Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 16, 2021 | Jun. 30, 2020 | |
Entity information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 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, SuiteĀ 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, $0.01 par value | ||
Trading Symbol | UDR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 296,820,995 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0000074208 | ||
Amendment Flag | false | ||
Entity Public Float | $ 5.8 | ||
ICFR Auditor Attestation Flag | true | ||
United Dominion Realty L.P. | |||
Entity information | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001018254 | ||
Amendment Flag | false | ||
ICFR Auditor Attestation Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate owned: | ||
Real estate held for investment | $ 12,706,940 | $ 12,532,324 |
Less: accumulated depreciation | (4,590,577) | (4,131,330) |
Real estate held for investment, net | 8,116,363 | 8,400,994 |
Real estate under development (net of accumulated depreciation of $1,010 and $23, respectively | 246,867 | 69,754 |
Real estate held for disposition (net of accumulated depreciation of $13,779 and $0, respectively) | 102,876 | |
Total real estate owned, net of accumulated depreciation | 8,466,106 | 8,470,748 |
Cash and cash equivalents | 1,409 | 8,106 |
Restricted cash | 22,762 | 25,185 |
Notes receivable, net | 157,992 | 153,650 |
Investment in and advances to unconsolidated joint ventures, net | 600,233 | 588,262 |
Operating lease right-of-use assets | 200,913 | 204,225 |
Other assets | 188,118 | 186,296 |
Total assets | 9,637,533 | 9,636,472 |
Liabilities: | ||
Secured debt, net | 862,147 | 1,149,441 |
Unsecured debt, net | 4,114,401 | 3,558,083 |
Operating lease liabilities | 195,592 | 198,558 |
Real estate taxes payable | 29,946 | 29,445 |
Accrued interest payable | 44,760 | 45,199 |
Security deposits and prepaid rent | 49,008 | 48,353 |
Distributions payable | 115,795 | 109,382 |
Accounts payable, accrued expenses, and other liabilities | 110,999 | 90,032 |
Total liabilities | 5,522,648 | 5,228,493 |
Commitments and contingencies (Note 15) | ||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 856,294 | 1,018,665 |
Equity: | ||
Common stock, $0.01 par value; 350,000,000 shares authorized: 296,611,579 and 294,588,305 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 2,966 | 2,946 |
Additional paid-in capital | 5,881,383 | 5,781,975 |
Distributions in excess of net income | (2,685,770) | (2,462,132) |
Accumulated other comprehensive income/(loss), net | (9,144) | (10,448) |
Total stockholders' equity | 3,234,200 | 3,358,542 |
Noncontrolling interests | 24,391 | 30,772 |
Total equity | 3,258,591 | 3,389,314 |
Total liabilities and equity | 9,637,533 | 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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Real estate owned: | ||
Real estate under development accumulated depreciation | $ 1,010 | $ 23 |
Real estate held for disposition accumulated depreciation | $ 13,779 | $ 0 |
Equity: | ||
Preferred stock, no par value | $ 0 | $ 0 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 350,000,000 | 350,000,000 |
Common stock, shares issued | 296,611,579 | 294,588,305 |
Common stock, shares outstanding | 296,611,579 | 294,588,305 |
8.00% Series E Cumulative Convertible Preferred Stock | ||
Equity: | ||
Preferred stock, no par value | $ 0 | |
Preferred stock, dividend rate percentage | 8.00% | 8.00% |
Preferred stock, shares issued | 2,695,363 | 2,780,994 |
Preferred stock, shares outstanding | 2,695,363 | 2,780,994 |
Series F | ||
Equity: | ||
Preferred stock, shares authorized | 20,000,000 | |
Preferred stock, shares issued | 14,440,519 | 14,691,274 |
Preferred stock, shares outstanding | 14,440,519 | 14,691,274 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES: | |||
Rental income | $ 1,236,096 | $ 1,138,138 | $ 1,035,105 |
Joint venture management and other fees | $ 5,069 | $ 14,055 | $ 11,754 |
Type of revenue | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember |
Total revenues | $ 1,241,165 | $ 1,152,193 | $ 1,046,859 |
OPERATING EXPENSES: | |||
Property operating and maintenance | 201,944 | 178,947 | 169,078 |
Real estate taxes and insurance | 180,450 | 150,888 | 133,912 |
Property management | 35,538 | 32,721 | 28,465 |
Other operating expenses | 22,762 | 13,932 | 12,100 |
Real estate depreciation and amortization | 608,616 | 501,257 | 429,006 |
General and administrative | 49,885 | 51,533 | 46,983 |
Casualty-related charges/(recoveries), net | 2,131 | 474 | 2,121 |
Other depreciation and amortization | 10,013 | 6,666 | 6,673 |
Total operating expenses | 1,111,339 | 936,418 | 828,338 |
Gain/(loss) on sale of real estate owned | 119,277 | 5,282 | 136,197 |
Operating income | 249,103 | 221,057 | 354,718 |
Income/(loss) from unconsolidated entities | 18,844 | 137,873 | (5,055) |
Interest expense | (202,706) | (170,917) | (134,168) |
Interest income and other income/(expense), net | 6,274 | 15,404 | 6,735 |
Income/(loss) before income taxes | 71,515 | 203,417 | 222,230 |
Tax (provision)/benefit, net | (2,545) | (3,838) | (688) |
Net income/(loss) | 68,970 | 199,579 | 221,542 |
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (4,543) | (14,426) | (18,215) |
Net (income)/loss attributable to noncontrolling interests | (161) | (188) | (221) |
Net income/(loss) attributable to UDR, Inc. | 64,266 | 184,965 | 203,106 |
Distributions to preferred stockholders - Series E (Convertible) | (4,230) | (4,104) | (3,868) |
Net income/(loss) attributable to common stockholders | $ 60,036 | $ 180,861 | $ 199,238 |
Income/(loss) per weighted average common share - basic | $ 0.20 | $ 0.63 | $ 0.74 |
Income/(loss) per weighted average common share - diluted | $ 0.20 | $ 0.63 | $ 0.74 |
Weighted average number of common shares outstanding - Basic | 294,545 | 285,247 | 268,179 |
Weighted average number of common shares outstanding - diluted | 294,927 | 286,015 | 269,483 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) | |||
Net income/(loss) | $ 68,970 | $ 199,579 | $ 221,542 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss) | (3,382) | (8,437) | 4,806 |
(Gain)/loss reclassified into earnings from other comprehensive income/(loss) | 4,827 | (2,770) | (1,948) |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 1,445 | (11,207) | 2,858 |
Comprehensive income/(loss) | 70,415 | 188,372 | 224,400 |
Comprehensive (income)/loss attributable to noncontrolling interests | (4,845) | (13,788) | (18,680) |
Comprehensive income/(loss) attributable to UDR, Inc. | $ 65,570 | $ 174,584 | $ 205,720 |
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 IncomeAdjustment | Distributions in Excess of Net Income | Accumulated Other Comprehensive Income/(Loss), net | Noncontrolling Interests | Adjustment | Total |
Beginning Balance at Dec. 31, 2017 | $ 46,201 | $ 2,678 | $ 4,651,205 | $ (1,871,603) | $ (2,681) | $ 9,564 | $ 2,835,364 | ||
Consolidated Statements of Changes in Equity | |||||||||
Net income/(loss) attributable to UDR, Inc. | 203,106 | 203,106 | |||||||
Net income/(loss) attributable to noncontrolling interests | 175 | 175 | |||||||
Contribution of noncontrolling interests in consolidated real estate | 108 | 108 | |||||||
Repurchase of common shares | (6) | (19,982) | (19,988) | ||||||
Long Term Incentive Plan Unit grants/(vestings), net | 7,305 | 7,305 | |||||||
Other comprehensive income/(loss) | 2,614 | 2,614 | |||||||
Exercise of stock options, net | 8 | (23,061) | (23,053) | ||||||
Issuance/(forfeiture) of common and restricted shares, net | (1) | (507) | (508) | ||||||
Issuance of common shares through public offering, net | 72 | 299,753 | 299,825 | ||||||
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership | 4 | 13,324 | 13,328 | ||||||
Common stock distributions declared | (348,079) | (348,079) | |||||||
Preferred stock distributions declared-Series E | (3,868) | (3,868) | |||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests | (43,552) | (43,552) | |||||||
Ending Balance at Dec. 31, 2018 | 46,201 | 2,755 | 4,920,732 | (2,063,996) | (67) | 17,152 | 2,922,777 | ||
Consolidated Statements of Changes in Equity | |||||||||
Net income/(loss) attributable to UDR, Inc. | 184,965 | 184,965 | |||||||
Net income/(loss) attributable to noncontrolling interests | 125 | 125 | |||||||
Contribution of noncontrolling interests in consolidated real estate | 125 | 125 | |||||||
Long Term Incentive Plan Unit grants/(vestings), net | 13,370 | 13,370 | |||||||
Other comprehensive income/(loss) | (10,381) | (10,381) | |||||||
Issuance/(forfeiture) of common and restricted shares, net | 2,088 | 2,088 | |||||||
Issuance of common shares through public offering, net | 158 | 725,157 | 725,315 | ||||||
Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership and DownREIT Partnership | 33 | 133,998 | 134,031 | ||||||
Common stock distributions declared | (395,113) | (395,113) | |||||||
Preferred stock distributions declared-Series E | (4,104) | (4,104) | |||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests | (183,884) | (183,884) | |||||||
Ending Balance at Dec. 31, 2019 | 46,201 | 2,946 | 5,781,975 | (2,462,132) | (10,448) | 30,772 | 3,389,314 | ||
Consolidated Statements of Changes in Equity | |||||||||
Net income/(loss) attributable to UDR, Inc. | 64,266 | 64,266 | |||||||
Net income/(loss) attributable to noncontrolling interests | 99 | 99 | |||||||
Redemption of noncontrolling interests in consolidated real estate | (125) | (125) | |||||||
Repurchase of common shares | (6) | (19,789) | (19,795) | ||||||
Long Term Incentive Plan Unit grants/(vestings), net | (6,355) | (6,355) | |||||||
Other comprehensive income/(loss) | 1,304 | 1,304 | |||||||
Issuance/(forfeiture) of common and restricted shares, net | 1 | 2,886 | 2,887 | ||||||
Issuance of common shares through public offering, net | 21 | 102,213 | 102,234 | ||||||
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 | 12,663 | 12,666 | ||||||
Common stock distributions declared | (425,233) | (425,233) | |||||||
Preferred stock distributions declared-Series E | (4,230) | (4,230) | |||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests | 143,741 | 143,741 | |||||||
Ending Balance (ASU 2016-09) at Dec. 31, 2020 | $ (2,182) | $ (2,182) | |||||||
Ending Balance at Dec. 31, 2020 | $ 44,765 | $ 2,966 | $ 5,881,383 | $ (2,685,770) | $ (9,144) | $ 24,391 | $ 3,258,591 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | |||
Common stock distributions declared per share | $ 1.44 | $ 1.37 | $ 1.29 |
Preferred stock distributions declared | $ 1.5592 | $ 1.4832 | $ 1.3968 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Activities | |||
Net income/(loss) | $ 68,970 | $ 199,579 | $ 221,542 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 618,629 | 507,923 | 435,679 |
(Gain)/loss on sale of real estate owned | (119,277) | (5,282) | (136,197) |
(Income)/loss from unconsolidated entities | (18,844) | (137,873) | 5,055 |
Return on investment in unconsolidated joint ventures | 20,664 | 5,179 | 4,248 |
Amortization of share-based compensation | 19,616 | 24,330 | 14,244 |
Loss on extinguishment of debt, net | 49,190 | 29,594 | 3,299 |
Other | 12,193 | 10,364 | 1,699 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in operating assets | (44,670) | (10,956) | (13,880) |
Increase/(decrease) in operating liabilities | (2,155) | 7,846 | 24,987 |
Net cash provided by/(used in) operating activities | 604,316 | 630,704 | 560,676 |
Investing Activities | |||
Acquisition of real estate assets | (407,829) | (1,370,770) | |
Proceeds from sales of real estate investments, net | 277,886 | 38,000 | 247,031 |
Development of real estate assets | (121,240) | (25,401) | (150,238) |
Capital expenditures and other major improvements - real estate assets | (163,105) | (167,188) | (112,359) |
Capital expenditures - non-real estate assets | (11,008) | (17,159) | (4,850) |
Investment in unconsolidated joint ventures | (76,073) | (93,059) | (112,025) |
Distributions received from unconsolidated joint ventures | 49,342 | 72,441 | 42,683 |
Purchase deposits on pending acquisitions | (1,530) | (12,160) | (1,000) |
Repayment/(issuance) of notes receivable, net | (7,285) | (111,391) | (22,790) |
Net cash provided by/(used in) investing activities | (460,842) | (1,686,687) | (113,548) |
Financing Activities | |||
Payments on secured debt | (425,839) | (162,253) | (279,243) |
Proceeds from the issuance of secured debt | 160,930 | 162,500 | 80,000 |
Payments on unsecured debt | (300,000) | (700,000) | |
Net proceeds from the issuance of unsecured debt | 959,419 | 1,099,816 | 299,994 |
Net proceeds/(repayment) of commercial paper | (110,000) | 198,885 | (198,885) |
Net proceeds/(repayment) of revolving bank debt | 11,441 | 16,567 | (21,751) |
Proceeds from the issuance of common shares through public offering, net | 102,234 | 725,315 | 299,825 |
Repurchase of common shares | (19,795) | (19,988) | |
Distributions paid to redeemable noncontrolling interests | (32,038) | (31,580) | (32,457) |
Distributions paid to preferred stockholders | (4,217) | (4,063) | (3,836) |
Distributions paid to common stockholders | (419,350) | (383,079) | (342,241) |
Payment of prepayment and extinguishment costs | (62,645) | (27,782) | (3,178) |
Other | (12,734) | (13,943) | (38,307) |
Net cash provided by/(used in) financing activities | (152,594) | 880,383 | (260,067) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | (9,120) | (175,600) | 187,061 |
Cash, cash equivalents, and restricted cash, beginning of year | 33,291 | 208,891 | 21,830 |
Cash, cash equivalents, and restricted cash, end of year | 24,171 | 33,291 | 208,891 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized, and cash paid for operating leases | 172,326 | 169,558 | 132,466 |
Cash paid/(refunds received) for income taxes | 1,029 | 1,519 | 625 |
Non-cash transactions: | |||
Transfer of investment in and advances to unconsolidated joint ventures to real estate owned | 14,700 | 288,108 | |
Transfer of investment in and advances to unconsolidated joint ventures to joint venture member | 60,625 | ||
Secured debt assumed in the consolidation of unconsolidated joint ventures | 551,800 | ||
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 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities remeasurements | 111,055 | ||
Vesting of LTIP Units | 23,501 | 14,742 | 4,397 |
Development costs and capital expenditures incurred, but not yet paid | 31,387 | 16,635 | 10,304 |
Conversion of Operating Partnership and DownREIT Partnership noncontrolling interests to common stock (303,146 shares in 2020; 3,165,780 shares in 2019; and 348,057 shares in 2018) | 12,666 | 134,031 | 13,328 |
Dividends declared, but not yet paid | $ 115,795 | $ 109,382 | $ 97,666 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
The following reconciles cash, cash equivalents, and restricted cash to amounts as shown above: | ||||
Cash and cash equivalents | $ 1,409 | $ 8,106 | $ 185,216 | $ 2,038 |
Restricted cash | 22,762 | 25,185 | 23,675 | 19,792 |
Total cash, cash equivalents, and restricted cash as shown above | $ 24,171 | $ 33,291 | $ 208,891 | $ 21,830 |
CONSOLIDATED STATEMENTS OF CA_3
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Non-cash transactions: | |||
Conversion of OP Units into common shares | 303,146 | 3,165,780 | 348,057 |
CONSOLIDATION AND BASIS OF PRES
CONSOLIDATION AND BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2020 | |
CONSOLIDATION AND BASIS OF PRESENTATION | |
