UDR (UDR) 10-Q 29 Jul 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Jul. 27, 2020
Entity information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
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 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		295,066,874
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000074208
Amendment Flag	false
United Dominion Realty L.P.
Entity information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
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 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	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001018254
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate owned:
Real estate held for investment	$ 12,643,851	$ 12,532,324
Less: accumulated depreciation	(4,372,321)	(4,131,330)
Real estate held for investment, net	8,271,530	8,400,994
Real estate under development (net of accumulated depreciation of $203 and $23, respectively)	131,585	69,754
Total real estate owned, net of accumulated depreciation	8,403,115	8,470,748
Cash and cash equivalents	833	8,106
Restricted cash	22,043	25,185
Notes receivable, net	155,956	153,650
Investment in and advances to unconsolidated joint ventures, net	598,058	588,262
Operating lease right-of-use assets	202,586	204,225
Other assets	181,880	186,296
Total assets	9,564,471	9,636,472
Liabilities:
Secured debt, net	1,112,870	1,149,441
Unsecured debt, net	3,653,934	3,558,083
Operating lease liabilities	197,092	198,558
Real estate taxes payable	31,952	29,445
Accrued interest payable	47,087	45,199
Security deposits and prepaid rent	45,607	48,353
Distributions payable	115,254	109,382
Accounts payable, accrued expenses, and other liabilities	111,264	90,032
Total liabilities	5,315,060	5,228,493
Commitments and contingencies (Note 13)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	834,466	1,018,665
Equity:
Common stock, $0.01 par value; 350,000,000 shares authorized: 295,067,779 and 294,588,305 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	2,951	2,946
Additional paid-in capital	5,794,428	5,781,975
Distributions in excess of net income	(2,432,882)	(2,462,132)
Accumulated other comprehensive income/(loss), net	(11,940)	(10,448)
Total stockholders' equity	3,397,322	3,358,542
Noncontrolling interests	17,623	30,772
Total equity	3,414,945	3,389,314
Total liabilities and equity	9,564,471	9,636,472
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, no par value; 50,000,000 shares authorized:	44,764	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	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Real estate owned:
Real estate under development accumulated depreciation	$ 203	$ 23
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	295,067,779	294,588,305
Common stock, shares outstanding	295,067,779	294,588,305
8.00% Series E Cumulative Convertible Preferred Stock
Equity:
Preferred stock, dividend rate percentage	8.00%	8.00%
Preferred stock, shares issued	2,695,363	2,780,994
Preferred stock, shares outstanding	2,695,363	2,780,994
Series F
Equity:
Preferred stock, shares issued	14,452,717	14,691,274
Preferred stock, shares outstanding	14,452,717	14,691,274

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES:
Rental income	$ 305,982	$ 278,463	$ 626,075	$ 546,385
Joint venture management and other fees	$ 1,274	$ 2,845	$ 2,662	$ 5,596
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Total revenues	$ 307,256	$ 281,308	$ 628,737	$ 551,981
OPERATING EXPENSES:
Property operating and maintenance	48,717	42,894	98,200	84,833
Real estate taxes and insurance	45,012	35,834	90,157	72,134
Property management	8,797	8,006	18,000	15,709
Other operating expenses	6,100	2,735	11,066	8,381
Real estate depreciation and amortization	155,056	117,934	310,532	230,402
General and administrative	10,971	12,338	25,949	24,805
Casualty-related charges/(recoveries), net	102	246	1,353	246
Other depreciation and amortization	2,027	1,678	4,052	3,334
Total operating expenses	276,782	221,665	559,309	439,844
Gain/(loss) on sale of real estate owned	61,303	5,282	61,303	5,282
Operating income	91,777	64,925	130,731	117,419
Income/(loss) from unconsolidated entities	8,021	6,625	11,388	6,674
Interest expense	(38,597)	(34,417)	(77,914)	(67,959)
Interest income and other income/(expense), net	2,421	1,310	5,121	11,123
Income/(loss) before income taxes	63,622	38,443	69,326	67,257
Tax (provision)/benefit, net	(1,526)	(125)	(1,690)	(2,337)
Net income/(loss)	62,096	38,318	67,636	64,920
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(4,291)	(2,652)	(4,604)	(4,709)
Net (income)/loss attributable to noncontrolling interests	(34)	(47)	(40)	(89)
Net income/(loss) attributable to UDR, Inc.	57,771	35,619	62,992	60,122
Distributions to preferred stockholders - Series E (Convertible)	(1,062)	(1,031)	(2,128)	(2,042)
Net income/(loss) attributable to common stockholders	$ 56,709	$ 34,588	$ 60,864	$ 58,080
Income/(loss) per weighted average common share - basic	$ 0.19	$ 0.12	$ 0.21	$ 0.21
Income/(loss) per weighted average common share - diluted	$ 0.19	$ 0.12	$ 0.21	$ 0.21
Weighted average number of common shares outstanding - Basic	294,710	281,960	294,584	279,494
Weighted average number of common shares outstanding - diluted	295,087	282,575	295,083	280,081

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS)
Net income/(loss)	$ 62,096	$ 38,318	$ 67,636	$ 64,920
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	(294)	(4,311)	(3,211)	(6,522)
(Gain)/loss reclassified into earnings from other comprehensive income/(loss)	1,292	(933)	1,649	(1,880)
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	998	(5,244)	(1,562)	(8,402)
Comprehensive income/(loss)	63,094	33,074	66,074	56,518
Comprehensive (income)/loss attributable to noncontrolling interests	(4,393)	(2,320)	(4,574)	(4,167)
Comprehensive income/(loss) attributable to Parent	$ 58,701	$ 30,754	$ 61,500	$ 52,351

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, 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.				60,122			60,122
Net income/(loss) attributable to noncontrolling interests						57	57
Contribution of noncontrolling interests in consolidated real estate						125	125
Long Term Incentive Plan Unit grants/(vestings), net						1,277	1,277
Other comprehensive income/(loss)					(7,771)		(7,771)
Issuance/(forfeiture) of common and restricted shares, net			(298)				(298)
Issuance of common shares through public offering, net		49	212,823				212,872
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		27	111,562				111,589
Common stock distributions declared				(193,523)			(193,523)
Preferred stock distributions declared-Series E				(2,042)			(2,042)
Adjustment to reflect redemption value of redeemable noncontrolling interests				(137,170)			(137,170)
Ending Balance at Jun. 30, 2019	46,201	2,831	5,244,819	(2,336,609)	(7,838)	18,611	2,968,015
Beginning Balance at Mar. 31, 2019	46,201	2,818	5,184,195	(2,281,262)	(2,970)	13,382	2,962,364
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				35,619			35,619
Net income/(loss) attributable to noncontrolling interests						27	27
Long Term Incentive Plan Unit grants/(vestings), net						5,202	5,202
Other comprehensive income/(loss)					(4,868)		(4,868)
Issuance/(forfeiture) of common and restricted shares, net			1,201				1,201
Issuance of common shares through public offering, net		5	20,688				20,693
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		8	38,735				38,743
Common stock distributions declared				(96,962)			(96,962)
Preferred stock distributions declared-Series E				(1,031)			(1,031)
Adjustment to reflect redemption value of redeemable noncontrolling interests				7,027			7,027
Ending Balance at Jun. 30, 2019	46,201	2,831	5,244,819	(2,336,609)	(7,838)	18,611	2,968,015
Beginning 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 Changes in Equity
Net income/(loss) attributable to UDR, Inc.				62,992			62,992
Net income/(loss) attributable to noncontrolling interests						9	9
Long Term Incentive Plan Unit grants/(vestings), net						(13,158)	(13,158)
Other comprehensive income/(loss)					(1,492)		(1,492)
Issuance/(forfeiture) of common and restricted shares, net		1	(229)				(228)
Conversion of Series E Cumulative Convertible Shares	(1,436)	1	1,435
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		3	11,247				11,250
Common stock distributions declared				(212,422)			(212,422)
Preferred stock distributions declared-Series E				(2,128)			(2,128)
Adjustment to reflect redemption value of redeemable noncontrolling interests				182,990			182,990
Ending Balance at Jun. 30, 2020	44,765	2,951	5,794,428	(2,432,882)	(11,940)	17,623	3,414,945
Beginning Balance at Mar. 31, 2020	46,201	2,949	5,788,471	(2,360,636)	(12,870)	14,275	3,478,390
Consolidated Statements of Changes in Equity
Net income/(loss) attributable to UDR, Inc.				57,771			57,771
Net income/(loss) attributable to noncontrolling interests						19	19
Long Term Incentive Plan Unit grants/(vestings), net						3,329	3,329
Other comprehensive income/(loss)					930		930
Issuance/(forfeiture) of common and restricted shares, net			1,103				1,103
Conversion of Series E Cumulative Convertible Shares	(1,436)	1	1,435
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership		1	3,419				3,420
Common stock distributions declared				(106,232)			(106,232)
Preferred stock distributions declared-Series E				(1,062)			(1,062)
Adjustment to reflect redemption value of redeemable noncontrolling interests				(22,723)			(22,723)
Ending Balance at Jun. 30, 2020	$ 44,765	$ 2,951	$ 5,794,428	(2,432,882)	$ (11,940)	$ 17,623	3,414,945
Consolidated Statements of Changes in Equity
Cumulative effect upon adoption of ASC 326				$ (2,182)			$ (2,182)

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Common stock distributions declared per share	$ 0.36	$ 0.3425	$ 0.72	$ 0.6850
8.00% Series E Cumulative Convertible Preferred Stock
Preferred stock distributions declared	$ 0.3898	$ 0.3708	$ 0.7796	$ 0.7416

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net income/(loss)	$ 67,636	$ 64,920
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	314,584	233,736
(Gain)/loss on sale of real estate owned	(61,303)	(5,282)
(Income)/loss from unconsolidated entities	(11,388)	(6,674)
Return on investment in unconsolidated joint ventures	2,016	3,078
Amortization of share-based compensation	10,808	10,316
Other	8,203	6,587
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(20,282)	(2,166)
Increase/(decrease) in operating liabilities	6,741	(18,094)
Net cash provided by/(used in) operating activities	317,015	286,421
Investing Activities
Acquisition of real estate assets	(141,727)	(730,820)
Proceeds from sales of real estate investments, net	133,934	38,000
Development of real estate assets	(63,010)	(10,333)
Capital expenditures and other major improvements - real estate assets	(64,083)	(70,240)
Capital expenditures - non-real estate assets	(7,358)	(7,147)
Investment in unconsolidated joint ventures	(20,041)	(51,874)
Distributions received from unconsolidated joint ventures	5,731	26,906
Purchase deposits on pending acquisitions		(5,250)
Repayment/(issuance) of notes receivable, net	(5,340)	4,765
Net cash provided by/(used in) investing activities	(161,894)	(805,993)
Financing Activities
Payments on secured debt	(31,621)	(1,900)
Net proceeds from the issuance of unsecured debt	211,320
Net proceeds/(repayment) of commercial paper	(115,000)	290,885
Net proceeds/(repayment) of revolving bank debt	597	33,362
Proceeds from the issuance of common shares through public offering, net		212,872
Distributions paid to redeemable noncontrolling interests	(15,782)	(16,805)
Distributions paid to preferred stockholders	(2,115)	(2,001)
Distributions paid to common stockholders	(207,095)	(185,423)
Other	(5,840)	3,714
Net cash provided by/(used in) financing activities	(165,536)	334,704
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(10,415)	(184,868)
Cash, cash equivalents, and restricted cash, beginning of year	33,291	208,891
Cash, cash equivalents, and restricted cash, end of period	22,876	24,023
Supplemental Information:
Interest paid during the period, net of amounts capitalized	84,643	67,474
Cash paid/(refunds received) for income taxes	1,324	1,408
Non-cash transactions:
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned	14,700	40,433
Acquisition of intellectual property in exchange for cancellation of secured note receivable	2,250
Recognition of allowance for credit losses	2,182
Recognition of operating lease right-of-use assets		94,349
Recognition of operating lease liabilities		88,336
Vesting of LTIP Units	23,018	14,742
Development costs and capital expenditures incurred but not yet paid	26,400	12,251
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (261,196 shares in 2020 and 2,690,198 shares in 2019)	11,250	111,589
Dividends declared but not yet paid	$ 115,254	$ 105,611

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above:
Cash and cash equivalents	$ 833	$ 8,106	$ 981	$ 185,216
Restricted cash	22,043	25,185	23,042	23,675
Total cash, cash equivalents, and restricted cash as shown above	$ 22,876	$ 33,291	$ 24,023	$ 208,891

CONSOLIDATED STATEMENTS OF CA_3

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Non-cash transactions:
Conversion of OP Units into common shares	261,196	2,690,198

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2020
BASIS OF PRESENTATION
BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Basis of Presentation UDR, Inc., collectively with our consolidated subsidiaries (“UDR,” the “Company,” “we,” “our,” or “us”), is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities. 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 June 30, 2020, there were 184.8 million units in the Operating Partnership (“OP Units”) outstanding, of which 176.2 million OP Units (including 0.1 million of general partnership units), or 95.3%, were owned by UDR and 8.6 million OP Units, or 4.7%, were owned by outside limited partners. As of June 30, 2020, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 18.7 million, or 57.6%, were owned by UDR (including 13.5 million DownREIT Units, or 41.6%, that were held by the Operating Partnership) and 13.7 million, or 42.4%, 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 accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of June 30, 2020, and results of operations for the three and six months ended June 30, 2020 and 2019, have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year, particularly in light of the novel coronavirus disease (“COVID-19”) pandemic and measures intended to mitigate its spread. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2019 appearing in UDR’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 18, 2020. The accompanying interim unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). 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 interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. 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 noted in Note 5, Joint Ventures and Partnerships, Secured and Unsecured Debt, Net

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842, Leases ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In June 2016, the 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​ Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. 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 or loss on consolidation of a property. ​ Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with its other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ​ The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible. ​ Notes Receivable Notes receivable relate to financing arrangements which are typically secured by real estate, real estate related projects or other assets. 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 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 that involves real estate development to consider 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 dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ June 30, June 30, December 31, ​ ​ 2020 ​ 2020 ​ 2019 Note due October 2020 (a) 8.00 % $ — ​ $ 2,250 Note due February 2021 (b) ​ N/A ​ ​ 4,000 ​ ​ — Note due May 2022 (c) ​ 8.00 % ​ 20,000 ​ ​ 20,000 Note due October 2022 (d) 4.75 % ​ 115,000 ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 17,740 ​ ​ 16,400 Notes Receivable ​ ​ ​ ​ 156,740 ​ ​ 153,650 Allowance for credit losses ​ ​ ​ ​ (784) ​ ​ — Total notes receivable, net ​ $ 155,956 ​ $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third party’s intellectual property in exchange for cancellation of the secured note and accrued interest. All property acquired was recorded in Other assets on the Consolidated Balance Sheets. (b) In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. No interest is due on the promissory note and the note matures in February 2021. (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, all of which has been funded. The note is secured by a parcel of land and related land improvements. Interest payments up to December 2019 are due when the loan matures and interest payments after December 2019 are due monthly. In April 2020, the terms of the secured note were amended to extend the term to May 30, 2022, to adjust the interest rate to 8.0% and require additional borrower covenants. (d) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which has been funded. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on an under construction 259 apartment 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 gives 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 for the residential portion of the project 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 payments will be based on a 30-year amortization schedule. (e) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $17.7 million has been funded, including $1.3 million funded during the six months ended June 30, 2020. 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) January 2023. During 2020, the terms of this secured note were amended to increase the aggregate commitment from $16.4 million to $20.0 million, to extend the maturity date of the note to January 2023 and to provide that the April 2020 through July 2020 interest payments are deferred and paid when the note matures The Company recognized $2.4 million and $1.2 million of interest income from notes receivable described above during the three months ended June 30, 2020 and 2019, respectively, and $5.0 million and $2.3 million of interest income for the notes receivable described above during the six months ended June 30, 2020 and 2019, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net 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 three and six months ended June 30, 2020 and 2019, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) 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, 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/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of June 30, 2020 and December 31, 2019, UDR’s net deferred tax asset/(liability) was $(2.8) million and $(1.6) million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. 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 UDR had no material unrecognized tax benefit, accrued interest or penalties at June 30, 2020. 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 ​ 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 determined 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 ​ Impact of COVID-19 Pandemic ​ The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the duration of government measures to mitigate the pandemic, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the Company’s future financial condition, results of operations and cash flows could be material ​ During the three months ended June 30, 2020, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables in light of the COVID-19 pandemic. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if lease payments are no longer deemed to be probable over the life of the lease contract, we recognize revenue only when cash is received, and all existing contractual operating lease receivables and straight-line lease receivables are reserved. ​ As a result of its analysis, the Company reserved approximately $5.5 million of multifamily tenant lease receivables and approximately $3.5 million of retail tenant lease receivables (inclusive of $2.9 million of reserves on straight-line lease receivables) for its wholly-owned communities and communities held by joint ventures. In aggregate, the reserve is reflected as an $8.5 million reduction to Rental income and a $0.5 million reduction to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the three months ended June 30, 2020. The impact to deferred leasing commissions was not material. ​ The Company did not recognize any other adjustments to the carrying amounts of assets or asset impairment charges due to the COVID-19 pandemic for the six months ended June 30, 2020.

REAL ESTATE OWNED

REAL ESTATE OWNED	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, the Company owned and consolidated 148 communities in 13 states plus the District of Columbia totaling 47,371 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Land ​ $ 2,162,778 ​ $ 2,164,032 Depreciable property — held and used: ​ ​ Land improvements ​ 228,452 ​ 224,964 Building, improvements, and furniture, fixtures and equipment ​ 10,212,051 ​ 10,102,758 Real estate intangible assets ​ ​ 40,570 ​ ​ 40,570 Under development: ​ ​ Land and land improvements ​ 29,226 ​ 29,226 Building, improvements, and furniture, fixtures and equipment ​ 102,562 ​ 40,551 Real estate owned ​ 12,775,639 ​ 12,602,101 Accumulated depreciation ​ (4,372,524) ​ (4,131,353) Real estate owned, net ​ $ 8,403,115 ​ $ 8,470,748 ​ Acquisitions In January 2020, the Company acquired a 294 apartment home operating community located in Tampa, Florida for approximately $85.2 million. The Company increased its real estate assets owned by approximately $83.1 million and recorded approximately $2.1 million of in-place lease intangibles. 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, 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 ​ Dispositions ​ In May 2020, the Company sold an operating community located in Bellevue, Washington with a total of 71 apartment homes for gross proceeds of $49.7 million, resulting in a gain of approximately $29.6 million. The sale was partially financed by the Company through the issuance of a promissory note totaling $4.0 million and due in February 2021. (See Note 2, Significant Accounting Policies for further discussion.) deferred Section 1031 exchange that were used to pay a portion of the purchase price for an acquisition of an operating community in Tampa, Florida, in January 2020. In May 2020, the Company sold an operating community located in Kirkland, Washington with a total of 196 apartment homes for gross proceeds of $92.9 million, resulting in a gain of approximately $31.7 million. ​ Other Activity 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 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. The Company did not recognize any impairments in the value of its long-lived assets during the three and six months ended June 30, 2020 and 2019. In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax-deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2020
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	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Three Months Ended ​ Six Months Ended ​ Location of June 30, June 30, June 30, December 31, ​ June 30, ​ December 31, ​ June 30, ​ June 30, Joint Venture Properties 2020 2020 2020 2019 ​ 2020 ​ 2019 ​ 2020 2019 ​ 2020 2019 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 27,927 ​ $ 28,812 ​ 50.0 % ​ 50.0 % ​ $ (658) ​ $ (548) ​ $ (1,112) ​ $ (1,124) UDR/MetLife II Various 7 1,250 ​ 149,971 ​ 150,893 ​ 50.0 % ​ 50.0 % ​ ​ 10 ​ ​ 776 ​ ​ (81) ​ ​ 1,210 Other UDR/MetLife Joint Ventures Various 5 1,437 ​ 90,262 ​ 98,441 ​ 50.6 % ​ 50.6 % ​ ​ (2,312) ​ ​ (1,684) ​ ​ (4,124) ​ ​ (3,461) West Coast Development Joint Ventures ​ Los Angeles, CA ​ 1 ​ 293 ​ ​ 34,428 ​ ​ 34,907 ​ 47.0 % ​ 47.0 % ​ ​ (56) ​ ​ (359) ​ ​ (136) ​ ​ (507) Sold Joint Ventures ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ — % ​ — % ​ ​ — ​ ​ 3,867 ​ ​ — ​ ​ 2,047 Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ​ $ 302,588 ​ $ 313,053 ​ ​ ​ ​ $ (3,016) ​ $ 2,052 ​ $ (5,453) ​ $ (1,835) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Three Months Ended ​ Six Months Ended ​ Developer Capital Program ​ ​ Years To ​ UDR June 30, December 31, June 30, ​ June 30, ​ and Other Investments (a) Location Rate Maturity ​ Commitment (b) 2020 2019 2020 2019 2020 2019 ​ Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Coast Development Joint Ventures (c) Hillsboro, OR 6.5 % N/A ​ $ — ​ $ — ​ $ 17,064 ​ $ — ​ $ (10) ​ $ (46) ​ $ (171) ​ 1532 Harrison ​ San Francisco, CA ​ 11.0 % 2.0 ​ ​ 24,645 ​ ​ 32,282 ​ ​ 30,585 ​ ​ 846 ​ ​ 774 ​ ​ 1,682 ​ ​ 1,522 ​ 1200 Broadway (d) ​ Nashville, TN ​ 8.0 % 2.3 ​ ​ 55,558 ​ ​ 66,575 ​ ​ 63,958 ​ ​ 1,306 ​ ​ 1,206 ​ ​ 2,587 ​ ​ 2,375 ​ Junction ​ Santa Monica, CA ​ 12.0 % 2.1 ​ ​ 8,800 ​ ​ 11,016 ​ ​ 10,379 ​ ​ 323 ​ ​ 287 ​ ​ 637 ​ ​ 562 ​ 1300 Fairmount (d) ​ Philadelphia, PA ​ Variable ​ 3.1 ​ ​ 51,393 ​ ​ 57,031 ​ ​ 51,215 ​ ​ 1,191 ​ ​ 519 ​ ​ 2,357 ​ ​ 794 ​ Essex ​ Orlando, FL ​ 12.5 % 3.2 ​ ​ 12,886 ​ ​ 15,751 ​ ​ 14,804 ​ ​ 481 ​ ​ 407 ​ ​ 947 ​ ​ 739 ​ Modera Lake Merritt (d) ​ Oakland, CA ​ 9.0 % 3.8 ​ ​ 27,250 ​ ​ 29,562 ​ ​ 22,653 ​ ​ 652 ​ ​ 256 ​ ​ 1,226 ​ ​ 256 ​ Thousand Oaks (e) ​ Thousand Oaks, CA ​ 9.0 % 4.7 ​ ​ 20,059 ​ ​ 8,872 ​ ​ — ​ ​ 153 ​ ​ — ​ ​ 177 ​ ​ — ​ Other investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Portals ​ Washington, D.C. ​ 11.0 % 0.9 ​ ​ 38,559 ​ ​ 50,713 ​ ​ 48,181 ​ ​ 1,389 ​ ​ 1,234 ​ ​ 2,724 ​ ​ 2,407 ​ Other investment ventures ​ N/A ​ N/A ​ N/A ​ $ 34,500 ​ ​ 19,885 ​ ​ 13,598 ​ ​ 4,696 ​ ​ (100) ​ ​ 4,550 ​ ​ 25 ​ Total Preferred Equity Investments and Other Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 291,687 ​ ​ 272,437 ​ ​ 11,037 ​ ​ 4,573 ​ ​ 16,841 ​ ​ 8,509 ​ Total Joint Ventures and Developer Capital Program Investments, net (f) ​ ​ ​ ​ $ 594,275 ​ $ 585,490 ​ $ 8,021 $ 6,625 ​ $ 11,388 $ 6,674 ​ (a) The Developer Capital Program is the program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (b) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (c) In January 2020, the Company increased its ownership interest from 49% to 100% in the 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 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 Company repaid the joint venture’s construction loan of approximately $35.6 million. (d) The Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (e) In February 2020, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 142 apartment home community in Thousand Oaks, CA. The Company’s preferred equity investment of up to $20.1 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. (f) As of June 30, 2020, the Company’s negative investment in 13 th and Market Properties LLC of $3.8 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. In July 2020, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 534 apartment home community in Queens, New York. The Company’s preferred equity investment of $40.0 million earns a preferred return of 13.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. ​ As of June 30, 2020 and December 31, 2019, the Company had deferred fees of $8.8 million and $9.0 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 fees of $1.3 million and $2.8 million for the three months ended June 30, 2020 and 2019, respectively, and $2.7 million and $ 5.6 million for the six months ended June 30, 2020 and 2019, respectively, for management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We consider various factors to determine if a decrease in the value of our Investment in and advances to unconsolidated joint ventures, net Combined summary balance sheets relating to the unconsolidated joint ventures’ and partnerships’ (not just our proportionate share) are presented below as of June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Total real estate, net $ 1,922,313 $ 1,901,081 Cash and cash equivalents ​ 30,656 ​ 29,823 Other assets ​ ​ 216,356 ​ 172,941 Total assets $ 2,169,325 $ 2,103,845 ​ ​ ​ ​ ​ ​ ​ Third party debt, net ​ $ 1,156,834 ​ $ 1,148,048 Accounts payable and accrued liabilities ​ ​ 46,057 ​ ​ 55,114 Total liabilities ​ 1,202,891 ​ 1,203,162 Total equity $ 966,434 $ 900,683 ​ Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and six months ended June 30, 2020 and 2019 ( dollars in thousands : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Total revenues $ 37,312 $ 76,926 $ 78,626 $ 158,458 Property operating expenses ​ 14,468 ​ 29,256 ​ 29,765 ​ 59,568 Real estate depreciation and amortization ​ 16,913 ​ 28,054 ​ 33,156 ​ 57,634 Operating income/(loss) ​ 5,931 ​ ​ 19,616 ​ 15,705 ​ ​ 41,256 Interest expense ​ (10,149) ​ (21,606) ​ (20,496) ​ (43,530) Gain/(loss) on sale of property ​ ​ — ​ ​ 18,357 ​ ​ — ​ ​ 18,357 Net unrealized gain/(loss) on held investments ​ ​ 29,312 ​ ​ — ​ ​ 29,312 ​ ​ — Other income/(loss) ​ ​ 117 ​ ​ 9 ​ ​ 109 ​ ​ 1,634 Net income/(loss) $ 25,211 $ 16,376 $ 24,630 $ 17,717 ​

LEASES

LEASES	6 Months Ended
	Jun. 30, 2020
LEASES
LEASES	6. LEASES Lessee - Ground 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 are classified as operating leases through the lease term expiration based on our election of the practical expedient provided by the leasing standard. 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. The Company also elected the short-term lease exception provided by the leasing standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. No leases qualified for the short-term lease exception during the three and six months ended June 30, 2020 and 2019. As of June 30, 2020, 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 44.3 years at June 30, 2020 and the weighted average discount rate was 5.0% at June 30, 2020. Future minimum lease payments and total operating lease liabilities from our ground leases as of June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2020 ​ $ 6,220 2021 ​ ​ 12,442 2022 ​ ​ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 Thereafter ​ ​ 455,221 Total future minimum lease payments (undiscounted) ​ ​ 511,209 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (314,117) Total operating lease liabilities (discounted) ​ $ 197,092 ​ 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. The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 3,216 ​ $ 2,139 ​ $ 6,386 ​ $ 4,278 Variable lease expense (a) ​ ​ 44 ​ ​ 143 ​ ​ 87 ​ ​ 282 Total operating lease expense (b)(c) ​ $ 3,260 ​ $ 2,282 ​ $ 6,473 ​ $ 4,560 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the six months ended June 30, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.6 million and $1.5 million, respectively, and for the six months ended June 30, 2019 Operating lease right-of-use assets and Operating lease liabilities amortized by $0.4 million and $0.2 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.2 million of total operating lease expense during the six months ended June 30, 2020 and 2019, respectively. ​ 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 June 30, 2020, our apartment home leases generally have initial terms of 12 months or less and represent approximately 98.6% of our total lease revenue. As of June 30, 2020, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 1.4% 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 14, Reportable Segments ​ Future minimum lease payments from our retail and commercial leases as of June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 11,020 2021 ​ ​ 22,287 2022 ​ ​ 20,370 2023 ​ ​ 18,885 2024 ​ ​ 17,219 Thereafter ​ ​ 80,684 Total future minimum lease payments (a) ​ $ 170,465 (a) 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 zero and $0.1 million for the three months ended June 30, 2020 and 2019, respectively, and $0.1 million and $0.2 million during the six months ended June 30, 2020 and 2019, respectively.

SECURED AND UNSECURED DEBT, NET

SECURED AND UNSECURED DEBT, NET	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ June 30, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2020 2019 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 855,585 ​ $ 884,869 3.60 % 5.9 14 Credit facilities (b) ​ 202,254 ​ 204,590 4.90 % 2.5 4 Deferred financing costs and other non-cash adjustments ​ 28,102 ​ 33,046 Total fixed rate secured debt, net ​ 1,085,941 ​ 1,122,505 3.85 % 5.2 18 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.85 % 11.7 1 Deferred financing costs ​ (71) ​ (64) Total variable rate secured debt, net ​ 26,929 ​ 26,936 0.85 % 11.7 1 Total Secured Debt, net ​ 1,112,870 ​ 1,149,441 3.77 % 5.4 19 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (m) ​ — ​ — — % 2.6 Borrowings outstanding under unsecured commercial paper program due July 2020 (e) (m) ​ ​ 185,000 ​ ​ 300,000 ​ 0.45 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2021 ​ 17,180 ​ 16,583 0.99 % 0.5 Term Loan due September 2023 (d) (m) ​ 35,000 ​ 35,000 1.07 % 3.3 Fixed Rate Debt ​ ​ 1.93% Term Loan due September 2023 (d) (m) ​ ​ 315,000 ​ 315,000 1.93 % 3.3 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $417 and $470, respectively) (g) (m) ​ 299,583 ​ 299,530 3.75 % 4.0 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 4.2 4.00% Medium-Term Notes due October 2025 (net of discounts of $362 and $396, respectively) (h) (m) ​ 299,638 ​ 299,604 4.00 % 5.3 2.95% Medium-Term Notes due September 2026 (m) ​ 300,000 ​ 300,000 2.95 % 6.2 3.50% Medium-Term Notes due July 2027 (net of discounts of $494 and $529, respectively) (m) ​ ​ 299,506 ​ ​ 299,471 ​ 3.50 % 7.0 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $894 and $954, respectively) (m) ​ ​ 299,106 ​ ​ 299,046 ​ 3.50 % 7.5 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (i) (m) ​ ​ 299,995 ​ ​ 299,995 ​ 4.40 % 8.6 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $13,099 and $2,281, respectively) (j) (m) ​ ​ 613,099 ​ ​ 402,281 ​ 3.20 % 9.5 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,075 and $1,123, respectively) (k) (m) ​ ​ 398,925 ​ ​ 398,877 ​ 3.00 % 11.1 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,265 and $1,309, respectively) (l) (m) ​ ​ 298,735 ​ ​ 298,691 ​ 3.10 % 14.3 ​ ​ Other ​ 12 ​ 13 Deferred financing costs ​ (22,489) ​ (21,652) Total Unsecured Debt, net ​ 3,653,934 ​ 3,558,083 3.26 % 7.4 Total Debt, net ​ $ 4,766,804 ​ $ 4,707,524 3.24 % 7.0 ​ For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of June 30, 2020, secured debt encumbered $2.0 billion or 16.0% of UDR’s total real estate owned based upon gross book value ($10.7 billion or 84.0% of UDR’s real estate owned based on gross book value is unencumbered). (a) In June 2020, the Company executed a rate lock agreement to refinance a 4.35% fixed rate mortgage note payable due in November 2020 with a balance of $79.5 million at June 30, 2020 with a $160.9 million, 2.62% fixed rate mortgage note payable due in 2031. The Company expects to close on the refinancing transaction during the third quarter of 2020. The incremental proceeds are anticipated to be used to reduce the Company’s borrowings under its unsecured commercial paper program. ​ 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. (b) During the three months ended June 30, 2020 and 2019, the Company had $2.5 million and $0.6 million, respectively, and during the six months ended June 30, 2020 and 2019, the Company had $5.1 million and $1.1 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) (d) 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 June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 2019 ​ 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 ​ 84,836 ​ 55 ​ Maximum daily borrowings during the period ended ​ 375,000 ​ 20,000 ​ Weighted average interest rate during the period ended ​ 1.4 % 2.6 % Interest rate at end of the period ​ — % — % (1) Excludes $2.9 million and $2.9 million of letters of credit at June 30, 2020 and December 31, 2019, respectively . (e) The following is a summary of short-term bank borrowings under the unsecured commercial paper program at June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Total unsecured commercial paper program $ 500,000 ​ $ 500,000 ​ Borrowings outstanding at end of period ​ 185,000 ​ 300,000 ​ Weighted average daily borrowings during the period ended ​ 209,863 ​ 173,353 ​ Maximum daily borrowings during the period ended ​ 500,000 ​ 435,000 ​ Weighted average interest rate during the period ended ​ 1.6 % 2.5 % Interest rate at end of the period ​ 0.4 % 2.0 % ​ (f) 82.5 basis points. Depending on the Company’s credit rating, the margin ranges from 75 to 145 basis points. In July 2020, the Company extended its working capital credit facility maturity date from January 15, 2021 to January 14, 2022. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 17,180 ​ 16,583 ​ Weighted average daily borrowings during the period ended ​ 26,046 ​ 23,487 ​ Maximum daily borrowings during the period ended ​ 54,974 ​ 66,170 ​ Weighted average interest rate during the period ended ​ 1.7 % 3.1 % Interest rate at end of the period ​ 1.0 % 2.6 % ​ (g) (h) (i) (j) In February 2020, the Company issued $200.0 million of 3.20% senior unsecured medium-term notes due 2030. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2020. The notes were priced at 105.660% of the principal amount at issuance. This was a further issuance of the 2030 notes, and forms 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 and the $100.0 million aggregate principal amount of the Company’s 3.20% notes due 2030 that were issued in October 2019. As of the completion of the offering, the aggregate principal amount of outstanding 2030 notes was $600.0 million. (k) (l) . (m) The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2020 ​ $ 83,752 ​ $ — ​ $ 83,752 ​ $ 185,000 (a) $ 268,752 2021 ​ ​ 8,763 ​ ​ — ​ ​ 8,763 ​ ​ 17,180 ​ ​ 25,943 2022 ​ 9,159 ​ — ​ 9,159 ​ — ​ 9,159 2023 ​ 295,965 ​ — ​ 295,965 ​ 350,000 ​ 645,965 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 ​ 122,466 ​ — ​ 122,466 ​ 300,000 ​ 422,466 2029 ​ 144,584 ​ — ​ 144,584 ​ 300,000 ​ 444,584 Thereafter ​ 72,500 ​ 27,000 ​ 99,500 ​ 1,300,000 ​ 1,399,500 Subtotal ​ 1,057,839 ​ 27,000 ​ 1,084,839 ​ 3,667,824 ​ 4,752,663 Non-cash (b) ​ 28,102 ​ (71) ​ 28,031 ​ (13,890) ​ 14,141 Total ​ $ 1,085,941 ​ $ 26,929 ​ $ 1,112,870 ​ $ 3,653,934 ​ $ 4,766,804 (a) All unsecured debt due in the remainder of 2020 is related to the Company’s commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs . The Company amortized $1.1 million and $1.1 million, respectively, during the three months ended June 30, 2020 and 2019, and $2.1 million and $2.1 million, respectively, during the six months ended June 30, 2020 and 2019, of deferred financing costs into Interest expense. We were in compliance with the covenants of our debt instruments at June 30, 2020. On July 14, 2020, the Company announced that it commenced a cash tender offer for any and all of its outstanding 3.75% unsecured medium-term notes due July 2024 (the “2024 Notes”). . On July 21, 2020 , the Company issued $400.0 million of 2.10% senior unsecured medium-term notes due August 1, 2032. Interest is payable semi-annually in arrears on February 1 and August 1. The notes were priced at 99.894% of the principal amount at issuance. The Company used or will use a portion of the net proceeds . The combined prepayment and make-whole amounts for the purchase of the 2024 Notes and the prepayment of the secured debt due in 2023, inclusive of the acceleration of fair market value adjustments originally recorded on secured debt assumed in property acquisitions, totaled approximately $24.0 million.

