensive income/(loss) attributable to OP unitholders	$ 102,163	$ 229,763	$ 106,413

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Increase (Decrease) in Partners' Capital [Roll Forward]
Net income/(loss)	$ 105,237	$ 26,602	$ 89,615	$ 89,225	$ 199,579	$ 221,542	$ 132,655
Advances (to)/from General Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance				397,899		397,899	19,659
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
Ending Balance							397,899
Accumulated Other Comprehensive Income/(Loss), net
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance							(113)
Unrealized gain/(loss) on derivative financial investments							113
United Dominion Realty L.P.
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		1,485,889		1,875,130	1,485,889	1,875,130	1,618,499
Net income/(loss)	24,568	24,334	86,324	91,845	103,995	231,485	107,855
Distributions					(252,818)	(237,827)	(228,090)
Long Term Incentive Plan Unit grants					27,066	15,839	7,763
Unrealized gain/(loss) on derivative financial investments							107
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
Net contributions/(distributions) to/(from) noncontrolling interests					1,754
Ending Balance	1,365,886		1,485,889		1,365,886	1,485,889	1,875,130
United Dominion Realty L.P. | Total Partner's Capital
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		1,472,070		1,464,295	1,472,070	1,464,295	1,578,202
Net income/(loss)					102,163	229,763	106,307
Distributions					(252,818)	(237,827)	(228,090)
Long Term Incentive Plan Unit grants					27,066	15,839	7,763
Unrealized gain/(loss) on derivative financial investments							113
Ending Balance	1,348,481		1,472,070		1,348,481	1,472,070	1,464,295
United Dominion Realty L.P. | Noncontrolling Interests
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		13,819		12,936	13,819	12,936	20,638
Net income/(loss)					1,832	1,722	1,548
Unrealized gain/(loss) on derivative financial investments							(6)
Net change in advances (to)/from the General Partner						(839)	(9,244)
Net contributions/(distributions) to/(from) noncontrolling interests					1,754
Ending Balance	17,405		13,819		17,405	13,819	12,936
United Dominion Realty L.P. | Class A Limited Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		69,401		67,474	69,401	67,474	63,901
Net income/(loss)					971	2,221	1,015
Distributions					(2,396)	(2,328)	(2,328)
Adjustment to reflect limited partners' capital at redemption value					13,827	2,034	4,886
Ending Balance	81,803		69,401		81,803	69,401	67,474
United Dominion Realty L.P. | Limited Partners and LTIP Units
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		302,545		283,568	302,545	283,568	269,928
Net income/(loss)					3,404	9,977	4,270
Distributions					(9,063)	(10,718)	(9,704)
OP Unit redemptions for common shares of UDR					(79,010)	(416)	(288)
Adjustment to reflect limited partners' capital at redemption value					39,638	4,295	11,599
Long Term Incentive Plan Unit grants					27,066	15,839	7,763
Ending Balance	284,580		302,545		284,580	302,545	283,568
United Dominion Realty L.P. | Limited Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		1,099,174		1,112,298	1,099,174	1,112,298	1,243,460
Net income/(loss)					97,727	217,426	100,957
Distributions					(241,207)	(224,637)	(215,922)
OP Unit redemptions for common shares of UDR					79,010	416	288
Adjustment to reflect limited partners' capital at redemption value					(53,465)	(6,329)	(16,485)
Ending Balance	981,239		1,099,174		981,239	1,099,174	1,112,298
United Dominion Realty L.P. | General Partner
Increase (Decrease) in Partners' Capital [Roll Forward]
Beginning Balance		$ 950		$ 955	950	955	1,026
Net income/(loss)					61	139	65
Distributions					(152)	(144)	(136)
Ending Balance	$ 859		$ 950		$ 859	$ 950	$ 955

CONSOLIDATED STATEMENTS OF CA_4

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED DOMINION REALTY, L.P.) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Operating Activities
Net income/(loss)	$ 199,579	$ 221,542	$ 132,655
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	507,923	435,679	436,462
(Gain)/loss on sale of real estate owned	(5,282)	(136,197)	(43,404)
(Income)/loss from unconsolidated entities	(137,873)	5,055	(31,257)
Other	39,958	4,998	20,467
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(10,956)	(13,880)	(9,008)
Increase/(decrease) in operating liabilities	7,846	24,987	(4,278)
Net cash provided by/(used in) operating activities	630,704	560,676	518,915
Investing Activities
Acquisition of real estate assets	(1,370,770)		(96,791)
Proceeds from sales of real estate investments, net	38,000	247,031	71,235
Capital expenditures and other major improvements - real estate assets	(167,188)	(112,359)	(124,728)
Distributions received from unconsolidated entities	72,441	42,683	116,329
Net cash provided by/(used in) investing activities	(1,686,687)	(113,548)	(407,406)
Financing Activities
Proceeds from the issuance of secured debt	162,500	80,000
Payments on secured debt	(162,253)	(279,243)	(326,346)
Other	(41,725)	(41,485)	(21,361)
Net cash provided by/(used in) financing activities	880,383	(260,067)	(111,785)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(175,600)	187,061	(276)
Cash, cash equivalents, and restricted cash, beginning of year	208,891	21,830	22,106
Cash, cash equivalents, and restricted cash, end of year	33,291	208,891	21,830
Supplemental Information:
Interest paid during the period, net of amounts capitalized	169,558	132,466	126,348
Non-cash transactions:
Development costs and capital expenditures incurred but not yet paid	16,635	10,304	43,930
Recognition of operating lease right-of-use assets	94,349
Recognition of operating lease liabilities	88,336
Right-of-use assets obtained in exchange for operating lease liabilities remeasurements	111,055
Dividends declared but not yet paid	109,382	97,666	91,455
United Dominion Realty L.P.
Operating Activities
Net income/(loss)	103,995	231,485	107,855
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	139,975	143,481	152,473
(Gain)/loss on sale of real estate owned		(75,507)	(41,272)
(Income)/loss from unconsolidated entities	8,313	(43,496)	19,256
Other	3,534	1,771	5,642
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	1,084	(3,260)	(3,992)
Increase/(decrease) in operating liabilities	(1,808)	1,194	(4,705)
Net cash provided by/(used in) operating activities	255,093	255,668	235,257
Investing Activities
Acquisition of real estate assets			(137,332)
Proceeds from sales of real estate investments, net		98,533	67,985
Capital expenditures and other major improvements - real estate assets	(62,397)	(44,227)	(53,346)
Distributions received from unconsolidated entities	18,491	17,377	16,704
Net cash provided by/(used in) investing activities	(43,906)	71,683	(105,989)
Financing Activities
Advances (to)/from the General Partner, net		(348,381)	163,196
Proceeds from the issuance of secured debt	72,500
Payments on secured debt		(133,205)	(275,345)
Issuance/(repayment) of notes payable to the General Partner	(272,913)	169,577
Distributions paid to partnership unitholders	(10,064)	(12,705)	(11,694)
Other	(376)	(1,821)	(5,003)
Net cash provided by/(used in) financing activities	(210,853)	(326,535)	(128,846)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	334	816	422
Cash, cash equivalents, and restricted cash, beginning of year	13,688	12,872	12,450
Cash, cash equivalents, and restricted cash, end of year	14,022	13,688	12,872
Supplemental Information:
Interest paid during the period, net of amounts capitalized	38,400	17,173	24,331
Non-cash transactions:
Development costs and capital expenditures incurred but not yet paid	2,913	2,056	2,032
Recognition of operating lease right-of-use assets	94,174
Recognition of operating lease liabilities	88,161
Right-of-use assets obtained in exchange for operating lease liabilities remeasurements	112,498
LTIP Unit grants	27,066	15,839	7,763
Dividends declared but not yet paid	$ 63,364	59,461	$ 57,025
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, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
The following reconciles cash, cash equivalents, and restricted cash to the total of the same amounts as shown above:
Cash and cash equivalents	$ 8,106	$ 185,216	$ 2,038	$ 2,112
Restricted cash	25,185	23,675	19,792	19,994
Total cash, cash equivalents, and restricted cash as shown above	33,291	208,891	21,830	22,106
United Dominion Realty 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	24	125	293	756
Restricted cash	13,998	13,563	12,579	11,694
Total cash, cash equivalents, and restricted cash as shown above	$ 14,022	$ 13,688	$ 12,872	$ 12,450

CONSOLIDATION AND BASIS OF PR_3

CONSOLIDATION AND BASIS OF PRESENTATION (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2019
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, 2019, our consolidated apartment portfolio consisted of 148 consolidated communities located in 20 markets consisting of 47,010 apartment homes. In addition, the Company has an ownership interest in 5,268 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 2,138 apartment homes owned by entities in which we hold preferred equity investments. 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 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, 2019 and 2018, there were 184.1 million and 183.6 million units, respectively, in the Operating Partnership (“OP Units”) outstanding, of which 176.2 million, or 95.7% and 174.2 million, or 94.9%, respectively, were owned by UDR and 7.9 million, or 4.3% and 9.4 million, or 5.1%, respectively, were owned by outside limited partners. As of December 31, 2019 and 2018, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 18.4 million, or 56.8% and 17.2 million, or 53.2%, respectively, were owned by UDR (including 13.5 million DownREIT Units, or 41.7% and 13.5 million, or 41.6%, that were held by the Operating Partnership as of December 31, 2019 and 2018, respectively) and 14.0 million, or 43.2% and 15.2 million, or 46.8%, 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 Real Estate Owned Joint Ventures and Partnerships
United Dominion Realty L.P.
Entity information
CONSOLIDATION AND BASIS OF PRESENTATION	1. CONSOLIDATION AND BASIS OF PRESENTATION United Dominion Realty, L.P. (“UDR, L.P.,” the “Operating Partnership,” “we” or “our”) is a Delaware limited partnership, that owns, acquires, renovates, redevelops, manages, and disposes of multifamily apartment communities generally located in high barrier to entry markets located in the United States. The high barrier to entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. UDR, L.P. is a subsidiary of UDR, Inc. (“UDR” or the “General Partner”), a self-administered real estate investment trust, or REIT, through which UDR conducts a significant portion of its business. During the years ended December 31, 2019, 2018, and 2017, rental revenues of the Operating Partnership represented 39%, 42%, and 43%, respectively, of the General Partner’s consolidated rental revenues. As of December 31, 2019, 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, 2019, there were 184.1 million OP Units outstanding, of which 176.2 million, or 95.7%, were owned by UDR and affiliated entities and 7.9 million, or 4.3%, were owned by outside limited partners. There were 183.6 million OP Units outstanding as of December 31, 2018, of which 174.2 million, or 94.9%, were owned by UDR and affiliated entities and 9.4 million, or 5.1%, were owned by outside limited partners. See Note 10, Capital Structure As sole general partner of the Operating Partnership, UDR owned all 0.1 million general partner OP units, or 0.1% , of the total OP Units outstanding as of December 31, 2019 and 2018. At December 31, 2019 and 2018, there were 184.0 million and 183.5 million, respectively, of limited partner OP Units outstanding, of which 1.9 million were Class A Limited Partnership Units as of both periods. Of the limited partner OP Units outstanding, UDR owned 176.1 million, or 95.7%, and 174.1 million, or 94.8%, at December 31, 2019 and 2018, respectively. The remaining 7.9 million, or 4.3%, and 9.4 million, or 5.1%, of the limited partner OP Units outstanding were held by outside limited partners at December 31, 2019 and 2018, respectively, of which 1.8 million were Class A Limited Partnership units as of both periods. See Note 10, 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_5

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2019
Entity information
SIGNIFICANT ACCOUNTING POLICIES	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ​ In February 2016, the FASB issued ASU 2016-02, Leases The Company elected the following package of practical expedients provided by the standard: (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 elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. ​ Upon adoption of the standard on January 1, 2019, the Company recognized right-of-use assets of $94.3 million and lease liabilities of $88.3 million. The right-of-use assets included $6.0 million of prepaid rent and intangible assets that was included within Other assets ​ The lease liabilities represent the present value of the remaining minimum lease payments as of January 1, 2019 and primarily relate to ground leases for communities where we are the lessee. The right-of-use assets represent our right to use an underlying asset for the lease term, which are calculated utilizing the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. Our right-of-use assets and related lease liabilities recognized as of January 1, 2019 may change as a result of updates to the projected future minimum lease payments. Certain of our ground lease agreements where we are the lessee have future minimum lease payments that reset in the future based upon a percentage of the fair market value of the land at the time of the reset. The Company will continue to recognize lease expense for these leases in a manner similar to previous accounting 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 will 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 are expensing non-incremental leasing costs as incurred. ​ In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements Leases ​ Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, 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 30 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 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 primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. 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. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain on consolidation of a property. ​ Notes Receivable Notes receivable relate to financing arrangements which are typically secured by real estate or real estate related projects. Certain of the loans we extend may include characteristics such as options to purchase the project within a specific time window following expected project completion. These characteristics can cause the loans to fall under the definition of a variable interest entity (“VIE”), and thus trigger consolidation consideration. We consider the facts and circumstances pertinent to each loan, including the relative amount of financing we are contributing to the overall project cost, decision making rights or control we hold, and our rights to expected residual gains or our obligations to absorb expected residual losses from the project. If we are deemed to be the primary beneficiary of a VIE due to holding a controlling financial interest, the majority of decision making control, or by other means, consolidation of the VIE would be required. The Company has concluded that it is not the primary beneficiary of the borrowing entities which were deemed to be VIEs. Additionally, we analyze each loan arrangement for consideration of whether the loan qualifies for accounting as a loan or as an investment in a real estate development project. The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310-10. For each loan, the Company has concluded that the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The following table summarizes our Notes receivable, net as of December 31, 2019 and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, December 31, December 31, ​ ​ 2019 ​ 2019 ​ 2018 Note due February 2020 (a) 10.00 % $ 16,400 ​ $ 14,659 Note due March 2020 (b) 12.00 % 20,000 ​ 20,000 Note due October 2020 (c) 8.00 % 2,250 ​ 2,000 Note due August 2022 (d) ​ 10.00 % ​ — ​ ​ 5,600 Note due October 2022 (e) ​ 4.75 % ​ 115,000 ​ ​ — Total notes receivable, net ​ $ 153,650 ​ $ 42,259 (a) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $16.4 million, of which $16.4 million has been funded, including $1.7 million funded during the year ended December 31, 2019. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) the eighth anniversary of the date of the note (February 2020). In January 2020, the terms of this secured note were amended to increase the aggregate commitment from $16.4 million to $19.4 million and to extend the maturity date of the note from the eighth anniversary of the note (February 2020) to January 2023. (b) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $20.0 million has been funded. The note is secured by a parcel of land and related land improvements. Interest payments are due when the loan matures. In December 2019, the term of the secured note was extended to March 30, 2020, and any interest incurred during the extension period will be due monthly. (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $2.3 million, of which $2.3 million has been funded, including $0.3 million funded during the year ended December 31, 2019. 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 previously had a secured note with an unaffiliated third party under which $5.6 million had been funded. In January 2019, the $5.6 million secured note was repaid in full along with the contractually accrued interest of $0.2 million and an additional $8.5 million of promoted interest in conjunction with the unaffiliated third party being acquired. (e) In November 2019, the Company entered into a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which was funded during the year ended December 31, 2019. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on a 259 home operating community in Bellevue, Washington, which is expected to be completed in 2020. When the note was funded, the Company also entered into a purchase option agreement and paid a deposit of $10.0 million, which will give the Company the option to acquire the community at a fixed price of $170.0 million. The purchase option must be exercised within 30 days following the date the temporary certificate of occupancy is issued. The deposit is generally nonrefundable other than due to a failure of closing conditions pursuant to the terms of the agreement. If the Company does not exercise the purchase option, or if the Company exercises and fails to close the purchase other than due to seller’s failure or other breaches in the purchase option agreement, per the terms of the agreement, the note will be modified to extend the maturity date to 10 years following the date the temporary certificate of occupancy is issued. Upon modification, the loan will be interest only for the first three years and after such date will be based on a 30 year amortization schedule. The Company recognized $5.5 million, $4.1 million, and $1.8 million of interest income and $8.5 million, zero, and zero of promoted interest from notes receivable during the years ended December 31, 2019, 2018, and 2017, respectively, none of which was related party interest. Interest income and promoted interest are included in Interest income and other income/(expense), net Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as VIEs 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 VIE, 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, 2019, the Company did not determine any of our joint ventures or partnerships to be VIEs. 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, unrealized gains on other investment ventures and timing of expense recognition for certain accrued liabilities. As of December 31, 2019 and 2018, UDR’s net deferred tax assets/(liabilities) was $(1.6) million and less than $(0.1) million, respectively. The net deferred tax assets/(liabilities) are recorded in Accounts payable, accrued expenses and other liabilities 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. The Company invests in assets that qualify for federal investment tax credits (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2019. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2016 through 2018 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 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 VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the award’s fair value on the grant date and recognizes the cost over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. The fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For performance based awards, the Company remeasures the fair value each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation. For further discussion, see Note 10, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholders’ equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2019, 2018, and 2017, 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 Derivatives and Hedging Activity, Forward Sales Agreements ​ The Company utilizes forward sales agreements for the future issuance of its common stock. When the Company enters into a forward sales agreement, the contract requires the Company to sell its shares to a counterparty at a predetermined price at a future date. The net sales price and proceeds attained by the Company will be determined on the dates of settlement, with adjustments during the term of the contract for the Company’s anticipated dividends as well as for a daily interest factor that varies with changes in the federal funds rate. The Company generally has the ability to determine the dates and method of settlement (i.e., gross physical settlement, net share settlement or cash settlement), subject to certain conditions and the right of the counterparty to accelerate settlement under certain circumstances. ​ The Company accounts for the shares of common stock reserved for issuance upon settlement as equity in accordance with ASC 815-40, Contracts in Entity's Own Equity ​ The guidance establishes a two-step process for evaluating whether an equity-linked financial instrument is considered indexed to its own stock, first, evaluating the instrument’s contingent exercise provisions and second, evaluating the instrument’s settlement provisions. When entering into forward sales agreements, we determine that (i) none of the agreement’s exercise contingencies are based on observable markets or indices besides those related to the market for our own stock price; and (ii) none of the settlement provisions preclude the agreements from being indexed to our own stock. ​ Before the issuance of shares of common stock, upon physical or net share settlement of the forward sales agreements, the Company expects that the shares issuable upon settlement of the forward sales agreements will be reflected in its diluted income/(loss) per share calculations using the treasury stock method. Under this method, the number of shares of common stock used in calculating diluted income/(loss) per share is deemed to be increased by the excess, if any, of the number of shares of common stock that would be issued upon full physical settlement of the forward sales agreements over the number of shares of common stock that could be purchased by the Company in the open market (based on the average market price during the period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period). When the Company physically or net share settles any forward sales agreement, the delivery of shares of common stock would result in an increase in the number of weighted average common shares outstanding and dilution to basic income/(loss) per share. (See Note 8, Income/(Loss) per Share ​ Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2019, the Company held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California; Metropolitan D.C., New York, New York and Boston, Massachusetts markets.
United Dominion Realty L.P.
Entity information
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ​ I n February 2016, the FASB issued ASU 2016-02, Leases . The standard amended the existing lease accounting guidance and required lessees to recognize a lease liability and a right-of-use asset for all leases on their balance sheets. Lessees of operating leases continued to recognize lease expense in a manner similar to previous accounting. For lessors, accounting for leases under the new guidance was substantially the same as in prior periods, but eliminated current real estate-specific provisions and changed the treatment of initial direct costs. The standard was effective for the Operating Partnership on January 1, 2019. ​ The Operating Partnership elected the following package of practical expedients provided by the standard: (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 elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. ​ Upon adoption of the standard on January 1, 2019, the Operating Partnership recognized right-of-use assets of $94.2 million and lease liabilities of $88.2 million. The right-of-use assets included $6.0 million of prepaid rent and intangible assets that was included within Other assets ​ The lease liabilities represent the present value of the remaining minimum lease payments as of January 1, 2019 related to ground leases for communities where we are the lessee. The right-of-use assets represent our right to use an underlying asset for the lease term, which are calculated utilizing the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. Our right-of-use assets and related lease liabilities recognized as of January 1, 2019 may change as a result of updates to the projected future minimum lease payments. Certain of our ground lease agreements where we are the lessee have future minimum lease payments that reset in the future based upon a percentage of the fair market value of the land at the time of the reset. The Operating Partnership will continue to recognize lease expense for these leases in a manner similar to previous accounting 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 will 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 are expensing non-incremental leasing costs as incurred. ​ In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements Leases Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, 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 30 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 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 primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. 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. ​ To the extent that the Operating Partnership acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Operating Partnership will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Operating Partnership will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Operating Partnership will not recognize a gain on consolidation of a property. Derivative Financial Instruments The General Partner utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments associated with the Operating Partnership’s allocation of the General Partner’s debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partner’s cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Noncontrolling Interests The noncontrolling interests represent the General Partner’s interests in certain consolidated subsidiaries and are presented in the capital section of the Consolidated Balance Sheets since these interests are not convertible or redeemable into any other ownership interests of the Operating Partnership. Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnership’s tax returns are subject to examination by federal and state taxing authorities. Net income for financial reporting purposes differs from the net income for income tax reporting purposes primarily due to temporary differences, principally real estate depreciation and the tax deferral of certain gains on property sales. The differences in depreciation result from differences in the book and tax basis of certain real estate assets and the differences in the methods of depreciation and lives of the real estate assets. The Operating Partnership evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Operating Partnership’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management of the Operating Partnership is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Operating Partnership has no examinations in progress and none are expected at this time. Management of the Operating Partnership has reviewed all open tax years (2016 through 2018) of tax jurisdictions and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entity’s financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned 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 7, Related Party Transactions Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance 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, 2019, 2018, and 2017, 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 Derivatives and Hedging Activity, 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, 2019, 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, 2019
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, 2019, the Company owned and consolidated 148 communities in 13 states plus the District of Columbia totaling 47,010 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Land ​ $ 2,164,032 ​ $ 1,849,799 Depreciable property — held and used: ​ ​ Land improvements ​ 224,964 ​ 213,224 Building, improvements, and furniture, fixtures and equipment ​ 10,102,758 ​ 8,133,136 Real estate intangible assets ​ ​ 40,570 ​ ​ — Under development: ​ ​ Land and land improvements ​ 29,226 ​ — Building, improvements, and furniture, fixtures and equipment ​ 40,551 ​ — Real estate owned ​ 12,602,101 ​ 10,196,159 Accumulated depreciation ​ (4,131,353) ​ (3,654,160) Real estate owned, net ​ $ 8,470,748 ​ $ 6,541,999 ​ Acquisitions In January 2019, the Company increased its ownership interest from 49% to 100% in a 386 apartment home operating community located in Anaheim, California, for a cash purchase price of approximately $33.5 million. In connection with the acquisition, the Company repaid approximately $59.8 million of joint venture construction financing. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as an equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships In January 2019, the Company increased its ownership interest from 49% to 100% in a 155 apartment home operating community located in Seattle, Washington, for a cash purchase price of approximately $20.0 million. In connection with the acquisition, the Company repaid approximately $26.0 million of joint venture construction financing. 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 In January 2019, the Company acquired a to-be-developed parcel of land located in Washington D.C. for approximately $27.1 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 apartment home operating community located in Brooklyn, New York for approximately $132.1 million. The Company increased its real estate assets owned by approximately $97.5 million and recorded approximately $33.6 million of real estate intangibles and approximately $1.0 million of in-place lease intangibles. In February 2019, the Company acquired a 381 apartment home operating community located in St. Petersburg, Florida for approximately $98.3 million . ​ In April 2019, the Company acquired a 498 apartment home operating community located in Towson, Maryland for approximately $86.4 million. ​ In May 2019, the Company acquired a 313 apartment home operating community located in King of Prussia, Pennsylvania for approximately $107.3 million. The Company increased its real estate assets owned by approximately $106.4 million and recorded approximately $0.9 million of in-place lease intangibles. ​ In May 2019, the Company acquired a 240 apartment home operating community located in St. Petersburg, Florida for approximately $49.4 million. The Company increased its real estate assets owned by approximately $48.2 million and recorded approximately $1.2 million of in-place lease intangibles. ​ In June 2019, the Company acquired a 200 apartment home operating community located in Waltham, Massachusetts for approximately $84.6 million. The Company increased its real estate assets owned by approximately $82.6 million and recorded approximately $2.0 million of in-place lease intangibles. ​ In August 2019, the Company acquired a 914 apartment home operating community located in Norwood, Massachusetts for approximately $270.2 million. The Company increased its real estate assets owned by approximately $260.1 million and recorded approximately $10.1 million of in-place lease intangibles. ​ In August 2019, the Company acquired a 185 apartment home operating community located in Englewood, New Jersey for approximately $83.6 million. The Company increased its real estate assets owned by approximately $77.5 million and recorded approximately $4.6 million of real estate intangibles and approximately $1.5 million of in-place lease intangibles. ​ In August 2019, the Company purchased a 292 apartment home operating community in Washington, D.C., directly from the UDR/KFH joint venture, thereby increasing its ownership interest from 30% to 100%, for a purchase price at 100% of approximately $184.0 million, before $2.8 million of closing costs incurred by UDR at acquisition (see Note 5, Joint Ventures and Partnerships ​ In November 2019, the Company acquired the approximately 50% ownership interest not previously owned in 10 UDR/MetLife operating communities, one development community and four land parcels valued at $1.1 billion, or $564.2 million at UDR’s share, and sold its approximately 50% ownership interest in five UDR/MetLife operating communities valued at $645.8 million, or $322.9 million at UDR’s share, to MetLife, and recognized a net gain on sale of $114.9 million at our share. The Company paid $109.2 million directly to MetLife to complete the transaction. As a result, the Company consolidated the 10 operating communities, one development community and four land parcels, and they are no longer accounted for as equity method investments in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships upon consolidation and increased its real estate assets owned by approximately $977.8 million and recorded approximately $30.0 million of in-place lease intangibles. In connection with the acquisition, the Company assumed six secured fixed rate mortgage notes payable and one credit facility secured by four communities with a combined outstanding balance of $518.4 million and estimated fair value of $551.8 million. The Company recorded the debt at its fair value in Secured debt net ​ The following table summarizes the 10 communities, one development community and four land parcels acquired from the UDR/MetLife II and the UDR/MetLife Vitruvian Park ® ​ ​ ​ ​ ​ Property Type Number of Homes Location Strata Operating Community 163 San Diego, CA Crescent Falls Church Operating Community 214 Washington, D.C. Charles River Landing Operating Community 350 Boston, MA Lodge at Ames Pond Operating Community 364 Boston, MA Lenox Farms Operating Community 338 Boston, MA Towson Promenade Operating Community 379 Baltimore, MD Savoye Operating Community 394 Addison, TX Savoye2 Operating Community 351 Addison, TX Fiori on Vitruvian Park ® Operating Community 391 Addison, TX Vitruvian West Operating Community 383 Addison, TX Vitruvian West Phase 2 (a) Development Community 366 Addison, TX Vitruvian Park ® 4 Land Parcels N/A Addison, TX (a) The number of apartment homes for the community under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2019, no apartment homes had been completed. In January 2020, the Company acquired a 294 home operating community located in Tampa, Florida for approximately $85.2 million. ​ In January 2020, the Company increased its ownership interest from 49% to 100% in a 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 million. In connection with the acquisition, the Company repaid approximately $35.6 million of joint venture construction financing. As a result, in January 2020, 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 ​ During the year ended December 31, 2018, the Company did not have any acquisitions of real estate. Dispositions In June 2019, the Company sold a parcel of land located in Los Angeles, California for $38.0 million, resulting in a gain of approximately $5.3 million. Prior to the sale, the parcel of land was subject to a ground lease, under which UDR was the lessor, scheduled to expire in 2065. The ground lease included a purchase option for the lessee to acquire the land during specific periods of the ground lease term. During the second quarter, the lessee exercised the purchase option resulting in this sale by the Company and the ground lease being terminated. Prior to the sale, the purchase option was not deemed to be a bargain purchase option. This ground lease existed as of the adoption of the new lease accounting guidance on January 1, 2019 and we did not reassess lease classification per the practical expedient provided by the standard. As a result, this ground lease continued to be classified as an operating lease and the land parcel subject to the ground lease continued to be recognized in Real estate held for investment ​ 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 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 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. 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. Developments At December 31, 2019, the Company was developing three wholly-owned communities totaling 878 homes, none of which have been completed, with a budget of $278.5 million, in which we have a carrying value of $69.8 million. The communities are estimated to be completed between the first quarter of 2021 and the second quarter of 2022. 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. Amortization of Intangible Assets The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unamortized Balance as of December 31, 2019 ​ 2020 ​ 2021 ​ 2022 ​ 2023 ​ 2024 ​ Thereafter Real estate intangible assets, net (a) ​ $ 37,844 ​ $ 3,062 ​ $ 2,840 ​ $ 2,740 ​ $ 2,643 ​ $ 2,525 ​ $ 24,034 In-place lease intangible assets, net (b) ​ ​ 43,614 ​ ​ 41,179 ​ ​ 501 ​ ​ 470 ​ ​ 386 ​ ​ 358 ​ ​ 720 Total ​ $ 81,458 ​ $ 44,241 ​ $ 3,341 ​ $ 3,210 ​ $ 3,029 ​ $ 2,883 ​ $ 24,754 ​ ​ ​ (a) Real estate intangible assets, net is recorded net of accumulated amortization of $2.7 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the year ended December 31, 2019, $2.7 million of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. ​ (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $23.6 million in Other assets on the Consolidated Balance Sheets. For the year ended December 31, 2019, $20.8 million was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations.
United Dominion Realty 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, 2019, 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, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Land ​ $ 711,256 ​ $ 711,256 Depreciable property — held and used: ​ ​ ​ Land improvements ​ ​ 96,864 ​ ​ 92,000 Buildings, improvements, and furniture, fixtures and equipment ​ 3,067,040 ​ 3,008,729 Real estate owned ​ 3,875,160 ​ 3,811,985 Accumulated depreciation ​ (1,796,568) ​ (1,658,161) Real estate owned, net ​ $ 2,078,592 ​ $ 2,153,824 ​ Acquisitions The Operating Partnership did not have any acquisitions of real estate during the years ended December 31, 2019 and 2018. Dispositions The Operating Partnership did not have any dispositions of real estate during the year ended December 31, 2019. 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. 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. 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, 2019
Unconsolidated entities
UNCONSOLIDATED ENTITIES	5. JOINT VENTURES AND PARTNERSHIPS UDR has entered into joint ventures and partnerships with unrelated third parties to own, operate, acquire, renovate, develop, redevelop, dispose of, and manage real estate assets that are either consolidated and included in Real estate owned Investment in and advances to unconsolidated joint ventures, net UDR’s joint ventures and partnerships are funded with a combination of debt and equity. Our losses are typically 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, 2019 and 2018 (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 2019 2019 2019 2018 ​ ​ 2019 ​ 2018 Operating and development: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 operating community ​ 150 ​ $ 28,812 ​ $ 30,839 ​ ​ 50.0 % ​ 50.0 % UDR/MetLife II (a) Various 7 operating communities 1,250 ​ 150,893 ​ 296,807 ​ ​ 50.0 % ​ 50.0 % Other UDR/MetLife Joint Ventures Various 5 operating communities 1,437 ​ 98,441 ​ 115,668 ​ ​ 50.6 % ​ 50.6 % UDR/MetLife Vitruvian Park ® Addison, TX — ​ — ​ — ​ 71,730 ​ ​ — % ​ 50.0 % UDR/KFH (b) Washington, D.C. — ​ — ​ — ​ 5,507 ​ ​ — % ​ 30.0 % West Coast Development Joint Ventures ​ Los Angeles, CA ​ 1 operating community ​ 293 ​ ​ 34,907 ​ ​ 36,143 ​ ​ 47.0 % ​ 47.0 % Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ​ $ 313,053 ​ $ 556,694 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Income from investments Developer Capital Program ​ ​ Years To ​ UDR December 31, December 31, ​ Year Ended December 31, and Other Investments (c) Location Rate Maturity ​ Commitment (d) 2019 2018 2019 2018 2017 Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Coast Development Joint Ventures (e) Hillsboro, OR 6.5 % N/A ​ $ — ​ $ 17,064 ​ $ 65,417 ​ $ (447) ​ $ 865 ​ $ 23,230 1532 Harrison ​ San Francisco, CA ​ 11.0 % 2.5 ​ ​ 24,645 ​ ​ 30,585 ​ ​ 24,986 ​ ​ 3,147 ​ ​ 2,228 ​ ​ 511 1200 Broadway (f) ​ Nashville, TN ​ 8.0 % 2.8 ​ ​ 55,558 ​ ​ 63,958 ​ ​ 58,982 ​ ​ 4,888 ​ ​ 2,970 ​ ​ 370 Junction (g) ​ Santa Monica, CA ​ 12.0 % 2.6 ​ ​ 8,800 ​ ​ 10,379 ​ ​ 9,211 ​ ​ 1,169 ​ ​ 406 ​ ​ — 1300 Fairmount (h) ​ Philadelphia, PA ​ Variable ​ 3.6 ​ ​ 51,393 ​ ​ 51,215 ​ ​ 8,318 ​ ​ 3,098 ​ ​ 159 ​ ​ — Essex (i) ​ Orlando, FL ​ 12.5 % 3.7 ​ ​ 12,886 ​ ​ 14,804 ​ ​ 9,940 ​ ​ 1,639 ​ ​ 258 ​ ​ — Modera Lake Merritt (j) ​ Oakland, CA ​ 9.0 % 4.3 ​ ​ 27,250 ​ ​ 22,653 ​ ​ — ​ ​ 1,067 ​ ​ — ​ ​ — Other investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Portals ​ Washington, D.C. ​ 11.0 % 1.4 ​ ​ 38,559 ​ ​ 48,181 ​ ​ 43,167 ​ ​ 5,012 ​ ​ 3,692 ​ ​ 839 Other investment ventures ​ N/A ​ N/A ​ N/A ​ $ 18,000 ​ ​ 13,598 ​ ​ 4,154 ​ $ 4,053 ​ $ (267) ​ $ (30) Total Developer Capital Program and Other Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 272,437 ​ ​ 224,175 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investment in and advances to unconsolidated joint ventures, net (k) ​ ​ ​ ​ $ 585,490 ​ $ 780,869 ​ ​ ​ ​ ​ ​ ​ ​ (a) In November 2019, the Company acquired the approximately 50% ownership interest not previously owned in 10 UDR/MetLife operating communities, one development community and four land parcels valued at $1.1 billion, or $564.2 million at UDR’s share, and sold its approximately 50% ownership interest in five UDR/MetLife operating communities valued at $645.8 million, or $322.9 million at UDR’s share, to MetLife, and recognized a net gain on sale of $114.9 million at our share, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations. As a result, the Company consolidated the 10 operating communities, one development community and four land parcels, and they are no longer accounted for as equity method investments in an unconsolidated joint venture (see Note 3, Real Estate Owned ). Upon closing of the transaction, the UDR/MetLife II joint venture holds seven operating communities and the UDR/MetLife Vitruvian Park ® joint venture no longer holds any properties. (b) As of January 1, 2019, the joint venture held three operating communities. During 2019, the joint venture sold two communities with 368 homes, located in Arlington, Virginia, and Silver Spring, Maryland, for a combined sales price of approximately $118.3 million. As a result, the Company recorded total gains on the sales of approximately $10.6 million, which are included in Income/(loss) from unconsolidated entities In August 2019, the joint venture sold the third community, a 292 home operating community located in Washington, D.C., directly to the Company for a sales price at 100% of approximately $184.0 million, before $2.8 million of closing costs incurred by UDR at acquisition. The Company deferred its share of the gain on sale of approximately $23.8 million and recorded it as a reduction of the carrying amount of real estate assets owned (see Note 3, Real Estate Owned (c) 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. (d) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (e) In January 2019, the Company increased its ownership interest from 49% to 100% in a 386 apartment home operating community located in Anaheim, California, for a cash purchase price of approximately $33.5 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 ). In connection with the purchase, the construction loan on the community was paid in full. In January 2019, the Company increased its ownership interest from 49% to 100% in a 155 apartment home operating community located in Seattle, Washington, for a cash purchase price of approximately $20.0 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 In January 2020, the Company increased its ownership interest from 49% to 100% in a 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 million. As a result, in January 2020, 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 (f) The Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (g) 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 located 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, therefore, accounts for it under the equity method of accounting. (h) 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 located in Philadelphia, PA. The Company’s preferred equity investment of up to $51.4 million earns a preferred return between 8.5% and 12.0% 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, therefore, accounts for it under the equity method of accounting. (i) 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 located 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, therefore, accounts for it under the equity method of accounting. (j) In April 2019, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 173 apartment home community located in Oakland, CA. The Company’s preferred equity investment of up to $27.3 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, therefore, accounts for it under the equity method of accounting . (k) As of December 31, 2019, the Company’s negative investment in 13 th and Market Properties LLC of $2.8 million is included in Other UDR/MetLife Joint Ventures in the table above and recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated Balance Sheet. As of December 31, 2019 and 2018, the Company had deferred fees of $9.0 million and $11.0 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 Joint venture management and other fees 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, 2019, 2018, and 2017. 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, 2019, 2018, and 2017 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ MetLife ​ ​ ​ ​ West Coast ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Vitruvian ​ ​ ​ Development ​ ​ Year Ended December 31, 2019 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Park ® ​ UDR/KFH ​ Joint Ventures ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,834 ​ $ 151,226 ​ $ 64,273 ​ $ 26,398 ​ $ 12,217 ​ $ 14,058 ​ $ 278,006 Property operating expenses ​ 4,533 ​ 54,445 ​ 22,019 ​ 12,541 ​ 4,982 ​ 6,829 ​ 105,349 Real estate depreciation and amortization ​ 5,787 ​ 44,077 ​ 35,001 ​ 9,832 ​ 5,746 ​ 5,440 ​ 105,883 Gain/(loss) on sale of real estate (a) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 Operating income/(loss) ​ (486) ​ 52,704 ​ 7,253 ​ 4,025 ​ 117,005 ​ 1,789 ​ 182,290 Interest expense ​ (3,070) ​ (44,825) ​ (17,399) ​ (5,948) ​ (4,300) ​ (4,656) ​ (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ​ ​ — ​ ​ 458,195 ​ ​ — ​ ​ 25,711 ​ ​ — ​ ​ — ​ ​ 483,906 Other income/(loss) ​ — ​ — ​ — ​ — ​ — ​ 159 ​ 159 Net income/(loss) ​ $ (3,556) ​ $ 466,074 ​ $ (10,146) ​ $ 23,788 ​ $ 112,705 ​ $ (2,708) ​ $ 586,157 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 120,055 ​ $ 663,492 ​ $ 621,335 ​ $ — ​ $ — ​ $ 140,224 ​ $ 1,545,106 Cash and cash equivalents ​ 2,317 ​ 4,208 ​ 7,973 ​ — ​ — ​ 5,692 ​ 20,190 Other assets ​ 1,053 ​ 9,777 ​ 5,400 ​ — ​ — ​ 1,305 ​ 17,535 Total assets ​ 123,425 ​ 677,477 ​ 634,708 ​ — ​ — ​ 147,221 ​ 1,582,831 Third party debt, net ​ 70,890 ​ 425,303 ​ 454,972 ​ — ​ — ​ 90,498 ​ 1,041,663 Accounts payable and accrued liabilities ​ 4,037 ​ 9,303 ​ 9,757 ​ — ​ — ​ 3,440 ​ 26,537 Total liabilities ​ 74,927 ​ 434,606 ​ 464,729 ​ ​ — ​ — ​ 93,938 ​ 1,068,200 Total equity ​ $ 48,498 ​ $ 242,871 ​ $ 169,979 ​ $ — ​ $ — ​ $ 53,283 ​ $ 514,631 (a) Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level, as described in note (b) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net. (b) Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian Park® joint venture level prior to their distribution to the Company or MetLife in November 2019, as described in note (a) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value. For the approximately 50% ownership interest acquired in the 10 operating communities, one development community and four land parcels described above, the Company deferred its share of the net gain on revaluation of approximately $131.5 million and recorded it as a reduction of the carrying amount of real estate owned. (see Note 3, Real Estate Owned ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ 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 ​ ​ (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) Other income/(loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 439 ​ ​ 439 Net income/(loss) ​ $ (110) ​ $ 8,114 ​ $ (20,395) ​ $ (1,013) ​ $ (7,576) ​ $ 69,644 ​ $ 48,664 ​ 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, 2019, combined total assets, liabilities, equity, revenues, expenses, and other income/(loss), for such entities were $521.0 million, $135.0 million, $386.0 million, $11.2 million, $3.5 million, and $26.4 million, respectively. 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. For the year ended December 31, 2017, combined total revenues and expenses for such entities were $7.8 million, and $9.5 million, respectively.
United Dominion Realty 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 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. As of December 31, 2019, the DownREIT Partnership owned 12 communities with 5,657 apartment homes. The Operating Partnership’s investment in the DownREIT Partnership was $76.2 million and $103.0 million as of December 31, 2019 and 2018, 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. Condensed summary financial information relating to the DownREIT Partnership (not just our proportionate share), is presented below for the years ended December 31, 2019, 2018 and 2017 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2019 2018 Total real estate, net $ 1,106,703 $ 1,167,720 Cash and cash equivalents ​ 20 ​ 39 Note receivable from the General Partner ​ 222,853 ​ 221,022 Other assets ​ 4,829 ​ 5,561 Total assets $ 1,334,405 $ 1,394,342 ​ ​ ​ ​ ​ ​ ​ Secured debt, net ​ $ 427,592 ​ $ 431,735 Other liabilities ​ 28,087 ​ 26,597 Total liabilities ​ 455,679 ​ 458,332 Total capital ​ $ 878,726 ​ $ 936,010 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2019 2018 ​ 2017 Total revenue ​ $ 128,621 $ 138,121 ​ $ 134,669 Property operating expenses ​ (51,747) ​ (56,998) ​ (55,487) Real estate depreciation and amortization ​ (82,283) ​ (85,872) ​ (84,000) Gain/(loss) on sale of real estate ​ ​ — ​ ​ 24,053 ​ ​ — Operating income/(loss) ​ (5,409) ​ 19,304 ​ (4,818) Interest expense ​ (15,648) ​ (14,456) ​ (14,483) Other income/(loss) ​ 8,061 ​ 4,884 ​ 4,718 Net income/(loss) ​ $ (12,996) $ 9,732 $ (14,583) ​