CONSOLIDATION AND BASIS OF PRESENTATION | 1. CONSOLIDATION AND BASIS OF PRESENTATION Organization and Formation UDR, Inc. (āUDR,ā the āCompany,ā āwe,ā or āourā) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities generally in high barrier-to-entry markets located in the United States. The high barrier-to-entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. At December 31, 2020, our consolidated apartment portfolio consisted of 149 consolidated communities located in 21 markets consisting of 48,283 apartment homes. In addition, the Company has an ownership interest in 5,295 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 2,165 apartment homes owned by entities in which we hold preferred equity investments. Basis of Presentation The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see Note 4, Variable Interest Entities The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the āOperating Partnershipā or the āOPā) and UDR Lighthouse DownREIT L.P. (the āDownREIT Partnershipā). As of December 31, 2020 and 2019, there were 184.8 million and 184.1 million units, respectively, in the Operating Partnership (āOP Unitsā) outstanding, of which 176.2 million, or 95.3% and 176.2 million, or 95.7%, respectively, were owned by UDR and 8.6 million, or 4.7% and 7.9 million, or 4.3%, respectively, were owned by outside limited partners. As of December 31, 2020 and 2019, there were 32.4 million units in the DownREIT Partnership (āDownREIT Unitsā) outstanding, of which 18.7 million, or 57.8% and 18.4 million, or 56.8%, respectively, were owned by UDR (including 13.5 million DownREIT Units, or 41.6% and 13.5 million, or 41.6%, that were held by the Operating Partnership as of December 31, 2020 and 2019, respectively) and 13.7 million, or 42.2% and 14.0 million, or 43.2%, respectively, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those in Note 2, Significant Accounting Policies Real Estate Owned Joint Ventures and Partnerships , Secured and Unsecured Debt, net |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) 2020-06, DebtāDebt With Conversion and Other Options (Subtopic 470-20) and Derivatives and HedgingāContracts in Entityās Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entityās Own Equity ā In April 2020, the 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 whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. ā 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. ā 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. ā In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ā In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial InstrumentsāCredit Losses, ā Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Companyās intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ā If a real estate property has indicators of impairment, we assess whether the long-lived assetās carrying value exceeds the communityās undiscounted future cash flows, which is representative of projected net operating income (āNOIā) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2020, 2019 and 2018, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Companyās cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ā 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. ā Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (āCECLā) 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 borrowerās ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ā 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 assetās amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ā 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. ā 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 variable interest entity (āVIEā), 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. 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 as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā Interest rate at ā Balance Outstanding ā December 31, December 31, December 31, ā ā 2020 ā 2020 ā 2019 Note due October 2020 (a) 8.00 % $ ā ā $ 2,250 Note due February 2021 (b) ā N/A ā ā 4,000 ā ā ā Note due May 2022 (c) ā 8.00 % ā 20,000 ā ā 20,000 Note due October 2022 (d) 4.75 % ā 115,000 ā ā 115,000 Note due January 2023 (e) ā 10.00 % ā 19,685 ā ā 16,400 Notes Receivable ā ā ā ā 158,685 ā ā 153,650 Allowance for credit losses ā ā ā ā (693) ā ā ā Total notes receivable, net ā $ 157,992 ā $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third partyās 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. In January 2021, the unaffiliated third party repaid the $4.0 million promissory note. (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. In September 2020, the developer defaulted on the loan. As a result of the default, the Company expects to take title to the property pursuant to a deed in lieu of foreclosure. At that time, the Company will reclassify the related balance as Real estate owned (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 a 259 apartment home operating community in Bellevue, Washington, which was 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 gave the Company the option to acquire the community at a fixed price of $170.0 million. In August 2020, the Company exercised the purchase option. The purchase is expected to close in 2021. The deposit is generally nonrefundable other than due to a failure of closing conditions pursuant to the terms of the agreement. If the Company fails to close the purchase other than due to sellerās 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 was issued, which was July 2020. Upon modification, the loan would 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 $19.7 million has been funded, including $3.3 million funded during the year ended December 31, 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. In January 2021, the terms of this secured note were amended to increase the aggregate commitment from $20.0 million to $22.0 million. Interest payments are due monthly and the maturity date of the note remains in January 2023. The Company recognized $9.1 million, $5.5 million, and $4.1 million of interest income and zero, $8.5 million, and zero of promoted interest from notes receivable during the years ended December 31, 2020, 2019, and 2018, respectively, none of which was related party interest. Interest income and promoted interest are included in Interest income and other income/(expense), net Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as VIEs where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term ājoint ventureā or āpartnershipā when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partnerās ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partnerās primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2020 and 2019, the Company did not determine any of our joint ventures or partnerships to be VIEs. We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investmentās carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from managementās judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Companyās stock price at each balance sheet date. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (āTRSā). 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 Companyās 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 December 31, 2020 and 2019, UDRās net deferred tax asset/(liability) was $(3.2) million and $(1.6) million, respectively, and are recorded in Accounts payable, accrued expenses and other liabilities GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company invests in assets that qualify for federal investment tax credits (āITCā) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 2017 through 2019 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entityās financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the awardās fair value on the grant date and recognizes the cost as stock-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. For performance based awards, the Company remeasures the fair value based on the estimated achievement of the performance criteria each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. Stock-based compensation expense is only recognized for performance based awards that we expect to vest, which we estimate based upon an assessment of the probability that the performance criteria will be achieved. Stock-based compensation expense associated with awards is updated for actual forfeitures. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation and the fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For further discussion, see Note 10, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholdersā equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Companyās other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, Forward Sales Agreements ā 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 Companyās 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. ā 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 ā 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 instrumentās contingent exercise provisions and second, evaluating the instrumentās settlement provisions. When entering into forward sales agreements, we determined that (i) none of the agreementās 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 |
REAL ESTATE OWNED
REAL ESTATE OWNED | 12 Months Ended |
Dec. 31, 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 December 31, 2020, the Company owned and consolidated 149 communities in 13 states plus the District of Columbia totaling 48,283 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Land ā $ 2,139,765 ā $ 2,164,032 Depreciable property ā held and used: ā ā Land improvements ā 233,823 ā 224,964 Building, improvements, and furniture, fixtures and equipment ā 10,292,782 ā 10,102,758 Real estate intangible assets ā ā 40,570 ā ā 40,570 Under development: ā ā Land and land improvements ā 73,702 ā 29,226 Building, improvements, and furniture, fixtures and equipment ā 174,175 ā 40,551 Real estate held for disposition: ā ā Land and land improvements ā 15,184 ā ā Building, improvements, and furniture, fixtures and equipment ā 101,471 ā ā Real estate owned ā 13,071,472 ā 12,602,101 Accumulated depreciation (a) ā (4,605,366) ā (4,131,353) Real estate owned, net ā $ 8,466,106 ā $ 8,470,748 (a) Accumulated depreciation is inclusive of $5.8 million of accumulated amortization related to real estate intangible assets. ā 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 ā In August 2020, the Company acquired a to-be-developed parcel of land located in King of Prussia, Pennsylvania for approximately $16.2 million. ā In November 2020, the Company acquired a 672 apartment home operating community located in Tampa, Florida for approximately $122.5 million. The Company increased its real estate assets owned by approximately $119.4 million and recorded approximately $3.1 million of in-place lease intangibles. ā In December 2020, the Company acquired a 400 apartment home operating community located in Herndon, Virginia for approximately $128.6 million. The Company increased its real estate assets owned by approximately $125.9 million and recorded approximately $2.7 million of in-place lease intangibles. ā In January 2021, the Company acquired a 300 apartment home operating community located in Franklin, Massachusetts for approximately $77.4 million. In connection with the acquisition, the Company assumed a 4.39% fixed rate mortgage note payable secured by the community with an outstanding balance of approximately $51.8 million. The note is interest only until February 2024 and after such date payments will be based on a 30-year amortization schedule until its maturity in January 2029. ā In January 2019, the Company increased its ownership interest from 49% to 100% in a 386 apartment home operating community located in Anaheim, California, for a cash purchase price of approximately $33.5 million. In connection with the acquisition, the Company repaid approximately $59.8 million of joint venture construction financing. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as an equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships In January 2019, the Company increased its ownership interest from 49% to 100% in a 155 apartment home operating community located in Seattle, Washington, for a cash purchase price of approximately $20.0 million. In connection with the acquisition, the Company repaid approximately $26.0 million of joint venture construction financing. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as a preferred equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships In January 2019, the Company acquired a to-be-developed parcel of land located in Washington D.C. for approximately $27.1 million. In February 2019, the Company acquired a to-be-developed parcel of land located in Denver, Colorado for approximately $13.7 million. In February 2019, the Company acquired a 188 apartment home operating community located in Brooklyn, New York for approximately $132.1 million. The Company increased its real estate assets owned by approximately $97.5 million and recorded approximately $33.6 million of real estate intangibles and approximately $1.0 million of in-place lease intangibles. In February 2019, the Company acquired a 381 apartment home operating community located in St. Petersburg, Florida for approximately $98.3 million . ā In April 2019, the Company acquired a 498 apartment home operating community located in Towson, Maryland for approximately $86.4 million. ā In May 2019, the Company acquired a 313 apartment home operating community located in King of Prussia, Pennsylvania for approximately $107.3 million. The Company increased its real estate assets owned by approximately $106.4 million and recorded approximately $0.9 million of in-place lease intangibles. ā In May 2019, the Company acquired a 240 apartment home operating community located in St. Petersburg, Florida for approximately $49.4 million. The Company increased its real estate assets owned by approximately $48.2 million and recorded approximately $1.2 million of in-place lease intangibles. ā In June 2019, the Company acquired a 200 apartment home operating community located in Waltham, Massachusetts for approximately $84.6 million. The Company increased its real estate assets owned by approximately $82.6 million and recorded approximately $2.0 million of in-place lease intangibles. ā In August 2019, the Company acquired a 914 apartment home operating community located in Norwood, Massachusetts for approximately $270.2 million. The Company increased its real estate assets owned by approximately $260.1 million and recorded approximately $10.1 million of in-place lease intangibles. ā In August 2019, the Company acquired a 185 apartment home operating community located in Englewood, New Jersey for approximately $83.6 million. The Company increased its real estate assets owned by approximately $77.5 million and recorded approximately $4.6 million of real estate intangibles and approximately $1.5 million of in-place lease intangibles. ā In August 2019, the Company purchased a 292 apartment home operating community in Washington, D.C., directly from the UDR/KFH joint venture, thereby increasing its ownership interest from 30% to 100%, for a purchase price at 100% of approximately $184.0 million, before $2.8 million of closing costs incurred by UDR at acquisition (see Note 5, Joint Ventures and Partnerships ā In November 2019, the Company acquired the approximately 50% ownership interest not previously owned in 10 UDR/MetLife operating communities, one development community and four land parcels valued at $1.1 billion, or $564.2 million at UDRās share, and sold its approximately 50% ownership interest in five UDR/MetLife operating communities valued at $645.8 million, or $322.9 million at UDRās share, to MetLife, and recognized a net gain on sale of $114.9 million at our share. The Company paid $109.2 million directly to MetLife to complete the transaction. As a result, the Company consolidated the 10 operating communities, one development community and four land parcels, and they are no longer accounted for as equity method investments in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships million. The Company recorded the debt at its fair value in Secured debt net ā The following table summarizes the 10 communities, one development community and four land parcels acquired from the UDR/MetLife II and the UDR/MetLife Vitruvian Park Ā® ā ā ā ā ā Property Type Number of Homes Location Strata Operating Community 163 San Diego, CA Crescent Falls Church Operating Community 214 Washington, D.C. Charles River Landing Operating Community 350 Boston, MA Lodge at Ames Pond Operating Community 364 Boston, MA Lenox Farms Operating Community 338 Boston, MA Towson Promenade Operating Community 379 Baltimore, MD Savoye Operating Community 394 Addison, TX Savoye2 Operating Community 351 Addison, TX Fiori on Vitruvian Park Ā® Operating Community 391 Addison, TX Vitruvian West Operating Community 383 Addison, TX Vitruvian West Phase 2 (a) Development Community 366 Addison, TX Vitruvian Park Ā® 4 Land Parcels N/A Addison, TX (a) The number of apartment homes for the community under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2019, no apartment homes had been completed. During the year ended December 31, 2018, the Company did not have any acquisitions of real estate. 