INCOME_(LOSS) PER SHARE

INCOME/(LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2020
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 ​ Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 62,096 ​ $ 38,318 ​ $ 67,636 ​ $ 64,920 ​ Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (4,291) ​ (2,652) ​ (4,604) ​ (4,709) ​ Net (income)/loss attributable to noncontrolling interests ​ (34) ​ (47) ​ (40) ​ (89) ​ Net income/(loss) attributable to UDR, Inc. ​ 57,771 ​ 35,619 ​ 62,992 ​ 60,122 ​ Distributions to preferred stockholders — Series E (Convertible) ​ (1,062) ​ (1,031) ​ (2,128) ​ (2,042) ​ Income/(loss) attributable to common stockholders - basic and diluted ​ $ 56,709 ​ $ 34,588 ​ $ 60,864 ​ $ 58,080 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 294,970 ​ 282,215 ​ 294,850 ​ 279,769 ​ Non-vested restricted stock awards ​ (260) ​ (255) ​ (266) ​ (275) ​ Denominator for basic income/(loss) per share ​ 294,710 ​ 281,960 ​ 294,584 ​ 279,494 ​ Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock ​ 377 ​ 615 ​ 499 ​ 587 ​ Denominator for diluted income/(loss) per share ​ 295,087 ​ 282,575 ​ 295,083 ​ 280,081 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ ​ ​ Basic ​ $ 0.19 ​ $ 0.12 ​ $ 0.21 ​ $ 0.21 ​ Diluted ​ $ 0.19 ​ $ 0.12 ​ $ 0.21 ​ $ 0.21 ​ ​ 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 three and six months ended June 30, 2020 and 2019, the effect of the conversion of the OP Units, DownREIT Units, LTIP Units, the Company’s Series E preferred stock and shares issuable upon settlement of forward sales agreements 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 six months ended June 30, 2020, the Company did not sell any shares of common stock through its ATM program. As of June 30, 2020, we had 11.7 million shares of common stock available for future issuance under the ATM program, including an aggregate of 2.1 million shares subject to the forward sales agreements described below. 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. ​ During the six months ended June 30, 2020, the Company entered into forward sales agreements under its ATM program for a total of 2.1 million shares of common stock at a weighted average initial forward price per share of $49.56. The initial forward price per share to be received by the Company upon settlement will be 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. As of June 30, 2020, no shares under the forward sales agreements have been settled. The final dates by which shares sold under the forward sales agreements must be settled range between February 12, 2021 and March 3, 2021. ​ 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 currently expects to fully physically settle each forward sales agreement with the relevant forward purchaser on one or more dates specified by the Company on or prior to the maturity date of that particular forward sales agreement, in which case the Company expects to receive aggregate net cash proceeds at settlement equal to the number of shares underlying the particular forward sales agreement multiplied by the relevant forward sale price. However, subject to certain exceptions, the Company may also elect, in its discretion, to cash settle or net share settle a particular forward sales agreement, in which case the Company may not receive any proceeds (in the case of cash settlement) or will not receive any proceeds (in the case of net share settlement), and the Company may owe cash (in the case of cash settlement) or shares of UDR common stock (in the case of net share settlement) to the relevant forward purchaser. ​ The following table sets forth the additional shares of common stock issuable, by equity instrument, if such equity instrument were converted to or redeemed for common stock for each of the three and six months ended June 30, 2020 and 2019 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ OP/DownREIT Units 22,386 22,736 22,307 23,504 Convertible preferred stock 2,953 3,011 2,982 3,011 Unvested LTIP Units and unvested restricted stock 377 615 499 587 ​

NONCONTROLLING INTERESTS

NONCONTROLLING INTERESTS	6 Months Ended
	Jun. 30, 2020
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS	9. 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 following period ( dollars in thousands ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2019 $ 1,018,665 ​ Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (182,990) ​ Conversion of OP Units/DownREIT Units to Common Stock ​ (11,250) ​ Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 4,604 ​ Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (17,511) ​ Vesting of Long-Term Incentive Plan Units ​ ​ 23,018 ​ Allocation of other comprehensive income/(loss) ​ (70) ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, June 30, 2020 ​ $ 834,466 ​ ​ 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 are included in Net (income)/loss attributable to noncontrolling interests

FAIR VALUE OF DERIVATIVES AND F

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2020
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	10. 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 June 30, 2020 and December 31, 2019, are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at June 30, 2020, 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 ​ ​ June 30, ​ June 30, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 155,956 ​ $ 166,009 ​ $ — ​ $ — ​ $ 166,009 Derivatives - Interest rate contracts (b) ​ 8 ​ 8 ​ — ​ 8 ​ — Total assets ​ $ 155,964 ​ $ 166,017 ​ $ — ​ $ 8 ​ $ 166,009 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 2,414 ​ $ 2,414 ​ $ — ​ $ 2,414 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 874,177 ​ ​ 911,356 ​ ​ — ​ ​ — ​ ​ 911,356 Credit facilities ​ 213,857 ​ 214,374 ​ — ​ — ​ 214,374 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 17,180 ​ ​ 17,180 ​ ​ — ​ ​ — ​ ​ 17,180 Commercial paper program ​ ​ 185,000 ​ ​ 185,000 ​ ​ — ​ ​ — ​ ​ 185,000 Unsecured notes ​ ​ 3,474,243 ​ ​ 3,701,850 ​ ​ — ​ ​ — ​ ​ 3,701,850 Total liabilities ​ $ 4,793,871 ​ $ 5,059,174 ​ $ — ​ $ 2,414 ​ $ 5,056,760 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 834,466 ​ $ 834,466 ​ $ — ​ $ 834,466 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (c) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ 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 (e) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 11, Derivatives and Hedging Activity . (d) See Note 7, Secured and Unsecured Debt, Net . (e) See Note 9, Noncontrolling Interests. There were no transfers into or out of any of the levels of the fair value hierarchy during the six months ended June 30, 2020. 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 June 30, 2020 and December 31, 2019, 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 June 30, 2020 and 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.

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITY	6 Months Ended
	Jun. 30, 2020
DERIVATIVES AND HEDGING ACTIVITY
DERIVATIVES AND HEDGING ACTIVITY	11. 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 Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of June 30, 2020, 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 and caps ​ 2 ​ $ 334,880 ​ 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 both the three and six months ended June 30, 2020 and 2019. As of June 30, 2020, no derivatives not designated as hedges were held by the Company. 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 June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 8 ​ $ 6 ​ $ 2,414 ​ $ 142 ​ 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 three and six months ended June 30, 2020 and 2019 ( 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 2020 2019 2020 2019 2020 2019 Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (294) ​ $ (4,311) ​ $ (1,292) ​ $ 933 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (3,211) ​ $ (6,522) ​ $ (1,649) ​ $ 1,880 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Total amount of Interest expense ​ $ 38,597 ​ $ 34,417 ​ $ 77,914 ​ $ 67,959 ​ The Company did not recognize any gain/(loss) in Interest income and other income/(expense), net 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. 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 June 30, 2020 and December 31, 2019 (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 June 30, 2020 ​ $ 8 ​ $ — ​ $ 8 ​ $ — ​ $ — ​ $ 8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 (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 June 30, 2020 ​ $ 2,414 ​ $ — ​ $ 2,414 ​ $ — ​ $ — ​ $ 2,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 (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.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	6 Months Ended
	Jun. 30, 2020
EMPLOYEE BENEFIT PLANS
STOCK BASED COMPENSATION	12. STOCK BASED COMPENSATION The Company recognized stock based compensation expense, inclusive of awards granted to our non-employee directors, net of capitalization, of $4.0 million and $4.4 million during the three months ended June 30, 2020 and 2019, respectively, and $10.8 million and $10.3 million during the six months ended June 30, 2020 and 2019, respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at June 30, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 3 ​ $ 131,788 ​ $ 146,712 Wholly-owned — redevelopment 2 ​ ​ 18,978 ​ ​ 10,272 Joint ventures: ​ ​ Preferred equity investments 1 ​ ​ 8,872 (b) ​ 11,380 (c) Other investments ​ - ​ ​ 19,885 ​ ​ 22,875 (d) Total ​ $ 179,523 ​ $ 191,239 (a) Represents UDR’s investment as of June 30, 2020. (b) Represents UDR’s investment in Thousand Oaks, which is under development as of June 30, 2020. (c) Represents UDR’s remaining commitment for Thousand Oaks. (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 completion of entitlement and 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	6 Months Ended
	Jun. 30, 2020
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS	14. 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 April 1, 2019 (for quarter-to-date comparison) and January 1, 2019 (for year-to-date comparison) and held as of June 30, 2020. 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 period, 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 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 three and six months ended June 30, 2020 and 2019. ​ 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 ​ 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. ​ 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 three and six months ended June 30, 2020 and 2019, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, (a) ​ June 30, (b) ​ 2020 2019 2020 2019 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 101,551 ​ $ 104,196 ​ $ 200,750 ​ $ 199,495 Mid-Atlantic Region ​ 54,803 ​ 54,905 ​ 110,889 ​ 109,205 Northeast Region ​ 29,717 ​ 32,225 ​ 58,774 ​ 60,490 Southeast Region ​ 32,715 ​ 31,844 ​ 61,433 ​ 59,565 Southwest Region ​ 16,391 ​ 16,294 ​ 33,017 ​ 32,370 Non-Mature Communities/Other ​ 62,404 ​ 30,523 ​ 144,340 ​ 67,763 Total segment and consolidated lease revenue ​ $ 297,581 ​ $ 269,987 ​ $ 609,203 ​ $ 528,888 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 2,842 ​ $ 3,047 ​ $ 5,543 ​ $ 6,045 Mid-Atlantic Region ​ 1,429 ​ 1,727 ​ 3,001 ​ 3,729 Northeast Region ​ 761 ​ 789 ​ 1,235 ​ 1,396 Southeast Region ​ 1,226 ​ 1,719 ​ 2,593 ​ 3,431 Southwest Region ​ 515 ​ 678 ​ 1,105 ​ 1,443 Non-Mature Communities/Other ​ 1,628 ​ 516 ​ 3,395 ​ 1,453 Total segment and consolidated other revenue ​ $ 8,401 ​ $ 8,476 ​ $ 16,872 ​ $ 17,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 104,393 ​ $ 107,243 ​ $ 206,293 ​ $ 205,540 Mid-Atlantic Region ​ 56,232 ​ 56,632 ​ 113,890 ​ 112,934 Northeast Region ​ 30,478 ​ 33,014 ​ 60,009 ​ 61,886 Southeast Region ​ 33,941 ​ 33,563 ​ 64,026 ​ 62,996 Southwest Region ​ 16,906 ​ 16,972 ​ 34,122 ​ 33,813 Non-Mature Communities/Other ​ 64,032 ​ 31,039 ​ 147,735 ​ 69,216 Total segment and consolidated rental income ​ $ 305,982 ​ $ 278,463 ​ $ 626,075 ​ $ 546,385 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 78,533 ​ $ 81,724 ​ $ 155,876 ​ $ 156,324 Mid-Atlantic Region ​ 39,102 ​ 40,045 ​ 79,479 ​ 79,225 Northeast Region ​ 19,629 ​ 22,943 ​ 38,734 ​ 42,453 Southeast Region ​ 22,801 ​ 23,322 ​ 44,257 ​ 44,169 Southwest Region ​ 10,467 ​ 10,444 ​ 21,523 ​ 20,772 Non-Mature Communities/Other ​ 41,721 ​ 21,257 ​ 97,849 ​ 46,475 Total segment and consolidated NOI ​ 212,253 ​ 199,735 ​ 437,718 ​ 389,418 Reconciling items: ​ ​ ​ ​ Joint venture management and other fees ​ 1,274 ​ 2,845 ​ 2,662 ​ 5,596 Property management ​ (8,797) ​ (8,006) ​ (18,000) ​ (15,709) Other operating expenses ​ (6,100) ​ (2,735) ​ (11,066) ​ (8,381) Real estate depreciation and amortization ​ (155,056) ​ (117,934) ​ (310,532) ​ (230,402) General and administrative ​ (10,971) ​ (12,338) ​ (25,949) ​ (24,805) Casualty-related (charges)/recoveries, net ​ (102) ​ (246) ​ (1,353) ​ (246) Other depreciation and amortization ​ (2,027) ​ (1,678) ​ (4,052) ​ (3,334) Gain/(loss) on sale of real estate owned ​ ​ 61,303 ​ ​ 5,282 ​ ​ 61,303 ​ ​ 5,282 Income/(loss) from unconsolidated entities ​ 8,021 ​ 6,625 ​ 11,388 ​ 6,674 Interest expense ​ (38,597) ​ (34,417) ​ (77,914) ​ (67,959) Interest income and other income/(expense), net ​ 2,421 ​ 1,310 ​ 5,121 ​ 11,123 Tax (provision)/benefit, net ​ (1,526) ​ (125) ​ (1,690) ​ (2,337) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (4,291) ​ (2,652) ​ (4,604) ​ (4,709) Net (income)/loss attributable to noncontrolling interests ​ (34) ​ (47) ​ (40) ​ (89) Net income/(loss) attributable to UDR, Inc. ​ $ 57,771 ​ $ 35,619 ​ $ 62,992 ​ $ 60,122 (a) Same-Store Community population consisted of 39,020 apartment homes. (b) Same-Store Community population consisted of 37,910 apartment homes. ​ The following table details the assets of UDR’s reportable segments as of June 30, 2020 and December 31, 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,889,925 ​ $ 3,874,027 Mid-Atlantic Region ​ 2,363,674 ​ 2,350,341 Northeast Region ​ 1,635,118 ​ 1,632,980 Southeast Region ​ 913,257 ​ 903,878 Southwest Region ​ 605,801 ​ 600,349 Non-Mature Communities/Other ​ 3,367,864 ​ 3,240,526 Total segment assets ​ 12,775,639 ​ 12,602,101 Accumulated depreciation ​ (4,372,524) ​ (4,131,353) Total segment assets — net book value ​ 8,403,115 ​ 8,470,748 Reconciling items: ​ ​ Cash and cash equivalents ​ 833 ​ 8,106 Restricted cash ​ 22,043 ​ 25,185 Notes receivable, net ​ 155,956 ​ 153,650 Investment in and advances to unconsolidated joint ventures, net ​ 598,058 ​ 588,262 Operating lease right-of-use assets ​ ​ 202,586 ​ ​ 204,225 Other assets ​ 181,880 ​ 186,296 Total consolidated assets ​ $ 9,564,471 ​ $ 9,636,472 (a) Same-Store Community population consisted of 39,020 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. Northeast Region — New York and Boston iv. Southeast Region — Orlando, Nashville, Tampa and Other Florida v. Southwest Region — Dallas, Austin and Denver

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
SIGNIFICANT ACCOUNTING POLICIES
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842, Leases ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In June 2016, the 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.
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 or loss on consolidation of a property.
Allowance for Credit Losses	Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with its other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ​ The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible.
Notes Receivable	Notes Receivable Notes receivable relate to financing arrangements which are typically secured by real estate, real estate related projects or other assets. 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 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 that involves real estate development to consider 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 dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ June 30, June 30, December 31, ​ ​ 2020 ​ 2020 ​ 2019 Note due October 2020 (a) 8.00 % $ — ​ $ 2,250 Note due February 2021 (b) ​ N/A ​ ​ 4,000 ​ ​ — Note due May 2022 (c) ​ 8.00 % ​ 20,000 ​ ​ 20,000 Note due October 2022 (d) 4.75 % ​ 115,000 ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 17,740 ​ ​ 16,400 Notes Receivable ​ ​ ​ ​ 156,740 ​ ​ 153,650 Allowance for credit losses ​ ​ ​ ​ (784) ​ ​ — Total notes receivable, net ​ $ 155,956 ​ $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third party’s intellectual property in exchange for cancellation of the secured note and accrued interest. All property acquired was recorded in Other assets on the Consolidated Balance Sheets. (b) In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. No interest is due on the promissory note and the note matures in February 2021. (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, all of which has been funded. The note is secured by a parcel of land and related land improvements. Interest payments up to December 2019 are due when the loan matures and interest payments after December 2019 are due monthly. In April 2020, the terms of the secured note were amended to extend the term to May 30, 2022, to adjust the interest rate to 8.0% and require additional borrower covenants. (d) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which has been funded. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on an under construction 259 apartment 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 gives 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 for the residential portion of the project 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 payments will be based on a 30-year amortization schedule. (e) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $17.7 million has been funded, including $1.3 million funded during the six months ended June 30, 2020. 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) January 2023. During 2020, the terms of this secured note were amended to increase the aggregate commitment from $16.4 million to $20.0 million, to extend the maturity date of the note to January 2023 and to provide that the April 2020 through July 2020 interest payments are deferred and paid when the note matures The Company recognized $2.4 million and $1.2 million of interest income from notes receivable described above during the three months ended June 30, 2020 and 2019, respectively, and $5.0 million and $2.3 million of interest income for the notes receivable described above during the six months ended June 30, 2020 and 2019, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net
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 three and six months ended June 30, 2020 and 2019, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) 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,
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/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of June 30, 2020 and December 31, 2019, UDR’s net deferred tax asset/(liability) was $(2.8) million and $(1.6) million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. 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 UDR had no material unrecognized tax benefit, accrued interest or penalties at June 30, 2020. 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
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 determined 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
Impact of COVID-19 Pandemic	Impact of COVID-19 Pandemic ​ The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the duration of government measures to mitigate the pandemic, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the Company’s future financial condition, results of operations and cash flows could be material ​ During the three months ended June 30, 2020, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables in light of the COVID-19 pandemic. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if lease payments are no longer deemed to be probable over the life of the lease contract, we recognize revenue only when cash is received, and all existing contractual operating lease receivables and straight-line lease receivables are reserved. ​ As a result of its analysis, the Company reserved approximately $5.5 million of multifamily tenant lease receivables and approximately $3.5 million of retail tenant lease receivables (inclusive of $2.9 million of reserves on straight-line lease receivables) for its wholly-owned communities and communities held by joint ventures. In aggregate, the reserve is reflected as an $8.5 million reduction to Rental income and a $0.5 million reduction to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the three months ended June 30, 2020. The impact to deferred leasing commissions was not material. ​ The Company did not recognize any other adjustments to the carrying amounts of assets or asset impairment charges due to the COVID-19 pandemic for the six months ended June 30, 2020.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2020
SIGNIFICANT ACCOUNTING POLICIES
Summary of notes receivable, net	The following table summarizes our Notes receivable, net dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ June 30, June 30, December 31, ​ ​ 2020 ​ 2020 ​ 2019 Note due October 2020 (a) 8.00 % $ — ​ $ 2,250 Note due February 2021 (b) ​ N/A ​ ​ 4,000 ​ ​ — Note due May 2022 (c) ​ 8.00 % ​ 20,000 ​ ​ 20,000 Note due October 2022 (d) 4.75 % ​ 115,000 ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 17,740 ​ ​ 16,400 Notes Receivable ​ ​ ​ ​ 156,740 ​ ​ 153,650 Allowance for credit losses ​ ​ ​ ​ (784) ​ ​ — Total notes receivable, net ​ $ 155,956 ​ $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third party’s intellectual property in exchange for cancellation of the secured note and accrued interest. All property acquired was recorded in Other assets on the Consolidated Balance Sheets. (b) In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. No interest is due on the promissory note and the note matures in February 2021. (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, all of which has been funded. The note is secured by a parcel of land and related land improvements. Interest payments up to December 2019 are due when the loan matures and interest payments after December 2019 are due monthly. In April 2020, the terms of the secured note were amended to extend the term to May 30, 2022, to adjust the interest rate to 8.0% and require additional borrower covenants. (d) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which has been funded. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on an under construction 259 apartment 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 gives 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 for the residential portion of the project 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 payments will be based on a 30-year amortization schedule. (e) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $17.7 million has been funded, including $1.3 million funded during the six months ended June 30, 2020. 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) January 2023. During 2020, the terms of this secured note were amended to increase the aggregate commitment from $16.4 million to $20.0 million, to extend the maturity date of the note to January 2023 and to provide that the April 2020 through July 2020 interest payments are deferred and paid when the note matures

REAL ESTATE OWNED (Tables)

REAL ESTATE OWNED (Tables)	6 Months Ended
	Jun. 30, 2020
REAL ESTATE OWNED
Summary of carrying amounts for real estate owned (at cost)	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Land ​ $ 2,162,778 ​ $ 2,164,032 Depreciable property — held and used: ​ ​ Land improvements ​ 228,452 ​ 224,964 Building, improvements, and furniture, fixtures and equipment ​ 10,212,051 ​ 10,102,758 Real estate intangible assets ​ ​ 40,570 ​ ​ 40,570 Under development: ​ ​ Land and land improvements ​ 29,226 ​ 29,226 Building, improvements, and furniture, fixtures and equipment ​ 102,562 ​ 40,551 Real estate owned ​ 12,775,639 ​ 12,602,101 Accumulated depreciation ​ (4,372,524) ​ (4,131,353) Real estate owned, net ​ $ 8,403,115 ​ $ 8,470,748

JOINT VENTURES AND PARTNERSHI_2

JOINT VENTURES AND PARTNERSHIPS (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Three Months Ended ​ Six Months Ended ​ Location of June 30, June 30, June 30, December 31, ​ June 30, ​ December 31, ​ June 30, ​ June 30, Joint Venture Properties 2020 2020 2020 2019 ​ 2020 ​ 2019 ​ 2020 2019 ​ 2020 2019 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 27,927 ​ $ 28,812 ​ 50.0 % ​ 50.0 % ​ $ (658) ​ $ (548) ​ $ (1,112) ​ $ (1,124) UDR/MetLife II Various 7 1,250 ​ 149,971 ​ 150,893 ​ 50.0 % ​ 50.0 % ​ ​ 10 ​ ​ 776 ​ ​ (81) ​ ​ 1,210 Other UDR/MetLife Joint Ventures Various 5 1,437 ​ 90,262 ​ 98,441 ​ 50.6 % ​ 50.6 % ​ ​ (2,312) ​ ​ (1,684) ​ ​ (4,124) ​ ​ (3,461) West Coast Development Joint Ventures ​ Los Angeles, CA ​ 1 ​ 293 ​ ​ 34,428 ​ ​ 34,907 ​ 47.0 % ​ 47.0 % ​ ​ (56) ​ ​ (359) ​ ​ (136) ​ ​ (507) Sold Joint Ventures ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ — % ​ — % ​ ​ — ​ ​ 3,867 ​ ​ — ​ ​ 2,047 Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ​ $ 302,588 ​ $ 313,053 ​ ​ ​ ​ $ (3,016) ​ $ 2,052 ​ $ (5,453) ​ $ (1,835) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Three Months Ended ​ Six Months Ended ​ Developer Capital Program ​ ​ Years To ​ UDR June 30, December 31, June 30, ​ June 30, ​ and Other Investments (a) Location Rate Maturity ​ Commitment (b) 2020 2019 2020 2019 2020 2019 ​ Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Coast Development Joint Ventures (c) Hillsboro, OR 6.5 % N/A ​ $ — ​ $ — ​ $ 17,064 ​ $ — ​ $ (10) ​ $ (46) ​ $ (171) ​ 1532 Harrison ​ San Francisco, CA ​ 11.0 % 2.0 ​ ​ 24,645 ​ ​ 32,282 ​ ​ 30,585 ​ ​ 846 ​ ​ 774 ​ ​ 1,682 ​ ​ 1,522 ​ 1200 Broadway (d) ​ Nashville, TN ​ 8.0 % 2.3 ​ ​ 55,558 ​ ​ 66,575 ​ ​ 63,958 ​ ​ 1,306 ​ ​ 1,206 ​ ​ 2,587 ​ ​ 2,375 ​ Junction ​ Santa Monica, CA ​ 12.0 % 2.1 ​ ​ 8,800 ​ ​ 11,016 ​ ​ 10,379 ​ ​ 323 ​ ​ 287 ​ ​ 637 ​ ​ 562 ​ 1300 Fairmount (d) ​ Philadelphia, PA ​ Variable ​ 3.1 ​ ​ 51,393 ​ ​ 57,031 ​ ​ 51,215 ​ ​ 1,191 ​ ​ 519 ​ ​ 2,357 ​ ​ 794 ​ Essex ​ Orlando, FL ​ 12.5 % 3.2 ​ ​ 12,886 ​ ​ 15,751 ​ ​ 14,804 ​ ​ 481 ​ ​ 407 ​ ​ 947 ​ ​ 739 ​ Modera Lake Merritt (d) ​ Oakland, CA ​ 9.0 % 3.8 ​ ​ 27,250 ​ ​ 29,562 ​ ​ 22,653 ​ ​ 652 ​ ​ 256 ​ ​ 1,226 ​ ​ 256 ​ Thousand Oaks (e) ​ Thousand Oaks, CA ​ 9.0 % 4.7 ​ ​ 20,059 ​ ​ 8,872 ​ ​ — ​ ​ 153 ​ ​ — ​ ​ 177 ​ ​ — ​ Other investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Portals ​ Washington, D.C. ​ 11.0 % 0.9 ​ ​ 38,559 ​ ​ 50,713 ​ ​ 48,181 ​ ​ 1,389 ​ ​ 1,234 ​ ​ 2,724 ​ ​ 2,407 ​ Other investment ventures ​ N/A ​ N/A ​ N/A ​ $ 34,500 ​ ​ 19,885 ​ ​ 13,598 ​ ​ 4,696 ​ ​ (100) ​ ​ 4,550 ​ ​ 25 ​ Total Preferred Equity Investments and Other Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 291,687 ​ ​ 272,437 ​ ​ 11,037 ​ ​ 4,573 ​ ​ 16,841 ​ ​ 8,509 ​ Total Joint Ventures and Developer Capital Program Investments, net (f) ​ ​ ​ ​ $ 594,275 ​ $ 585,490 ​ $ 8,021 $ 6,625 ​ $ 11,388 $ 6,674 ​ (a) The Developer Capital Program is the program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (b) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (c) In January 2020, the Company increased its ownership interest from 49% to 100% in the 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 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 Company repaid the joint venture’s construction loan of approximately $35.6 million. (d) The Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (e) In February 2020, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 142 apartment home community in Thousand Oaks, CA. The Company’s preferred equity investment of up to $20.1 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. (f) As of June 30, 2020, the Company’s negative investment in 13 th and Market Properties LLC of $3.8 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.
Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships	Combined summary balance sheets relating to the unconsolidated joint ventures’ and partnerships’ (not just our proportionate share) are presented below as of June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Total real estate, net $ 1,922,313 $ 1,901,081 Cash and cash equivalents ​ 30,656 ​ 29,823 Other assets ​ ​ 216,356 ​ 172,941 Total assets $ 2,169,325 $ 2,103,845 ​ ​ ​ ​ ​ ​ ​ Third party debt, net ​ $ 1,156,834 ​ $ 1,148,048 Accounts payable and accrued liabilities ​ ​ 46,057 ​ ​ 55,114 Total liabilities ​ 1,202,891 ​ 1,203,162 Total equity $ 966,434 $ 900,683
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and six months ended June 30, 2020 and 2019 ( dollars in thousands : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Total revenues $ 37,312 $ 76,926 $ 78,626 $ 158,458 Property operating expenses ​ 14,468 ​ 29,256 ​ 29,765 ​ 59,568 Real estate depreciation and amortization ​ 16,913 ​ 28,054 ​ 33,156 ​ 57,634 Operating income/(loss) ​ 5,931 ​ ​ 19,616 ​ 15,705 ​ ​ 41,256 Interest expense ​ (10,149) ​ (21,606) ​ (20,496) ​ (43,530) Gain/(loss) on sale of property ​ ​ — ​ ​ 18,357 ​ ​ — ​ ​ 18,357 Net unrealized gain/(loss) on held investments ​ ​ 29,312 ​ ​ — ​ ​ 29,312 ​ ​ — Other income/(loss) ​ ​ 117 ​ ​ 9 ​ ​ 109 ​ ​ 1,634 Net income/(loss) $ 25,211 $ 16,376 $ 24,630 $ 17,717

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2020 ​ $ 6,220 2021 ​ ​ 12,442 2022 ​ ​ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 Thereafter ​ ​ 455,221 Total future minimum lease payments (undiscounted) ​ ​ 511,209 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (314,117) Total operating lease liabilities (discounted) ​ $ 197,092
Lessee - components of operating lease expenses	The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 3,216 ​ $ 2,139 ​ $ 6,386 ​ $ 4,278 Variable lease expense (a) ​ ​ 44 ​ ​ 143 ​ ​ 87 ​ ​ 282 Total operating lease expense (b)(c) ​ $ 3,260 ​ $ 2,282 ​ $ 6,473 ​ $ 4,560 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the six months ended June 30, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.6 million and $1.5 million, respectively, and for the six months ended June 30, 2019 Operating lease right-of-use assets and Operating lease liabilities amortized by $0.4 million and $0.2 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.2 million of total operating lease expense during the six months ended June 30, 2020 and 2019, respectively.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 11,020 2021 ​ ​ 22,287 2022 ​ ​ 20,370 2023 ​ ​ 18,885 2024 ​ ​ 17,219 Thereafter ​ ​ 80,684 Total future minimum lease payments (a) ​ $ 170,465 (a)

SECURED AND UNSECURED DEBT, N_2

SECURED AND UNSECURED DEBT, NET (Tables)	6 Months Ended
	Jun. 30, 2020
Unsecured Debt
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ June 30, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2020 2019 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 855,585 ​ $ 884,869 3.60 % 5.9 14 Credit facilities (b) ​ 202,254 ​ 204,590 4.90 % 2.5 4 Deferred financing costs and other non-cash adjustments ​ 28,102 ​ 33,046 Total fixed rate secured debt, net ​ 1,085,941 ​ 1,122,505 3.85 % 5.2 18 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.85 % 11.7 1 Deferred financing costs ​ (71) ​ (64) Total variable rate secured debt, net ​ 26,929 ​ 26,936 0.85 % 11.7 1 Total Secured Debt, net ​ 1,112,870 ​ 1,149,441 3.77 % 5.4 19 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (m) ​ — ​ — — % 2.6 Borrowings outstanding under unsecured commercial paper program due July 2020 (e) (m) ​ ​ 185,000 ​ ​ 300,000 ​ 0.45 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2021 ​ 17,180 ​ 16,583 0.99 % 0.5 Term Loan due September 2023 (d) (m) ​ 35,000 ​ 35,000 1.07 % 3.3 Fixed Rate Debt ​ ​ 1.93% Term Loan due September 2023 (d) (m) ​ ​ 315,000 ​ 315,000 1.93 % 3.3 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $417 and $470, respectively) (g) (m) ​ 299,583 ​ 299,530 3.75 % 4.0 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 4.2 4.00% Medium-Term Notes due October 2025 (net of discounts of $362 and $396, respectively) (h) (m) ​ 299,638 ​ 299,604 4.00 % 5.3 2.95% Medium-Term Notes due September 2026 (m) ​ 300,000 ​ 300,000 2.95 % 6.2 3.50% Medium-Term Notes due July 2027 (net of discounts of $494 and $529, respectively) (m) ​ ​ 299,506 ​ ​ 299,471 ​ 3.50 % 7.0 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $894 and $954, respectively) (m) ​ ​ 299,106 ​ ​ 299,046 ​ 3.50 % 7.5 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (i) (m) ​ ​ 299,995 ​ ​ 299,995 ​ 4.40 % 8.6 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $13,099 and $2,281, respectively) (j) (m) ​ ​ 613,099 ​ ​ 402,281 ​ 3.20 % 9.5 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,075 and $1,123, respectively) (k) (m) ​ ​ 398,925 ​ ​ 398,877 ​ 3.00 % 11.1 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,265 and $1,309, respectively) (l) (m) ​ ​ 298,735 ​ ​ 298,691 ​ 3.10 % 14.3 ​ ​ Other ​ 12 ​ 13 Deferred financing costs ​ (22,489) ​ (21,652) Total Unsecured Debt, net ​ 3,653,934 ​ 3,558,083 3.26 % 7.4 Total Debt, net ​ $ 4,766,804 ​ $ 4,707,524 3.24 % 7.0
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 calendar years subsequent to June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2020 ​ $ 83,752 ​ $ — ​ $ 83,752 ​ $ 185,000 (a) $ 268,752 2021 ​ ​ 8,763 ​ ​ — ​ ​ 8,763 ​ ​ 17,180 ​ ​ 25,943 2022 ​ 9,159 ​ — ​ 9,159 ​ — ​ 9,159 2023 ​ 295,965 ​ — ​ 295,965 ​ 350,000 ​ 645,965 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 ​ 122,466 ​ — ​ 122,466 ​ 300,000 ​ 422,466 2029 ​ 144,584 ​ — ​ 144,584 ​ 300,000 ​ 444,584 Thereafter ​ 72,500 ​ 27,000 ​ 99,500 ​ 1,300,000 ​ 1,399,500 Subtotal ​ 1,057,839 ​ 27,000 ​ 1,084,839 ​ 3,667,824 ​ 4,752,663 Non-cash (b) ​ 28,102 ​ (71) ​ 28,031 ​ (13,890) ​ 14,141 Total ​ $ 1,085,941 ​ $ 26,929 ​ $ 1,112,870 ​ $ 3,653,934 ​ $ 4,766,804 (a) All unsecured debt due in the remainder of 2020 is related to the Company’s commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs . The Company amortized $1.1 million and $1.1 million, respectively, during the three months ended June 30, 2020 and 2019, and $2.1 million and $2.1 million, respectively, during the six months ended June 30, 2020 and 2019, 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 June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Total unsecured commercial paper program $ 500,000 ​ $ 500,000 ​ Borrowings outstanding at end of period ​ 185,000 ​ 300,000 ​ Weighted average daily borrowings during the period ended ​ 209,863 ​ 173,353 ​ Maximum daily borrowings during the period ended ​ 500,000 ​ 435,000 ​ Weighted average interest rate during the period ended ​ 1.6 % 2.5 % Interest rate at end of the period ​ 0.4 % 2.0 %
Revolving Credit Facility
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Revolving Credit Facility at June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 2019 ​ 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 ​ 84,836 ​ 55 ​ Maximum daily borrowings during the period ended ​ 375,000 ​ 20,000 ​ Weighted average interest rate during the period ended ​ 1.4 % 2.6 % Interest rate at end of the period ​ — % — % (1) Excludes $2.9 million and $2.9 million of letters of credit at June 30, 2020 and December 31, 2019, respectively .
Unsecured Working Capital Credit Facility
Unsecured Debt
Schedule of short-term debt	The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 17,180 ​ 16,583 ​ Weighted average daily borrowings during the period ended ​ 26,046 ​ 23,487 ​ Maximum daily borrowings during the period ended ​ 54,974 ​ 66,170 ​ Weighted average interest rate during the period ended ​ 1.7 % 3.1 % Interest rate at end of the period ​ 1.0 % 2.6 %

INCOME_(LOSS) PER SHARE (Tables

INCOME/(LOSS) PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
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): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 ​ Numerator for income/(loss) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income/(loss) ​ $ 62,096 ​ $ 38,318 ​ $ 67,636 ​ $ 64,920 ​ Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (4,291) ​ (2,652) ​ (4,604) ​ (4,709) ​ Net (income)/loss attributable to noncontrolling interests ​ (34) ​ (47) ​ (40) ​ (89) ​ Net income/(loss) attributable to UDR, Inc. ​ 57,771 ​ 35,619 ​ 62,992 ​ 60,122 ​ Distributions to preferred stockholders — Series E (Convertible) ​ (1,062) ​ (1,031) ​ (2,128) ​ (2,042) ​ Income/(loss) attributable to common stockholders - basic and diluted ​ $ 56,709 ​ $ 34,588 ​ $ 60,864 ​ $ 58,080 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for income/(loss) per share: ​ ​ ​ ​ ​ Weighted average common shares outstanding ​ 294,970 ​ 282,215 ​ 294,850 ​ 279,769 ​ Non-vested restricted stock awards ​ (260) ​ (255) ​ (266) ​ (275) ​ Denominator for basic income/(loss) per share ​ 294,710 ​ 281,960 ​ 294,584 ​ 279,494 ​ Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock ​ 377 ​ 615 ​ 499 ​ 587 ​ Denominator for diluted income/(loss) per share ​ 295,087 ​ 282,575 ​ 295,083 ​ 280,081 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) per weighted average common share: ​ ​ ​ ​ ​ Basic ​ $ 0.19 ​ $ 0.12 ​ $ 0.21 ​ $ 0.21 ​ Diluted ​ $ 0.19 ​ $ 0.12 ​ $ 0.21 ​ $ 0.21 ​
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table sets forth the additional shares of common stock issuable, by equity instrument, if such equity instrument were converted to or redeemed for common stock for each of the three and six months ended June 30, 2020 and 2019 (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 ​ OP/DownREIT Units 22,386 22,736 22,307 23,504 Convertible preferred stock 2,953 3,011 2,982 3,011 Unvested LTIP Units and unvested restricted stock 377 615 499 587

NONCONTROLLING INTERESTS (Table

NONCONTROLLING INTERESTS (Tables)	6 Months Ended
	Jun. 30, 2020
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 following period ( dollars in thousands ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, December 31, 2019 $ 1,018,665 ​ Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (182,990) ​ Conversion of OP Units/DownREIT Units to Common Stock ​ (11,250) ​ Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ 4,604 ​ Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (17,511) ​ Vesting of Long-Term Incentive Plan Units ​ ​ 23,018 ​ Allocation of other comprehensive income/(loss) ​ (70) ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, June 30, 2020 ​ $ 834,466 ​

FAIR VALUE OF DERIVATIVES AND_2

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019, are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at June 30, 2020, 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 ​ ​ June 30, ​ June 30, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 155,956 ​ $ 166,009 ​ $ — ​ $ — ​ $ 166,009 Derivatives - Interest rate contracts (b) ​ 8 ​ 8 ​ — ​ 8 ​ — Total assets ​ $ 155,964 ​ $ 166,017 ​ $ — ​ $ 8 ​ $ 166,009 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 2,414 ​ $ 2,414 ​ $ — ​ $ 2,414 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 874,177 ​ ​ 911,356 ​ ​ — ​ ​ — ​ ​ 911,356 Credit facilities ​ 213,857 ​ 214,374 ​ — ​ — ​ 214,374 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 17,180 ​ ​ 17,180 ​ ​ — ​ ​ — ​ ​ 17,180 Commercial paper program ​ ​ 185,000 ​ ​ 185,000 ​ ​ — ​ ​ — ​ ​ 185,000 Unsecured notes ​ ​ 3,474,243 ​ ​ 3,701,850 ​ ​ — ​ ​ — ​ ​ 3,701,850 Total liabilities ​ $ 4,793,871 ​ $ 5,059,174 ​ $ — ​ $ 2,414 ​ $ 5,056,760 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 834,466 ​ $ 834,466 ​ $ — ​ $ 834,466 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (c) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ 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 (e) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 11, Derivatives and Hedging Activity . (d) See Note 7, Secured and Unsecured Debt, Net . (e) See Note 9, Noncontrolling Interests.