LEASES (UNITED DOMINION REALTY,

LEASES (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2019
Entity information
LEASES	6. LEASES Lessee - Ground and Office Leases UDR owns six communities that are subject to ground leases, under which UDR is the lessee, expiring between 2043 and 2103, inclusive of extension options we are reasonably certain will be exercised. All of these leases existed as of the adoption of the new lease accounting guidance on January 1, 2019 and we did not reassess lease classification per the practical expedient provided by the standard. As such, these leases will continue to be classified as operating leases through the lease term expiration. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the remaining lease term. We currently do not hold any finance leases. As of December 31, 2019, the Operating lease right-of-use assets Operating lease liabilities Operating lease right-of-use assets Operating lease liabilities As the discount rate implicit in the leases was not readily determinable, we determined the discount rate for these leases utilizing the Company’s incremental borrowing rate at a portfolio level, adjusted for the remaining lease term, and the form of underlying collateral. The weighted average remaining lease term for these leases was 44.7 years at December 31, 2019 and the weighted average discount rate was 5.0% at December 31, 2019. Future minimum lease payments and total operating lease liabilities from our ground leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2020 ​ $ 12,442 2021 ​ ​ 12,442 2022 ​ ​ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 Thereafter ​ ​ 455,221 Total future minimum lease payments (undiscounted) ​ ​ 517,431 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (318,873) Total operating lease liabilities (discounted) ​ $ 198,558 ​ For purposes of recognizing our ground lease contracts, the Company uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. If there is a contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Company will remeasure the right-of-use asset and lease liability on the reset date. For the year ended December 31, 2019, Operating lease right-of-use assets Operating lease liabilities The components of operating lease expenses from our ground leases and office space were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2019 Ground lease expense: ​ ​ ​ Contractual ground lease rent expense ​ $ 8,272 Variable ground lease expense (a) ​ ​ 664 Total ground lease expense (b) ​ ​ 8,936 Contractual office space lease expense (b) ​ ​ 70 Total operating lease expense (c) (d) ​ $ 9,006 (a) Variable ground lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Ground lease and office space lease expense is reported within the line item Other operating expenses and office space expense is recorded in General and administrative on the Consolidated Statements of Operations. (c) For the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.2 million and $0.8 million, respectively. The Company recorded $0.4 million of total operating lease expense during the year ended December 31, 2019, due to the net impact of the amortization. (d) No leases qualified for the short-term lease exception during the year ended December 31, 2019. As such, short-term lease expense was zero for the year ended December 31, 2019. ​ As of December 31, 2018, in accordance with previously applicable lease accounting guidance, ASC 840, Leases (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ Ground ​ ​ ​ ​ Leases ​ 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 ​ Other Operating Expenses General and Administrative Lessor - Apartment Home, Retail and Commercial Space Leases ​ UDR’s communities and retail and commercial space are leased to tenants under operating leases. As of December 31, 2019, our apartment home leases generally have initial terms of 12 months or less and represent approximately 98.1% of our total lease revenue. As of December 31, 2019, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 1.9% of our total lease revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential increases in rental rates, and our retail and commercial space leases generally have renewal options, subject to associated increases in rental rates due to market-based or fixed-price renewal options and certain other conditions. (See Note 16, Reportable Segments ​ We previously owned a parcel of land subject to a ground lease under which UDR was the lessor, expiring in 2065. The ground lease included a purchase option for the lessee to acquire the land during specific periods of the ground lease term. In June 2019, the lessee exercised the purchase option and acquired the parcel of land for $38.0 million. (See Note 3, Real Estate Owned ​ Future minimum lease payments from our retail and commercial leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 22,568 2021 ​ ​ 22,055 2022 ​ ​ 20,443 2023 ​ ​ 19,057 2024 ​ ​ 17,304 Thereafter ​ ​ 78,818 Total future minimum lease payments (a) ​ $ 180,245 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less. Certain of our leases with retail and commercial tenants provide for the payment by the lessee of additional variable rent based on a percentage of the tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of $0.4 million during the year ended December 31, 2019.
United Dominion Realty L.P.
Entity information
LEASES	5. LEASES Lessee - Ground and Equipment Leases The Operating Partnership owns six communities that are subject to ground leases, under which the Operating Partnership is the lessee, expiring between 2043 and 2103, inclusive of extension options we are reasonably certain will be exercised. All of these leases existed as of the adoption of the new lease accounting guidance on January 1, 2019 and we did not reassess lease classification per the practical expedient provided by the standard. As such, these leases will continue to be classified as operating leases through the lease term expiration. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the remaining lease term. In addition, the Operating Partnership leases equipment at six communities from the General Partner, which expire in 2029. We currently do not hold any finance leases. As of December 31, 2019, the Operating lease right-of-use assets Operating lease liabilities Operating lease right-of-use assets Operating lease liabilities As the discount rate implicit in the leases was not readily determinable, we determined the discount rate for these leases utilizing the Operating Partnership’s incremental borrowing rate at a portfolio level, adjusted for the remaining lease term, and the form of underlying collateral. The weighted average remaining lease term for these leases was 44.4 years at December 31, 2019 and the weighted average discount rate was 5.0% at December 31, 2019. Future minimum lease payments and total operating lease liabilities from our ground and equipment leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground Leases ​ Equipment Leases ​ Total 2020 ​ $ 12,442 ​ $ 152 ​ $ 12,594 2021 ​ ​ 12,442 ​ ​ 156 ​ ​ 12,598 2022 ​ ​ 12,442 ​ ​ 159 ​ ​ 12,601 2023 ​ ​ 12,442 ​ ​ 163 ​ ​ 12,605 2024 ​ ​ 12,442 ​ ​ 166 ​ ​ 12,608 Thereafter ​ ​ 455,221 ​ ​ 869 ​ ​ 456,090 Total future minimum lease payments (undiscounted) ​ ​ 517,431 ​ ​ 1,665 ​ ​ 519,096 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (318,873) ​ ​ (222) ​ ​ (319,095) Total operating lease liabilities (discounted) ​ $ 198,558 ​ $ 1,443 ​ $ 200,001 ​ For purposes of recognizing our ground lease contracts, the Operating Partnership uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Operating Partnership uses the current rent over the remainder of the lease term. If there is a contingency, upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Operating Partnership will remeasure the right-of-use asset and lease liability on the reset date. For the year ended December 31, 2019, Operating lease right-of-use assets Operating lease liabilities Operating lease right-of-use assets Operating lease liabilities The components of operating lease expenses from our ground and equipment leases were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2019 Ground lease expense: ​ ​ ​ Contractual ground lease rent expense ​ $ 8,272 Variable ground lease expense (a) ​ ​ 664 Total ground lease expense (b) ​ ​ 8,936 Contractual equipment lease expense (b) ​ ​ 19 Total operating lease expense (c) (d) ​ $ 8,955 (a) Variable ground lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Ground lease and equipment lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.0 million and $0.7 million, respectively. The Operating Partnership recorded $0.3 million of total operating lease expense during the year ended December 31, 2019, due to the net impact of the amortization. (d) No leases qualified for the short-term lease exception during the year ended December 31, 2019. As such, short-term lease expense was zero for the year ended December 31, 2019. ​ As of December 31, 2018, in accordance with previously applicable lease accounting guidance, ASC 840, Leases Future minimum lease payments as of December 31, 2018 were $4.9 million for each of the years ending December 31, 2019 to 2023 The Operating Partnership incurred $7.3 million and $6.2 million of ground rent expense for the years ended December 31, 2018 and 2017, respectively. These costs are reported within the line item Other Operating Expenses Lessor - Apartment Home, Retail and Commercial Leases ​ The Operating Partnership’s communities and retail and commercial space are leased to tenants under operating leases. As of December 31, 2019, our apartment home leases generally have initial terms of 12 months or less and represent 98.4% of our total lease revenue. As of December 31, 2019, our retail and commercial space leases generally have initial terms between 5 and 15 years and represent approximately 1.6% of our total lease revenue. Our apartment home leases are generally renewable at the end of the lease term, subject to potential increases in rental rates, and our retail and commercial space leases generally have renewal options, subject to associated increases in rental rates due to market-based or fixed-price renewal options and certain other conditions. (See Note 12, Reportable Segments ​ Future minimum lease payments from our retail and commercial leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 7,733 2021 ​ ​ 7,395 2022 ​ ​ 6,791 2023 ​ ​ 6,466 2024 ​ ​ 5,801 Thereafter ​ ​ 13,826 Total future minimum lease payments (a) ​ $ 48,012 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months of less. Certain of our leases with retail and commercial tenants provide for the payment by the lessee of additional variable rent based on a percentage of the tenant’s revenue. The amounts shown in the table above do not include these variable percentage rents. The Operating Partnership recorded variable percentage rents of $0.1 million during the year ended December 31, 2019.

DEBT, NET (UNITED DOMINION REAL

DEBT, NET (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2019
Entity information
DEBT, NET	​ 7. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at December 31, 2019 and 2018 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2019 2018 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 884,869 ​ $ 417,989 3.61 % 6.2 15 Credit facilities (b) ​ 204,590 ​ 90,000 4.90 % 3.0 4 Deferred financing costs and other non-cash adjustments ​ 33,046 ​ (1,343) Total fixed rate secured debt, net ​ 1,122,505 ​ 506,646 3.85 % 5.6 19 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 94,700 1.79 % 12.2 1 Deferred financing costs ​ (64) ​ (119) Total variable rate secured debt, net ​ 26,936 ​ 94,581 1.79 % 12.2 1 Total Secured Debt, net ​ 1,149,441 ​ 601,227 3.80 % 5.7 20 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (m) ​ — ​ — — % 3.1 Borrowings outstanding under unsecured commercial paper program due January 2020 (e) (m) ​ ​ 300,000 ​ ​ 101,115 ​ 1.99 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2021 ​ 16,583 ​ 16 2.59 % 1.0 Term Loan due September 2023 (d) (m) ​ 35,000 ​ 35,000 2.59 % 3.8 Fixed Rate Debt ​ ​ 3.70% Medium-Term Notes due October 2020 (net of discounts of $0 and $14, respectively) (k) (m) ​ — ​ 299,986 — % — 4.63% Medium-Term Notes due January 2022 (net of discounts of $0 and $1,087, respectively) (l) (m) ​ — ​ 398,913 — % — 1.93% Term Loan due September 2023 (d) (m) ​ ​ 315,000 ​ 315,000 1.93 % 3.8 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $470 and $574, respectively) (g) (m) ​ 299,530 ​ 299,426 3.75 % 4.5 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 4.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $396 and $465, respectively) (h) (m) ​ 299,604 ​ 299,535 4.00 % 5.8 2.95% Medium-Term Notes due September 2026 (m) ​ 300,000 ​ 300,000 2.95 % 6.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $529 and $600, respectively) (l) ​ ​ 299,471 ​ ​ 299,400 ​ 3.50 % 7.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $954 and $1,072, respectively) (m) ​ ​ 299,046 ​ ​ 298,928 ​ 3.50 % 8.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $6, respectively) (i) (m) ​ ​ 299,995 ​ ​ 299,994 ​ 4.40 % 9.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $2,281 and $0, respectively) (j) (l) (m) ​ ​ 402,281 ​ ​ — ​ 3.20 % 10.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,123 and $0, respectively) (k) (m) ​ ​ 398,877 ​ ​ — ​ 3.00 % 11.6 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,309 and $0, respectively) (l) (m) ​ ​ 298,691 ​ ​ — ​ 3.10 % 14.8 ​ ​ Other ​ 13 ​ 16 Deferred financing costs ​ (21,652) ​ (16,413) Total Unsecured Debt, net ​ 3,558,083 ​ 2,946,560 3.27 % 7.5 Total Debt, net ​ $ 4,707,524 ​ $ 3,547,787 3.43 % 7.1 ​ 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, 2019, secured debt encumbered $2.1 billion or 16.8% of UDR’s total real estate owned based upon gross book value ($10.5 billion or 83.2% of UDR’s real estate owned based on gross book value is unencumbered). (a) At December 31, 2019, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from August 2020 through February 2030 and carry interest rates ranging from 2.70% to 4.35%. During the year ended December 31, 2019, the Company refinanced a $90.0 million credit facility with Fannie Mae to a fixed rate mortgage due in October 2029 and took out a new mortgage of $72.5 million due in February 2030. Interest payments are due monthly at interest rates of 2.70% and 3.10%, respectively. The refinancing was accounted for as a debt modification. The Company will from time to time acquire properties subject to fixed rate debt instruments. In those situations, the Company records the debt at its estimated fair value and amortizes any difference between the fair value and par value to interest expense over the life of the underlying debt instrument. In November 2019, the Company assumed secured fixed rate mortgage notes payable with an outstanding balance of $313.4 million and a fair value of $332.5 million in connection with the acquisition of approximately 50% ownership interest not previously owned in six operating communities from the UDR/MetLife joint venture. The six mortgages had outstanding balances ranging from $32.6 million to $94.1 million and carry interest rates from 3.25% to 4.12% (see Note 3, Real Estate Owned (b) During the year ended December 31, 2019, the Company prepaid the $90.0 million outstanding balance under its secured credit facility with Fannie Mae from proceeds received from the refinancing of the debt. In November 2019, the Company assumed a secured credit facility with New York Life with an outstanding balance of $205.0 million and a fair value of $219.3 million in connection with the acquisition of the approximately 50% ownership not previously owned in four operating communities from the UDR/MetLife joint venture. The credit facility is a pooled facility and secured by those four properties. The credit facility is due in January 2023 and has an interest rate of 4.90% (see Note 3, Real Estate Owned Further information related to the credit facility is as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Borrowings outstanding ​ $ 204,590 ​ $ 90,000 ​ Weighted average borrowings during the period ended ​ 94,098 ​ 253,813 ​ Maximum daily borrowings during the period ended ​ 204,590 ​ 314,869 ​ Weighted average interest rate during the period ended ​ 4.3 % 4.7 % Weighted average interest rate at the end of the period ​ 4.9 % 4.0 % ​ During the years ended December 31, 2019, 2018, and 2017, the Company had $3.0 million, $3.0 million, and $3.0 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties inclusive of its fixed rate mortgage notes payable and credit facilities, which was included in Interest expense ​ (c) The variable rate mortgage note payable secures a tax-exempt housing bond issue that matures in March 2032. Interest on this note is payable in monthly installments. As of December 31, 2019, the variable interest rate on the mortgage note was 1.79%. During the year ended December 31, 2019, the Company paid off a $67.7 million variable rate mortgage note due on August 1, 2019. (d) The Company has 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. 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, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 2018 ​ 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 ​ 55 ​ — ​ Maximum daily borrowings during the period ended ​ 20,000 ​ — ​ Weighted average interest rate during the period ended ​ 2.6 % — % Interest rate at end of the period ​ — % — % (1) Excludes $2.9 million and $3.3 million of letters of credit at December 31, 2019 and 2018, 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, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Total unsecured commercial paper program $ 500,000 ​ $ 500,000 ​ Borrowings outstanding at end of period ​ 300,000 ​ 101,115 ​ Weighted average daily borrowings during the period ended ​ 173,353 ​ 344,235 ​ Maximum daily borrowings during the period ended ​ 435,000 ​ 440,000 ​ Weighted average interest rate during the period ended ​ 2.5 % 2.4 % Interest rate at end of the period ​ 2.0 % 2.9 % ​ (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. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at December 31, 2019 and 2018 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 16,583 ​ 16 ​ Weighted average daily borrowings during the period ended ​ 23,487 ​ 26,101 ​ Maximum daily borrowings during the period ended ​ 66,170 ​ 64,633 ​ Weighted average interest rate during the period ended ​ 3.1 % 2.9 % Interest rate at end of the period ​ 2.6 % 3.3 % ​ (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) 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) In July 2019, the Company issued $300.0 million of 3.20% senior unsecured medium-term notes due January 15, 2030. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2020. The notes were priced at 99.66% of the principal amount at issuance. The Company previously entered into forward starting interest rate swaps to hedge against the interest rate risk of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 3.42%. The Company used the net proceeds for the repayment of debt, including amounts outstanding under the Company’s commercial paper program and Working Capital Credit Facility, and for other general corporate purposes. The Operating Partnership is the guarantor of this debt. (k) In August 2019, the Company issued $400.0 million of 3.00% senior unsecured medium-term notes due August 15, 2031. Interest is payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2020. The notes were priced at 99.71% of the principal amount at issuance. In combination with the issuance, the Company entered into a treasury lock agreement 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 the treasury lock, was 3.01%. The Company used the net proceeds for the repayment of debt, including the repayment of all $300.0 million aggregate principal amount (plus the make-whole amount of approximately $5.4 million) of its 3.70% senior unsecured medium-term notes due October 1, 2020, and to fund acquisitions and for other general corporate purposes. (l) In October 2019, the Company issued $100.0 million of 3.20% senior unsecured medium-term notes due 2030 and $300.0 million of 3.10% senior unsecured medium-term notes due 2034. Interest is payable semi-annually in arrears on January 15 and July 15 for the 2030 notes, and May 1 and November 1 for the 2034 notes. The 2030 notes were priced at 103.32% of the principal amount at issuance, and the 2034 notes were priced at 99.56% of the principal amount at issuance. In combination with the issuance, the Company entered into treasury lock agreements to hedge against interest rate risk on all of this debt. The all-in weighted average interest rate, inclusive of the impact of the treasury locks, was 3.24% for the 2030 notes and 3.13% for the 2034 notes. The Company used the net proceeds for the repayment of all $400.0 million aggregate principal amount (plus the make-whole amount of approximately $22.0 million and accrued and unpaid interest) of its 4.63% senior unsecured medium-term notes due January 2022. The 2034 notes were issued as “green” bonds and, as a result, the Company allocated the net proceeds from the sale of the 2034 notes to fund eligible green projects, including previously incurred development costs related to properties that have received at least a LEED Silver certification. The Operating Partnership is the guarantor of both the 2030 notes and the 2034 notes. The 2030 notes are a further issuance of, and form a single series with, the $300.0 million aggregate principal amount of the Company’s 3.20% notes due 2030 that were issued in July 2019. As of the completion of the offering, the aggregate principal amount of outstanding 2030 notes was $400.0 million. (m) 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, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2020 ​ $ 110,645 ​ $ — ​ $ 110,645 ​ $ 300,000 ​ $ 410,645 2021 ​ ​ 3,797 ​ ​ — ​ ​ 3,797 ​ ​ 16,583 ​ ​ 20,380 2022 ​ 3,945 ​ — ​ 3,945 ​ — ​ 3,945 2023 ​ 310,873 ​ — ​ 310,873 ​ 350,000 ​ 660,873 2024 ​ 95,280 ​ — ​ 95,280 ​ 315,644 ​ 410,924 2025 ​ 173,189 ​ — ​ 173,189 ​ 300,000 ​ 473,189 2026 ​ 51,070 ​ — ​ 51,070 ​ 300,000 ​ 351,070 2027 ​ 1,111 ​ — ​ 1,111 ​ 300,000 ​ 301,111 2028 ​ 122,465 ​ — ​ 122,465 ​ 300,000 ​ 422,465 2029 ​ 144,584 ​ — ​ 144,584 ​ 300,000 ​ 444,584 Thereafter ​ 72,500 ​ 27,000 ​ 99,500 ​ 1,100,000 ​ 1,199,500 Subtotal ​ 1,089,459 ​ 27,000 ​ 1,116,459 ​ 3,582,227 ​ 4,698,686 Non-cash (a) ​ 33,046 ​ (64) ​ 32,982 ​ (24,144) ​ 8,838 Total ​ $ 1,122,505 ​ $ 26,936 ​ $ 1,149,441 ​ $ 3,558,083 ​ $ 4,707,524 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2019 and 2018, the Company amortized $4.2 million and $4.2 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2019. ​
United Dominion Realty L.P.
Entity information
DEBT, NET	6. 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, 2019 and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ December 31, ​ December 31, ​ Average ​ Years to ​ Communities ​ ​ 2019 ​ 2018 ​ Interest Rate ​ Maturity ​ Encumbered Fixed Rate Debt ​ ​ Mortgage note payable ​ $ 72,500 ​ $ — 3.10 % 10.1 1 Deferred financing costs ​ (365) ​ — Total fixed rate secured debt, net ​ 72,135 ​ — 3.10 % 10.1 1 Variable Rate Debt ​ ​ Tax-exempt secured note payable ​ $ 27,000 ​ $ 27,000 1.79 % 12.2 1 Deferred financing costs ​ (64) ​ (71) Total Secured Debt, Net ​ $ 99,071 ​ $ 26,929 2.78 % 10.7 2 ​ 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 secured debt instruments on the Operating Partnership’s properties. Fixed Rate Debt Mortgage notes payable. Variable Rate Debt Tax-exempt secured note payable. Guarantor on Unsecured Debt The Operating Partnership is the 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, 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, $300 million of medium-term notes due January 2029, $400 million of medium-term notes due January 2030, $400 million of medium-term notes due August 2031, and $300 million of medium-term notes due November 2034. As of December 31, 2019 and 2018, the General Partner did not have an outstanding balance under the unsecured revolving credit facility and had $300.0 million and $101.1 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, 2019
United Dominion Realty L.P.
Entity information
RELATED PARTY TRANSACTIONS	7. RELATED PARTY TRANSACTIONS Shared Services Agreement 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) general and administrative costs, and (b) shared services of corporate level property management employees and related support functions and costs. Allocation of General and Administrative Expenses The General Partner shares various general and administrative 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 $13.8 million, $13.5 million, and $14.0 million during the years ended December 31, 2019, 2018 and 2017, respectively, and are included in General and administrative During the years ended December 31, 2019, 2018 and 2017, the Operating Partnership also reimbursed the General Partner $16.9 million, $15.2 million, and $15.4 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 Property management Notes Payable to the General Partner The following table summarizes the Operating Partnership’s Notes payable due to General Partner as of December 31, 2019 and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, ​ December 31, December 31, ​ ​ 2019 ​ 2019 ​ 2018 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 ​ 4.69 % ​ ​ 133,205 ​ ​ 133,205 Note due December 2028 (a) ​ 3.43 % ​ ​ 230,694 ​ ​ 293,576 Total notes payable due to the General Partner ​ ​ $ 637,233 ​ $ 700,115 (a) 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. 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 3.43 % as of December 31, 2019. 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 $28.0 million, $14.1 million and $12.2 million for the years ended December 31, 2019, 2018, and 2017, respectively.

FAIR VALUE OF DERIVATIVES AND_4

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2019
Entity information
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	13. 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, 2019 and 2018 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, 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 ​ ​ 2019 ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable (a) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (b) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (b) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (c) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (c) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 16,583 ​ ​ 16,583 ​ ​ — ​ ​ — ​ ​ 16,583 Commercial paper program ​ ​ 300,000 ​ ​ 300,000 ​ ​ — ​ ​ — ​ ​ 300,000 Unsecured notes ​ ​ 3,263,152 ​ ​ 3,397,622 ​ ​ — ​ ​ — ​ ​ 3,397,622 Total liabilities ​ $ 4,731,595 ​ $ 4,853,337 ​ $ — ​ $ 142 ​ $ 4,853,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 facility ​ 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 ​ $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 14, Derivatives and Hedging Activity . (c) See Note 7, Secured and Unsecured Debt, Net . (d) See Note 12, 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, 2019. 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, 2019 and 2018, 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, 2019, 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 hierarchy 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 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 Realty L.P.
Entity information
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	8. 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: ● ● ● The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of December 31, 2019 and 2018 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, 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 ​ ​ 2019 ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Secured debt instrument - fixed rate: (a) ​ ​ ​ ​ ​ Mortgage note payable ​ $ 72,500 ​ $ 71,976 ​ $ — ​ $ — ​ $ 71,976 Secured debt instrument - variable rate: (a) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ ​ 27,000 ​ ​ 27,000 ​ ​ — ​ ​ — ​ ​ 27,000 Total liabilities ​ $ 99,500 ​ $ 98,976 ​ $ — ​ $ — ​ $ 98,976 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2018, 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 ​ ​ 2018 ​ 2018 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Secured debt instrument - variable rate: (a) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ $ 27,000 ​ $ 27,000 ​ $ — ​ $ — ​ $ 27,000 Total liabilities ​ $ 27,000 ​ $ 27,000 ​ $ — ​ $ — ​ $ 27,000 (a) See Note 6, 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, 2019. 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, 2019 and 2018, 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, 2019, 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 hierarchy 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, 2019 and 2018.