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 which was repaid in January 2021. (See Note 2, Significant Accounting Policies for further discussion.) 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. ā In October 2020, the Company sold an operating community located in Alexandria, Virginia with a total of 332 apartment homes for gross proceeds of $145.0 million, resulting in a gain of approximately $58.0 million. The proceeds were designated for a tax-deferred Section 1031 exchange and were used to pay a portion of the purchase price for acquisitions in November and December 2020. ā In February 2021, the Company sold an operating community in Anaheim, California with a total of 386 apartment homes for gross proceeds of $156.0 million, resulting in a gain of approximately $50.8 million. ā In June 2019, the Company sold a parcel of land located in Los Angeles, California for $38.0 million, resulting in a gain of approximately $5.3 million. Prior to the sale, the parcel of land was subject to a ground lease, under which UDR was the lessor, scheduled to expire in 2065. The ground lease included a purchase option for the lessee to acquire the land during specific periods of the ground lease term. During the second quarter of 2019, the lessee exercised the purchase option resulting in this sale by the Company and the ground lease being terminated. Prior to the sale, the purchase option was not deemed to be a bargain purchase option. This ground lease existed as of the adoption of the new lease accounting guidance on January 1, 2019 and we did not reassess lease classification per the practical expedient provided by the standard. As a result, this ground lease continued to be classified as an operating lease and the land parcel subject to the ground lease continued to be recognized in Real estate held for investment ā In February 2018, the Company sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million, resulting in a gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange that were used to pay a portion of the purchase price for an acquisition in October 2017. In December 2018, the Company sold an operating community in Fairfax, Virginia with a total of 604 apartment homes for gross proceeds of $160.0 million, resulting in a gain of $65.9 million. Developments At December 31, 2020, the Company was developing five wholly-owned communities totaling 1,378 homes, 202 of which have been completed, in which we have an investment of $247.9 million. The communities are estimated to be completed between the first quarter of 2021 and the second quarter of 2023. Other Activity In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions. Amortization of Intangible Assets The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unamortized Balance as of December 31, 2020 ā 2021 ā 2022 ā 2023 ā 2024 ā 2025 ā Thereafter Real estate intangible assets, net (a) ā $ 34,782 ā $ 2,840 ā $ 2,740 ā $ 2,643 ā $ 2,525 ā $ 2,436 ā $ 21,598 In-place lease intangible assets, net (b) ā ā 2,631 ā ā 553 ā ā 518 ā ā 403 ā ā 375 ā ā 318 ā ā 464 Total ā $ 37,413 ā $ 3,393 ā $ 3,258 ā $ 3,046 ā $ 2,900 ā $ 2,754 ā $ 22,062 ā ā ā (a) Real estate intangible assets, net is recorded net of accumulated amortization of $5.8 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the year ended December 31, 2020, $3.1 million of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. ā (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $6.0 million in Other assets on the Consolidated Balance Sheets. For the year ended December 31, 2020, $46.1 million was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations. |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 12 Months Ended |
Dec. 31, 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 Companyās role as community manager and its equity interests give us the power to direct the activities that most significantly impact the economic performance and the obligation to absorb potentially significant losses or the right to receive potentially significant benefits of the Operating Partnership and DownREIT Partnership. See the consolidated financial statements of the Operating Partnership presented within this Report and Note 4, Unconsolidated Entities |
JOINT VENTURES AND PARTNERSHIPS
JOINT VENTURES AND PARTNERSHIPS | 12 Months Ended |
Dec. 31, 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 UDRās 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 communities held by the unconsolidated joint ventures and partnerships. The following table summarizes the Companyās investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2020 and 2019 (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Number of ā Number of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Operating ā Apartment ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Communities ā Homes ā Investment at ā UDRās Ownership Interest ā ā Income/(loss) from investments ā Location of December 31, December 31, December 31, December 31, ā December 31, ā December 31, ā Year Ended December 31, Joint Venture Properties 2020 2020 2020 2019 ā 2020 ā 2019 ā 2020 2019 2018 Operating: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā UDR/MetLife I ā Los Angeles, CA ā 1 ā 150 ā $ 26,426 ā $ 28,812 ā 50.0 % ā 50.0 % ā $ (2,639) ā $ (2,108) ā $ (2,750) UDR/MetLife II Various 7 1,250 ā 151,353 ā 150,893 ā 50.0 % ā 50.0 % ā ā (1,044) ā ā 117,574 ā ā 2,954 Other UDR/MetLife Joint Ventures (h) Various 5 1,437 ā 82,072 ā 98,441 ā 50.6 % ā 50.6 % ā ā (10,444) ā ā (6,349) ā ā (7,639) West Coast Development Joint Ventures (c) ā Los Angeles, CA ā 1 ā 293 ā ā 30,080 ā ā 34,907 ā 47.0 % ā 47.0 % ā ā (325) ā ā (993) ā ā (237) Sold Joint Ventures ā ā ā ā ā ā ā ā ā ā ā ā ā ā % ā ā % ā ā ā ā ā 6,123 ā ā (7,694) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ā $ 289,931 ā $ 313,053 ā ā ā ā $ (14,452) ā $ 114,247 ā $ (15,366) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Investment at ā Income/(loss) from investments Developer Capital Program ā ā Years To ā UDR December 31, December 31, ā Year Ended December 31, and Other Investments (a) Location Rate Maturity ā Commitment (b) 2020 2019 2020 2019 2018 Preferred equity investments: ā ā ā ā ā ā ā ā ā ā ā ā West Coast Development Joint Ventures (c) Hillsboro, OR 6.5 % N/A ā $ ā ā $ ā ā $ 17,064 ā $ (46) ā $ (447) ā $ 865 1532 Harrison ā San Francisco, CA ā 11.0 % 1.5 ā ā 24,645 ā ā 34,135 ā ā 30,585 ā ā 3,519 ā ā 3,147 ā ā 2,228 1200 Broadway (d) ā Nashville, TN ā 8.0 % 1.7 ā ā 55,558 ā ā 69,330 ā ā 63,958 ā ā 5,309 ā ā 4,888 ā ā 2,970 Junction ā Santa Monica, CA ā 12.0 % 1.6 ā ā 8,800 ā ā 11,699 ā ā 10,379 ā ā 1,321 ā ā 1,169 ā ā 406 1300 Fairmount (d) ā Philadelphia, PA ā Variable ā 2.6 ā ā 51,393 ā ā 59,544 ā ā 51,215 ā ā 4,843 ā ā 3,098 ā ā 159 Essex ā Orlando, FL ā 12.5 % 2.6 ā ā 12,886 ā ā 16,770 ā ā 14,804 ā ā 1,965 ā ā 1,639 ā ā 258 Modera Lake Merritt (d) ā Oakland, CA ā 9.0 % 3.2 ā ā 27,250 ā ā 30,928 ā ā 22,653 ā ā 2,592 ā ā 1,067 ā ā ā Thousand Oaks (e) ā Thousand Oaks, CA ā 9.0 % 4.1 ā ā 20,059 ā ā 17,919 ā ā ā ā ā 763 ā ā ā ā ā ā Vernon Boulevard (f) ā Queens, NY ā 13.0 % 4.5 ā ā 40,000 ā ā 42,360 ā ā ā ā ā 2,348 ā ā ā ā ā ā Other investments: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā The Portals (g) ā Washington, D.C. ā 11.0 % N/A ā ā ā ā ā ā ā ā 48,181 ā ā 5,745 ā ā 5,012 ā ā 3,692 Other investment ventures ā N/A ā N/A ā N/A ā $ 34,500 ā ā 22,870 ā ā 13,598 ā ā 4,937 ā ā 4,053 ā ā (267) Total Preferred Equity Investments and Other Investments ā ā ā ā ā ā ā ā ā ā ā 305,555 ā ā 272,437 ā ā 33,296 ā ā 23,626 ā ā 10,311 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Joint Ventures and Developer Capital Program Investments, net (h) ā ā ā ā $ 595,486 ā $ 585,490 ā $ 18,844 ā $ 137,873 ā $ (5,055) (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 UDRās 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 a 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 million. As a result, in January 2020, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Estate Owned ). In January 2021, the joint venture sold its remaining community, a 293 home operating community in Los Angeles, California, for a sales price of approximately $121.0 million. As a result, the Company will record a gain on the sale of approximately $2.5 million in the first quarter of 2021. (d) The Companyās 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 Companyās 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) 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 Companyās 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 . (g) The Company previously entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture made a mezzanine loan to a third-party developer of a 373-apartment home community in Washington, D.C. In December 2020, the mezzanine loan was paid in full and the Company redeemed its investment. The Company received cash of $53.7 million, consisting of its investment of $38.6 million and contractually accrued interest of $15.1 million . (h) As of December 31, 2020 and 2019, the Companyās negative investment in 13 th and Market Properties LLC of $4.7 million and $2.8 million, respectively, 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 January 2021, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 356 apartment home community in Herndon, Virginia. The Companyās preferred equity investment of $30.2 million earns a preferred return of 9.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of ā As of December 31, 2020 and 2019, the Company had deferred fees of $8.4 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 $5.1 million, $14.0 million, and $11.6 million during the years ended December 31, 2020, 2019, and 2018, 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 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 Condensed summary financial information relating to the unconsolidated joint venturesā and partnershipsā operations (not just our proportionate share), is presented below for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā As of and For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā Year Ended December 31, 2020 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 9,480 ā $ 56,274 ā $ 57,781 ā $ 8,668 ā $ 132,203 ā $ 16,189 ā $ 148,392 Property operating expenses ā 4,978 ā 21,951 ā 22,870 ā 4,477 ā 54,276 ā 8,232 ā 62,508 Real estate depreciation and amortization ā 5,980 ā 18,912 ā 35,454 ā 3,338 ā 63,684 ā 3,495 ā 67,179 Operating income/(loss) ā (1,478) ā 15,411 ā (543) ā 853 ā 14,243 ā 4,462 ā 18,705 Interest expense ā (3,075) ā (15,386) ā (17,457) ā (1,344) ā (37,262) ā (3,121) ā (40,383) Other income/(loss) ā ā ā 204 ā ā ā 63 ā 267 ā 35 ā 302 Net realized/unrealized gain/(loss) on held investments ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 36,141 ā ā 36,141 Net income/(loss) ā $ (4,553) ā $ 229 ā $ (18,000) ā $ (428) ā $ (22,752) ā $ 37,517 ā $ 14,765 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Condensed Balance Sheets: ā ā ā ā ā ā ā ā ā Total real estate, net ā $ 114,192 ā $ 650,593 ā $ 589,822 ā $ ā ā $ 1,354,607 ā $ 550,198 ā $ 1,904,805 Real estate assets held for sale ā ā ā ā ā ā ā ā ā ā ā 88,458 ā ā 88,458 ā ā ā ā ā 88,458 Cash and cash equivalents ā 2,585 ā 4,369 ā 7,049 ā ā ā 14,003 ā 8,275 ā 22,278 Other assets ā 1,622 ā 14,133 ā 6,214 ā ā ā 21,969 ā 128,925 ā 150,894 Total assets ā 118,399 ā 669,095 ā 603,085 ā 88,458 ā 1,479,037 ā 687,398 ā 2,166,435 Third party debt, net ā 70,946 ā 416,364 ā 454,153 ā ā ā 941,463 ā 247,247 ā 1,188,710 Liabilities held for sale ā ā ā ā ā ā ā ā ā ā ā 55,440 ā ā 55,440 ā ā ā ā ā 55,440 Accounts payable and accrued liabilities ā 3,507 ā 6,764 ā 8,593 ā ā ā 18,864 ā 21,692 ā 40,556 Total liabilities ā 74,453 ā 423,128 ā 462,746 ā 55,440 ā 1,015,767 ā 268,939 ā 1,284,706 Total equity ā $ 43,946 ā $ 245,967 ā $ 140,339 ā $ 33,018 ā $ 463,270 ā $ 418,459 ā $ 881,729 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā As of and For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā Year Ended December 31, 2019 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 9,834 ā $ 151,226 ā $ 102,888 ā $ 14,058 ā $ 278,006 ā $ 11,242 ā $ 289,248 Property operating expenses ā 4,533 ā 54,445 ā 39,542 ā 6,829 ā ā 105,349 ā ā 3,432 ā 108,781 Real estate depreciation and amortization ā 5,787 ā 44,077 ā 50,579 ā 5,440 ā ā 105,883 ā ā ā ā 105,883 Gain/(loss) on sale of real estate (a) ā ā ā ā ā ā ā ā 115,516 ā ā ā ā ā 115,516 ā ā ā ā ā 115,516 Operating income/(loss) ā (486) ā 52,704 ā 128,283 ā 1,789 ā 182,290 ā 7,810 ā 190,100 Interest expense ā (3,070) ā (44,825) ā (27,647) ā (4,656) ā ā (80,198) ā ā ā ā (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ā ā ā ā ā 458,195 ā ā 25,711 ā ā ā ā ā 483,906 ā ā ā ā ā 483,906 Other income/(loss) ā ā ā ā ā ā ā 159 ā ā 159 ā ā (68) ā 91 Net realized/unrealized gain/(loss) on held investments ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 26,417 ā ā 26,417 Net income/(loss) ā $ (3,556) ā $ 466,074 ā $ 126,347 ā $ (2,708) ā $ 586,157 ā $ 34,159 ā $ 620,316 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Condensed Balance Sheets: ā ā ā ā ā ā ā ā ā ā ā ā Total real estate, net ā $ 120,055 ā $ 663,492 ā $ 621,335 ā $ 140,224 ā $ 1,545,106 ā $ 355,975 ā $ 1,901,081 Cash and cash equivalents ā 2,317 ā 4,208 ā 7,973 ā 5,692 ā ā 20,190 ā ā 9,633 ā 29,823 Other assets ā 1,053 ā 9,777 ā 5,400 ā 1,305 ā ā 17,535 ā ā 155,406 ā 172,941 Total assets ā 123,425 ā 677,477 ā 634,708 ā 147,221 ā 1,582,831 ā 521,014 ā 2,103,845 Third party debt, net ā 70,890 ā 425,303 ā 454,972 ā 90,498 ā ā 1,041,663 ā ā 106,385 ā 1,148,048 Accounts payable and accrued liabilities ā 4,037 ā 9,303 ā 9,757 ā 3,440 ā ā 26,537 ā ā 28,577 ā 55,114 Total liabilities ā 74,927 ā 434,606 ā 464,729 ā 93,938 ā 1,068,200 ā 134,962 ā 1,203,162 Total equity ā $ 48,498 ā $ 242,871 ā $ 169,979 ā $ 53,283 ā $ 514,631 ā $ 386,052 ā $ 900,683 (a) Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level. (b) Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian ParkĀ® joint venture level prior to their distribution to the Company or MetLife in November 2019. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value. For the approximately 50% ownership interest acquired in the 10 operating communities, one development community and four land parcels described above, the Company deferred its share of the net gain on revaluation of approximately $131.5 million and recorded it as a reduction of the carrying amount of real estate owned. (see Note 3, Real Estate Owned ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā UDR/ ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā ā ā ā MetLife ā For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā ā ā ā Vitruvian ā Year Ended December 31, 2018 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total ā ā ā Park Ā® ā Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 3,187 ā $ 158,738 ā $ 108,766 ā $ 16,392 ā $ 287,083 ā $ 5,977 ā $ 293,060 ā ā ā $ 26,096 ā Property operating expenses ā 3,066 ā 56,403 ā 44,048 ā 8,830 ā 112,347 ā 1,789 ā 114,136 ā ā ā 13,732 ā Real estate depreciation and amortization ā 3,392 ā 44,721 ā 59,419 ā 7,679 ā 115,211 ā ā ā 115,211 ā ā ā 9,495 ā Operating income/(loss) ā (3,271) ā 57,614 ā 5,299 ā (117) ā 59,525 ā 4,188 ā 63,713 ā ā ā 2,869 ā Interest expense ā (1,872) ā (49,118) ā (30,198) ā (6,175) ā (87,363) ā ā ā (87,363) ā ā ā (6,051) ā Other income/(loss) ā ā ā ā ā ā ā ā ā ā ā 148 ā ā 148 ā ā ā ā ā 148 ā ā ā ā ā ā Net income/(loss) ā $ (5,143) ā $ 8,496 ā $ (24,899) ā $ (6,144) ā $ (27,690) ā $ 4,188 ā $ (23,502) ā ā ā $ (3,182) ā ā ā |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