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITY (Tables)	6 Months Ended
	Jun. 30, 2020
DERIVATIVES AND HEDGING ACTIVITY
Schedule of outstanding interest rate derivatives	As of June 30, 2020, 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 and caps ​ 2 ​ $ 334,880
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 June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 8 ​ $ 6 ​ $ 2,414 ​ $ 142
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 three and six months ended June 30, 2020 and 2019 ( 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 2020 2019 2020 2019 2020 2019 Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (294) ​ $ (4,311) ​ $ (1,292) ​ $ 933 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (3,211) ​ $ (6,522) ​ $ (1,649) ​ $ 1,880 ​ $ — ​ $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Total amount of Interest expense ​ $ 38,597 ​ $ 34,417 ​ $ 77,914 ​ $ 67,959 ​
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 June 30, 2020 and December 31, 2019 (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 June 30, 2020 ​ $ 8 ​ $ — ​ $ 8 ​ $ — ​ $ — ​ $ 8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 (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 June 30, 2020 ​ $ 2,414 ​ $ — ​ $ 2,414 ​ $ — ​ $ — ​ $ 2,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 (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)	6 Months Ended
	Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES
Summary of real estate commitments	The following summarizes the Company’s real estate commitments at June 30, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 3 ​ $ 131,788 ​ $ 146,712 Wholly-owned — redevelopment 2 ​ ​ 18,978 ​ ​ 10,272 Joint ventures: ​ ​ Preferred equity investments 1 ​ ​ 8,872 (b) ​ 11,380 (c) Other investments ​ - ​ ​ 19,885 ​ ​ 22,875 (d) Total ​ $ 179,523 ​ $ 191,239 (a) Represents UDR’s investment as of June 30, 2020. (b) Represents UDR’s investment in Thousand Oaks, which is under development as of June 30, 2020. (c) Represents UDR’s remaining commitment for Thousand Oaks. (d) Represents UDR’s remaining commitment for other investment ventures.

REPORTABLE SEGMENTS (Tables)

REPORTABLE SEGMENTS (Tables)	6 Months Ended
	Jun. 30, 2020
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 three and six months ended June 30, 2020 and 2019, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, (a) ​ June 30, (b) ​ 2020 2019 2020 2019 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 101,551 ​ $ 104,196 ​ $ 200,750 ​ $ 199,495 Mid-Atlantic Region ​ 54,803 ​ 54,905 ​ 110,889 ​ 109,205 Northeast Region ​ 29,717 ​ 32,225 ​ 58,774 ​ 60,490 Southeast Region ​ 32,715 ​ 31,844 ​ 61,433 ​ 59,565 Southwest Region ​ 16,391 ​ 16,294 ​ 33,017 ​ 32,370 Non-Mature Communities/Other ​ 62,404 ​ 30,523 ​ 144,340 ​ 67,763 Total segment and consolidated lease revenue ​ $ 297,581 ​ $ 269,987 ​ $ 609,203 ​ $ 528,888 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 2,842 ​ $ 3,047 ​ $ 5,543 ​ $ 6,045 Mid-Atlantic Region ​ 1,429 ​ 1,727 ​ 3,001 ​ 3,729 Northeast Region ​ 761 ​ 789 ​ 1,235 ​ 1,396 Southeast Region ​ 1,226 ​ 1,719 ​ 2,593 ​ 3,431 Southwest Region ​ 515 ​ 678 ​ 1,105 ​ 1,443 Non-Mature Communities/Other ​ 1,628 ​ 516 ​ 3,395 ​ 1,453 Total segment and consolidated other revenue ​ $ 8,401 ​ $ 8,476 ​ $ 16,872 ​ $ 17,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 104,393 ​ $ 107,243 ​ $ 206,293 ​ $ 205,540 Mid-Atlantic Region ​ 56,232 ​ 56,632 ​ 113,890 ​ 112,934 Northeast Region ​ 30,478 ​ 33,014 ​ 60,009 ​ 61,886 Southeast Region ​ 33,941 ​ 33,563 ​ 64,026 ​ 62,996 Southwest Region ​ 16,906 ​ 16,972 ​ 34,122 ​ 33,813 Non-Mature Communities/Other ​ 64,032 ​ 31,039 ​ 147,735 ​ 69,216 Total segment and consolidated rental income ​ $ 305,982 ​ $ 278,463 ​ $ 626,075 ​ $ 546,385 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 78,533 ​ $ 81,724 ​ $ 155,876 ​ $ 156,324 Mid-Atlantic Region ​ 39,102 ​ 40,045 ​ 79,479 ​ 79,225 Northeast Region ​ 19,629 ​ 22,943 ​ 38,734 ​ 42,453 Southeast Region ​ 22,801 ​ 23,322 ​ 44,257 ​ 44,169 Southwest Region ​ 10,467 ​ 10,444 ​ 21,523 ​ 20,772 Non-Mature Communities/Other ​ 41,721 ​ 21,257 ​ 97,849 ​ 46,475 Total segment and consolidated NOI ​ 212,253 ​ 199,735 ​ 437,718 ​ 389,418 Reconciling items: ​ ​ ​ ​ Joint venture management and other fees ​ 1,274 ​ 2,845 ​ 2,662 ​ 5,596 Property management ​ (8,797) ​ (8,006) ​ (18,000) ​ (15,709) Other operating expenses ​ (6,100) ​ (2,735) ​ (11,066) ​ (8,381) Real estate depreciation and amortization ​ (155,056) ​ (117,934) ​ (310,532) ​ (230,402) General and administrative ​ (10,971) ​ (12,338) ​ (25,949) ​ (24,805) Casualty-related (charges)/recoveries, net ​ (102) ​ (246) ​ (1,353) ​ (246) Other depreciation and amortization ​ (2,027) ​ (1,678) ​ (4,052) ​ (3,334) Gain/(loss) on sale of real estate owned ​ ​ 61,303 ​ ​ 5,282 ​ ​ 61,303 ​ ​ 5,282 Income/(loss) from unconsolidated entities ​ 8,021 ​ 6,625 ​ 11,388 ​ 6,674 Interest expense ​ (38,597) ​ (34,417) ​ (77,914) ​ (67,959) Interest income and other income/(expense), net ​ 2,421 ​ 1,310 ​ 5,121 ​ 11,123 Tax (provision)/benefit, net ​ (1,526) ​ (125) ​ (1,690) ​ (2,337) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (4,291) ​ (2,652) ​ (4,604) ​ (4,709) Net (income)/loss attributable to noncontrolling interests ​ (34) ​ (47) ​ (40) ​ (89) Net income/(loss) attributable to UDR, Inc. ​ $ 57,771 ​ $ 35,619 ​ $ 62,992 ​ $ 60,122 (a) Same-Store Community population consisted of 39,020 apartment homes. (b) Same-Store Community population consisted of 37,910 apartment homes. ​
Details of assets of UDR's reportable segments	The following table details the assets of UDR’s reportable segments as of June 30, 2020 and December 31, 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,889,925 ​ $ 3,874,027 Mid-Atlantic Region ​ 2,363,674 ​ 2,350,341 Northeast Region ​ 1,635,118 ​ 1,632,980 Southeast Region ​ 913,257 ​ 903,878 Southwest Region ​ 605,801 ​ 600,349 Non-Mature Communities/Other ​ 3,367,864 ​ 3,240,526 Total segment assets ​ 12,775,639 ​ 12,602,101 Accumulated depreciation ​ (4,372,524) ​ (4,131,353) Total segment assets — net book value ​ 8,403,115 ​ 8,470,748 Reconciling items: ​ ​ Cash and cash equivalents ​ 833 ​ 8,106 Restricted cash ​ 22,043 ​ 25,185 Notes receivable, net ​ 155,956 ​ 153,650 Investment in and advances to unconsolidated joint ventures, net ​ 598,058 ​ 588,262 Operating lease right-of-use assets ​ ​ 202,586 ​ ​ 204,225 Other assets ​ 181,880 ​ 186,296 Total consolidated assets ​ $ 9,564,471 ​ $ 9,636,472 (a) Same-Store Community population consisted of 39,020 apartment homes. ​

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details)	Jun. 30, 2020itemcommunityshares	Dec. 31, 2019shares
Consolidation And Basis Of Presentation
Number of Real Estate Properties | community	148
Number Of Apartment Homes Owned And Consolidated By Company | item	47,371
Operating Partnership units outstanding related to limited partner	184,836,000	184,064,000
Operating Partnership outstanding units	184.8
United Dominion Realty L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176.2
General Partnership units outstanding	100,000
General Partners' ownership (as a percent)	95.30%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	13.5
Percentage of units outstanding in Partnership	41.60%
UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Operating Partnership outstanding units	32.4
Non-affiliated Partners
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	8.6
Operating Partnership outstanding units	13.7
Percentage of units outstanding in Partnership	4.70%
Non-affiliated Partners | United Dominion Realty L.P.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	8.6
Operating Partnership outstanding units		7.9
Percentage of units outstanding in Partnership	4.70%	4.30%
Non-affiliated Partners | UDR Lighthouse DownREIT L.P.
Consolidation And Basis Of Presentation
Percentage of units outstanding in Partnership	42.40%
UDR, Inc.
Consolidation And Basis Of Presentation
Operating Partnership units outstanding related to limited partner	176,100,000	176,100,000
General Partners' ownership (as a percent)	57.60%
Operating Partnership outstanding units	18.7
Percentage of units outstanding in Partnership	95.30%	95.70%
UDR, Inc. | United Dominion Realty L.P.
Consolidation And Basis Of Presentation
General Partnership units outstanding	176.2
General Partners' ownership (as a percent)	95.30%
Operating Partnership outstanding units		176,200,000
Percentage of units outstanding in Partnership		95.70%
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 | item	16,434
Operating Partnership units outstanding related to limited partner	184,724,677	183,952,659
General Partnership units outstanding	110,883	110,883
Operating Partnership outstanding units	184,800,000	184,100,000

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Nov. 30, 2019USD ($)home	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	May 31, 2020USD ($)	Apr. 30, 2020	Jan. 01, 2020USD ($)	Dec. 31, 2019USD ($)
Accounting policies
Recognition of operating lease right-of-use assets		$ 202,586		$ 202,586					$ 204,225
Recognition of operating lease liabilities		197,092		197,092					198,558
Allocation of other comprehensive income/(loss)		100	$ (400)	(70)
Significant Accounting Policies
Development costs excluding direct costs and capitalized interest		1,800	1,800	8,700	$ 5,000
Interest capitalized during period		1,700	1,200	3,000	2,300
Notes receivable		156,740		156,740					153,650
Allowance for credit losses		(784)		(784)
Notes receivable, net		155,956		155,956					153,650
Interest Income, Related Party				0	0
Note receivable interest income		2,400	$ 1,200	5,000	2,300
Current Income Tax Expense (Benefit)				0
Deferred tax liabilities, net		(2,800)		(2,800)
Unrecognized tax benefit, accrued interest or penalties due to examination		0		0
Adjustment to rental income		8,500
Adjustment to income (loss)		500
Bellevue, WA 259 Home Community
Significant Accounting Policies
Number of apartment homes | home	259
Note due April 2020
Significant Accounting Policies
Notes receivable		$ 20,000		$ 20,000
Note receivable interest rate							8.00%
Note due October 2020
Significant Accounting Policies
Notes receivable									2,250
Note receivable interest rate		8.00%		8.00%
Note due February 2021
Significant Accounting Policies
Notes receivable		$ 4,000		$ 4,000
Aggregate commitment on note receivable						$ 4,000
Note due May 2022
Significant Accounting Policies
Notes receivable		$ 20,000		$ 20,000					20,000
Note receivable interest rate		8.00%		8.00%
Note due October 2022
Significant Accounting Policies
Notes receivable		$ 115,000		$ 115,000					115,000
Note receivable interest rate		4.75%		4.75%
Note due October 2022 | Bellevue, WA 259 Home Community
Significant Accounting Policies
Aggregate commitment on note receivable	$ 115,000
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
Amortization schedule term	30 years
Note due January 2023
Significant Accounting Policies
Notes receivable		$ 17,740		$ 17,740					16,400
Notes receivable, net		$ 17,700		$ 17,700
Note receivable interest rate		10.00%		10.00%
Aggregate commitment on note receivable		$ 20,000		$ 20,000
Additional amount loaned				1,300
Note maturity public capital threshold				5,000
Multifamily tenant lease
Significant Accounting Policies
Allowance for doubtful accounts		5,500		5,500
Retail tenant lease
Significant Accounting Policies
Allowance for doubtful accounts		3,500		3,500
Straight-line lease
Significant Accounting Policies
Allowance for doubtful accounts		2,900		2,900
Maximum
Accounting policies
Credit loss		$ 100		100
Significant Accounting Policies
Deferred tax liabilities, net									$ (1,600)
ASU 2016-13
Accounting policies
Retained earnings								$ 2,200
Noncontrolling Interests
Accounting policies
Allocation of other comprehensive income/(loss)				$ (100)	$ (600)

REAL ESTATE OWNED - Summarizes

REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate owned
Land	$ 2,162,778	$ 2,164,032
Depreciable property - held and used:
Land improvements	228,452	224,964
Building, improvements, and furniture, fixtures and equipment	10,212,051	10,102,758
Real estate intangible assets	40,570	40,570
Under development:
Real estate under development	131,585	69,754
Real estate owned	12,775,639	12,602,101
Accumulated depreciation	(4,372,524)	(4,131,353)
Total real estate owned, net of accumulated depreciation	8,403,115	8,470,748
Land and land improvements
Under development:
Real estate under development	29,226	29,226
Building, improvements and furniture, fixtures and equipment
Under development:
Real estate under development	$ 102,562	$ 40,551

REAL ESTATE OWNED - Additional

REAL ESTATE OWNED - Additional Information (Details) $ in Thousands	May 07, 2020USD ($)home	May 31, 2020USD ($)home	Jan. 31, 2020USD ($)home	Jun. 30, 2020USD ($)statecommunityitem	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
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 | item				47,371
In-place intangibles				$ 40,570		$ 40,570
Development of real estate assets				63,010	$ 10,333
Real estate held for investment				12,643,851		$ 12,532,324
Long-term Debt				$ 4,752,663
Note due February 2021
Real Estate Owned Disclosure
Amount of a promissory note		$ 4,000
294 Home Operating Community in Tampa
Real Estate Owned Disclosure
Real estate acquired			$ 85,200
Number of apartment homes acquired | home			294
Real estate acquired			$ 83,100
In-place intangibles			$ 2,100
71 Home Operating Community in Bellevue
Real Estate Owned Disclosure
Apartment homes sold | home		71
Proceeds from sale of real estate		$ 49,700
Gain on sale of real estate owned		$ 29,600
196 Home Operating Community in Seattle
Real Estate Owned Disclosure
Apartment homes sold | home	196
Proceeds from sale of real estate	$ 92,900
Gain on sale of real estate owned	$ 31,700
Preferred Equity Investment Hillsboro Oregon
Real Estate Owned Disclosure
Number of apartment homes | home			276
Number of apartment homes acquired | home			276
Ownership (as a percent)			100.00%			49.00%
Payment to acquire real estate			$ 21,600
Repayments of joint venture construction financing			35,600
Real estate acquired			67,800
In-place intangibles			1,700
Gain on consolidation			$ 0

JOINT VENTURES AND PARTNERSHI_3

JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)homecommunityproperty	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)homecommunityproperty	Jun. 30, 2019USD ($)	Jul. 29, 2020USD ($)home	Feb. 29, 2020USD ($)home	Jan. 31, 2020home	Dec. 31, 2019USD ($)
Unconsolidated entities
Investment in unconsolidated entities	$ 594,275		$ 594,275					$ 585,490
Number of real estate properties | community	148		148
Financial information relating to unconsolidated joint ventures operations
Operating income/(loss)	$ 8,021	$ 6,625	$ 11,388	$ 6,674
Unconsolidated Joint Ventures
Combined summary of balance sheets relating to unconsolidated joint ventures
Total real estate, net	1,922,313		1,922,313					1,901,081
Cash and cash equivalents	30,656		30,656					29,823
Other assets	216,356		216,356					172,941
Total assets	2,169,325		2,169,325					2,103,845
Third party debt, net	1,156,834		1,156,834					1,148,048
Accounts payable and accrued liabilities	46,057		46,057					55,114
Total liabilities	1,202,891		1,202,891					1,203,162
Total equity	966,434		966,434					$ 900,683
Financial information relating to unconsolidated joint ventures operations
Total revenues	37,312	76,926	78,626	158,458
Property operating expenses	14,468	29,256	29,765	59,568
Real estate depreciation and amortization	16,913	28,054	33,156	57,634
Operating income/(loss)	5,931	19,616	15,705	41,256
Interest expense	(10,149)	(21,606)	(20,496)	(43,530)
Gain (loss) on sale of property		18,357		18,357
Net unrealized gain/(loss) on held investments	29,312		29,312
Other income/(loss)	117	9	109	1,634
Net income /(loss)	25,211	16,376	24,630	17,717
Preferred Equity Investment Hillsboro Oregon
Unconsolidated entities
Number of apartment homes | home							276
UDR's Ownership Interest							100.00%	49.00%
Preferred Equity Investment Thousand Oaks
Unconsolidated entities
Number of apartment homes | home						142
Rate						9.00%
Preferred Equity Investment Thousand Oaks | Maximum
Unconsolidated entities
UDR commitment						$ 20,100
Preferred Equity Investment Queens, New York
Unconsolidated entities
Number of apartment homes | home					534
UDR commitment					$ 40,000
Rate					13.00%
Operating Community
Unconsolidated entities
Investment in unconsolidated entities	302,588		302,588					$ 313,053
Income from investments	$ (3,016)	2,052	$ (5,453)	(1,835)
Operating Community | Unconsolidated Joint Venture UDR Met Life I Partnership
Unconsolidated entities
Number of apartment homes | home	150		150
Investment in unconsolidated entities	$ 27,927		$ 27,927					$ 28,812
UDR's Ownership Interest	50.00%		50.00%					50.00%
Number of real estate properties | property	1		1
Income from investments	$ (658)	(548)	$ (1,112)	(1,124)
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership
Unconsolidated entities
Number of apartment homes | home	1,250		1,250
Investment in unconsolidated entities	$ 149,971		$ 149,971					$ 150,893
UDR's Ownership Interest	50.00%		50.00%					50.00%
Number of real estate properties | property	7		7
Income from investments	$ 10	776	$ (81)	1,210
Operating Community | Unconsolidated Joint Venture Other MetLife
Unconsolidated entities
Number of apartment homes | home	1,437		1,437
Investment in unconsolidated entities	$ 90,262		$ 90,262					$ 98,441
UDR's Ownership Interest	50.60%		50.60%					50.60%
Number of real estate properties | property	5		5
Income from investments	$ (2,312)	(1,684)	$ (4,124)	(3,461)
Operating Community | Unconsolidated Joint Venture West Coast Development JV
Unconsolidated entities
Number of apartment homes | home	293		293
Investment in unconsolidated entities	$ 34,428		$ 34,428					$ 34,907
UDR's Ownership Interest	47.00%		47.00%					47.00%
Number of real estate properties | property	1		1
Income from investments	$ (56)	(359)	$ (136)	(507)
Operating Community | Sold Joint Ventures
Unconsolidated entities
Income from investments		3,867		2,047
Development Community | Preferred Equity Investment Hillsboro Oregon
Unconsolidated entities
Investment in unconsolidated entities								$ 17,064
Rate	6.50%		6.50%
Income from investments		(10)	$ (46)	(171)
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA
Unconsolidated entities
Investment in unconsolidated entities	$ 32,282		32,282					30,585
UDR commitment	$ 24,645		$ 24,645
Rate	11.00%		11.00%
Years to Maturity			2 years
Income from investments	$ 846	774	$ 1,682	1,522
Participating Loan Years to Maturity			2 years
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN
Unconsolidated entities
Investment in unconsolidated entities	66,575		$ 66,575					63,958
UDR commitment	$ 55,558		$ 55,558
Rate	8.00%		8.00%
Years to Maturity			2 years 3 months 18 days
Income from investments	$ 1,306	1,206	$ 2,587	2,375
Participating Loan Years to Maturity			2 years 3 months 18 days
Development Community | Preferred Equity Investment 1641 Lincoln Santa Monica CA
Unconsolidated entities
Investment in unconsolidated entities	11,016		$ 11,016					10,379
UDR commitment	$ 8,800		$ 8,800
Rate	12.00%		12.00%
Years to Maturity			2 years 1 month 6 days
Income from investments	$ 323	287	$ 637	562
Participating Loan Years to Maturity			2 years 1 month 6 days
Development Community | Preferred Equity Investment 1300 Fairmount Philadelphia, PA
Unconsolidated entities
Investment in unconsolidated entities	57,031		$ 57,031					51,215
UDR commitment	51,393		$ 51,393
Years to Maturity			3 years 1 month 6 days
Income from investments	1,191	519	$ 2,357	794
Participating Loan Years to Maturity			3 years 1 month 6 days
Development Community | Preferred Equity Investment Essex Orlando, FL
Unconsolidated entities
Investment in unconsolidated entities	15,751		$ 15,751					14,804
UDR commitment	$ 12,886		$ 12,886
Rate	12.50%		12.50%
Years to Maturity			3 years 2 months 12 days
Income from investments	$ 481	407	$ 947	739
Participating Loan Years to Maturity			3 years 2 months 12 days
Development Community | Preferred Equity Investment Modera Lake Merritt, Oakland
Unconsolidated entities
Investment in unconsolidated entities	29,562		$ 29,562					22,653
UDR commitment	$ 27,250		$ 27,250
Rate	9.00%		9.00%
Years to Maturity			3 years 9 months 18 days
Income from investments	$ 652	256	$ 1,226	256
Participating Loan Years to Maturity			3 years 9 months 18 days
Development Community | Preferred Equity Investment Thousand Oaks, CA
Unconsolidated entities
Investment in unconsolidated entities	8,872		$ 8,872
UDR commitment	$ 20,059		$ 20,059
Rate	9.00%		9.00%
Years to Maturity			4 years 8 months 12 days
Income from investments	$ 153		$ 177
Participating Loan Years to Maturity			4 years 8 months 12 days
Development Community | Other Investment The Portals Washington, DC
Unconsolidated entities
Investment in unconsolidated entities	50,713		$ 50,713					48,181
UDR commitment	$ 38,559		$ 38,559
Rate	11.00%		11.00%
Years to Maturity			10 months 24 days
Income from investments	$ 1,389	1,234	$ 2,724	2,407
Participating Loan Years to Maturity			10 months 24 days
Development Community | Other Investment Ventures
Unconsolidated entities
Investment in unconsolidated entities	19,885		$ 19,885					13,598
UDR commitment	34,500		34,500
Income from investments	4,696	(100)	4,550	25
Development Community | Preferred Equity Investments and Other Investments
Unconsolidated entities
Investment in unconsolidated entities	291,687		291,687					$ 272,437
Income from investments	$ 11,037	$ 4,573	$ 16,841	$ 8,509

JOINT VENTURES AND PARTNERSHI_4

JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jan. 31, 2020USD ($)home	Jan. 31, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Joint Ventures
Real estate owned			$ 12,775,639		$ 12,775,639		$ 12,602,101
Second installment of payable incurred in partial consideration for acquisition of ownership interest in joint venture			25,943		25,943
Investment in unconsolidated entities			594,275		$ 594,275		585,490
Condition for Community considered to have stabilized occupancy					90%
Time to maintain percent occupancy to be considered a community					3 months
Investment in unconsolidated joint ventures					$ 20,041	$ 51,874
Long-term Debt			4,766,804		4,766,804		4,707,524
Deferred fees from the sale of properties			8,800		8,800		$ 9,000
Joint venture management and other fees			$ 1,274	$ 2,845	$ 2,662	$ 5,596
Type of revenue			udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Preferred Equity Investment Hillsboro Oregon
Joint Ventures
UDR's Ownership Interest	100.00%						49.00%
repayment of construction loan		$ 35,600
Number of apartment homes acquired | home	276
Payment to acquire real estate	$ 21,600
Gain on consolidation	$ 0
Number of apartment homes | home	276
13th and Market Properties LLC
Joint Ventures
Investment in unconsolidated entities			$ (3,800)		$ (3,800)

LEASES - Lessee Future Minimum

LEASES - Lessee Future Minimum Payments (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)community	Dec. 31, 2019USD ($)
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	$ 202,586	$ 204,225
Weighted average remaining lease term	44 years 3 months 18 days
Weighted average discount rate	5.00%
Future minimum lease payments
Operating lease liabilities	$ 197,092	$ 198,558
Ground Leases
Future minimum lease payments
2020	6,220
2021	12,442
2022	12,442
2023	12,442
2024	12,442
Thereafter	455,221
Total future minimum lease payments (undiscounted)	511,209
Difference between future undiscounted cash flows and discounted cash flows	(314,117)
Operating lease liabilities	$ 197,092

LEASES - Lessee Expenses (Detai

LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lessee operating leases
Contractual ground lease expense	$ 100	$ 100	$ 200	$ 200
Variable lease expense	0	100	100	200
Operating lease right-of-use asset amortization			1,600	400
Operating lease liabilities amortization			1,500	200
Ground Leases
Lessee operating leases
Contractual ground lease expense	3,216	2,139	6,386	4,278
Variable lease expense	44	143	87	282
Ground Leases | Other operating expense
Lessee operating leases
Total lease expense	$ 3,260	$ 2,282	$ 6,473	$ 4,560

LEASES - Lessor (Details)

LEASES - Lessor (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Future minimum lease payments
Variable lease expense	$ 0	$ 100	$ 100	$ 200
Ground Leases
Future minimum lease payments
Variable lease expense	$ 44	$ 143	$ 87	$ 282
Apartment Homes
Lessor leases
Percentage of lease revenue			98.60%
Option to extend			true
Apartment Homes | Maximum
Lessor leases
Lease terms	12 months		12 months
Retail and Commercial Spaces
Lessor leases
Percentage of lease revenue			1.40%
Option to extend			true
Future minimum lease payments
2020	$ 11,020		$ 11,020
2021	22,287		22,287
2022	20,370		20,370
2023	18,885		18,885
2024	17,219		17,219
Thereafter	80,684		80,684
Total future minimum payments	$ 170,465		$ 170,465
Retail and Commercial Spaces | Minimum
Lessor leases
Lease terms	5 years		5 years
Retail and Commercial Spaces | Maximum
Lessor leases
Lease terms	15 years		15 years

SECURED AND UNSECURED DEBT, N_3

SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)community	Feb. 29, 2020USD ($)	Dec. 31, 2019USD ($)
Secured debt instruments
Unamortized net premium	$ 30,200		$ 35,300
Interest rate at end of the period	3.24%
Long-term Debt	$ 4,766,804		4,707,524
Unsecured Debt	3,653,934		3,558,083
Borrowings outstanding	$ 2,900		2,900
Weighted Average
Secured debt instruments
Years to maturity	7 years
Commercial Paper
Secured debt instruments
Borrowings outstanding at end of period	$ 185,000		300,000
Mortgages Note Payable | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 855,585		884,869
Interest rate at end of the period	3.60%
Number of Communities Encumbered | community	14
Mortgages Note Payable | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	5 years 10 months 24 days
Tax-exempt secured notes payable | Variable Rate Debt
Secured debt instruments
Principal outstanding	$ 27,000		27,000
Interest rate at end of the period	0.85%
Number of Communities Encumbered | community	1
Tax-exempt secured notes payable | Variable Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	11 years 8 months 12 days
Credit facilities | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 202,254		204,590
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	2 years 6 months
Secured Debt
Secured debt instruments
Principal outstanding	$ 1,112,870		1,149,441
Interest rate at end of the period	3.77%
Long-term Debt	$ 1,112,870
Number of Communities Encumbered | community	19
Secured Debt | Weighted Average
Secured debt instruments
Years to maturity	5 years 4 months 24 days
Secured Debt | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 1,085,941		1,122,505
Interest rate at end of the period	3.85%
Long-term Debt	$ 1,085,941
Number of Communities Encumbered | community	18
Deferred financing costs and other non-cash adjustments	$ (28,102)		(33,046)
Secured Debt | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	5 years 2 months 12 days
Secured Debt | Variable Rate Debt
Secured debt instruments
Principal outstanding	$ 26,929		26,936
Interest rate at end of the period	0.85%
Long-term Debt	$ 26,929
Number of Communities Encumbered | community	1
Deferred finance costs, net	$ (71)		(64)
Secured Debt | Variable Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	11 years 8 months 12 days
Unsecured Revolving credit facility due 2023 | Weighted Average
Secured debt instruments
Years to maturity	2 years 7 months 6 days
Unsecured Revolving credit facility due 2020 | Commercial Paper
Secured debt instruments
Interest rate at end of the period	0.45%
Borrowings outstanding at end of period	$ 185,000		300,000
Unsecured Revolving credit facility due 2020 | Commercial Paper | Weighted Average
Secured debt instruments
Years to maturity	1 month 6 days
Unsecured Working Capital Credit Facility
Secured debt instruments
Interest rate at end of the period	0.99%
Borrowings outstanding	$ 17,180		16,583
Unsecured Working Capital Credit Facility | Weighted Average
Secured debt instruments
Years to maturity	6 months
Term Loan due September 2023
Secured debt instruments
Interest rate at end of the period	1.07%
Senior Notes	$ 35,000		35,000
Term Loan due September 2023 | Weighted Average
Secured debt instruments
Years to maturity	3 years 3 months 18 days
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 3 months 18 days
3.75% Medium-Term Notes Due July 2024
Secured debt instruments
Unamortized discount	$ 417		470
Interest rate at end of the period	3.75%
Senior Notes	$ 299,583		299,530
3.75% Medium-Term Notes Due July 2024 | Weighted Average
Secured debt instruments
Years to maturity	4 years
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 2 months 12 days
4.00% Medium-Term Note due October 2025
Secured debt instruments
Unamortized discount	$ 362		396
Interest rate at end of the period	4.00%
Senior Notes	$ 299,638		299,604
4.00% Medium-Term Note due October 2025 | Weighted Average
Secured debt instruments
Years to maturity	5 years 3 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 2 months 12 days
3.50 Medium-Term Note due July 2027
Secured debt instruments
Unamortized discount	$ 494		529
Interest rate at end of the period	3.50%
Senior Notes	$ 299,506		299,471
3.50 Medium-Term Note due July 2027 | Weighted Average
Secured debt instruments
Years to maturity	7 years
3.50% Medium-Term Notes Due January 2028
Secured debt instruments
Unamortized discount	$ 894		954
Interest rate at end of the period	3.50%
Senior Notes	$ 299,106		299,046
3.50% Medium-Term Notes Due January 2028 | Weighted Average
Secured debt instruments
Years to maturity	7 years 6 months
4.40% Medium-Term Notes due January 2029
Secured debt instruments
Unamortized discount	$ 5		5
Interest rate at end of the period	4.40%
Senior Notes	$ 299,995		299,995
4.40% Medium-Term Notes due January 2029 | Weighted Average
Secured debt instruments
Years to maturity	8 years 7 months 6 days
3.20% Medium-Term Notes due January 2030
Secured debt instruments
Unamortized discount	$ 13,099		2,281
Interest rate at end of the period	3.20%
Senior Notes	$ 613,099	$ 600,000	402,281
3.20% Medium-Term Notes due January 2030 | Weighted Average
Secured debt instruments
Years to maturity	9 years 6 months
3.00% Medium-Term Notes due August 2031
Secured debt instruments
Unamortized discount	$ 1,075		1,123
Interest rate at end of the period	3.00%
Senior Notes	$ 398,925		398,877
3.00% Medium-Term Notes due August 2031 | Weighted Average
Secured debt instruments
Years to maturity	11 years 1 month 6 days
3.10% Medium-Term Notes due November 2034
Secured debt instruments
Principal outstanding	$ 298,735
Unamortized discount	$ 1,265		1,309
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 3 months 18 days
Other
Secured debt instruments
Senior Notes	$ 12		13
Unsecured Debt
Secured debt instruments
Interest rate at end of the period	3.26%
Long-term Debt	$ 3,653,934
Unsecured Debt	3,653,934		3,558,083
Deferred finance costs, net	$ (22,489)		(21,652)
Unsecured Debt | Weighted Average
Secured debt instruments
Years to maturity	7 years 4 months 24 days
Credit facilities
Secured debt instruments
Principal outstanding	$ 202,300
Credit facilities | Fixed Rate Debt
Secured debt instruments
Interest rate at end of the period	4.90%
United Dominion Realty L.P.
Secured debt instruments
Interest rate at end of the period	2.54%
Long-term Debt	$ 99,082		99,071
Number of Communities Encumbered | community	2
United Dominion Realty L.P. | Weighted Average
Secured debt instruments
Years to maturity	10 years 2 months 12 days
United Dominion Realty L.P. | Fixed Rate Debt
Secured debt instruments
Interest rate at end of the period	3.10%
Long-term Debt	$ 72,153		72,135
Number of Communities Encumbered | community	1
United Dominion Realty L.P. | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	9 years 7 months 6 days
United Dominion Realty L.P. | Variable Rate Debt
Secured debt instruments
Interest rate at end of the period	0.85%
Long-term Debt	$ 26,929		26,936
Number of Communities Encumbered | community	1
Deferred finance costs, net	$ (71)		(64)
United Dominion Realty L.P. | Variable Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	11 years 8 months 12 days
United Dominion Realty L.P. | Mortgages Note Payable
Secured debt instruments
Principal outstanding	$ 72,500
United Dominion Realty L.P. | Mortgages Note Payable | Fixed Rate Debt
Secured debt instruments
Principal outstanding	$ 72,500		72,500
Interest rate at end of the period	3.10%
Number of Communities Encumbered | community	1
Deferred finance costs, net	$ (347)		(365)
United Dominion Realty L.P. | Mortgages Note Payable | Fixed Rate Debt | Weighted Average
Secured debt instruments
Years to maturity	9 years 7 months 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	0.85%
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	11 years 8 months 12 days

SECURED AND UNSECURED DEBT, N_4

SECURED AND UNSECURED DEBT, NET - Variable Rate Debt (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Credit facilities
Unamortized net premium	$ 30.2	$ 35.3
Secured credit facilities
Borrowings outstanding at end of period	$ 2.9	$ 2.9

SECURED AND UNSECURED DEBT, N_5

SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	$ 2,900	$ 2,900
Unsecured Commercial Bank Credit Facility
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Total revolving credit facility	2,000,000
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
Weighted average daily borrowings during the period ended	84,836	55
Maximum daily borrowings during the period ended	$ 375,000	$ 20,000
Weighted average interest rate during the period ended	1.40%	2.60%
Unsecured Working Capital Credit Facility
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	17,180	16,583
Weighted average daily borrowings during the period ended	26,046	23,487
Maximum daily borrowings during the period ended	$ 54,974	$ 66,170
Weighted average interest rate during the period ended	1.70%	3.10%
Interest rate at the end of the period	1.00%	2.60%
Unsecured Commercial Paper | United Dominion Realty L.P.
Summary of short-term bank borrowings under unsecured commercial bank credit facility
Borrowings outstanding at end of period	$ 185,000	$ 300,000