DERIVATIVES AND HEDGING ACTIV_8

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2019
Entity information
DERIVATIVES AND HEDGING ACTIVITY	14. 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 During the year ended December 31, 2017, the Company recognized a loss of $0.1 million, reclassified from Accumulated other comprehensive income/(loss), net Interest expense Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of December 31, 2019, 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 (a) In addition to the interest rate swaps summarized above, the Company entered into an additional interest rate swap with a notional value of $315.0 million that will become effective in January 2020 upon the maturity of the interest rate swaps summarized above. Additionally, the Company had previously entered into two additional interest rate swaps with a notional value totaling $75.0 million that were subsequently terminated and settled during the year ended December 31, 2019 in conjunction with the July 2019 issuance of $300.0 million of senior unsecured medium-term notes as disclosed in Note 7, Secured and Unsecured, Net . ​ 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 the years ended December 31, 2019 and 2018, and a loss of less than $0.1 million for the year ended December 31, 2017. As of December 31, 2019, 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, 2019 and 2018 ( 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, ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 6 ​ $ 4,757 ​ $ 142 ​ $ 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, 2019, 2018, and 2017 ( 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 2019 2018 2017 2019 2018 2017 2019 2018 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (8,437) ​ $ 4,806 ​ $ 1,802 ​ $ 2,770 ​ $ 1,948 ​ $ (1,271) ​ $ — ​ $ — ​ $ (136) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ 2017 Total amount of Interest expense ​ $ 170,917 ​ $ 134,168 ​ $ 128,711 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2019 2018 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ — ​ $ — (1) ​ 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, 2019, the fair value of derivatives was in a net asset position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, of less than $0.1 million. 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, 2019 and 2018 ( 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, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ $ 4,757 ​ $ — ​ $ 4,757 ​ $ — ​ $ — ​ $ 4,757 (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, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ $ 356 ​ $ — ​ $ 356 ​ $ — ​ $ — ​ $ 356 (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 Realty L.P.
Entity information
DERIVATIVES AND HEDGING ACTIVITY	9. 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. 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 December 31, 2017, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. As of and during the years ended December 31, 2019 and 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 Interest expense Amounts reported in Accumulated other comprehensive income/(loss), net Derivatives not designated as hedges are not speculative and are used to manage the Operating Partnership’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in no gain or loss for the years ended December 31, 2019 and 2018 and a loss of less than $0.1 million for the year ended December 31, 2017. As of December 31, 2019, 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, 2019 and December 31, 2018, 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, 2019, 2018, and 2017 ( 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 2019 2018 ​ 2017 2019 2018 ​ 2017 2019 2018 ​ 2017 Interest rate products ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (106) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ 2017 Total amount of Interest expense ​ $ 1,639 ​ $ 8,733 ​ ​ 18,156 (a) Excludes Interest expense on notes payable due to the General Partner for the years ended December 31, 2019, 2018, and 2017. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ Interest income and other ​ ​ income/(expense), net Derivatives Not Designated as Hedging Instruments 2019 2018 2017 Interest rate products ​ $ — ​ $ — ​ $ (1) ​ 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, 2019
United Dominion Realty L.P.
Entity information
CAPITAL STRUCTURE	10. 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 0.1 million General Partnership units outstanding at December 31, 2019 and 2018, all of which were held by UDR. Limited Partnership Units As of December 31, 2019 and 2018, there were 184.0 million and 183.5 million, respectively, of limited partnership units outstanding, of which 1.9 million were Class A Limited Partnership Units for both periods. UDR owned 176.1 million, or 95.7%, and 174.1 million, or 94.9%, of OP Units outstanding at December 31, 2019 and 2018, respectively, of which 0.1 million were Class A Limited Partnership Units for both periods. The remaining 7.9 million, or 4.3%, and 9.4 million, or 5.1%, of OP Units outstanding were held by outside limited partners at December 31, 2019 and 2018, respectively, of which 1.8 million 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 outside 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 outside limited partners was $366.4 million and $371.9 million as of December 31, 2019 and 2018, 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, 2019, 2018, and 2017 ( units in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR, Inc. ​ ​ ​ Class A ​ ​ Class A ​ ​ ​ ​ Limited ​ Limited ​ Limited ​ Limited ​ General ​ ​ ​ ​ Partners ​ Partners ​ Partner ​ Partner ​ Partner ​ Total Ending balance at December 31, 2016 1,752 7,297 173,998 121 ​ 111 183,279 Vesting of LTIP Units — ​ 72 ​ — ​ — ​ — ​ 72 OP redemptions for UDR stock ​ — (8) ​ 8 — — — Ending balance at December 31, 2017 1,752 7,361 174,006 121 111 183,351 Vesting of LTIP Units ​ — ​ 286 ​ — ​ — ​ — ​ 286 OP redemptions for UDR stock ​ — (11) ​ 11 — — — Ending balance at December 31, 2018 ​ 1,752 ​ 7,636 ​ 174,017 ​ 121 ​ 111 ​ 183,637 Vesting of LTIP Units ​ — ​ 427 ​ — ​ — ​ — ​ 427 OP redemptions for UDR stock — (1,969) ​ 1,969 — — — Ending balance at December 31, 2019 1,752 6,094 175,986 121 111 184,064 ​ LTIP Units UDR grants short-term and 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 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_2

COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2019
Entity information
COMMITMENTS AND CONTINGENCIES	​ 15. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 3 ​ $ 69,754 ​ $ 208,723 Wholly-owned — redevelopment 2 ​ ​ 15,744 ​ ​ 19,756 Joint ventures: ​ ​ Preferred equity investments 2 ​ ​ 73,868 (b) ​ 9,121 (c) Other investments ​ - ​ ​ 13,598 ​ ​ 8,100 (d) Total ​ $ 172,964 ​ $ 245,700 (a) Represents UDR’s investment as of December 31, 2019. (b) Represents UDR’s investment in 1300 Fairmount and Modera Lake Merritt, which were under development as of December 31, 2019. (c) Represents UDR’s remaining commitment for 1300 Fairmount and Modera Lake Merritt. (d) Represents UDR’s remaining commitment for other investment ventures. ​ Purchase Commitments In 2019, the Company entered into a contract to purchase a development land parcel located in King of Prussia, Pennsylvania for a purchase price of approximately $14.8 million. The Company made a $0.8 million deposit on the purchase, which is generally non-refundable other than due to a failure of closing conditions pursuant to the terms of the purchase agreement. The acquisition is expected to close in 2020, subject to customary closing conditions. 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 Realty L.P.
Entity information
COMMITMENTS AND CONTINGENCIES	Commitments Real Estate Commitments The following summarizes the Operating Partnership’s real estate commitments at December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ Operating Partnership's ​ ​ Properties ​ Investment ​ Remaining Commitment Real estate communities - redevelopment 1 ​ $ 8,073 ​ $ 16,927 ​ 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, 2019
Entity information
REPORTABLE SEGMENTS	16. 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 2.875% 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 Non-Mature Communities/Other ● Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2018 and held as of December 31, 2019. 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 Non-Mature Community/Other 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. 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, 2019, 2018, and 2017. ​ 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 842, Leases ​ Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Company transfers a service to the lessee other than the right to use the underlying asset. The Company has elected the practical expedient under the leasing standard to not separate lease and non-lease components from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. ​ Other Revenue ​ ​ Joint venture management and other fees ​ The Joint venture management and other fees monthly as the management services are provided and the fees are earned or upon a transaction whereby the Company earns a fee. Joint venture management and other fees ​ The following table details rental income and NOI for UDR’s reportable segments for the years ended December 31, 2019, 2018, and 2017, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 392,456 ​ $ 377,259 ​ $ 361,277 Mid-Atlantic Region ​ 210,391 ​ 204,733 ​ 199,206 Southeast Region ​ ​ 113,175 ​ ​ 109,189 ​ ​ 104,106 Northeast Region ​ 119,910 ​ 117,572 ​ 115,713 Southwest Region ​ 54,516 ​ 52,970 ​ 51,949 Non-Mature Communities/Other ​ 162,969 ​ 94,176 ​ 77,524 Total segment and consolidated lease revenue ​ $ 1,053,417 ​ $ 955,899 ​ $ 909,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 31,045 ​ $ 28,493 ​ $ 27,493 Mid-Atlantic Region ​ 17,049 ​ 15,717 ​ 14,951 Southeast Region ​ 13,557 ​ 13,045 ​ 12,361 Northeast Region ​ 4,858 ​ 4,590 ​ 4,307 Southwest Region ​ 5,312 ​ 5,281 ​ 5,152 Non-Mature Communities/Other ​ 12,900 ​ 12,080 ​ 10,270 Total segment and consolidated other revenue ​ $ 84,721 ​ $ 79,206 ​ $ 74,534 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 423,501 ​ $ 405,752 ​ $ 388,770 Mid-Atlantic Region ​ 227,440 ​ 220,450 ​ 214,157 Southeast Region ​ 126,732 ​ 122,234 ​ 116,467 Northeast Region ​ 124,768 ​ 122,162 ​ 120,020 Southwest Region ​ 59,828 ​ 58,251 ​ 57,101 Non-Mature Communities/Other ​ 175,869 ​ 106,256 ​ 87,794 Total segment and consolidated rental income ​ $ 1,138,138 ​ $ 1,035,105 ​ $ 984,309 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 321,890 ​ $ 306,307 ​ $ 291,265 Mid-Atlantic Region ​ 159,665 ​ 153,670 ​ 150,126 Southeast Region ​ 88,467 ​ 85,220 ​ 80,726 Northeast Region ​ 83,832 ​ 84,059 ​ 83,569 Southwest Region ​ 36,589 ​ 34,506 ​ 34,439 Non-Mature Communities/Other ​ 117,860 ​ 68,353 ​ 58,378 Total segment and consolidated NOI ​ 808,303 ​ 732,115 ​ 698,503 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 14,055 ​ 11,754 ​ 11,482 Property management ​ (32,721) ​ (28,465) ​ (27,068) Other operating expenses ​ (13,932) ​ (12,100) ​ (9,060) Real estate depreciation and amortization ​ (501,257) ​ (429,006) ​ (430,054) General and administrative ​ (51,533) ​ (46,983) ​ (48,566) Casualty-related (charges)/recoveries, net ​ (474) ​ (2,121) ​ (4,335) Other depreciation and amortization ​ (6,666) ​ (6,673) ​ (6,408) Gain/(loss) on sale of real estate owned ​ ​ 5,282 ​ ​ 136,197 ​ ​ 43,404 Income/(loss) from unconsolidated entities ​ 137,873 ​ (5,055) ​ 31,257 Interest expense ​ (170,917) ​ (134,168) ​ (128,711) Interest income and other income/(expense), net ​ 15,404 ​ 6,735 ​ 1,971 Tax (provision)/benefit, net ​ (3,838) ​ (688) ​ 240 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (14,426) ​ (18,215) ​ (10,933) Net (income)/loss attributable to noncontrolling interests ​ (188) ​ (221) ​ (164) Net income/(loss) attributable to UDR, Inc. ​ $ 184,965 ​ $ 203,106 ​ $ 121,558 (a) Same-Store Community population consisted of 37,959 apartment homes. ​ The following table details the assets of UDR’s reportable segments as of December 31, 2019 and 2018 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,810,672 ​ $ 3,763,366 Mid-Atlantic Region ​ 2,350,341 ​ 2,317,369 Southeast Region ​ 806,830 ​ 779,310 Northeast Region ​ 1,500,597 ​ 1,491,994 Southwest Region ​ 456,140 ​ 447,305 Non-Mature Communities/Other ​ 3,677,521 ​ 1,396,815 Total segment assets ​ 12,602,101 ​ 10,196,159 Accumulated depreciation ​ (4,131,353) ​ (3,654,160) Total segment assets — net book value ​ 8,470,748 ​ 6,541,999 Reconciling items: ​ ​ Cash and cash equivalents ​ 8,106 ​ 185,216 Restricted cash ​ 25,185 ​ 23,675 Notes receivable, net ​ 153,650 ​ 42,259 Investment in and advances to unconsolidated joint ventures, net ​ 588,262 ​ 780,869 Operating lease right-of-use assets ​ ​ 204,225 ​ ​ — Other assets ​ 186,296 ​ 137,710 Total consolidated assets ​ $ 9,636,472 ​ $ 7,711,728 (a) Same-Store Community population consisted of 37,959 apartment homes. 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. Southeast Region — Orlando, Nashville, Tampa and Other Florida iv. Northeast Region — New York and Boston v. Southwest Region — Dallas, Austin and Denver
United Dominion Realty L.P.
Entity information
REPORTABLE SEGMENTS	12. 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 Non-Mature Communities/Other ● Same-Store Communities three ● Non-Mature Communities/Other Same-Store Communities Management of the General Partner evaluates the performance of each of the Operating Partnership’s apartment communities on a Same-Store Community Non-Mature Community/Other 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, 2019, 2018, and 2017. 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 842, Leases ​ Lease revenue also includes all pass-through revenue from retail and residential leases and common area maintenance reimbursements from retail leases. These services represent non-lease components in a contract as the Operating Partnership transfers a service to the lessee other than the right to use the underlying asset. The Operating Partnership has elected the practical expedient under the leasing standard to not separate lease and non-lease components from its resident and retail lease contracts as the timing and pattern of revenue recognition for the non-lease component and related lease component are the same and the combined single lease component would be classified as an operating lease. ​ Other Revenue ​ ​ ​ The following table details rental income and NOI for the Operating Partnership’s reportable segments for the years ended December 31, 2019, 2018, and 2017, and reconciles NOI to Net income/(loss) attributable to OP unitholders (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ West Region ​ $ 248,474 ​ $ 238,886 ​ $ 228,027 Mid-Atlantic Region ​ ​ 59,530 ​ ​ 58,624 ​ ​ 57,275 Southeast Region ​ ​ 50,795 ​ ​ 49,132 ​ ​ 46,946 Northeast Region ​ ​ 32,224 ​ ​ 31,693 ​ ​ 31,387 Non-Mature Communities/Other ​ ​ 36,735 ​ ​ 40,547 ​ ​ 43,127 Total segment and consolidated lease revenue ​ $ 427,758 ​ $ 418,882 ​ $ 406,762 Reportable apartment home segment other revenue ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 7,873 ​ $ 7,161 ​ $ 6,996 Mid-Atlantic Region ​ 1,975 ​ 1,765 ​ 1,730 Southeast Region ​ ​ 2,925 ​ ​ 2,764 ​ ​ 2,640 Northeast Region ​ 646 ​ 622 ​ 589 Non-Mature Communities/Other ​ 596 ​ 726 ​ 660 Total segment and consolidated other revenue ​ $ 14,015 ​ ​ 13,038 ​ $ 12,615 Total reportable apartment home segment rental income ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 256,347 ​ $ 246,047 ​ $ 235,023 Mid-Atlantic Region ​ 61,505 ​ 60,389 ​ 59,005 Southeast Region ​ ​ 53,720 ​ ​ 51,896 ​ ​ 49,586 Northeast Region ​ 32,870 ​ 32,315 ​ 31,976 Non-Mature Communities/Other ​ 37,331 ​ 41,273 ​ 43,787 Total segment and consolidated rental income ​ $ 441,773 ​ ​ 431,920 ​ $ 419,377 Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 196,302 ​ $ 187,664 ​ $ 177,228 Mid-Atlantic Region ​ 42,413 ​ 41,642 ​ 40,292 Southeast Region ​ ​ 37,340 ​ ​ 35,948 ​ ​ 34,182 Northeast Region ​ 24,103 ​ 24,578 ​ 24,510 Non-Mature Communities/Other ​ 22,848 ​ 27,548 ​ 30,629 Total segment and consolidated NOI ​ $ 323,006 ​ $ 317,380 ​ $ 306,841 Reconciling items: ​ ​ ​ Property management ​ (12,701) ​ (11,878) ​ (11,533) Other operating expenses ​ (9,488) ​ (8,864) ​ (6,833) Real estate depreciation and amortization ​ (139,975) ​ (143,481) ​ (152,473) General and administrative ​ (18,014) ​ (16,889) ​ (17,875) Casualty-related (charges)/recoveries, net ​ (853) ​ (951) ​ (1,922) Gain/(loss) on sale of real estate owned ​ — ​ 75,507 ​ 41,272 Income/(loss) from unconsolidated entities ​ (8,313) ​ 43,496 ​ (19,256) Interest expense ​ (29,667) ​ (22,835) ​ (30,366) Net (income)/loss attributable to noncontrolling interests ​ (1,832) ​ (1,722) ​ (1,548) Net income/(loss) attributable to OP unitholders ​ $ 102,163 ​ $ 229,763 ​ $ 106,307 (a) Same-Store Community population consisted of 15,723 apartment homes. ​ The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2019 and 2018 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Reportable apartment home segment assets ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 2,011,495 ​ $ 1,981,007 Mid-Atlantic Region ​ 669,417 ​ 663,083 Southeast Region ​ 352,790 ​ 340,722 Northeast Region ​ 408,703 ​ 406,149 Non-Mature Communities/Other ​ 432,755 ​ 421,024 Total segment assets ​ 3,875,160 ​ 3,811,985 Accumulated depreciation ​ (1,796,568) ​ (1,658,161) Total segment assets - net book value ​ 2,078,592 ​ 2,153,824 Reconciling items: ​ ​ Cash and cash equivalents ​ 24 ​ 125 Restricted cash ​ 13,998 ​ 13,563 Investment in unconsolidated entities ​ 76,222 ​ 103,026 Operating lease right-of-use assets ​ ​ 205,668 ​ ​ — Other assets ​ 24,241 ​ 34,052 Total consolidated assets ​ $ 2,398,745 ​ $ 2,304,590 (a) Same-Store Community population consisted of 15,723 apartment homes. ​ Markets included in the above geographic segments are as follows: i. West Region — Orange County, San Francisco, Seattle, Los Angeles, Monterey Peninsula, Other Southern California and Portland ii. Mid-Atlantic Region — Metropolitan, D.C. and Baltimore iii. Southeast Region — Nashville, Tampa and Other Florida iv. Northeast Region — New York and Boston

UNAUDITED SUMMARIZED CONSOLID_4

UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2019
Entity information
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA	17. UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2019 and 2018 is summarized in the table below (dollars in thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, 2019 ​ ​ ​ ​ Rental income ​ $ 267,922 ​ $ 278,463 ​ $ 289,008 ​ $ 302,745 Net income/(loss) ​ 26,602 ​ 38,318 ​ 29,422 ​ 105,237 Net income/(loss) attributable to common stockholders (a) ​ 23,492 ​ 34,588 ​ 26,173 ​ 96,928 Income/(loss) attributable to common stockholders per weighted average common share (a): ​ ​ ​ ​ Basic ​ $ 0.08 ​ $ 0.12 ​ $ 0.09 ​ $ 0.33 Diluted ​ $ 0.08 ​ $ 0.12 ​ $ 0.09 ​ $ 0.33 Weighted average number of common shares outstanding: ​ ​ ​ ​ Basic ​ 277,002 ​ 281,960 ​ 288,706 ​ 293,107 Diluted ​ 277,557 ​ 282,575 ​ 289,529 ​ 294,073 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 (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 Realty L.P.
Entity information
UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA	13. UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA Selected consolidated quarterly financial data for the years ended December 31, 2019 and 2018 is summarized in the table below ( dollars in thousands, except per unit amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, June 30, September 30, December 31, 2019 ​ ​ ​ ​ Rental income ​ $ 108,334 ​ $ 110,350 ​ $ 111,700 ​ $ 111,389 Income/(loss) ​ 24,334 ​ 27,810 ​ 27,283 ​ 24,568 Income/(loss) attributable to OP unitholders ​ 23,946 ​ 27,394 ​ 26,835 ​ 23,988 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) ​ $ 0.13 ​ $ 0.15 ​ $ 0.15 ​ $ 0.13 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 (a) Quarterly net income/(loss) per weighted average OP Unit amounts may not total to the annual amounts.