LEASES | |
LEASES | 6. LEASES Lessee - Ground and Office Leases UDR owns six communities that are subject to ground leases, under which UDR is the lessee, expiring between 2043 and 2103, inclusive of extension options we are reasonably certain will be exercised. All of these leases 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 years ended December 31, 2020 and 2019. As of December 31, 2020 and 2019, the Operating lease right-of-use assets Operating lease liabilities Operating lease right-of-use assets Operating lease liabilities As the discount rate implicit in the leases was not readily determinable, we determined the discount rate for these leases utilizing the Companyās 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 43.9 years and 44.7 years at December 31, 2020 and 2019, respectively, and the weighted average discount rate was 5.0% at both December 31, 2020 and 2019. Future minimum lease payments and total operating lease liabilities from our ground leases as of December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā Ground Leases 2021 ā $ 12,442 2022 ā ā 12,442 2023 ā ā 12,442 2024 ā ā 12,442 2025 ā ā 12,442 Thereafter ā ā 442,778 Total future minimum lease payments (undiscounted) ā ā 504,988 Difference between future undiscounted cash flows and discounted cash flows ā ā (309,396) Total operating lease liabilities (discounted) ā $ 195,592 ā For purposes of recognizing our ground lease contracts, the Company uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. If there is a contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Company will remeasure the right-of-use asset and lease liability on the reset date. For the year ended December 31, 2019, Operating lease right-of-use assets Operating lease liabilities The components of operating lease expenses were as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 Lease expense: ā ā ā ā ā ā Contractual lease expense ā $ 12,821 ā $ 8,272 Variable lease expense (a) ā ā 119 ā ā 664 Total operating lease expense (b)(c) ā $ 12,940 ā $ 8,936 (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 year ended December 31, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.3 million and $3.0 million, respectively, and for the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.2 million and $0.8 million, respectively. Due to the net impact of the amortization, the Company recorded $0.3 million and $0.4 million of total operating lease expense during the year ended December 31, 2020 and 2019, respectively. ā Lessor - Apartment Home, Retail and Commercial Space Leases ā UDRās communities and retail and commercial space are leased to tenants under operating leases. As of December 31, 2020, our apartment home leases generally have initial terms of 12 months or less and represent approximately 97.3% of our total lease revenue. As of December 31, 2020, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 2.7% 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 due to market-based or fixed-price renewal options and certain other conditions. (See Note 16, Reportable Segments ā We previously owned a parcel of land subject to a ground lease under which UDR was the lessor, expiring in 2065. The ground lease included a purchase option for the lessee to acquire the land during specific periods of the ground lease term. In June 2019, the lessee exercised the purchase option and acquired the parcel of land for $38.0 million. (See Note 3, Real Estate Owned ā Future minimum lease payments from our retail and commercial leases as of December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā Retail and Commercial Leases 2021 ā $ 23,970 2022 ā ā 22,749 2023 ā ā 20,855 2024 ā ā 19,132 2025 ā ā 15,972 Thereafter ā ā 70,396 Total future minimum lease payments (a) ā $ 173,074 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less. Certain of our leases with retail and commercial tenants provide for the payment by the lessee of additional variable rent based on a percentage of the tenantās revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of $0.2 million and $0.4 million during the years ended December 31, 2020 and 2019, respectively. |
SECURED AND UNSECURED DEBT, NET
SECURED AND UNSECURED DEBT, NET | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019 ( dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Principal Outstanding ā As of December 31, 2020 ā ā ā ā ā ā ā ā Weighted ā Weighted ā ā ā ā ā ā ā ā ā ā Average ā Average ā Number of ā ā December 31, ā December 31, ā Interest ā Years to ā Communities ā 2020 2019 Rate Maturity Encumbered Secured Debt: ā ā ā ā ā ā ā Fixed Rate Debt ā ā Mortgage notes payable (a) ā $ 824,550 ā $ 884,869 3.31 % 7.2 11 Credit facilities (b) ā ā ā 204,590 ā % ā ā Deferred financing costs and other non-cash adjustments (b) ā 10,665 ā 33,046 Total fixed rate secured debt, net ā 835,215 ā 1,122,505 3.31 % 7.2 11 Variable Rate Debt ā ā Tax-exempt secured notes payable (c) ā 27,000 ā 27,000 0.84 % 11.2 1 Deferred financing costs ā (68) ā (64) Total variable rate secured debt, net ā 26,932 ā 26,936 0.84 % 11.2 1 Total Secured Debt, net ā 862,147 ā 1,149,441 3.23 % 7.3 12 Unsecured Debt: ā ā Variable Rate Debt ā ā Borrowings outstanding under unsecured credit facility due January 2023 (d) (p) ā ā ā ā ā % 2.1 Borrowings outstanding under unsecured commercial paper program due January 2021 (e) (p) ā ā 190,000 ā ā 300,000 ā 0.27 % 0.1 ā ā Borrowings outstanding under unsecured working capital credit facility due January 2022 ā 28,024 ā 16,583 0.97 % 1.0 Term Loan due September 2023 (d) (p) ā 35,000 ā 35,000 1.05 % 2.8 Fixed Rate Debt ā ā Term Loan due September 2023 (d) (p) ā ā 315,000 ā 315,000 2.55 % 2.8 ā ā 3.75% Medium-Term Notes due July 2024 (net of discounts of $0 and $470, respectively) (g) (p) ā ā ā 299,530 ā % ā 8.50% Debentures due September 2024 ā 15,644 ā 15,644 8.50 % 3.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $327 and $396, respectively) (h) (p) ā 299,673 ā 299,604 4.53 % 4.8 2.95% Medium-Term Notes due September 2026 (i) (p) ā 300,000 ā 300,000 2.89 % 5.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $458 and $529, respectively) (p) ā ā 299,542 ā ā 299,471 ā 3.50 % 6.5 ā ā 3.50% Medium-Term Notes due January 2028 (net of discounts of $835 and $954, respectively) (p) ā ā 299,165 ā ā 299,046 ā 3.50 % 7.0 ā ā 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (j) (p) ā ā 299,995 ā ā 299,995 ā 4.27 % 8.1 ā ā 3.20% Medium-Term Notes due January 2030 (net of premiums of $12,412 and $2,281, respectively) (k) (p) ā ā 612,412 ā ā 402,281 ā 3.32 % 9.0 ā ā 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,027 and $1,123, respectively) (l) (p) ā ā 398,973 ā ā 398,877 ā 3.01 % 10.6 ā ā 2.10% Medium-Term Notes due August 2032 (net of discounts of $408 and $0, respectively) (m) (p) ā ā 399,592 ā ā ā ā 2.10 % 11.6 ā ā 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,471 and $0, respectively) (n) (p) ā ā 348,529 ā ā ā ā 1.90 % 12.2 ā ā 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,221 and $1,309, respectively) (o) (p) ā ā 298,779 ā ā 298,691 ā 3.13 % 13.8 ā ā Other ā 10 ā 13 Deferred financing costs ā (25,937) ā (21,652) Total Unsecured Debt, net ā 4,114,401 ā 3,558,083 2.98 % 8.1 Total Debt, net ā $ 4,976,548 ā $ 4,707,524 2.91 % 8.0 ā For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of December 31, 2020, secured debt encumbered $1.4 billion or 10.6% of UDRās total real estate owned based upon gross book value ($11.7 billion or 89.4% of UDRās real estate owned based on gross book value is unencumbered). (a) At December 31, 2020, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from July 2024 through February 2031 and carry interest rates ranging from 2.62% to 4.12%. In July 2020, the Company refinanced a 4.35% fixed rate mortgage note payable due in November 2020 with a balance of $79.3 million with a $160.9 million, 2.62% fixed rate mortgage note payable due in 2031. The Company incurred net extinguishment costs of $0.5 million in connection with the refinancing. The incremental proceeds were used to reduce the Companyās borrowings under its unsecured commercial paper program. ā During the years ended December 31, 2020 and 2019, the Company prepaid $111.1 million and zero , respectively, of its fixed rate mortgage notes payable with proceeds from the issuance of senior unsecured medium-term notes. The Company incurred net extinguishment costs of $8.5 million, zero and $0.5 million during years ended December 31, 2020, 2019, and 2018, respectively, which was included in Interest expense on the Consolidated Statements of Operations. ā 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 year ended December 31, 2020, the Company prepaid the $201.9 million outstanding balance under its secured credit facility with New York Life with proceeds from the issuance of senior unsecured medium-term notes. The Company incurred net extinguishment costs of $9.0 million during the year ended December 31, 2020, which was included in Interest expense ā During the years ended December 31, 2020, 2019, and 2018, the Company had $22.4 million, $3.0 million, and $3.0 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties inclusive of its fixed rate mortgage notes payable and credit facilities, which was included in Interest expense ā (c) The variable rate mortgage note payable secures a tax-exempt housing bond issue that matures in March 2032. Interest on this note is payable in monthly installments. As of December 31, 2020, the variable interest rate on the mortgage note was 0.84%. (d) The Company has a $1.1 billion unsecured revolving credit facility (the āRevolving Credit Facilityā) and a $350.0 million unsecured term loan (the āTerm Loanā). The credit agreement for these facilities (the āCredit Agreementā) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2023, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of September 30, 2023. Based on the Companyās 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 Companyās 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 Company previously entered into an interest rate swap to hedge against the interest rate risk on the Term Loan, which expired in January 2021. As of December 31, 2020, the all-in weighted average interest rate, inclusive of the impact of the interest rate swap, was 2.55% . In January 2021, the Company entered into three interest rate swaps to hedge against interest rate risk on the Term Loan until July 2022. The all-in weighted average interest rate, inclusive of the impact of the interest rate swaps, is 1.07% . ā The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 2019 ā Total revolving credit facility ā $ 1,100,000 ā $ 1,100,000 ā Borrowings outstanding at end of year (1) ā ā ā ā ā Weighted average daily borrowings during the year ended ā 42,186 ā 55 ā Maximum daily borrowings during the year ended ā 375,000 ā 20,000 ā Weighted average interest rate during the year ended ā 1.4 % 2.6 % Interest rate at end of the year ā ā % ā % (1) Excludes $2.8 million and $2.9 million of letters of credit at December 31, 2020 and 2019, respectively. (e) The Company has an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $500.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Companyās other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Total unsecured commercial paper program $ 500,000 ā $ 500,000 ā Borrowings outstanding at end of year ā 190,000 ā 300,000 ā Weighted average daily borrowings during the year ended ā 227,090 ā 173,353 ā Maximum daily borrowings during the year ended ā 500,000 ā 435,000 ā Weighted average interest rate during the year ended ā 0.9 % 2.5 % Interest rate at end of the year ā 0.3 % 2.0 % ā In January 2021, the entire $190.0 million of outstanding unsecured commercial paper as of December 31, 2020 was repaid at maturity with additional proceeds of unsecured commercial paper with maturity dates in February 2021 and proceeds under the Working Capital Credit Facility. (f) The Company has a working capital credit facility, which provides for a $75.0 million unsecured revolving credit facility (the āWorking Capital Credit Facilityā) with a previously scheduled maturity date of January 15, 2021. Based on the Companyās current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 82.5 basis points. Depending on the Companyās 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 December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Total working capital credit facility ā $ 75,000 ā $ 75,000 ā Borrowings outstanding at end of year ā 28,024 ā 16,583 ā Weighted average daily borrowings during the year ended ā 20,132 ā 23,487 ā Maximum daily borrowings during the year ended ā 54,974 ā 66,170 ā Weighted average interest rate during the year ended ā 1.4 % 3.1 % Interest rate at end of the year ā 1.0 % 2.6 % ā (g) In July 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 ā2024 Notesā). . The Company incurred net extinguishment costs of $12.8 million during the year ended December 31, 2020, which was included in Interest expense on the Consolidated Statements of Operations. In December 2020, the Company redeemed the remaining $183.1 million aggregate principal amount of the 2024 Notes. The Company incurred $21.1 million in make-whole expense upon redemption of these notes. (h) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.53%. (i) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $100.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 2.89%. (j) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $150.0 million of the initial $300.0 million issued. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.27%. (k) The Company previously entered into forward starting interest rate swaps to hedge against the interest rate risk of this debt. In connection with the additional $100.0 million issued in October 2019, the Company entered into treasury lock agreements to hedge against interest rate risk on all of this debt. In February 2020, the Company issued an additional $200.0 million of 3.20% senior unsecured medium-term notes due 2030 (the ā2030 Notesā). 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 Companyās 2030 Notes that were issued in July 2019 and the $100.0 million aggregate principal amount of the Companyās 2030 Notes that were issued in October 2019. As of the completion of the offerings, the aggregate principal amount of outstanding 2030 Notes was $600.0 million. The all-in weighted average interest rate, inclusive of the impact of the forward starting swaps and treasury locks, was 3.32% for the 2030 Notes. (l) (m) 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 a portion of the net proceeds 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 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, which was included in Interest expense on the Consolidated Statements of Operations. (n) the Company issued $350.0 million of 1.90% senior unsecured medium-term notes due March 15, 2033 (the ā2033 Notesā). Interest is payable semi-annually in arrears on March 15 and September 15. The notes were priced at 99.578% of the principal amount at issuance. The Company used the net proceeds for the repayment of debt, including the redemption of the remaining $183.1 million aggregate principal amount (plus the make-whole amount of approximately $21.1 million) of its 2024 Notes, $67.5 million of secured debt maturing in 2023, and outstanding indebtedness under our commercial paper program and working capital credit facility. The 2033 Notes were issued as āgreenā bonds and, as a result, the Company will allocate an amount equal to the net proceeds from the sale of the 2033 Notes to fund eligible green projects. (o) . (p) The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Fixed Total Variable Total Total Total Year ā Secured Debt ā Secured Debt ā Secured Debt ā Unsecured Debt ā Debt 2021 ā $ 1,097 ā $ ā ā $ 1,097 ā $ 190,000 (a) $ 191,097 2022 ā ā 1,140 ā ā ā ā ā 1,140 ā ā 28,024 ā ā 29,164 2023 ā 1,183 ā ā ā 1,183 ā 350,000 ā 351,183 2024 ā 95,280 ā ā ā 95,280 ā 15,644 ā 110,924 2025 ā 173,189 ā ā ā 173,189 ā 300,000 ā 473,189 2026 ā 51,070 ā ā ā 51,070 ā 300,000 ā 351,070 2027 ā 1,111 ā ā ā 1,111 ā 300,000 ā 301,111 2028 ā 122,466 ā ā ā 122,466 ā 300,000 ā 422,466 2029 ā 144,584 ā ā ā 144,584 ā 300,000 ā 444,584 2030 ā 72,500 ā ā ā 72,500 ā 600,000 ā 672,500 Thereafter ā 160,930 ā 27,000 ā 187,930 ā 1,450,000 ā 1,637,930 Subtotal ā 824,550 ā 27,000 ā 851,550 ā 4,133,668 ā 4,985,218 Non-cash (b) ā 10,665 ā (68) ā 10,597 ā (19,267) ā (8,670) Total ā $ 835,215 ā $ 26,932 ā $ 862,147 ā $ 4,114,401 ā $ 4,976,548 (a) All unsecured debt due in the remainder of 2021 is related to the Companyās commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2020 and 2019, the Company amortized $4.4 million and $4.2 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2020. On February 11, 2021, the Company priced an offering of $300.0 million of 2.10% senior unsecured medium-term notes due 2033. The notes were priced at 99.592% of the principal amount of the notes. The Company intends to use the net proceeds to repay indebtedness, including the redemption of its $300.0 million 4.00% senior unsecured medium-term notes due October 2025 (plus the make-whole amount and accrued and unpaid interest), to fund potential acquisitions, or for other general corporate purposes. The settlement of the offering is expected to occur on February 26, 2021, subject to the satisfaction of customary closing conditions. ā |