SECURED AND UNSECURED DEBT, N_6

SECURED AND UNSECURED DEBT, NET - Short Term Debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Commercial Paper
Unsecured Debt
Total unsecured commercial paper program	$ 500,000	$ 500,000
Borrowings outstanding at end of period	185,000	300,000
Weighted average daily borrowings during the period ended	209,863	173,353
Maximum daily borrowings during the period ended	$ 500,000	$ 435,000
Weighted average interest rate during the period ended	1.60%	2.50%
Interest rate at the end of the period	0.40%	2.00%
4.00% Medium-Term Note due October 2025
Unsecured Debt
Weighted average interest rate during the period ended	4.53%

SECURED AND UNSECURED DEBT, N_7

SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Aggregate maturities of unsecured debt
2020	$ 268,752
2021	25,943
2022	9,159
2023	645,965
2024	410,924
2025	473,189
2026	351,070
2027	301,111
2028	422,466
2029	444,584
Thereafter	1,399,500
Subtotal	4,752,663
Non-cash (a)	14,141
Long-term Debt, Total	4,766,804	$ 4,707,524
Secured Debt
Aggregate maturities of unsecured debt
2020	83,752
2021	8,763
2022	9,159
2023	295,965
2024	95,280
2025	173,189
2026	51,070
2027	1,111
2028	122,466
2029	144,584
Thereafter	99,500
Subtotal	1,084,839
Non-cash (a)	28,031
Long-term Debt, Total	1,112,870
Unsecured Debt
Aggregate maturities of unsecured debt
2020	185,000
2021	17,180
2023	350,000
2024	315,644
2025	300,000
2026	300,000
2027	300,000
2028	300,000
2029	300,000
Thereafter	1,300,000
Subtotal	3,667,824
Non-cash (a)	(13,890)
Long-term Debt, Total	3,653,934
Fixed Rate Debt | Secured Debt
Aggregate maturities of unsecured debt
2020	83,752
2021	8,763
2022	9,159
2023	295,965
2024	95,280
2025	173,189
2026	51,070
2027	1,111
2028	122,466
2029	144,584
Thereafter	72,500
Subtotal	1,057,839
Non-cash (a)	28,102
Long-term Debt, Total	1,085,941
Variable Rate Debt | Secured Debt
Aggregate maturities of unsecured debt
Thereafter	27,000
Subtotal	27,000
Non-cash (a)	(71)
Long-term Debt, Total	$ 26,929

SECURED AND UNSECURED DEBT, N_8

SECURED AND UNSECURED DEBT, NET - Debt Covenants (Details)	Jul. 21, 2020USD ($)	Jul. 14, 2020USD ($)	Jun. 30, 2020USD ($)loan	Feb. 29, 2020USD ($)	Jul. 31, 2019USD ($)	Jun. 30, 2020USD ($)loan	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)loan	Jun. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 31, 2019USD ($)
Fixed and variable rate debt
Amortization of financing costs						$ 1,100,000	$ 1,100,000	$ 2,100,000	$ 2,100,000
Secured Debt
Secured debt amount which encumbers real estate owned based upon book value			$ 2,000,000,000			$ 2,000,000,000		$ 2,000,000,000
Percentage of secured debt which encumbers real estate owned based upon book value			16.00%			16.00%		16.00%
Secured debt amount of real estate owned which is unencumbered			$ 10,700,000,000			$ 10,700,000,000		$ 10,700,000,000
Percentage of secured debt of real estate owned which is unencumbered			84.00%			84.00%		84.00%
Interest rate at end of the period								3.24%
Borrowings outstanding at end of period			$ 2,900,000			$ 2,900,000		$ 2,900,000			$ 2,900,000
Unamortized net premium			30,200,000			30,200,000		$ 30,200,000			35,300,000
Weighted Average Interest Rate								3.24%
Unsecured Debt
Secured Debt
Interest rate at end of the period								3.26%
Credit facility interest rate								90
Basis points added to to variable rate								90.00%
Weighted Average Interest Rate								3.26%
Unsecured Debt | Maximum
Secured Debt
Basis points added to to variable rate								165.00%
Unsecured Debt | Minimum
Secured Debt
Basis points added to to variable rate								80.00%
Unsecured Working Capital Credit Facility
Secured Debt
Credit facilities with aggregate commitment			75,000,000			75,000,000		$ 75,000,000			75,000,000
Interest rate at end of the period								0.99%
Credit facility interest rate								82.5
Borrowings outstanding at end of period			17,180,000			17,180,000		$ 17,180,000			16,583,000
Weighted Average Interest Rate								0.99%
Unsecured Working Capital Credit Facility | Maximum
Secured Debt
Basis points added to to variable rate								145.00%
Unsecured Working Capital Credit Facility | 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			100,000,000			100,000,000		$ 100,000,000
Long-term Debt, Weighted Average Interest Rate								3.69%
Senior Notes			299,583,000			299,583,000		$ 299,583,000			299,530,000
Weighted Average Interest Rate								3.75%
3.75% Medium-Term Notes Due July 2024 | Cash Tender Offer
Secured Debt
Principal outstanding		$ 300,000,000
Interest rate		3.75%
Make-whole amount		$ 24,000,000
Tendered value		$ 116,900,000
Tendered percentage		39.00%
Tender offer consideration per each $1,000		$ 1,101.92
2.10% Medium Term Note Due August 1, 2032
Secured Debt
Interest rate	2.10%
Debt	$ 400,000,000
Price as percentage of principal amount	99.894
4.64% Secured Debt Due in 2023
Secured Debt
Interest rate	4.64%
Repayment of debt	$ 245,800,000
Mortgages Note Payable | Fixed Rate Debt
Secured Debt
Principal outstanding			855,585,000			$ 855,585,000		$ 855,585,000			884,869,000
Interest rate at end of the period								3.60%
Weighted Average Interest Rate								3.60%
Mortgage Note Payable Matures on November 2020 | Fixed Rate Debt
Secured Debt
Refinanced debt			$ 79,500,000
Interest rate			4.35%			4.35%		4.35%
Debt Assumed As Part of Acquisition
Secured Debt
Amortization of debt discount (Premium)						$ 2,500,000	$ 600,000	$ 5,100,000	$ 1,100,000
Tax-exempt secured notes payable | Variable Rate Debt
Secured Debt
Principal outstanding			$ 27,000,000			27,000,000		$ 27,000,000			27,000,000
Interest rate at end of the period								0.85%
Weighted Average Interest Rate								0.85%
Credit facilities | Fixed Rate Debt
Secured Debt
Principal outstanding			$ 202,254,000			$ 202,254,000		$ 202,254,000			204,590,000
Interest rate at end of the period								4.90%
Weighted Average Interest Rate								4.90%
Tax-exempt secured notes payable | Variable Rate Debt
Secured Debt
Notes payable maximum interest rates range			0.85%			0.85%		0.85%
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								145.00%
Commitment fee								30.00%
Revolving Credit Facility | Minimum
Secured Debt
Basis points added to to variable rate								75.00%
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			$ 200,000,000			$ 200,000,000		$ 200,000,000
Senior Notes			299,638,000			299,638,000		$ 299,638,000			299,604,000
Weighted Average Interest Rate								4.00%
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			150,000,000			150,000,000		$ 150,000,000
Long-term Debt, Weighted Average Interest Rate								4.27%
Senior Notes			299,995,000			299,995,000		$ 299,995,000			299,995,000
Weighted Average Interest Rate								4.40%
2.95% Medium-Term Note due September 2026
Secured Debt
Interest rate at end of the period								2.95%
Senior Notes			300,000,000			300,000,000		$ 300,000,000			300,000,000
Weighted Average Interest Rate								2.95%
3.20% Medium-Term Notes due January 2030
Secured Debt
Interest rate at end of the period								3.20%
Interest rate				3.20%	3.20%							3.20%
Long-term Debt, Weighted Average Interest Rate					3.42%
Senior Notes			613,099,000	$ 600,000,000		613,099,000		$ 613,099,000			402,281,000
Debt				$ 200,000,000	$ 300,000,000							$ 100,000,000
Price as percentage of principal amount				105.660
Weighted Average Interest Rate								3.20%
3.00% Medium-Term Notes due August 2031
Secured Debt
Interest rate at end of the period								3.00%
Senior Notes			$ 398,925,000			$ 398,925,000		$ 398,925,000			398,877,000
Weighted Average Interest Rate								3.00%
3.24% Notes due on 2030
Secured Debt
Interest rate			3.24%			3.24%		3.24%
Debt					$ 300,000,000							$ 100,000,000
Medium-Term Notes Due August 2031
Secured Debt
Debt			$ 150,000,000			$ 150,000,000		$ 150,000,000
Medium-Term Notes Due August 2031 | Weighted Average
Secured Debt
Interest rate at end of the period								3.01%
Weighted Average Interest Rate								3.01%
3.10% senior unsecured notes due 2034 | Weighted Average
Secured Debt
Interest rate at end of the period								3.13%
Weighted Average Interest Rate								3.13%
Unsecured Commercial Bank Credit Facility
Secured Debt
Credit facilities with aggregate commitment			2,000,000,000			2,000,000,000		$ 2,000,000,000
Unsecured Commercial Bank Credit Facility | Unsecured Revolving credit facility due 2023
Secured Debt
Credit facilities with aggregate commitment			$ 1,100,000,000			$ 1,100,000,000		$ 1,100,000,000
Number of Extensions of loan | loan			2			2		2
Extension period of option on loan								6 months
Unsecured Commercial Bank Credit Facility | Revolving Credit Facility
Secured Debt
Credit facilities with aggregate commitment			$ 1,100,000,000			$ 1,100,000,000		$ 1,100,000,000			1,100,000,000
Credit facilities
Secured Debt
Principal outstanding			$ 202,300,000			$ 202,300,000		$ 202,300,000
Credit facilities | Fixed Rate Debt
Secured Debt
Interest rate at end of the period								4.90%
Weighted Average Interest Rate								4.90%
Credit facilities | Fair Value, Measurements, Recurring | Carrying Amount | Credit facilities | Fixed Rate Debt
Secured Debt
Principal outstanding											218,490,000
Mortgages Note Payable | Fixed Rate Debt | Maximum
Secured Debt
Notes payable maximum interest rates range			4.35%			4.35%		4.35%
Mortgages Note Payable | Fixed Rate Debt | Minimum
Secured Debt
Notes payable maximum interest rates range			2.70%			2.70%		2.70%
Mortgages Note Payable | Fair Value, Measurements, Recurring | Carrying Amount | Mortgages Note Payable | Fixed Rate Debt
Secured Debt
Principal outstanding			$ 874,177,000			$ 874,177,000		$ 874,177,000			906,228,000
United Dominion Realty L.P.
Secured Debt
Notes payable maximum interest rates range			3.24%			3.24%		3.24%
Interest rate at end of the period								2.54%
Weighted Average Interest Rate								2.54%
United Dominion Realty L.P. | Fixed Rate Debt
Secured Debt
Interest rate at end of the period								3.10%
Weighted Average Interest Rate								3.10%
United Dominion Realty L.P. | Variable Rate Debt
Secured Debt
Interest rate at end of the period								0.85%
Weighted Average Interest Rate								0.85%
United Dominion Realty L.P. | 3.75% Medium-Term Notes Due July 2024 | Cash Tender Offer
Secured Debt
Principal outstanding		$ 300,000,000
Interest rate		3.75%
Make-whole amount		$ 24,000,000
Tendered value		$ 116,900,000
Tendered percentage		39.00%
Tender offer consideration per each $1,000		$ 1,101.92
United Dominion Realty L.P. | 2.10% Medium Term Note Due August 1, 2032
Secured Debt
Interest rate	2.10%
Price as percentage of principal amount	99.894
United Dominion Realty L.P. | 4.64% Secured Debt Due in 2023
Secured Debt
Interest rate	4.64%
Repayment of debt	$ 245,800,000
United Dominion Realty L.P. | Mortgages Note Payable
Secured Debt
Principal outstanding			$ 72,500,000			$ 72,500,000		$ 72,500,000
Interest rate			3.10%			3.10%		3.10%
United Dominion Realty L.P. | Mortgages Note Payable | Fixed Rate Debt
Secured Debt
Principal outstanding			$ 72,500,000			$ 72,500,000		$ 72,500,000			72,500,000
Interest rate at end of the period								3.10%
Weighted Average Interest Rate								3.10%
United Dominion Realty L.P. | Tax-exempt secured notes payable | Variable Rate Debt
Secured Debt
Principal outstanding			27,000,000			27,000,000		$ 27,000,000			27,000,000
Interest rate at end of the period								0.85%
Weighted Average Interest Rate								0.85%
United Dominion Realty L.P. | Unsecured Commercial Paper
Secured Debt
Borrowings outstanding at end of period			$ 185,000,000			$ 185,000,000		$ 185,000,000			$ 300,000,000
Forecast | Mortgage Note Payable Matures on 2031 | Fixed Rate Debt
Secured Debt
Principal outstanding										$ 160,900,000
Interest rate										2.62%

INCOME_(LOSS) PER SHARE (Detail

INCOME/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jul. 31, 2017
Antidilutive securities
Net income/(loss)	$ 62,096	$ 38,318	$ 67,636	$ 64,920
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(4,291)	(2,652)	(4,604)	(4,709)
Net (income)/loss attributable to noncontrolling interests	(34)	(47)	(40)	(89)
Net income/(loss) attributable to UDR, Inc.	57,771	35,619	62,992	60,122
Distributions to preferred stockholders - Series E (Convertible)	(1,062)	(1,031)	(2,128)	(2,042)
Net income/(loss) attributable to common stockholders	$ 56,709	$ 34,588	$ 60,864	$ 58,080
Denominator for earnings per share - basic and diluted:
Weighted average common shares outstanding	294,970,000	282,215,000	294,850,000	279,769,000
Non-vested restricted stock awards	(260,000)	(255,000)	(266,000)	(275,000)
Denominator for basic income/(loss) per share	294,710,000	281,960,000	294,584,000	279,494,000
Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock	377,000	615,000	499,000	587,000
Denominator for diluted income/(loss) per share	295,087,000	282,575,000	295,083,000	280,081,000
Income/(loss) per weighted average common share - basic	$ 0.19	$ 0.12	$ 0.21	$ 0.21
Income/(loss) per weighted average common share - diluted	$ 0.19	$ 0.12	$ 0.21	$ 0.21
Number of shares authorized	350,000,000		350,000,000		350,000,000
Aggregate gross proceeds				$ 212,872
Proceeds from the issuance of common shares through public offering, net				212,872
Aggregate net proceeds from sales, after deducting related costs		$ 20,693		$ 212,872
OP/DownREIT Units
Antidilutive securities
Antidilutive securities	22,386,000	22,736,000	22,307,000	23,504,000
Convertible preferred stock
Antidilutive securities
Antidilutive securities	2,953,000	3,011,000	2,982,000	3,011,000
Unvested LTIP Units and unvested restricted stock
Antidilutive securities
Antidilutive securities	377,000	615,000	499,000	587,000
ATM
Denominator for earnings per share - basic and diluted:
Number of shares authorized						20,000,000
Shares of common stock available for future issuance	11,700,000		11,700,000
Forward Sales Agreement
Denominator for earnings per share - basic and diluted:
Number of shares authorized	2,100,000		2,100,000
Weighted average price per share			$ 49.56
Shares settled			0

NONCONTROLLING INTERESTS (Detai

NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Redeemable noncontrolling interests in the Operating Partnership
Minimum holding period prior to redemption (in years)			1 year
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year			$ 1,018,665
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	$ 22,723	$ (7,027)	(182,990)	$ 137,170
Conversion of OP Units/DownREIT Units to Common Stock			(11,250)
Net income/(loss) attributable o redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	4,291	2,652	4,604	4,709
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership			(17,511)
Vesting of Long-Term Incentive Plan Units			23,018
Allocation of other comprehensive income/(loss)	100	(400)	(70)
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year	834,466		834,466
Net income/(loss) attributable to noncontrolling interests	19	27	9	57
Maximum
Redeemable noncontrolling interests in the Operating Partnership
Net income/(loss) attributable to noncontrolling interests	$ (100)	$ (100)	$ (100)	$ (100)
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	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Fair Value
Notes receivable, net	$ 155,956	$ 153,650
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Gross Amounts of Recognized Assets	8	6
Gross Amounts of Recognized Liabilities	2,414	142
Unsecured debt instruments
Redeemable Noncontrolling Interest, Equity, Carrying Amount	834,466	1,018,665
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	834,466	1,018,665
Transfer Between the Levels	0
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	202,300
Carrying Amount | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net	155,956	153,650
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	155,964	153,656
Unsecured debt instruments
Total liabilities	4,793,871	4,731,595
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	834,466	1,018,665
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	8	6
Derivatives - Interest rate contracts (b)	2,414	142
Carrying Amount | Credit facilities | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	17,180
Carrying Amount | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments		16,583
Commercial paper program	185,000	300,000
Carrying Amount | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	3,474,243	3,263,152
Fair Value | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net	166,009	160,197
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	166,017	160,203
Unsecured debt instruments
Total liabilities	5,059,174	4,853,337
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	834,466	1,018,665
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	8	6
Derivatives - Interest rate contracts (b)	2,414	142
Fair Value | Credit facilities | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	17,180
Fair Value | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments		16,583
Commercial paper program	185,000	300,000
Fair Value | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	3,701,850	3,397,622
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	8	6
Unsecured debt instruments
Total liabilities	2,414	142
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	834,466	1,018,665
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	8	6
Derivatives - Interest rate contracts (b)	2,414	142
Fair Value | Level 3 | Fair Value, Measurements, Recurring
Fair Value
Notes receivable, net	166,009	160,197
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Total assets	166,009	160,197
Unsecured debt instruments
Total liabilities	5,056,760	4,853,195
Fair Value | Level 3 | Credit facilities | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	17,180
Fair Value | Level 3 | Commercial bank | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments		16,583
Commercial paper program	185,000	300,000
Fair Value | Level 3 | Senior Unsecured Notes | Fair Value, Measurements, Recurring
Unsecured debt instruments
Unsecured debt instruments	3,701,850	3,397,622
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	27,000
Tax-exempt secured notes payable | Variable Rate Debt | Carrying Amount | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis
Secured debt including debt on real estate held for sale	27,000	27,000
Tax-exempt secured notes payable | Variable Rate Debt | Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000	27,000
Tax-exempt secured notes payable | Variable Rate Debt | Fair Value | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	27,000	27,000
Credit facilities | 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	202,254	204,590
Credit facilities | 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		218,490
Debt instruments - fair value
Fair value	213,857
Credit facilities | Fixed Rate Debt | Fair Value | Credit facilities | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	214,374	213,661
Credit facilities | Fixed Rate Debt | Fair Value | Level 3 | Credit facilities | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	214,374	213,661
Mortgages Note 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	855,585	884,869
Mortgages Note Payable | Fixed Rate Debt | Carrying Amount | Mortgages Note 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	874,177	906,228
Mortgages Note Payable | Fixed Rate Debt | Fair Value | Mortgages Note Payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	911,356	898,329
Mortgages Note Payable | Fixed Rate Debt | Fair Value | Level 3 | Mortgages Note Payable | Fair Value, Measurements, Recurring
Debt instruments - fair value
Fair value	$ 911,356	$ 898,329

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITY - Interest Rate Derivatives (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)instrument	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)instrument	Jun. 30, 2019USD ($)
Derivatives
Unrealized holding gain/(loss)	$ (294)	$ (4,311)	$ (3,211)	$ (6,522)
Unsecured Commercial Bank Credit Facility
Derivatives
Total revolving credit facility	$ 2,000,000		$ 2,000,000
Designated as Hedging Instrument | Interest rate swap and caps
Derivatives
Number of Interest Rate Derivatives Held | instrument	2		2
Notional	$ 334,880		$ 334,880
Not Designated as Hedging Instrument
Derivatives
Notional	$ 0		$ 0

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITY - Undesignated Interest Rate Derivatives (Details) - Interest rate contracts - Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
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	$ 8	$ 6
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	$ 2,414	$ 142

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ (294)	$ (4,311)	$ (3,211)	$ (6,522)
Interest rate contracts | Interest expense | Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	(294)	(4,311)	(3,211)	(6,522)
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	(1,292)	933	(1,649)	1,880
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	$ 0	$ 0

DERIVATIVES AND HEDGING ACTIV_6

DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivatives and hedging activity
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 3,900		$ 3,900
Total amount of Interest expense presented on the Consolidated Statements of Operations	$ 38,597	$ 34,417	$ 77,914	$ 67,959

DERIVATIVES AND HEDGING ACTIV_7

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Offsetting derivative assets
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 8	$ 6
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments		(3)
Net Amount	8	3
Offsetting derivative liabilities
Gross Amounts of Recognized Liabilities	2,414	142
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b)	2,414	142
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments		(3)
Net Amount	$ 2,414	$ 139

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock based compensation
Stock based compensation expense	$ 4	$ 4.4	$ 10.8	$ 10.3

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	Jun. 30, 2020USD ($)community	Dec. 31, 2019USD ($)
Real estate properties
Number of communities owned (in communities) | community	148
Costs Incurred to Date	$ 179,523
UDR's Remaining Commitment	$ 191,239
King of Prussia
Real estate properties
Contractual purchase price commitment		$ 14,800
Deposit on purchase		$ 800
Wholly owned - under development
Real estate properties
Number of communities owned (in communities) | community	3
Costs Incurred to Date	$ 131,788
UDR's Remaining Commitment	$ 146,712
Wholly owned - redevelopment
Real estate properties
Number of communities owned (in communities) | community	2
Costs Incurred to Date	$ 18,978
UDR's Remaining Commitment	$ 10,272
Preferred Equity Investments
Real estate properties
Number of communities owned (in communities) | community	1
Costs Incurred to Date	$ 8,872
UDR's Remaining Commitment	11,380
Other investments
Real estate properties
Costs Incurred to Date	19,885
UDR's Remaining Commitment	$ 22,875

REPORTABLE SEGMENTS (Details)

REPORTABLE SEGMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)home	Jun. 30, 2019USD ($)home	Jun. 30, 2020USD ($)segmenthome	Jun. 30, 2019USD ($)home	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segments
Same store communities | home	39,020	39,020	37,910	37,910
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
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	$ 305,982	$ 278,463	$ 626,075	$ 546,385
Reconciling items:
Joint venture management and other fees	$ 1,274	$ 2,845	$ 2,662	$ 5,596
Type of revenue	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember	udr:ManagementAndOtherFeesMember
Property management	$ (8,797)	$ (8,006)	$ (18,000)	$ (15,709)
Other operating expenses	(6,100)	(2,735)	(11,066)	(8,381)
Real estate depreciation and amortization	(155,056)	(117,934)	(310,532)	(230,402)
General and administrative	(10,971)	(12,338)	(25,949)	(24,805)
Casualty-related (charges)/recoveries, net	(102)	(246)	(1,353)	(246)
Other depreciation and amortization	(2,027)	(1,678)	(4,052)	(3,334)
Gain/(loss) on sale of real estate owned	61,303	5,282	61,303	5,282
Income/(loss) from unconsolidated entities	8,021	6,625	11,388	6,674
Interest expense	(38,597)	(34,417)	(77,914)	(67,959)
Interest and other income/(expense), net	2,421	1,310	5,121	11,123
Tax (provision)/benefit, net	(1,526)	(125)	(1,690)	(2,337)
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership	(4,291)	(2,652)	(4,604)	(4,709)
Net (income)/loss attributable to noncontrolling interests	(34)	(47)	(40)	(89)
Net income/(loss) attributable to UDR, Inc.	57,771	35,619	62,992	60,122
Reportable apartment home segment assets:
Total segment assets	12,775,639		12,775,639		$ 12,602,101
Accumulated depreciation	(4,372,524)		(4,372,524)		(4,131,353)
Total real estate owned, net of accumulated depreciation	8,403,115		8,403,115		8,470,748
Reconciling items:
Cash and cash equivalents	833	981	833	981	8,106	$ 185,216
Restricted cash	22,043	23,042	22,043	23,042	25,185	$ 23,675
Notes receivable, net	155,956		155,956		153,650
Investment in and advances to unconsolidated joint ventures, net	598,058		598,058		588,262
Operating lease right-of-use assets	202,586		202,586		204,225
Other assets	181,880		181,880		186,296
Total consolidated assets	9,564,471		9,564,471		9,636,472
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	101,551	104,196	200,750	199,495
Other revenue	2,842	3,047	5,543	6,045
Rental income	104,393	107,243	206,293	205,540
Reportable apartment home segment NOI	78,533	81,724	155,876	156,324
Reportable apartment home segment assets:
Total segment assets	3,889,925		3,889,925		3,874,027
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	54,803	54,905	110,889	109,205
Other revenue	1,429	1,727	3,001	3,729
Rental income	56,232	56,632	113,890	112,934
Reportable apartment home segment NOI	39,102	40,045	79,479	79,225
Reportable apartment home segment assets:
Total segment assets	2,363,674		2,363,674		2,350,341
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	29,717	32,225	58,774	60,490
Other revenue	761	789	1,235	1,396
Rental income	30,478	33,014	60,009	61,886
Reportable apartment home segment NOI	19,629	22,943	38,734	42,453
Reportable apartment home segment assets:
Total segment assets	1,635,118		1,635,118		1,632,980
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	32,715	31,844	61,433	59,565
Other revenue	1,226	1,719	2,593	3,431
Rental income	33,941	33,563	64,026	62,996
Reportable apartment home segment NOI	22,801	23,322	44,257	44,169
Reportable apartment home segment assets:
Total segment assets	913,257		913,257		903,878
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	16,391	16,294	33,017	32,370
Other revenue	515	678	1,105	1,443
Rental income	16,906	16,972	34,122	33,813
Reportable apartment home segment NOI	10,467	10,444	21,523	20,772
Reportable apartment home segment assets:
Total segment assets	605,801		605,801		600,349
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	62,404	30,523	144,340	67,763
Other revenue	1,628	516	3,395	1,453
Rental income	64,032	31,039	147,735	69,216
Reportable apartment home segment NOI	41,721	21,257	97,849	46,475
Reportable apartment home segment assets:
Total segment assets	3,367,864		3,367,864		$ 3,240,526
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	297,581	269,987	609,203	528,888
Other revenue	8,401	8,476	16,872	17,497
Rental income	305,982	278,463	626,075	546,385
Reportable apartment home segment NOI	$ 212,253	$ 199,735	$ 437,718	$ 389,418
Taxable REIT Subsidiaries
Reportable Segments
Management fee (as a percent)			2.875%

CONSOLIDATED BALANCE SHEETS (UN

CONSOLIDATED BALANCE SHEETS (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate owned:
Real estate held for investment	$ 12,643,851	$ 12,532,324
Less: accumulated depreciation	(4,372,321)	(4,131,330)
Total real estate owned, net of accumulated depreciation	8,403,115	8,470,748
Cash and cash equivalents	833	8,106
Restricted cash	22,043	25,185
Investment in unconsolidated entities	594,275	585,490
Operating lease right-of-use assets	202,586	204,225
Other assets	181,880	186,296
Total assets	9,564,471	9,636,472
LIABILITIES AND CAPITAL
Secured debt, net	1,112,870	1,149,441
Operating lease liabilities	197,092	198,558
Real estate taxes payable	31,952	29,445
Accrued interest payable	47,087	45,199
Security deposits and prepaid rent	45,607	48,353
Distributions payable	115,254	109,382
Accounts payable, accrued expenses, and other liabilities	111,264	90,032
Total liabilities	5,315,060	5,228,493
Commitments and contingencies (Note 11)
Partners' capital:
Accumulated other comprehensive income/(loss), net	(11,940)	(10,448)
Total liabilities and equity	9,564,471	9,636,472
United Dominion Realty L.P.
Real estate owned:
Real estate held for investment	3,898,710	3,875,160
Less: accumulated depreciation	(1,867,071)	(1,796,568)
Total real estate owned, net of accumulated depreciation	2,031,639	2,078,592
Cash and cash equivalents	38	24
Restricted cash	14,535	13,998
Investment in unconsolidated entities	63,111	76,222
Operating lease right-of-use assets	203,958	205,668
Other assets	25,643	24,241
Total assets	2,338,924	2,398,745
LIABILITIES AND CAPITAL
Secured debt, net	99,082	99,071
Notes payable due to the General Partner	655,619	637,233
Operating lease liabilities	198,474	200,001
Real estate taxes payable	5,575	2,801
Accrued interest payable	198	217
Security deposits and prepaid rent	16,838	17,946
Distributions payable	66,833	63,364
Accounts payable, accrued expenses, and other liabilities	11,848	12,226
Total liabilities	1,054,467	1,032,859
Commitments and contingencies (Note 11)
Partners' capital:
110,883 OP Units outstanding at June 30, 2020 and December 31, 2019	805	859
184,724,677 and 183,952,659 OP Units outstanding at June 30, 2020 and December 31, 2019, respectively	1,266,538	1,347,622
Accumulated other comprehensive income/(loss), net	(43)
Total partners' capital	1,267,300	1,348,481
Noncontrolling interests	17,157	17,405
Total capital	1,284,457	1,365,886
Total liabilities and equity	$ 2,338,924	$ 2,398,745

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (UNITED DOMINION REALTY, L.P.) (Parenthetical) - shares	Jun. 30, 2020	Dec. 31, 2019
Partners' capital:
Operating Partnership units outstanding related to limited partner	184,836,000	184,064,000
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	184,724,677	183,952,659

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (UNITED DOMINION REALTY, L.P.) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
REVENUES:
Rental income	$ 305,982	$ 278,463	$ 626,075	$ 546,385
OPERATING EXPENSES:
Property operating and maintenance	48,717	42,894	98,200	84,833
Real estate taxes and insurance	45,012	35,834	90,157	72,134
Property management	8,797	8,006	18,000	15,709
Other operating expenses	6,100	2,735	11,066	8,381
Real estate depreciation and amortization	155,056	117,934	310,532	230,402
General and administrative	10,971	12,338	25,949	24,805
Casualty-related charges/(recoveries), net	102	246	1,353	246
Total operating expenses	276,782	221,665	559,309	439,844
Operating income	91,777	64,925	130,731	117,419
Income/(loss) from unconsolidated entities	8,021	6,625	11,388	6,674
Interest expense	(38,597)	(34,417)	(77,914)	(67,959)
Net income/(loss)	62,096	38,318	67,636	64,920
United Dominion Realty L.P.
REVENUES:
Rental income	105,201	110,350	217,366	218,684
OPERATING EXPENSES:
Property operating and maintenance	16,398	16,579	33,235	33,110
Real estate taxes and insurance	13,679	12,091	27,452	24,755
Property management	3,024	3,308	6,249	6,287
Other operating expenses	3,837	2,422	7,696	4,822
Real estate depreciation and amortization	35,430	34,921	70,730	69,575
General and administrative	3,951	4,151	9,259	8,812
Casualty-related charges/(recoveries), net	190	(81)	188	(81)
Total operating expenses	76,509	73,391	154,809	147,280
Operating income	28,692	36,959	62,557	71,404
Income/(loss) from unconsolidated entities	(1,661)	(1,794)	(3,422)	(4,534)
Interest expense	(708)	(161)	(1,450)	(351)
Interest expense on notes payable due to the General Partner	(6,462)	(7,194)	(13,184)	(14,375)
Net income/(loss)	19,861	27,810	44,501	52,144
Net (income)/loss attributable to noncontrolling interests	(488)	(416)	(1,010)	(804)
Net income/(loss) attributable to OP unitholders	$ 19,373	$ 27,394	$ 43,491	$ 51,340
Income/(loss) per OP unit- basic and diluted:
Net income/(loss) per weighted average OP Unit - basic and diluted	$ 0.10	$ 0.15	$ 0.24	$ 0.28
Weighted average OP Units outstanding - basic and diluted	184,836	184,058	184,670	184,004

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income/(loss)	$ 62,096	$ 38,318	$ 67,636	$ 64,920
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	(294)	(4,311)	(3,211)	(6,522)
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	998	(5,244)	(1,562)	(8,402)
Comprehensive income/(loss)	63,094	33,074	66,074	56,518
Comprehensive (income)/loss attributable to noncontrolling interests	(4,393)	(2,320)	(4,574)	(4,167)
Comprehensive income/(loss) attributable to Parent	58,701	30,754	61,500	52,351
United Dominion Realty L.P.
Net income/(loss)	19,861	27,810	44,501	52,144
Other comprehensive income/(loss), including portion attributable to noncontrolling interests:
Unrealized holding gain/(loss)	(43)		(43)
Other comprehensive income/(loss), including portion attributable to noncontrolling interests	(43)		(43)
Comprehensive income/(loss)	19,818	27,810	44,458	52,144
Comprehensive (income)/loss attributable to noncontrolling interests	(488)	(416)	(1,010)	(804)
Comprehensive income/(loss) attributable to Parent	$ 19,330	$ 27,394	$ 43,448	$ 51,340

CONSOLIDATED STATEMENTS OF CH_3

CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL (UNITED DOMINION REALTY, L.P.) (Unaudited). - United Dominion Realty L.P. - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Beginning Balance	$ 1,329,402	$ 1,456,786	$ 1,365,886	$ 1,485,889
Net income/(loss)	19,861	27,810	44,501	52,144
Distributions	(66,635)	(63,060)	(133,293)	(126,529)
Long Term Incentive Plan Unit grants	3,130	5,385	8,664	15,417
Unrealized gain/(loss) on derivative financial investments	(43)		(43)
Net contributions/(distributions) to/(from) noncontrolling interests	(1,258)	2,817	(1,258)	2,817
Ending Balance	1,284,457	1,429,738	1,284,457	1,429,738
Accumulated Other Comprehensive Income/(Loss), net
Unrealized gain/(loss) on derivative financial investments	(43)		(43)
Ending Balance	(43)		(43)
Total Partner's Capital
Beginning Balance	1,311,475	1,442,579	1,348,481	1,472,070
Net income/(loss)	19,373	27,394	43,491	51,340
Distributions	(66,635)	(63,060)	(133,293)	(126,529)
Long Term Incentive Plan Unit grants	3,130	5,385	8,664	15,417
Unrealized gain/(loss) on derivative financial investments	(43)		(43)
Ending Balance	1,267,300	1,412,298	1,267,300	1,412,298
Noncontrolling Interests
Beginning Balance	17,927	14,207	17,405	13,819
Net income/(loss)	488	416	1,010	804
Net contributions/(distributions) to/(from) noncontrolling interests	(1,258)	2,817	(1,258)	2,817
Ending Balance	17,157	17,440	17,157	17,440
Class A Limited Partner
Beginning Balance	64,006	79,631	81,803	69,401
Net income/(loss)	184	260	413	488
Distributions	(631)	(599)	(1,262)	(1,198)
Adjustment to reflect limited partners' capital at redemption value	1,918	(659)	(15,477)	9,942
Ending Balance	65,477	78,633	65,477	78,633
Limited Partners and LTIP Units
Beginning Balance	250,877	283,862	284,580	302,545
Net income/(loss)	719	908	1,615	1,720
Distributions	(2,565)	(2,109)	(5,153)	(4,679)
OP Unit redemptions for common shares of UDR	(110)	(6,949)	(110)	(78,622)
Adjustment to reflect limited partners' capital at redemption value	4,485	(7,187)	(33,060)	37,529
Long Term Incentive Plan Unit grants	3,130	5,385	8,664	15,417
Ending Balance	256,536	273,910	256,536	273,910
Limited Partner
Beginning Balance	995,759	1,078,160	981,239	1,099,174
Net income/(loss)	18,458	26,209	41,437	49,101
Distributions	(63,399)	(60,314)	(126,798)	(120,576)
OP Unit redemptions for common shares of UDR	110	6,949	110	78,622
Adjustment to reflect limited partners' capital at redemption value	(6,403)	7,846	48,537	(47,471)
Ending Balance	944,525	1,058,850	944,525	1,058,850
General Partner
Beginning Balance	833	926	859	950
Net income/(loss)	12	17	26	31
Distributions	(40)	(38)	(80)	(76)
Ending Balance	$ 805	$ 905	$ 805	$ 905