SCHEDULE III - REAL ESTATE OW_3

SCHEDULE III - REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.)	12 Months Ended
	Dec. 31, 2019
Real Estate and Accumulated Depreciation
Schedule III - Real Estate Owned	UDR, INC. SCHEDULE III — REAL ESTATE OWNED DECEMBER 31, 2019 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 22,350 ​ $ 22,175 ​ $ 49,189 ​ $ 71,364 ​ $ 35,561 ​ 1965/2003 ​ Jun-03 27 Seventy Five Mesa Verde ​ ​ — ​ ​ 99,329 ​ ​ 110,644 ​ ​ 209,973 ​ ​ 104,036 ​ ​ 114,820 ​ ​ 199,189 ​ ​ 314,009 ​ ​ 137,814 ​ 1979/2013 ​ Oct-04 Huntington Vista ​ ​ — ​ ​ 8,055 ​ ​ 22,486 ​ ​ 30,541 ​ ​ 14,117 ​ ​ 9,277 ​ ​ 35,381 ​ ​ 44,658 ​ ​ 25,545 ​ 1970 ​ Jun-03 Missions at Back Bay ​ ​ — ​ ​ 229 ​ ​ 14,129 ​ ​ 14,358 ​ ​ 3,822 ​ ​ 10,990 ​ ​ 7,190 ​ ​ 18,180 ​ ​ 5,486 ​ 1969 ​ Dec-03 Eight 80 Newport Beach - North ​ ​ — ​ ​ 62,516 ​ ​ 46,082 ​ ​ 108,598 ​ ​ 45,252 ​ ​ 69,131 ​ ​ 84,719 ​ ​ 153,850 ​ ​ 60,216 ​ 1968/2000/2016 ​ Oct-04 Eight 80 Newport Beach - South ​ ​ — ​ ​ 58,785 ​ ​ 50,067 ​ ​ 108,852 ​ ​ 35,651 ​ ​ 60,953 ​ ​ 83,550 ​ ​ 144,503 ​ ​ 56,092 ​ 1968/2000/2016 ​ Mar-05 Foxborough ​ ​ — ​ ​ 12,071 ​ ​ 6,187 ​ ​ 18,258 ​ ​ 4,701 ​ ​ 12,528 ​ ​ 10,431 ​ ​ 22,959 ​ ​ 7,409 ​ 1969 ​ Sep-04 1818 Platinum Triangle ​ ​ — ​ ​ 16,663 ​ ​ 51,905 ​ ​ 68,568 ​ ​ 4,031 ​ ​ 17,074 ​ ​ 55,525 ​ ​ 72,599 ​ ​ 30,618 ​ 2009 ​ Aug-10 Beach & Ocean ​ ​ — ​ ​ 12,878 ​ ​ — ​ ​ 12,878 ​ ​ 39,374 ​ ​ 13,114 ​ ​ 39,138 ​ ​ 52,252 ​ ​ 12,871 ​ 2014 ​ Aug-11 The Residences at Bella Terra ​ ​ — ​ ​ 25,000 ​ ​ — ​ ​ 25,000 ​ ​ 129,030 ​ ​ 25,476 ​ ​ 128,554 ​ ​ 154,030 ​ ​ 50,709 ​ 2013 ​ Oct-11 Los Alisos at Mission Viejo ​ ​ — ​ ​ 17,298 ​ ​ — ​ ​ 17,298 ​ ​ 71,351 ​ ​ 16,674 ​ ​ 71,975 ​ ​ 88,649 ​ ​ 26,850 ​ 2014 ​ Jun-04 The Residences at Pacific City ​ ​ — ​ ​ 78,085 ​ ​ — ​ ​ 78,085 ​ ​ 276,247 ​ ​ 78,143 ​ ​ 276,189 ​ ​ 354,332 ​ ​ 37,475 ​ 2018 ​ Jan-14 Parallel ​ ​ — ​ ​ 15,181 ​ ​ 100,595 ​ ​ 115,776 ​ ​ 705 ​ ​ 15,184 ​ ​ 101,297 ​ ​ 116,481 ​ ​ 7,003 ​ 2018 ​ Jan-19 ORANGE COUNTY, CA ​ — ​ 426,566 ​ 430,633 ​ 857,199 ​ 750,667 ​ 465,539 ​ 1,142,327 ​ 1,607,866 ​ 493,649 ​ ​ ​ ​ 2000 Post Street ​ ​ — ​ ​ 9,861 ​ ​ 44,578 ​ ​ 54,439 ​ ​ 36,423 ​ ​ 14,406 ​ ​ 76,456 ​ ​ 90,862 ​ ​ 43,622 ​ 1987/2016 ​ Dec-98 Birch Creek ​ ​ — ​ ​ 4,365 ​ ​ 16,696 ​ ​ 21,061 ​ ​ 9,895 ​ ​ 1,376 ​ ​ 29,580 ​ ​ 30,956 ​ ​ 17,725 ​ 1968 ​ Dec-98 Highlands Of Marin ​ ​ — ​ ​ 5,996 ​ ​ 24,868 ​ ​ 30,864 ​ ​ 28,751 ​ ​ 7,995 ​ ​ 51,620 ​ ​ 59,615 ​ ​ 37,583 ​ 1991/2010 ​ Dec-98 Marina Playa ​ ​ — ​ ​ 6,224 ​ ​ 23,916 ​ ​ 30,140 ​ ​ 13,977 ​ ​ 1,242 ​ ​ 42,875 ​ ​ 44,117 ​ ​ 24,745 ​ 1971 ​ Dec-98 River Terrace ​ ​ — ​ ​ 22,161 ​ ​ 40,137 ​ ​ 62,298 ​ ​ 7,850 ​ ​ 22,911 ​ ​ 47,237 ​ ​ 70,148 ​ ​ 32,060 ​ 2005 ​ Aug-05 CitySouth ​ ​ — ​ ​ 14,031 ​ ​ 30,537 ​ ​ 44,568 ​ ​ 38,610 ​ ​ 16,545 ​ ​ 66,633 ​ ​ 83,178 ​ ​ 48,737 ​ 1972/2012 ​ Nov-05 Bay Terrace ​ ​ — ​ ​ 8,545 ​ ​ 14,458 ​ ​ 23,003 ​ ​ 7,231 ​ ​ 11,637 ​ ​ 18,597 ​ ​ 30,234 ​ ​ 12,278 ​ 1962 ​ Oct-05 Highlands of Marin Phase II ​ ​ — ​ ​ 5,353 ​ ​ 18,559 ​ ​ 23,912 ​ ​ 11,287 ​ ​ 5,777 ​ ​ 29,422 ​ ​ 35,199 ​ ​ 20,313 ​ 1968/2010 ​ Oct-07 Edgewater ​ ​ — ​ ​ 30,657 ​ ​ 83,872 ​ ​ 114,529 ​ ​ 12,736 ​ ​ 30,804 ​ ​ 96,461 ​ ​ 127,265 ​ ​ 57,547 ​ 2007 ​ Mar-08 Almaden Lake Village ​ ​ 27,000 ​ ​ 594 ​ ​ 42,515 ​ ​ 43,109 ​ ​ 9,265 ​ ​ 963 ​ ​ 51,411 ​ ​ 52,374 ​ ​ 31,947 ​ 1999 ​ Jul-08 388 Beale ​ ​ — ​ ​ 14,253 ​ ​ 74,104 ​ ​ 88,357 ​ ​ 13,993 ​ ​ 14,643 ​ ​ 87,707 ​ ​ 102,350 ​ ​ 42,629 ​ 1999 ​ Apr-11 Channel Mission Bay ​ ​ — ​ ​ 23,625 ​ ​ — ​ ​ 23,625 ​ ​ 131,471 ​ ​ 23,983 ​ ​ 131,113 ​ ​ 155,096 ​ ​ 48,635 ​ 2014 ​ Sep-10 SAN FRANCISCO, CA ​ 27,000 ​ 145,665 ​ 414,240 ​ 559,905 ​ 321,489 ​ 152,282 ​ 729,112 ​ 881,394 ​ 417,821 ​ ​ ​ ​ Crowne Pointe ​ ​ — ​ ​ 2,486 ​ ​ 6,437 ​ ​ 8,923 ​ ​ 9,323 ​ ​ 3,177 ​ ​ 15,069 ​ ​ 18,246 ​ ​ 10,776 ​ 1987 ​ Dec-98 Hilltop ​ ​ — ​ ​ 2,174 ​ ​ 7,408 ​ ​ 9,582 ​ ​ 6,365 ​ ​ 3,030 ​ ​ 12,917 ​ ​ 15,947 ​ ​ 9,216 ​ 1985 ​ Dec-98 The Hawthorne ​ ​ — ​ ​ 6,474 ​ ​ 30,226 ​ ​ 36,700 ​ ​ 8,473 ​ ​ 7,101 ​ ​ 38,072 ​ ​ 45,173 ​ ​ 26,389 ​ 2003 ​ Jul-05 The Kennedy ​ ​ — ​ ​ 6,179 ​ ​ 22,307 ​ ​ 28,486 ​ ​ 3,261 ​ ​ 6,300 ​ ​ 25,447 ​ ​ 31,747 ​ ​ 17,028 ​ 2005 ​ Nov-05 Hearthstone at Merrill Creek ​ ​ — ​ ​ 6,848 ​ ​ 30,922 ​ ​ 37,770 ​ ​ 7,368 ​ ​ 7,302 ​ ​ 37,836 ​ ​ 45,138 ​ ​ 23,317 ​ 2000 ​ May-08 Island Square ​ ​ — ​ ​ 21,284 ​ ​ 89,389 ​ ​ 110,673 ​ ​ 7,672 ​ ​ 21,667 ​ ​ 96,678 ​ ​ 118,345 ​ ​ 58,376 ​ 2007 ​ Jul-08 Borgata ​ ​ — ​ ​ 6,379 ​ ​ 24,569 ​ ​ 30,948 ​ ​ 5,542 ​ ​ 6,452 ​ ​ 30,038 ​ ​ 36,490 ​ ​ 18,943 ​ 2001/2016 ​ May-07 elements too ​ ​ — ​ ​ 27,468 ​ ​ 72,036 ​ ​ 99,504 ​ ​ 19,466 ​ ​ 30,331 ​ ​ 88,639 ​ ​ 118,970 ​ ​ 64,466 ​ 2010 ​ Feb-10 989elements ​ ​ — ​ ​ 8,541 ​ ​ 45,990 ​ ​ 54,531 ​ ​ 5,009 ​ ​ 8,679 ​ ​ 50,861 ​ ​ 59,540 ​ ​ 28,277 ​ 2006 ​ Dec-09 Lightbox ​ ​ — ​ ​ 6,449 ​ ​ 38,884 ​ ​ 45,333 ​ ​ 1,235 ​ ​ 6,474 ​ ​ 40,094 ​ ​ 46,568 ​ ​ 13,689 ​ 2014 ​ Aug-14 Waterscape ​ ​ — ​ ​ 9,693 ​ ​ 65,176 ​ ​ 74,869 ​ ​ 3,222 ​ ​ 9,784 ​ ​ 68,307 ​ ​ 78,091 ​ ​ 20,951 ​ 2014 ​ Sep-14 Ashton Bellevue ​ ​ 44,594 ​ ​ 8,287 ​ ​ 124,939 ​ ​ 133,226 ​ ​ 2,631 ​ ​ 8,368 ​ ​ 127,489 ​ ​ 135,857 ​ ​ 23,100 ​ 2009 ​ Oct-16 TEN20 ​ ​ 26,337 ​ ​ 5,247 ​ ​ 76,587 ​ ​ 81,834 ​ ​ 3,635 ​ ​ 5,292 ​ ​ 80,177 ​ ​ 85,469 ​ ​ 14,496 ​ 2009 ​ Oct-16 Milehouse ​ ​ — ​ ​ 5,976 ​ ​ 63,041 ​ ​ 69,017 ​ ​ 741 ​ ​ 5,995 ​ ​ 63,763 ​ ​ 69,758 ​ ​ 12,863 ​ 2016 ​ Nov-16 CityLine ​ ​ — ​ ​ 11,220 ​ ​ 85,787 ​ ​ 97,007 ​ ​ 348 ​ ​ 11,228 ​ ​ 86,127 ​ ​ 97,355 ​ ​ 16,232 ​ 2016 ​ Jan-17 CityLine II ​ ​ — ​ ​ 3,723 ​ ​ 56,843 ​ ​ 60,566 ​ ​ 435 ​ ​ 3,723 ​ ​ 57,278 ​ ​ 61,001 ​ ​ 3,947 ​ 2018 ​ Jan-19 SEATTLE, WA ​ 70,931 ​ 138,428 ​ 840,541 ​ 978,969 ​ 84,726 ​ 144,903 ​ 918,792 ​ 1,063,695 ​ 362,066 ​ ​ ​ ​ Rosebeach ​ ​ — ​ ​ 8,414 ​ ​ 17,449 ​ ​ 25,863 ​ ​ 5,903 ​ ​ 8,855 ​ ​ 22,911 ​ ​ 31,766 ​ ​ 16,642 ​ 1970 ​ Sep-04 Tierra Del Rey ​ ​ — ​ ​ 39,586 ​ ​ 36,679 ​ ​ 76,265 ​ ​ 8,415 ​ ​ 39,857 ​ ​ 44,823 ​ ​ 84,680 ​ ​ 27,165 ​ 1998 ​ Dec-07 The Westerly ​ ​ — ​ ​ 48,182 ​ ​ 102,364 ​ ​ 150,546 ​ ​ 41,493 ​ ​ 50,887 ​ ​ 141,152 ​ ​ 192,039 ​ ​ 83,909 ​ 1993/2013 ​ Sep-10 Jefferson at Marina del Rey ​ ​ — ​ ​ 55,651 ​ ​ — ​ ​ 55,651 ​ ​ 94,053 ​ ​ 61,580 ​ ​ 88,124 ​ ​ 149,704 ​ ​ 52,782 ​ 2008 ​ Sep-07 LOS ANGELES, CA ​ — ​ 151,833 ​ 156,492 ​ 308,325 ​ 149,864 ​ 161,179 ​ 297,010 ​ 458,189 ​ 180,498 ​ ​ ​ ​ Boronda Manor ​ ​ — ​ ​ 1,946 ​ ​ 8,982 ​ ​ 10,928 ​ ​ 11,332 ​ ​ 3,330 ​ ​ 18,930 ​ ​ 22,260 ​ ​ 11,809 ​ 1979 ​ Dec-98 Garden Court ​ ​ — ​ ​ 888 ​ ​ 4,188 ​ ​ 5,076 ​ ​ 6,546 ​ ​ 1,613 ​ ​ 10,009 ​ ​ 11,622 ​ ​ 6,382 ​ 1973 ​ Dec-98 Cambridge Court ​ ​ — ​ ​ 3,039 ​ ​ 12,883 ​ ​ 15,922 ​ ​ 18,449 ​ ​ 5,695 ​ ​ 28,676 ​ ​ 34,371 ​ ​ 18,243 ​ 1974 ​ Dec-98 Laurel Tree ​ ​ — ​ ​ 1,304 ​ ​ 5,115 ​ ​ 6,419 ​ ​ 7,657 ​ ​ 2,449 ​ ​ 11,627 ​ ​ 14,076 ​ ​ 7,337 ​ 1977 ​ Dec-98 The Pointe At Harden Ranch ​ ​ — ​ ​ 6,388 ​ ​ 23,854 ​ ​ 30,242 ​ ​ 33,268 ​ ​ 10,345 ​ ​ 53,165 ​ ​ 63,510 ​ ​ 32,804 ​ 1986 ​ Dec-98 The Pointe At Northridge ​ ​ — ​ ​ 2,044 ​ ​ 8,028 ​ ​ 10,072 ​ ​ 12,096 ​ ​ 3,623 ​ ​ 18,545 ​ ​ 22,168 ​ ​ 11,851 ​ 1979 ​ Dec-98 The Pointe At Westlake ​ ​ — ​ ​ 1,329 ​ ​ 5,334 ​ ​ 6,663 ​ ​ 7,960 ​ ​ 2,361 ​ ​ 12,262 ​ ​ 14,623 ​ ​ 7,544 ​ 1975 ​ Dec-98 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 MONTEREY PENINSULA, CA ​ — ​ 16,938 ​ 68,384 ​ 85,322 ​ 97,308 ​ 29,416 ​ 153,214 ​ 182,630 ​ 95,970 ​ ​ ​ ​ Verano at Rancho Cucamonga Town Square ​ ​ — ​ ​ 13,557 ​ ​ 3,645 ​ ​ 17,202 ​ ​ 57,985 ​ ​ 23,633 ​ ​ 51,554 ​ ​ 75,187 ​ ​ 42,170 ​ 2006 ​ Oct-02 Windemere at Sycamore Highland ​ ​ — ​ ​ 5,810 ​ ​ 23,450 ​ ​ 29,260 ​ ​ 4,934 ​ ​ 6,271 ​ ​ 27,923 ​ ​ 34,194 ​ ​ 21,136 ​ 2001 ​ Nov-02 Strata ​ ​ 42,698 ​ ​ 14,278 ​ ​ 84,242 ​ ​ 98,520 ​ ​ 85 ​ ​ 14,278 ​ ​ 84,327 ​ ​ 98,605 ​ ​ 468 ​ 2010 ​ Nov-19 OTHER SOUTHERN CA ​ 42,698 ​ 33,645 ​ 111,337 ​ 144,982 ​ 63,004 ​ 44,182 ​ 163,804 ​ 207,986 ​ 63,774 ​ ​ ​ ​ Tualatin Heights ​ ​ — ​ ​ 3,273 ​ ​ 9,134 ​ ​ 12,407 ​ ​ 9,090 ​ ​ 4,141 ​ ​ 17,356 ​ ​ 21,497 ​ ​ 12,657 ​ 1989 ​ Dec-98 Hunt Club ​ ​ — ​ ​ 6,014 ​ ​ 14,870 ​ ​ 20,884 ​ ​ 8,014 ​ ​ 6,516 ​ ​ 22,382 ​ ​ 28,898 ​ ​ 17,520 ​ 1985 ​ Sep-04 PORTLAND, OR ​ — ​ 9,287 ​ 24,004 ​ 33,291 ​ 17,104 ​ 10,657 ​ 39,738 ​ 50,395 ​ 30,177 ​ ​ ​ ​ TOTAL WEST REGION ​ 140,629 ​ 922,362 ​ 2,045,631 ​ 2,967,993 ​ 1,484,162 ​ 1,008,158 ​ 3,443,997 ​ 4,452,155 ​ 1,643,955 ​ ​ ​ ​ MID-ATLANTIC REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dominion Middle Ridge ​ ​ — ​ ​ 3,311 ​ ​ 13,283 ​ ​ 16,594 ​ ​ 11,745 ​ ​ 4,054 ​ ​ 24,285 ​ ​ 28,339 ​ ​ 16,308 ​ 1990 ​ Jun-96 Dominion Lake Ridge ​ ​ — ​ ​ 2,366 ​ ​ 8,387 ​ ​ 10,753 ​ ​ 9,611 ​ ​ 3,163 ​ ​ 17,201 ​ ​ 20,364 ​ ​ 12,846 ​ 1987 ​ Feb-96 Presidential Greens ​ ​ — ​ ​ 11,238 ​ ​ 18,790 ​ ​ 30,028 ​ ​ 13,019 ​ ​ 11,826 ​ ​ 31,221 ​ ​ 43,047 ​ ​ 24,563 ​ 1938 ​ May-02 The Whitmore ​ ​ — ​ ​ 6,418 ​ ​ 13,411 ​ ​ 19,829 ​ ​ 24,170 ​ ​ 7,564 ​ ​ 36,435 ​ ​ 43,999 ​ ​ 28,764 ​ 1962/2008 ​ Apr-02 Ridgewood -apts side ​ ​ — ​ ​ 5,612 ​ ​ 20,086 ​ ​ 25,698 ​ ​ 10,801 ​ ​ 6,362 ​ ​ 30,137 ​ ​ 36,499 ​ ​ 24,033 ​ 1988 ​ Aug-02 DelRay Tower ​ ​ — ​ ​ 297 ​ ​ 12,786 ​ ​ 13,083 ​ ​ 116,038 ​ ​ 9,652 ​ ​ 119,469 ​ ​ 129,121 ​ ​ 40,394 ​ 2014 ​ Jan-08 Waterside Towers ​ ​ — ​ ​ 13,001 ​ ​ 49,657 ​ ​ 62,658 ​ ​ 31,372 ​ ​ 50,603 ​ ​ 43,427 ​ ​ 94,030 ​ ​ 29,028 ​ 1971 ​ Dec-03 Wellington Place at Olde Town ​ ​ — ​ ​ 13,753 ​ ​ 36,059 ​ ​ 49,812 ​ ​ 20,955 ​ ​ 14,885 ​ ​ 55,882 ​ ​ 70,767 ​ ​ 41,845 ​ 1987/2008 ​ Sep-05 Andover House ​ ​ — ​ ​ 183 ​ ​ 59,948 ​ ​ 60,131 ​ ​ 6,813 ​ ​ 317 ​ ​ 66,627 ​ ​ 66,944 ​ ​ 39,795 ​ 2004 ​ Mar-07 Sullivan Place ​ ​ — ​ ​ 1,137 ​ ​ 103,676 ​ ​ 104,813 ​ ​ 12,102 ​ ​ 1,775 ​ ​ 115,140 ​ ​ 116,915 ​ ​ 72,629 ​ 2007 ​ Dec-07 Delancey at Shirlington ​ ​ — ​ ​ 21,606 ​ ​ 66,765 ​ ​ 88,371 ​ ​ 5,930 ​ ​ 21,713 ​ ​ 72,588 ​ ​ 94,301 ​ ​ 43,905 ​ 2006/2007 ​ Mar-08 View 14 ​ ​ — ​ ​ 5,710 ​ ​ 97,941 ​ ​ 103,651 ​ ​ 5,174 ​ ​ 5,780 ​ ​ 103,045 ​ ​ 108,825 ​ ​ 49,727 ​ 2009 ​ Jun-11 Signal Hill Apartments ​ ​ — ​ ​ 13,290 ​ ​ — ​ ​ 13,290 ​ ​ 72,169 ​ ​ 25,576 ​ ​ 59,883 ​ ​ 85,459 ​ ​ 41,319 ​ 2010 ​ Mar-07 Capitol View on 14th ​ ​ — ​ ​ 31,393 ​ ​ — ​ ​ 31,393 ​ ​ 96,501 ​ ​ 31,471 ​ ​ 96,423 ​ ​ 127,894 ​ ​ 40,878 ​ 2013 ​ Sep-07 Domain College Park ​ ​ — ​ ​ 7,300 ​ ​ — ​ ​ 7,300 ​ ​ 60,095 ​ ​ 7,508 ​ ​ 59,887 ​ ​ 67,395 ​ ​ 22,856 ​ 2014 ​ Jun-11 1200 East West ​ ​ — ​ ​ 9,748 ​ ​ 68,022 ​ ​ 77,770 ​ ​ 3,289 ​ ​ 9,888 ​ ​ 71,171 ​ ​ 81,059 ​ ​ 16,873 ​ 2010 ​ Oct-15 Courts at Huntington Station ​ ​ — ​ ​ 27,749 ​ ​ 111,878 ​ ​ 139,627 ​ ​ 4,526 ​ ​ 28,085 ​ ​ 116,068 ​ ​ 144,153 ​ ​ 31,845 ​ 2011 ​ Oct-15 Eleven55 Ripley ​ ​ — ​ ​ 15,566 ​ ​ 107,539 ​ ​ 123,105 ​ ​ 4,111 ​ ​ 15,838 ​ ​ 111,378 ​ ​ 127,216 ​ ​ 26,234 ​ 2014 ​ Oct-15 Arbor Park of Alexandria ​ ​ 80,664 ​ ​ 50,881 ​ ​ 159,728 ​ ​ 210,609 ​ ​ 5,571 ​ ​ 51,347 ​ ​ 164,833 ​ ​ 216,180 ​ ​ 44,595 ​ 1969/2015 ​ Oct-15 Courts at Dulles ​ ​ — ​ ​ 14,697 ​ ​ 83,834 ​ ​ 98,531 ​ ​ 10,035 ​ ​ 14,767 ​ ​ 93,799 ​ ​ 108,566 ​ ​ 26,917 ​ 2000 ​ Oct-15 Newport Village ​ ​ 127,600 ​ ​ 55,283 ​ ​ 177,454 ​ ​ 232,737 ​ ​ 20,485 ​ ​ 55,708 ​ ​ 197,514 ​ ​ 253,222 ​ ​ 54,930 ​ 1968 ​ Oct-15 1301 Thomas Circle ​ ​ — ​ ​ 27,836 ​ ​ 128,191 ​ ​ 156,027 ​ ​ 144 ​ ​ 27,836 ​ ​ 128,335 ​ ​ 156,171 ​ ​ 2,892 ​ 2006 ​ Aug-19 Crescent Falls Church ​ ​ 43,803 ​ ​ 13,687 ​ ​ 88,692 ​ ​ 102,379 ​ ​ 27 ​ ​ 13,687 ​ ​ 88,719 ​ ​ 102,406 ​ ​ 577 ​ 2010 ​ Nov-19 METROPOLITAN, D.C. ​ 252,067 ​ 352,062 ​ 1,426,127 ​ 1,778,189 ​ 544,683 ​ 419,405 ​ 1,903,467 ​ 2,322,872 ​ 733,753 ​ ​ ​ ​ Gayton Pointe Townhomes ​ ​ — ​ ​ 826 ​ ​ 5,148 ​ ​ 5,974 ​ ​ 31,396 ​ ​ 3,598 ​ ​ 33,772 ​ ​ 37,370 ​ ​ 30,959 ​ 1973/2007 ​ Sep-95 Waterside At Ironbridge ​ ​ — ​ ​ 1,844 ​ ​ 13,239 ​ ​ 15,083 ​ ​ 9,922 ​ ​ 2,575 ​ ​ 22,430 ​ ​ 25,005 ​ ​ 16,763 ​ 1987 ​ Sep-97 Carriage Homes at Wyndham ​ ​ — ​ ​ 474 ​ ​ 30,997 ​ ​ 31,471 ​ ​ 10,475 ​ ​ 4,056 ​ ​ 37,890 ​ ​ 41,946 ​ ​ 28,644 ​ 1998 ​ Nov-03 Legacy at Mayland ​ ​ — ​ ​ 1,979 ​ ​ 11,524 ​ ​ 13,503 ​ ​ 33,902 ​ ​ 5,451 ​ ​ 41,954 ​ ​ 47,405 ​ ​ 37,420 ​ 1973/2007 ​ Dec-91 RICHMOND, VA ​ — ​ 5,123 ​ 60,908 ​ 66,031 ​ 85,695 ​ 15,680 ​ 136,046 ​ 151,726 ​ 113,786 ​ ​ ​ ​ Calvert's Walk ​ ​ — ​ ​ 4,408 ​ ​ 24,692 ​ ​ 29,100 ​ ​ 9,266 ​ ​ 4,996 ​ ​ 33,370 ​ ​ 38,366 ​ ​ 25,052 ​ 1988 ​ Mar-04 20 Lambourne ​ ​ — ​ ​ 11,750 ​ ​ 45,590 ​ ​ 57,340 ​ ​ 10,667 ​ ​ 12,428 ​ ​ 55,579 ​ ​ 68,007 ​ ​ 34,852 ​ 2003 ​ Mar-08 Domain Brewers Hill ​ ​ — ​ ​ 4,669 ​ ​ 40,630 ​ ​ 45,299 ​ ​ 2,279 ​ ​ 4,808 ​ ​ 42,770 ​ ​ 47,578 ​ ​ 22,704 ​ 2009 ​ Aug-10 Rodgers Forge ​ ​ — ​ ​ 15,392 ​ ​ 67,958 ​ ​ 83,350 ​ ​ 3,001 ​ ​ 15,392 ​ ​ 70,959 ​ ​ 86,351 ​ ​ 3,367 ​ 1945 ​ Apr-19 Towson Promenade ​ ​ 58,600 ​ ​ 12,599 ​ ​ 78,847 ​ ​ 91,446 ​ ​ 29 ​ ​ 12,599 ​ ​ 78,876 ​ ​ 91,475 ​ ​ 501 ​ 2009 ​ Nov-19 BALTIMORE, MD ​ 58,600 ​ 48,818 ​ 257,717 ​ 306,535 ​ 25,242 ​ 50,223 ​ 281,554 ​ 331,777 ​ 86,476 ​ ​ ​ ​ TOTAL MID-ATLANTIC REGION ​ 310,667 ​ 406,003 ​ 1,744,752 ​ 2,150,755 ​ 655,620 ​ 485,308 ​ 2,321,067 ​ 2,806,375 ​ 934,015 ​ ​ ​ ​ SOUTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Seabrook ​ ​ — ​ ​ 1,846 ​ ​ 4,155 ​ ​ 6,001 ​ ​ 10,276 ​ ​ 3,018 ​ ​ 13,259 ​ ​ 16,277 ​ ​ 11,396 ​ 1984/2004 ​ Feb-96 Altamira Place ​ ​ — ​ ​ 1,533 ​ ​ 11,076 ​ ​ 12,609 ​ ​ 22,790 ​ ​ 3,887 ​ ​ 31,512 ​ ​ 35,399 ​ ​ 28,929 ​ 1984/2007 ​ Apr-94 Regatta Shore ​ ​ — ​ ​ 757 ​ ​ 6,608 ​ ​ 7,365 ​ ​ 18,177 ​ ​ 2,301 ​ ​ 23,241 ​ ​ 25,542 ​ ​ 20,424 ​ 1988/2007 ​ Jun-94 Alafaya Woods ​ ​ — ​ ​ 1,653 ​ ​ 9,042 ​ ​ 10,695 ​ ​ 12,841 ​ ​ 2,860 ​ ​ 20,676 ​ ​ 23,536 ​ ​ 16,273 ​ 1989/2006 ​ Oct-94 Los Altos ​ ​ — ​ ​ 2,804 ​ ​ 12,349 ​ ​ 15,153 ​ ​ 13,797 ​ ​ 4,710 ​ ​ 24,240 ​ ​ 28,950 ​ ​ 19,347 ​ 1990/2004 ​ Oct-96 Lotus Landing ​ ​ — ​ ​ 2,185 ​ ​ 8,639 ​ ​ 10,824 ​ ​ 12,182 ​ ​ 3,050 ​ ​ 19,956 ​ ​ 23,006 ​ ​ 15,091 ​ 1985/2006 ​ Jul-97 Seville On The Green ​ ​ — ​ ​ 1,282 ​ ​ 6,498 ​ ​ 7,780 ​ ​ 8,635 ​ ​ 1,872 ​ ​ 14,543 ​ ​ 16,415 ​ ​ 11,259 ​ 1986/2004 ​ Oct-97 Ashton Waterford ​ ​ — ​ ​ 3,872 ​ ​ 17,538 ​ ​ 21,410 ​ ​ 6,886 ​ ​ 4,406 ​ ​ 23,890 ​ ​ 28,296 ​ ​ 16,848 ​ 2000 ​ May-98 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Arbors at Lee Vista ​ ​ — ​ ​ 6,692 ​ ​ 12,860 ​ ​ 19,552 ​ ​ 16,125 ​ ​ 7,669 ​ ​ 28,008 ​ ​ 35,677 ​ ​ 21,670 ​ 1992/2007 ​ Aug-06 ORLANDO, FL ​ — ​ 22,624 ​ 88,765 ​ 111,389 ​ 121,709 ​ 33,773 ​ 199,325 ​ 233,098 ​ 161,237 ​ ​ ​ ​ Legacy Hill ​ ​ — ​ ​ 1,148 ​ ​ 5,867 ​ ​ 7,015 ​ ​ 11,083 ​ ​ 2,026 ​ ​ 16,072 ​ ​ 18,098 ​ ​ 13,203 ​ 1977 ​ Nov-95 Hickory Run ​ ​ — ​ ​ 1,469 ​ ​ 11,584 ​ ​ 13,053 ​ ​ 14,126 ​ ​ 2,592 ​ ​ 24,587 ​ ​ 27,179 ​ ​ 16,915 ​ 1989 ​ Dec-95 Carrington Hills ​ ​ — ​ ​ 2,117 ​ ​ — ​ ​ 2,117 ​ ​ 39,283 ​ ​ 4,925 ​ ​ 36,475 ​ ​ 41,400 ​ ​ 26,945 ​ 1999 ​ Dec-95 Brookridge ​ ​ — ​ ​ 708 ​ ​ 5,461 ​ ​ 6,169 ​ ​ 7,396 ​ ​ 1,492 ​ ​ 12,073 ​ ​ 13,565 ​ ​ 9,211 ​ 1986 ​ Mar-96 Breckenridge ​ ​ — ​ ​ 766 ​ ​ 7,714 ​ ​ 8,480 ​ ​ 6,998 ​ ​ 1,539 ​ ​ 13,939 ​ ​ 15,478 ​ ​ 10,241 ​ 1986 ​ Mar-97 Colonnade ​ ​ — ​ ​ 1,460 ​ ​ 16,015 ​ ​ 17,475 ​ ​ 8,865 ​ ​ 2,317 ​ ​ 24,023 ​ ​ 26,340 ​ ​ 16,356 ​ 1998 ​ Jan-99 The Preserve at Brentwood ​ ​ — ​ ​ 3,182 ​ ​ 24,674 ​ ​ 27,856 ​ ​ 11,163 ​ ​ 4,145 ​ ​ 34,874 ​ ​ 39,019 ​ ​ 26,346 ​ 1998 ​ Jun-04 Polo Park ​ ​ — ​ ​ 4,583 ​ ​ 16,293 ​ ​ 20,876 ​ ​ 18,611 ​ ​ 6,140 ​ ​ 33,347 ​ ​ 39,487 ​ ​ 27,026 ​ 1987/2008 ​ May-06 NASHVILLE, TN ​ — ​ 15,433 ​ 87,608 ​ 103,041 ​ 117,525 ​ 25,176 ​ 195,390 ​ 220,566 ​ 146,243 ​ ​ ​ ​ Summit West ​ ​ — ​ ​ 2,176 ​ ​ 4,710 ​ ​ 6,886 ​ ​ 12,423 ​ ​ 3,688 ​ ​ 15,621 ​ ​ 19,309 ​ ​ 13,431 ​ 1972 ​ Dec-92 The Breyley ​ ​ — ​ ​ 1,780 ​ ​ 2,458 ​ ​ 4,238 ​ ​ 18,948 ​ ​ 3,811 ​ ​ 19,375 ​ ​ 23,186 ​ ​ 19,088 ​ 1977/2007 ​ Sep-93 Lakewood Place ​ ​ — ​ ​ 1,395 ​ ​ 10,647 ​ ​ 12,042 ​ ​ 13,457 ​ ​ 3,257 ​ ​ 22,242 ​ ​ 25,499 ​ ​ 17,883 ​ 1986 ​ Mar-94 Cambridge Woods ​ ​ — ​ ​ 1,791 ​ ​ 7,166 ​ ​ 8,957 ​ ​ 12,591 ​ ​ 3,514 ​ ​ 18,034 ​ ​ 21,548 ​ ​ 14,194 ​ 1985 ​ Jun-97 Inlet Bay ​ ​ — ​ ​ 7,702 ​ ​ 23,150 ​ ​ 30,852 ​ ​ 19,716 ​ ​ 10,421 ​ ​ 40,147 ​ ​ 50,568 ​ ​ 32,988 ​ 1988/1989 ​ Jun-03 MacAlpine Place ​ ​ — ​ ​ 10,869 ​ ​ 36,858 ​ ​ 47,727 ​ ​ 11,770 ​ ​ 12,194 ​ ​ 47,303 ​ ​ 59,497 ​ ​ 35,105 ​ 2001 ​ Dec-04 The Vintage Lofts at West End ​ ​ — ​ ​ 6,611 ​ ​ 37,663 ​ ​ 44,274 ​ ​ 21,768 ​ ​ 15,826 ​ ​ 50,216 ​ ​ 66,042 ​ ​ 33,876 ​ 2009 ​ Jul-09 Peridot Palms ​ ​ — ​ ​ 6,293 ​ ​ 89,752 ​ ​ 96,045 ​ ​ 1,002 ​ ​ 6,301 ​ ​ 90,746 ​ ​ 97,047 ​ ​ 5,481 ​ 2017 ​ Feb-19 The Preserve at Gateway ​ ​ — ​ ​ 4,467 ​ ​ 43,723 ​ ​ 48,190 ​ ​ 961 ​ ​ 4,467 ​ ​ 44,684 ​ ​ 49,151 ​ ​ 1,828 ​ 2013 ​ May-19 TAMPA, FL ​ — ​ 43,084 ​ 256,127 ​ 299,211 ​ 112,636 ​ 63,479 ​ 348,368 ​ 411,847 ​ 173,874 ​ ​ ​ ​ The Reserve and Park at Riverbridge ​ ​ — ​ ​ 15,968 ​ ​ 56,401 ​ ​ 72,369 ​ ​ 15,149 ​ ​ 16,840 ​ ​ 70,678 ​ ​ 87,518 ​ ​ 50,001 ​ 1999/2001 ​ Dec-04 OTHER FLORIDA ​ — ​ 15,968 ​ 56,401 ​ 72,369 ​ 15,149 ​ 16,840 ​ 70,678 ​ 87,518 ​ 50,001 ​ ​ ​ ​ TOTAL SOUTHEAST REGION ​ — ​ 97,109 ​ 488,901 ​ 586,010 ​ 367,019 ​ 139,268 ​ 813,761 ​ 953,029 ​ 531,355 ​ ​ ​ ​ NORTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 Hanover Square ​ ​ — ​ ​ 41,432 ​ ​ 218,983 ​ ​ 260,415 ​ ​ 24,465 ​ ​ 41,765 ​ ​ 243,115 ​ ​ 284,880 ​ ​ 103,344 ​ 2005 ​ Apr-11 21 Chelsea ​ ​ — ​ ​ 36,399 ​ ​ 107,154 ​ ​ 143,553 ​ ​ 14,695 ​ ​ 36,529 ​ ​ 121,719 ​ ​ 158,248 ​ ​ 55,758 ​ 2001 ​ Aug-11 View 34 ​ ​ — ​ ​ 114,410 ​ ​ 324,920 ​ ​ 439,330 ​ ​ 112,238 ​ ​ 116,021 ​ ​ 435,547 ​ ​ 551,568 ​ ​ 203,215 ​ 1985/2013 ​ Jul-11 95 Wall Street ​ ​ — ​ ​ 57,637 ​ ​ 266,255 ​ ​ 323,892 ​ ​ 10,474 ​ ​ 58,063 ​ ​ 276,303 ​ ​ 334,366 ​ ​ 139,677 ​ 2008 ​ Aug-11 Leonard Pointe ​ ​ — ​ ​ 38,010 ​ ​ 93,204 ​ ​ 131,214 ​ ​ 1,169 ​ ​ 38,014 ​ ​ 94,369 ​ ​ 132,383 ​ ​ 5,661 ​ 2015 ​ Feb-19 One William ​ ​ — ​ ​ 6,422 ​ ​ 75,527 ​ ​ 81,949 ​ ​ 151 ​ ​ 6,422 ​ ​ 75,678 ​ ​ 82,100 ​ ​ 2,029 ​ 2018 ​ Aug-19 NEW YORK, NY ​ — ​ 294,310 ​ 1,086,043 ​ 1,380,353 ​ 163,192 ​ 296,814 ​ 1,246,731 ​ 1,543,545 ​ 509,684 ​ ​ ​ ​ Garrison Square ​ ​ — ​ ​ 6,475 ​ ​ 91,027 ​ ​ 97,502 ​ ​ 23,062 ​ ​ 6,613 ​ ​ 113,951 ​ ​ 120,564 ​ ​ 54,270 ​ 1887/1990 ​ Sep-10 Ridge at Blue Hills ​ ​ 25,000 ​ ​ 6,039 ​ ​ 34,869 ​ ​ 40,908 ​ ​ 4,884 ​ ​ 6,420 ​ ​ 39,372 ​ ​ 45,792 ​ ​ 20,913 ​ 2007 ​ Sep-10 Inwood West ​ ​ 80,000 ​ ​ 20,778 ​ ​ 88,096 ​ ​ 108,874 ​ ​ 13,326 ​ ​ 19,799 ​ ​ 102,401 ​ ​ 122,200 ​ ​ 52,250 ​ 2006 ​ Apr-11 14 North ​ ​ 72,500 ​ ​ 10,961 ​ ​ 51,175 ​ ​ 62,136 ​ ​ 12,621 ​ ​ 11,404 ​ ​ 63,353 ​ ​ 74,757 ​ ​ 33,733 ​ 2005 ​ Apr-11 100 Pier 4 ​ ​ — ​ ​ 24,584 ​ ​ — ​ ​ 24,584 ​ ​ 202,433 ​ ​ 24,689 ​ ​ 202,328 ​ ​ 227,017 ​ ​ 51,639 ​ 2015 ​ Dec-15 345 Harrison ​ ​ — ​ ​ 32,938 ​ ​ — ​ ​ 32,938 ​ ​ 326,016 ​ ​ 44,889 ​ ​ 314,065 ​ ​ 358,954 ​ ​ 25,913 ​ 2018 ​ Nov-11 Currents on the Charles ​ ​ — ​ ​ 12,580 ​ ​ 70,149 ​ ​ 82,729 ​ ​ 285 ​ ​ 12,580 ​ ​ 70,434 ​ ​ 83,014 ​ ​ 2,431 ​ 2015 ​ Jun-19 The Commons at Windsor Gardens ​ ​ — ​ ​ 34,609 ​ ​ 225,515 ​ ​ 260,124 ​ ​ 1,126 ​ ​ 34,611 ​ ​ 226,639 ​ ​ 261,250 ​ ​ 7,205 ​ 1969 ​ Aug-19 Charles River Landing ​ ​ 69,315 ​ ​ 17,068 ​ ​ 112,777 ​ ​ 129,845 ​ ​ 51 ​ ​ 17,068 ​ ​ 112,828 ​ ​ 129,896 ​ ​ 722 ​ 2010 ​ Nov-19 Lenox Farms ​ ​ 94,050 ​ ​ 17,692 ​ ​ 115,898 ​ ​ 133,590 ​ ​ 70 ​ ​ 17,692 ​ ​ 115,968 ​ ​ 133,660 ​ ​ 754 ​ 2009 ​ Nov-19 Lodge at Ames Pond ​ ​ 48,774 ​ ​ 12,645 ​ ​ 70,653 ​ ​ 83,298 ​ ​ 76 ​ ​ 12,645 ​ ​ 70,729 ​ ​ 83,374 ​ ​ 466 ​ 2010 ​ Nov-19 BOSTON, MA ​ 389,639 ​ 196,369 ​ 860,159 ​ 1,056,528 ​ 583,950 ​ 208,410 ​ 1,432,068 ​ 1,640,478 ​ 250,296 ​ ​ ​ ​ Park Square ​ ​ — ​ ​ 10,365 ​ ​ 96,050 ​ ​ 106,415 ​ ​ 935 ​ ​ 10,416 ​ ​ 96,934 ​ ​ 107,350 ​ ​ 4,483 ​ 2018 ​ May-19 PHILADELPHIA, PA ​ ​ — ​ ​ 10,365 ​ ​ 96,050 ​ ​ 106,415 ​ ​ 935 ​ ​ 10,416 ​ ​ 96,934 ​ ​ 107,350 ​ ​ 4,483 ​ ​ ​ ​ TOTAL NORTHEAST REGION ​ 389,639 ​ 501,044 ​ 2,042,252 ​ 2,543,296 ​ 748,077 ​ 515,640 ​ 2,775,733 ​ 3,291,373 ​ 764,463 ​ ​ ​ ​ SOUTHWEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Thirty377 ​ ​ 25,000 ​ ​ 24,036 ​ ​ 32,951 ​ ​ 56,987 ​ ​ 20,627 ​ ​ 26,207 ​ ​ 51,407 ​ ​ 77,614 ​ ​ 33,450 ​ 1999/2007 ​ Aug-06 Legacy Village ​ ​ 90,000 ​ ​ 16,882 ​ ​ 100,102 ​ ​ 116,984 ​ ​ 22,641 ​ ​ 21,394 ​ ​ 118,231 ​ ​ 139,625 ​ ​ 74,746 ​ 2005/06/07 ​ Mar-08 Addison Apts at The Park ​ ​ — ​ ​ 22,041 ​ ​ 11,228 ​ ​ 33,269 ​ ​ 11,058 ​ ​ 30,969 ​ ​ 13,358 ​ ​ 44,327 ​ ​ 10,768 ​ 1977/78/79 ​ May-07 Addison Apts at The Park II ​ ​ — ​ ​ 7,903 ​ ​ 554 ​ ​ 8,457 ​ ​ 3,718 ​ ​ 8,442 ​ ​ 3,733 ​ ​ 12,175 ​ ​ 2,664 ​ 1970 ​ May-07 Addison Apts at The Park I ​ ​ — ​ ​ 10,440 ​ ​ 634 ​ ​ 11,074 ​ ​ 4,158 ​ ​ 11,055 ​ ​ 4,177 ​ ​ 15,232 ​ ​ 3,270 ​ 1975 ​ May-07 Savoye ​ ​ 32,575 ​ ​ 8,432 ​ ​ 50,482 ​ ​ 58,914 ​ ​ 47 ​ ​ 8,432 ​ ​ 50,529 ​ ​ 58,961 ​ ​ 331 ​ 2009 ​ Nov-19 Savoye 2 ​ ​ 36,023 ​ ​ 6,451 ​ ​ 56,616 ​ ​ 63,067 ​ ​ 11 ​ ​ 6,451 ​ ​ 56,627 ​ ​ 63,078 ​ ​ 365 ​ 2011 ​ Nov-19 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 Fiori on Vitruvian Park ​ ​ 50,609 ​ ​ 7,934 ​ ​ 78,574 ​ ​ 86,508 ​ ​ 59 ​ ​ 7,934 ​ ​ 78,633 ​ ​ 86,567 ​ ​ 519 ​ 2013 ​ Nov-19 Vitruvian West 1 ​ ​ 41,317 ​ ​ 6,273 ​ ​ 61,418 ​ ​ 67,691 ​ ​ 86 ​ ​ 6,273 ​ ​ 61,504 ​ ​ 67,777 ​ ​ 427 ​ 2018 ​ Nov-19 DALLAS, TX ​ 275,524 ​ 110,392 ​ 392,559 ​ 502,951 ​ 62,405 ​ 127,157 ​ 438,199 ​ 565,356 ​ 126,540 ​ ​ ​ ​ Barton Creek Landing ​ ​ — ​ ​ 3,151 ​ ​ 14,269 ​ ​ 17,420 ​ ​ 24,444 ​ ​ 5,358 ​ ​ 36,506 ​ ​ 41,864 ​ ​ 29,696 ​ 1986/2012 ​ Mar-02 Residences at the Domain ​ ​ — ​ ​ 4,034 ​ ​ 55,256 ​ ​ 59,290 ​ ​ 14,140 ​ ​ 4,524 ​ ​ 68,906 ​ ​ 73,430 ​ ​ 41,561 ​ 2007 ​ Aug-08 Red Stone Ranch ​ ​ — ​ ​ 5,084 ​ ​ 17,646 ​ ​ 22,730 ​ ​ 4,740 ​ ​ 5,656 ​ ​ 21,814 ​ ​ 27,470 ​ ​ 11,697 ​ 2000 ​ Apr-12 Lakeline Villas ​ ​ — ​ ​ 4,148 ​ ​ 16,869 ​ ​ 21,017 ​ ​ 3,436 ​ ​ 4,625 ​ ​ 19,828 ​ ​ 24,453 ​ ​ 10,429 ​ 2002 ​ Apr-12 AUSTIN, TX ​ — ​ 16,417 ​ 104,040 ​ 120,457 ​ 46,760 ​ 20,163 ​ 147,054 ​ 167,217 ​ 93,383 ​ ​ ​ ​ Steele Creek ​ ​ — ​ ​ 8,586 ​ ​ 130,402 ​ ​ 138,988 ​ ​ 5,264 ​ ​ 8,614 ​ ​ 135,638 ​ ​ 144,252 ​ ​ 17,097 ​ 2015 ​ Oct-17 DENVER, CO ​ ​ — ​ 8,586 ​ 130,402 ​ 138,988 ​ 5,264 ​ 8,614 ​ 135,638 ​ 144,252 ​ 17,097 ​ ​ ​ ​ TOTAL SOUTHWEST REGION ​ 275,524 ​ 135,395 ​ 627,001 ​ 762,396 ​ 114,429 ​ 155,934 ​ 720,891 ​ 876,825 ​ 237,020 ​ ​ ​ ​ TOTAL OPERATING COMMUNITIES ​ 1,116,459 ​ 2,061,913 ​ 6,948,537 ​ 9,010,450 ​ 3,369,307 ​ 2,304,308 ​ 10,075,449 ​ 12,379,757 ​ 4,110,808 ​ ​ ​ ​ REAL ESTATE UNDER DEVELOPMENT ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vitruvian West Phase 2 ​ ​ — ​ ​ 6,451 ​ ​ 15,798 ​ ​ 22,249 ​ ​ 2,558 ​ ​ 6,451 ​ ​ 18,356 ​ ​ 24,807 ​ ​ 23 ​ ​ ​ ​ Cirrus ​ ​ — ​ ​ 13,853 ​ ​ — ​ ​ 13,853 ​ ​ 12,759 ​ ​ 13,853 ​ ​ 12,759 ​ ​ 26,612 ​ ​ — ​ ​ ​ ​ Dublin ​ ​ — ​ ​ 8,922 ​ ​ — ​ ​ 8,922 ​ ​ 9,436 ​ ​ 8,922 ​ ​ 9,436 ​ ​ 18,358 ​ ​ — ​ ​ ​ ​ TOTAL REAL ESTATE UNDER DEVELOPMENT ​ — ​ 29,226 ​ 15,798 ​ 45,024 ​ 24,753 ​ 29,226 ​ 40,551 ​ 69,777 ​ 23 ​ ​ ​ ​ LAND ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vitruvian Park® ​ ​ — ​ ​ 39,609 ​ ​ 4,997 ​ ​ 44,606 ​ ​ 9,543 ​ ​ 46,666 ​ ​ 7,483 ​ ​ 54,149 ​ ​ 2,489 ​ ​ ​ ​ 500 Penn ​ ​ — ​ ​ 27,135 ​ ​ — ​ ​ 27,135 ​ ​ 6,331 ​ ​ 27,135 ​ ​ 6,331 ​ ​ 33,466 ​ ​ — ​ ​ ​ ​ TOTAL LAND ​ — ​ 66,744 ​ 4,997 ​ 71,741 ​ 15,874 ​ 73,801 ​ 13,814 ​ 87,615 ​ 2,489 ​ ​ ​ ​ COMMERCIAL ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Brookhaven Shopping Center ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 29,808 ​ ​ 7,793 ​ ​ 22,015 ​ ​ 29,808 ​ ​ 14,297 ​ ​ ​ ​ TOTAL COMMERCIAL ​ — ​ — ​ — ​ — ​ 29,808 ​ 7,793 ​ 22,015 ​ 29,808 ​ 14,297 ​ ​ ​ ​ Other (b) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 9,581 ​ ​ — ​ ​ 9,581 ​ ​ 9,581 ​ ​ — ​ ​ ​ ​ 1745 Shea Center I ​ ​ — ​ ​ 3,034 ​ ​ 20,534 ​ ​ 23,568 ​ ​ 1,995 ​ ​ 3,094 ​ ​ 22,469 ​ ​ 25,563 ​ ​ 3,736 ​ ​ ​ ​ TOTAL CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 11,576 ​ 3,094 ​ 32,050 ​ 35,144 ​ 3,736 ​ ​ ​ ​ TOTAL COMMERCIAL & CORPORATE ​ — ​ 3,034 ​ 20,534 ​ 23,568 ​ 41,384 ​ 10,887 ​ 54,065 ​ 64,952 ​ 18,033 ​ ​ ​ ​ Deferred Financing Costs and Other Non-Cash Adjustments ​ ​ 32,982 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL REAL ESTATE OWNED ​ $ 1,149,441 ​ $ 2,160,917 ​ $ 6,989,866 ​ $ 9,150,783 ​ $ 3,451,318 ​ $ 2,418,222 ​ $ 10,183,879 ​ $ 12,602,101 ​ $ 4,131,353 ​ ​ ​ ​ (a) Date of original construction/date of last major renovation, if applicable. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purposes was approximately $11.7 billion at December 31, 2019 ( unaudited The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 30 to 55 years. ​ 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 Balance at beginning of the year ​ $ 10,196,159 ​ $ 10,177,206 ​ $ 9,615,753 Real estate acquired ​ 2,241,163 ​ — ​ 235,993 Capital expenditures and development ​ 195,981 ​ 214,898 ​ 369,029 Real estate sold ​ (31,202) ​ (195,945) ​ (43,569) Balance at end of the year ​ $ 12,602,101 ​ $ 10,196,159 ​ $ 10,177,206 ​ The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 Balance at beginning of the year ​ $ 3,654,160 ​ $ 3,330,166 ​ $ 2,923,625 Depreciation expense for the year ​ 477,193 ​ 426,006 ​ 424,772 Accumulated depreciation on sales ​ — ​ (102,012) ​ (18,231) Balance at end of year ​ $ 4,131,353 ​ $ 3,654,160 ​ $ 3,330,166 ​
United Dominion Realty L.P.
Real Estate and Accumulated Depreciation
Schedule III - Real Estate Owned	UNITED DOMINION REALTY, L.P. SCHEDULE III — REAL ESTATE OWNED DECEMBER 31, 2019 (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 22,350 ​ $ 22,175 ​ $ 49,189 ​ $ 71,364 ​ $ 35,561 ​ 1965/2003 ​ Jun-03 27 Seventy Five Mesa Verde ​ — ​ ​ 99,329 ​ ​ 110,644 ​ ​ 209,973 ​ ​ 104,036 ​ ​ 114,820 ​ ​ 199,189 ​ ​ 314,009 ​ ​ 137,814 ​ 1979/2013 ​ Oct-04 Huntington Vista ​ — ​ ​ 8,055 ​ ​ 22,486 ​ ​ 30,541 ​ ​ 14,117 ​ ​ 9,277 ​ ​ 35,381 ​ ​ 44,658 ​ ​ 25,545 ​ 1970 ​ Jun-03 Missions at Back Bay ​ — ​ ​ 229 ​ ​ 14,129 ​ ​ 14,358 ​ ​ 3,822 ​ ​ 10,990 ​ ​ 7,190 ​ ​ 18,180 ​ ​ 5,486 ​ 1969 ​ Dec-03 Eight 80 Newport Beach - North ​ — ​ ​ 62,516 ​ ​ 46,082 ​ ​ 108,598 ​ ​ 45,252 ​ ​ 69,131 ​ ​ 84,719 ​ ​ 153,850 ​ ​ 60,216 ​ 1968/2000/2016 ​ Oct-04 Eight 80 Newport Beach - South ​ — ​ ​ 58,785 ​ ​ 50,067 ​ ​ 108,852 ​ ​ 35,651 ​ ​ 60,953 ​ ​ 83,550 ​ ​ 144,503 ​ ​ 56,092 ​ 1968/2000/2016 ​ Mar-05 ORANGE COUNTY, CA ​ — ​ 249,390 ​ 271,946 ​ 521,336 ​ 225,228 ​ 287,346 ​ 459,218 ​ 746,564 ​ 320,714 ​ ​ ​ ​ 2000 Post Street ​ ​ — ​ ​ 9,861 ​ ​ 44,578 ​ ​ 54,439 ​ ​ 23,836 ​ ​ 11,115 ​ ​ 67,160 ​ ​ 78,275 ​ ​ 36,216 ​ 1987/2016 ​ Dec-98 Birch Creek ​ — ​ ​ 4,365 ​ ​ 16,696 ​ ​ 21,061 ​ ​ 9,895 ​ ​ 1,376 ​ ​ 29,580 ​ ​ 30,956 ​ ​ 17,725 ​ 1968 ​ Dec-98 Highlands Of Marin ​ — ​ ​ 5,996 ​ ​ 24,868 ​ ​ 30,864 ​ ​ 28,751 ​ ​ 7,995 ​ ​ 51,620 ​ ​ 59,615 ​ ​ 37,583 ​ 1991/2010 ​ Dec-98 Marina Playa ​ — ​ ​ 6,224 ​ ​ 23,916 ​ ​ 30,140 ​ ​ 13,977 ​ ​ 1,242 ​ ​ 42,875 ​ ​ 44,117 ​ ​ 24,745 ​ 1971 ​ Dec-98 River Terrace ​ — ​ ​ 22,161 ​ ​ 40,137 ​ ​ 62,298 ​ ​ 7,850 ​ ​ 22,911 ​ ​ 47,237 ​ ​ 70,148 ​ ​ 32,060 ​ 2005 ​ Aug-05 CitySouth ​ — ​ ​ 14,031 ​ ​ 30,537 ​ ​ 44,568 ​ ​ 38,610 ​ ​ 16,545 ​ ​ 66,633 ​ ​ 83,178 ​ ​ 48,737 ​ 1972/2012 ​ Nov-05 Bay Terrace ​ — ​ ​ 8,545 ​ ​ 14,458 ​ ​ 23,003 ​ ​ 7,231 ​ ​ 11,637 ​ ​ 18,597 ​ ​ 30,234 ​ ​ 12,278 ​ 1962 ​ Oct-05 Highlands of Marin Phase II ​ — ​ ​ 5,353 ​ ​ 18,559 ​ ​ 23,912 ​ ​ 11,287 ​ ​ 5,777 ​ ​ 29,422 ​ ​ 35,199 ​ ​ 20,313 ​ 1968/2010 ​ Oct-07 Edgewater ​ — ​ ​ 30,657 ​ ​ 83,872 ​ ​ 114,529 ​ ​ 12,736 ​ ​ 30,804 ​ ​ 96,461 ​ ​ 127,265 ​ ​ 57,547 ​ 2007 ​ Mar-08 Almaden Lake Village ​ 27,000 ​ ​ 594 ​ ​ 42,515 ​ ​ 43,109 ​ ​ 9,265 ​ ​ 963 ​ ​ 51,411 ​ ​ 52,374 ​ ​ 31,947 ​ 1999 ​ Jul-08 SAN FRANCISCO, CA ​ 27,000 ​ 107,787 ​ 340,136 ​ 447,923 ​ 163,438 ​ 110,365 ​ 500,996 ​ 611,361 ​ 319,151 ​ ​ ​ ​ Crowne Pointe ​ — ​ ​ 2,486 ​ ​ 6,437 ​ ​ 8,923 ​ ​ 9,323 ​ ​ 3,177 ​ ​ 15,069 ​ ​ 18,246 ​ ​ 10,776 ​ 1987 ​ Dec-98 Hilltop ​ — ​ ​ 2,174 ​ ​ 7,408 ​ ​ 9,582 ​ ​ 6,365 ​ ​ 3,030 ​ ​ 12,917 ​ ​ 15,947 ​ ​ 9,216 ​ 1985 ​ Dec-98 The Kennedy ​ — ​ ​ 6,179 ​ ​ 22,307 ​ ​ 28,486 ​ ​ 3,261 ​ ​ 6,300 ​ ​ 25,447 ​ ​ 31,747 ​ ​ 17,028 ​ 2005 ​ Nov-05 Hearthstone at Merrill Creek ​ — ​ ​ 6,848 ​ ​ 30,922 ​ ​ 37,770 ​ ​ 7,368 ​ ​ 7,302 ​ ​ 37,836 ​ ​ 45,138 ​ ​ 23,317 ​ 2000 ​ May-08 Island Square ​ — ​ ​ 21,284 ​ ​ 89,389 ​ ​ 110,673 ​ ​ 7,672 ​ ​ 21,667 ​ ​ 96,678 ​ ​ 118,345 ​ ​ 58,376 ​ 2007 ​ Jul-08 SEATTLE, WA ​ — ​ 38,971 ​ 156,463 ​ 195,434 ​ 33,989 ​ 41,476 ​ 187,947 ​ 229,423 ​ 118,713 ​ ​ ​ ​ Rosebeach ​ — ​ ​ 8,414 ​ ​ 17,449 ​ ​ 25,863 ​ ​ 5,903 ​ ​ 8,855 ​ ​ 22,911 ​ ​ 31,766 ​ ​ 16,642 ​ 1970 ​ Sep-04 Tierra Del Rey ​ — ​ ​ 39,586 ​ ​ 36,679 ​ ​ 76,265 ​ ​ 8,415 ​ ​ 39,857 ​ ​ 44,823 ​ ​ 84,680 ​ ​ 27,165 ​ 1998 ​ Dec-07 LOS ANGELES, CA ​ — ​ 48,000 ​ 54,128 ​ 102,128 ​ 14,318 ​ 48,712 ​ 67,734 ​ 116,446 ​ 43,807 ​ ​ ​ ​ Boronda Manor ​ — ​ ​ 1,946 ​ ​ 8,982 ​ ​ 10,928 ​ ​ 11,332 ​ ​ 3,330 ​ ​ 18,930 ​ ​ 22,260 ​ ​ 11,809 ​ 1979 ​ Dec-98 Garden Court ​ — ​ ​ 888 ​ ​ 4,188 ​ ​ 5,076 ​ ​ 6,546 ​ ​ 1,613 ​ ​ 10,009 ​ ​ 11,622 ​ ​ 6,382 ​ 1973 ​ Dec-98 Cambridge Court ​ — ​ ​ 3,039 ​ ​ 12,883 ​ ​ 15,922 ​ ​ 18,449 ​ ​ 5,695 ​ ​ 28,676 ​ ​ 34,371 ​ ​ 18,243 ​ 1974 ​ Dec-98 Laurel Tree ​ — ​ ​ 1,304 ​ ​ 5,115 ​ ​ 6,419 ​ ​ 7,657 ​ ​ 2,449 ​ ​ 11,627 ​ ​ 14,076 ​ ​ 7,337 ​ 1977 ​ Dec-98 The Pointe At Harden Ranch ​ — ​ ​ 6,388 ​ ​ 23,854 ​ ​ 30,242 ​ ​ 33,268 ​ ​ 10,345 ​ ​ 53,165 ​ ​ 63,510 ​ ​ 32,804 ​ 1986 ​ Dec-98 The Pointe At Northridge ​ — ​ ​ 2,044 ​ ​ 8,028 ​ ​ 10,072 ​ ​ 12,096 ​ ​ 3,623 ​ ​ 18,545 ​ ​ 22,168 ​ ​ 11,851 ​ 1979 ​ Dec-98 The Pointe At Westlake ​ — ​ ​ 1,329 ​ ​ 5,334 ​ ​ 6,663 ​ ​ 7,960 ​ ​ 2,361 ​ ​ 12,262 ​ ​ 14,623 ​ ​ 7,544 ​ 1975 ​ Dec-98 MONTEREY PENINSULA, CA ​ — ​ 16,938 ​ 68,384 ​ 85,322 ​ 97,308 ​ 29,416 ​ 153,214 ​ 182,630 ​ 95,970 ​ ​ ​ ​ Verano at Rancho Cucamonga Town Square ​ — ​ ​ 13,557 ​ ​ 3,645 ​ ​ 17,202 ​ ​ 57,985 ​ ​ 23,633 ​ ​ 51,554 ​ ​ 75,187 ​ ​ 42,170 ​ 2006 ​ Oct-02 OTHER SOUTHERN CA ​ — ​ 13,557 ​ 3,645 ​ 17,202 ​ 57,985 ​ 23,633 ​ 51,554 ​ 75,187 ​ 42,170 ​ ​ ​ ​ Tualatin Heights ​ — ​ ​ 3,273 ​ ​ 9,134 ​ ​ 12,407 ​ ​ 9,090 ​ ​ 4,141 ​ ​ 17,356 ​ ​ 21,497 ​ ​ 12,657 ​ 1989 ​ Dec-98 Hunt Club ​ — ​ ​ 6,014 ​ ​ 14,870 ​ ​ 20,884 ​ ​ 8,014 ​ ​ 6,516 ​ ​ 22,382 ​ ​ 28,898 ​ ​ 17,520 ​ 1985 ​ Sep-04 PORTLAND, OR ​ — ​ 9,287 ​ 24,004 ​ 33,291 ​ 17,104 ​ 10,657 ​ 39,738 ​ 50,395 ​ 30,177 ​ ​ ​ ​ TOTAL WEST REGION ​ 27,000 ​ 483,930 ​ 918,706 ​ 1,402,636 ​ 609,370 ​ 551,605 ​ 1,460,401 ​ 2,012,006 ​ 970,702 ​ ​ ​ ​ MID-ATLANTIC REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ridgewood -apts side ​ — ​ ​ 5,612 ​ ​ 20,086 ​ ​ 25,698 ​ ​ 10,801 ​ ​ 6,362 ​ ​ 30,137 ​ ​ 36,499 ​ ​ 24,033 ​ 1988 ​ Aug-02 DelRay Tower ​ — ​ ​ 297 ​ ​ 12,786 ​ ​ 13,083 ​ ​ 116,038 ​ ​ 9,652 ​ ​ 119,469 ​ ​ 129,121 ​ ​ 40,394 ​ 2014 ​ Jan-08 Wellington Place at Olde Town ​ — ​ ​ 13,753 ​ ​ 36,059 ​ ​ 49,812 ​ ​ 20,955 ​ ​ 14,885 ​ ​ 55,882 ​ ​ 70,767 ​ ​ 41,845 ​ 1987/2008 ​ Sep-05 Andover House ​ — ​ ​ 183 ​ ​ 59,948 ​ ​ 60,131 ​ ​ 6,813 ​ ​ 317 ​ ​ 66,627 ​ ​ 66,944 ​ ​ 39,795 ​ 2004 ​ Mar-07 Sullivan Place ​ — ​ ​ 1,137 ​ ​ 103,676 ​ ​ 104,813 ​ ​ 12,037 ​ ​ 1,775 ​ ​ 115,075 ​ ​ 116,850 ​ ​ 72,564 ​ 2007 ​ Dec-07 Courts at Huntington Station ​ — ​ ​ 27,749 ​ ​ 111,878 ​ ​ 139,627 ​ ​ 4,526 ​ ​ 28,085 ​ ​ 116,068 ​ ​ 144,153 ​ ​ 31,845 ​ 2011 ​ Oct-15 METROPOLITAN D.C. ​ — ​ 48,731 ​ 344,433 ​ 393,164 ​ 171,170 ​ 61,076 ​ 503,258 ​ 564,334 ​ 250,476 ​ ​ ​ ​ Calvert's Walk ​ — ​ ​ 4,408 ​ ​ 24,692 ​ ​ 29,100 ​ ​ 9,266 ​ ​ 4,996 ​ ​ 33,370 ​ ​ 38,366 ​ ​ 25,052 ​ 1988 ​ Mar-04 20 Lambourne ​ — ​ ​ 11,750 ​ ​ 45,590 ​ ​ 57,340 ​ ​ 10,667 ​ ​ 12,428 ​ ​ 55,579 ​ ​ 68,007 ​ ​ 34,852 ​ 2003 ​ Mar-08 BALTIMORE, MD ​ — ​ 16,158 ​ 70,282 ​ 86,440 ​ 19,933 ​ 17,424 ​ 88,949 ​ 106,373 ​ 59,904 ​ ​ ​ ​ TOTAL MID-ATLANTIC REGION ​ — ​ 64,889 ​ 414,715 ​ 479,604 ​ 191,103 ​ ​ 78,500 ​ 592,207 ​ 670,707 ​ 310,380 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 SOUTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Legacy Hill ​ — ​ ​ 1,148 ​ ​ 5,867 ​ ​ 7,015 ​ ​ 11,083 ​ ​ 2,026 ​ ​ 16,072 ​ ​ 18,098 ​ ​ 13,203 ​ 1977 ​ Nov-95 Hickory Run ​ — ​ ​ 1,469 ​ ​ 11,584 ​ ​ 13,053 ​ ​ 14,126 ​ ​ 2,592 ​ ​ 24,587 ​ ​ 27,179 ​ ​ 16,915 ​ 1989 ​ Dec-95 Carrington Hills ​ — ​ 2,117 ​ — ​ 2,117 ​ 39,283 ​ 4,925 ​ 36,475 ​ 41,400 ​ 26,945 ​ 1999 ​ Dec-95 Brookridge ​ — ​ ​ 708 ​ ​ 5,461 ​ ​ 6,169 ​ ​ 7,396 ​ ​ 1,492 ​ ​ 12,073 ​ ​ 13,565 ​ ​ 9,211 ​ 1986 ​ Mar-96 Breckenridge ​ — ​ 766 ​ 7,714 ​ 8,480 ​ 6,998 ​ 1,539 ​ 13,939 ​ 15,478 ​ 10,241 ​ 1986 ​ Mar-97 Polo Park ​ — ​ 4,583 ​ 16,293 ​ 20,876 ​ 18,611 ​ 6,140 ​ 33,347 ​ 39,487 ​ 27,026 ​ 1987/2008 ​ May-06 NASHVILLE, TN ​ — ​ 10,791 ​ 46,919 ​ 57,710 ​ 97,497 ​ 18,714 ​ 136,493 ​ 155,207 ​ 103,541 ​ ​ ​ ​ Inlet Bay ​ — ​ ​ 7,702 ​ ​ 23,150 ​ ​ 30,852 ​ ​ 19,716 ​ ​ 10,421 ​ ​ 40,147 ​ ​ 50,568 ​ ​ 32,988 ​ 1988/1989 ​ Jun-03 MacAlpine Place ​ — ​ ​ 10,869 ​ ​ 36,858 ​ ​ 47,727 ​ ​ 11,770 ​ ​ 12,194 ​ ​ 47,303 ​ ​ 59,497 ​ ​ 35,105 ​ 2001 ​ Dec-04 TAMPA, FL ​ — ​ 18,571 ​ 60,008 ​ 78,579 ​ 31,486 ​ 22,615 ​ 87,450 ​ 110,065 ​ 68,093 ​ ​ ​ ​ The Reserve and Park at Riverbridge ​ — ​ ​ 15,968 ​ ​ 56,401 ​ ​ 72,369 ​ ​ 15,149 ​ ​ 16,840 ​ ​ 70,678 ​ ​ 87,518 ​ ​ 50,001 ​ 1999/2001 ​ Dec-04 OTHER FLORIDA ​ — ​ ​ 15,968 ​ ​ 56,401 ​ ​ 72,369 ​ ​ 15,149 ​ ​ 16,840 ​ ​ 70,678 ​ ​ 87,518 ​ ​ 50,001 ​ ​ ​ ​ TOTAL SOUTHEAST REGION ​ — ​ ​ 45,330 ​ ​ 163,328 ​ ​ 208,658 ​ ​ 144,132 ​ ​ 58,169 ​ ​ 294,621 ​ ​ 352,790 ​ ​ 221,635 ​ ​ ​ ​ NORTHEAST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 10 Hanover Square ​ — ​ ​ 41,432 ​ ​ 218,983 ​ ​ 260,415 ​ ​ 24,465 ​ ​ 41,765 ​ ​ 243,115 ​ ​ 284,880 ​ ​ 103,344 ​ 2005 ​ Apr-11 95 Wall Street ​ — ​ ​ 57,637 ​ ​ 266,255 ​ ​ 323,892 ​ ​ 10,474 ​ ​ 58,063 ​ ​ 276,303 ​ ​ 334,366 ​ ​ 139,677 ​ 2008 ​ Aug-11 NEW YORK, NY ​ — ​ 99,069 ​ 485,238 ​ 584,307 ​ 34,939 ​ 99,828 ​ 519,418 ​ 619,246 ​ 243,021 ​ ​ ​ ​ 14 North ​ 72,500 ​ ​ 10,961 ​ ​ 51,175 ​ ​ 62,136 ​ ​ 12,621 ​ ​ 11,404 ​ ​ 63,353 ​ ​ 74,757 ​ ​ 33,733 ​ 2005 ​ Apr-11 BOSTON, MA ​ 72,500 ​ 10,961 ​ 51,175 ​ 62,136 ​ 12,621 ​ 11,404 ​ 63,353 ​ 74,757 ​ 33,733 ​ ​ ​ ​ TOTAL NORTHEAST REGION ​ 72,500 ​ 110,030 ​ 536,413 ​ 646,443 ​ 47,560 ​ 111,232 ​ 582,771 ​ 694,003 ​ 276,754 ​ ​ ​ ​ SOUTHWEST REGION ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Steele Creek ​ ​ — ​ ​ 8,586 ​ ​ 130,400 ​ ​ 138,986 ​ ​ 5,266 ​ ​ 8,614 ​ ​ 135,638 ​ ​ 144,252 ​ ​ 17,097 ​ 2015 ​ Oct-17 DENVER, CO ​ ​ — ​ 8,586 ​ 130,400 ​ 138,986 ​ 5,266 ​ 8,614 ​ 135,638 ​ 144,252 ​ 17,097 ​ ​ ​ ​ TOTAL SOUTHWEST REGION ​ — ​ 8,586 ​ 130,400 ​ 138,986 ​ 5,266 ​ 8,614 ​ 135,638 ​ 144,252 ​ 17,097 ​ ​ ​ ​ TOTAL OPERATING COMMUNITIES ​ 99,500 ​ 712,765 ​ 2,163,562 ​ 2,876,327 ​ 997,431 ​ 808,120 ​ 3,065,638 ​ 3,873,758 ​ 1,796,568 ​ ​ ​ ​ Other (b) ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,402 ​ ​ — ​ ​ 1,402 ​ ​ 1,402 ​ ​ — ​ ​ ​ ​ TOTAL CORPORATE ​ — ​ — ​ — ​ — ​ 1,402 ​ — ​ 1,402 ​ 1,402 ​ — ​ ​ ​ ​ Deferred Financing Costs ​ ​ (429) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ TOTAL REAL ESTATE OWNED ​ $ 99,071 ​ $ 712,765 ​ $ 2,163,562 ​ $ 2,876,327 ​ $ 998,833 ​ $ 808,120 ​ $ 3,067,040 ​ $ 3,875,160 ​ $ 1,796,568 ​ ​ ​ ​ (a) Date of original construction/date of last major renovation, if applicable. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purpose was approximately $3.2 billion at December 31, 2019 ( unaudited The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 30 to 55 years. ​ 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 Balance at beginning of the year ​ $ 3,811,985 ​ $ 3,816,956 ​ $ 3,674,704 Real estate acquired ​ — ​ — ​ 138,986 Capital expenditures and development ​ 63,175 ​ 44,353 ​ 45,211 Real estate sold ​ — ​ (49,324) ​ (41,945) Balance at end of year ​ $ 3,875,160 ​ $ 3,811,985 ​ $ 3,816,956 ​ The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2019 2018 2017 Balance at beginning of the year ​ $ 1,658,161 ​ $ 1,543,652 ​ $ 1,408,815 Depreciation expense for the year ​ 138,407 ​ 141,683 ​ 153,068 Accumulated depreciation on sales ​ — ​ (27,174) ​ (18,231) Balance at end of year ​ $ 1,796,568 ​ $ 1,658,161 ​ $ 1,543,652 ​