INCOME_(LOSS) PER SHARE
INCOME/(LOSS) PER SHARE | 12 Months Ended |
Dec. 31, 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): ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2020 2019 2018 Numerator for income/(loss) per share: ā ā ā ā ā ā ā Net income/(loss) ā $ 68,970 ā $ 199,579 ā $ 221,542 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā (4,543) ā (14,426) ā (18,215) Net (income)/loss attributable to noncontrolling interests ā (161) ā (188) ā (221) Net income/(loss) attributable to UDR, Inc. ā 64,266 ā 184,965 ā 203,106 Distributions to preferred stockholders ā Series E (Convertible) ā (4,230) ā (4,104) ā (3,868) Income/(loss) attributable to common stockholders - basic and diluted ā $ 60,036 ā $ 180,861 ā $ 199,238 ā ā ā ā ā ā ā ā ā ā Denominator for income/(loss) per share: ā ā ā Weighted average common shares outstanding ā 294,808 ā 285,509 ā 268,513 Non-vested restricted stock awards ā (263) ā (262) ā (334) Denominator for basic income/(loss) per share ā 294,545 ā 285,247 ā 268,179 Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock ā 382 ā 768 ā 1,304 Denominator for diluted income/(loss) per share ā 294,927 ā 286,015 ā 269,483 ā ā ā ā ā ā ā ā ā ā Income/(loss) per weighted average common share: ā ā ā Basic ā $ 0.20 ā $ 0.63 ā $ 0.74 Diluted ā $ 0.20 ā $ 0.63 ā $ 0.74 ā 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 (āLTIP Unitsā), unvested restricted stock and continuous equity program forward sales agreements. Only those instruments having a dilutive impact on our basic income/(loss) per share are included in diluted income/(loss) per share during the periods. For the years ended December 31, 2020, 2019, and 2018, the effect of the conversion of the OP Units, DownREIT Units, LTIP Units, the Companyās 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 year ended December 31, 2020, the Company sold 2.1 million shares of common stock through its ATM program pursuant to the Companyās forward sales agreement described below. In connection with any forward sales agreement under the Companyās 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 Companyās 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. ā During the year ended December 31, 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 received by the Company upon settlement was determined on the applicable settlement date based on adjustments made to the initial forward price to reflect the then-current federal funds rate and the amount of dividends paid to holders of UDR common stock over the term of the forward sales agreement. ā In December 2020, the Company settled all 2.1 million shares sold under the forward sales agreement at a weighted average forward price per share of $48.23, which is inclusive of adjustments made to reflect the then-current federal funds rate, the amount of dividends paid to holders of UDR common stock and commissions paid to sales agents of approximately $3.9 million, for net proceeds of $102.3 million. Aggregate net proceeds from such sales, after deducting related expenses, was $102.2 million. ā As of December 31, 2020, we had 9.6 million shares of common stock available for future issuance under the ATM program. ā During the year ended December 31, 2020, the Company repurchased 0.6 million shares of its common stock at an average price of $33.11 per share for total consideration of approximately $19.8 million under its share repurchase program. ā The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the years ended December 31, 2020, 2019, and 2018 (in thousands) ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 ā 2018 OP/DownREIT Units 22,310 22,773 24,548 Convertible preferred stock 2,950 3,011 3,011 Stock options, unvested LTIP Units and unvested restricted stock 382 768 1,304 ā |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
STOCKHOLDERS' EQUITY | |
STOCKHOLDERS' EQUITY | 9. STOCKHOLDERSā EQUITY UDR has an effective registration statement that allows the Company to sell an undetermined number of debt and equity securities as defined in the prospectus. The Company had the ability to issue 350.0 million shares of common stock and 50.0 million shares of preferred shares as of December 31, 2020. The following table presents the changes in the Companyās issued and outstanding shares of common and preferred stock for the years ended December 31, 2020, 2019 and 2018: ā ā ā ā ā ā ā ā ā Common ā Preferred Stock ā ā Stock ā Series E ā Series F Balance at December 31, 2017 267,822 2,781 15,852 Issuance/(forfeiture) of common and restricted shares, net 47 ā ā Issuance of common shares upon exercise of stock options ā 772 ā ā ā ā Issuance of common shares through public offering 7,150 ā ā ā ā Repurchase of common shares ā (593) ā ā ā ā Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 11 ā ā Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership ā 337 ā ā Forfeiture of Series F shares ā ā ā (50) Balance at December 31, 2018 275,546 2,781 15,802 Issuance/(forfeiture) of common and restricted shares, net 50 ā ā Issuance of common shares through public offering ā 7,500 ā ā Issuance of common shares though ATM program ā 6,988 ā ā ā ā Issuance of common shares through forward sales agreement ā 1,339 ā ā Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 1,969 ā ā Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,196 ā ā Forfeiture of Series F shares ā ā (1,111) Balance at December 31, 2019 294,588 2,781 14,691 Issuance/(forfeiture) of common and restricted shares, net 104 ā ā Issuance of common shares through forward sales public offering, net (forward sales agreement) ā 2,121 ā ā Repurchase of common shares ā (597) ā ā ā ā Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 3 ā ā Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 300 ā ā Conversion of Series E Cumulative Convertible shares ā 93 ā (86) ā ā Forfeiture of Series F shares ā ā (250) Balance at December 31, 2020 296,612 2,695 14,441 ā Common Stock The Company has an equity distribution agreement which allows it from time to time, through its sales agents, to offer and sell up to 20.0 million shares of its common stock. Sales of such shares will be made by means of ordinary brokersā transactions on the NYSE at market prices. In July 2017, the Company updated its equity distribution agreement to also permit the entry into separate forward sales agreements to or through its forward purchasers. As of December 31, 2020, 9.6 million shares were available for sale under the continuous equity program. During the year ended December 31, 2020, the Company entered into the following equity transactions for our common stock: ā Issued 2.1 million shares of common stock through a forward sales agreement under the Companyās ATM program at a forward price per share of $48.23, for aggregate net proceeds of approximately $102.2 million after deducting related expenses; ā Repurchased 0.6 million shares of common stock at a weighted average price per share of $33.11, for total consideration of approximately $19.8 million ā Issued 0.1 million shares of common stock through the Companyās 1999 Long-Term Incentive Plan (the āLTIPā); ā Issued 0.3 million shares of common stock upon redemption of DownREIT Units, resulting in the forfeiture of 0.3 million Series F Preferred shares; and ā Converted 0.1 million Series E Cumulative Convertible shares into 0.1 million shares of common stock. Distributions are subject to the approval of the Board of Directors and are dependent upon our strategy, financial condition and operating results. UDRās common distributions for the years ended December 31, 2020, 2019, and 2018 totaled $1.44, $1.37, and $1.29 per share, respectively. Preferred Stock The Series E Cumulative Convertible Preferred Stock (āSeries Eā) has no stated par value and a liquidation preference of $16.61 per share. Subject to certain adjustments and conditions, each share of the Series E is convertible at any time at the holderās option into one share of our common stock prior to a āSpecial Dividendā declared in 2008 (1.083 shares after the Special Dividend). The holders of the Series E are entitled to vote on an as-converted basis as a single class in combination with the holders of common stock at any meeting of our stockholders for the election of directors or for any other purpose on which the holders of common stock are entitled to vote. The Series E has no stated maturity and is not subject to any sinking fund or any mandatory redemption. Distributions declared on the Series E for the years ended December 31, 2020, 2019, and 2018 were $1.56, $1.48, and $1.40 per share, respectively. The Series E is not listed on any exchange. At December 31, 2020 and 2019, a total of 2,695,363 and 2,780,994, respectively, shares of the Series E were outstanding. UDR is authorized to issue up to 20.0 million shares of the Series F Preferred Stock (āSeries Fā). The Series F may be purchased by holders of OP Units and DownREIT Units, at a purchase price of $0.0001 per share. OP/DownREIT Unitholders are entitled to subscribe for and purchase one share of UDRās Series F for each OP/DownREIT Unit held. During the years ended December 31, 2020 and 2019, 0.3 million and 1.1 million of the Series F shares were forfeited upon the conversion of OP Units and DownREIT Units into Company common stock, respectively. At December 31, 2020 and 2019, a total of 14.4 million and 14.7 million shares, respectively, of the Series F were outstanding with an aggregate purchase value of $1,444 and $1,469, respectively. Holders of the Series F are entitled to one vote for each share of the Series F they hold, voting together with the holders of our common stock, on each matter submitted to a vote of security holders at a meeting of our stockholders. The Series F does not entitle its holders to dividends or any other rights, privileges or preferences. Distribution Reinvestment and Stock Purchase Plan UDRās Distribution Reinvestment and Stock Purchase Plan (the āStock Purchase Planā) allows common and preferred stockholders the opportunity to purchase, through the reinvestment of cash dividends and by making additional cash payments, additional shares of UDRās common stock. From inception through December 31, 2008, shareholders have elected to utilize the Stock Purchase Plan to reinvest their distribution for the equivalent of 10.0 million shares of Company common stock. Shares in the amount of 11.0 million were reserved for issuance under the Stock Purchase Plan as of December 31, 2020. During the year ended December 31, 2020, UDR acquired all shares issued through the open market. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2020 | |
EMPLOYEE BENEFIT PLANS | |
EMPLOYEE BENEFIT PLANS | In May 2001, the stockholders of UDR approved the long term incentive plan (āLTIPā), which supersedes the 1985 Stock Option Plan. The LTIP authorizes the granting of awards which may take the form of options to purchase shares of common stock, stock appreciation rights, restricted stock, dividend equivalents, other stock-based awards, and any other right or interest relating to common stock or cash incentive awards to Company directors, employees and outside trustees to promote the success of the Company by linking individualās compensation via grants of share based payment. During the year ended December 31, 2015, the LTIP was amended to set forth the terms of new classes of partnership interests in the Operating Partnership designated as LTIP Units. LTIP Units are designed to qualify as āprofits interestsā in the Operating Partnership for federal income tax purposes, meaning that initially they are not economically equivalent in value to a share of our common stock, but over time can increase in value to one-for-one parity with common stock by operation of special tax rules applicable to profits interests. Until and unless such parity is reached, the value that an executive will realize for a given number of vested LTIP units is less than the value of an equal number of shares of our common stock. As of December 31, 2020, 19.0 million shares were reserved on an unadjusted basis for issuance upon the grant or exercise of awards under the LTIP. As of December 31, 2020, there were 5.6 million common shares available for issuance under the LTIP. The LTIP contains change of control provisions allowing for the immediate vesting of an award upon certain events such as a merger where UDR is not the surviving entity. Upon the death or disability of an award recipient all outstanding instruments will vest and all restrictions will lapse. The LTIP specifies that in the event of a capital transaction, which includes but is not limited to stock dividends, stock splits, extraordinary cash dividends and spin-offs, the number of shares available for grant in totality or to a single individual is to be adjusted proportionately. The LTIP specifies that when a capital transaction occurs that would dilute the holder of the stock award, prior grants are to be adjusted such that the recipient is no worse as a result of the capital transaction. A summary of UDRās LTIP Units and restricted stock activities during the year ended December 31, 2020 is as follows ( shares in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā LTIP Units ā Restricted Stock ā ā ā ā Weighted ā ā ā ā Weighted ā ā ā Average Fair ā ā ā ā Average Fair ā ā ā Value Per ā ā Number of ā Value Per ā Number ā Restricted ā ā LTIP Units ā LTIP Unit ā of shares ā Stock Balance, December 31, 2019 858 ā $ 37.77 248 ā $ 37.29 Granted 641 ā 42.64 188 ā 44.16 Vested (772) ā 39.29 (174) ā 36.74 Forfeited ā ā ā (25) ā 45.68 Balance, December 31, 2020 727 ā $ 41.58 237 ā $ 42.31 ā As of December 31, 2020, the Company had granted 6.5 million shares of restricted stock and 3.5 million LTIP Units under the LTIP. Stock Option Plan The Company has no unexercised stock options outstanding and no remaining compensation expense related to unvested stock options as of December 31, 2020. During the years ended December 31, 2020, 2019, and 2018, respectively, we did not recognize any net compensation expense related to outstanding stock options. Restricted Stock Awards Restricted stock awards are granted to Company employees, officers, and directors. The restricted stock awards are valued based upon the closing sales price of UDR common stock on the date of grant. Compensation expense is recorded under the straight-line method over the vesting period, which is generally three related to the amortization of restricted stock awards, respectively. The total remaining compensation cost on unvested restricted stock awards was $2.4 million and had a weighted average remaining contractual life of 2.4 years as of December 31, 2020. Short-Term Incentive Compensation In January 2020, certain officers of the Company were awarded a STI Unit grant under the 2020 Long-Term Incentive Program (ā2020 LTIā). The STI Unit awards represent short-term incentive compensation for the officers and were valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant in accordance with ASC 718, Compensation - Stock Compensation . In January 2019, certain officers of the Company were awarded a STI Unit grant under the 2019 Long-Term Incentive Program (ā2019 LTIā). The STI Unit awards represent short-term incentive compensation for the officers and were valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant in accordance with ASC 718, Compensation - Stock Compensation Long-Term Incentive Compensation In January 2020, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2020 LTI. For both restricted stock grants and LTIP Unit grants, thirty percent of the 2020 LTI award is based upon FFO as Adjusted over a two-year period and will vest fifty percent on the two-year anniversary and fifty percent on the three-year anniversary. Fifteen percent of the 2020 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2020 LTI award is based on Total Shareholder Return (āTSRā) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $46.12 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the two-year FFO as Adjusted was valued for compensation expense purposes at $21.24 per unit on the grant date, inclusive of a 7.9% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $22.23 per unit on the grant date, inclusive of a 3.6% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $53.94 per share for the comparable apartment REITs component and $49.35 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 16.