CONSOLIDATED STATEMENTS OF CA_4

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating Activities
Net income/(loss)	$ 67,636	$ 64,920
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	314,584	233,736
(Income)/loss from unconsolidated entities	(11,388)	(6,674)
Other	8,203	6,587
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(20,282)	(2,166)
Increase/(decrease) in operating liabilities	6,741	(18,094)
Net cash provided by/(used in) operating activities	317,015	286,421
Investing Activities
Acquisition of real estate assets	(141,727)	(730,820)
Proceeds from sales of real estate investments, net	133,934	38,000
Capital expenditures and other major improvements - real estate assets	(64,083)	(70,240)
Distributions received from unconsolidated entities	5,731	26,906
Net cash provided by/(used in) investing activities	(161,894)	(805,993)
Financing Activities
Payments on secured debt	(31,621)	(1,900)
Other	(5,840)	3,714
Net cash provided by/(used in) financing activities	(165,536)	334,704
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(10,415)	(184,868)
Cash, cash equivalents, and restricted cash, beginning of year	33,291	208,891
Cash, cash equivalents, and restricted cash, end of period	22,876	24,023
Supplemental Information:
Interest paid during the period, net of amounts capitalized	84,643	67,474
Non-cash transactions:
Development costs and capital expenditures incurred but not yet paid	26,400	12,251
Recognition of operating lease liabilities		88,336
Right-of-use asset obtained in exchange for new operating lease liability		94,349
Dividends declared but not yet paid	115,254	105,611
United Dominion Realty L.P.
Operating Activities
Net income/(loss)	44,501	52,144
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Depreciation and amortization	70,730	69,575
(Income)/loss from unconsolidated entities	3,422	4,534
Other	4,775	1,674
Changes in operating assets and liabilities:
(Increase)/decrease in operating assets	(6,864)	(1,397)
Increase/(decrease) in operating liabilities	1,234	(123)
Net cash provided by/(used in) operating activities	117,798	126,407
Investing Activities
Capital expenditures and other major improvements - real estate assets	(22,893)	(28,826)
Distributions received from unconsolidated entities	9,689	9,227
Net cash provided by/(used in) investing activities	(13,204)	(19,599)
Financing Activities
Issuance/(repayment) of notes payable to the General Partner	(96,891)	(103,066)
Distributions paid to partnership unitholders	(7,142)	(3,256)
Other	(10)
Net cash provided by/(used in) financing activities	(104,043)	(106,322)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	551	486
Cash, cash equivalents, and restricted cash, beginning of year	14,022	13,688
Cash, cash equivalents, and restricted cash, end of period	14,573	14,174
Supplemental Information:
Interest paid during the period, net of amounts capitalized	21,117	19,287
Non-cash transactions:
Development costs and capital expenditures incurred but not yet paid	3,576	4,009
Recognition of operating lease right-of-use assets		94,174
Recognition of operating lease liabilities		88,161
Right-of-use asset obtained in exchange for new operating lease liability	91
LTIP Unit grants	8,664	15,417
Dividends declared but not yet paid	$ 66,833	$ 63,367

CONSOLIDATED STATEMENTS OF CA_5

CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
The following reconciles cash, cash equivalents, and restricted cash to the total of the same amounts as shown above:
Cash and cash equivalents	$ 833	$ 8,106	$ 981	$ 185,216
Restricted cash	22,043	25,185	23,042	23,675
Total cash, cash equivalents, and restricted cash as shown above	22,876	33,291	24,023	208,891
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	38	24	50	125
Restricted cash	14,535	13,998	14,124	13,563
Total cash, cash equivalents, and restricted cash as shown above	$ 14,573	$ 14,022	$ 14,174	$ 13,688

CONSOLIDATION AND BASIS OF PRES

CONSOLIDATION AND BASIS OF PRESENTATION (UNITED DOMINION REALTY, L.P.)	6 Months Ended
	Jun. 30, 2020
Entity information
CONSOLIDATION AND BASIS OF PRESENTATION	1. BASIS OF PRESENTATION Basis of Presentation UDR, Inc., collectively with our consolidated subsidiaries (“UDR,” the “Company,” “we,” “our,” or “us”), is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities. 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 June 30, 2020, there were 184.8 million units in the Operating Partnership (“OP Units”) outstanding, of which 176.2 million OP Units (including 0.1 million of general partnership units), or 95.3%, were owned by UDR and 8.6 million OP Units, or 4.7%, were owned by outside limited partners. As of June 30, 2020, there were 32.4 million units in the DownREIT Partnership (“DownREIT Units”) outstanding, of which 18.7 million, or 57.6%, were owned by UDR (including 13.5 million DownREIT Units, or 41.6%, that were held by the Operating Partnership) and 13.7 million, or 42.4%, 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 accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of June 30, 2020, and results of operations for the three and six months ended June 30, 2020 and 2019, have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year, particularly in light of the novel coronavirus disease (“COVID-19”) pandemic and measures intended to mitigate its spread. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2019 appearing in UDR’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 18, 2020. The accompanying interim unaudited consolidated financial statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). 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 interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. 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 noted in Note 5, Joint Ventures and Partnerships, Secured and Unsecured Debt, Net
United Dominion Realty L.P.
Entity information
CONSOLIDATION AND BASIS OF PRESENTATION	1. CONSOLIDATION AND BASIS OF PRESENTATION 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 three months ended June 30, 2020 and 2019, rental revenues of the Operating Partnership represented 34% and 40%, respectively, and for the six months ended June 30, 2020 and 2019, 35% and 40%, respectively, of the General Partner’s consolidated rental revenues. As of June 30, 2020, 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 June 30, 2020, there were 184.8 million OP Units outstanding, of which 176.2 million, or 95.3%, were owned by UDR and affiliated entities and 8.6 million, or 4.7%, were owned by non-affiliated limited partners. There were 184.1 million OP Units outstanding as of December 31, 2019, 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 non-affiliated limited partners. See Note 10, Capital Structure The accompanying interim unaudited consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted according to such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. In the opinion of management, all adjustments and eliminations necessary for the fair presentation of our financial position as of June 30, 2020, and results of operations for the three and six months ended June 30, 2020 and 2019, have been included. Such adjustments are normal and recurring in nature. The interim results presented are not necessarily indicative of results that can be expected for a full year, particularly in light of the novel coronavirus disease (“COVID-19”) pandemic and measures intended to mitigate its spread. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2019 included in the Annual Report on Form 10-K filed by UDR and the Operating Partnership with the SEC on February 18, 2020. The accompanying interim unaudited consolidated statements are presented in accordance with U.S. generally accepted accounting principles (“GAAP”). 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 interim unaudited consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All intercompany accounts and transactions have been eliminated in consolidation. The Operating Partnership evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those noted in Note 6, Debt, net.

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.)	6 Months Ended
	Jun. 30, 2020
Entity information
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842, Leases ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In June 2016, the 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​ Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. 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 or loss on consolidation of a property. ​ Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (“CECL”) impairment model for its financial assets, including trade and other receivables, held-to-maturity debt securities, loans and other financial instruments, and presents the net amount of the financial instrument expected to be collected. The CECL impairment model excludes operating lease receivables. The CECL impairment model requires an estimate of expected credit losses, measured over the contractual life of an instrument, that considers forecasts of future economic conditions in addition to information about past events and current conditions. Based on this model, we analyze the following criteria, as applicable in developing allowances for credit losses: historical loss information, the borrower’s ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ​ The Company measures credit losses of financial assets on a collective (pool) basis when similar risk characteristics exist. If the Company determines that a financial asset does not share risk characteristics with its other financial assets, the Company evaluates the financial asset for expected credit losses on an individual basis. Allowance for credit losses are recorded as a direct reduction from an asset’s amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ​ The Company has made the optional election provided by the standard not to measure allowance for credit losses for accrued interest receivables as the Company writes off any uncollectible accrued interest receivables in a timely manner. The Company periodically evaluates the collectability of its accrued interest receivables. A write-off is recorded when the Company concludes that all or a portion of its accrued interest receivable balance is no longer collectible. ​ Notes Receivable Notes receivable relate to financing arrangements which are typically secured by real estate, real estate related projects or other assets. 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 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 that involves real estate development to consider 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 dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ June 30, June 30, December 31, ​ ​ 2020 ​ 2020 ​ 2019 Note due October 2020 (a) 8.00 % $ — ​ $ 2,250 Note due February 2021 (b) ​ N/A ​ ​ 4,000 ​ ​ — Note due May 2022 (c) ​ 8.00 % ​ 20,000 ​ ​ 20,000 Note due October 2022 (d) 4.75 % ​ 115,000 ​ ​ 115,000 Note due January 2023 (e) ​ 10.00 % ​ 17,740 ​ ​ 16,400 Notes Receivable ​ ​ ​ ​ 156,740 ​ ​ 153,650 Allowance for credit losses ​ ​ ​ ​ (784) ​ ​ — Total notes receivable, net ​ $ 155,956 ​ $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third party’s intellectual property in exchange for cancellation of the secured note and accrued interest. All property acquired was recorded in Other assets on the Consolidated Balance Sheets. (b) In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. No interest is due on the promissory note and the note matures in February 2021. (c) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, all of which has been funded. The note is secured by a parcel of land and related land improvements. Interest payments up to December 2019 are due when the loan matures and interest payments after December 2019 are due monthly. In April 2020, the terms of the secured note were amended to extend the term to May 30, 2022, to adjust the interest rate to 8.0% and require additional borrower covenants. (d) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which has been funded. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on an under construction 259 apartment 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 gives 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 for the residential portion of the project 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 payments will be based on a 30-year amortization schedule. (e) The Company has a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million, of which $17.7 million has been funded, including $1.3 million funded during the six months ended June 30, 2020. 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) January 2023. During 2020, the terms of this secured note were amended to increase the aggregate commitment from $16.4 million to $20.0 million, to extend the maturity date of the note to January 2023 and to provide that the April 2020 through July 2020 interest payments are deferred and paid when the note matures The Company recognized $2.4 million and $1.2 million of interest income from notes receivable described above during the three months ended June 30, 2020 and 2019, respectively, and $5.0 million and $2.3 million of interest income for the notes receivable described above during the six months ended June 30, 2020 and 2019, respectively, none of which was related party interest. Interest income is included in Interest income and other income/(expense), net 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 three and six months ended June 30, 2020 and 2019, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) 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, 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/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of June 30, 2020 and December 31, 2019, UDR’s net deferred tax asset/(liability) was $(2.8) million and $(1.6) million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. 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 UDR had no material unrecognized tax benefit, accrued interest or penalties at June 30, 2020. 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 ​ 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 determined 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 ​ Impact of COVID-19 Pandemic ​ The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the duration of government measures to mitigate the pandemic, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the Company’s future financial condition, results of operations and cash flows could be material ​ During the three months ended June 30, 2020, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables in light of the COVID-19 pandemic. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if lease payments are no longer deemed to be probable over the life of the lease contract, we recognize revenue only when cash is received, and all existing contractual operating lease receivables and straight-line lease receivables are reserved. ​ As a result of its analysis, the Company reserved approximately $5.5 million of multifamily tenant lease receivables and approximately $3.5 million of retail tenant lease receivables (inclusive of $2.9 million of reserves on straight-line lease receivables) for its wholly-owned communities and communities held by joint ventures. In aggregate, the reserve is reflected as an $8.5 million reduction to Rental income and a $0.5 million reduction to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the three months ended June 30, 2020. The impact to deferred leasing commissions was not material. ​ The Company did not recognize any other adjustments to the carrying amounts of assets or asset impairment charges due to the COVID-19 pandemic for the six months ended June 30, 2020.
United Dominion Realty L.P.
Entity information
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842, Leases ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In June 2016, the 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ​ Principles of Consolidation The Operating Partnership accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Operating Partnership first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Operating Partnership 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 Operating Partnership consolidates an entity when it controls the entity through ownership of a majority voting interest. Income/(Loss) Per Operating Partnership Unit Basic income/(loss) per OP Unit is computed by dividing net income/(loss) attributable to the general and limited partner unitholders by the weighted average number of general and limited partner units outstanding during the year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership. 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 or loss on consolidation of a property. ​ 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. ​ Impact of COVID-19 Pandemic ​ The Operating Partnership continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the duration of government measures to mitigate the pandemic, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the ’s future financial condition, results of operations and cash flows could be material ​ During the three months ended June 30, 2020, the performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables in light of the COVID-19 pandemic. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if lease payments are no longer deemed to be probable over the life of the lease contract, we recognize revenue only when cash is received, and all existing contractual operating lease receivables and straight-line lease receivables are reserved. ​ As a result of its analysis, the reserved approximately $2.0 million of multifamily tenant lease receivables and approximately $2.6 million of retail tenant lease receivables (inclusive of $2.2 million of reserves on straight-line lease receivables) for its wholly-owned communities. In aggregate, the reserve is reflected as a $4.6 million reduction to Rental income on the Consolidated Statements of Operations for the three months ended June 30, 2020. The impact to deferred leasing commissions was not material. ​ The did not recognize any other adjustments to the carrying amounts of assets or asset impairment charges due to the COVID-19 pandemic for the six months ended June 30, 2020. ​

REAL ESTATE OWNED (UNITED DOMIN

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020, the Company owned and consolidated 148 communities in 13 states plus the District of Columbia totaling 47,371 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Land ​ $ 2,162,778 ​ $ 2,164,032 Depreciable property — held and used: ​ ​ Land improvements ​ 228,452 ​ 224,964 Building, improvements, and furniture, fixtures and equipment ​ 10,212,051 ​ 10,102,758 Real estate intangible assets ​ ​ 40,570 ​ ​ 40,570 Under development: ​ ​ Land and land improvements ​ 29,226 ​ 29,226 Building, improvements, and furniture, fixtures and equipment ​ 102,562 ​ 40,551 Real estate owned ​ 12,775,639 ​ 12,602,101 Accumulated depreciation ​ (4,372,524) ​ (4,131,353) Real estate owned, net ​ $ 8,403,115 ​ $ 8,470,748 ​ Acquisitions In January 2020, the Company acquired a 294 apartment home operating community located in Tampa, Florida for approximately $85.2 million. The Company increased its real estate assets owned by approximately $83.1 million and recorded approximately $2.1 million of in-place lease intangibles. 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, 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 ​ Dispositions ​ In May 2020, the Company sold an operating community located in Bellevue, Washington with a total of 71 apartment homes for gross proceeds of $49.7 million, resulting in a gain of approximately $29.6 million. The sale was partially financed by the Company through the issuance of a promissory note totaling $4.0 million and due in February 2021. (See Note 2, Significant Accounting Policies for further discussion.) deferred Section 1031 exchange that were used to pay a portion of the purchase price for an acquisition of an operating community in Tampa, Florida, in January 2020. In May 2020, the Company sold an operating community located in Kirkland, Washington with a total of 196 apartment homes for gross proceeds of $92.9 million, resulting in a gain of approximately $31.7 million. ​ Other Activity 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 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. The Company did not recognize any impairments in the value of its long-lived assets during the three and six months ended June 30, 2020 and 2019. In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax-deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions.
United Dominion 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 June 30, 2020, 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 June 30, 2020 and December 31, 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Land ​ $ 711,256 ​ $ 711,256 Depreciable property — held and used: ​ ​ ​ ​ Land improvements ​ ​ 99,297 ​ ​ 96,864 Buildings, improvements, and furniture, fixtures and equipment ​ 3,088,157 ​ 3,067,040 Real estate owned ​ 3,898,710 ​ 3,875,160 Accumulated depreciation ​ (1,867,071) ​ (1,796,568) Real estate owned, net ​ $ 2,031,639 ​ $ 2,078,592 ​ Acquisitions The Operating Partnership did not have any acquisitions of real estate during the six months ended June 30, 2020. Dispositions The Operating Partnership did not have any dispositions of real estate during the six months ended June 30, 2020. Other Activity Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation The Operating Partnership 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 recognize any impairments in the value of its long-lived assets during the three and six months ended June 30, 2020 and 2019. 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.)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Apartment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ Communities ​ Homes ​ Investment at ​ UDR’s Ownership Interest ​ ​ Three Months Ended ​ Six Months Ended ​ Location of June 30, June 30, June 30, December 31, ​ June 30, ​ December 31, ​ June 30, ​ June 30, Joint Venture Properties 2020 2020 2020 2019 ​ 2020 ​ 2019 ​ 2020 2019 ​ 2020 2019 Operating: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ UDR/MetLife I ​ Los Angeles, CA ​ 1 ​ 150 ​ $ 27,927 ​ $ 28,812 ​ 50.0 % ​ 50.0 % ​ $ (658) ​ $ (548) ​ $ (1,112) ​ $ (1,124) UDR/MetLife II Various 7 1,250 ​ 149,971 ​ 150,893 ​ 50.0 % ​ 50.0 % ​ ​ 10 ​ ​ 776 ​ ​ (81) ​ ​ 1,210 Other UDR/MetLife Joint Ventures Various 5 1,437 ​ 90,262 ​ 98,441 ​ 50.6 % ​ 50.6 % ​ ​ (2,312) ​ ​ (1,684) ​ ​ (4,124) ​ ​ (3,461) West Coast Development Joint Ventures ​ Los Angeles, CA ​ 1 ​ 293 ​ ​ 34,428 ​ ​ 34,907 ​ 47.0 % ​ 47.0 % ​ ​ (56) ​ ​ (359) ​ ​ (136) ​ ​ (507) Sold Joint Ventures ​ ​ ​ ​ ​ ​ ​ ​ — ​ ​ — ​ — % ​ — % ​ ​ — ​ ​ 3,867 ​ ​ — ​ ​ 2,047 Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ​ $ 302,588 ​ $ 313,053 ​ ​ ​ ​ $ (3,016) ​ $ 2,052 ​ $ (5,453) ​ $ (1,835) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income/(loss) from investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment at ​ Three Months Ended ​ Six Months Ended ​ Developer Capital Program ​ ​ Years To ​ UDR June 30, December 31, June 30, ​ June 30, ​ and Other Investments (a) Location Rate Maturity ​ Commitment (b) 2020 2019 2020 2019 2020 2019 ​ Preferred equity investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Coast Development Joint Ventures (c) Hillsboro, OR 6.5 % N/A ​ $ — ​ $ — ​ $ 17,064 ​ $ — ​ $ (10) ​ $ (46) ​ $ (171) ​ 1532 Harrison ​ San Francisco, CA ​ 11.0 % 2.0 ​ ​ 24,645 ​ ​ 32,282 ​ ​ 30,585 ​ ​ 846 ​ ​ 774 ​ ​ 1,682 ​ ​ 1,522 ​ 1200 Broadway (d) ​ Nashville, TN ​ 8.0 % 2.3 ​ ​ 55,558 ​ ​ 66,575 ​ ​ 63,958 ​ ​ 1,306 ​ ​ 1,206 ​ ​ 2,587 ​ ​ 2,375 ​ Junction ​ Santa Monica, CA ​ 12.0 % 2.1 ​ ​ 8,800 ​ ​ 11,016 ​ ​ 10,379 ​ ​ 323 ​ ​ 287 ​ ​ 637 ​ ​ 562 ​ 1300 Fairmount (d) ​ Philadelphia, PA ​ Variable ​ 3.1 ​ ​ 51,393 ​ ​ 57,031 ​ ​ 51,215 ​ ​ 1,191 ​ ​ 519 ​ ​ 2,357 ​ ​ 794 ​ Essex ​ Orlando, FL ​ 12.5 % 3.2 ​ ​ 12,886 ​ ​ 15,751 ​ ​ 14,804 ​ ​ 481 ​ ​ 407 ​ ​ 947 ​ ​ 739 ​ Modera Lake Merritt (d) ​ Oakland, CA ​ 9.0 % 3.8 ​ ​ 27,250 ​ ​ 29,562 ​ ​ 22,653 ​ ​ 652 ​ ​ 256 ​ ​ 1,226 ​ ​ 256 ​ Thousand Oaks (e) ​ Thousand Oaks, CA ​ 9.0 % 4.7 ​ ​ 20,059 ​ ​ 8,872 ​ ​ — ​ ​ 153 ​ ​ — ​ ​ 177 ​ ​ — ​ Other investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Portals ​ Washington, D.C. ​ 11.0 % 0.9 ​ ​ 38,559 ​ ​ 50,713 ​ ​ 48,181 ​ ​ 1,389 ​ ​ 1,234 ​ ​ 2,724 ​ ​ 2,407 ​ Other investment ventures ​ N/A ​ N/A ​ N/A ​ $ 34,500 ​ ​ 19,885 ​ ​ 13,598 ​ ​ 4,696 ​ ​ (100) ​ ​ 4,550 ​ ​ 25 ​ Total Preferred Equity Investments and Other Investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 291,687 ​ ​ 272,437 ​ ​ 11,037 ​ ​ 4,573 ​ ​ 16,841 ​ ​ 8,509 ​ Total Joint Ventures and Developer Capital Program Investments, net (f) ​ ​ ​ ​ $ 594,275 ​ $ 585,490 ​ $ 8,021 $ 6,625 ​ $ 11,388 $ 6,674 ​ (a) The Developer Capital Program is the program through which the Company makes investments, including preferred equity investments, mezzanine loans or other structured investments that may receive a fixed yield on the investment and may include provisions pursuant to which the Company participates in the increase in value of the property upon monetization of the applicable property and/or holds fixed price purchase options. (b) Represents UDR’s maximum funding commitment only and therefore excludes other activity such as income from investments. (c) In January 2020, the Company increased its ownership interest from 49% to 100% in the 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 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 Company repaid the joint venture’s construction loan of approximately $35.6 million. (d) The Company’s preferred equity investment receives a variable percentage of the value created from the project upon a capital or liquidating event. (e) In February 2020, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 142 apartment home community in Thousand Oaks, CA. The Company’s preferred equity investment of up to $20.1 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. (f) As of June 30, 2020, the Company’s negative investment in 13 th and Market Properties LLC of $3.8 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. In July 2020, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 534 apartment home community in Queens, New York. The Company’s preferred equity investment of $40.0 million earns a preferred return of 13.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of accounting. ​ As of June 30, 2020 and December 31, 2019, the Company had deferred fees of $8.8 million and $9.0 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 fees of $1.3 million and $2.8 million for the three months ended June 30, 2020 and 2019, respectively, and $2.7 million and $ 5.6 million for the six months ended June 30, 2020 and 2019, respectively, for management of the communities held by the joint ventures and partnerships. The management fees are included in Joint venture management and other fees on the Consolidated Statements of Operations. The Company may, in the future, make additional capital contributions to certain of our joint ventures and partnerships should additional capital contributions be necessary to fund acquisitions or operations. We consider various factors to determine if a decrease in the value of our Investment in and advances to unconsolidated joint ventures, net Combined summary balance sheets relating to the unconsolidated joint ventures’ and partnerships’ (not just our proportionate share) are presented below as of June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Total real estate, net $ 1,922,313 $ 1,901,081 Cash and cash equivalents ​ 30,656 ​ 29,823 Other assets ​ ​ 216,356 ​ 172,941 Total assets $ 2,169,325 $ 2,103,845 ​ ​ ​ ​ ​ ​ ​ Third party debt, net ​ $ 1,156,834 ​ $ 1,148,048 Accounts payable and accrued liabilities ​ ​ 46,057 ​ ​ 55,114 Total liabilities ​ 1,202,891 ​ 1,203,162 Total equity $ 966,434 $ 900,683 ​ Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and six months ended June 30, 2020 and 2019 ( dollars in thousands : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Total revenues $ 37,312 $ 76,926 $ 78,626 $ 158,458 Property operating expenses ​ 14,468 ​ 29,256 ​ 29,765 ​ 59,568 Real estate depreciation and amortization ​ 16,913 ​ 28,054 ​ 33,156 ​ 57,634 Operating income/(loss) ​ 5,931 ​ ​ 19,616 ​ 15,705 ​ ​ 41,256 Interest expense ​ (10,149) ​ (21,606) ​ (20,496) ​ (43,530) Gain/(loss) on sale of property ​ ​ — ​ ​ 18,357 ​ ​ — ​ ​ 18,357 Net unrealized gain/(loss) on held investments ​ ​ 29,312 ​ ​ — ​ ​ 29,312 ​ ​ — Other income/(loss) ​ ​ 117 ​ ​ 9 ​ ​ 109 ​ ​ 1,634 Net income/(loss) $ 25,211 $ 16,376 $ 24,630 $ 17,717 ​
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. See Note 2, Significant Accounting Policies As of June 30, 2020, the DownREIT Partnership owned 12 communities with 5,657 apartment homes. The Operating Partnership’s investment in the DownREIT Partnership was $63.1 million and $76.2 million as of June 30, 2020 and December 31, 2019, respectively. We consider various factors to determine if a decrease in the value of our Investment in unconsolidated entities Combined summary balance sheets relating to all of the DownREIT Partnership (not just our proportionate share) are presented below as of June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Total real estate, net $ 1,070,653 $ 1,106,703 Cash and cash equivalents ​ 20 ​ 20 Note receivable from the General Partner ​ 220,937 ​ 222,853 Other assets ​ 8,397 ​ 4,829 Total assets $ 1,300,007 $ 1,334,405 ​ ​ ​ ​ ​ ​ ​ Secured debt, net ​ $ 425,859 ​ $ 427,592 Other liabilities ​ 25,426 ​ 28,087 Total liabilities ​ 451,285 ​ 455,679 Total capital ​ $ 848,722 ​ $ 878,726 ​ Combined summary financial information relating to all of the DownREIT Partnership (not just our proportionate share) is presented below for the three and six months ended June 30, 2020 and 2019 ( dollars in thousands : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 Total revenue $ 32,107 $ 32,025 ​ $ 64,785 $ 63,631 Property operating expenses ​ (12,680) ​ (12,751) ​ (25,989) ​ (25,847) Real estate depreciation and amortization ​ (21,112) ​ (20,510) ​ (42,098) ​ (40,804) Operating income/(loss) ​ (1,685) ​ (1,236) ​ (3,302) ​ (3,020) Interest expense ​ (3,609) ​ (3,929) ​ (7,226) ​ (7,817) Other income/(loss) ​ 1,941 ​ 2,018 ​ 3,830 ​ 4,006 Net income/(loss) $ (3,353) $ (3,147) ​ $ (6,698) $ (6,831) ​

LEASES (UNITED DOMINION REALTY,

LEASES (UNITED DOMINION REALTY, L.P.)	6 Months Ended
	Jun. 30, 2020
Entity information
LEASES	6. LEASES Lessee - Ground 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 are classified as operating leases through the lease term expiration based on our election of the practical expedient provided by the leasing standard. 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. The Company also elected the short-term lease exception provided by the leasing standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. No leases qualified for the short-term lease exception during the three and six months ended June 30, 2020 and 2019. As of June 30, 2020, 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 44.3 years at June 30, 2020 and the weighted average discount rate was 5.0% at June 30, 2020. Future minimum lease payments and total operating lease liabilities from our ground leases as of June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2020 ​ $ 6,220 2021 ​ ​ 12,442 2022 ​ ​ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 Thereafter ​ ​ 455,221 Total future minimum lease payments (undiscounted) ​ ​ 511,209 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (314,117) Total operating lease liabilities (discounted) ​ $ 197,092 ​ 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. The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 3,216 ​ $ 2,139 ​ $ 6,386 ​ $ 4,278 Variable lease expense (a) ​ ​ 44 ​ ​ 143 ​ ​ 87 ​ ​ 282 Total operating lease expense (b)(c) ​ $ 3,260 ​ $ 2,282 ​ $ 6,473 ​ $ 4,560 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the six months ended June 30, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.6 million and $1.5 million, respectively, and for the six months ended June 30, 2019 Operating lease right-of-use assets and Operating lease liabilities amortized by $0.4 million and $0.2 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.2 million of total operating lease expense during the six months ended June 30, 2020 and 2019, respectively. ​ 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 June 30, 2020, our apartment home leases generally have initial terms of 12 months or less and represent approximately 98.6% of our total lease revenue. As of June 30, 2020, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 1.4% 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 14, Reportable Segments ​ Future minimum lease payments from our retail and commercial leases as of June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 11,020 2021 ​ ​ 22,287 2022 ​ ​ 20,370 2023 ​ ​ 18,885 2024 ​ ​ 17,219 Thereafter ​ ​ 80,684 Total future minimum lease payments (a) ​ $ 170,465 (a) 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 zero and $0.1 million for the three months ended June 30, 2020 and 2019, respectively, and $0.1 million and $0.2 million during the six months ended June 30, 2020 and 2019, respectively.
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 are classified as operating leases through the lease term expiration based on our election of the practical expedient provided by the leasing standard. 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 The Operating Partnership also elected the short-term lease exception provided by the leasing standard and therefore only recognizes right-of-use assets and lease liabilities for leases with a term greater than one year. No leases qualified for the short-term lease exception during the six months ended June 30, 2020 and 2019. As of June 30, 2020, 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 44.1 years at June 30, 2020 and the weighted average discount rate was 5.0% at June 30, 2020. Future minimum lease payments and total operating lease liabilities from our ground and equipment leases as of June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground Leases ​ Equipment Leases ​ Total 2020 ​ $ 6,220 ​ $ 77 ​ $ 6,297 2021 ​ ​ 12,442 ​ ​ 156 ​ ​ 12,598 2022 ​ ​ 12,442 ​ ​ 160 ​ ​ 12,602 2023 ​ ​ 12,442 ​ ​ 163 ​ ​ 12,605 2024 ​ ​ 12,442 ​ ​ 167 ​ ​ 12,609 Thereafter ​ ​ 455,221 ​ ​ 852 ​ ​ 456,073 Total future minimum lease payments (undiscounted) ​ ​ 511,209 ​ ​ 1,575 ​ ​ 512,784 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (314,117) ​ ​ (193) ​ ​ (314,310) Total operating lease liabilities (discounted) ​ $ 197,092 ​ $ 1,382 ​ $ 198,474 ​ 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. The components of operating lease expenses from our ground and equipment leases were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Ground lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual ground lease rent expense ​ $ 3,216 ​ $ 2,139 ​ $ 6,386 ​ $ 4,278 Variable ground lease expense (a) ​ ​ 44 ​ ​ 143 ​ ​ 87 ​ ​ 282 Total ground lease expense (b) ​ ​ 3,260 ​ ​ 2,282 ​ ​ 6,473 ​ ​ 4,560 Contractual equipment lease expense (b) ​ ​ 38 ​ ​ - ​ ​ 74 ​ ​ - Total operating lease expense (c) ​ $ 3,298 ​ $ 2,282 ​ $ 6,547 ​ $ 4,560 (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 are reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the six months ended June 30, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.7 million and $1.5 million, respectively. Due to the net impact of the amortization, the Operating Partnership recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.2 million of total operating lease expense during the six months ended June 30, 2020 and 2019, respectively. ​ Lessor - Apartment Home and Retail and Commercial Leases ​ The Operating Partnership’s communities and retail and commercial space are leased to tenants under operating leases. As of June 30, 2020, our apartment home leases generally have initial terms of 12 months or less and represent 99.3% of our total lease revenue. As of June 30, 2020, our retail and commercial space leases generally have initial terms between 5 and 15 years and represent approximately 0.7% 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 and certain other conditions. (See Note 12, Reportable Segments ​ Future minimum lease payments from our retail and commercial leases as of June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 3,607 2021 ​ ​ 7,142 2022 ​ ​ 6,471 2023 ​ ​ 6,142 2024 ​ ​ 5,462 Thereafter ​ ​ 13,951 Total future minimum lease payments (a) ​ $ 42,775 (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 zero during both of the three months ended June 30, 2020 and 2019, and less than $0.1 million during both of the six months ended June 30, 2020 and 2019.

DEBT, NET (UNITED DOMINION REAL

DEBT, NET (UNITED DOMINION REALTY, L.P.)	6 Months Ended
	Jun. 30, 2020
Entity information
DEBT, NET	7. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ June 30, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2020 2019 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 855,585 ​ $ 884,869 3.60 % 5.9 14 Credit facilities (b) ​ 202,254 ​ 204,590 4.90 % 2.5 4 Deferred financing costs and other non-cash adjustments ​ 28,102 ​ 33,046 Total fixed rate secured debt, net ​ 1,085,941 ​ 1,122,505 3.85 % 5.2 18 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.85 % 11.7 1 Deferred financing costs ​ (71) ​ (64) Total variable rate secured debt, net ​ 26,929 ​ 26,936 0.85 % 11.7 1 Total Secured Debt, net ​ 1,112,870 ​ 1,149,441 3.77 % 5.4 19 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (m) ​ — ​ — — % 2.6 Borrowings outstanding under unsecured commercial paper program due July 2020 (e) (m) ​ ​ 185,000 ​ ​ 300,000 ​ 0.45 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2021 ​ 17,180 ​ 16,583 0.99 % 0.5 Term Loan due September 2023 (d) (m) ​ 35,000 ​ 35,000 1.07 % 3.3 Fixed Rate Debt ​ ​ 1.93% Term Loan due September 2023 (d) (m) ​ ​ 315,000 ​ 315,000 1.93 % 3.3 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $417 and $470, respectively) (g) (m) ​ 299,583 ​ 299,530 3.75 % 4.0 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 4.2 4.00% Medium-Term Notes due October 2025 (net of discounts of $362 and $396, respectively) (h) (m) ​ 299,638 ​ 299,604 4.00 % 5.3 2.95% Medium-Term Notes due September 2026 (m) ​ 300,000 ​ 300,000 2.95 % 6.2 3.50% Medium-Term Notes due July 2027 (net of discounts of $494 and $529, respectively) (m) ​ ​ 299,506 ​ ​ 299,471 ​ 3.50 % 7.0 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $894 and $954, respectively) (m) ​ ​ 299,106 ​ ​ 299,046 ​ 3.50 % 7.5 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (i) (m) ​ ​ 299,995 ​ ​ 299,995 ​ 4.40 % 8.6 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $13,099 and $2,281, respectively) (j) (m) ​ ​ 613,099 ​ ​ 402,281 ​ 3.20 % 9.5 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,075 and $1,123, respectively) (k) (m) ​ ​ 398,925 ​ ​ 398,877 ​ 3.00 % 11.1 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,265 and $1,309, respectively) (l) (m) ​ ​ 298,735 ​ ​ 298,691 ​ 3.10 % 14.3 ​ ​ Other ​ 12 ​ 13 Deferred financing costs ​ (22,489) ​ (21,652) Total Unsecured Debt, net ​ 3,653,934 ​ 3,558,083 3.26 % 7.4 Total Debt, net ​ $ 4,766,804 ​ $ 4,707,524 3.24 % 7.0 ​ For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of June 30, 2020, secured debt encumbered $2.0 billion or 16.0% of UDR’s total real estate owned based upon gross book value ($10.7 billion or 84.0% of UDR’s real estate owned based on gross book value is unencumbered). (a) In June 2020, the Company executed a rate lock agreement to refinance a 4.35% fixed rate mortgage note payable due in November 2020 with a balance of $79.5 million at June 30, 2020 with a $160.9 million, 2.62% fixed rate mortgage note payable due in 2031. The Company expects to close on the refinancing transaction during the third quarter of 2020. The incremental proceeds are anticipated to be used to reduce the Company’s borrowings under its unsecured commercial paper program. ​ 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. (b) During the three months ended June 30, 2020 and 2019, the Company had $2.5 million and $0.6 million, respectively, and during the six months ended June 30, 2020 and 2019, the Company had $5.1 million and $1.1 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) (d) 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 June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 2019 ​ 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 ​ 84,836 ​ 55 ​ Maximum daily borrowings during the period ended ​ 375,000 ​ 20,000 ​ Weighted average interest rate during the period ended ​ 1.4 % 2.6 % Interest rate at end of the period ​ — % — % (1) Excludes $2.9 million and $2.9 million of letters of credit at June 30, 2020 and December 31, 2019, respectively . (e) The following is a summary of short-term bank borrowings under the unsecured commercial paper program at June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Total unsecured commercial paper program $ 500,000 ​ $ 500,000 ​ Borrowings outstanding at end of period ​ 185,000 ​ 300,000 ​ Weighted average daily borrowings during the period ended ​ 209,863 ​ 173,353 ​ Maximum daily borrowings during the period ended ​ 500,000 ​ 435,000 ​ Weighted average interest rate during the period ended ​ 1.6 % 2.5 % Interest rate at end of the period ​ 0.4 % 2.0 % ​ (f) 82.5 basis points. Depending on the Company’s credit rating, the margin ranges from 75 to 145 basis points. In July 2020, the Company extended its working capital credit facility maturity date from January 15, 2021 to January 14, 2022. The following is a summary of short-term bank borrowings under the Working Capital Credit Facility at June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Total working capital credit facility ​ $ 75,000 ​ $ 75,000 ​ Borrowings outstanding at end of period ​ 17,180 ​ 16,583 ​ Weighted average daily borrowings during the period ended ​ 26,046 ​ 23,487 ​ Maximum daily borrowings during the period ended ​ 54,974 ​ 66,170 ​ Weighted average interest rate during the period ended ​ 1.7 % 3.1 % Interest rate at end of the period ​ 1.0 % 2.6 % ​ (g) (h) (i) (j) In February 2020, the Company issued $200.0 million of 3.20% senior unsecured medium-term notes due 2030. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2020. The notes were priced at 105.660% of the principal amount at issuance. This was a further issuance of the 2030 notes, and forms 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 and the $100.0 million aggregate principal amount of the Company’s 3.20% notes due 2030 that were issued in October 2019. As of the completion of the offering, the aggregate principal amount of outstanding 2030 notes was $600.0 million. (k) (l) . (m) The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten calendar years subsequent to June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Fixed Total Variable Total Total Total Year ​ Secured Debt ​ Secured Debt ​ Secured Debt ​ Unsecured Debt ​ Debt 2020 ​ $ 83,752 ​ $ — ​ $ 83,752 ​ $ 185,000 (a) $ 268,752 2021 ​ ​ 8,763 ​ ​ — ​ ​ 8,763 ​ ​ 17,180 ​ ​ 25,943 2022 ​ 9,159 ​ — ​ 9,159 ​ — ​ 9,159 2023 ​ 295,965 ​ — ​ 295,965 ​ 350,000 ​ 645,965 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 ​ 122,466 ​ — ​ 122,466 ​ 300,000 ​ 422,466 2029 ​ 144,584 ​ — ​ 144,584 ​ 300,000 ​ 444,584 Thereafter ​ 72,500 ​ 27,000 ​ 99,500 ​ 1,300,000 ​ 1,399,500 Subtotal ​ 1,057,839 ​ 27,000 ​ 1,084,839 ​ 3,667,824 ​ 4,752,663 Non-cash (b) ​ 28,102 ​ (71) ​ 28,031 ​ (13,890) ​ 14,141 Total ​ $ 1,085,941 ​ $ 26,929 ​ $ 1,112,870 ​ $ 3,653,934 ​ $ 4,766,804 (a) All unsecured debt due in the remainder of 2020 is related to the Company’s commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts and deferred financing costs . The Company amortized $1.1 million and $1.1 million, respectively, during the three months ended June 30, 2020 and 2019, and $2.1 million and $2.1 million, respectively, during the six months ended June 30, 2020 and 2019, of deferred financing costs into Interest expense. We were in compliance with the covenants of our debt instruments at June 30, 2020. On July 14, 2020, the Company announced that it commenced a cash tender offer for any and all of its outstanding 3.75% unsecured medium-term notes due July 2024 (the “2024 Notes”). . On July 21, 2020 , the Company issued $400.0 million of 2.10% senior unsecured medium-term notes due August 1, 2032. Interest is payable semi-annually in arrears on February 1 and August 1. The notes were priced at 99.894% of the principal amount at issuance. The Company used or will use a portion of the net proceeds . The combined prepayment and make-whole amounts for the purchase of the 2024 Notes and the prepayment of the secured debt due in 2023, inclusive of the acceleration of fair market value adjustments originally recorded on secured debt assumed in property acquisitions, totaled approximately $24.0 million.
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 June 30, 2020 and December 31, 2019 (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ June 30, ​ December 31, ​ Average ​ Years to ​ Communities ​ ​ 2020 ​ 2019 ​ Interest Rate ​ Maturity ​ Encumbered Fixed Rate Debt ​ ​ Mortgage note payable ​ $ 72,500 ​ $ 72,500 3.10 % 9.6 1 Deferred financing costs ​ (347) ​ (365) Total fixed rate secured debt, net ​ 72,153 ​ 72,135 3.10 % 9.6 1 Variable Rate Debt ​ ​ Tax-exempt secured note payable ​ $ 27,000 ​ $ 27,000 0.85 % 11.7 1 Deferred financing costs ​ (71) ​ (64) Total variable rate secured debt, net ​ 26,929 ​ 26,936 0.85 % 11.7 1 Total Secured Debt, Net ​ $ 99,082 ​ $ 99,071 2.54 % 10.2 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 fixed rate debt instruments on the Operating Partnership’s properties. Fixed Rate Debt Variable Rate Debt Tax-exempt secured note payable. The variable rate mortgage note payable for $27.0 million that secures a tax-exempt housing bond issue matures in March 2032. Interest on this note is payable in monthly installments. The mortgage note payable has an interest rate of 0.85% as of June 30, 2020. 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, $600 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 June 30, 2020 and December 31, 2019, the General Partner did not have an outstanding balance under the unsecured revolving credit facility and had $185.0 million and $300.0 million, respectively, outstanding under its unsecured commercial paper program. On July 14, 2020, the General Partner announced that it commenced a cash tender offer for any and all of its outstanding 3.75% unsecured medium-term notes due July 2024 (the “2024 Notes”), which the Operating Partnership guarantees. Pursuant to the tender offer, on July 21, 2020, the General Partner completed the purchase of $116.9 million aggregate principal amount of the 2024 Notes, or 39.0% of the $300.0 million aggregate principal amount of the 2024 Notes. The tender offer consideration was $1,101.92 for each $1,000 principal amount of the 2024 Notes, plus accrued and unpaid interest to, but not including, July 21, 2020. On July 21, 2020, the General Partner issued $400.0 million of 2.10% senior unsecured medium-term notes due August 1, 2032. Interest is payable semi-annually in arrears on February 1 and August 1. The notes were priced at 99.894% of the principal amount at issuance. The General Partner used or will use a portion of the net proceeds to fund the purchase of the 2024 Notes accepted pursuant to the tender offer described above and to prepay $245.8 million of 4.64% secured debt due in 2023. The Operating Partnership is the guarantor of this debt. The combined prepayment and make-whole amounts for the purchase of the 2024 Notes and the prepayment of the secured debt due in 2023, inclusive of the acceleration of fair market value adjustments originally recorded on secured debt assumed in property acquisitions, totaled approximately $24.0 million.