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) (Policies)	12 Months Ended
	Dec. 31, 2019
Entity information
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ​ In February 2016, the FASB issued ASU 2016-02, Leases The Company elected the following package of practical expedients provided by the standard: (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 elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. ​ Upon adoption of the standard on January 1, 2019, the Company recognized right-of-use assets of $94.3 million and lease liabilities of $88.3 million. The right-of-use assets included $6.0 million of prepaid rent and intangible assets that was included within Other assets ​ The lease liabilities represent the present value of the remaining minimum lease payments as of January 1, 2019 and primarily relate to ground leases for communities where we are the lessee. The right-of-use assets represent our right to use an underlying asset for the lease term, which are calculated utilizing the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. Our right-of-use assets and related lease liabilities recognized as of January 1, 2019 may change as a result of updates to the projected future minimum lease payments. Certain of our ground lease agreements where we are the lessee have future minimum lease payments that reset in the future based upon a percentage of the fair market value of the land at the time of the reset. The Company will continue to recognize lease expense for these leases in a manner similar to previous accounting 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 will 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 are expensing non-incremental leasing costs as incurred. ​ In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements Leases ​
Real Estate	Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, 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 30 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
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 primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits.
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. ​ To the extent that the Company acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Company will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Company will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Company will not recognize a gain on consolidation of a property.
Derivative Financial Instruments	Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings.
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 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, unrealized gains on other investment ventures and timing of expense recognition for certain accrued liabilities. As of December 31, 2019 and 2018, UDR’s net deferred tax assets/(liabilities) was $(1.6) million and less than $(0.1) million, respectively. The net deferred tax assets/(liabilities) are recorded in Accounts payable, accrued expenses and other liabilities 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. The Company invests in assets that qualify for federal investment tax credits (“ITC”) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 2019. UDR and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The tax years 2016 through 2018 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
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
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
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, 2019, 2018, and 2017, 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 Derivatives and Hedging Activity,
Use of Estimates	Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates.
Market Concentration Risk	Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2019, the Company held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California; Metropolitan D.C., New York, New York and Boston, Massachusetts markets.
United Dominion Realty L.P.
Entity information
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments—Credit Losses, ​ I n February 2016, the FASB issued ASU 2016-02, Leases . The standard amended the existing lease accounting guidance and required lessees to recognize a lease liability and a right-of-use asset for all leases on their balance sheets. Lessees of operating leases continued to recognize lease expense in a manner similar to previous accounting. For lessors, accounting for leases under the new guidance was substantially the same as in prior periods, but eliminated current real estate-specific provisions and changed the treatment of initial direct costs. The standard was effective for the Operating Partnership on January 1, 2019. ​ The Operating Partnership elected the following package of practical expedients provided by the standard: (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 elected the short-term lease exception provided for in the standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. ​ Upon adoption of the standard on January 1, 2019, the Operating Partnership recognized right-of-use assets of $94.2 million and lease liabilities of $88.2 million. The right-of-use assets included $6.0 million of prepaid rent and intangible assets that was included within Other assets ​ The lease liabilities represent the present value of the remaining minimum lease payments as of January 1, 2019 related to ground leases for communities where we are the lessee. The right-of-use assets represent our right to use an underlying asset for the lease term, which are calculated utilizing the lease liabilities plus any prepaid lease payments and intangible assets for ground leases acquired in the purchase of real estate. Our right-of-use assets and related lease liabilities recognized as of January 1, 2019 may change as a result of updates to the projected future minimum lease payments. Certain of our ground lease agreements where we are the lessee have future minimum lease payments that reset in the future based upon a percentage of the fair market value of the land at the time of the reset. The Operating Partnership will continue to recognize lease expense for these leases in a manner similar to previous accounting 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 will 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 are expensing non-incremental leasing costs as incurred. ​ In July 2018, the FASB issued ASU 2018-11, Leases – Targeted Improvements Leases
Real Estate	Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, 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 30 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
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 primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits.
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. ​ To the extent that the Operating Partnership acquires a controlling financial interest in a property that it previously accounted for as an equity method investment, the Operating Partnership will not remeasure its previously held interest if the acquisition is treated as an asset acquisition. The Operating Partnership will include the carrying amount of its previously held equity method interest along with the consideration paid and transaction costs incurred in determining the amounts to allocate to the related assets and liabilities acquired on its Consolidated Balance Sheets. When treated as an asset acquisition, the Operating Partnership will not recognize a gain on consolidation of a property.
Derivative Financial Instruments	Derivative Financial Instruments The General Partner utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments associated with the Operating Partnership’s allocation of the General Partner’s debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partner’s cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings.
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 (2016 through 2018) of tax jurisdictions and concluded there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns.
Discontinued Operations	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
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 7, 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
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, 2019, 2018, and 2017, 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 Derivatives and Hedging Activity,
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, 2019, 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 DOM_2

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2019
Entity information
Summary of carrying amounts for real estate owned (at cost)	​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Land ​ $ 2,164,032 ​ $ 1,849,799 Depreciable property — held and used: ​ ​ Land improvements ​ 224,964 ​ 213,224 Building, improvements, and furniture, fixtures and equipment ​ 10,102,758 ​ 8,133,136 Real estate intangible assets ​ ​ 40,570 ​ ​ — Under development: ​ ​ Land and land improvements ​ 29,226 ​ — Building, improvements, and furniture, fixtures and equipment ​ 40,551 ​ — Real estate owned ​ 12,602,101 ​ 10,196,159 Accumulated depreciation ​ (4,131,353) ​ (3,654,160) Real estate owned, net ​ $ 8,470,748 ​ $ 6,541,999
United Dominion Realty L.P.
Entity information
Summary of carrying amounts for real estate owned (at cost)	​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Land ​ $ 711,256 ​ $ 711,256 Depreciable property — held and used: ​ ​ ​ Land improvements ​ ​ 96,864 ​ ​ 92,000 Buildings, improvements, and furniture, fixtures and equipment ​ 3,067,040 ​ 3,008,729 Real estate owned ​ 3,875,160 ​ 3,811,985 Accumulated depreciation ​ (1,796,568) ​ (1,658,161) Real estate owned, net ​ $ 2,078,592 ​ $ 2,153,824

UNCONSOLIDATED ENTITIES (UNIT_2

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2019
Unconsolidated entities
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	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, 2019, 2018, and 2017 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ MetLife ​ ​ ​ ​ West Coast ​ ​ As of and For the ​ UDR/ ​ UDR/ ​ UDR/MetLife ​ Vitruvian ​ ​ ​ Development ​ ​ Year Ended December 31, 2019 ​ MetLife I ​ MetLife II ​ Joint Ventures ​ Park ® ​ UDR/KFH ​ Joint Ventures ​ Total Condensed Statements of Operations: ​ ​ ​ ​ ​ ​ ​ ​ ​ Total revenues ​ $ 9,834 ​ $ 151,226 ​ $ 64,273 ​ $ 26,398 ​ $ 12,217 ​ $ 14,058 ​ $ 278,006 Property operating expenses ​ 4,533 ​ 54,445 ​ 22,019 ​ 12,541 ​ 4,982 ​ 6,829 ​ 105,349 Real estate depreciation and amortization ​ 5,787 ​ 44,077 ​ 35,001 ​ 9,832 ​ 5,746 ​ 5,440 ​ 105,883 Gain/(loss) on sale of real estate (a) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 115,516 ​ ​ — ​ ​ 115,516 Operating income/(loss) ​ (486) ​ 52,704 ​ 7,253 ​ 4,025 ​ 117,005 ​ 1,789 ​ 182,290 Interest expense ​ (3,070) ​ (44,825) ​ (17,399) ​ (5,948) ​ (4,300) ​ (4,656) ​ (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ​ ​ — ​ ​ 458,195 ​ ​ — ​ ​ 25,711 ​ ​ — ​ ​ — ​ ​ 483,906 Other income/(loss) ​ — ​ — ​ — ​ — ​ — ​ 159 ​ 159 Net income/(loss) ​ $ (3,556) ​ $ 466,074 ​ $ (10,146) ​ $ 23,788 ​ $ 112,705 ​ $ (2,708) ​ $ 586,157 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Condensed Balance Sheets: ​ ​ ​ ​ ​ ​ ​ ​ Total real estate, net ​ $ 120,055 ​ $ 663,492 ​ $ 621,335 ​ $ — ​ $ — ​ $ 140,224 ​ $ 1,545,106 Cash and cash equivalents ​ 2,317 ​ 4,208 ​ 7,973 ​ — ​ — ​ 5,692 ​ 20,190 Other assets ​ 1,053 ​ 9,777 ​ 5,400 ​ — ​ — ​ 1,305 ​ 17,535 Total assets ​ 123,425 ​ 677,477 ​ 634,708 ​ — ​ — ​ 147,221 ​ 1,582,831 Third party debt, net ​ 70,890 ​ 425,303 ​ 454,972 ​ — ​ — ​ 90,498 ​ 1,041,663 Accounts payable and accrued liabilities ​ 4,037 ​ 9,303 ​ 9,757 ​ — ​ — ​ 3,440 ​ 26,537 Total liabilities ​ 74,927 ​ 434,606 ​ 464,729 ​ ​ — ​ — ​ 93,938 ​ 1,068,200 Total equity ​ $ 48,498 ​ $ 242,871 ​ $ 169,979 ​ $ — ​ $ — ​ $ 53,283 ​ $ 514,631 (a) Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level, as described in note (b) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net. (b) Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian Park® joint venture level prior to their distribution to the Company or MetLife in November 2019, as described in note (a) to the table above summarizing the Company’s investment in and advances to unconsolidated joint ventures and partnerships, net. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value. For the approximately 50% ownership interest acquired in the 10 operating communities, one development community and four land parcels described above, the Company deferred its share of the net gain on revaluation of approximately $131.5 million and recorded it as a reduction of the carrying amount of real estate owned. (see Note 3, Real Estate Owned ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ ​ 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 ​ ​ (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) Other income/(loss) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 439 ​ ​ 439 Net income/(loss) ​ $ (110) ​ $ 8,114 ​ $ (20,395) ​ $ (1,013) ​ $ (7,576) ​ $ 69,644 ​ $ 48,664
United Dominion Realty L.P.
Unconsolidated entities
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	Condensed summary financial information relating to the DownREIT Partnership (not just our proportionate share), is presented below for the years ended December 31, 2019, 2018 and 2017 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2019 2018 Total real estate, net $ 1,106,703 $ 1,167,720 Cash and cash equivalents ​ 20 ​ 39 Note receivable from the General Partner ​ 222,853 ​ 221,022 Other assets ​ 4,829 ​ 5,561 Total assets $ 1,334,405 $ 1,394,342 ​ ​ ​ ​ ​ ​ ​ Secured debt, net ​ $ 427,592 ​ $ 431,735 Other liabilities ​ 28,087 ​ 26,597 Total liabilities ​ 455,679 ​ 458,332 Total capital ​ $ 878,726 ​ $ 936,010 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ 2019 2018 ​ 2017 Total revenue ​ $ 128,621 $ 138,121 ​ $ 134,669 Property operating expenses ​ (51,747) ​ (56,998) ​ (55,487) Real estate depreciation and amortization ​ (82,283) ​ (85,872) ​ (84,000) Gain/(loss) on sale of real estate ​ ​ — ​ ​ 24,053 ​ ​ — Operating income/(loss) ​ (5,409) ​ 19,304 ​ (4,818) Interest expense ​ (15,648) ​ (14,456) ​ (14,483) Other income/(loss) ​ 8,061 ​ 4,884 ​ 4,718 Net income/(loss) ​ $ (12,996) $ 9,732 $ (14,583)