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $26.18 per unit, inclusive of a 3.6% discount, for the comparable apartment REITs component and $23.98 per unit, inclusive of a 3.6% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 16.0%. In January 2019, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2019 LTI. For both restricted stock grants and LTIP Unit grants, thirty percent of the 2019 LTI award is based upon FFO as Adjusted over a one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary. Fifteen percent of the 2019 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2019 LTI award is based on Total Shareholder Return (āTSRā) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $38.39 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $17.47 per unit on the grant date, inclusive of a 9% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $18.24 per unit on the grant date, inclusive of a 5% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $43.63 per share for the comparable apartment REITs component and $43.42 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 21.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $20.89 per unit, inclusive of a 5% discount, for the comparable apartment REITs component and $20.79 per unit, inclusive of a 5% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 21.0%. In January 2018, certain officers of the Company were awarded either a restricted stock grant or an LTIP Unit grant, or a combination of both, under the 2018 Long-Term Incentive Program (ā2018 LTIā). For both restricted stock grants and LTIP Unit grants, thirty percent of the 2018 LTI award is based upon FFO as Adjusted over a one-year period and will vest fifty percent on the one-year anniversary and fifty percent on the two-year anniversary. Fifteen percent of the 2018 LTI award is based upon relative FFO as Adjusted over a three-year period and will vest 100% at the end of the three-year performance period. The remaining fifty-five percent of the 2018 LTI award is based on Total Shareholder Return (āTSRā) as measured relative to comparable apartment REITs over a three-year period and as measured relative to the Nareit Equity REITs Total Return Index over a three-year period whereby both will vest 100% at the end of the three-year performance periods. The portion of the restricted stock grant based upon FFO as Adjusted was valued for compensation expense purposes based upon the closing sales price of UDR common stock on the date of grant or $38.06 per share. Because LTIP Units are granted at the maximum potential payout and there is uncertainty associated with an LTIP Unit reaching parity with the value of a share of UDR common stock, the portion of the LTIP Unit grant based upon the one-year FFO as Adjusted was valued for compensation expense purposes at $17.13 per unit on the grant date, inclusive of a 10% discount, and the portion of the LTIP Unit grant based upon the three-year FFO as Adjusted was valued for compensation expense purposes at $18.08 per unit on the grant date, inclusive of a 5% discount. The portion of the restricted stock grant based upon relative TSR was valued for compensation expense purposes at $42.18 per share for the comparable apartment REITs component and $40.49 per share for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 17.0%. The portion of the LTIP Unit grant based upon relative TSR was valued for compensation expense purposes at $20.12 per unit, inclusive of a 5% discount, for the comparable apartment REITs component and $19.35 per unit, inclusive of a 5% discount, for the Nareit Equity REITs Total Return Index component on the grant date as determined by a lattice-binomial option-pricing model based on a Monte Carlo simulation using a volatility factor of 17.0%. For the years ended December 31, 2020, 2019, and 2018, we recognized $10.2 million, $12.4 million and $9.9 million, respectively, of compensation expense, net of capitalization, related to the amortization of the awards. The total remaining compensation cost on unvested LTI awards was $9.8 million and had a weighted average remaining contractual life of 1.6 years as of December 31, 2020. Profit Sharing Plan Our profit sharing plan (the āPlanā) is a defined contribution plan covering all eligible full-time employees. Under the Plan, UDR makes discretionary profit sharing and matching contributions to the Plan as determined by the Compensation Committee of the Board of Directors. Aggregate provisions for contributions, both matching and discretionary, which are included in General and administrative |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAXES | |
INCOME TAXES | 11. INCOME TAXES For 2020, 2019, and 2018, UDR believes that we have complied with the REIT requirements specified in the Code. As such, the REIT would generally not be subject to federal income taxes. For income tax purposes, distributions paid to common stockholders may consist of ordinary income, qualified dividends, capital gains, unrecaptured section 1250 gains, return of capital, or a combination thereof. Distributions that exceed our current and accumulated earnings and profits constitute a return of capital rather than taxable income and reduce the stockholderās basis in their common shares. To the extent that a distribution exceeds both current and accumulated earnings and profits and the stockholderās basis in the common shares, it generally will be treated as a gain from the sale or exchange of that stockholderās common shares. Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2020, 2019 and 2018 ( unaudited ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 ā 2018 Ordinary income $ 1.032 $ 0.981 $ 0.774 Qualified ordinary income ā 0.004 ā 0.004 ā 0.006 Long-term capital gain ā 0.298 ā 0.021 ā 0.058 Unrecaptured section 1250 gain ā 0.089 ā 0.063 ā 0.233 Nondividend distributions ā ā ā ā ā 0.281 ā ā 0.207 Total ā $ 1.423 ā $ 1.350 ā $ 1.278 ā We have a TRS that is subject to federal and state income taxes. A TRS is a C-corporation which has not elected REIT status and as such is subject to United States federal and state income tax. The components of the provision for income taxes are as follows for the years ended December 31, 2020, 2019, and 2018 (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 ā 2018 Income tax (benefit)/provision ā ā ā Current ā ā ā Federal ā $ (148) ā $ 1,466 ā $ 220 State ā 1,374 ā 735 ā 396 Total current ā 1,226 ā 2,201 ā 616 Deferred ā ā ā ā ā ā ā ā ā Federal ā 894 ā 1,266 ā 66 State ā 451 ā 371 ā 6 Investment tax credit ā ā (26) ā ā ā ā ā ā Total deferred ā 1,319 ā 1,637 ā 72 Total income tax (benefit)/provision ā $ 2,545 ā $ 3,838 ā $ 688 ā Deferred income taxes are provided for the change in temporary differences between the basis of certain assets and liabilities for financial reporting purposes and income tax reporting purposes. The expected future tax rates are based upon enacted tax laws. The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2020, 2019, and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 ā 2018 Deferred tax assets: ā ā ā Federal and state tax attributes ā $ 6 ā $ 22 ā $ 28 Other ā 147 ā 87 ā 70 Total deferred tax assets ā 153 ā 109 ā 98 Valuation allowance ā (23) ā (19) ā (16) Net deferred tax assets ā 130 ā 90 ā 82 Deferred tax liabilities: ā ā ā Book/tax depreciation and basis ā ā (638) ā ā (367) ā ā ā Other investment ventures ā ā (2,665) ā ā (1,291) ā ā (17) Other ā (67) ā (67) ā (67) Total deferred tax liabilities ā (3,370) ā (1,725) ā (84) Net deferred tax assets/(liabilities) ā $ (3,240) ā $ (1,635) ā $ (2) ā Income tax provision/(benefit), net from our TRS differed from the amounts computed by applying the U.S. statutory rate of 21% to pretax income/(loss) for the years ended December 31, 2020, 2019, and 2018 as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 ā 2018 Income tax provision/(benefit) ā ā ā U.S. federal income tax provision/(benefit) ā $ 1,240 ā $ 2,905 ā $ 321 State income tax provision ā 1,434 ā 1,013 ā 527 Other items ā (165) ā (139) ā (167) Solar credit amortization ā ā (26) ā ā ā ā ā ā ITC basis adjustment ā 58 ā 56 ā ā Valuation allowance ā 4 ā 3 ā 7 Total income tax provision/(benefit) ā $ 2,545 ā $ 3,838 ā $ 688 ā As of December 31, 2020, the Company had federal net operating loss carryovers (āNOLā) of $27.1 million expiring in 2032 through 2035 and state NOLs of $66.8 million expiring in 2021 through 2032. A portion of these attributes are still available to the subsidiary REITs, but are carried at a zero effective tax rate. The Companyās Tax benefit/(provision), net The Company evaluates our tax position using a two-step process. First, we determine whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Company will then determine the amount of benefit to recognize and record the amount of the benefit that is more likely than not to be realized upon ultimate settlement. As of December 31, 2020 and 2019, UDR has no material unrecognized income tax benefits/(provisions), net. The Company files income tax returns in federal and various state and local jurisdictions. The tax years 2017 through 2019 remain open to examination by the major taxing jurisdictions to which the Company is subject . |
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2020 | |
NONCONTROLLING INTERESTS | |
NONCONTROLLING INTERESTS | 12. NONCONTROLLING INTERESTS Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income attributable to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of common stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Companyās stock price at each balance sheet date. The following table sets forth redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership for the years ended December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 1,018,665 $ 972,740 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā (143,741) ā 183,884 Conversion of OP Units/DownREIT Units to Common Stock ā (12,666) ā (134,031) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā 4,543 ā 14,426 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā (34,149) ā (32,270) Vesting of Long-Term Incentive Plan Units ā ā 23,501 ā ā 14,742 Allocation of other comprehensive income/(loss) ā 141 ā (826) Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year ā $ 856,294 ā $ 1,018,665 ā 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 | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | |
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | 13. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: ā Level 1 ā Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. ā Level 2 ā 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. ā Level 3 ā 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 Companyās financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2020, Using ā ā Total ā ā ā Quoted ā ā ā ā ā ā Carrying ā ā ā Prices in ā ā ā ā ā ā Amount in ā ā ā Active ā ā ā ā ā ā ā Statement of ā ā ā ā Markets ā Significant ā ā ā ā ā Financial ā Fair Value ā for Identical ā Other ā Significant ā ā Position at ā Estimate at ā Assets or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā ā 2020 (a) ā 2020 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā ā Notes receivable, net (b) ā $ 157,992 ā $ 170,411 ā $ ā ā $ ā ā $ 170,411 Derivatives - Interest rate contracts (b) ā 2 ā 2 ā ā ā 2 ā ā Total assets ā $ 157,994 ā $ 170,413 ā $ ā ā $ 2 ā $ 170,411 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Derivatives - Interest rate contracts (c) ā $ 167 ā $ 167 ā $ ā ā $ 167 ā $ ā Secured debt instruments - fixed rate: (d) ā ā ā ā ā ā Mortgage notes payable ā ā 837,473 ā ā 854,084 ā ā ā ā ā ā ā ā 854,084 Secured debt instruments - variable rate: (d) ā ā ā ā ā ā Tax-exempt secured notes payable ā 27,000 ā 27,000 ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā Working capital credit facility ā ā 28,024 ā ā 28,024 ā ā ā ā ā ā ā ā 28,024 Commercial paper program ā ā 190,000 ā ā 190,000 ā ā ā ā ā ā ā ā 190,000 Unsecured notes ā ā 3,922,314 ā ā 4,283,045 ā ā ā ā ā ā ā ā 4,283,045 Total liabilities ā $ 5,004,978 ā $ 5,382,320 ā $ ā ā $ 167 ā $ 5,382,153 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ā $ 856,294 ā $ 856,294 ā $ ā ā $ 856,294 ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2019, Using ā ā Total ā ā ā Quoted ā ā ā ā ā ā Carrying ā ā ā Prices in ā ā ā ā ā ā Amount in ā ā ā Active ā ā ā ā ā ā Statement of ā ā ā Markets ā Significant ā ā ā ā Financial ā Fair Value ā for Identical ā Other ā Significant ā ā Position at ā Estimate at ā Assets or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā 2019 (a) ā 2019 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā ā Notes receivable, net (b) ā $ 153,650 ā $ 160,197 ā $ ā ā $ ā ā $ 160,197 Derivatives - Interest rate contracts (c) ā 6 ā 6 ā ā ā 6 ā ā Total assets ā $ 153,656 ā $ 160,203 ā $ ā ā $ 6 ā $ 160,197 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Derivatives - Interest rate contracts (c) ā $ 142 ā $ 142 ā $ ā ā $ 142 ā $ ā Secured debt instruments - fixed rate: (d) ā ā ā ā ā ā Mortgage notes payable ā ā 906,228 ā ā 898,329 ā ā ā ā ā ā ā ā 898,329 Credit facilities ā 218,490 ā 213,661 ā ā ā ā ā 213,661 Secured debt instruments - variable rate: (d) ā ā ā ā ā ā Tax-exempt secured notes payable ā 27,000 ā 27,000 ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā ā Working capital credit facility ā ā 16,583 ā ā 16,583 ā ā ā ā ā ā ā ā 16,583 Commercial paper program ā ā 300,000 ā ā 300,000 ā ā ā ā ā ā ā ā 300,000 Unsecured notes ā ā 3,263,152 ā ā 3,397,622 ā ā ā ā ā ā ā ā 3,397,622 Total liabilities ā $ 4,731,595 ā $ 4,853,337 ā $ ā ā $ 142 ā $ 4,853,195 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ā $ 1,018,665 ā $ 1,018,665 ā $ ā ā $ 1,018,665 ā $ ā (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 14, Derivatives and Hedging Activity . (d) See Note 7, Secured and Unsecured Debt, Net . (e) See Note 12, Noncontrolling Interests . There were no transfers into or out of any of the levels of the fair value hierarchy during the year ended December 31, 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 swaps and caps 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 counterpartyās nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2020 and 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 FASBās 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 Companyās common stock at the redemption date, and therefore, is calculated based on the fair value of the Companyās common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership are classified as Level 2. Financial Instruments Not Carried at Fair Value At December 31, 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 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 | 12 Months Ended |