RELATED PARTY TRANSACTIONS (UNI

RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.)	6 Months Ended
	Jun. 30, 2020
United Dominion Realty L.P.
Entity information
RELATED PARTY TRANSACTIONS	7. RELATED PARTY TRANSACTIONS Shared Services The Operating Partnership self-manages its own properties and is party to an Inter-Company Employee and Cost Sharing Agreement with the General Partner. This agreement provides for reimbursements to the General Partner for the Operating Partnership’s allocable share of costs incurred by the General Partner for (a) 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, employees and other overhead costs with the Operating Partnership including legal assistance, acquisitions analysis, marketing, human resources, IT, accounting, rent, supplies and advertising, and allocates these costs to the Operating Partnership first on the basis of direct usage when identifiable, with the remainder allocated based on the reasonably anticipated benefits to the parties. The general and administrative expenses allocated to the Operating Partnership by UDR were $2.9 million and $3.4 million during the three months ended June 30, 2020 and 2019, respectively, and $6.6 million and $7.0 million during the six months ended June 30, 2020 and 2019, respectively, and are included in General and administrative During the three months ended June 30, 2020 and 2019, the Operating Partnership reimbursed the General Partner $4.0 million and $4.0 million, respectively, and during the six months ended June 30, 2020 and 2019, the Operating Partnership reimbursed the General Partner $8.9 million and $8.1 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 the General Partner as of June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ June 30, ​ June 30, December 31, ​ ​ 2020 ​ 2020 ​ 2019 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) ​ 3.24 % ​ ​ 249,080 ​ ​ 230,694 Total notes payable due to the General Partner ​ ​ $ 655,619 ​ $ 637,233 (a) There is no limit on the total commitments under this unsecured revolving 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 3.24% as of June 30, 2020. 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 $6.5 million and $7.2 million during the three months ended June 30, 2020 and 2019, respectively, and $13.2 million and $14.4 million during the six months ended June 30, 2020 and 2019, respectively.

FAIR VALUE OF DERIVATIVES AND_4

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.)	6 Months Ended
	Jun. 30, 2020
Entity information
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS	10. 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 June 30, 2020 and December 31, 2019, are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at June 30, 2020, 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 ​ ​ June 30, ​ June 30, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 155,956 ​ $ 166,009 ​ $ — ​ $ — ​ $ 166,009 Derivatives - Interest rate contracts (b) ​ 8 ​ 8 ​ — ​ 8 ​ — Total assets ​ $ 155,964 ​ $ 166,017 ​ $ — ​ $ 8 ​ $ 166,009 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 2,414 ​ $ 2,414 ​ $ — ​ $ 2,414 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 874,177 ​ ​ 911,356 ​ ​ — ​ ​ — ​ ​ 911,356 Credit facilities ​ 213,857 ​ 214,374 ​ — ​ — ​ 214,374 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 17,180 ​ ​ 17,180 ​ ​ — ​ ​ — ​ ​ 17,180 Commercial paper program ​ ​ 185,000 ​ ​ 185,000 ​ ​ — ​ ​ — ​ ​ 185,000 Unsecured notes ​ ​ 3,474,243 ​ ​ 3,701,850 ​ ​ — ​ ​ — ​ ​ 3,701,850 Total liabilities ​ $ 4,793,871 ​ $ 5,059,174 ​ $ — ​ $ 2,414 ​ $ 5,056,760 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 834,466 ​ $ 834,466 ​ $ — ​ $ 834,466 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (c) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ 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 (e) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 11, Derivatives and Hedging Activity . (d) See Note 7, Secured and Unsecured Debt, Net . (e) See Note 9, Noncontrolling Interests. There were no transfers into or out of any of the levels of the fair value hierarchy during the six months ended June 30, 2020. 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 June 30, 2020 and December 31, 2019, 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 June 30, 2020 and 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.
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: ● Level 1 — Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. ● Level 2 — Observable inputs other than prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated with observable market data. ● Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The estimated fair values of the Operating Partnership’s financial instruments either recorded or disclosed on a recurring basis as of June 30, 2020 and December 31, 2019 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at June 30, 2020, 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 ​ ​ June 30, ​ June 30, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Derivatives- Interest rate contracts (b) ​ $ 8 ​ $ 8 ​ $ — ​ $ 8 ​ $ — Total assets ​ $ 8 ​ $ 8 ​ $ — ​ $ 8 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instrument - fixed rate: (c) ​ ​ ​ ​ ​ Mortgage note payable ​ $ 72,500 ​ $ 78,009 ​ $ — ​ $ — ​ $ 78,009 Secured debt instrument - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ ​ 27,000 ​ ​ 27,000 ​ ​ — ​ ​ — ​ ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable due to the General Partner ​ ​ 655,619 ​ ​ 655,619 ​ ​ — ​ ​ — ​ ​ 655,619 Total liabilities ​ $ 755,119 ​ $ 760,628 ​ $ — ​ $ — ​ $ 760,628 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, 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 ​ ​ 2019 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (c) ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 72,500 ​ $ 71,976 ​ $ — ​ $ — ​ $ 71,976 Secured debt instrument - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ ​ 27,000 ​ ​ 27,000 ​ ​ — ​ ​ — ​ ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable due to the General Partner ​ ​ 637,233 ​ ​ 637,233 ​ ​ — ​ ​ — ​ ​ 637,233 Total liabilities ​ $ 736,733 ​ $ 736,209 ​ $ — ​ $ — ​ $ 736,209 (a) Balances exclude deferred financing costs. (b) See Note 9, Derivatives and Hedging Activity. (c) See Note 6, Debt, Net. (d) See Note 7, Related Party Transactions. ​ There were no transfers into or out of each of the levels of the fair value hierarchy during the six months ended June 30, 2020. ​ 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 June 30, 2020 and December 31, 2019, 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 June 30, 2020, 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.

DERIVATIVES AND HEDGING ACTIV_8

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.)	6 Months Ended
	Jun. 30, 2020
Entity information
DERIVATIVES AND HEDGING ACTIVITY	11. 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 Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of June 30, 2020, 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 and caps ​ 2 ​ $ 334,880 ​ 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 both the three and six months ended June 30, 2020 and 2019. As of June 30, 2020, no derivatives not designated as hedges were held by the Company. 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 June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 8 ​ $ 6 ​ $ 2,414 ​ $ 142 ​ 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 three and six months ended June 30, 2020 and 2019 ( 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 2020 2019 2020 2019 2020 2019 Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (294) ​ $ (4,311) ​ $ (1,292) ​ $ 933 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (3,211) ​ $ (6,522) ​ $ (1,649) ​ $ 1,880 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Total amount of Interest expense ​ $ 38,597 ​ $ 34,417 ​ $ 77,914 ​ $ 67,959 ​ The Company did not recognize any gain/(loss) in Interest income and other income/(expense), net 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. 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 June 30, 2020 and December 31, 2019 (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 June 30, 2020 ​ $ 8 ​ $ — ​ $ 8 ​ $ — ​ $ — ​ $ 8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 (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 June 30, 2020 ​ $ 2,414 ​ $ — ​ $ 2,414 ​ $ — ​ $ — ​ $ 2,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 (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 No Amounts reported in Accumulated other comprehensive income/(loss), net Interest expense As of June 30, 2020, the Operating Partnership had the following outstanding interest rate derivative that was designated as cash flow hedge of interest risk (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ Product ​ Instruments ​ Notional Interest rate caps 1 ​ $ 19,880 ​ 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 each of the three and six months ended June 30, 2020 and 2019. As of June 30, 2020, no Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets The table below presents the fair value of the Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets) ​ (Included in Other liabilities) ​ ​ Fair Value at: ​ Fair Value at: ​ June 30, December 31, June 30, December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate caps ​ $ 8 ​ $ — ​ $ — ​ $ — ​ Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Operating Partnership’s derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 ( 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 2020 2019 2020 2019 2020 2019 Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate caps ​ $ (43) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate caps ​ $ (43) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Total amount of Interest expense ​ $ 708 ​ $ 161 ​ $ 1,450 ​ $ 351 ​ 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.)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019, all of which were held by UDR. Limited Partnership Units As of June 30, 2020 and December 31, 2019, there were 184.7 million and 184.0 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 95.3%, and 176.1 million, or 95.7%, of OP Units outstanding at June 30, 2020 and December 31, 2019, respectively, of which 0.1 million were Class A Limited Partnership Units for both periods. The remaining 8.6 million, or 4.7%, and 7.9 million, or 4.3%, of OP Units outstanding were held by non-affiliated partners at June 30, 2020 and December 31, 2019, 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 non-affiliated limited partners’ capital is adjusted to redemption value at the end of each reporting period with the corresponding offset against UDR’s limited partner capital account based on the redemption rights noted above. The aggregate value upon redemption of the then-outstanding OP Units held by non-affiliated limited partners was $322.0 million and $366.4 million as of June 30, 2020 and December 31, 2019, 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 six months ended June 30, 2020 ( 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, 2019 ​ 1,752 ​ 6,094 ​ 175,986 ​ 121 ​ 111 ​ 184,064 Vesting of LTIP Units ​ — ​ 772 ​ — ​ — ​ — ​ 772 OP redemptions for UDR stock — (3) ​ 3 — — — Ending balance at June 30, 2020 1,752 6,863 175,989 121 111 184,836 ​ LTIP Units UDR grants long-term incentive plan units (“LTIP Units”) to certain employees and non-employee directors. The LTIP Units represent an ownership interest in the Operating Partnership and have voting and distribution rights consistent with OP Units. The LTIP Units are subject to the terms of UDR’s long-term incentive plan. Two classes of LTIP Units are granted, Class 1 LTIP Units and Class 2 LTIP Units. Class 1 LTIP Units are granted to certain employees and non-employee directors and vest over a period of up to four years. Class 2 LTIP Units are granted to certain employees and vest over a period from one Allocation of Profits and Losses Profit of the Operating Partnership is allocated in the following order: (i) to the General Partner and the Limited Partners in proportion to and up to the amount of cash distributions made during the year, and (ii) to the General Partner and Limited Partners in accordance with their percentage interests. Losses and depreciation and amortization expenses, non-recourse liabilities are allocated to the General Partner and Limited Partners in accordance with their percentage interests. Losses allocated to the Limited Partners are capped to the extent that such an allocation would not cause a deficit in the Limited Partners’ capital account. Such losses are, therefore, allocated to the General Partner. If any Partner’s capital balance were to fall into a deficit, any income and gains are allocated to each Partner sufficient to eliminate its negative capital balance

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.)	6 Months Ended
	Jun. 30, 2020
Entity information
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Company’s real estate commitments at June 30, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 3 ​ $ 131,788 ​ $ 146,712 Wholly-owned — redevelopment 2 ​ ​ 18,978 ​ ​ 10,272 Joint ventures: ​ ​ Preferred equity investments 1 ​ ​ 8,872 (b) ​ 11,380 (c) Other investments ​ - ​ ​ 19,885 ​ ​ 22,875 (d) Total ​ $ 179,523 ​ $ 191,239 (a) Represents UDR’s investment as of June 30, 2020. (b) Represents UDR’s investment in Thousand Oaks, which is under development as of June 30, 2020. (c) Represents UDR’s remaining commitment for Thousand Oaks. (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 completion of entitlement and 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	11. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Operating Partnership’s real estate commitments at June 30, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ Operating Partnership's ​ ​ Properties ​ Investment ​ Remaining Commitment Real estate communities - redevelopment 1 ​ $ 10,013 ​ $ 4,987 ​ 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.)	6 Months Ended
	Jun. 30, 2020
Entity information
REPORTABLE SEGMENTS	14. 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 April 1, 2019 (for quarter-to-date comparison) and January 1, 2019 (for year-to-date comparison) and held as of June 30, 2020. 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 period, 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 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 three and six months ended June 30, 2020 and 2019. ​ 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 ​ 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. ​ 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 three and six months ended June 30, 2020 and 2019, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, (a) ​ June 30, (b) ​ 2020 2019 2020 2019 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 101,551 ​ $ 104,196 ​ $ 200,750 ​ $ 199,495 Mid-Atlantic Region ​ 54,803 ​ 54,905 ​ 110,889 ​ 109,205 Northeast Region ​ 29,717 ​ 32,225 ​ 58,774 ​ 60,490 Southeast Region ​ 32,715 ​ 31,844 ​ 61,433 ​ 59,565 Southwest Region ​ 16,391 ​ 16,294 ​ 33,017 ​ 32,370 Non-Mature Communities/Other ​ 62,404 ​ 30,523 ​ 144,340 ​ 67,763 Total segment and consolidated lease revenue ​ $ 297,581 ​ $ 269,987 ​ $ 609,203 ​ $ 528,888 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 2,842 ​ $ 3,047 ​ $ 5,543 ​ $ 6,045 Mid-Atlantic Region ​ 1,429 ​ 1,727 ​ 3,001 ​ 3,729 Northeast Region ​ 761 ​ 789 ​ 1,235 ​ 1,396 Southeast Region ​ 1,226 ​ 1,719 ​ 2,593 ​ 3,431 Southwest Region ​ 515 ​ 678 ​ 1,105 ​ 1,443 Non-Mature Communities/Other ​ 1,628 ​ 516 ​ 3,395 ​ 1,453 Total segment and consolidated other revenue ​ $ 8,401 ​ $ 8,476 ​ $ 16,872 ​ $ 17,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 104,393 ​ $ 107,243 ​ $ 206,293 ​ $ 205,540 Mid-Atlantic Region ​ 56,232 ​ 56,632 ​ 113,890 ​ 112,934 Northeast Region ​ 30,478 ​ 33,014 ​ 60,009 ​ 61,886 Southeast Region ​ 33,941 ​ 33,563 ​ 64,026 ​ 62,996 Southwest Region ​ 16,906 ​ 16,972 ​ 34,122 ​ 33,813 Non-Mature Communities/Other ​ 64,032 ​ 31,039 ​ 147,735 ​ 69,216 Total segment and consolidated rental income ​ $ 305,982 ​ $ 278,463 ​ $ 626,075 ​ $ 546,385 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 78,533 ​ $ 81,724 ​ $ 155,876 ​ $ 156,324 Mid-Atlantic Region ​ 39,102 ​ 40,045 ​ 79,479 ​ 79,225 Northeast Region ​ 19,629 ​ 22,943 ​ 38,734 ​ 42,453 Southeast Region ​ 22,801 ​ 23,322 ​ 44,257 ​ 44,169 Southwest Region ​ 10,467 ​ 10,444 ​ 21,523 ​ 20,772 Non-Mature Communities/Other ​ 41,721 ​ 21,257 ​ 97,849 ​ 46,475 Total segment and consolidated NOI ​ 212,253 ​ 199,735 ​ 437,718 ​ 389,418 Reconciling items: ​ ​ ​ ​ Joint venture management and other fees ​ 1,274 ​ 2,845 ​ 2,662 ​ 5,596 Property management ​ (8,797) ​ (8,006) ​ (18,000) ​ (15,709) Other operating expenses ​ (6,100) ​ (2,735) ​ (11,066) ​ (8,381) Real estate depreciation and amortization ​ (155,056) ​ (117,934) ​ (310,532) ​ (230,402) General and administrative ​ (10,971) ​ (12,338) ​ (25,949) ​ (24,805) Casualty-related (charges)/recoveries, net ​ (102) ​ (246) ​ (1,353) ​ (246) Other depreciation and amortization ​ (2,027) ​ (1,678) ​ (4,052) ​ (3,334) Gain/(loss) on sale of real estate owned ​ ​ 61,303 ​ ​ 5,282 ​ ​ 61,303 ​ ​ 5,282 Income/(loss) from unconsolidated entities ​ 8,021 ​ 6,625 ​ 11,388 ​ 6,674 Interest expense ​ (38,597) ​ (34,417) ​ (77,914) ​ (67,959) Interest income and other income/(expense), net ​ 2,421 ​ 1,310 ​ 5,121 ​ 11,123 Tax (provision)/benefit, net ​ (1,526) ​ (125) ​ (1,690) ​ (2,337) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (4,291) ​ (2,652) ​ (4,604) ​ (4,709) Net (income)/loss attributable to noncontrolling interests ​ (34) ​ (47) ​ (40) ​ (89) Net income/(loss) attributable to UDR, Inc. ​ $ 57,771 ​ $ 35,619 ​ $ 62,992 ​ $ 60,122 (a) Same-Store Community population consisted of 39,020 apartment homes. (b) Same-Store Community population consisted of 37,910 apartment homes. ​ The following table details the assets of UDR’s reportable segments as of June 30, 2020 and December 31, 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,889,925 ​ $ 3,874,027 Mid-Atlantic Region ​ 2,363,674 ​ 2,350,341 Northeast Region ​ 1,635,118 ​ 1,632,980 Southeast Region ​ 913,257 ​ 903,878 Southwest Region ​ 605,801 ​ 600,349 Non-Mature Communities/Other ​ 3,367,864 ​ 3,240,526 Total segment assets ​ 12,775,639 ​ 12,602,101 Accumulated depreciation ​ (4,372,524) ​ (4,131,353) Total segment assets — net book value ​ 8,403,115 ​ 8,470,748 Reconciling items: ​ ​ Cash and cash equivalents ​ 833 ​ 8,106 Restricted cash ​ 22,043 ​ 25,185 Notes receivable, net ​ 155,956 ​ 153,650 Investment in and advances to unconsolidated joint ventures, net ​ 598,058 ​ 588,262 Operating lease right-of-use assets ​ ​ 202,586 ​ ​ 204,225 Other assets ​ 181,880 ​ 186,296 Total consolidated assets ​ $ 9,564,471 ​ $ 9,636,472 (a) Same-Store Community population consisted of 39,020 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. Northeast Region — New York and Boston iv. Southeast Region — Orlando, Nashville, Tampa and Other Florida 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 represent those communities acquired, developed, and stabilized prior to April 1, 2019 (for the quarter-to-date comparison) and January 1, 2019 (for the year-to-date comparison) and held as of June 30, 2020. 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 period, there is no plan to conduct substantial redevelopment activities, and the community is not held for disposition within the current year. A community is considered to have stabilized occupancy once it achieves 90% occupancy for at least three consecutive months. ● Non-Mature Communities/Other represent those communities that do not meet the criteria to be included in Same-Store Communities , including, but not limited to, recently acquired, developed and redeveloped communities, and the non-apartment components of mixed use properties. Management of the General Partner evaluates the performance of each of the Operating Partnership’s apartment communities on a Same-Store Community 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 three and six months ended June 30, 2020 and 2019. 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 Operating Partnership recognizes revenue when it satisfies a performance obligation by providing the services specified in a contract to the customer. The following table details rental income and NOI for the Operating Partnership’s reportable segments for the three and six months ended June 30, 2020 and 2019, and reconciles NOI to Net income/(loss) attributable to OP unitholders (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, (a) ​ June 30, (a) ​ ​ 2020 2019 2020 2019 ​ Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 60,897 ​ $ 62,298 ​ $ 124,140 ​ $ 123,080 ​ Mid-Atlantic Region ​ 14,656 ​ 14,881 ​ 29,820 ​ 29,691 ​ Northeast Region ​ 7,329 ​ 7,966 ​ 15,558 ​ 15,938 ​ Southeast Region ​ 12,949 ​ 12,686 ​ 25,936 ​ 25,148 ​ Southwest Region ​ ​ 1,834 ​ ​ 1,950 ​ ​ 3,664 ​ ​ 3,875 ​ Non-Mature Communities/Other ​ 4,672 ​ 7,326 ​ 12,222 ​ 14,052 ​ Total segment and consolidated lease revenue ​ $ 102,337 ​ $ 107,107 ​ $ 211,340 ​ $ 211,784 ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 1,603 ​ $ 1,852 ​ $ 3,379 ​ $ 3,846 ​ Mid-Atlantic Region ​ 376 ​ 429 ​ 807 ​ 964 ​ Northeast Region ​ 94 ​ 168 ​ 196 ​ 334 ​ Southeast Region ​ 549 ​ 727 ​ 1,193 ​ 1,502 ​ Southwest Region ​ ​ 35 ​ ​ 91 ​ ​ 106 ​ ​ 122 ​ Non-Mature Communities/Other ​ 207 ​ (24) ​ 345 ​ 132 ​ Total segment and consolidated other revenue ​ $ 2,864 ​ $ 3,243 ​ $ 6,026 ​ $ 6,900 ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 62,500 ​ $ 64,150 ​ $ 127,519 ​ $ 126,926 ​ Mid-Atlantic Region ​ 15,032 ​ 15,310 ​ 30,627 ​ 30,655 ​ Northeast Region ​ 7,423 ​ 8,134 ​ 15,754 ​ 16,272 ​ Southeast Region ​ 13,498 ​ 13,413 ​ 27,129 ​ 26,650 ​ Southwest Region ​ ​ 1,869 ​ ​ 2,041 ​ ​ 3,770 ​ ​ 3,997 ​ Non-Mature Communities/Other ​ 4,879 ​ 7,302 ​ 12,567 ​ 14,184 ​ Total segment and consolidated rental income ​ $ 105,201 ​ $ 110,350 ​ $ 217,366 ​ $ 218,684 ​ Reportable apartment home segment NOI ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 47,645 ​ $ 49,348 ​ $ 97,138 ​ $ 97,145 ​ Mid-Atlantic Region ​ 10,231 ​ 10,555 ​ 21,027 ​ 21,079 ​ Northeast Region ​ 5,061 ​ 6,260 ​ 10,970 ​ 12,466 ​ Southeast Region ​ 9,021 ​ 9,356 ​ 18,572 ​ 18,613 ​ Southwest Region ​ ​ 1,334 ​ ​ 1,484 ​ ​ 2,725 ​ ​ 2,820 ​ Non-Mature Communities/Other ​ 1,832 ​ 4,677 ​ 6,247 ​ 8,696 ​ Total segment and consolidated NOI ​ 75,124 ​ 81,680 ​ 156,679 ​ 160,819 ​ Reconciling items: ​ ​ ​ ​ ​ Property management ​ (3,024) ​ (3,308) ​ (6,249) ​ (6,287) ​ Other operating expenses ​ (3,837) ​ (2,422) ​ (7,696) ​ (4,822) ​ Real estate depreciation and amortization ​ (35,430) ​ (34,921) ​ (70,730) ​ (69,575) ​ General and administrative ​ (3,951) ​ (4,151) ​ (9,259) ​ (8,812) ​ Casualty-related (charges)/recoveries, net ​ (190) ​ 81 ​ (188) ​ 81 ​ Income/(loss) from unconsolidated entities ​ (1,661) ​ (1,794) ​ (3,422) ​ (4,534) ​ Interest expense ​ (7,170) ​ (7,355) ​ (14,634) ​ (14,726) ​ Net (income)/loss attributable to noncontrolling interests ​ (488) ​ (416) ​ (1,010) ​ (804) ​ Net income/(loss) attributable to OP unitholders ​ $ 19,373 ​ $ 27,394 ​ $ 43,491 ​ $ 51,340 ​ (a) Same-Store Community population consisted of 15,941 apartment homes. ​ The following table details the assets of the Operating Partnership’s reportable segments as of June 30, 2020 and December 31, 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 2,023,401 ​ $ 2,011,495 Mid-Atlantic Region ​ 673,232 ​ 669,417 Northeast Region ​ 409,242 ​ 408,703 Southeast Region ​ 356,006 ​ 352,790 Southwest Region ​ ​ 144,751 ​ ​ 144,210 Non-Mature Communities/Other ​ 292,078 ​ 288,545 Total segment assets ​ 3,898,710 ​ 3,875,160 Accumulated depreciation ​ (1,867,071) ​ (1,796,568) Total segment assets - net book value ​ 2,031,639 ​ 2,078,592 Reconciling items: ​ ​ Cash and cash equivalents ​ 38 ​ 24 Restricted cash ​ 14,535 ​ 13,998 Investment in unconsolidated entities ​ 63,111 ​ 76,222 Operating lease right-of-use assets ​ ​ 203,958 ​ ​ 205,668 Other assets ​ 25,643 ​ 24,241 Total consolidated assets ​ $ 2,338,924 ​ $ 2,398,745 (a) Same-Store Community population consisted of 15,941 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. Northeast Region — New York and Boston iv. Southeast Region — Nashville, Tampa and Other Florida v. Southwest Region — Denver

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) (Policies)	6 Months Ended
	Jun. 30, 2020
Entity information
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842, Leases ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In June 2016, the 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)
Principles of Consolidation	Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest.
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 or loss on consolidation of a property.
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/(liabilities) are generally the result of differing depreciable lives on capitalized assets, temporary differences between book and tax basis of assets and liabilities and timing of expense recognition for certain accrued liabilities. As of June 30, 2020 and December 31, 2019, UDR’s net deferred tax asset/(liability) was $(2.8) million and $(1.6) million, respectively. GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. 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 UDR had no material unrecognized tax benefit, accrued interest or penalties at June 30, 2020. 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
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 three and six months ended June 30, 2020 and 2019, the Company’s other comprehensive income/(loss) consisted of the gain/(loss) 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,
Impact of COVID-19 Pandemic	Impact of COVID-19 Pandemic ​ The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the duration of government measures to mitigate the pandemic, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the Company’s future financial condition, results of operations and cash flows could be material ​ During the three months ended June 30, 2020, the Company performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables in light of the COVID-19 pandemic. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if lease payments are no longer deemed to be probable over the life of the lease contract, we recognize revenue only when cash is received, and all existing contractual operating lease receivables and straight-line lease receivables are reserved. ​ As a result of its analysis, the Company reserved approximately $5.5 million of multifamily tenant lease receivables and approximately $3.5 million of retail tenant lease receivables (inclusive of $2.9 million of reserves on straight-line lease receivables) for its wholly-owned communities and communities held by joint ventures. In aggregate, the reserve is reflected as an $8.5 million reduction to Rental income and a $0.5 million reduction to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the three months ended June 30, 2020. The impact to deferred leasing commissions was not material. ​ The Company did not recognize any other adjustments to the carrying amounts of assets or asset impairment charges due to the COVID-19 pandemic for the six months ended June 30, 2020.
United Dominion Realty L.P.
Entity information
Recent Accounting Pronouncements	Recent Accounting Pronouncements In April 2020, the Financial Accounting Standards Board (“FASB”) issued a Staff Q&A on accounting for leases during the COVID-19 pandemic, focused on the application of lease guidance in ASC 842, Leases ​ The FASB determined it would be acceptable for entities to not perform a lease-by-lease analysis regarding rent concessions resulting from COVID-19, and to instead make a policy election regarding rent concessions, which would give entities the option to account or not to account for these rent concessions as lease modifications if the total payments required by the modified contract are substantially the same or less than the total payments required by the original contract. Entities making the election to account for these rent concessions as lease modifications would recognize the effects of rent abatements and rent deferrals on a prospective straight-line basis over the remainder of the modified contract. ​ We have made the election to not perform a lease-by-lease analysis to determine whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. By electing the FASB relief, we have also made an accounting policy election to account for rent abatements and rent deferrals given to lessees due to the COVID-19 pandemic as lease modifications. The lease concessions given to lessees due to the COVID-19 pandemic did not have a material impact on our consolidated financial statements. ​ In June 2016, the 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)
Principles of Consolidation	Principles of Consolidation The Operating Partnership accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Operating Partnership first evaluates whether each entity is a variable interest entity (“VIE”). Under the VIE model, the Operating Partnership 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 Operating Partnership consolidates an entity when it controls the entity through ownership of a majority voting interest.
Income/(Loss) Per Operating Partnership Unit	Income/(Loss) Per Operating Partnership Unit Basic income/(loss) per OP Unit is computed by dividing net income/(loss) attributable to the general and limited partner unitholders by the weighted average number of general and limited partner units outstanding during the year. Diluted income/(loss) per OP Unit reflects the potential dilution that could occur if securities or other contracts to issue OP Units were exercised or converted into OP Units or resulted in the issuance of OP Units and then shared in the income/(loss) of the Operating Partnership.
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 or loss on consolidation of a property.
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.
Impact of COVID-19 Pandemic	Impact of COVID-19 Pandemic ​ The Operating Partnership continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemic’s effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the pandemic and the duration of government measures to mitigate the pandemic, all of which continue to be uncertain and difficult to predict. ​ Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the ’s future financial condition, results of operations and cash flows could be material ​ During the three months ended June 30, 2020, the performed an analysis in accordance with the ASC 842, Leases, guidance to assess the collectibility of its operating lease receivables in light of the COVID-19 pandemic. This analysis included an assessment of collectibility of current and future rents and whether those lease payments were no longer probable of collection. In accordance with the leases guidance, if lease payments are no longer deemed to be probable over the life of the lease contract, we recognize revenue only when cash is received, and all existing contractual operating lease receivables and straight-line lease receivables are reserved. ​ As a result of its analysis, the reserved approximately $2.0 million of multifamily tenant lease receivables and approximately $2.6 million of retail tenant lease receivables (inclusive of $2.2 million of reserves on straight-line lease receivables) for its wholly-owned communities. In aggregate, the reserve is reflected as a $4.6 million reduction to Rental income on the Consolidated Statements of Operations for the three months ended June 30, 2020. The impact to deferred leasing commissions was not material. ​ The did not recognize any other adjustments to the carrying amounts of assets or asset impairment charges due to the COVID-19 pandemic for the six months ended June 30, 2020.