LEASES (UNITED DOMINION REALT_2

LEASES (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2019
Lease
Lessee - Future minimum lease payments and total operating lease liabilities	Future minimum lease payments and total operating lease liabilities from our ground leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2020 ​ $ 12,442 2021 ​ ​ 12,442 2022 ​ ​ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 Thereafter ​ ​ 455,221 Total future minimum lease payments (undiscounted) ​ ​ 517,431 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (318,873) Total operating lease liabilities (discounted) ​ $ 198,558
Lessee - components of operating lease expenses	The components of operating lease expenses from our ground leases and office space were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2019 Ground lease expense: ​ ​ ​ Contractual ground lease rent expense ​ $ 8,272 Variable ground lease expense (a) ​ ​ 664 Total ground lease expense (b) ​ ​ 8,936 Contractual office space lease expense (b) ​ ​ 70 Total operating lease expense (c) (d) ​ $ 9,006 (a) Variable ground lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Ground lease and office space lease expense is reported within the line item Other operating expenses and office space expense is recorded in General and administrative on the Consolidated Statements of Operations. (c) For the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.2 million and $0.8 million, respectively. The Company recorded $0.4 million of total operating lease expense during the year ended December 31, 2019, due to the net impact of the amortization. (d) No leases qualified for the short-term lease exception during the year ended December 31, 2019. As such, short-term lease expense was zero for the year ended December 31, 2019.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 22,568 2021 ​ ​ 22,055 2022 ​ ​ 20,443 2023 ​ ​ 19,057 2024 ​ ​ 17,304 Thereafter ​ ​ 78,818 Total future minimum lease payments (a) ​ $ 180,245 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less.
United Dominion Realty L.P.
Lease
Lessee - Future minimum lease payments and total operating lease liabilities	Future minimum lease payments and total operating lease liabilities from our ground and equipment leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground Leases ​ Equipment Leases ​ Total 2020 ​ $ 12,442 ​ $ 152 ​ $ 12,594 2021 ​ ​ 12,442 ​ ​ 156 ​ ​ 12,598 2022 ​ ​ 12,442 ​ ​ 159 ​ ​ 12,601 2023 ​ ​ 12,442 ​ ​ 163 ​ ​ 12,605 2024 ​ ​ 12,442 ​ ​ 166 ​ ​ 12,608 Thereafter ​ ​ 455,221 ​ ​ 869 ​ ​ 456,090 Total future minimum lease payments (undiscounted) ​ ​ 517,431 ​ ​ 1,665 ​ ​ 519,096 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (318,873) ​ ​ (222) ​ ​ (319,095) Total operating lease liabilities (discounted) ​ $ 198,558 ​ $ 1,443 ​ $ 200,001
Lessee - components of operating lease expenses	The components of operating lease expenses from our ground and equipment leases were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2019 Ground lease expense: ​ ​ ​ Contractual ground lease rent expense ​ $ 8,272 Variable ground lease expense (a) ​ ​ 664 Total ground lease expense (b) ​ ​ 8,936 Contractual equipment lease expense (b) ​ ​ 19 Total operating lease expense (c) (d) ​ $ 8,955 (a) Variable ground lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Ground lease and equipment lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.0 million and $0.7 million, respectively. The Operating Partnership recorded $0.3 million of total operating lease expense during the year ended December 31, 2019, due to the net impact of the amortization. (d) No leases qualified for the short-term lease exception during the year ended December 31, 2019. As such, short-term lease expense was zero for the year ended December 31, 2019.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of December 31, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 7,733 2021 ​ ​ 7,395 2022 ​ ​ 6,791 2023 ​ ​ 6,466 2024 ​ ​ 5,801 Thereafter ​ ​ 13,826 Total future minimum lease payments (a) ​ $ 48,012 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months of less.

DEBT, NET (UNITED DOMINION RE_2

DEBT, NET (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2019
Entity information
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at December 31, 2019 and 2018 ( dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ December 31, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2019 2018 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 884,869 ​ $ 417,989 3.61 % 6.2 15 Credit facilities (b) ​ 204,590 ​ 90,000 4.90 % 3.0 4 Deferred financing costs and other non-cash adjustments ​ 33,046 ​ (1,343) Total fixed rate secured debt, net ​ 1,122,505 ​ 506,646 3.85 % 5.6 19 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 94,700 1.79 % 12.2 1 Deferred financing costs ​ (64) ​ (119) Total variable rate secured debt, net ​ 26,936 ​ 94,581 1.79 % 12.2 1 Total Secured Debt, net ​ 1,149,441 ​ 601,227 3.80 % 5.7 20 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (m) ​ — ​ — — % 3.1 Borrowings outstanding under unsecured commercial paper program due January 2020 (e) (m) ​ ​ 300,000 ​ ​ 101,115 ​ 1.99 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2021 ​ 16,583 ​ 16 2.59 % 1.0 Term Loan due September 2023 (d) (m) ​ 35,000 ​ 35,000 2.59 % 3.8 Fixed Rate Debt ​ ​ 3.70% Medium-Term Notes due October 2020 (net of discounts of $0 and $14, respectively) (k) (m) ​ — ​ 299,986 — % — 4.63% Medium-Term Notes due January 2022 (net of discounts of $0 and $1,087, respectively) (l) (m) ​ — ​ 398,913 — % — 1.93% Term Loan due September 2023 (d) (m) ​ ​ 315,000 ​ 315,000 1.93 % 3.8 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $470 and $574, respectively) (g) (m) ​ 299,530 ​ 299,426 3.75 % 4.5 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 4.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $396 and $465, respectively) (h) (m) ​ 299,604 ​ 299,535 4.00 % 5.8 2.95% Medium-Term Notes due September 2026 (m) ​ 300,000 ​ 300,000 2.95 % 6.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $529 and $600, respectively) (l) ​ ​ 299,471 ​ ​ 299,400 ​ 3.50 % 7.5 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $954 and $1,072, respectively) (m) ​ ​ 299,046 ​ ​ 298,928 ​ 3.50 % 8.0 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $6, respectively) (i) (m) ​ ​ 299,995 ​ ​ 299,994 ​ 4.40 % 9.1 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $2,281 and $0, respectively) (j) (l) (m) ​ ​ 402,281 ​ ​ — ​ 3.20 % 10.0 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,123 and $0, respectively) (k) (m) ​ ​ 398,877 ​ ​ — ​ 3.00 % 11.6 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,309 and $0, respectively) (l) (m) ​ ​ 298,691 ​ ​ — ​ 3.10 % 14.8 ​ ​ Other ​ 13 ​ 16 Deferred financing costs ​ (21,652) ​ (16,413) Total Unsecured Debt, net ​ 3,558,083 ​ 2,946,560 3.27 % 7.5 Total Debt, net ​ $ 4,707,524 ​ $ 3,547,787 3.43 % 7.1
Secured credit facilities	Further information related to the credit facility is as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Borrowings outstanding ​ $ 204,590 ​ $ 90,000 ​ Weighted average borrowings during the period ended ​ 94,098 ​ 253,813 ​ Maximum daily borrowings during the period ended ​ 204,590 ​ 314,869 ​ Weighted average interest rate during the period ended ​ 4.3 % 4.7 % Weighted average interest rate at the end of the period ​ 4.9 % 4.0 %
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, 2019 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2020 ​ $ 110,645 ​ $ — ​ $ 110,645 ​ $ 300,000 ​ $ 410,645 2021 ​ ​ 3,797 ​ ​ — ​ ​ 3,797 ​ ​ 16,583 ​ ​ 20,380 2022 ​ 3,945 ​ — ​ 3,945 ​ — ​ 3,945 2023 ​ 310,873 ​ — ​ 310,873 ​ 350,000 ​ 660,873 2024 ​ 95,280 ​ — ​ 95,280 ​ 315,644 ​ 410,924 2025 ​ 173,189 ​ — ​ 173,189 ​ 300,000 ​ 473,189 2026 ​ 51,070 ​ — ​ 51,070 ​ 300,000 ​ 351,070 2027 ​ 1,111 ​ — ​ 1,111 ​ 300,000 ​ 301,111 2028 ​ 122,465 ​ — ​ 122,465 ​ 300,000 ​ 422,465 2029 ​ 144,584 ​ — ​ 144,584 ​ 300,000 ​ 444,584 Thereafter ​ 72,500 ​ 27,000 ​ 99,500 ​ 1,100,000 ​ 1,199,500 Subtotal ​ 1,089,459 ​ 27,000 ​ 1,116,459 ​ 3,582,227 ​ 4,698,686 Non-cash (a) ​ 33,046 ​ (64) ​ 32,982 ​ (24,144) ​ 8,838 Total ​ $ 1,122,505 ​ $ 26,936 ​ $ 1,149,441 ​ $ 3,558,083 ​ $ 4,707,524 (a) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2019 and 2018, the Company amortized $4.2 million and $4.2 million, respectively, of deferred financing costs into Interest expense .
United Dominion Realty L.P.
Entity information
Schedule of debt instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ December 31, ​ December 31, ​ Average ​ Years to ​ Communities ​ ​ 2019 ​ 2018 ​ Interest Rate ​ Maturity ​ Encumbered Fixed Rate Debt ​ ​ Mortgage note payable ​ $ 72,500 ​ $ — 3.10 % 10.1 1 Deferred financing costs ​ (365) ​ — Total fixed rate secured debt, net ​ 72,135 ​ — 3.10 % 10.1 1 Variable Rate Debt ​ ​ Tax-exempt secured note payable ​ $ 27,000 ​ $ 27,000 1.79 % 12.2 1 Deferred financing costs ​ (64) ​ (71) Total Secured Debt, Net ​ $ 99,071 ​ $ 26,929 2.78 % 10.7 2

RELATED PARTY TRANSACTIONS (U_2

RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2019
United Dominion Realty 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, 2019 and 2018 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ December 31, ​ December 31, December 31, ​ ​ 2019 ​ 2019 ​ 2018 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 ​ 4.69 % ​ ​ 133,205 ​ ​ 133,205 Note due December 2028 (a) ​ 3.43 % ​ ​ 230,694 ​ ​ 293,576 Total notes payable due to the General Partner ​ ​ $ 637,233 ​ $ 700,115 (a) 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. 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 3.43 % as of December 31, 2019. 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, 2019
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, 2019 and 2018 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, 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 ​ ​ 2019 ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable (a) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (b) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (b) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (c) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (c) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 16,583 ​ ​ 16,583 ​ ​ — ​ ​ — ​ ​ 16,583 Commercial paper program ​ ​ 300,000 ​ ​ 300,000 ​ ​ — ​ ​ — ​ ​ 300,000 Unsecured notes ​ ​ 3,263,152 ​ ​ 3,397,622 ​ ​ — ​ ​ — ​ ​ 3,397,622 Total liabilities ​ $ 4,731,595 ​ $ 4,853,337 ​ $ — ​ $ 142 ​ $ 4,853,195 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (d) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 facility ​ 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 ​ $ — (a) See Note 2, Significant Accounting Policies . (b) See Note 14, Derivatives and Hedging Activity . (c) See Note 7, Secured and Unsecured Debt, Net . (d) See Note 12, Noncontrolling Interests .
United Dominion Realty 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, 2019 and 2018 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, 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 ​ ​ 2019 ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Secured debt instrument - fixed rate: (a) ​ ​ ​ ​ ​ Mortgage note payable ​ $ 72,500 ​ $ 71,976 ​ $ — ​ $ — ​ $ 71,976 Secured debt instrument - variable rate: (a) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ ​ 27,000 ​ ​ 27,000 ​ ​ — ​ ​ — ​ ​ 27,000 Total liabilities ​ $ 99,500 ​ $ 98,976 ​ $ — ​ $ — ​ $ 98,976 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2018, 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 ​ ​ 2018 ​ 2018 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Secured debt instrument - variable rate: (a) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ $ 27,000 ​ $ 27,000 ​ $ — ​ $ — ​ $ 27,000 Total liabilities ​ $ 27,000 ​ $ 27,000 ​ $ — ​ $ — ​ $ 27,000 (a) See Note 6, Debt, Net

DERIVATIVES AND HEDGING ACTIV_9

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2019
Entity information
Schedule of outstanding interest rate derivatives	As of December 31, 2019, 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 (a) In addition to the interest rate swaps summarized above, the Company entered into an additional interest rate swap with a notional value of $315.0 million that will become effective in January 2020 upon the maturity of the interest rate swaps summarized above. Additionally, the Company had previously entered into two additional interest rate swaps with a notional value totaling $75.0 million that were subsequently terminated and settled during the year ended December 31, 2019 in conjunction with the July 2019 issuance of $300.0 million of senior unsecured medium-term notes as disclosed in Note 7, Secured and Unsecured, Net . ​ 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 the years ended December 31, 2019 and 2018, and a loss of less than $0.1 million for the year ended December 31, 2017. As of December 31, 2019, 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, 2019 and 2018 ( 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, ​ ​ 2019 ​ 2018 ​ 2019 ​ 2018 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 6 ​ $ 4,757 ​ $ 142 ​ $ 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, 2019, 2018, and 2017 ( 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 2019 2018 2017 2019 2018 2017 2019 2018 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (8,437) ​ $ 4,806 ​ $ 1,802 ​ $ 2,770 ​ $ 1,948 ​ $ (1,271) ​ $ — ​ $ — ​ $ (136)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ 2017 Total amount of Interest expense ​ $ 170,917 ​ $ 134,168 ​ $ 128,711 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ Interest income and other income/(expense), net Derivatives Not Designated as Hedging Instruments 2019 2018 2017 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ — ​ $ — (1)
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, 2019 and 2018 ( 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, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ $ 4,757 ​ $ — ​ $ 4,757 ​ $ — ​ $ — ​ $ 4,757 (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, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2018 ​ $ 356 ​ $ — ​ $ 356 ​ $ — ​ $ — ​ $ 356 (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 Realty L.P.
Entity information
Schedule of outstanding interest rate derivatives	As of December 31, 2019, 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, 2019, 2018, and 2017 ( 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 2019 2018 ​ 2017 2019 2018 ​ 2017 2019 2018 ​ 2017 Interest rate products ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ (106)
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, ​ ​ 2019 ​ 2018 ​ 2017 Total amount of Interest expense ​ $ 1,639 ​ $ 8,733 ​ ​ 18,156 (a) Excludes Interest expense on notes payable due to the General Partner for the years ended December 31, 2019, 2018, and 2017. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain/(Loss) Recognized in ​ ​ Interest income and other ​ ​ income/(expense), net Derivatives Not Designated as Hedging Instruments 2019 2018 2017 Interest rate products ​ $ — ​ $ — ​ $ (1)

CAPITAL STRUCTURE (UNITED DOM_2

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2019
United Dominion Realty L.P.
Entity information
Schedule of limited partners' capital account by class	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR, Inc. ​ ​ ​ Class A ​ ​ Class A ​ ​ ​ ​ Limited ​ Limited ​ Limited ​ Limited ​ General ​ ​ ​ ​ Partners ​ Partners ​ Partner ​ Partner ​ Partner ​ Total Ending balance at December 31, 2016 1,752 7,297 173,998 121 ​ 111 183,279 Vesting of LTIP Units — ​ 72 ​ — ​ — ​ — ​ 72 OP redemptions for UDR stock ​ — (8) ​ 8 — — — Ending balance at December 31, 2017 1,752 7,361 174,006 121 111 183,351 Vesting of LTIP Units ​ — ​ 286 ​ — ​ — ​ — ​ 286 OP redemptions for UDR stock ​ — (11) ​ 11 — — — Ending balance at December 31, 2018 ​ 1,752 ​ 7,636 ​ 174,017 ​ 121 ​ 111 ​ 183,637 Vesting of LTIP Units ​ — ​ 427 ​ — ​ — ​ — ​ 427 OP redemptions for UDR stock — (1,969) ​ 1,969 — — — Ending balance at December 31, 2019 1,752 6,094 175,986 121 111 184,064

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2019
Loss Contingencies [Line Items]
Summary of real estate commitments	The following summarizes the Company’s real estate commitments at December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 3 ​ $ 69,754 ​ $ 208,723 Wholly-owned — redevelopment 2 ​ ​ 15,744 ​ ​ 19,756 Joint ventures: ​ ​ Preferred equity investments 2 ​ ​ 73,868 (b) ​ 9,121 (c) Other investments ​ - ​ ​ 13,598 ​ ​ 8,100 (d) Total ​ $ 172,964 ​ $ 245,700 (a) Represents UDR’s investment as of December 31, 2019. (b) Represents UDR’s investment in 1300 Fairmount and Modera Lake Merritt, which were under development as of December 31, 2019. (c) Represents UDR’s remaining commitment for 1300 Fairmount and Modera Lake Merritt. (d) Represents UDR’s remaining commitment for other investment ventures. ​
United Dominion Realty L.P.
Loss Contingencies [Line Items]
Summary of real estate commitments	The following summarizes the Operating Partnership’s real estate commitments at December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ Operating Partnership's ​ ​ Properties ​ Investment ​ Remaining Commitment Real estate communities - redevelopment 1 ​ $ 8,073 ​ $ 16,927

REPORTABLE SEGMENTS (UNITED D_2

REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2019
Entity information
Summary of rental income and NOI for the Operating Partnerships 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, 2019, 2018, and 2017, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 392,456 ​ $ 377,259 ​ $ 361,277 Mid-Atlantic Region ​ 210,391 ​ 204,733 ​ 199,206 Southeast Region ​ ​ 113,175 ​ ​ 109,189 ​ ​ 104,106 Northeast Region ​ 119,910 ​ 117,572 ​ 115,713 Southwest Region ​ 54,516 ​ 52,970 ​ 51,949 Non-Mature Communities/Other ​ 162,969 ​ 94,176 ​ 77,524 Total segment and consolidated lease revenue ​ $ 1,053,417 ​ $ 955,899 ​ $ 909,775 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 31,045 ​ $ 28,493 ​ $ 27,493 Mid-Atlantic Region ​ 17,049 ​ 15,717 ​ 14,951 Southeast Region ​ 13,557 ​ 13,045 ​ 12,361 Northeast Region ​ 4,858 ​ 4,590 ​ 4,307 Southwest Region ​ 5,312 ​ 5,281 ​ 5,152 Non-Mature Communities/Other ​ 12,900 ​ 12,080 ​ 10,270 Total segment and consolidated other revenue ​ $ 84,721 ​ $ 79,206 ​ $ 74,534 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 423,501 ​ $ 405,752 ​ $ 388,770 Mid-Atlantic Region ​ 227,440 ​ 220,450 ​ 214,157 Southeast Region ​ 126,732 ​ 122,234 ​ 116,467 Northeast Region ​ 124,768 ​ 122,162 ​ 120,020 Southwest Region ​ 59,828 ​ 58,251 ​ 57,101 Non-Mature Communities/Other ​ 175,869 ​ 106,256 ​ 87,794 Total segment and consolidated rental income ​ $ 1,138,138 ​ $ 1,035,105 ​ $ 984,309 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 321,890 ​ $ 306,307 ​ $ 291,265 Mid-Atlantic Region ​ 159,665 ​ 153,670 ​ 150,126 Southeast Region ​ 88,467 ​ 85,220 ​ 80,726 Northeast Region ​ 83,832 ​ 84,059 ​ 83,569 Southwest Region ​ 36,589 ​ 34,506 ​ 34,439 Non-Mature Communities/Other ​ 117,860 ​ 68,353 ​ 58,378 Total segment and consolidated NOI ​ 808,303 ​ 732,115 ​ 698,503 Reconciling items: ​ ​ ​ Joint venture management and other fees ​ 14,055 ​ 11,754 ​ 11,482 Property management ​ (32,721) ​ (28,465) ​ (27,068) Other operating expenses ​ (13,932) ​ (12,100) ​ (9,060) Real estate depreciation and amortization ​ (501,257) ​ (429,006) ​ (430,054) General and administrative ​ (51,533) ​ (46,983) ​ (48,566) Casualty-related (charges)/recoveries, net ​ (474) ​ (2,121) ​ (4,335) Other depreciation and amortization ​ (6,666) ​ (6,673) ​ (6,408) Gain/(loss) on sale of real estate owned ​ ​ 5,282 ​ ​ 136,197 ​ ​ 43,404 Income/(loss) from unconsolidated entities ​ 137,873 ​ (5,055) ​ 31,257 Interest expense ​ (170,917) ​ (134,168) ​ (128,711) Interest income and other income/(expense), net ​ 15,404 ​ 6,735 ​ 1,971 Tax (provision)/benefit, net ​ (3,838) ​ (688) ​ 240 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (14,426) ​ (18,215) ​ (10,933) Net (income)/loss attributable to noncontrolling interests ​ (188) ​ (221) ​ (164) Net income/(loss) attributable to UDR, Inc. ​ $ 184,965 ​ $ 203,106 ​ $ 121,558
Details of assets of the Operating Partnership's reportable segments	The following table details the assets of UDR’s reportable segments as of December 31, 2019 and 2018 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,810,672 ​ $ 3,763,366 Mid-Atlantic Region ​ 2,350,341 ​ 2,317,369 Southeast Region ​ 806,830 ​ 779,310 Northeast Region ​ 1,500,597 ​ 1,491,994 Southwest Region ​ 456,140 ​ 447,305 Non-Mature Communities/Other ​ 3,677,521 ​ 1,396,815 Total segment assets ​ 12,602,101 ​ 10,196,159 Accumulated depreciation ​ (4,131,353) ​ (3,654,160) Total segment assets — net book value ​ 8,470,748 ​ 6,541,999 Reconciling items: ​ ​ Cash and cash equivalents ​ 8,106 ​ 185,216 Restricted cash ​ 25,185 ​ 23,675 Notes receivable, net ​ 153,650 ​ 42,259 Investment in and advances to unconsolidated joint ventures, net ​ 588,262 ​ 780,869 Operating lease right-of-use assets ​ ​ 204,225 ​ ​ — Other assets ​ 186,296 ​ 137,710 Total consolidated assets ​ $ 9,636,472 ​ $ 7,711,728 (a) Same-Store Community population consisted of 37,959 apartment homes.
United Dominion Realty L.P.
Entity information
Summary of rental income and NOI for the Operating Partnerships 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, 2019, 2018, and 2017, and reconciles NOI to Net income/(loss) attributable to OP unitholders (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2019 2018 2017 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ ​ ​ ​ ​ West Region ​ $ 248,474 ​ $ 238,886 ​ $ 228,027 Mid-Atlantic Region ​ ​ 59,530 ​ ​ 58,624 ​ ​ 57,275 Southeast Region ​ ​ 50,795 ​ ​ 49,132 ​ ​ 46,946 Northeast Region ​ ​ 32,224 ​ ​ 31,693 ​ ​ 31,387 Non-Mature Communities/Other ​ ​ 36,735 ​ ​ 40,547 ​ ​ 43,127 Total segment and consolidated lease revenue ​ $ 427,758 ​ $ 418,882 ​ $ 406,762 Reportable apartment home segment other revenue ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 7,873 ​ $ 7,161 ​ $ 6,996 Mid-Atlantic Region ​ 1,975 ​ 1,765 ​ 1,730 Southeast Region ​ ​ 2,925 ​ ​ 2,764 ​ ​ 2,640 Northeast Region ​ 646 ​ 622 ​ 589 Non-Mature Communities/Other ​ 596 ​ 726 ​ 660 Total segment and consolidated other revenue ​ $ 14,015 ​ ​ 13,038 ​ $ 12,615 Total reportable apartment home segment rental income ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 256,347 ​ $ 246,047 ​ $ 235,023 Mid-Atlantic Region ​ 61,505 ​ 60,389 ​ 59,005 Southeast Region ​ ​ 53,720 ​ ​ 51,896 ​ ​ 49,586 Northeast Region ​ 32,870 ​ 32,315 ​ 31,976 Non-Mature Communities/Other ​ 37,331 ​ 41,273 ​ 43,787 Total segment and consolidated rental income ​ $ 441,773 ​ ​ 431,920 ​ $ 419,377 Reportable apartment home segment NOI ​ ​ ​ Same-Store Communities (a) ​ ​ ​ West Region ​ $ 196,302 ​ $ 187,664 ​ $ 177,228 Mid-Atlantic Region ​ 42,413 ​ 41,642 ​ 40,292 Southeast Region ​ ​ 37,340 ​ ​ 35,948 ​ ​ 34,182 Northeast Region ​ 24,103 ​ 24,578 ​ 24,510 Non-Mature Communities/Other ​ 22,848 ​ 27,548 ​ 30,629 Total segment and consolidated NOI ​ $ 323,006 ​ $ 317,380 ​ $ 306,841 Reconciling items: ​ ​ ​ Property management ​ (12,701) ​ (11,878) ​ (11,533) Other operating expenses ​ (9,488) ​ (8,864) ​ (6,833) Real estate depreciation and amortization ​ (139,975) ​ (143,481) ​ (152,473) General and administrative ​ (18,014) ​ (16,889) ​ (17,875) Casualty-related (charges)/recoveries, net ​ (853) ​ (951) ​ (1,922) Gain/(loss) on sale of real estate owned ​ — ​ 75,507 ​ 41,272 Income/(loss) from unconsolidated entities ​ (8,313) ​ 43,496 ​ (19,256) Interest expense ​ (29,667) ​ (22,835) ​ (30,366) Net (income)/loss attributable to noncontrolling interests ​ (1,832) ​ (1,722) ​ (1,548) Net income/(loss) attributable to OP unitholders ​ $ 102,163 ​ $ 229,763 ​ $ 106,307 (a) Same-Store Community population consisted of 15,723 apartment homes.
Details of assets of the Operating Partnership's reportable segments	The following table details the assets of the Operating Partnership’s reportable segments as of December 31, 2019 and 2018 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2019 ​ 2018 Reportable apartment home segment assets ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 2,011,495 ​ $ 1,981,007 Mid-Atlantic Region ​ 669,417 ​ 663,083 Southeast Region ​ 352,790 ​ 340,722 Northeast Region ​ 408,703 ​ 406,149 Non-Mature Communities/Other ​ 432,755 ​ 421,024 Total segment assets ​ 3,875,160 ​ 3,811,985 Accumulated depreciation ​ (1,796,568) ​ (1,658,161) Total segment assets - net book value ​ 2,078,592 ​ 2,153,824 Reconciling items: ​ ​ Cash and cash equivalents ​ 24 ​ 125 Restricted cash ​ 13,998 ​ 13,563 Investment in unconsolidated entities ​ 76,222 ​ 103,026 Operating lease right-of-use assets ​ ​ 205,668 ​ ​ — Other assets ​ 24,241 ​ 34,052 Total consolidated assets ​ $ 2,398,745 ​ $ 2,304,590 (a) Same-Store Community population consisted of 15,723 apartment homes.

UNAUDITED SUMMARIZED CONSOLID_5

UNAUDITED SUMMARIZED CONSOLIDATED QUARTERLY FINANCIAL DATA (UNITED DOMINION REALTY, L.P.) (Tables)	12 Months Ended
	Dec. 31, 2019
Entity information
Schedule of quarterly financial information	Selected consolidated quarterly financial data for the years ended December 31, 2019 and 2018 is summarized in the table below (dollars in thousands, except per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ June 30, ​ September 30, ​ December 31, 2019 ​ ​ ​ ​ Rental income ​ $ 267,922 ​ $ 278,463 ​ $ 289,008 ​ $ 302,745 Net income/(loss) ​ 26,602 ​ 38,318 ​ 29,422 ​ 105,237 Net income/(loss) attributable to common stockholders (a) ​ 23,492 ​ 34,588 ​ 26,173 ​ 96,928 Income/(loss) attributable to common stockholders per weighted average common share (a): ​ ​ ​ ​ Basic ​ $ 0.08 ​ $ 0.12 ​ $ 0.09 ​ $ 0.33 Diluted ​ $ 0.08 ​ $ 0.12 ​ $ 0.09 ​ $ 0.33 Weighted average number of common shares outstanding: ​ ​ ​ ​ Basic ​ 277,002 ​ 281,960 ​ 288,706 ​ 293,107 Diluted ​ 277,557 ​ 282,575 ​ 289,529 ​ 294,073 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 (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 Realty L.P.
Entity information
Schedule of quarterly financial information	Selected consolidated quarterly financial data for the years ended December 31, 2019 and 2018 is summarized in the table below ( dollars in thousands, except per unit amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, June 30, September 30, December 31, 2019 ​ ​ ​ ​ Rental income ​ $ 108,334 ​ $ 110,350 ​ $ 111,700 ​ $ 111,389 Income/(loss) ​ 24,334 ​ 27,810 ​ 27,283 ​ 24,568 Income/(loss) attributable to OP unitholders ​ 23,946 ​ 27,394 ​ 26,835 ​ 23,988 Income/(loss) attributable to OP unitholders per weighted average OP Unit — basic and diluted (a) ​ $ 0.13 ​ $ 0.15 ​ $ 0.15 ​ $ 0.13 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 (a) Quarterly net income/(loss) per weighted average OP Unit amounts may not total to the annual amounts.