Dec. 31, 2020 | |
DERIVATIVES AND HEDGING ACTIVITY | |
DERIVATIVES AND HEDGING ACTIVITY | 14. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Companyās derivative financial instruments are used to manage differences in the amount, timing, and duration of the Companyās known or expected cash receipts and its known or expected cash payments principally related to the Companyās investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Companyās 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 December 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ā ā ā ā ā ā ā Number of ā Product ā Instruments ā Notional Interest rate swaps and caps (a) ā 2 ā $ 334,880 (a) In addition to the interest rate swaps summarized above, the Company entered into three additional interest rate swaps with a total notional value of $315.0 million that became effective in January 2021 upon maturity of the $315.0 million notional value interest rate swap summarized above. Derivatives not designated as hedges are not speculative and are used to manage the Companyās 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. As of December 31, 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 Companyās derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Asset Derivatives ā Liability Derivatives ā ā (included in Other assets ) ā (included in Other liabilities ) ā ā Fair Value at: ā Fair Value at: ā ā December 31, ā December 31, ā December 31, ā December 31, ā ā 2020 ā 2019 ā 2020 ā 2019 Derivatives designated as hedging instruments: ā ā ā ā Interest rate products ā $ 2 ā $ 6 ā $ 167 ā $ 142 ā Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Companyās derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gain/(Loss) Recognized in ā ā ā ā Gain/(Loss) Reclassified ā Interest expense ā ā Unrealized holding gain/(loss) ā from Accumulated OCI into ā (Amount Excluded from ā ā Recognized in OCI ā Interest expense ā Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 2018 2020 2019 2018 2020 2019 2018 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Interest rate products ā $ (3,382) ā $ (8,437) ā $ 4,806 ā $ (4,827) ā $ 2,770 ā $ 1,948 ā $ ā ā $ ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended ā ā December 31, ā ā 2020 ā 2019 ā 2018 Total amount of Interest expense ā $ 202,706 ā $ 170,917 ā $ 134,168 ā Interest income and other income/(expense), net ā 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 Companyās 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 entityās 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 December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Net Amounts of Gross Amounts Not Offset ā ā ā ā ā ā ā ā Amounts ā Assets ā in the Consolidated ā ā ā ā ā Gross ā Offset in the ā Presented in the ā Balance Sheet ā ā ā ā ā Amounts of ā Consolidated ā Consolidated ā ā ā ā Cash ā ā ā ā ā Recognized ā Balance ā Balance Sheets ā Financial ā Collateral ā ā ā Offsetting of Derivative Assets ā Assets ā Sheets ā (a) ā Instruments Received Net Amount December 31, 2020 ā $ 2 ā $ ā ā $ 2 ā $ ā ā $ ā ā $ 2 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā $ 6 ā $ ā ā $ 6 ā $ (3) ā $ ā ā $ 3 (a) Amounts reconcile to the aggregate fair value of derivative assets in the āTabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheetsā located in this footnote. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Net Amounts of Gross Amounts Not Offset ā ā ā ā ā ā ā ā Amounts ā Liabilities ā in the Consolidated ā ā ā ā ā Gross ā Offset in the ā Presented in the ā Balance Sheet ā ā ā ā ā Amounts of ā Consolidated ā Consolidated ā ā ā ā Cash ā ā ā ā ā Recognized ā Balance ā Balance Sheets ā Financial ā Collateral ā ā ā Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2020 ā $ 167 ā $ ā ā $ 167 ā $ ā ā $ ā ā $ 167 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā $ 142 ā $ ā ā $ 142 ā $ (3) ā $ ā ā $ 139 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the āTabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheetsā located in this footnote. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | ā 15. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Companyās real estate commitments at December 31, 2020 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā Number ā UDR's ā UDR's Remaining ā ā ā Properties ā Investment (a) ā Commitment ā Wholly-owned ā under development 5 ā $ 247,877 ā $ 243,623 Joint ventures: ā ā Preferred equity investments 1 ā ā 17,919 (b) ā 2,921 (b) Other investments ā - ā ā 22,870 ā ā 19,245 ā Total ā $ 288,666 ā $ 265,789 (a) Represents UDRās investment as of December 31, 2020. (b) Represents UDRās investment in and remaining commitment for Thousand Oaks, which is under development as of December 31, 2020. Contingencies Litigation and Legal Matters The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company cannot determine the ultimate liability with respect to such legal proceedings and claims at this time. The Company believes that such liability, to the extent not provided for through insurance or otherwise, will not have a material adverse effect on our financial condition, results of operations or cash flows. |
REPORTABLE SEGMENTS
REPORTABLE SEGMENTS | 12 Months Ended |
Dec. 31, 2020 | |
REPORTABLE SEGMENTS | |
REPORTABLE SEGMENTS | 16. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker to decide how to allocate resources and for purposes of assessing such segmentsā performance. UDRās 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 UDRās apartment communities are rental income and net operating income (āNOIā). 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, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. UDRās Chief Operating Decision Maker utilizes NOI as the key measure of segment profit or loss. UDRās two reportable segments are Same-Store Communities Non-Mature Communities/Other ā Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2019 and held as of December 31, 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 year, there is no plan to conduct substantial redevelopment activities, and the community is not classified as 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. ā 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 UDRās total revenues during the years ended December 31, 2020, 2019, and 2018. ā The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue ā Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases ā 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. ā Other Revenue ā 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. ā Joint venture management and other fees ā The Joint venture management and other fees Joint venture management and other fees ā The following table details rental income and NOI for UDRās reportable segments for the years ended December 31, 2020, 2019, and 2018, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2020 2019 2018 Reportable apartment home segment lease revenue ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 385,959 ā $ 402,901 ā $ 387,215 Mid-Atlantic Region ā 211,633 ā 211,401 ā 205,324 Northeast Region ā ā 108,073 ā ā 122,008 ā ā 119,540 Southeast Region ā 123,993 ā 120,289 ā 116,011 Southwest Region ā 65,713 ā 64,970 ā 63,287 Non-Mature Communities/Other ā 302,920 ā 180,668 ā 111,272 Total segment and consolidated lease revenue ā $ 1,198,291 ā $ 1,102,237 ā $ 1,002,649 ā ā ā ā ā ā ā ā ā ā Reportable apartment home segment other revenue ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 11,803 ā $ 12,339 ā $ 10,738 Mid-Atlantic Region ā 6,329 ā 7,216 ā 6,357 Northeast Region ā 2,697 ā 2,760 ā 2,623 Southeast Region ā 5,395 ā 6,444 ā 6,223 Southwest Region ā 2,543 ā 2,793 ā 2,664 Non-Mature Communities/Other ā 9,038 ā 4,349 ā 3,851 Total segment and consolidated other revenue ā $ 37,805 ā $ 35,901 ā $ 32,456 ā ā ā ā ā ā ā ā ā ā Total reportable apartment home segment rental income ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 397,762 ā $ 415,240 ā $ 397,953 Mid-Atlantic Region ā 217,962 ā 218,617 ā 211,681 Northeast Region ā 110,770 ā 124,768 ā 122,163 Southeast Region ā 129,388 ā 126,733 ā 122,234 Southwest Region ā 68,256 ā 67,763 ā 65,951 Non-Mature Communities/Other ā 311,958 ā 185,017 ā 115,123 Total segment and consolidated rental income ā $ 1,236,096 ā $ 1,138,138 ā $ 1,035,105 ā ā ā ā ā ā ā ā ā ā Reportable apartment home segment NOI ā ā ā Same-Store Communities (a) ā ā ā West Region ā $ 295,065 ā $ 315,812 ā $ 300,745 Mid-Atlantic Region ā 152,131 ā 154,082 ā 148,057 Northeast Region ā 65,553 ā 83,832 ā 84,059 Southeast Region ā 88,518 ā 88,467 ā 85,219 Southwest Region ā 42,931 ā 42,210 ā 39,631 Non-Mature Communities/Other ā 209,504 ā 123,900 ā 74,404 Total segment and consolidated NOI ā 853,702 ā 808,303 ā 732,115 Reconciling items: ā ā ā Joint venture management and other fees ā 5,069 ā 14,055 ā 11,754 Property management ā (35,538) ā (32,721) ā (28,465) Other operating expenses ā (22,762) ā (13,932) ā (12,100) Real estate depreciation and amortization ā (608,616) ā (501,257) ā (429,006) General and administrative ā (49,885) ā (51,533) ā (46,983) Casualty-related (charges)/recoveries, net ā (2,131) ā (474) ā (2,121) Other depreciation and amortization ā (10,013) ā (6,666) ā (6,673) Gain/(loss) on sale of real estate owned ā ā 119,277 ā ā 5,282 ā ā 136,197 Income/(loss) from unconsolidated entities ā 18,844 ā 137,873 ā (5,055) Interest expense ā (202,706) ā (170,917) ā (134,168) Interest income and other income/(expense), net ā 6,274 ā 15,404 ā 6,735 Tax (provision)/benefit, net ā (2,545) ā (3,838) ā (688) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā (4,543) ā (14,426) ā (18,215) Net (income)/loss attributable to noncontrolling interests ā (161) ā (188) ā (221) Net income/(loss) attributable to UDR, Inc. ā $ 64,266 ā $ 184,965 ā $ 203,106 (a) Same-Store Community population consisted of 37,607 apartment homes. ā The following table details the assets of UDRās reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Reportable apartment home segment assets: ā ā Same-Store Communities (a): ā ā West Region ā $ 3,732,329 ā $ 3,696,544 Mid-Atlantic Region ā 2,255,449 ā 2,222,405 Northeast Region ā 1,507,878 ā 1,500,597 Southeast Region ā 827,683 ā 806,830 Southwest Region ā 614,647 ā 600,350 Non-Mature Communities/Other ā 4,133,486 ā 3,775,375 Total segment assets ā 13,071,472 ā 12,602,101 Accumulated depreciation ā (4,605,366) ā (4,131,353) Total segment assets ā net book value ā 8,466,106 ā 8,470,748 Reconciling items: ā ā Cash and cash equivalents ā 1,409 ā 8,106 Restricted cash ā 22,762 ā 25,185 Notes receivable, net ā 157,992 ā 153,650 Investment in and advances to unconsolidated joint ventures, net ā 600,233 ā 588,262 Operating lease right-of-use assets ā ā 200,913 ā ā 204,225 Other assets ā 188,118 ā 186,296 Total consolidated assets ā $ 9,637,533 ā $ 9,636,472 (a) Same-Store Community population consisted of 37,607 apartment homes. Markets included in the above geographic segments are as follows: i. West Region ā Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, Other Southern California and Portland ii. Mid-Atlantic Region ā Metropolitan D.C., Baltimore and Richmond iii. Northeast Region ā Boston and New York iv. Southeast Region ā Tampa, Orlando, Nashville and Other Florida v. Southwest Region ā Dallas, Austin and Denver |
SCHEDULE III - REAL ESTATE OWNE
SCHEDULE III - REAL ESTATE OWNED | 12 Months Ended |
Dec. 31, 2020 | |
Schedule III - Real Estate Owned | |
Schedule III - Real Estate Owned | UDR, INC. SCHEDULE III ā REAL ESTATE OWNED DECEMBER 31, 2020 (In thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Amount at Which ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Initial Costs ā ā ā ā ā ā ā Carried at Close of Period ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Improvements ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Capitalized ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Land and ā Buildings ā Total Initial ā Subsequent ā Land and ā Buildings & ā Total ā ā ā ā ā ā ā ā ā ā ā ā Land ā and ā Acquisition ā to Acquisition ā Land ā Buildings ā Carrying ā Accumulated ā Date of ā Date ā ā Encumbrances ā Improvements ā Improvements ā Costs ā Costs ā Improvements ā Improvements ā Value ā Depreciation ā Construction(a) ā Acquired WEST REGION ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Harbor at Mesa Verde ā $ ā ā $ 20,476 ā $ 28,538 ā $ 49,014 ā $ 23,282 ā $ 22,317 ā $ 49,979 ā $ 72,296 ā $ 37,780 ā 1965/2003 ā Jun-03 27 Seventy Five Mesa Verde ā ā ā ā ā 99,329 ā ā 110,644 ā ā 209,973 ā ā 106,411 ā ā 116,177 ā ā 200,207 ā ā 316,384 ā ā 147,609 ā 1979/2013 ā Oct-04 Huntington Vista ā ā ā ā ā 8,055 ā ā 22,486 ā ā 30,541 ā ā 14,742 ā ā 9,302 ā ā 35,981 ā ā 45,283 ā ā 27,136 ā 1970 ā Jun-03 Missions at Back Bay ā ā ā ā ā 229 ā ā 14,129 ā ā 14,358 ā ā 4,129 ā ā 11,052 ā ā 7,435 ā ā 18,487 ā ā 5,837 ā 1969 ā Dec-03 Eight 80 Newport Beach - North ā ā ā ā ā 62,516 ā ā 46,082 ā ā 108,598 ā ā 46,676 ā ā 69,331 ā ā 85,943 ā ā 155,274 ā ā 64,662 ā 1968/2000/2016 ā Oct-04 Eight 80 Newport Beach - South ā ā ā ā ā 58,785 ā ā 50,067 ā ā 108,852 ā ā 37,225 ā ā 60,961 ā ā 85,116 ā ā 146,077 ā ā 59,802 ā 1968/2000/2016 ā Mar-05 Foxborough ā ā ā ā ā 12,071 ā ā 6,187 ā ā 18,258 ā ā 5,034 ā ā 12,576 ā ā 10,716 ā ā 23,292 ā ā 8,033 ā 1969 ā Sep-04 1818 Platinum Triangle ā ā ā ā ā 16,663 ā ā 51,905 ā ā 68,568 ā ā 4,556 ā ā 17,090 ā ā 56,034 ā ā 73,124 ā ā 33,489 ā 2009 ā Aug-10 Beach & Ocean ā ā ā ā ā 12,878 ā ā ā ā ā 12,878 ā ā 39,458 ā ā 13,121 ā ā 39,215 ā ā 52,336 ā ā 15,074 ā 2014 ā Aug-11 The Residences at Bella Terra ā ā ā ā ā 25,000 ā ā ā ā ā 25,000 ā ā 129,847 ā ā 25,658 ā ā 129,189 ā ā 154,847 ā ā 58,013 ā 2013 ā Oct-11 Los Alisos at Mission Viejo ā ā ā ā ā 17,298 ā ā ā ā ā 17,298 ā ā 70,880 ā ā 16,685 ā ā 71,493 ā ā 88,178 ā ā 30,904 ā 2014 ā Jun-04 The Residences at Pacific City ā ā ā ā ā 78,085 ā ā ā ā ā 78,085 ā ā 276,948 ā ā 78,227 ā ā 276,806 ā ā 355,033 ā ā 55,308 ā 2018 ā Jan-14 ORANGE COUNTY, CA ā ā ā 411,385 ā 330,038 ā 741,423 ā 759,188 ā 452,497 ā 1,048,114 ā 1,500,611 ā 543,647 ā ā ā ā 2000 Post Street ā ā ā ā ā 9,861 ā ā 44,578 ā ā 54,439 ā ā 37,292 ā ā 14,417 ā ā 77,314 ā ā 91,731 ā ā 46,827 ā 1987/2016 ā Dec-98 Birch Creek ā ā ā ā ā 4,365 ā ā 16,696 ā ā 21,061 ā ā 10,462 ā ā 1,409 ā ā 30,114 ā ā 31,523 ā ā 18,789 ā 1968 ā Dec-98 Highlands Of Marin ā ā ā ā ā 5,996 ā ā 24,868 ā ā 30,864 ā ā 29,045 ā ā 8,086 ā ā 51,823 ā ā 59,909 ā ā 39,256 ā 1991/2010 ā Dec-98 Marina Playa ā ā ā ā ā 6,224 ā ā 23,916 ā ā 30,140 ā ā 14,413 ā ā 1,336 ā ā 43,217 ā ā 44,553 ā ā 26,198 ā 1971 ā Dec-98 River Terrace ā ā ā ā ā 22,161 ā ā 40,137 ā ā 62,298 ā ā 8,941 ā ā 22,998 ā ā 48,241 ā ā 71,239 ā ā 33,870 ā 2005 ā Aug-05 CitySouth ā ā ā ā ā 14,031 ā ā 30,537 ā ā 44,568 ā ā 39,859 ā ā 16,681 ā ā 67,746 ā ā 84,427 ā ā 51,728 ā 1972/2012 ā Nov-05 Bay Terrace ā ā ā ā ā 8,545 ā ā 14,458 ā ā 23,003 ā ā 7,598 ā ā 11,679 ā ā 18,922 ā ā 30,601 ā ā 12,980 ā 1962 ā Oct-05 Highlands of Marin Phase II ā ā ā ā ā 5,353 ā ā 18,559 ā ā 23,912 ā ā 11,361 ā ā 5,782 ā ā 29,491 ā ā 35,273 ā ā 21,081 ā 1968/2010 ā Oct-07 Edgewater ā ā ā ā ā 30,657 ā ā 83,872 ā ā 114,529 ā ā 13,128 ā ā 30,804 ā ā 96,853 ā ā 127,657 ā ā 61,120 ā 2007 ā Mar-08 Almaden Lake Village ā ā 27,000 ā ā 594 ā ā 42,515 ā ā 43,109 ā ā 9,940 ā ā 981 ā ā 52,068 ā ā 53,049 ā ā 33,775 ā 1999 ā Jul-08 388 Beale ā ā ā ā ā 14,253 ā ā 74,104 ā ā 88,357 ā ā 15,269 ā ā 14,643 ā ā 88,983 ā ā 103,626 ā ā 48,151 ā 1999 ā Apr-11 Channel Mission Bay ā ā ā ā ā 23,625 ā ā ā ā ā 23,625 ā ā 131,470 ā ā 24,039 ā ā 131,056 ā ā 155,095 ā ā 56,161 ā 2014 ā Sep-10 SAN FRANCISCO, CA ā 27,000 ā 