REAL ESTATE OWNED (UNITED DOM_2

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) (Tables)	6 Months Ended
	Jun. 30, 2020
Entity information
Summary of carrying amounts for real estate owned (at cost)	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Land ​ $ 2,162,778 ​ $ 2,164,032 Depreciable property — held and used: ​ ​ Land improvements ​ 228,452 ​ 224,964 Building, improvements, and furniture, fixtures and equipment ​ 10,212,051 ​ 10,102,758 Real estate intangible assets ​ ​ 40,570 ​ ​ 40,570 Under development: ​ ​ Land and land improvements ​ 29,226 ​ 29,226 Building, improvements, and furniture, fixtures and equipment ​ 102,562 ​ 40,551 Real estate owned ​ 12,775,639 ​ 12,602,101 Accumulated depreciation ​ (4,372,524) ​ (4,131,353) Real estate owned, net ​ $ 8,403,115 ​ $ 8,470,748
United Dominion Realty L.P.
Entity information
Summary of carrying amounts for real estate owned (at cost)	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Land ​ $ 711,256 ​ $ 711,256 Depreciable property — held and used: ​ ​ ​ ​ Land improvements ​ ​ 99,297 ​ ​ 96,864 Buildings, improvements, and furniture, fixtures and equipment ​ 3,088,157 ​ 3,067,040 Real estate owned ​ 3,898,710 ​ 3,875,160 Accumulated depreciation ​ (1,867,071) ​ (1,796,568) Real estate owned, net ​ $ 2,031,639 ​ $ 2,078,592

UNCONSOLIDATED ENTITIES (UNIT_2

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Tables)	6 Months Ended
	Jun. 30, 2020
Unconsolidated entities
Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships	Combined summary balance sheets relating to the unconsolidated joint ventures’ and partnerships’ (not just our proportionate share) are presented below as of June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Total real estate, net $ 1,922,313 $ 1,901,081 Cash and cash equivalents ​ 30,656 ​ 29,823 Other assets ​ ​ 216,356 ​ 172,941 Total assets $ 2,169,325 $ 2,103,845 ​ ​ ​ ​ ​ ​ ​ Third party debt, net ​ $ 1,156,834 ​ $ 1,148,048 Accounts payable and accrued liabilities ​ ​ 46,057 ​ ​ 55,114 Total liabilities ​ 1,202,891 ​ 1,203,162 Total equity $ 966,434 $ 900,683
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	Combined summary financial information relating to the unconsolidated joint ventures’ and partnerships’ operations (not just our proportionate share) is presented below for the three and six months ended June 30, 2020 and 2019 ( dollars in thousands : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ 2020 2019 2020 2019 Total revenues $ 37,312 $ 76,926 $ 78,626 $ 158,458 Property operating expenses ​ 14,468 ​ 29,256 ​ 29,765 ​ 59,568 Real estate depreciation and amortization ​ 16,913 ​ 28,054 ​ 33,156 ​ 57,634 Operating income/(loss) ​ 5,931 ​ ​ 19,616 ​ 15,705 ​ ​ 41,256 Interest expense ​ (10,149) ​ (21,606) ​ (20,496) ​ (43,530) Gain/(loss) on sale of property ​ ​ — ​ ​ 18,357 ​ ​ — ​ ​ 18,357 Net unrealized gain/(loss) on held investments ​ ​ 29,312 ​ ​ — ​ ​ 29,312 ​ ​ — Other income/(loss) ​ ​ 117 ​ ​ 9 ​ ​ 109 ​ ​ 1,634 Net income/(loss) $ 25,211 $ 16,376 $ 24,630 $ 17,717
United Dominion Realty L.P.
Unconsolidated entities
Combined summary of balance sheets relating to unconsolidated joint ventures and partnerships	Combined summary balance sheets relating to all of the DownREIT Partnership (not just our proportionate share) are presented below as of June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2020 2019 Total real estate, net $ 1,070,653 $ 1,106,703 Cash and cash equivalents ​ 20 ​ 20 Note receivable from the General Partner ​ 220,937 ​ 222,853 Other assets ​ 8,397 ​ 4,829 Total assets $ 1,300,007 $ 1,334,405 ​ ​ ​ ​ ​ ​ ​ Secured debt, net ​ $ 425,859 ​ $ 427,592 Other liabilities ​ 25,426 ​ 28,087 Total liabilities ​ 451,285 ​ 455,679 Total capital ​ $ 848,722 ​ $ 878,726 ​
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share)	Combined summary financial information relating to all of the DownREIT Partnership (not just our proportionate share) is presented below for the three and six months ended June 30, 2020 and 2019 ( dollars in thousands : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 2019 2020 2019 Total revenue $ 32,107 $ 32,025 ​ $ 64,785 $ 63,631 Property operating expenses ​ (12,680) ​ (12,751) ​ (25,989) ​ (25,847) Real estate depreciation and amortization ​ (21,112) ​ (20,510) ​ (42,098) ​ (40,804) Operating income/(loss) ​ (1,685) ​ (1,236) ​ (3,302) ​ (3,020) Interest expense ​ (3,609) ​ (3,929) ​ (7,226) ​ (7,817) Other income/(loss) ​ 1,941 ​ 2,018 ​ 3,830 ​ 4,006 Net income/(loss) $ (3,353) $ (3,147) ​ $ (6,698) $ (6,831)

LEASES (UNITED DOMINION REALT_2

LEASES (UNITED DOMINION REALTY, L.P.) (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Ground Leases 2020 ​ $ 6,220 2021 ​ ​ 12,442 2022 ​ ​ 12,442 2023 ​ ​ 12,442 2024 ​ ​ 12,442 Thereafter ​ ​ 455,221 Total future minimum lease payments (undiscounted) ​ ​ 511,209 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (314,117) Total operating lease liabilities (discounted) ​ $ 197,092
Lessee - components of operating lease expenses	The components of operating lease expenses were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual lease expense ​ $ 3,216 ​ $ 2,139 ​ $ 6,386 ​ $ 4,278 Variable lease expense (a) ​ ​ 44 ​ ​ 143 ​ ​ 87 ​ ​ 282 Total operating lease expense (b)(c) ​ $ 3,260 ​ $ 2,282 ​ $ 6,473 ​ $ 4,560 (a) Variable lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Lease expense is reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the six months ended June 30, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.6 million and $1.5 million, respectively, and for the six months ended June 30, 2019 Operating lease right-of-use assets and Operating lease liabilities amortized by $0.4 million and $0.2 million, respectively. Due to the net impact of the amortization, the Company recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.2 million of total operating lease expense during the six months ended June 30, 2020 and 2019, respectively.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 11,020 2021 ​ ​ 22,287 2022 ​ ​ 20,370 2023 ​ ​ 18,885 2024 ​ ​ 17,219 Thereafter ​ ​ 80,684 Total future minimum lease payments (a) ​ $ 170,465 (a)
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 June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Ground Leases ​ Equipment Leases ​ Total 2020 ​ $ 6,220 ​ $ 77 ​ $ 6,297 2021 ​ ​ 12,442 ​ ​ 156 ​ ​ 12,598 2022 ​ ​ 12,442 ​ ​ 160 ​ ​ 12,602 2023 ​ ​ 12,442 ​ ​ 163 ​ ​ 12,605 2024 ​ ​ 12,442 ​ ​ 167 ​ ​ 12,609 Thereafter ​ ​ 455,221 ​ ​ 852 ​ ​ 456,073 Total future minimum lease payments (undiscounted) ​ ​ 511,209 ​ ​ 1,575 ​ ​ 512,784 Difference between future undiscounted cash flows and discounted cash flows ​ ​ (314,117) ​ ​ (193) ​ ​ (314,310) Total operating lease liabilities (discounted) ​ $ 197,092 ​ $ 1,382 ​ $ 198,474
Lessee - components of operating lease expenses	The components of operating lease expenses from our ground and equipment leases were as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Ground lease expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual ground lease rent expense ​ $ 3,216 ​ $ 2,139 ​ $ 6,386 ​ $ 4,278 Variable ground lease expense (a) ​ ​ 44 ​ ​ 143 ​ ​ 87 ​ ​ 282 Total ground lease expense (b) ​ ​ 3,260 ​ ​ 2,282 ​ ​ 6,473 ​ ​ 4,560 Contractual equipment lease expense (b) ​ ​ 38 ​ ​ - ​ ​ 74 ​ ​ - Total operating lease expense (c) ​ $ 3,298 ​ $ 2,282 ​ $ 6,547 ​ $ 4,560 (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 are reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the six months ended June 30, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.7 million and $1.5 million, respectively. Due to the net impact of the amortization, the Operating Partnership recorded $0.1 million and $0.1 million of total operating lease expense during the three months ended June 30, 2020 and 2019, respectively, and $0.2 million and $0.2 million of total operating lease expense during the six months ended June 30, 2020 and 2019, respectively.
Lessor - Future minimum lease payments	Future minimum lease payments from our retail and commercial leases as of June 30, 2020 are as follows (dollars in thousands): ​ ​ ​ ​ ​ ​ Retail and Commercial Leases 2020 ​ $ 3,607 2021 ​ ​ 7,142 2022 ​ ​ 6,471 2023 ​ ​ 6,142 2024 ​ ​ 5,462 Thereafter ​ ​ 13,951 Total future minimum lease payments (a) ​ $ 42,775 (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)	6 Months Ended
	Jun. 30, 2020
Entity information
Schedule of debt instruments	The following is a summary of our secured and unsecured debt at June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average ​ Average ​ Number of ​ ​ June 30, ​ December 31, ​ Interest ​ Years to ​ Communities ​ 2020 2019 Rate Maturity Encumbered Secured Debt: ​ ​ ​ ​ ​ ​ ​ Fixed Rate Debt ​ ​ Mortgage notes payable (a) ​ $ 855,585 ​ $ 884,869 3.60 % 5.9 14 Credit facilities (b) ​ 202,254 ​ 204,590 4.90 % 2.5 4 Deferred financing costs and other non-cash adjustments ​ 28,102 ​ 33,046 Total fixed rate secured debt, net ​ 1,085,941 ​ 1,122,505 3.85 % 5.2 18 Variable Rate Debt ​ ​ Tax-exempt secured notes payable (c) ​ 27,000 ​ 27,000 0.85 % 11.7 1 Deferred financing costs ​ (71) ​ (64) Total variable rate secured debt, net ​ 26,929 ​ 26,936 0.85 % 11.7 1 Total Secured Debt, net ​ 1,112,870 ​ 1,149,441 3.77 % 5.4 19 Unsecured Debt: ​ ​ Variable Rate Debt ​ ​ Borrowings outstanding under unsecured credit facility due January 2023 (d) (m) ​ — ​ — — % 2.6 Borrowings outstanding under unsecured commercial paper program due July 2020 (e) (m) ​ ​ 185,000 ​ ​ 300,000 ​ 0.45 % 0.1 ​ ​ Borrowings outstanding under unsecured working capital credit facility due January 2021 ​ 17,180 ​ 16,583 0.99 % 0.5 Term Loan due September 2023 (d) (m) ​ 35,000 ​ 35,000 1.07 % 3.3 Fixed Rate Debt ​ ​ 1.93% Term Loan due September 2023 (d) (m) ​ ​ 315,000 ​ 315,000 1.93 % 3.3 ​ ​ 3.75% Medium-Term Notes due July 2024 (net of discounts of $417 and $470, respectively) (g) (m) ​ 299,583 ​ 299,530 3.75 % 4.0 8.50% Debentures due September 2024 ​ 15,644 ​ 15,644 8.50 % 4.2 4.00% Medium-Term Notes due October 2025 (net of discounts of $362 and $396, respectively) (h) (m) ​ 299,638 ​ 299,604 4.00 % 5.3 2.95% Medium-Term Notes due September 2026 (m) ​ 300,000 ​ 300,000 2.95 % 6.2 3.50% Medium-Term Notes due July 2027 (net of discounts of $494 and $529, respectively) (m) ​ ​ 299,506 ​ ​ 299,471 ​ 3.50 % 7.0 ​ ​ 3.50% Medium-Term Notes due January 2028 (net of discounts of $894 and $954, respectively) (m) ​ ​ 299,106 ​ ​ 299,046 ​ 3.50 % 7.5 ​ ​ 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (i) (m) ​ ​ 299,995 ​ ​ 299,995 ​ 4.40 % 8.6 ​ ​ 3.20% Medium-Term Notes due January 2030 (net of premiums of $13,099 and $2,281, respectively) (j) (m) ​ ​ 613,099 ​ ​ 402,281 ​ 3.20 % 9.5 ​ ​ 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,075 and $1,123, respectively) (k) (m) ​ ​ 398,925 ​ ​ 398,877 ​ 3.00 % 11.1 ​ ​ 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,265 and $1,309, respectively) (l) (m) ​ ​ 298,735 ​ ​ 298,691 ​ 3.10 % 14.3 ​ ​ Other ​ 12 ​ 13 Deferred financing costs ​ (22,489) ​ (21,652) Total Unsecured Debt, net ​ 3,653,934 ​ 3,558,083 3.26 % 7.4 Total Debt, net ​ $ 4,766,804 ​ $ 4,707,524 3.24 % 7.0
United Dominion Realty L.P.
Entity information
Schedule of debt instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Outstanding ​ As of June 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ June 30, ​ December 31, ​ Average ​ Years to ​ Communities ​ ​ 2020 ​ 2019 ​ Interest Rate ​ Maturity ​ Encumbered Fixed Rate Debt ​ ​ Mortgage note payable ​ $ 72,500 ​ $ 72,500 3.10 % 9.6 1 Deferred financing costs ​ (347) ​ (365) Total fixed rate secured debt, net ​ 72,153 ​ 72,135 3.10 % 9.6 1 Variable Rate Debt ​ ​ Tax-exempt secured note payable ​ $ 27,000 ​ $ 27,000 0.85 % 11.7 1 Deferred financing costs ​ (71) ​ (64) Total variable rate secured debt, net ​ 26,929 ​ 26,936 0.85 % 11.7 1 Total Secured Debt, Net ​ $ 99,082 ​ $ 99,071 2.54 % 10.2 2

RELATED PARTY TRANSACTIONS (U_2

RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.) (Tables)	6 Months Ended
	Jun. 30, 2020
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 the General Partner as of June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate at ​ Balance Outstanding ​ June 30, ​ June 30, December 31, ​ ​ 2020 ​ 2020 ​ 2019 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) ​ 3.24 % ​ ​ 249,080 ​ ​ 230,694 Total notes payable due to the General Partner ​ ​ $ 655,619 ​ $ 637,233 (a) There is no limit on the total commitments under this unsecured revolving 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 3.24% as of June 30, 2020. 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)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019, are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at June 30, 2020, 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 ​ ​ June 30, ​ June 30, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 155,956 ​ $ 166,009 ​ $ — ​ $ — ​ $ 166,009 Derivatives - Interest rate contracts (b) ​ 8 ​ 8 ​ — ​ 8 ​ — Total assets ​ $ 155,964 ​ $ 166,017 ​ $ — ​ $ 8 ​ $ 166,009 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 2,414 ​ $ 2,414 ​ $ — ​ $ 2,414 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 874,177 ​ ​ 911,356 ​ ​ — ​ ​ — ​ ​ 911,356 Credit facilities ​ 213,857 ​ 214,374 ​ — ​ — ​ 214,374 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ Working capital credit facility ​ ​ 17,180 ​ ​ 17,180 ​ ​ — ​ ​ — ​ ​ 17,180 Commercial paper program ​ ​ 185,000 ​ ​ 185,000 ​ ​ — ​ ​ — ​ ​ 185,000 Unsecured notes ​ ​ 3,474,243 ​ ​ 3,701,850 ​ ​ — ​ ​ — ​ ​ 3,701,850 Total liabilities ​ $ 4,793,871 ​ $ 5,059,174 ​ $ — ​ $ 2,414 ​ $ 5,056,760 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ​ $ 834,466 ​ $ 834,466 ​ $ — ​ $ 834,466 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ ​ Notes receivable, net (b) ​ $ 153,650 ​ $ 160,197 ​ $ — ​ $ — ​ $ 160,197 Derivatives - Interest rate contracts (c) ​ 6 ​ 6 ​ — ​ 6 ​ — Total assets ​ $ 153,656 ​ $ 160,203 ​ $ — ​ $ 6 ​ $ 160,197 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives - Interest rate contracts (c) ​ $ 142 ​ $ 142 ​ $ — ​ $ 142 ​ $ — Secured debt instruments - fixed rate: (d) ​ ​ ​ ​ ​ ​ Mortgage notes payable ​ ​ 906,228 ​ ​ 898,329 ​ ​ — ​ ​ — ​ ​ 898,329 Credit facilities ​ 218,490 ​ 213,661 ​ — ​ — ​ 213,661 Secured debt instruments - variable rate: (d) ​ ​ ​ ​ ​ ​ Tax-exempt secured notes payable ​ 27,000 ​ 27,000 ​ — ​ — ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ 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 (e) ​ $ 1,018,665 ​ $ 1,018,665 ​ $ — ​ $ 1,018,665 ​ $ — (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 11, Derivatives and Hedging Activity . (d) See Note 7, Secured and Unsecured Debt, Net . (e) See Note 9, 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 June 30, 2020 and December 31, 2019 are summarized as follows (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at June 30, 2020, 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 ​ ​ June 30, ​ June 30, ​ Liabilities ​ Inputs ​ Inputs ​ ​ 2020 (a) ​ 2020 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Derivatives- Interest rate contracts (b) ​ $ 8 ​ $ 8 ​ $ — ​ $ 8 ​ $ — Total assets ​ $ 8 ​ $ 8 ​ $ — ​ $ 8 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Secured debt instrument - fixed rate: (c) ​ ​ ​ ​ ​ Mortgage note payable ​ $ 72,500 ​ $ 78,009 ​ $ — ​ $ — ​ $ 78,009 Secured debt instrument - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ ​ 27,000 ​ ​ 27,000 ​ ​ — ​ ​ — ​ ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable due to the General Partner ​ ​ 655,619 ​ ​ 655,619 ​ ​ — ​ ​ — ​ ​ 655,619 Total liabilities ​ $ 755,119 ​ $ 760,628 ​ $ — ​ $ — ​ $ 760,628 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value at December 31, 2019, 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 ​ ​ 2019 (a) ​ 2019 ​ (Level 1) ​ (Level 2) ​ (Level 3) Description: ​ ​ ​ ​ ​ Secured debt instruments - fixed rate: (c) ​ ​ ​ ​ ​ Mortgage notes payable ​ $ 72,500 ​ $ 71,976 ​ $ — ​ $ — ​ $ 71,976 Secured debt instrument - variable rate: (c) ​ ​ ​ ​ ​ ​ Tax-exempt secured note payable ​ ​ 27,000 ​ ​ 27,000 ​ ​ — ​ ​ — ​ ​ 27,000 Unsecured debt instruments: (d) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable due to the General Partner ​ ​ 637,233 ​ ​ 637,233 ​ ​ — ​ ​ — ​ ​ 637,233 Total liabilities ​ $ 736,733 ​ $ 736,209 ​ $ — ​ $ — ​ $ 736,209 (a) Balances exclude deferred financing costs. (b) See Note 9, Derivatives and Hedging Activity. (c) See Note 6, Debt, Net. (d) See Note 7, Related Party Transactions. ​

DERIVATIVES AND HEDGING ACTIV_9

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) (Tables)	6 Months Ended
	Jun. 30, 2020
Entity information
Schedule of outstanding interest rate derivatives	As of June 30, 2020, 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 and caps ​ 2 ​ $ 334,880
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 June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets ) ​ (included in Other liabilities ) ​ ​ Fair Value at: ​ Fair Value at: ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate products ​ $ 8 ​ $ 6 ​ $ 2,414 ​ $ 142
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 three and six months ended June 30, 2020 and 2019 ( 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 2020 2019 2020 2019 2020 2019 Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (294) ​ $ (4,311) ​ $ (1,292) ​ $ 933 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate products ​ $ (3,211) ​ $ (6,522) ​ $ (1,649) ​ $ 1,880 ​ $ — ​ $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Total amount of Interest expense ​ $ 38,597 ​ $ 34,417 ​ $ 77,914 ​ $ 67,959 ​
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 June 30, 2020 and December 31, 2019 (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 June 30, 2020 ​ $ 8 ​ $ — ​ $ 8 ​ $ — ​ $ — ​ $ 8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 6 ​ $ — ​ $ 6 ​ $ (3) ​ $ — ​ $ 3 (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 June 30, 2020 ​ $ 2,414 ​ $ — ​ $ 2,414 ​ $ — ​ $ — ​ $ 2,414 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2019 ​ $ 142 ​ $ — ​ $ 142 ​ $ (3) ​ $ — ​ $ 139 (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 June 30, 2020, the Operating Partnership had the following outstanding interest rate derivative that was designated as cash flow hedge of interest risk (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 Operating Partnership’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ Liability Derivatives ​ ​ (included in Other assets) ​ (Included in Other liabilities) ​ ​ Fair Value at: ​ Fair Value at: ​ June 30, December 31, June 30, December 31, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Derivatives designated as hedging instruments: ​ ​ ​ ​ Interest rate caps ​ $ 8 ​ $ — ​ $ — ​ $ —
Effect of Company's derivative financial instruments on Consolidated Statements of Operations	The tables below present the effect of the Operating Partnership’s derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 ( 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 2020 2019 2020 2019 2020 2019 Three Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate caps ​ $ (43) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — Six Months Ended June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate caps ​ $ (43) ​ $ — ​ $ — ​ $ — ​ $ — ​ $ —
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, ​ June 30, ​ ​ 2020 ​ 2019 ​ 2020 ​ 2019 Total amount of Interest expense ​ $ 708 ​ $ 161 ​ $ 1,450 ​ $ 351
Offsetting of Derivative Assets

CAPITAL STRUCTURE (UNITED DOM_2

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) (Tables)	6 Months Ended
	Jun. 30, 2020
United Dominion Realty L.P.
Entity information
Schedule of limited partners' capital account by class	The following table shows OP Units outstanding and OP Unit activity as of and for the six months ended June 30, 2020 ( 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, 2019 ​ 1,752 ​ 6,094 ​ 175,986 ​ 121 ​ 111 ​ 184,064 Vesting of LTIP Units ​ — ​ 772 ​ — ​ — ​ — ​ 772 OP redemptions for UDR stock — (3) ​ 3 — — — Ending balance at June 30, 2020 1,752 6,863 175,989 121 111 184,836

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.) (Tables)	6 Months Ended
	Jun. 30, 2020
Loss Contingencies [Line Items]
Summary of real estate commitments	The following summarizes the Company’s real estate commitments at June 30, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ UDR's ​ UDR's Remaining ​ ​ ​ Properties ​ Investment (a) ​ Commitment ​ Wholly-owned — under development 3 ​ $ 131,788 ​ $ 146,712 Wholly-owned — redevelopment 2 ​ ​ 18,978 ​ ​ 10,272 Joint ventures: ​ ​ Preferred equity investments 1 ​ ​ 8,872 (b) ​ 11,380 (c) Other investments ​ - ​ ​ 19,885 ​ ​ 22,875 (d) Total ​ $ 179,523 ​ $ 191,239 (a) Represents UDR’s investment as of June 30, 2020. (b) Represents UDR’s investment in Thousand Oaks, which is under development as of June 30, 2020. (c) Represents UDR’s remaining commitment for Thousand Oaks. (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 June 30, 2020 ( dollars in thousands ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ ​ ​ Operating Partnership's ​ ​ Properties ​ Investment ​ Remaining Commitment Real estate communities - redevelopment 1 ​ $ 10,013 ​ $ 4,987 ​

REPORTABLE SEGMENTS (UNITED D_2

REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) (Tables)	6 Months Ended
	Jun. 30, 2020
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 three and six months ended June 30, 2020 and 2019, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ June 30, (a) ​ June 30, (b) ​ 2020 2019 2020 2019 Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 101,551 ​ $ 104,196 ​ $ 200,750 ​ $ 199,495 Mid-Atlantic Region ​ 54,803 ​ 54,905 ​ 110,889 ​ 109,205 Northeast Region ​ 29,717 ​ 32,225 ​ 58,774 ​ 60,490 Southeast Region ​ 32,715 ​ 31,844 ​ 61,433 ​ 59,565 Southwest Region ​ 16,391 ​ 16,294 ​ 33,017 ​ 32,370 Non-Mature Communities/Other ​ 62,404 ​ 30,523 ​ 144,340 ​ 67,763 Total segment and consolidated lease revenue ​ $ 297,581 ​ $ 269,987 ​ $ 609,203 ​ $ 528,888 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 2,842 ​ $ 3,047 ​ $ 5,543 ​ $ 6,045 Mid-Atlantic Region ​ 1,429 ​ 1,727 ​ 3,001 ​ 3,729 Northeast Region ​ 761 ​ 789 ​ 1,235 ​ 1,396 Southeast Region ​ 1,226 ​ 1,719 ​ 2,593 ​ 3,431 Southwest Region ​ 515 ​ 678 ​ 1,105 ​ 1,443 Non-Mature Communities/Other ​ 1,628 ​ 516 ​ 3,395 ​ 1,453 Total segment and consolidated other revenue ​ $ 8,401 ​ $ 8,476 ​ $ 16,872 ​ $ 17,497 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 104,393 ​ $ 107,243 ​ $ 206,293 ​ $ 205,540 Mid-Atlantic Region ​ 56,232 ​ 56,632 ​ 113,890 ​ 112,934 Northeast Region ​ 30,478 ​ 33,014 ​ 60,009 ​ 61,886 Southeast Region ​ 33,941 ​ 33,563 ​ 64,026 ​ 62,996 Southwest Region ​ 16,906 ​ 16,972 ​ 34,122 ​ 33,813 Non-Mature Communities/Other ​ 64,032 ​ 31,039 ​ 147,735 ​ 69,216 Total segment and consolidated rental income ​ $ 305,982 ​ $ 278,463 ​ $ 626,075 ​ $ 546,385 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reportable apartment home segment NOI ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ West Region ​ $ 78,533 ​ $ 81,724 ​ $ 155,876 ​ $ 156,324 Mid-Atlantic Region ​ 39,102 ​ 40,045 ​ 79,479 ​ 79,225 Northeast Region ​ 19,629 ​ 22,943 ​ 38,734 ​ 42,453 Southeast Region ​ 22,801 ​ 23,322 ​ 44,257 ​ 44,169 Southwest Region ​ 10,467 ​ 10,444 ​ 21,523 ​ 20,772 Non-Mature Communities/Other ​ 41,721 ​ 21,257 ​ 97,849 ​ 46,475 Total segment and consolidated NOI ​ 212,253 ​ 199,735 ​ 437,718 ​ 389,418 Reconciling items: ​ ​ ​ ​ Joint venture management and other fees ​ 1,274 ​ 2,845 ​ 2,662 ​ 5,596 Property management ​ (8,797) ​ (8,006) ​ (18,000) ​ (15,709) Other operating expenses ​ (6,100) ​ (2,735) ​ (11,066) ​ (8,381) Real estate depreciation and amortization ​ (155,056) ​ (117,934) ​ (310,532) ​ (230,402) General and administrative ​ (10,971) ​ (12,338) ​ (25,949) ​ (24,805) Casualty-related (charges)/recoveries, net ​ (102) ​ (246) ​ (1,353) ​ (246) Other depreciation and amortization ​ (2,027) ​ (1,678) ​ (4,052) ​ (3,334) Gain/(loss) on sale of real estate owned ​ ​ 61,303 ​ ​ 5,282 ​ ​ 61,303 ​ ​ 5,282 Income/(loss) from unconsolidated entities ​ 8,021 ​ 6,625 ​ 11,388 ​ 6,674 Interest expense ​ (38,597) ​ (34,417) ​ (77,914) ​ (67,959) Interest income and other income/(expense), net ​ 2,421 ​ 1,310 ​ 5,121 ​ 11,123 Tax (provision)/benefit, net ​ (1,526) ​ (125) ​ (1,690) ​ (2,337) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ​ (4,291) ​ (2,652) ​ (4,604) ​ (4,709) Net (income)/loss attributable to noncontrolling interests ​ (34) ​ (47) ​ (40) ​ (89) Net income/(loss) attributable to UDR, Inc. ​ $ 57,771 ​ $ 35,619 ​ $ 62,992 ​ $ 60,122 (a) Same-Store Community population consisted of 39,020 apartment homes. (b) Same-Store Community population consisted of 37,910 apartment homes. ​
Details of assets of the Operating Partnership's reportable segments	The following table details the assets of UDR’s reportable segments as of June 30, 2020 and December 31, 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets: ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 3,889,925 ​ $ 3,874,027 Mid-Atlantic Region ​ 2,363,674 ​ 2,350,341 Northeast Region ​ 1,635,118 ​ 1,632,980 Southeast Region ​ 913,257 ​ 903,878 Southwest Region ​ 605,801 ​ 600,349 Non-Mature Communities/Other ​ 3,367,864 ​ 3,240,526 Total segment assets ​ 12,775,639 ​ 12,602,101 Accumulated depreciation ​ (4,372,524) ​ (4,131,353) Total segment assets — net book value ​ 8,403,115 ​ 8,470,748 Reconciling items: ​ ​ Cash and cash equivalents ​ 833 ​ 8,106 Restricted cash ​ 22,043 ​ 25,185 Notes receivable, net ​ 155,956 ​ 153,650 Investment in and advances to unconsolidated joint ventures, net ​ 598,058 ​ 588,262 Operating lease right-of-use assets ​ ​ 202,586 ​ ​ 204,225 Other assets ​ 181,880 ​ 186,296 Total consolidated assets ​ $ 9,564,471 ​ $ 9,636,472 (a) Same-Store Community population consisted of 39,020 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 three and six months ended June 30, 2020 and 2019, and reconciles NOI to Net income/(loss) attributable to OP unitholders (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ ​ ​ June 30, (a) ​ June 30, (a) ​ ​ 2020 2019 2020 2019 ​ Reportable apartment home segment lease revenue ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 60,897 ​ $ 62,298 ​ $ 124,140 ​ $ 123,080 ​ Mid-Atlantic Region ​ 14,656 ​ 14,881 ​ 29,820 ​ 29,691 ​ Northeast Region ​ 7,329 ​ 7,966 ​ 15,558 ​ 15,938 ​ Southeast Region ​ 12,949 ​ 12,686 ​ 25,936 ​ 25,148 ​ Southwest Region ​ ​ 1,834 ​ ​ 1,950 ​ ​ 3,664 ​ ​ 3,875 ​ Non-Mature Communities/Other ​ 4,672 ​ 7,326 ​ 12,222 ​ 14,052 ​ Total segment and consolidated lease revenue ​ $ 102,337 ​ $ 107,107 ​ $ 211,340 ​ $ 211,784 ​ Reportable apartment home segment other revenue ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 1,603 ​ $ 1,852 ​ $ 3,379 ​ $ 3,846 ​ Mid-Atlantic Region ​ 376 ​ 429 ​ 807 ​ 964 ​ Northeast Region ​ 94 ​ 168 ​ 196 ​ 334 ​ Southeast Region ​ 549 ​ 727 ​ 1,193 ​ 1,502 ​ Southwest Region ​ ​ 35 ​ ​ 91 ​ ​ 106 ​ ​ 122 ​ Non-Mature Communities/Other ​ 207 ​ (24) ​ 345 ​ 132 ​ Total segment and consolidated other revenue ​ $ 2,864 ​ $ 3,243 ​ $ 6,026 ​ $ 6,900 ​ Total reportable apartment home segment rental income ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 62,500 ​ $ 64,150 ​ $ 127,519 ​ $ 126,926 ​ Mid-Atlantic Region ​ 15,032 ​ 15,310 ​ 30,627 ​ 30,655 ​ Northeast Region ​ 7,423 ​ 8,134 ​ 15,754 ​ 16,272 ​ Southeast Region ​ 13,498 ​ 13,413 ​ 27,129 ​ 26,650 ​ Southwest Region ​ ​ 1,869 ​ ​ 2,041 ​ ​ 3,770 ​ ​ 3,997 ​ Non-Mature Communities/Other ​ 4,879 ​ 7,302 ​ 12,567 ​ 14,184 ​ Total segment and consolidated rental income ​ $ 105,201 ​ $ 110,350 ​ $ 217,366 ​ $ 218,684 ​ Reportable apartment home segment NOI ​ ​ ​ ​ ​ Same-Store Communities (a) ​ ​ ​ ​ ​ West Region ​ $ 47,645 ​ $ 49,348 ​ $ 97,138 ​ $ 97,145 ​ Mid-Atlantic Region ​ 10,231 ​ 10,555 ​ 21,027 ​ 21,079 ​ Northeast Region ​ 5,061 ​ 6,260 ​ 10,970 ​ 12,466 ​ Southeast Region ​ 9,021 ​ 9,356 ​ 18,572 ​ 18,613 ​ Southwest Region ​ ​ 1,334 ​ ​ 1,484 ​ ​ 2,725 ​ ​ 2,820 ​ Non-Mature Communities/Other ​ 1,832 ​ 4,677 ​ 6,247 ​ 8,696 ​ Total segment and consolidated NOI ​ 75,124 ​ 81,680 ​ 156,679 ​ 160,819 ​ Reconciling items: ​ ​ ​ ​ ​ Property management ​ (3,024) ​ (3,308) ​ (6,249) ​ (6,287) ​ Other operating expenses ​ (3,837) ​ (2,422) ​ (7,696) ​ (4,822) ​ Real estate depreciation and amortization ​ (35,430) ​ (34,921) ​ (70,730) ​ (69,575) ​ General and administrative ​ (3,951) ​ (4,151) ​ (9,259) ​ (8,812) ​ Casualty-related (charges)/recoveries, net ​ (190) ​ 81 ​ (188) ​ 81 ​ Income/(loss) from unconsolidated entities ​ (1,661) ​ (1,794) ​ (3,422) ​ (4,534) ​ Interest expense ​ (7,170) ​ (7,355) ​ (14,634) ​ (14,726) ​ Net (income)/loss attributable to noncontrolling interests ​ (488) ​ (416) ​ (1,010) ​ (804) ​ Net income/(loss) attributable to OP unitholders ​ $ 19,373 ​ $ 27,394 ​ $ 43,491 ​ $ 51,340 ​ (a) Same-Store Community population consisted of 15,941 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 June 30, 2020 and December 31, 2019 (dollars in thousands) ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2020 ​ 2019 Reportable apartment home segment assets ​ ​ Same-Store Communities (a): ​ ​ West Region ​ $ 2,023,401 ​ $ 2,011,495 Mid-Atlantic Region ​ 673,232 ​ 669,417 Northeast Region ​ 409,242 ​ 408,703 Southeast Region ​ 356,006 ​ 352,790 Southwest Region ​ ​ 144,751 ​ ​ 144,210 Non-Mature Communities/Other ​ 292,078 ​ 288,545 Total segment assets ​ 3,898,710 ​ 3,875,160 Accumulated depreciation ​ (1,867,071) ​ (1,796,568) Total segment assets - net book value ​ 2,031,639 ​ 2,078,592 Reconciling items: ​ ​ Cash and cash equivalents ​ 38 ​ 24 Restricted cash ​ 14,535 ​ 13,998 Investment in unconsolidated entities ​ 63,111 ​ 76,222 Operating lease right-of-use assets ​ ​ 203,958 ​ ​ 205,668 Other assets ​ 25,643 ​ 24,241 Total consolidated assets ​ $ 2,338,924 ​ $ 2,398,745 (a) Same-Store Community population consisted of 15,941 apartment homes. ​

CONSOLIDATION AND BASIS OF PR_2

CONSOLIDATION AND BASIS OF PRESENTATION - GP Units (UNITED DOMINION REALTY, L.P.) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020itemcommunityshares	Jun. 30, 2019	Jun. 30, 2020itemcommunityshares	Jun. 30, 2019	Dec. 31, 2019shares
Basis of presentation
Number of real estate properties | community	148		148
Number of apartments owned (in apartments homes) | item	47,371		47,371
Operating Partnership outstanding units	184.8		184.8
Operating Partnership units outstanding related to limited partner	184,836,000		184,836,000		184,064,000
United Dominion Realty L.P.
Basis of presentation
Rental revenues percent of General Partner's consolidated rental revenues	34.00%	40.00%	35.00%	40.00%
General Partners' ownership (as a percent)	95.30%		95.30%
OP units outstanding related to general partner	100,000		100,000
Operating Partnership units outstanding related to limited partner	176.2		176.2
United Dominion Realty L.P.
Basis of presentation
Number of real estate properties | community	52		52
Number of markets operating within (in markets) | item	15		15
Number of apartments owned (in apartments homes) | item	16,434		16,434
Operating Partnership outstanding units	184,800,000		184,800,000		184,100,000
OP units outstanding related to general partner	110,883		110,883		110,883
Operating Partnership units outstanding related to limited partner	184,724,677		184,724,677		183,952,659
UDR, Inc.
Basis of presentation
General Partners' ownership (as a percent)	57.60%		57.60%
Operating Partnership outstanding units	18.7		18.7
Operating Partnership units outstanding related to limited partner	176,100,000		176,100,000		176,100,000
Percentage of units outstanding in Partnership	95.30%		95.30%		95.70%
UDR, Inc. | United Dominion Realty L.P.
Basis of presentation
General Partners' ownership (as a percent)	95.30%		95.30%
Operating Partnership outstanding units					176,200,000
OP units outstanding related to general partner	176.2		176.2
Percentage of units outstanding in Partnership					95.70%
Non-affiliated Partners
Basis of presentation
Operating Partnership outstanding units	13.7		13.7
Operating Partnership units outstanding related to limited partner	8.6		8.6
Percentage of units outstanding in Partnership	4.70%		4.70%
Non-affiliated Partners | United Dominion Realty L.P.
Basis of presentation
Operating Partnership outstanding units					7.9
Operating Partnership units outstanding related to limited partner	8.6		8.6
Percentage of units outstanding in Partnership	4.70%		4.70%		4.30%
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		1,900,000
Class A Limited Partner | UDR, Inc.
Basis of presentation
Operating Partnership units outstanding related to limited partner	100,000		100,000		100,000
Non-affiliated Partners | United Dominion Realty L.P.
Basis of presentation
Operating Partnership units outstanding related to limited partner	8,600,000		8,600,000		7,900,000
Percentage of units outstanding in Partnership	4.70%		4.70%		4.30%
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

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) (Details) $ in Millions	3 Months Ended
	Jun. 30, 2020USD ($)
Accounting policies
Adjustment to rental income	$ 8.5
Adjustment to income (loss)	0.5
Multifamily tenant lease
Accounting policies
Allowance for doubtful accounts	5.5
Retail tenant lease
Accounting policies
Allowance for doubtful accounts	3.5
Straight-line lease
Accounting policies
Allowance for doubtful accounts	2.9
United Dominion Realty L.P.
Accounting policies
Unrecognized Tax Benefits	0
Adjustment to rental income	4.6
United Dominion Realty L.P. | Multifamily tenant lease
Accounting policies
Allowance for doubtful accounts	2
United Dominion Realty L.P. | Retail tenant lease
Accounting policies
Adjustment to rental income	2.6
United Dominion Realty L.P. | Straight-line lease
Accounting policies
Adjustment to income (loss)	$ 2.2