CONSOLIDATION AND BASIS OF PR_4

CONSOLIDATION AND BASIS OF PRESENTATION - GP Units (UNITED DOMINION REALTY, L.P.) (Details)	12 Months Ended
	Dec. 31, 2019homeUSD ($)communityitemshares	Dec. 31, 2018shares	Dec. 31, 2017shares	Dec. 31, 2016shares
Basis of presentation
Number of real estate properties | community	148
Number of markets operating within (in markets) | $	20
Number of apartments owned (in apartments homes) | home	47,010
Operating Partnership outstanding units	184,100,000	183,600,000
Operating Partnership units outstanding related to limited partner	184,064,000	183,637,000	183,351,000	183,279,000
United Dominion Realty L.P.
Basis of presentation
Operating Partnership units outstanding related to limited partner	176,200,000	174,200,000
Percentage of units outstanding in Partnership	95.70%	94.90%
United Dominion Realty L.P.
Basis of presentation
Rental revenues percent of General Partner's consolidated rental revenues	39.00%	42.00%	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) | home	16,434
Operating Partnership outstanding units	184,100,000	183,600,000
OP units outstanding related to general partner	110,883	110,883
Operating Partnership units outstanding related to limited partner	183,952,659	183,525,660
UDR, Inc.
Basis of presentation
General Partners' ownership (as a percent)	56.80%
Operating Partnership outstanding units	18,400,000	17,200,000
Operating Partnership units outstanding related to limited partner	176,100,000	174,100,000
Percentage of units outstanding in Partnership	95.70%	94.90%
UDR, Inc. | United Dominion Realty L.P.
Basis of presentation
General Partners' ownership (as a percent)	95.70%	94.90%
Operating Partnership outstanding units	176,200,000	174,200,000
OP units outstanding related to general partner	100,000	100,000
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	176,100,000	174,100,000
Percentage of units outstanding in Partnership	95.70%	94.80%
Non-affiliated Partners
Basis of presentation
Operating Partnership outstanding units	14,000,000	9,400,000
Operating Partnership units outstanding related to limited partner	7,900,000
Percentage of units outstanding in Partnership	4.30%	5.10%
Non-affiliated Partners | United Dominion Realty L.P.
Basis of presentation
Operating Partnership outstanding units	7,900,000	9,400,000
Operating Partnership units outstanding related to limited partner	7,900,000
Percentage of units outstanding in Partnership	4.30%	5.10%
Class A Limited Partner | United Dominion Realty L.P.
Basis of presentation
Operating Partnership units outstanding related to limited partner	1,900,000	1,900,000
Class A Limited Partner | UDR, Inc.
Basis of presentation
Operating Partnership units outstanding related to limited partner	121,000	121,000	121,000	121,000
Non-affiliated Partners | United Dominion Realty L.P.
Basis of presentation
Operating Partnership units outstanding related to limited partner	7,900,000	9,400,000
Percentage of units outstanding in Partnership	4.30%	5.10%
Non-affiliated Partners | Class A Limited Partner
Basis of presentation
Operating Partnership units outstanding related to limited partner	1,752,000	1,752,000	1,752,000	1,752,000

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Jan. 01, 2019
Accounting policies
Operating lease right-of-use assets	$ 204,225
Operating lease liabilities	198,558
Development costs excluding direct costs and capitalized interest	8,400	$ 7,500	$ 8,800
Interest capitalized during period	5,100	10,600	18,600
Advertising expense	$ 6,500	6,700	6,200
Minimum percentage of carrying value of real estate portfolio	10.00%
Minimum | Buildings
Accounting policies
Estimated useful lives	30 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 Realty L.P.
Accounting policies
Operating lease right-of-use assets	$ 205,668
Operating lease liabilities	200,001
Development costs excluding direct costs and capitalized interest	800	100	500
Interest capitalized during period	200
Unrecognized Tax Benefits	0
Advertising expense	$ 1,900	1,900	2,100
Minimum percentage of carrying value of real estate portfolio	10.00%
United Dominion Realty L.P. | Minimum | Buildings
Accounting policies
Estimated useful lives	30 years
United Dominion Realty L.P. | Minimum | Building improvements
Accounting policies
Estimated useful lives	10 years
United Dominion Realty L.P. | Minimum | Furniture, fixtures, equipment, and other assets
Accounting policies
Estimated useful lives	3 years
United Dominion Realty L.P. | Maximum
Accounting policies
Interest capitalized during period		100	$ 100
United Dominion Realty L.P. | Maximum | Buildings
Accounting policies
Estimated useful lives	55 years
United Dominion Realty L.P. | Maximum | Building improvements
Accounting policies
Estimated useful lives	35 years
United Dominion Realty L.P. | Maximum | Furniture, fixtures, equipment, and other assets
Accounting policies
Estimated useful lives	10 years
ASU 2016-02 | Adjustment
Accounting policies
Operating lease right-of-use assets				$ 94,300
Operating lease liabilities				88,300
Prepaid rent and intangible assets				6,000
ASU 2016-02 | Adjustment | United Dominion Realty L.P.
Accounting policies
Operating lease right-of-use assets				94,200
Operating lease liabilities				$ 88,200
Prepaid rent and intangible assets		$ 6,000

REAL ESTATE OWNED (UNITED DOM_3

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) - Summary (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real estate owned
Land	$ 2,164,032	$ 1,849,799
Depreciable property - held and used:
Land Improvements	224,964	213,224
Building, improvements, and furniture, fixtures and equipment	10,102,758	8,133,136
Under development:
Real estate under development (net of accumulated depreciation of $23 and $0, respectively)	69,754
Real estate owned	12,602,101	10,196,159
Accumulated depreciation	(4,131,353)	(3,654,160)
Total real estate owned, net of accumulated depreciation	8,470,748	6,541,999
United Dominion Realty L.P.
Real estate owned
Land	711,256	711,256
Depreciable property - held and used:
Land Improvements	96,864	92,000
Building, improvements, and furniture, fixtures and equipment	3,067,040	3,008,729
Under development:
Real estate owned	3,875,160	3,811,985
Accumulated depreciation	(1,796,568)	(1,658,161)
Total real estate owned, net of accumulated depreciation	$ 2,078,592	$ 2,153,824

REAL ESTATE OWNED (UNITED DOM_4

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) - Other Information (Details) $ in Millions	1 Months Ended
	Feb. 28, 2019USD ($)item	Dec. 31, 2018USD ($)item	Feb. 28, 2018USD ($)home	Dec. 31, 2017USD ($)community	Dec. 31, 2019statehomecommunity
Real estate properties
Number of apartment homes owned and consolidated | home					47,010
Number of real estate properties | community					148
Number of states in which there are owned and consolidated communities | state					13
United Dominion Realty L.P.
Real estate properties
Number of apartment homes owned and consolidated | home					16,434
Number of real estate properties | community					52
Number of states in which there are owned and consolidated communities | state					9
Orange County and Carlsbad Properties
Real estate properties
Apartment homes sold | community				218
Net proceeds from sale of properties				$ 69
Gain on sale of real estate owned				$ 41.3
ORANGE COUNTY, CA
Real estate properties
Apartment homes sold | item	264
Net proceeds from sale of properties	$ 90.5
Gain on sale of real estate owned	$ 70.3
ORANGE COUNTY, CA | United Dominion Realty L.P.
Real estate properties
Apartment homes sold | home			264
Net proceeds from sale of properties			$ 90.5
Gain on sale of real estate owned			$ 70.3
Fairfax, VA
Real estate properties
Apartment homes sold | item		604
Net proceeds from sale of properties		$ 160
Gain on sale of real estate owned		65.9
Fairfax, VA | United Dominion Realty L.P.
Real estate properties
Gross proceeds from sale of properties		9.3
Gain on sale of real estate owned		$ 5.2

UNCONSOLIDATED ENTITIES (UNIT_3

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)home	Dec. 31, 2019USD ($)community
Properties
Number of real estate properties | community		148
Investment in unconsolidated entities	$ 585,490
United Dominion Realty L.P.
Properties
Number of real estate properties | community		52
Investment in unconsolidated entities	$ 103,026	$ 76,222
UDR Lighthouse DownREIT L.P. | United Dominion Realty L.P.
Properties
Number of real estate properties | community		12
Number of apartment homes	604	5,657
Proceeds from sale of real estate	$ 150,700
Gain on sale of property	51,100
Investment in unconsolidated entities	$ 103,000	$ 76,200

UNCONSOLIDATED ENTITIES (UNIT_4

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) - Summary Financial Information (Details) - UDR Lighthouse DownREIT L.P. - United Dominion Realty L.P. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Total real estate, net	$ 1,106,703	$ 1,167,720
Cash and cash equivalents	20	39
Note receivable from the General Partner	222,853	221,022
Other assets	4,829	5,561
Total assets	1,334,405	1,394,342
Secured debt, net	427,592	431,735
Other liabilities	28,087	26,597
Liabilities	455,679	458,332
Total capital	878,726	936,010
Total revenues	128,621	138,121	$ 134,669
Property operating expenses	(51,747)	(56,998)	(55,487)
Real estate depreciation and amortization	(82,283)	(85,872)	(84,000)
Gain/(loss) on sale of real estate		24,053
Operating income/(loss)	(5,409)	19,304	(4,818)
Interest expense	(15,648)	(14,456)	(14,483)
Other income/(loss)	8,061	4,884	4,718
Net income /(loss)	$ (12,996)	$ 9,732	$ (14,583)

LEASES (UNITED DOMINION REALT_3

LEASES (UNITED DOMINION REALTY, L.P.) - Lessee Future Minimum Payments - (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)leasecommunity	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2019
Lessee operating leases
Number of communities subject to ground leases | community	6
Operating leases existence of option to extend	true
Lease classification per practical expedient	true
Operating lease right-of-use assets	$ 204,225
Increase in operating lease right-to-use assets	$ 111,055
Number of ground leases that became fixed | lease	2
Weighted average remaining lease term				44 years 8 months 12 days
Weighted average discount rate	5.00%
Number of real estate properties | community	148
Future minimum lease payments
Operating lease liabilities	$ 198,558
LAND
Future minimum lease payments
2020	12,442
2021	12,442
2022	12,442
2023	12,442
2024	12,442
Thereafter	455,221
Total future minimum lease payments (undiscounted)	517,431
Difference between future undiscounted cash flows and discounted cash flows	(318,873)
Operating lease liabilities	$ 198,558
United Dominion Realty L.P.
Lessee operating leases
Number of communities subject to ground leases | community	6
Operating leases existence of option to extend	true
Operating lease right-of-use assets	$ 205,668
Increase in operating lease right-to-use assets	$ 112,498
Weighted average remaining lease term	44 years 4 months 24 days
Weighted average discount rate	5.00%
Number of real estate properties | community	52
Future minimum lease payments
2020	$ 12,594
2021	12,598
2022	12,601
2023	12,605
2024	12,608
Thereafter	456,090
Total future minimum lease payments (undiscounted)	519,096
Difference between future undiscounted cash flows and discounted cash flows	(319,095)
Operating lease liabilities	200,001
United Dominion Realty L.P. | LAND
Lessee operating leases
Increase in operating lease right-to-use assets	111,100
2019		$ 4,900
2020		4,900
2021		4,900
2022		4,900
2023		4,900
Thereafter		313,900
Future minimum lease payments
2020	12,442
2021	12,442
2022	12,442
2023	12,442
2024	12,442
Thereafter	455,221
Total future minimum lease payments (undiscounted)	517,431
Difference between future undiscounted cash flows and discounted cash flows	(318,873)
Operating lease liabilities	$ 198,558
United Dominion Realty L.P. | LAND | Other operating expense
Lessee operating leases
Rent expense		$ 7,300	$ 6,200
United Dominion Realty L.P. | Equipment Leases
Lessee operating leases
Number of leases | lease	6
Increase in operating lease right-to-use assets	$ 1,400
Future minimum lease payments
2020	152
2021	156
2022	159
2023	163
2024	166
Thereafter	869
Total future minimum lease payments (undiscounted)	1,665
Difference between future undiscounted cash flows and discounted cash flows	(222)
Operating lease liabilities	$ 1,443
United Dominion Realty L.P. | Retail and Commercial Spaces
Lessee operating leases
Lease classification per practical expedient	true

LEASES (UNITED DOMINION REALT_4

LEASES (UNITED DOMINION REALTY, L.P.) - Lessee Expenses (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Lessee operating leases
Contractual ground lease expense	$ 400
Variable ground lease expense	400
Operating lease right-of-use asset amortization	1,200
Operating lease liabilities amortization	800
LAND
Lessee operating leases
Contractual ground lease expense	8,272
Variable ground lease expense	664
Office Space
Lessee operating leases
Total lease expense	9,006
United Dominion Realty L.P.
Lessee operating leases
Contractual ground lease expense	300
Total lease expense	8,955
Operating lease right-of-use asset amortization	1,000
Operating lease liabilities amortization	700
Short term lease expense	0
United Dominion Realty L.P. | LAND
Lessee operating leases
Contractual ground lease expense	8,272
Variable ground lease expense	664
Total lease expense	8,936
United Dominion Realty L.P. | Equipment Leases
Lessee operating leases
Contractual ground lease expense	$ 19

LEASES (UNITED DOMINION REALT_5

LEASES (UNITED DOMINION REALTY, L.P.) - Lessor (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Future minimum lease payments
2020	$ 22,568
2021	22,055
2022	20,443
2023	19,057
2024	17,304
Thereafter	78,818
Total future minimum payments	180,245
Variable lease expense	$ 400
Apartment Homes
Lessor leases
Percentage of lease revenue	98.10%
Apartment Homes | Maximum
Lessor leases
Lease terms	12 months
Retail and Commercial Spaces
Lessor leases
Percentage of lease revenue	1.90%
Retail and Commercial Spaces | Minimum
Lessor leases
Lease terms	5 years
Retail and Commercial Spaces | Maximum
Lessor leases
Lease terms	15 years
United Dominion Realty L.P.
Future minimum lease payments
2020	$ 7,733
2021	7,395
2022	6,791
2023	6,466
2024	5,801
Thereafter	13,826
Total future minimum payments	$ 48,012
United Dominion Realty L.P. | Minimum
Lessor leases
Lease terms	5 years
United Dominion Realty L.P. | Maximum
Lessor leases
Lease terms	15 years
United Dominion Realty L.P. | Apartment Homes
Lessor leases
Percentage of lease revenue	98.40%
United Dominion Realty L.P. | Apartment Homes | Maximum
Lessor leases
Lease terms	12 months
United Dominion Realty L.P. | Retail and Commercial Spaces
Lessor leases
Percentage of lease revenue	1.60%
Future minimum lease payments
Variable lease expense	$ 100

DEBT, NET (UNITED DOMINION RE_3

DEBT, NET (UNITED DOMINION REALTY, L.P.) - Summary (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)community	Nov. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Fixed and variable rate debt
Weighted Average Interest Rate	3.43%
Weighted Average
Fixed and variable rate debt
Years to maturity	7 years 1 month 6 days
Credit facilities
Fixed and variable rate debt
Principal outstanding		$ 205,000
Interest rate		4.90%
Fixed Rate Debt | Mortgages Notes Payable
Fixed and variable rate debt
Principal outstanding	$ 884,869	$ 313,400	$ 417,989
Weighted Average Interest Rate	3.61%
Communities Encumbered (in communities) | community	15
Fixed Rate Debt | Mortgages Notes Payable | Weighted Average
Fixed and variable rate debt
Years to maturity	6 years 2 months 12 days
Variable Rate Debt | Tax-exempt secured notes payable
Fixed and variable rate debt
Principal outstanding	$ 27,000		94,700
Weighted Average Interest Rate	1.79%
Communities Encumbered (in communities) | community	1
Variable Rate Debt | Tax-exempt secured notes payable | Weighted Average
Fixed and variable rate debt
Years to maturity	12 years 2 months 12 days
United Dominion Realty L.P.
Fixed and variable rate debt
Principal outstanding	$ 99,071		26,929
Weighted Average Interest Rate	2.78%
Communities Encumbered (in communities) | community	2
Deferred finance costs, net	$ (429)
United Dominion Realty L.P. | Weighted Average
Fixed and variable rate debt
Years to maturity	10 years 8 months 12 days
United Dominion Realty L.P. | Fixed Rate Debt
Fixed and variable rate debt
Principal outstanding	$ 72,135
Weighted Average Interest Rate	3.10%
Communities Encumbered (in communities) | community	1
Deferred finance costs, net	$ (365)
United Dominion Realty L.P. | Fixed Rate Debt | Weighted Average
Fixed and variable rate debt
Years to maturity	10 years 1 month 6 days
United Dominion Realty L.P. | Fixed Rate Debt | Mortgages Notes Payable
Fixed and variable rate debt
Principal outstanding	$ 72,500
Weighted Average Interest Rate	3.10%
Interest rate	3.10%
Communities Encumbered (in communities) | community	1
United Dominion Realty L.P. | Fixed Rate Debt | Mortgages Notes Payable | Weighted Average
Fixed and variable rate debt
Years to maturity	10 years 1 month 6 days
United Dominion Realty L.P. | Variable Rate Debt
Fixed and variable rate debt
Deferred finance costs, net	$ (64)		(71)
United Dominion Realty 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	1.79%
Communities Encumbered (in communities) | community	1
United Dominion Realty L.P. | Variable Rate Debt | Tax-exempt secured notes payable | Weighted Average
Fixed and variable rate debt
Years to maturity	12 years 2 months 12 days
Credit facilities | Fixed Rate Debt
Fixed and variable rate debt
Principal outstanding	$ 204,590		90,000
Weighted Average Interest Rate	4.90%
Communities Encumbered (in communities) | community	4
Credit facilities | Fixed Rate Debt | Weighted Average
Fixed and variable rate debt
Years to maturity	3 years
Secured Debt
Fixed and variable rate debt
Principal outstanding	$ 1,149,441		601,227
Weighted Average Interest Rate	3.80%
Communities Encumbered (in communities) | community	20
Secured Debt | Weighted Average
Fixed and variable rate debt
Years to maturity	5 years 8 months 12 days
Secured Debt | Variable Rate Debt
Fixed and variable rate debt
Principal outstanding	$ 26,936		$ 94,581
Weighted Average Interest Rate	1.79%
Communities Encumbered (in communities) | community	1
Secured Debt | Variable Rate Debt | Weighted Average
Fixed and variable rate debt
Years to maturity	12 years 2 months 12 days

DEBT, NET (UNITED DOMINION RE_4

DEBT, NET (UNITED DOMINION REALTY, L.P.) - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fixed and variable rate debt
Borrowings outstanding	$ 2,900	$ 3,300
Commercial Paper
Fixed and variable rate debt
Borrowings outstanding	$ 300,000	$ 101,115
Interest rate at the end of the period	2.00%	2.90%
United Dominion Realty L.P. | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity	$ 1,100,000
United Dominion Realty L.P. | Unsecured Commercial Bank Credit Facility
Fixed and variable rate debt
Long-term commercial paper	500,000
United Dominion Realty L.P. | Commercial Paper
Fixed and variable rate debt
Borrowings outstanding	$ 300,000	$ 101,100
United Dominion Realty L.P. | Mortgages Notes Payable | Variable Rate Debt
Fixed and variable rate debt
Interest rate at the end of the period	1.79%
United Dominion Realty L.P. | 1.93% Term Loan due September 2023
Fixed and variable rate debt
Guarantor borrowing capacity	$ 350,000
United Dominion Realty L.P. | 3.75% Medium-Term Notes Due July 2024
Fixed and variable rate debt
Guarantor borrowing capacity	300,000
United Dominion Realty L.P. | 2.95% Medium-Term Note due September 2026
Fixed and variable rate debt
Guarantor borrowing capacity	300,000
United Dominion Realty L.P. | 4.00% Medium-Term Note due October 2025
Fixed and variable rate debt
Guarantor borrowing capacity	300,000
United Dominion Realty L.P. | 3.50 Medium-Term Note due July 2027
Fixed and variable rate debt
Guarantor borrowing capacity	300,000
United Dominion Realty L.P. | Medium-Term Note due January 2028
Fixed and variable rate debt
Guarantor borrowing capacity	300,000
United Dominion Realty L.P. | Medium-Term Note due January 2029
Fixed and variable rate debt
Guarantor borrowing capacity	300,000
United Dominion Realty L.P. | Medium Term Notes Due January 2030
Fixed and variable rate debt
Guarantor borrowing capacity	400,000
United Dominion Realty L.P. | Medium-Term Notes Due August 2031
Fixed and variable rate debt
Guarantor borrowing capacity	400,000
United Dominion Realty L.P. | Medium Term Notes Due January 2034
Fixed and variable rate debt
Guarantor borrowing capacity	300,000
Credit facilities
Fixed and variable rate debt
Borrowings outstanding	$ 204,590	$ 90,000
Interest rate at the end of the period	4.90%	4.00%

RELATED PARTY TRANSACTIONS (U_3

RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.) (Details) - United Dominion Realty L.P. - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Related party transactions
Related party management fees	$ 16,900	$ 15,200	$ 15,400
Debt Instrument, Interest Rate Period End	3.43%
Notes payable due to the General Partner	$ 637,233	700,115
Interest expense, related party	28,028	14,102	12,210
UDR, Inc.
Related party transactions
General and administrative expenses allocated to the Operating Partnership by UDR	$ 13,800	13,500	$ 14,000
Note due August 2021
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
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
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
Related party transactions
Debt Instrument, Interest Rate Period End	4.69%
Notes payable due to the General Partner	$ 133,205	133,205
Note due December 2028
Related party transactions
Debt Instrument, Interest Rate Period End	3.43%
Notes payable due to the General Partner	$ 230,694	$ 293,576

FAIR VALUE OF DERIVATIVES AND_6

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Debt instruments - fair value
Transfer between the levels	$ 0
Fair Value, Measurements, Recurring | Carrying Amount
Debt instruments - fair value
Total liabilities	4,731,595	$ 3,566,018
Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Total liabilities	4,853,337	3,532,104
Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value		94,700
Credit facilities | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	213,661
Level 2 | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Total liabilities	142	356
Level 3 | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Total liabilities	4,853,195	3,531,748
Level 3 | Credit facilities | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	213,661
United Dominion Realty L.P. | Fair Value, Measurements, Recurring | Carrying Amount
Debt instruments - fair value
Total liabilities	99,500	27,000
United Dominion Realty L.P. | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Total liabilities	98,976	27,000
United Dominion Realty L.P. | Level 3 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Total liabilities	98,976
United Dominion Realty L.P. | Level 3 | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Total liabilities		27,000
Fixed Rate Debt | Mortgages Notes Payable | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	898,329	416,314
Fixed Rate Debt | Level 3 | Mortgages Notes Payable | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	898,329	416,314
Fixed Rate Debt | United Dominion Realty L.P. | Mortgages Notes Payable | Fair Value, Measurements, Recurring | Carrying Amount
Debt instruments - fair value
Fair value	72,500
Fixed Rate Debt | United Dominion Realty L.P. | Mortgages Notes Payable | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	71,976
Fixed Rate Debt | United Dominion Realty L.P. | Level 3 | Mortgages Notes Payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	71,976
Variable Rate Debt | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	27,000
Variable Rate Debt | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	27,000	94,700
Variable Rate Debt | United Dominion Realty L.P. | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Carrying Amount
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt | United Dominion Realty L.P. | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	27,000	27,000
Variable Rate Debt | United Dominion Realty L.P. | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
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, 2019USD ($)iteminstrument
Derivatives
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 1,700
United Dominion Realty 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 | Not Designated as Hedging Instrument
Derivatives
Number instruments | instrument	1
Notional	$ 19,880
Interest rate caps | United Dominion Realty L.P. | Not 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, 2019	Dec. 31, 2018	Dec. 31, 2017
Gains (losses)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net			$ (1)
United Dominion Realty L.P.
Gains (losses)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net			(100)
United Dominion Realty 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 Realty L.P.
Gains (losses)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	0	0
Interest rate contracts | United Dominion Realty L.P. | Other income/(expense)
Gains (losses)
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	$ 0	$ 0	(1)
Interest rate contracts | United Dominion Realty L.P. | Interest expense | Cash Flow Hedging
Gains (losses)
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, 2019	Dec. 31, 2018	Dec. 31, 2017
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships			$ 1
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 1,700
Total amount of Interest expense presented on the Consolidated Statements of Operations	170,917	$ 134,168	128,711
United Dominion Realty L.P.
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships			100
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	1,639	8,733	18,156
Cash Flow Hedging | Interest expense | United Dominion Realty L.P.
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships	0
Interest rate contracts | United Dominion Realty L.P.
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships	0	0
Interest rate contracts | United Dominion Realty L.P. | Maximum
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships			(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)
Interest rate contracts | Other income/(expense) | United Dominion Realty L.P.
Derivatives
Losses in the fair value of derivatives not designated in hedging relationships	$ 0	$ 0	$ 1

CAPITAL STRUCTURE (UNITED DOM_3

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) - Units Rollforward (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Capital structure
Balance	183,637	183,351	183,279
Vesting of LTIP Units	427	286	72
Balance	184,064	183,637	183,351
UDR, Inc.
Capital structure
Balance	174,100
Balance	176,100	174,100
Non-affiliated Partners
Capital structure
Balance	7,900
Class A Limited Partner | UDR, Inc.
Capital structure
Balance	121	121	121
Balance	121	121	121
Non-affiliated Partners | Class A Limited Partner
Capital structure
Balance	1,752	1,752	1,752
Balance	1,752	1,752	1,752
Limited Partner
Capital structure
Balance	7,636	7,361	7,297
Vesting of LTIP Units	427	286	72
OP redemptions for UDR stock	(1,969)	(11)	(8)
Balance	6,094	7,636	7,361
Limited Partner | UDR, Inc.
Capital structure
Balance	174,017	174,006	173,998
OP redemptions for UDR stock	1,969	11	8
Balance	175,986	174,017	174,006
General Partner | UDR, Inc.
Capital structure
Balance	111	111	111
Balance	111	111	111

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, 2019USD ($)class$ / sharesshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017shares	Dec. 31, 2016shares
Capital structure
Limited partnership units owned	184,064,000	183,637,000	183,351,000	183,279,000
Redeemable noncontrolling interests in the Operating Partnership | $	$ 1,018,665	$ 972,740
Number of classes of LTIP Units | class	2
United Dominion Realty L.P.
Capital structure
Limited partnership units owned	176,200,000	174,200,000
Percentage of units	95.70%	94.90%
United Dominion Realty L.P.
Capital structure
General Partnership units outstanding	110,883	110,883
Limited partnership units owned	183,952,659	183,525,660
Required period to be outstanding before unit is redeemable (in years)	1 year
Redeemable noncontrolling interests in the Operating Partnership | $	$ 366,400	$ 371,900
UDR, Inc.
Capital structure
Limited partnership units owned	176,100,000	174,100,000
Percentage of units	95.70%	94.90%
UDR, Inc. | United Dominion Realty L.P.
Capital structure
General Partnership units outstanding	100,000	100,000
Limited partnership units owned	176,100,000	174,100,000
Percentage of units	95.70%	94.80%
Non-affiliated Partners
Capital structure
Limited partnership units owned	7,900,000
Percentage of units	4.30%	5.10%
Non-affiliated Partners | United Dominion Realty L.P.
Capital structure
Limited partnership units owned	7,900,000
Percentage of units	4.30%	5.10%
Class A Limited Partner
Capital structure
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 Realty L.P.
Capital structure
Limited partnership units owned	1,900,000	1,900,000
Class A Limited Partner | UDR, Inc.
Capital structure
Limited partnership units owned	121,000	121,000	121,000	121,000
Non-affiliated Partners | United Dominion Realty L.P.
Capital structure
Limited partnership units owned	7,900,000	9,400,000
Percentage of units	4.30%	5.10%
Non-affiliated Partners | Class A Limited Partner
Capital structure
Limited partnership units owned	1,752,000	1,752,000	1,752,000	1,752,000
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
Capital structure
Vesting period	1 year
Maximum | LTIP Units
Capital structure
Vesting period	3 years
Maximum | Employee Director | LTIP Units
Capital structure
Vesting period	3 years

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.) Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2019USD ($)communityproperty
Commitments
Number of communities owned (in communities) | community	148
Cost Incurred to Date	$ 172,964
UDR's Remaining Commitment	$ 245,700
United Dominion Realty L.P.
Commitments
Number of communities owned (in communities) | community	52
Real estate communities - redevelopment | United Dominion Realty L.P.
Commitments
Number of communities owned (in communities) | property	1
Cost Incurred to Date	$ 8,073
UDR's Remaining Commitment	$ 16,927

REPORTABLE SEGMENTS (UNITED D_3

REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2019USD ($)segmenthome	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Segments
Same store communities | home									37,959
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	$ 302,745	$ 289,008	$ 278,463	$ 267,922	$ 264,732	$ 263,256	$ 256,634	$ 250,483	$ 1,138,138	$ 1,035,105	$ 984,309
Reconciling items:
Property management									(32,721)	(28,465)	(27,068)
Other operating expenses									(13,932)	(12,100)	(9,060)
Real estate depreciation and amortization									(501,257)	(429,006)	(430,054)
General and administrative									(51,533)	(46,983)	(48,566)
Casualty-related (charges)/recoveries, net									(474)	(2,121)	(4,335)
Gain/(loss) on sale of real estate owned									5,282	136,197	43,404
Income/(loss) from unconsolidated entities									137,873	(5,055)	31,257
Interest expense									(170,917)	(134,168)	(128,711)
Net (income)/loss attributable to noncontrolling interests									(188)	(221)	(164)
Net income/(loss) attributable to OP unitholders									184,965	203,106	121,558
Reportable apartment home segment assets:
Total segment assets	12,602,101				10,196,159				12,602,101	10,196,159
Accumulated depreciation	(4,131,353)				(3,654,160)				(4,131,353)	(3,654,160)
Total real estate owned, net of accumulated depreciation	8,470,748				6,541,999				8,470,748	6,541,999
Total segment asset - net book value	8,470,748				6,541,999				8,470,748	6,541,999
Reconciling items:
Cash and cash equivalents	8,106				185,216				8,106	185,216	2,038	$ 2,112
Restricted cash	25,185				23,675				25,185	23,675	19,792	19,994
Investment in unconsolidated entities	588,262				780,869				588,262	780,869
Operating lease right-of-use assets	204,225								204,225
Other assets	186,296				137,710				186,296	137,710
Total assets	9,636,472				7,711,728				$ 9,636,472	7,711,728
Reportable Segments
Number of reportable segments | segment									2
Time to maintain percent occupancy to be considered a community									3 months
Practical expedient, single lease component									true
Capital expenditures and development									$ 195,981	214,898	369,029
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									392,456	377,259	361,277
Other revenue									31,045	28,493	27,493
Rental income									423,501	405,752	388,770
Reportable apartment home segment NOI									321,890	306,307	291,265
Reportable apartment home segment assets:
Total segment assets	3,810,672				3,763,366				3,810,672	3,763,366
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									210,391	204,733	199,206
Other revenue									17,049	15,717	14,951
Rental income									227,440	220,450	214,157
Reportable apartment home segment NOI									159,665	153,670	150,126
Reportable apartment home segment assets:
Total segment assets	2,350,341				2,317,369				2,350,341	2,317,369
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									113,175	109,189	104,106
Other revenue									13,557	13,045	12,361
Rental income									126,732	122,234	116,467
Reportable apartment home segment NOI									88,467	85,220	80,726
Reportable apartment home segment assets:
Total segment assets	806,830				779,310				806,830	779,310
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									119,910	117,572	115,713
Other revenue									4,858	4,590	4,307
Rental income									124,768	122,162	120,020
Reportable apartment home segment NOI									83,832	84,059	83,569
Reportable apartment home segment assets:
Total segment assets	1,500,597				1,491,994				1,500,597	1,491,994
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									162,969	94,176	77,524
Other revenue									12,900	12,080	10,270
Rental income									175,869	106,256	87,794
Reportable apartment home segment NOI									117,860	68,353	58,378
Reportable apartment home segment assets:
Total segment assets	3,677,521				1,396,815				3,677,521	1,396,815
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue									1,053,417	955,899	909,775
Other revenue									84,721	79,206	74,534
Rental income									1,138,138	1,035,105	984,309
Reportable apartment home segment NOI									$ 808,303	732,115	698,503
United Dominion Realty L.P.
Segments
Same store communities | home									15,723
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	111,389	111,700	110,350	108,334	108,523	109,539	107,266	106,592	$ 441,773	431,920	419,377
Reconciling items:
Property management									(12,701)	(11,878)	(11,533)
Other operating expenses									(9,488)	(8,864)	(6,833)
Real estate depreciation and amortization									(139,975)	(143,481)	(152,473)
General and administrative									(18,014)	(16,889)	(17,875)
Casualty-related (charges)/recoveries, net									(853)	(951)	(1,922)
Gain/(loss) on sale of real estate owned										75,507	41,272
Income/(loss) from unconsolidated entities									(8,313)	43,496	(19,256)
Interest expense									(29,667)	(22,835)	(30,366)
Net (income)/loss attributable to noncontrolling interests									(1,832)	(1,722)	(1,548)
Net income/(loss) attributable to OP unitholders	23,988	$ 26,835	$ 27,394	$ 23,946	85,880	$ 27,695	$ 24,761	$ 91,427	102,163	229,763	106,307
Reportable apartment home segment assets:
Total segment assets	3,875,160				3,811,985				3,875,160	3,811,985
Accumulated depreciation	(1,796,568)				(1,658,161)				(1,796,568)	(1,658,161)
Total real estate owned, net of accumulated depreciation	2,078,592				2,153,824				2,078,592	2,153,824
Total segment asset - net book value	2,078,592				2,153,824				2,078,592	2,153,824
Reconciling items:
Cash and cash equivalents	24				125				24	125	293	756
Restricted cash	13,998				13,563				13,998	13,563	12,579	$ 11,694
Investment in unconsolidated entities	76,222				103,026				76,222	103,026
Operating lease right-of-use assets	205,668								205,668
Other assets	24,241				34,052				24,241	34,052
Total assets	2,398,745				2,304,590				$ 2,398,745	2,304,590
Reportable Segments
Number of reportable segments | segment									2
Condition for Community considered to have stabilized occupancy									90%
Time to maintain percent occupancy to be considered a community									3 months
Practical expedient, single lease component									true
Capital expenditures and development									$ 63,175	44,353	45,211
United Dominion Realty 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									248,474	238,886	228,027
Other revenue									7,873	7,161	6,996
Rental income									256,347	246,047	235,023
Reportable apartment home segment NOI									196,302	187,664	177,228
Reportable apartment home segment assets:
Total segment assets	2,011,495				1,981,007				2,011,495	1,981,007
United Dominion Realty 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									59,530	58,624	57,275
Other revenue									1,975	1,765	1,730
Rental income									61,505	60,389	59,005
Reportable apartment home segment NOI									42,413	41,642	40,292
Reportable apartment home segment assets:
Total segment assets	669,417				663,083				669,417	663,083
United Dominion Realty 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									50,795	49,132	46,946
Other revenue									2,925	2,764	2,640
Rental income									53,720	51,896	49,586
Reportable apartment home segment NOI									37,340	35,948	34,182
Reportable apartment home segment assets:
Total segment assets	352,790				340,722				352,790	340,722
United Dominion Realty 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									32,224	31,693	31,387
Other revenue									646	622	589
Rental income									32,870	32,315	31,976
Reportable apartment home segment NOI									24,103	24,578	24,510
Reportable apartment home segment assets:
Total segment assets	408,703				406,149				408,703	406,149
United Dominion Realty 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									36,735	40,547	43,127
Other revenue									596	726	660
Rental income									37,331	41,273	43,787
Reportable apartment home segment NOI									22,848	27,548	30,629
Reportable apartment home segment assets:
Total segment assets	$ 432,755				$ 421,024				432,755	421,024
United Dominion Realty L.P. | Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue									427,758	418,882	406,762
Other revenue									14,015	13,038	12,615
Rental income									441,773	431,920	419,377
Reportable apartment home segment NOI									$ 323,006	$ 317,380	$ 306,841

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, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Data [Abstract]
Rental income	$ 302,745	$ 289,008	$ 278,463	$ 267,922	$ 264,732	$ 263,256	$ 256,634	$ 250,483	$ 1,138,138	$ 1,035,105	$ 984,309
Net income/(loss)									199,579	221,542	132,655
Income/(loss)	105,237	29,422	38,318	26,602	89,615	20,258	22,444	89,225	199,579	221,542	132,655
Net income/(loss) attributable to OP unitholders									184,965	203,106	121,558
United Dominion Realty L.P.
Quarterly Financial Data [Abstract]
Rental income	111,389	111,700	110,350	108,334	108,523	109,539	107,266	106,592	441,773	431,920	419,377
Income/(loss)	24,568	27,283	27,810	24,334	86,324	28,135	25,181	91,845	103,995	231,485	107,855
Net income/(loss) attributable to OP unitholders	$ 23,988	$ 26,835	$ 27,394	$ 23,946	$ 85,880	$ 27,695	$ 24,761	$ 91,427	$ 102,163	$ 229,763	$ 106,307
Income/(loss) attributable to OP unitholders per weighted average OP Unit - basic and diluted	$ 0.13	$ 0.15	$ 0.15	$ 0.13	$ 0.47	$ 0.15	$ 0.13	$ 0.50	$ 0.56	$ 1.25	$ 0.58