REAL ESTATE OWNED (UNITED DOM_3

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) - Summary (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Real estate owned
Land	$ 2,162,778	$ 2,164,032
Depreciable property - held and used:
Land improvements	228,452	224,964
Building, improvements, and furniture, fixtures and equipment	10,212,051	10,102,758
Real estate owned	12,775,639	12,602,101
Accumulated depreciation	(4,372,524)	(4,131,353)
Total real estate owned, net of accumulated depreciation	8,403,115	8,470,748
United Dominion Realty L.P.
Real estate owned
Land	711,256	711,256
Depreciable property - held and used:
Land improvements	99,297	96,864
Building, improvements, and furniture, fixtures and equipment	3,088,157	3,067,040
Real estate owned	3,898,710	3,875,160
Accumulated depreciation	(1,867,071)	(1,796,568)
Total real estate owned, net of accumulated depreciation	$ 2,031,639	$ 2,078,592

REAL ESTATE OWNED (UNITED DOM_4

REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) - Acquisitions and Dispositions (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)stateitemcommunity	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)stateitemcommunity	Jun. 30, 2019USD ($)
Real Estate Owned Disclosure
Number of communities owned (in communities) | community	148		148
Number of states in which there are owned and consolidated communities | state	13		13
Development costs excluding direct costs and capitalized interest	$ 1.8	$ 1.8	$ 8.7	$ 5
Number of apartments owned (in apartments homes) | item	47,371		47,371
Interest capitalized during period	$ 1.7	1.2	$ 3	2.3
United Dominion Realty L.P.
Real Estate Owned Disclosure
Number of communities owned (in communities) | community	52		52
Number of states in which there are owned and consolidated communities | state	9		9
Development costs excluding direct costs and capitalized interest	$ 0.2	0.3	$ 0.6	0.3
Number of apartments owned (in apartments homes) | item	16,434		16,434
United Dominion Realty L.P. | Maximum
Real Estate Owned Disclosure
Interest capitalized during period	$ 0.1	$ 0.1	$ 0.1	$ 0.1

UNCONSOLIDATED ENTITIES (UNIT_3

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) - Summary Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Operating income/(loss)	$ 8,021	$ 6,625	$ 11,388	$ 6,674
United Dominion Realty L.P.
Operating income/(loss)	(1,661)	(1,794)	(3,422)	(4,534)
UDR Lighthouse DownREIT L.P. | United Dominion Realty L.P.
Total real estate, net	1,070,653		1,070,653		$ 1,106,703
Cash and cash equivalents	20		20		20
Note receivable from the General Partner	220,937		220,937		222,853
Other assets	8,397		8,397		4,829
Total assets	1,300,007		1,300,007		1,334,405
Secured debt, net	425,859		425,859		427,592
Other liabilities	25,426		25,426		28,087
Liabilities	451,285		451,285		455,679
Total capital	848,722		848,722		$ 878,726
Total revenues	32,107	32,025	64,785	63,631
Property operating expenses	(12,680)	(12,751)	(25,989)	(25,847)
Real estate depreciation and amortization	(21,112)	(20,510)	(42,098)	(40,804)
Operating income/(loss)	(1,685)	(1,236)	(3,302)	(3,020)
Interest expense	(3,609)	(3,929)	(7,226)	(7,817)
Other income/(loss)	1,941	2,018	3,830	4,006
Net income /(loss)	$ (3,353)	$ (3,147)	$ (6,698)	$ (6,831)

UNCONSOLIDATED ENTITIES (UNIT_4

UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) - Additional Information (Details) $ in Thousands	Jun. 30, 2020USD ($)itemcommunity	Dec. 31, 2019USD ($)
Unconsolidated entities
Number of real estate properties | community	148
Number of apartment homes owned and consolidated | item	47,371
Equity Method Investments | $	$ 594,275	$ 585,490
United Dominion Realty L.P.
Unconsolidated entities
Number of real estate properties | community	52
Number of apartment homes owned and consolidated | item	16,434
Equity Method Investments | $	$ 63,111	76,222
United Dominion Realty L.P. | UDR Lighthouse DownREIT L.P.
Unconsolidated entities
Number of real estate properties | community	12
Number of apartment homes owned and consolidated | item	5,657
Equity Method Investments | $	$ 63,100	$ 76,200

LEASES (UNITED DOMINION REALT_3

LEASES (UNITED DOMINION REALTY, L.P.) - Lessee Future Minimum Payments - (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)communitylease	Dec. 31, 2019USD ($)
Lessee operating leases
Number of communities subject to ground leases | community	6
Number of leases | lease	6
Operating leases existence of option to extend	true
Operating lease right-of-use assets	$ 202,586	$ 204,225
Weighted average remaining lease term	44 years 3 months 18 days
Weighted average discount rate	5.00%
Number of real estate properties | community	148
Future minimum lease payments
Operating lease liabilities	$ 197,092	198,558
Ground Leases
Future minimum lease payments
2020	6,220
2021	12,442
2022	12,442
2023	12,442
2024	12,442
Thereafter	455,221
Total future minimum lease payments (undiscounted)	511,209
Difference between future undiscounted cash flows and discounted cash flows	(314,117)
Operating lease liabilities	$ 197,092
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	$ 203,958	205,668
Weighted average remaining lease term	44 years 1 month 6 days
Weighted average discount rate	5.00%
Number of real estate properties | community	52
Future minimum lease payments
2020	$ 6,297
2021	12,598
2022	12,602
2023	12,605
2024	12,609
Thereafter	456,073
Total future minimum lease payments (undiscounted)	512,784
Difference between future undiscounted cash flows and discounted cash flows	(314,310)
Operating lease liabilities	198,474	$ 200,001
United Dominion Realty L.P. | Ground Leases
Future minimum lease payments
2020	6,220
2021	12,442
2022	12,442
2023	12,442
2024	12,442
Thereafter	455,221
Total future minimum lease payments (undiscounted)	511,209
Difference between future undiscounted cash flows and discounted cash flows	(314,117)
Operating lease liabilities	197,092
United Dominion Realty L.P. | Equipment Leases
Future minimum lease payments
2020	77
2021	156
2022	160
2023	163
2024	167
Thereafter	852
Total future minimum lease payments (undiscounted)	1,575
Difference between future undiscounted cash flows and discounted cash flows	(193)
Operating lease liabilities	$ 1,382

LEASES (UNITED DOMINION REALT_4

LEASES (UNITED DOMINION REALTY, L.P.) - Lessee Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lessee operating leases
Contractual ground lease expense	$ 100	$ 100	$ 200	$ 200
Variable ground lease expense	0	100	100	200
Operating lease right-of-use asset amortization			1,600	400
Operating lease liabilities amortization			1,500	200
Ground Leases
Lessee operating leases
Contractual ground lease expense	3,216	2,139	6,386	4,278
Variable ground lease expense	44	143	87	282
United Dominion Realty L.P.
Lessee operating leases
Contractual ground lease expense	100	100	200	200
Total lease expense	3,298	2,282	6,547	4,560
Operating lease right-of-use asset amortization			1,700
Operating lease liabilities amortization			1,500
United Dominion Realty L.P. | Ground Leases
Lessee operating leases
Contractual ground lease expense	3,216	2,139	6,386	4,278
Variable ground lease expense	44	143	87	282
Total lease expense	3,260	$ 2,282	6,473	$ 4,560
United Dominion Realty L.P. | Equipment Leases
Lessee operating leases
Total lease expense	$ 38		$ 74

LEASES (UNITED DOMINION REALT_5

LEASES (UNITED DOMINION REALTY, L.P.) - Lessor (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Future minimum lease payments
Variable lease expense	$ 0	$ 100	$ 100	$ 200
Apartment Homes
Lessor leases
Percentage of lease revenue			98.60%
Apartment Homes | Maximum
Lessor leases
Lease terms	12 months		12 months
Retail and Commercial Spaces
Lessor leases
Percentage of lease revenue			1.40%
Future minimum lease payments
2020	$ 11,020		$ 11,020
2021	22,287		22,287
2022	20,370		20,370
2023	18,885		18,885
2024	17,219		17,219
Thereafter	80,684		80,684
Total future minimum payments	$ 170,465		$ 170,465
Retail and Commercial Spaces | Minimum
Lessor leases
Lease terms	5 years		5 years
Retail and Commercial Spaces | Maximum
Lessor leases
Lease terms	15 years		15 years
United Dominion Realty L.P. | Minimum
Lessor leases
Lease terms	5 years		5 years
United Dominion Realty L.P. | Maximum
Lessor leases
Lease terms	15 years		15 years
United Dominion Realty L.P. | Apartment Homes
Lessor leases
Percentage of lease revenue			99.30%
United Dominion Realty L.P. | Apartment Homes | Maximum
Lessor leases
Lease terms	12 months		12 months
United Dominion Realty L.P. | Retail and Commercial Spaces
Lessor leases
Percentage of lease revenue			0.70%
Future minimum lease payments
2020	$ 3,607		$ 3,607
2021	7,142		7,142
2022	6,471		6,471
2023	6,142		6,142
2024	5,462		5,462
Thereafter	13,951		13,951
Total future minimum payments	42,775		42,775
Variable lease expense	$ 0	$ 0
United Dominion Realty L.P. | Retail and Commercial Spaces | Maximum
Future minimum lease payments
Variable lease expense			$ 100	$ 100

DEBT, NET (UNITED DOMINION RE_3

DEBT, NET (UNITED DOMINION REALTY, L.P.) - Summary (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)community	Dec. 31, 2019USD ($)
Fixed and variable rate debt
Weighted Average Interest Rate	3.24%
Long-term Debt	$ 4,766,804	$ 4,707,524
Weighted Average
Fixed and variable rate debt
Years to maturity	7 years
Fixed Rate Debt | Mortgages Note Payable
Fixed and variable rate debt
Principal outstanding	$ 855,585	884,869
Weighted Average Interest Rate	3.60%
Communities Encumbered (in communities) | community	14
Fixed Rate Debt | Mortgages Note Payable | Weighted Average
Fixed and variable rate debt
Years to maturity	5 years 10 months 24 days
Fixed Rate Debt | Credit facilities
Fixed and variable rate debt
Principal outstanding	$ 202,254	204,590
Weighted Average Interest Rate	4.90%
Communities Encumbered (in communities) | community	4
Fixed Rate Debt | Credit facilities | Weighted Average
Fixed and variable rate debt
Years to maturity	2 years 6 months
Variable Rate Debt | Tax-exempt secured notes payable
Fixed and variable rate debt
Principal outstanding	$ 27,000	27,000
Weighted Average Interest Rate	0.85%
Communities Encumbered (in communities) | community	1
Variable Rate Debt | Tax-exempt secured notes payable | Weighted Average
Fixed and variable rate debt
Years to maturity	11 years 8 months 12 days
United Dominion Realty L.P.
Fixed and variable rate debt
Weighted Average Interest Rate	2.54%
Communities Encumbered (in communities) | community	2
Long-term Debt	$ 99,082	99,071
United Dominion Realty L.P. | Weighted Average
Fixed and variable rate debt
Years to maturity	10 years 2 months 12 days
United Dominion Realty L.P. | Mortgages Note Payable
Fixed and variable rate debt
Principal outstanding	$ 72,500
Interest rate	3.10%
United Dominion Realty L.P. | Fixed Rate Debt
Fixed and variable rate debt
Weighted Average Interest Rate	3.10%
Communities Encumbered (in communities) | community	1
Long-term Debt	$ 72,153	72,135
United Dominion Realty L.P. | Fixed Rate Debt | Weighted Average
Fixed and variable rate debt
Years to maturity	9 years 7 months 6 days
United Dominion Realty L.P. | Fixed Rate Debt | Mortgages Note Payable
Fixed and variable rate debt
Principal outstanding	$ 72,500	72,500
Weighted Average Interest Rate	3.10%
Communities Encumbered (in communities) | community	1
Deferred finance costs, net	$ (347)	(365)
United Dominion Realty L.P. | Fixed Rate Debt | Mortgages Note Payable | Weighted Average
Fixed and variable rate debt
Years to maturity	9 years 7 months 6 days
United Dominion Realty L.P. | Variable Rate Debt
Fixed and variable rate debt
Weighted Average Interest Rate	0.85%
Communities Encumbered (in communities) | community	1
Deferred finance costs, net	$ (71)	(64)
Long-term Debt	$ 26,929	26,936
United Dominion Realty L.P. | Variable Rate Debt | Weighted Average
Fixed and variable rate debt
Years to maturity	11 years 8 months 12 days
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	0.85%
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	11 years 8 months 12 days
Credit facilities
Fixed and variable rate debt
Principal outstanding	$ 202,300
Credit facilities | Fixed Rate Debt
Fixed and variable rate debt
Weighted Average Interest Rate	4.90%

DEBT, NET (UNITED DOMINION RE_4

DEBT, NET (UNITED DOMINION REALTY, L.P.) - Additional Information (Details)	Jul. 21, 2020USD ($)	Jul. 14, 2020USD ($)	Feb. 29, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 31, 2019USD ($)	Jul. 31, 2019USD ($)
Fixed and variable rate debt
Long-term commercial paper				$ 500,000,000
Borrowings outstanding				2,900,000		$ 2,900,000
Commercial Paper
Fixed and variable rate debt
Commercial paper program				$ 185,000,000		$ 300,000,000
Interest rate at the end of the period				0.40%		2.00%
Credit facilities | Fixed Rate Debt
Fixed and variable rate debt
Principal outstanding				$ 202,254,000		$ 204,590,000
Mortgages Note Payable | Fixed Rate Debt
Fixed and variable rate debt
Principal outstanding				855,585,000		884,869,000
Tax-exempt secured notes payable | Variable Rate Debt
Fixed and variable rate debt
Principal outstanding				27,000,000		27,000,000
Term Loan due September 2023
Fixed and variable rate debt
Senior Notes				35,000,000		35,000,000
3.75% Medium-Term Notes Due July 2024
Fixed and variable rate debt
Senior Notes				299,583,000		299,530,000
2.10% Medium Term Note Due August 1, 2032
Fixed and variable rate debt
Interest rate	2.10%
Debt	$ 400,000,000
Price as percentage of principal amount	99.894
4.64% Secured Debt Due in 2023
Fixed and variable rate debt
Interest rate	4.64%
Repayment of debt	$ 245,800,000
4.00% Medium-Term Note due October 2025
Fixed and variable rate debt
Senior Notes				299,638,000		299,604,000
2.95% Medium-Term Note due September 2026
Fixed and variable rate debt
Senior Notes				300,000,000		300,000,000
3.50 Medium-Term Note due July 2027
Fixed and variable rate debt
Senior Notes				299,506,000		299,471,000
3.50% Medium-Term Notes Due January 2028
Fixed and variable rate debt
Senior Notes				299,106,000		299,046,000
3.20% Medium-Term Notes due January 2030
Fixed and variable rate debt
Guarantor borrowing capacity				600,000,000
Interest rate			3.20%				3.20%	3.20%
Senior Notes			$ 600,000,000	613,099,000		402,281,000
Debt			$ 200,000,000				$ 100,000,000	$ 300,000,000
Price as percentage of principal amount			105.660
Medium-Term Notes Due August 2031
Fixed and variable rate debt
Guarantor borrowing capacity				400,000,000
Debt				150,000,000
3.10% senior unsecured notes due 2034
Fixed and variable rate debt
Guarantor borrowing capacity				300,000,000
United Dominion Realty L.P. | Financial Guarantee
Fixed and variable rate debt
Guarantor borrowing capacity				1,100,000,000
United Dominion Realty L.P. | Unsecured Commercial Bank Credit Facility
Fixed and variable rate debt
Long-term commercial paper				500,000,000
United Dominion Realty L.P. | Mortgages Note Payable
Fixed and variable rate debt
Principal outstanding				$ 72,500,000
Interest rate				3.10%
United Dominion Realty L.P. | Mortgages Note Payable | Fixed Rate Debt
Fixed and variable rate debt
Principal outstanding				$ 72,500,000		72,500,000
United Dominion Realty L.P. | Mortgages Note Payable | Variable Rate Debt | Operating Partnership
Fixed and variable rate debt
Principal outstanding				$ 27,000,000
Interest rate at the end of the period				0.85%
United Dominion Realty L.P. | Tax-exempt secured notes payable | Variable Rate Debt
Fixed and variable rate debt
Principal outstanding				$ 27,000,000		27,000,000
United Dominion Realty L.P. | Unsecured Commercial Paper
Fixed and variable rate debt
Borrowings outstanding				185,000,000		$ 300,000,000
United Dominion Realty L.P. | 3.70% Term Notes Due October 2020
Fixed and variable rate debt
Guarantor borrowing capacity				300,000,000
United Dominion Realty L.P. | Term Loan due September 2023
Fixed and variable rate debt
Guarantor borrowing capacity				350,000,000
United Dominion Realty L.P. | 3.75% Medium-Term Notes Due July 2024
Fixed and variable rate debt
Guarantor borrowing capacity					$ 300,000,000
United Dominion Realty L.P. | 2.10% Medium Term Note Due August 1, 2032
Fixed and variable rate debt
Guarantor borrowing capacity	$ 400,000,000
Interest rate	2.10%
Price as percentage of principal amount	99.894
United Dominion Realty L.P. | 4.64% Secured Debt Due in 2023
Fixed and variable rate debt
Interest rate	4.64%
Repayment of debt	$ 245,800,000
United Dominion Realty L.P. | 4.00% Medium-Term Note due October 2025
Fixed and variable rate debt
Guarantor borrowing capacity				300,000,000
United Dominion Realty L.P. | 2.95% Medium-Term Note due September 2026
Fixed and variable rate debt
Guarantor borrowing capacity				300,000,000
United Dominion Realty L.P. | 3.50 Medium-Term Note due July 2027
Fixed and variable rate debt
Guarantor borrowing capacity				300,000,000
United Dominion Realty L.P. | Medium-Term note due January 2029
Fixed and variable rate debt
Guarantor borrowing capacity				300,000,000
Credit facilities
Fixed and variable rate debt
Principal outstanding				$ 202,300,000
Cash Tender Offer | 3.75% Medium-Term Notes Due July 2024
Fixed and variable rate debt
Principal outstanding		$ 300,000,000
Interest rate		3.75%
Tendered value		$ 116,900,000
Tendered percentage		39.00%
Tender offer consideration per each $1,000		$ 1,101.92
Make-whole amount		24,000,000
Cash Tender Offer | United Dominion Realty L.P. | 3.75% Medium-Term Notes Due July 2024
Fixed and variable rate debt
Principal outstanding		$ 300,000,000
Interest rate		3.75%
Tendered value		$ 116,900,000
Tendered percentage		39.00%
Tender offer consideration per each $1,000		$ 1,101.92
Make-whole amount		$ 24,000,000

RELATED PARTY TRANSACTIONS (U_3

RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.) (Details) - United Dominion Realty L.P. - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Related party transactions
Related party management fees	$ 4,000	$ 4,000	$ 8,900	$ 8,100
Debt Instrument, Interest Rate Period End	3.24%		3.24%
Notes payable due to the General Partner	$ 655,619		$ 655,619		$ 637,233
Interest expense, related party	6,462	7,194	13,184	14,375
UDR, Inc.
Related party transactions
General and administrative expenses allocated to the Operating Partnership by UDR	$ 2,900	$ 3,400	$ 6,600	$ 7,000
Note due August 2021
Related party transactions
Debt Instrument, Interest Rate Period End	5.34%		5.34%
Notes payable due to the General Partner	$ 5,500		$ 5,500		5,500
Note due December 2023
Related party transactions
Debt Instrument, Interest Rate Period End	5.18%		5.18%
Notes payable due to the General Partner	$ 83,196		$ 83,196		83,196
Note due April 2026
Related party transactions
Debt Instrument, Interest Rate Period End	4.12%		4.12%
Notes payable due to the General Partner	$ 184,638		$ 184,638		184,638
Note due November 2028
Related party transactions
Debt Instrument, Interest Rate Period End	4.69%		4.69%
Notes payable due to the General Partner	$ 133,205		$ 133,205		133,205
Note due December 2028
Related party transactions
Debt Instrument, Interest Rate Period End	3.24%		3.24%
Notes payable due to the General Partner	$ 249,080		$ 249,080		$ 230,694

FAIR VALUE OF DERIVATIVES AND_6

FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt instruments - fair value
Transfer between the levels	$ 0
Fair Value, Measurements, Recurring | Carrying Amount
Debt instruments - fair value
Total assets	155,964	$ 153,656
Total liabilities	4,793,871	4,731,595
Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Total assets	166,017	160,203
Total liabilities	5,059,174	4,853,337
Interest rate contracts | Fair Value, Measurements, Recurring | Carrying Amount
Debt instruments - fair value
Derivative Asset Designated as Hedging Instrument, Fair Value	8	6
Interest rate contracts | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Derivative Asset Designated as Hedging Instrument, Fair Value	8	6
Level 2 | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Total assets	8	6
Total liabilities	2,414	142
Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Derivative Asset Designated as Hedging Instrument, Fair Value	8	6
Level 3 | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Total assets	166,009	160,197
Total liabilities	5,056,760	4,853,195
United Dominion Realty L.P. | Fair Value, Measurements, Recurring | Carrying Amount
Debt instruments - fair value
Total assets	8
Total liabilities	755,119	736,733
United Dominion Realty L.P. | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Total assets	8
Total liabilities	760,628	736,209
United Dominion Realty L.P. | Mortgages Note Payable | Fair Value, Measurements, Recurring | Carrying Amount
Debt instruments - fair value
Fair value		72,500
United Dominion Realty L.P. | Mortgages Note Payable | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value		71,976
United Dominion Realty L.P. | Interest rate contracts | Fair Value, Measurements, Recurring | Carrying Amount
Debt instruments - fair value
Derivative Asset Designated as Hedging Instrument, Fair Value	8
United Dominion Realty L.P. | Interest rate contracts | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Derivative Asset Designated as Hedging Instrument, Fair Value	8
United Dominion Realty L.P. | Notes payable due to the General Partner | Fair Value, Measurements, Recurring | Carrying Amount
Debt instruments - fair value
Fair value	655,619	637,233
United Dominion Realty L.P. | Notes payable due to the General Partner | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	655,619	637,233
United Dominion Realty L.P. | Level 2 | Fair Value, Measurements, Recurring
Debt instruments - fair value
Total assets	8
United Dominion Realty L.P. | Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring
Debt instruments - fair value
Derivative Asset Designated as Hedging Instrument, Fair Value	8
United Dominion Realty L.P. | Level 3 | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Total liabilities	760,628	736,209
United Dominion Realty L.P. | Level 3 | Mortgages Note Payable | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value		71,976
United Dominion Realty L.P. | Level 3 | Notes payable due to the General Partner | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	655,619	637,233
Fixed Rate Debt | United Dominion Realty L.P. | Mortgages Note Payable | Fair Value, Measurements, Recurring | Carrying Amount
Debt instruments - fair value
Fair value	72,500
Fixed Rate Debt | United Dominion Realty L.P. | Mortgages Note Payable | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	78,009
Fixed Rate Debt | United Dominion Realty L.P. | Level 3 | Mortgages Note Payable | Fair Value, Measurements, Recurring | Fair Value
Debt instruments - fair value
Fair value	78,009
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 | Fair Value
Debt instruments - fair value
Fair value	$ 27,000	$ 27,000

DERIVATIVES AND HEDGING ACTI_10

DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)instrument	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)instrument	Jun. 30, 2019USD ($)	Dec. 31, 2019instrument
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 3,900		$ 3,900
Not Designated as Hedging Instrument
Outstanding interest rate derivatives not designated as hedging instrument
Notional	0		0
United Dominion Realty L.P. | Maximum
Derivatives
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 100		$ 100
United Dominion Realty L.P. | Cash Flow Hedging
Outstanding interest rate derivatives not designated as hedging instrument
Number instruments | instrument	1		1		0
United Dominion Realty L.P. | Not Designated as Hedging Instrument
Outstanding interest rate derivatives not designated as hedging instrument
Number instruments | instrument	0		0
United Dominion Realty L.P. | Interest rate contracts
Derivatives
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	$ 0	$ 0	$ 0	$ 0
United Dominion Realty L.P. | Interest rate caps | Cash Flow Hedging
Outstanding interest rate derivatives not designated as hedging instrument
Number instruments | instrument	1		1
Notional	$ 19,880		$ 19,880
Other income/(expense) | Interest rate contracts
Derivatives
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	$ 0	$ 0	$ 0	$ 0

DERIVATIVES AND HEDGING ACTI_11

DERIVATIVES AND HEDGING ACTIVITY - Undesignated Interest Rate Derivatives (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	Jun. 30, 2020USD ($)
United Dominion Realty L.P. | Interest rate contracts | Other assets | Not Designated as Hedging Instrument
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet
Derivative Asset Not Designated as Hedging Instrument, Fair Value	$ 8

DERIVATIVES AND HEDGING ACTI_12

DERIVATIVES AND HEDGING ACTIVITY - Fair Value (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	$ (294)	$ (4,311)	$ (3,211)	$ (6,522)
United Dominion Realty L.P.
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	(43)		(43)
Interest rate caps | United Dominion Realty L.P. | Interest expense | Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	(43)		(43)
Interest rate contracts | Interest expense | Cash Flow Hedging
Effect of derivative instruments on the Consolidated Statements of Operations
Unrealized holding gain/(loss)	(294)	(4,311)	(3,211)	(6,522)
Gain/(Loss) reclassified from Accumulated OCI in Interest Expense	(1,292)	933	(1,649)	1,880
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	0	0
Interest rate contracts | United Dominion Realty L.P.
Effect of derivative instruments on the Consolidated Statements of Operations
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net	$ 0	$ 0	$ 0	$ 0

DERIVATIVES AND HEDGING ACTI_13

DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivatives and hedging activity
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense	$ 3,900		$ 3,900
Total amount of Interest expense presented on the Consolidated Statements of Operations	38,597	$ 34,417	77,914	$ 67,959
United Dominion Realty L.P.
Derivatives and hedging activity
Total amount of Interest expense presented on the Consolidated Statements of Operations	$ 708	$ 161	$ 1,450	$ 351

DERIVATIVES AND HEDGING ACTI_14

DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Offsetting derivative assets
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)	$ 8	$ 6
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments		(3)
Net Amount	$ 8	$ 3

CAPITAL STRUCTURE (UNITED DOM_3

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) - Units Rollforward (Details)	6 Months Ended
	Jun. 30, 2020shares
Capital structure
Balance	184,064,000
Vesting of LTIP Units	772,000
Balance	184,836,000
UDR, Inc.
Capital structure
Balance	176,100,000
Balance	176,100,000
Non-affiliated Partners
Capital structure
Balance	8.6
Class A Limited Partner | UDR, Inc.
Capital structure
Balance	100,000
Balance	100,000
Non-affiliated Partners | Class A Limited Partner
Capital structure
Balance	1,752,000
Balance	1,752,000
Limited Partner
Capital structure
Balance	6,094,000
Vesting of LTIP Units	772,000
OP redemptions for UDR stock	(3,000)
Balance	6,863,000
Limited Partner | UDR, Inc.
Capital structure
Balance	175,986,000
OP redemptions for UDR stock	3,000
Balance	175,989,000
Class A Limited Partner | UDR, Inc.
Capital structure
Balance	121,000
Balance	121,000
General Partner | UDR, Inc.
Capital structure
Balance	111,000
Balance	111,000

CAPITAL STRUCTURE (UNITED DOM_4

CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) - Ownership Interests (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)class$ / sharesshares	Dec. 31, 2019USD ($)shares
Capital structure
Limited partnership units owned	184,836,000	184,064,000
Redeemable noncontrolling interests in the Operating Partnership | $	$ 834,466	$ 1,018,665
Number of classes of LTIP Units | class	2
United Dominion Realty L.P.
Capital structure
General Partnership units outstanding	100,000
Limited partnership units owned	176.2
United Dominion Realty L.P.
Capital structure
General Partnership units outstanding	110,883	110,883
Limited partnership units owned	184,724,677	183,952,659
Required period to be outstanding before unit is redeemable (in years)	1 year
Redeemable noncontrolling interests in the Operating Partnership | $	$ 322,000	$ 366,400
UDR, Inc.
Capital structure
Limited partnership units owned	176,100,000	176,100,000
Percentage of units	95.30%	95.70%
UDR, Inc. | United Dominion Realty L.P.
Capital structure
General Partnership units outstanding	176.2
Percentage of units		95.70%
Non-affiliated Partners
Capital structure
Limited partnership units owned	8.6
Percentage of units	4.70%
Non-affiliated Partners | United Dominion Realty L.P.
Capital structure
Limited partnership units owned	8.6
Percentage of units	4.70%	4.30%
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	100,000	100,000
Non-affiliated Partners | United Dominion Realty L.P.
Capital structure
Limited partnership units owned	8,600,000	7,900,000
Percentage of units	4.70%	4.30%
Non-affiliated Partners | Class A Limited Partner
Capital structure
Limited partnership units owned	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 Two
Capital structure
Vesting period	1 year
Maximum | LTIP Units
Capital structure
Vesting period	3 years
Maximum | Employee Director | LTIP Units Two
Capital structure
Vesting period	3 years

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.) Commitments and Contingencies (Details) $ in Thousands	Jun. 30, 2020USD ($)community
Commitments
Number of communities owned (in communities) | community	148
Cost Incurred to Date	$ 179,523
UDR's Remaining Commitment	$ 191,239
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) | community	1
Cost Incurred to Date	$ 10,013
UDR's Remaining Commitment	$ 4,987

REPORTABLE SEGMENTS (UNITED D_3

REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)home	Jun. 30, 2019USD ($)home	Jun. 30, 2020USD ($)segmenthome	Jun. 30, 2019USD ($)home	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Segments
Same store communities | home	39,020	39,020	37,910	37,910
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	$ 305,982	$ 278,463	$ 626,075	$ 546,385
Reconciling items:
Property management	(8,797)	(8,006)	(18,000)	(15,709)
Other operating expenses	(6,100)	(2,735)	(11,066)	(8,381)
Real estate depreciation and amortization	(155,056)	(117,934)	(310,532)	(230,402)
General and administrative	(10,971)	(12,338)	(25,949)	(24,805)
Casualty-related (charges)/recoveries, net	(102)	(246)	(1,353)	(246)
Income/(loss) from unconsolidated entities	8,021	6,625	11,388	6,674
Interest expense	(38,597)	(34,417)	(77,914)	(67,959)
Net (income)/loss attributable to noncontrolling interests	(34)	(47)	(40)	(89)
Net income/(loss) attributable to OP unitholders	57,771	35,619	62,992	60,122
Reportable apartment home segment assets:
Total segment assets	12,775,639		12,775,639		$ 12,602,101
Accumulated depreciation	(4,372,524)		(4,372,524)		(4,131,353)
Total real estate owned, net of accumulated depreciation	8,403,115		8,403,115		8,470,748
Total segment asset - net book value	8,403,115		8,403,115		8,470,748
Reconciling items:
Cash and cash equivalents	833	981	833	981	8,106	$ 185,216
Restricted cash	22,043	23,042	22,043	23,042	25,185	23,675
Investment in unconsolidated entities	598,058		598,058		588,262
Operating lease right-of-use assets	202,586		202,586		204,225
Other assets	181,880		181,880		186,296
Total assets	9,564,471		$ 9,564,471		9,636,472
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
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	101,551	104,196	$ 200,750	199,495
Other revenue	2,842	3,047	5,543	6,045
Rental income	104,393	107,243	206,293	205,540
Reportable apartment home segment NOI	78,533	81,724	155,876	156,324
Reportable apartment home segment assets:
Total segment assets	3,889,925		3,889,925		3,874,027
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	54,803	54,905	110,889	109,205
Other revenue	1,429	1,727	3,001	3,729
Rental income	56,232	56,632	113,890	112,934
Reportable apartment home segment NOI	39,102	40,045	79,479	79,225
Reportable apartment home segment assets:
Total segment assets	2,363,674		2,363,674		2,350,341
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	29,717	32,225	58,774	60,490
Other revenue	761	789	1,235	1,396
Rental income	30,478	33,014	60,009	61,886
Reportable apartment home segment NOI	19,629	22,943	38,734	42,453
Reportable apartment home segment assets:
Total segment assets	1,635,118		1,635,118		1,632,980
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	32,715	31,844	61,433	59,565
Other revenue	1,226	1,719	2,593	3,431
Rental income	33,941	33,563	64,026	62,996
Reportable apartment home segment NOI	22,801	23,322	44,257	44,169
Reportable apartment home segment assets:
Total segment assets	913,257		913,257		903,878
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	16,391	16,294	33,017	32,370
Other revenue	515	678	1,105	1,443
Rental income	16,906	16,972	34,122	33,813
Reportable apartment home segment NOI	10,467	10,444	21,523	20,772
Reportable apartment home segment assets:
Total segment assets	605,801		605,801		600,349
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	62,404	30,523	144,340	67,763
Other revenue	1,628	516	3,395	1,453
Rental income	64,032	31,039	147,735	69,216
Reportable apartment home segment NOI	41,721	21,257	97,849	46,475
Reportable apartment home segment assets:
Total segment assets	3,367,864		3,367,864		3,240,526
Total Communities
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Lease revenue	297,581	269,987	609,203	528,888
Other revenue	8,401	8,476	16,872	17,497
Rental income	305,982	278,463	626,075	546,385
Reportable apartment home segment NOI	$ 212,253	$ 199,735	$ 437,718	389,418
United Dominion Realty L.P.
Segments
Same store communities | home	15,941	15,941	15,941
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations
Rental income	$ 105,201	$ 110,350	$ 217,366	218,684
Reconciling items:
Property management	(3,024)	(3,308)	(6,249)	(6,287)
Other operating expenses	(3,837)	(2,422)	(7,696)	(4,822)
Real estate depreciation and amortization	(35,430)	(34,921)	(70,730)	(69,575)
General and administrative	(3,951)	(4,151)	(9,259)	(8,812)
Casualty-related (charges)/recoveries, net	(190)	81	(188)	81
Income/(loss) from unconsolidated entities	(1,661)	(1,794)	(3,422)	(4,534)
Interest expense	(7,170)	(7,355)	(14,634)	(14,726)
Net (income)/loss attributable to noncontrolling interests	(488)	(416)	(1,010)	(804)
Net income/(loss) attributable to OP unitholders	19,373	27,394	43,491	51,340
Reportable apartment home segment assets:
Total segment assets	3,898,710		3,898,710		3,875,160
Accumulated depreciation	(1,867,071)		(1,867,071)		(1,796,568)
Total real estate owned, net of accumulated depreciation	2,031,639		2,031,639		2,078,592
Total segment asset - net book value	2,031,639		2,031,639		2,078,592
Reconciling items:
Cash and cash equivalents	38	50	38	50	24	125
Restricted cash	14,535	14,124	14,535	14,124	13,998	$ 13,563
Investment in unconsolidated entities	63,111		63,111		76,222
Operating lease right-of-use assets	203,958		203,958		205,668
Other assets	25,643		25,643		24,241
Total assets	2,338,924		$ 2,338,924		2,398,745
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
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	60,897	62,298	$ 124,140	123,080
Other revenue	1,603	1,852	3,379	3,846
Rental income	62,500	64,150	127,519	126,926
Reportable apartment home segment NOI	47,645	49,348	97,138	97,145
Reportable apartment home segment assets:
Total segment assets	2,023,401		2,023,401		2,011,495
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	14,656	14,881	29,820	29,691
Other revenue	376	429	807	964
Rental income	15,032	15,310	30,627	30,655
Reportable apartment home segment NOI	10,231	10,555	21,027	21,079
Reportable apartment home segment assets:
Total segment assets	673,232		673,232		669,417
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	7,329	7,966	15,558	15,938
Other revenue	94	168	196	334
Rental income	7,423	8,134	15,754	16,272
Reportable apartment home segment NOI	5,061	6,260	10,970	12,466
Reportable apartment home segment assets:
Total segment assets	409,242		409,242		408,703
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	12,949	12,686	25,936	25,148
Other revenue	549	727	1,193	1,502
Rental income	13,498	13,413	27,129	26,650
Reportable apartment home segment NOI	9,021	9,356	18,572	18,613
Reportable apartment home segment assets:
Total segment assets	356,006		356,006		352,790
United Dominion Realty L.P. | 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	1,834	1,950	3,664	3,875
Other revenue	35	91	106	122
Rental income	1,869	2,041	3,770	3,997
Reportable apartment home segment NOI	1,334	1,484	2,725	2,820
Reportable apartment home segment assets:
Total segment assets	144,751		144,751		144,210
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	4,672	7,326	12,222	14,052
Other revenue	207	(24)	345	132
Rental income	4,879	7,302	12,567	14,184
Reportable apartment home segment NOI	1,832	4,677	6,247	8,696
Reportable apartment home segment assets:
Total segment assets	292,078		292,078		$ 288,545
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	102,337	107,107	211,340	211,784
Other revenue	2,864	3,243	6,026	6,900
Rental income	105,201	110,350	217,366	218,684
Reportable apartment home segment NOI	$ 75,124	$ 81,680	$ 156,679	$ 160,819