Schedule III Real Estate Owned

Schedule III Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2019
Real Estate and Accumulated Depreciation
Encumbrances				$ 1,149,441
Initial Costs, Land and Land Improvements				2,160,917
Initial Costs, Buildings and Improvements				6,989,866
Total Initial Acquisition Costs				9,150,783
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,451,318
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,418,222
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,183,879
Total Carrying Value	$ 10,196,159	$ 10,177,206	$ 10,177,206	12,602,101
Accumulated Depreciation	3,654,160	3,330,166	3,330,166	4,131,353
Aggregate cost for federal income tax purposes				11,700,000
Reconciliation of the carrying amount of total real estate owned
Balance at beginning of the year	10,196,159	10,177,206	9,615,753
Real estate acquired	2,241,163		235,993
Capital expenditures and development	195,981	214,898	369,029
Real estate sold	(31,202)	(195,945)	(43,569)
Balance at end of the year	12,602,101	10,196,159	10,177,206
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	3,654,160	3,330,166	2,923,625
Depreciation expense for the year	477,193	426,006	424,772
Accumulated depreciation on sales		(102,012)	(18,231)
Balance at end of year	$ 4,131,353	3,654,160	3,330,166
Minimum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	30 years
Maximum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	55 years
REAL ESTATE UNDER DEVELOPMENT
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				29,226
Initial Costs, Buildings and Improvements				15,798
Total Initial Acquisition Costs				45,024
Costs of Improvements Capitalized Subsequent to Acquisition Costs				24,753
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,226
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				40,551
Total Carrying Value	$ 69,777			69,777
Accumulated Depreciation	23			23
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	69,777
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23
LAND
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				66,744
Initial Costs, Buildings and Improvements				4,997
Total Initial Acquisition Costs				71,741
Costs of Improvements Capitalized Subsequent to Acquisition Costs				15,874
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				73,801
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,814
Total Carrying Value	87,615			87,615
Accumulated Depreciation	2,489			2,489
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,615
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	2,489
COMMERCIAL
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				29,808
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,793
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,015
Total Carrying Value	29,808			29,808
Accumulated Depreciation	14,297			14,297
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	29,808
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	14,297
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				11,576
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,094
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				32,050
Total Carrying Value	35,144			35,144
Accumulated Depreciation	3,736			3,736
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,144
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	3,736
TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				9,581
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				9,581
Total Carrying Value	9,581			9,581
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	9,581
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				41,384
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,887
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				54,065
Total Carrying Value	64,952			64,952
Accumulated Depreciation	18,033			18,033
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	64,952
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,033
TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances				1,116,459
Initial Costs, Land and Land Improvements				2,061,913
Initial Costs, Buildings and Improvements				6,948,537
Total Initial Acquisition Costs				9,010,450
Costs of Improvements Capitalized Subsequent to Acquisition Costs				3,369,307
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,304,308
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,075,449
Total Carrying Value	12,379,757			12,379,757
Accumulated Depreciation	4,110,808			4,110,808
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	12,379,757
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	4,110,808
WEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				140,629
Initial Costs, Land and Land Improvements				922,362
Initial Costs, Buildings and Improvements				2,045,631
Total Initial Acquisition Costs				2,967,993
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,484,162
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,008,158
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,443,997
Total Carrying Value	4,452,155			4,452,155
Accumulated Depreciation	1,643,955			1,643,955
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	4,452,155
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,643,955
ORANGE COUNTY, CA
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				426,566
Initial Costs, Buildings and Improvements				430,633
Total Initial Acquisition Costs				857,199
Costs of Improvements Capitalized Subsequent to Acquisition Costs				750,667
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				465,539
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,142,327
Total Carrying Value	1,607,866			1,607,866
Accumulated Depreciation	493,649			493,649
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,607,866
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	493,649
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				22,350
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,175
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,189
Total Carrying Value	71,364			71,364
Accumulated Depreciation	35,561			35,561
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,364
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,561
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				104,036
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				114,820
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				199,189
Total Carrying Value	314,009			314,009
Accumulated Depreciation	137,814			137,814
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	314,009
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	137,814
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				14,117
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,277
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,381
Total Carrying Value	44,658			44,658
Accumulated Depreciation	25,545			25,545
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,658
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,545
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				3,822
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,990
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				7,190
Total Carrying Value	18,180			18,180
Accumulated Depreciation	5,486			5,486
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,180
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,486
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				45,252
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				69,131
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				84,719
Total Carrying Value	153,850			153,850
Accumulated Depreciation	60,216			60,216
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	153,850
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	60,216
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				35,651
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				60,953
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				83,550
Total Carrying Value	144,503			144,503
Accumulated Depreciation	56,092			56,092
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,503
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	56,092
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				321,489
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				152,282
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				729,112
Total Carrying Value	881,394			881,394
Accumulated Depreciation	417,821			417,821
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	881,394
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	417,821
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				36,423
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,406
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				76,456
Total Carrying Value	90,862			90,862
Accumulated Depreciation	43,622			43,622
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	90,862
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,622
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				9,895
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,376
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,580
Total Carrying Value	30,956			30,956
Accumulated Depreciation	17,725			17,725
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,956
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,725
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				28,751
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,995
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,620
Total Carrying Value	59,615			59,615
Accumulated Depreciation	37,583			37,583
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,615
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,583
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				13,977
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,242
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				42,875
Total Carrying Value	44,117			44,117
Accumulated Depreciation	24,745			24,745
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,117
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,745
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				7,850
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,911
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,237
Total Carrying Value	70,148			70,148
Accumulated Depreciation	32,060			32,060
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,148
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,060
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				38,610
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,545
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				66,633
Total Carrying Value	83,178			83,178
Accumulated Depreciation	48,737			48,737
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,178
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,737
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				7,231
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,637
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,597
Total Carrying Value	30,234			30,234
Accumulated Depreciation	12,278			12,278
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,234
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,278
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				11,287
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,777
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,422
Total Carrying Value	35,199			35,199
Accumulated Depreciation	20,313			20,313
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,199
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,313
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				12,736
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,804
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				96,461
Total Carrying Value	127,265			127,265
Accumulated Depreciation	57,547			57,547
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,265
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	57,547
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				9,265
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				963
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,411
Total Carrying Value	52,374			52,374
Accumulated Depreciation	31,947			31,947
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	52,374
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,947
SEATTLE, WA
Real Estate and Accumulated Depreciation
Encumbrances				70,931
Initial Costs, Land and Land Improvements				138,428
Initial Costs, Buildings and Improvements				840,541
Total Initial Acquisition Costs				978,969
Costs of Improvements Capitalized Subsequent to Acquisition Costs				84,726
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				144,903
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				918,792
Total Carrying Value	1,063,695			1,063,695
Accumulated Depreciation	362,066			362,066
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,063,695
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	362,066
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				9,323
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,177
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				15,069
Total Carrying Value	18,246			18,246
Accumulated Depreciation	10,776			10,776
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,246
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,776
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				6,365
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,030
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,917
Total Carrying Value	15,947			15,947
Accumulated Depreciation	9,216			9,216
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,947
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,216
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				3,261
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,300
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				25,447
Total Carrying Value	31,747			31,747
Accumulated Depreciation	17,028			17,028
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,747
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,028
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				7,368
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,302
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				37,836
Total Carrying Value	45,138			45,138
Accumulated Depreciation	23,317			23,317
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,138
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,317
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				7,672
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,667
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				96,678
Total Carrying Value	118,345			118,345
Accumulated Depreciation	58,376			58,376
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	118,345
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	58,376
LOS ANGELES, CA
Real Estate and Accumulated Depreciation
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				149,864
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				161,179
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				297,010
Total Carrying Value	458,189			458,189
Accumulated Depreciation	180,498			180,498
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	458,189
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	180,498
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				5,903
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,855
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,911
Total Carrying Value	31,766			31,766
Accumulated Depreciation	16,642			16,642
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,766
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,642
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				8,415
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				39,857
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				44,823
Total Carrying Value	84,680			84,680
Accumulated Depreciation	27,165			27,165
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,680
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,165
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				97,308
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,416
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				153,214
Total Carrying Value	182,630			182,630
Accumulated Depreciation	95,970			95,970
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	182,630
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	95,970
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				11,332
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,330
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,930
Total Carrying Value	22,260			22,260
Accumulated Depreciation	11,809			11,809
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,260
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,809
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				6,546
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,613
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,009
Total Carrying Value	11,622			11,622
Accumulated Depreciation	6,382			6,382
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	11,622
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,382
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				18,449
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,695
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,676
Total Carrying Value	34,371			34,371
Accumulated Depreciation	18,243			18,243
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,371
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,243
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				7,657
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,449
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,627
Total Carrying Value	14,076			14,076
Accumulated Depreciation	7,337			7,337
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,076
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,337
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				33,268
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,345
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				53,165
Total Carrying Value	63,510			63,510
Accumulated Depreciation	32,804			32,804
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	63,510
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,804
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				12,096
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,623
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,545
Total Carrying Value	22,168			22,168
Accumulated Depreciation	11,851			11,851
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,168
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,851
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				7,960
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,361
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,262
Total Carrying Value	14,623			14,623
Accumulated Depreciation	7,544			7,544
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,623
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,544
OTHER SOUTHERN CA
Real Estate and Accumulated Depreciation
Encumbrances				42,698
Initial Costs, Land and Land Improvements				33,645
Initial Costs, Buildings and Improvements				111,337
Total Initial Acquisition Costs				144,982
Costs of Improvements Capitalized Subsequent to Acquisition Costs				63,004
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				44,182
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				163,804
Total Carrying Value	207,986			207,986
Accumulated Depreciation	63,774			63,774
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	207,986
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	63,774
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				57,985
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,633
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,554
Total Carrying Value	75,187			75,187
Accumulated Depreciation	42,170			42,170
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,187
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,170
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				17,104
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,657
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				39,738
Total Carrying Value	50,395			50,395
Accumulated Depreciation	30,177			30,177
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,395
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,177
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				9,090
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,141
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,356
Total Carrying Value	21,497			21,497
Accumulated Depreciation	12,657			12,657
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,497
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,657
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				8,014
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,516
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,382
Total Carrying Value	28,898			28,898
Accumulated Depreciation	17,520			17,520
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,898
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,520
MID-ATLANTIC REGION
Real Estate and Accumulated Depreciation
Encumbrances				310,667
Initial Costs, Land and Land Improvements				406,003
Initial Costs, Buildings and Improvements				1,744,752
Total Initial Acquisition Costs				2,150,755
Costs of Improvements Capitalized Subsequent to Acquisition Costs				655,620
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				485,308
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				2,321,067
Total Carrying Value	2,806,375			2,806,375
Accumulated Depreciation	934,015			934,015
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,806,375
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	934,015
METROPOLITAN, D.C.
Real Estate and Accumulated Depreciation
Encumbrances				252,067
Initial Costs, Land and Land Improvements				352,062
Initial Costs, Buildings and Improvements				1,426,127
Total Initial Acquisition Costs				1,778,189
Costs of Improvements Capitalized Subsequent to Acquisition Costs				544,683
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				419,405
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,903,467
Total Carrying Value	2,322,872			2,322,872
Accumulated Depreciation	733,753			733,753
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,322,872
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	733,753
METROPOLITAN, D.C. | Ridgewood - apts side
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				10,801
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,362
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				30,137
Total Carrying Value	36,499			36,499
Accumulated Depreciation	24,033			24,033
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,499
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,033
METROPOLITAN, D.C. | DelRay 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				116,038
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,652
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				119,469
Total Carrying Value	129,121			129,121
Accumulated Depreciation	40,394			40,394
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	129,121
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,394
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				20,955
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,885
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				55,882
Total Carrying Value	70,767			70,767
Accumulated Depreciation	41,845			41,845
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,767
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,845
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				6,813
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				317
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				66,627
Total Carrying Value	66,944			66,944
Accumulated Depreciation	39,795			39,795
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,944
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,795
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				12,102
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,775
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				115,140
Total Carrying Value	116,915			116,915
Accumulated Depreciation	72,629			72,629
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,915
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	72,629
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				4,526
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				28,085
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				116,068
Total Carrying Value	144,153			144,153
Accumulated Depreciation	31,845			31,845
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,153
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,845
BALTIMORE, MD
Real Estate and Accumulated Depreciation
Encumbrances				58,600
Initial Costs, Land and Land Improvements				48,818
Initial Costs, Buildings and Improvements				257,717
Total Initial Acquisition Costs				306,535
Costs of Improvements Capitalized Subsequent to Acquisition Costs				25,242
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				50,223
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				281,554
Total Carrying Value	331,777			331,777
Accumulated Depreciation	86,476			86,476
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	331,777
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	86,476
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				9,266
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,996
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,370
Total Carrying Value	38,366			38,366
Accumulated Depreciation	25,052			25,052
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,366
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,052
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				10,667
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,428
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				55,579
Total Carrying Value	68,007			68,007
Accumulated Depreciation	34,852			34,852
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,007
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,852
SOUTHEAST REGION
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				97,109
Initial Costs, Buildings and Improvements				488,901
Total Initial Acquisition Costs				586,010
Costs of Improvements Capitalized Subsequent to Acquisition Costs				367,019
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				139,268
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				813,761
Total Carrying Value	953,029			953,029
Accumulated Depreciation	531,355			531,355
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	953,029
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	531,355
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				117,525
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				25,176
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				195,390
Total Carrying Value	220,566			220,566
Accumulated Depreciation	146,243			146,243
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	220,566
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	146,243
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				11,083
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,026
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,072
Total Carrying Value	18,098			18,098
Accumulated Depreciation	13,203			13,203
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,098
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,203
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				14,126
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,592
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				24,587
Total Carrying Value	27,179			27,179
Accumulated Depreciation	16,915			16,915
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,179
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,915
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				39,283
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,925
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,475
Total Carrying Value	41,400			41,400
Accumulated Depreciation	26,945			26,945
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,400
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,945
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				7,396
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,492
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,073
Total Carrying Value	13,565			13,565
Accumulated Depreciation	9,211			9,211
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,565
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,211
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				6,998
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,539
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,939
Total Carrying Value	15,478			15,478
Accumulated Depreciation	10,241			10,241
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,478
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,241
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				18,611
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,140
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,347
Total Carrying Value	39,487			39,487
Accumulated Depreciation	27,026			27,026
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,487
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,026
TAMPA, FL
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				43,084
Initial Costs, Buildings and Improvements				256,127
Total Initial Acquisition Costs				299,211
Costs of Improvements Capitalized Subsequent to Acquisition Costs				112,636
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				63,479
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				348,368
Total Carrying Value	411,847			411,847
Accumulated Depreciation	173,874			173,874
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	411,847
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	173,874
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				19,716
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,421
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				40,147
Total Carrying Value	50,568			50,568
Accumulated Depreciation	32,988			32,988
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,568
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,988
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				11,770
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,194
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,303
Total Carrying Value	59,497			59,497
Accumulated Depreciation	35,105			35,105
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,497
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,105
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				15,149
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,840
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				70,678
Total Carrying Value	87,518			87,518
Accumulated Depreciation	50,001			50,001
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,518
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	50,001
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				15,149
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,840
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				70,678
Total Carrying Value	87,518			87,518
Accumulated Depreciation	50,001			50,001
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,518
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	50,001
NORTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances				389,639
Initial Costs, Land and Land Improvements				501,044
Initial Costs, Buildings and Improvements				2,042,252
Total Initial Acquisition Costs				2,543,296
Costs of Improvements Capitalized Subsequent to Acquisition Costs				748,077
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				515,640
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				2,775,733
Total Carrying Value	3,291,373			3,291,373
Accumulated Depreciation	764,463			764,463
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,291,373
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	764,463
NEW YORK, NY
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				294,310
Initial Costs, Buildings and Improvements				1,086,043
Total Initial Acquisition Costs				1,380,353
Costs of Improvements Capitalized Subsequent to Acquisition Costs				163,192
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				296,814
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,246,731
Total Carrying Value	1,543,545			1,543,545
Accumulated Depreciation	509,684			509,684
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,543,545
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	509,684
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				24,465
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,765
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				243,115
Total Carrying Value	284,880			284,880
Accumulated Depreciation	103,344			103,344
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	284,880
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	103,344
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				10,474
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				58,063
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				276,303
Total Carrying Value	334,366			334,366
Accumulated Depreciation	139,677			139,677
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	334,366
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	139,677
BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances				389,639
Initial Costs, Land and Land Improvements				196,369
Initial Costs, Buildings and Improvements				860,159
Total Initial Acquisition Costs				1,056,528
Costs of Improvements Capitalized Subsequent to Acquisition Costs				583,950
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				208,410
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,432,068
Total Carrying Value	1,640,478			1,640,478
Accumulated Depreciation	250,296			250,296
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,640,478
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	250,296
BOSTON, MA | 14 North
Real Estate and Accumulated Depreciation
Encumbrances				72,500
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				12,621
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,404
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				63,353
Total Carrying Value	74,757			74,757
Accumulated Depreciation	33,733			33,733
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	74,757
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,733
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				13,326
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				19,799
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				102,401
Total Carrying Value	122,200			122,200
Accumulated Depreciation	52,250			52,250
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	122,200
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	52,250
SOUTHWEST REGION
Real Estate and Accumulated Depreciation
Encumbrances				275,524
Initial Costs, Land and Land Improvements				135,395
Initial Costs, Buildings and Improvements				627,001
Total Initial Acquisition Costs				762,396
Costs of Improvements Capitalized Subsequent to Acquisition Costs				114,429
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				155,934
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				720,891
Total Carrying Value	876,825			876,825
Accumulated Depreciation	237,020			237,020
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	876,825
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	237,020
DENVER, CO
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,586
Initial Costs, Buildings and Improvements				130,402
Total Initial Acquisition Costs				138,988
Costs of Improvements Capitalized Subsequent to Acquisition Costs				5,264
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,614
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				135,638
Total Carrying Value	144,252			144,252
Accumulated Depreciation	17,097			17,097
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,252
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,097
DENVER, CO | Steele Creek
Real Estate and Accumulated Depreciation
Initial Costs, Land and Land Improvements				8,586
Initial Costs, Buildings and Improvements				130,402
Total Initial Acquisition Costs				138,988
Costs of Improvements Capitalized Subsequent to Acquisition Costs				5,264
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,614
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				135,638
Total Carrying Value	144,252			144,252
Accumulated Depreciation	17,097			17,097
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,252
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,097
United Dominion Realty L.P.
Real Estate and Accumulated Depreciation
Deferred finance costs, net				(429)
Encumbrances				99,071
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				998,833
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				808,120
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,067,040
Total Carrying Value	3,811,985	3,816,956	3,674,704	3,875,160
Accumulated Depreciation	1,658,161	1,543,652	1,408,815	1,796,568
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	3,811,985	3,816,956	3,674,704
Real estate acquired			138,986
Capital expenditures and development	63,175	44,353	45,211
Real estate sold		(49,324)	(41,945)
Balance at end of the year	3,875,160	3,811,985	3,816,956
Reconciliation of total accumulated depreciation for real estate owned
Balance at beginning of the year	1,658,161	1,543,652	1,408,815
Depreciation expense for the year	138,407	141,683	153,068
Accumulated depreciation on sales		(27,174)	(18,231)
Balance at end of year	$ 1,796,568	$ 1,658,161	$ 1,543,652
United Dominion Realty L.P. | Minimum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	30 years
United Dominion Realty L.P. | Maximum
Real Estate and Accumulated Depreciation
Depreciable life for all buildings	55 years
United Dominion Realty L.P. | TOTAL CORPORATE
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,402
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,402
Total Carrying Value	$ 1,402			1,402
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,402
United Dominion Realty L.P. | TOTAL CORPORATE | Other
Real Estate and Accumulated Depreciation
Costs of Improvements Capitalized Subsequent to Acquisition Costs				1,402
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,402
Total Carrying Value	1,402			1,402
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	1,402
United Dominion Realty L.P. | TOTAL OPERATING COMMUNITIES
Real Estate and Accumulated Depreciation
Encumbrances				99,500
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				997,431
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				808,120
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				3,065,638
Total Carrying Value	3,873,758			3,873,758
Accumulated Depreciation	1,796,568			1,796,568
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	3,873,758
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	1,796,568
United Dominion Realty 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				609,370
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				551,605
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				1,460,401
Total Carrying Value	2,012,006			2,012,006
Accumulated Depreciation	970,702			970,702
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	2,012,006
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	970,702
United Dominion Realty 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				225,228
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				287,346
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				459,218
Total Carrying Value	746,564			746,564
Accumulated Depreciation	320,714			320,714
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	746,564
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	320,714
United Dominion Realty 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				22,350
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,175
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				49,189
Total Carrying Value	71,364			71,364
Accumulated Depreciation	35,561			35,561
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	71,364
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,561
United Dominion Realty 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				104,036
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				114,820
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				199,189
Total Carrying Value	314,009			314,009
Accumulated Depreciation	137,814			137,814
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	314,009
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	137,814
United Dominion Realty 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				14,117
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,277
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				35,381
Total Carrying Value	44,658			44,658
Accumulated Depreciation	25,545			25,545
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,658
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,545
United Dominion Realty 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				3,822
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,990
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				7,190
Total Carrying Value	18,180			18,180
Accumulated Depreciation	5,486			5,486
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,180
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	5,486
United Dominion Realty 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				45,252
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				69,131
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				84,719
Total Carrying Value	153,850			153,850
Accumulated Depreciation	60,216			60,216
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	153,850
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	60,216
United Dominion Realty 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				35,651
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				60,953
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				83,550
Total Carrying Value	144,503			144,503
Accumulated Depreciation	56,092			56,092
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,503
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	56,092
United Dominion Realty 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				163,438
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				110,365
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				500,996
Total Carrying Value	611,361			611,361
Accumulated Depreciation	319,151			319,151
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	611,361
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	319,151
United Dominion Realty 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				23,836
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,115
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				67,160
Total Carrying Value	78,275			78,275
Accumulated Depreciation	36,216			36,216
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	78,275
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	36,216
United Dominion Realty 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				9,895
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,376
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,580
Total Carrying Value	30,956			30,956
Accumulated Depreciation	17,725			17,725
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,956
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,725
United Dominion Realty 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				28,751
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,995
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,620
Total Carrying Value	59,615			59,615
Accumulated Depreciation	37,583			37,583
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,615
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	37,583
United Dominion Realty 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				13,977
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,242
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				42,875
Total Carrying Value	44,117			44,117
Accumulated Depreciation	24,745			24,745
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	44,117
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,745
United Dominion Realty 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				7,850
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,911
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,237
Total Carrying Value	70,148			70,148
Accumulated Depreciation	32,060			32,060
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,148
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,060
United Dominion Realty 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				38,610
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,545
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				66,633
Total Carrying Value	83,178			83,178
Accumulated Depreciation	48,737			48,737
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	83,178
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	48,737
United Dominion Realty 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				7,231
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,637
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,597
Total Carrying Value	30,234			30,234
Accumulated Depreciation	12,278			12,278
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	30,234
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,278
United Dominion Realty 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				11,287
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,777
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				29,422
Total Carrying Value	35,199			35,199
Accumulated Depreciation	20,313			20,313
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	35,199
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	20,313
United Dominion Realty 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				12,736
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				30,804
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				96,461
Total Carrying Value	127,265			127,265
Accumulated Depreciation	57,547			57,547
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	127,265
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	57,547
United Dominion Realty 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				9,265
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				963
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,411
Total Carrying Value	52,374			52,374
Accumulated Depreciation	31,947			31,947
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	52,374
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,947
United Dominion Realty 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				33,989
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,476
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				187,947
Total Carrying Value	229,423			229,423
Accumulated Depreciation	118,713			118,713
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	229,423
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	118,713
United Dominion Realty 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				9,323
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,177
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				15,069
Total Carrying Value	18,246			18,246
Accumulated Depreciation	10,776			10,776
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,246
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,776
United Dominion Realty 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				6,365
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,030
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,917
Total Carrying Value	15,947			15,947
Accumulated Depreciation	9,216			9,216
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,947
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,216
United Dominion Realty 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				3,261
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,300
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				25,447
Total Carrying Value	31,747			31,747
Accumulated Depreciation	17,028			17,028
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,747
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,028
United Dominion Realty 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				7,368
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				7,302
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				37,836
Total Carrying Value	45,138			45,138
Accumulated Depreciation	23,317			23,317
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	45,138
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	23,317
United Dominion Realty 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				7,672
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				21,667
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				96,678
Total Carrying Value	118,345			118,345
Accumulated Depreciation	58,376			58,376
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	118,345
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	58,376
United Dominion Realty 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				14,318
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				48,712
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				67,734
Total Carrying Value	116,446			116,446
Accumulated Depreciation	43,807			43,807
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,446
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	43,807
United Dominion Realty 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				5,903
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,855
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,911
Total Carrying Value	31,766			31,766
Accumulated Depreciation	16,642			16,642
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	31,766
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,642
United Dominion Realty 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				8,415
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				39,857
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				44,823
Total Carrying Value	84,680			84,680
Accumulated Depreciation	27,165			27,165
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	84,680
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,165
United Dominion Realty 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				97,308
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				29,416
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				153,214
Total Carrying Value	182,630			182,630
Accumulated Depreciation	95,970			95,970
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	182,630
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	95,970
United Dominion Realty 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				11,332
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,330
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,930
Total Carrying Value	22,260			22,260
Accumulated Depreciation	11,809			11,809
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,260
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,809
United Dominion Realty 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				6,546
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,613
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				10,009
Total Carrying Value	11,622			11,622
Accumulated Depreciation	6,382			6,382
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	11,622
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	6,382
United Dominion Realty 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				18,449
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				5,695
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				28,676
Total Carrying Value	34,371			34,371
Accumulated Depreciation	18,243			18,243
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	34,371
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	18,243
United Dominion Realty 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				7,657
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,449
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				11,627
Total Carrying Value	14,076			14,076
Accumulated Depreciation	7,337			7,337
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,076
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,337
United Dominion Realty 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				33,268
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,345
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				53,165
Total Carrying Value	63,510			63,510
Accumulated Depreciation	32,804			32,804
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	63,510
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,804
United Dominion Realty 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				12,096
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				3,623
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				18,545
Total Carrying Value	22,168			22,168
Accumulated Depreciation	11,851			11,851
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	22,168
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	11,851
United Dominion Realty 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				7,960
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,361
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,262
Total Carrying Value	14,623			14,623
Accumulated Depreciation	7,544			7,544
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	14,623
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	7,544
United Dominion Realty 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				57,985
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,633
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,554
Total Carrying Value	75,187			75,187
Accumulated Depreciation	42,170			42,170
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,187
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,170
United Dominion Realty 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				57,985
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				23,633
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				51,554
Total Carrying Value	75,187			75,187
Accumulated Depreciation	42,170			42,170
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	75,187
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	42,170
United Dominion Realty 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				17,104
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,657
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				39,738
Total Carrying Value	50,395			50,395
Accumulated Depreciation	30,177			30,177
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,395
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	30,177
United Dominion Realty 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				9,090
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,141
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				17,356
Total Carrying Value	21,497			21,497
Accumulated Depreciation	12,657			12,657
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	21,497
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	12,657
United Dominion Realty 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				8,014
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,516
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				22,382
Total Carrying Value	28,898			28,898
Accumulated Depreciation	17,520			17,520
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	28,898
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,520
United Dominion Realty 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				191,103
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				78,500
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				592,207
Total Carrying Value	670,707			670,707
Accumulated Depreciation	310,380			310,380
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	670,707
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	310,380
United Dominion Realty 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				171,170
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				61,076
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				503,258
Total Carrying Value	564,334			564,334
Accumulated Depreciation	250,476			250,476
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	564,334
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	250,476
United Dominion Realty L.P. | METROPOLITAN, D.C. | Ridgewood - apts side
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				10,801
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,362
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				30,137
Total Carrying Value	36,499			36,499
Accumulated Depreciation	24,033			24,033
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	36,499
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	24,033
United Dominion Realty L.P. | METROPOLITAN, D.C. | DelRay 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				116,038
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				9,652
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				119,469
Total Carrying Value	129,121			129,121
Accumulated Depreciation	40,394			40,394
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	129,121
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	40,394
United Dominion Realty 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				20,955
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				14,885
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				55,882
Total Carrying Value	70,767			70,767
Accumulated Depreciation	41,845			41,845
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	70,767
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	41,845
United Dominion Realty 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				6,813
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				317
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				66,627
Total Carrying Value	66,944			66,944
Accumulated Depreciation	39,795			39,795
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	66,944
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	39,795
United Dominion Realty 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				12,037
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,775
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				115,075
Total Carrying Value	116,850			116,850
Accumulated Depreciation	72,564			72,564
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	116,850
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	72,564
United Dominion Realty 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				4,526
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				28,085
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				116,068
Total Carrying Value	144,153			144,153
Accumulated Depreciation	31,845			31,845
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,153
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	31,845
United Dominion Realty 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				19,933
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				17,424
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				88,949
Total Carrying Value	106,373			106,373
Accumulated Depreciation	59,904			59,904
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	106,373
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	59,904
United Dominion Realty 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				9,266
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,996
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,370
Total Carrying Value	38,366			38,366
Accumulated Depreciation	25,052			25,052
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	38,366
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	25,052
United Dominion Realty 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				10,667
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,428
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				55,579
Total Carrying Value	68,007			68,007
Accumulated Depreciation	34,852			34,852
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	68,007
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	34,852
United Dominion Realty 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				144,132
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				58,169
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				294,621
Total Carrying Value	352,790			352,790
Accumulated Depreciation	221,635			221,635
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	352,790
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	221,635
United Dominion Realty 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				97,497
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				18,714
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				136,493
Total Carrying Value	155,207			155,207
Accumulated Depreciation	103,541			103,541
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	155,207
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	103,541
United Dominion Realty 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				11,083
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,026
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				16,072
Total Carrying Value	18,098			18,098
Accumulated Depreciation	13,203			13,203
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	18,098
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	13,203
United Dominion Realty 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				14,126
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				2,592
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				24,587
Total Carrying Value	27,179			27,179
Accumulated Depreciation	16,915			16,915
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	27,179
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	16,915
United Dominion Realty 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				39,283
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				4,925
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				36,475
Total Carrying Value	41,400			41,400
Accumulated Depreciation	26,945			26,945
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	41,400
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	26,945
United Dominion Realty 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				7,396
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,492
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				12,073
Total Carrying Value	13,565			13,565
Accumulated Depreciation	9,211			9,211
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	13,565
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	9,211
United Dominion Realty 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				6,998
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				1,539
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				13,939
Total Carrying Value	15,478			15,478
Accumulated Depreciation	10,241			10,241
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	15,478
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	10,241
United Dominion Realty 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				18,611
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				6,140
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				33,347
Total Carrying Value	39,487			39,487
Accumulated Depreciation	27,026			27,026
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	39,487
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	27,026
United Dominion Realty 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				31,486
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				22,615
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				87,450
Total Carrying Value	110,065			110,065
Accumulated Depreciation	68,093			68,093
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	110,065
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	68,093
United Dominion Realty 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				19,716
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				10,421
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				40,147
Total Carrying Value	50,568			50,568
Accumulated Depreciation	32,988			32,988
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	50,568
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	32,988
United Dominion Realty 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				11,770
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				12,194
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				47,303
Total Carrying Value	59,497			59,497
Accumulated Depreciation	35,105			35,105
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	59,497
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	35,105
United Dominion Realty 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				15,149
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,840
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				70,678
Total Carrying Value	87,518			87,518
Accumulated Depreciation	50,001			50,001
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,518
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	50,001
United Dominion Realty 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				15,149
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				16,840
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				70,678
Total Carrying Value	87,518			87,518
Accumulated Depreciation	50,001			50,001
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	87,518
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	50,001
United Dominion Realty L.P. | NORTHEAST REGION
Real Estate and Accumulated Depreciation
Encumbrances				72,500
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				47,560
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				111,232
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				582,771
Total Carrying Value	694,003			694,003
Accumulated Depreciation	276,754			276,754
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	694,003
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	276,754
United Dominion Realty 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				34,939
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				99,828
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				519,418
Total Carrying Value	619,246			619,246
Accumulated Depreciation	243,021			243,021
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	619,246
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	243,021
United Dominion Realty 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				24,465
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				41,765
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				243,115
Total Carrying Value	284,880			284,880
Accumulated Depreciation	103,344			103,344
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	284,880
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	103,344
United Dominion Realty 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				10,474
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				58,063
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				276,303
Total Carrying Value	334,366			334,366
Accumulated Depreciation	139,677			139,677
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	334,366
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	139,677
United Dominion Realty L.P. | BOSTON, MA
Real Estate and Accumulated Depreciation
Encumbrances				72,500
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				12,621
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,404
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				63,353
Total Carrying Value	74,757			74,757
Accumulated Depreciation	33,733			33,733
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	74,757
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,733
United Dominion Realty L.P. | BOSTON, MA | 14 North
Real Estate and Accumulated Depreciation
Encumbrances				72,500
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				12,621
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				11,404
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				63,353
Total Carrying Value	74,757			74,757
Accumulated Depreciation	33,733			33,733
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	74,757
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	33,733
United Dominion Realty 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				5,266
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,614
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				135,638
Total Carrying Value	144,252			144,252
Accumulated Depreciation	17,097			17,097
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,252
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,097
United Dominion Realty 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				5,266
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,614
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				135,638
Total Carrying Value	144,252			144,252
Accumulated Depreciation	17,097			17,097
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,252
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	17,097
United Dominion Realty 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				5,266
Gross Amount at Which Carried at Close of Period, Land and Land Improvements				8,614
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements				135,638
Total Carrying Value	144,252			144,252
Accumulated Depreciation	17,097			$ 17,097
Reconciliation of the carrying amount of total real estate owned
Balance at end of the year	144,252
Reconciliation of total accumulated depreciation for real estate owned
Balance at end of year	$ 17,097