145,665 ā 414,240 ā 559,905 ā 328,778 ā 152,855 ā 735,828 ā 888,683 ā 449,936 ā ā ā ā Crowne Pointe ā ā ā ā ā 2,486 ā ā 6,437 ā ā 8,923 ā ā 9,928 ā ā 3,237 ā ā 15,614 ā ā 18,851 ā ā 11,696 ā 1987 ā Dec-98 Hilltop ā ā ā ā ā 2,174 ā ā 7,408 ā ā 9,582 ā ā 6,882 ā ā 3,053 ā ā 13,411 ā ā 16,464 ā ā 9,868 ā 1985 ā Dec-98 The Hawthorne ā ā ā ā ā 6,474 ā ā 30,226 ā ā 36,700 ā ā 9,397 ā ā 7,137 ā ā 38,960 ā ā 46,097 ā ā 27,979 ā 2003 ā Jul-05 The Kennedy ā ā ā ā ā 6,179 ā ā 22,307 ā ā 28,486 ā ā 4,403 ā ā 6,317 ā ā 26,572 ā ā 32,889 ā ā 17,882 ā 2005 ā Nov-05 Hearthstone at Merrill Creek ā ā ā ā ā 6,848 ā ā 30,922 ā ā 37,770 ā ā 9,325 ā ā 7,311 ā ā 39,784 ā ā 47,095 ā ā 24,773 ā 2000 ā May-08 Island Square ā ā ā ā ā 21,284 ā ā 89,389 ā ā 110,673 ā ā 7,991 ā ā 21,674 ā ā 96,990 ā ā 118,664 ā ā 61,271 ā 2007 ā Jul-08 elements too ā ā ā ā ā 27,468 ā ā 72,036 ā ā 99,504 ā ā 20,580 ā ā 30,347 ā ā 89,737 ā ā 120,084 ā ā 67,882 ā 2010 ā Feb-10 989elements ā ā ā ā ā 8,541 ā ā 45,990 ā ā 54,531 ā ā 5,668 ā ā 8,683 ā ā 51,516 ā ā 60,199 ā ā 29,943 ā 2006 ā Dec-09 Lightbox ā ā ā ā ā 6,449 ā ā 38,884 ā ā 45,333 ā ā 1,265 ā ā 6,474 ā ā 40,124 ā ā 46,598 ā ā 15,968 ā 2014 ā Aug-14 Ashton Bellevue ā ā ā ā ā 8,287 ā ā 124,939 ā ā 133,226 ā ā 3,185 ā ā 8,368 ā ā 128,043 ā ā 136,411 ā ā 30,424 ā 2009 ā Oct-16 TEN20 ā ā ā ā ā 5,247 ā ā 76,587 ā ā 81,834 ā ā 4,110 ā ā 5,293 ā ā 80,651 ā ā 85,944 ā ā 19,241 ā 2009 ā Oct-16 Milehouse ā ā ā ā ā 5,976 ā ā 63,041 ā ā 69,017 ā ā 929 ā ā 6,007 ā ā 63,939 ā ā 69,946 ā ā 17,016 ā 2016 ā Nov-16 CityLine ā ā ā ā ā 11,220 ā ā 85,787 ā ā 97,007 ā ā 420 ā ā 11,228 ā ā 86,199 ā ā 97,427 ā ā 21,804 ā 2016 ā Jan-17 CityLine II ā ā ā ā ā 3,723 ā ā 56,843 ā ā 60,566 ā ā 451 ā ā 3,723 ā ā 57,294 ā ā 61,017 ā ā 8,079 ā 2018 ā Jan-19 SEATTLE, WA ā ā ā 122,356 ā 750,796 ā 873,152 ā 84,534 ā 128,852 ā 828,834 ā 957,686 ā 363,826 ā ā ā ā Boronda Manor ā ā ā ā ā 1,946 ā ā 8,982 ā ā 10,928 ā ā 11,521 ā ā 3,363 ā ā 19,086 ā ā 22,449 ā ā 12,517 ā 1979 ā Dec-98 Garden Court ā ā ā ā ā 888 ā ā 4,188 ā ā 5,076 ā ā 6,791 ā ā 1,616 ā ā 10,251 ā ā 11,867 ā ā 6,763 ā 1973 ā Dec-98 Cambridge Court ā ā ā ā ā 3,039 ā ā 12,883 ā ā 15,922 ā ā 18,790 ā ā 5,721 ā ā 28,991 ā ā 34,712 ā ā 19,495 ā 1974 ā Dec-98 Laurel Tree ā ā ā ā ā 1,304 ā ā 5,115 ā ā 6,419 ā ā 7,999 ā ā 2,469 ā ā 11,949 ā ā 14,418 ā ā 7,870 ā 1977 ā Dec-98 The Pointe At Harden Ranch ā ā ā ā ā 6,388 ā ā 23,854 ā ā 30,242 ā ā 34,192 ā ā 10,392 ā ā 54,042 ā ā 64,434 ā ā 35,017 ā 1986 ā Dec-98 The Pointe At Northridge ā ā ā ā ā 2,044 ā ā 8,028 ā ā 10,072 ā ā 12,411 ā ā 3,624 ā ā 18,859 ā ā 22,483 ā ā 12,598 ā 1979 ā Dec-98 The Pointe At Westlake ā ā ā ā ā 1,329 ā ā 5,334 ā ā 6,663 ā ā 8,198 ā ā 2,361 ā ā 12,500 ā ā 14,861 ā ā 8,071 ā 1975 ā Dec-98 MONTEREY PENINSULA, CA ā ā ā 16,938 ā 68,384 ā 85,322 ā 99,902 ā 29,546 ā 155,678 ā 185,224 ā 102,331 ā ā ā ā Rosebeach ā ā ā ā ā 8,414 ā ā 17,449 ā ā 25,863 ā ā 6,859 ā ā 8,917 ā ā 23,805 ā ā 32,722 ā ā 17,614 ā 1970 ā Sep-04 Tierra Del Rey ā ā ā ā ā 39,586 ā ā 36,679 ā ā 76,265 ā ā 9,294 ā ā 40,031 ā ā 45,528 ā ā 85,559 ā ā 28,994 ā 1998 ā Dec-07 The Westerly ā ā ā ā ā 48,182 ā ā 102,364 ā ā 150,546 ā ā 43,809 ā ā 50,893 ā ā 143,462 ā ā 194,355 ā ā 91,044 ā 1993/2013 ā Sep-10 Jefferson at Marina del Rey ā ā ā ā ā 55,651 ā ā ā ā ā 55,651 ā ā 94,879 ā ā 61,607 ā ā 88,923 ā ā 150,530 ā ā 57,719 ā 2008 ā Sep-07 LOS ANGELES, CA ā ā ā 151,833 ā 156,492 ā 308,325 ā 154,841 ā 161,448 ā 301,718 ā 463,166 ā 195,371 ā ā ā ā Verano at Rancho Cucamonga Town Square ā ā ā ā ā 13,557 ā ā 3,645 ā ā 17,202 ā ā 59,704 ā ā 24,355 ā ā 52,551 ā ā 76,906 ā ā 44,276 ā 2006 ā Oct-02 Windemere at Sycamore Highland ā ā ā ā ā 5,810 ā ā 23,450 ā ā 29,260 ā ā 5,513 ā ā 6,371 ā ā 28,402 ā ā 34,773 ā ā 22,167 ā 2001 ā Nov-02 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Amount at Which ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Initial Costs ā ā ā ā ā ā ā Carried at Close of Period ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Improvements ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Capitalized ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Land and ā Buildings ā Total Initial ā Subsequent ā Land and ā Buildings & ā Total ā ā ā ā ā ā ā ā ā ā ā ā Land ā and ā Acquisition ā to Acquisition ā Land ā Buildings ā Carrying ā Accumulated ā Date of ā Date ā ā Encumbrances ā Improvements ā Improvements ā Costs ā Costs ā Improvements ā Improvements ā Value ā Depreciation ā Construction(a) ā Acquired Strata ā ā ā ā ā 14,278 ā ā 84,242 ā ā 98,520 ā ā 1,086 ā ā 14,278 ā ā 85,328 ā ā 99,606 ā ā 5,273 ā 2010 ā Nov-19 OTHER SOUTHERN CA ā ā ā 33,645 ā 111,337 ā 144,982 ā 66,303 ā 45,004 ā 166,281 ā 211,285 ā 71,716 ā ā ā ā Tualatin Heights ā ā ā ā ā 3,273 ā ā 9,134 ā ā 12,407 ā ā 9,974 ā ā 4,285 ā ā 18,096 ā ā 22,381 ā ā 13,414 ā 1989 ā Dec-98 Hunt Club ā ā ā ā ā 6,014 ā ā 14,870 ā ā 20,884 ā ā 8,861 ā ā 6,564 ā ā 23,181 ā ā 29,745 ā ā 18,262 ā 1985 ā Sep-04 The Arbory ā ā ā ā ā 4,366 ā ā 63,457 ā ā 67,823 ā ā 375 ā ā 4,366 ā ā 63,832 ā ā 68,198 ā ā 3,990 ā 2018 ā Jan-20 PORTLAND, OR ā ā ā 13,653 ā 87,461 ā 101,114 ā 19,210 ā 15,215 ā 105,109 ā 120,324 ā 35,666 ā ā ā ā TOTAL WEST REGION ā 27,000 ā 895,475 ā 1,918,748 ā 2,814,223 ā 1,512,756 ā 985,417 ā 3,341,562 ā 4,326,979 ā 1,762,493 ā ā ā ā MID-ATLANTIC REGION ā ā ā ā ā ā ā ā ā ā ā ā ā Dominion Middle Ridge ā ā ā ā ā 3,311 ā ā 13,283 ā ā 16,594 ā ā 16,175 ā ā 4,452 ā ā 28,317 ā ā 32,769 ā ā 17,485 ā 1990 ā Jun-96 Dominion Lake Ridge ā ā ā ā ā 2,366 ā ā 8,387 ā ā 10,753 ā ā 10,034 ā ā 3,170 ā ā 17,617 ā ā 20,787 ā ā 13,548 ā 1987 ā Feb-96 Presidential Greens ā ā ā ā ā 11,238 ā ā 18,790 ā ā 30,028 ā ā 13,875 ā ā 11,878 ā ā 32,025 ā ā 43,903 ā ā 25,745 ā 1938 ā May-02 The Whitmore ā ā ā ā ā 6,418 ā ā 13,411 ā ā 19,829 ā ā 25,175 ā ā 7,624 ā ā 37,380 ā ā 45,004 ā ā 30,124 ā 1962/2008 ā Apr-02 Ridgewood -apts side ā ā ā ā ā 5,612 ā ā 20,086 ā ā 25,698 ā ā 13,198 ā ā 6,482 ā ā 32,414 ā ā 38,896 ā ā 25,282 ā 1988 ā Aug-02 Waterside Towers ā ā ā ā ā 13,001 ā ā 49,657 ā ā 62,658 ā ā 33,767 ā ā 50,752 ā ā 45,673 ā ā 96,425 ā ā 31,613 ā 1971 ā Dec-03 Wellington Place at Olde Town ā ā ā ā ā 13,753 ā ā 36,059 ā ā 49,812 ā ā 21,633 ā ā 14,971 ā ā 56,474 ā ā 71,445 ā ā 43,548 ā 1987/2008 ā Sep-05 Andover House ā ā ā ā ā 183 ā ā 59,948 ā ā 60,131 ā ā 7,059 ā ā 320 ā ā 66,870 ā ā 67,190 ā ā 41,876 ā 2004 ā Mar-07 Sullivan Place ā ā ā ā ā 1,137 ā ā 103,676 ā ā 104,813 ā ā 15,501 ā ā 1,867 ā ā 118,447 ā ā 120,314 ā ā 76,621 ā 2007 ā Dec-07 Delancey at Shirlington ā ā ā ā ā 21,606 ā ā 66,765 ā ā 88,371 ā ā 7,683 ā ā 21,713 ā ā 74,341 ā ā 96,054 ā ā 46,351 ā 2006/2007 ā Mar-08 View 14 ā ā ā ā ā 5,710 ā ā 97,941 ā ā 103,651 ā ā 6,254 ā ā 5,785 ā ā 104,120 ā ā 109,905 ā ā 55,928 ā 2009 ā Jun-11 Signal Hill Apartments ā ā ā ā ā 13,290 ā ā ā ā ā 13,290 ā ā 72,684 ā ā 25,594 ā ā 60,380 ā ā 85,974 ā ā 44,807 ā 2010 ā Mar-07 Capitol View on 14th ā ā ā ā ā 31,393 ā ā ā ā ā 31,393 ā ā 97,182 ā ā 31,478 ā ā 97,097 ā ā 128,575 ā ā 46,206 ā 2013 ā Sep-07 Domain College Park ā ā ā ā ā 7,300 ā ā ā ā ā 7,300 ā ā 60,855 ā ā 7,526 ā ā 60,629 ā ā 68,155 ā ā 26,385 ā 2014 ā Jun-11 1200 East West ā ā ā ā ā 9,748 ā ā 68,022 ā ā 77,770 ā ā 3,650 ā ā 9,888 ā ā 71,532 ā ā 81,420 ā ā 20,981 ā 2010 ā Oct-15 Courts at Huntington Station ā ā ā ā ā 27,749 ā ā 111,878 ā ā 139,627 ā ā 4,923 ā ā 28,115 ā ā 116,435 ā ā 144,550 ā ā 39,391 ā 2011 ā Oct-15 Eleven55 Ripley ā ā ā ā ā 15,566 ā ā 107,539 ā ā 123,105 ā ā 5,122 ā ā 15,897 ā ā 112,330 ā ā 128,227 ā ā 32,511 ā 2014 ā Oct-15 Arbor Park of Alexandria ā ā 160,930 ā ā 50,881 ā ā 159,728 ā ā 210,609 ā ā 6,975 ā ā 51,562 ā ā 166,022 ā ā 217,584 ā ā 55,367 ā 1969/2015 ā Oct-15 Courts at Dulles ā ā ā ā ā 14,697 ā ā 83,834 ā ā 98,531 ā ā 10,718 ā ā 14,782 ā ā 94,467 ā ā 109,249 ā ā 33,782 ā 2000 ā Oct-15 Newport Village ā ā 127,600 ā ā 55,283 ā ā 177,454 ā ā 232,737 ā ā 24,041 ā ā 55,725 ā ā 201,053 ā ā 256,778 ā ā 68,828 ā 1968 ā Oct-15 1301 Thomas Circle ā ā ā ā ā 27,836 ā ā 128,191 ā ā 156,027 ā ā 1,543 ā ā 27,842 ā ā 129,728 ā ā 157,570 ā ā 11,545 ā 2006 ā Aug-19 Crescent Falls Church ā ā ā ā ā 13,687 ā ā 88,692 ā ā 102,379 ā ā 1,101 ā ā 13,694 ā ā 89,786 ā ā 103,480 ā ā 6,495 ā 2010 ā Nov-19 Station on Silver ā ā ā ā ā 16,661 ā ā 109,198 ā ā 125,859 ā ā 11 ā ā 16,661 ā ā 109,209 ā ā 125,870 ā ā 600 ā 2018 ā Dec-20 METROPOLITAN, D.C. ā 288,530 ā 368,426 ā 1,522,539 ā 1,890,965 ā 459,159 ā 427,778 ā 1,922,346 ā 2,350,124 ā 795,019 ā ā ā ā Calvert's Walk ā ā ā ā ā 4,408 ā ā 24,692 ā ā 29,100 ā ā 9,911 ā ā 5,196 ā ā 33,815 ā ā 39,011 ā ā 26,175 ā 1988 ā Mar-04 20 Lambourne ā ā ā ā ā 11,750 ā ā 45,590 ā ā 57,340 ā ā 12,428 ā ā 12,454 ā ā 57,314 ā ā 69,768 ā ā 36,827 ā 2003 ā Mar-08 Domain Brewers Hill ā ā ā ā ā 4,669 ā ā 40,630 ā ā 45,299 ā ā 2,719 ā ā 4,833 ā ā 43,185 ā ā 48,018 ā ā 24,816 ā 2009 ā Aug-10 Rodgers Forge ā ā ā ā ā 15,392 ā ā 67,958 ā ā 83,350 ā ā 5,183 ā ā 15,565 ā ā 72,968 ā ā 88,533 ā ā 8,648 ā 1945 ā Apr-19 Towson Promenade ā ā 58,600 ā ā 12,599 ā ā 78,847 ā ā 91,446 ā ā 1,571 ā ā 12,607 ā ā 80,410 ā ā 93,017 ā ā 5,829 ā 2009 ā Nov-19 BALTIMORE, MD ā 58,600 ā 48,818 ā 257,717 ā 306,535 ā 31,812 ā 50,655 ā 287,692 ā 338,347 ā 102,295 ā ā ā ā Gayton Pointe Townhomes ā ā ā ā ā 826 ā ā 5,148 ā ā 5,974 ā ā 31,643 ā ā 3,600 ā ā 34,017 ā ā 37,617 ā ā 31,703 ā 1973/2007 ā Sep-95 Waterside At Ironbridge ā ā ā ā ā 1,844 ā ā 13,239 ā ā 15,083 ā ā 10,278 ā ā 2,642 ā ā 22,719 ā ā 25,361 ā ā 17,564 ā 1987 ā Sep-97 Carriage Homes at Wyndham ā ā ā ā ā 474 ā ā 30,997 ā ā 31,471 ā ā 10,870 ā ā 4,158 ā ā 38,183 ā ā 42,341 ā ā 29,877 ā 1998 ā Nov-03 Legacy at Mayland ā ā ā ā ā 1,979 ā ā 11,524 ā ā 13,503 ā ā 35,084 ā ā 5,546 ā ā 43,041 ā ā 48,587 ā ā 39,006 ā 1973/2007 ā Dec-91 RICHMOND, VA ā ā ā 5,123 ā 60,908 ā 66,031 ā 87,875 ā 15,946 ā 137,960 ā 153,906 ā 118,150 ā ā ā ā TOTAL MID-ATLANTIC REGION ā 347,130 ā 422,367 ā 1,841,164 ā 2,263,531 ā 578,846 ā 494,379 ā 2,347,998 ā 2,842,377 ā 1,015,464 ā ā ā ā NORTHEAST REGION ā ā ā ā ā ā ā ā ā 10 Hanover Square ā ā ā ā ā 41,432 ā ā 218,983 ā ā 260,415 ā ā 29,075 ā ā 41,815 ā ā 247,675 ā ā 289,490 ā ā 116,732 ā 2005 ā Apr-11 21 Chelsea ā ā ā ā ā 36,399 ā ā 107,154 ā ā 143,553 ā ā 15,361 ā ā 36,530 ā ā 122,384 ā ā 158,914 ā ā 62,144 ā 2001 ā Aug-11 View 34 ā ā ā ā ā 114,410 ā ā 324,920 ā ā 439,330 ā ā 114,384 ā ā 116,048 ā ā 437,666 ā ā 553,714 ā ā 227,237 ā 1985/2013 ā Jul-11 95 Wall Street ā ā ā ā ā 57,637 ā ā 266,255 ā ā 323,892 ā ā 10,873 ā ā 58,084 ā ā 276,681 ā ā 334,765 ā ā 156,590 ā 2008 ā Aug-11 Leonard Pointe ā ā ā ā ā 38,010 ā ā 93,204 ā ā 131,214 ā ā 1,406 ā ā 38,016 ā ā 94,604 ā ā 132,620 ā ā 12,161 ā 2015 ā Feb-19 One William ā ā ā ā ā 6,422 ā ā 75,527 ā ā 81,949 ā ā 906 ā ā 6,459 ā ā 76,396 ā ā 82,855 ā ā 7,574 ā 2018 ā Aug-19 NEW YORK, NY ā ā ā 294,310 ā 1,086,043 ā 1,380,353 ā 172,005 ā 296,952 ā 1,255,406 ā 1,552,358 ā 582,438 ā ā ā ā Garrison Square ā ā ā ā ā 6,475 ā ā 91,027 ā ā 97,502 ā ā 25,999 ā ā 6,617 ā ā 116,884 ā ā 123,501 ā ā 60,567 ā 1887/1990 ā Sep-10 Ridge at Blue Hills ā ā 25,000 ā ā 6,039 ā ā 34,869 ā ā 40,908 ā ā 5,909 ā ā 6,470 ā ā 40,347 ā ā 46,817 ā ā 23,250 ā 2007 ā Sep-10 Inwood West ā ā 80,000 ā ā 20,778 ā ā 88,096 ā ā 108,874 ā ā 14,388 ā ā 19,826 ā ā 103,436 ā ā 123,262 ā ā 59,007 ā 2006 ā Apr-11 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Amount at Which ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Initial Costs ā ā ā ā ā ā ā Carried at Close of Period ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Improvements ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Capitalized ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Land and ā Buildings ā Total Initial ā Subsequent ā Land and ā Buildings & ā Total ā ā ā ā ā ā ā ā ā ā ā ā Land ā and ā Acquisition ā to Acquisition ā Land ā Buildings ā Carrying ā Accumulated ā Date of ā Date ā ā Encumbrances ā Improvements ā Improvements ā Costs ā Costs ā Improvements ā Improvements ā Value ā Depreciation ā Construction(a) ā Acquired 14 North ā ā 72,500 ā ā 10,961 ā ā 51,175 ā ā 62,136 ā ā 13,923 ā ā 11,483 ā ā 64,576 ā ā 76,059 ā ā 38,209 ā 2005 ā Apr-11 100 Pier 4 ā ā ā ā ā 24,584 ā ā ā ā ā 24,584 ā ā 203,340 ā ā 24,825 ā ā 203,099 ā ā 227,924 ā ā 61,812 ā 2015 ā Dec-15 345 Harrison ā ā ā ā ā 32,938 ā ā ā ā ā 32,938 ā ā 328,608 ā ā 44,894 ā ā 316,652 ā ā 361,546 ā ā 44,083 ā 2018 ā Nov-11 Currents on the Charles ā ā ā ā ā 12,580 ā ā 70,149 ā ā 82,729 ā ā 1,571 ā ā 12,693 ā ā 71,607 ā ā 84,300 ā ā 7,350 ā 2015 ā Jun-19 The Commons at Windsor Gardens ā ā ā ā ā 34,609 ā ā 225,515 ā ā 260,124 ā ā 13,146 ā ā 34,613 ā ā 238,657 ā ā 273,270 ā ā 27,794 ā 1969 ā Aug-19 Charles River Landing ā ā ā ā ā 17,068 ā ā 112,777 ā ā 129,845 ā ā 1,094 ā ā 17,070 ā ā 113,869 ā ā 130,939 ā ā 8,229 ā 2010 ā Nov-19 Lenox Farms ā ā 94,050 ā ā 17,692 ā ā 115,899 ā ā 133,591 ā ā 3,002 ā ā 17,695 ā ā 118,898 ā ā 136,593 ā ā 8,616 ā 2009 ā Nov-19 Lodge at Ames Pond ā ā ā ā ā 12,645 ā ā 70,653 ā ā 83,298 ā ā 1,872 ā ā 12,645 ā ā 72,525 ā ā 85,170 ā ā 5,320 ā 2010 ā Nov-19 BOSTON, MA ā 271,550 ā 196,369 ā 860,160 ā 1,056,529 ā 612,852 ā 208,831 ā 1,460,550 ā 1,669,381 ā 344,237 ā ā ā ā Park Square ā ā ā ā ā 10,365 ā ā 96,050 ā ā 106,415 ā ā 1,321 ā ā 10,484 ā ā 97,252 ā ā 107,736 ā ā 11,306 ā 2018 ā May-19 PHILADELPHIA, PA ā ā ā ā ā 10,365 ā ā 96,050 ā ā 106,415 ā ā 1,321 ā ā 10,484 ā ā 97,252 ā ā 107,736 ā ā 11,306 ā ā ā ā TOTAL NORTHEAST REGION ā 271,550 ā 501,044 ā 2,042,253 ā 2,543,297 ā 786,178 ā 516,267 ā 2,813,208 ā 3,329,475 ā 937,981 ā ā ā ā SOUTHEAST REGION ā ā ā ā ā ā ā ā ā ā ā ā ā Summit West ā ā ā ā ā 2,176 ā ā 4,710 ā ā 6,886 ā ā 13,247 ā ā 4,027 ā ā 16,106 ā ā 20,133 ā ā 14,234 ā 1972 ā Dec-92 The Breyley ā ā ā ā ā 1,780 ā ā 2,458 ā ā 4,238 ā ā 19,516 ā ā 3,912 ā ā 19,842 ā ā 23,754 ā ā 19,568 ā 1977/2007 ā Sep-93 Lakewood Place ā ā ā ā ā 1,395 ā ā 10,647 ā ā 12,042 ā ā 13,985 ā ā 3,257 ā ā 22,770 ā ā 26,027 ā ā 18,921 ā 1986 ā Mar-94 Cambridge Woods ā ā ā ā ā 1,791 ā ā 7,166 ā ā 8,957 ā ā 13,118 ā ā 3,612 ā ā 18,463 ā ā 22,075 ā ā 15,045 ā 1985 ā Jun-97 Inlet Bay ā ā ā ā ā 7,702 ā ā 23,150 ā ā 30,852 ā ā 21,301 ā ā 10,609 ā ā 41,544 ā ā 52,153 ā ā 34,547 ā 1988/1989 ā Jun-03 MacAlpine Place ā ā ā ā ā 10,869 ā ā 36,858 ā ā 47,727 ā ā 14,572 ā ā 12,417 ā ā 49,882 ā ā 62,299 ā ā 36,966 ā 2001 ā Dec-04 The Vintage Lofts at West End ā ā ā ā ā 6,611 ā ā 37,663 ā ā 44,274 ā ā 23,410 ā ā 15,868 ā ā 51,816 ā ā 67,684 ā ā 36,077 ā 2009 ā Jul-09 Peridot Palms ā ā ā ā ā 6,293 ā ā 89,752 ā ā 96,045 ā ā 1,446 ā ā 6,305 ā ā 91,186 ā ā 97,491 ā ā 11,914 ā 2017 ā Feb-19 The Preserve at Gateway ā ā ā ā ā 4,467 ā ā 43,723 ā ā 48,190 ā ā 1,390 ā ā 4,471 ā ā 45,109 ā ā 49,580 ā ā 5,053 ā 2013 ā May-19 The Slade at Channelside ā ā ā ā ā 10,216 ā ā 72,786 ā ā 83,002 ā ā 2,015 ā ā 10,258 ā ā 74,759 ā ā 85,017 ā ā 4,719 ā 2009 ā Jan-20 Andover Place at Cross Creek ā ā ā ā ā 11,702 ā ā 107,761 ā ā 119,463 ā ā 76 ā ā 11,709 ā ā 107,830 ā ā 119,539 ā ā 1,223 ā 1997/1999 ā Nov-20 TAMPA, FL ā ā ā 65,002 ā 436,674 ā 501,676 ā 124,076 ā 86,445 ā 539,307 ā 625,752 ā 198,267 ā ā ā ā Seabrook ā ā ā ā ā 1,846 ā ā 4,155 ā ā 6,001 ā ā 10,785 ā ā 3,194 ā ā 13,592 ā ā 16,786 ā ā 11,946 ā 1984/2004 ā Feb-96 Altamira Place ā ā ā ā ā 1,533 ā ā 11,076 ā ā 12,609 ā ā 23,989 ā ā 4,040 ā ā 32,558 ā ā 36,598 ā ā 29,899 ā 1984/2007 ā Apr-94 Regatta Shore ā ā ā ā ā 757 ā ā 6,608 ā ā 7,365 ā ā 18,996 ā ā 2,396 ā ā 23,965 ā ā 26,361 ā ā 21,164 ā 1988/2007 ā Jun-94 Alafaya Woods ā ā ā ā ā 1,653 ā ā 9,042 ā ā 10,695 ā ā 13,417 ā ā 2,871 ā ā 21,241 ā ā 24,112 ā ā 17,240 ā 1989/2006 ā Oct-94 Los Altos ā ā ā ā ā 2,804 ā ā 12,349 ā ā 15,153 ā ā 14,349 ā ā 4,587 ā ā 24,915 ā ā 29,502 ā ā 20,338 ā 1990/2004 ā Oct-96 Lotus Landing ā ā ā ā ā 2,185 ā ā 8,639 ā ā 10,824 ā ā 13,198 ā ā 3,121 ā ā 20,901 ā ā 24,022 ā ā 15,939 ā 1985/2006 ā Jul-97 Seville On The Green ā ā ā ā ā 1,282 ā ā 6,498 ā ā 7,780 ā ā 8,929 ā ā 1,920 ā ā 14,789 ā ā 16,709 ā ā 11,816 ā 1986/2004 ā Oct-97 Ashton Waterford ā ā ā ā ā 3,872 ā ā 17,538 ā ā 21,410 ā ā 7,597 ā ā 4,607 ā ā 24,400 ā ā 29,007 ā ā 17,840 ā 2000 ā May-98 Arbors at Lee Vista ā ā ā ā ā 6,692 ā ā 12,860 ā ā 19,552 ā ā 17,453 ā ā 7,759 ā ā 29,246 ā ā 37,005 ā ā 22,157 ā 1992/2007 ā Aug-06 ORLANDO, FL ā ā ā 22,624 ā 88,765 ā 111,389 ā 128,713 ā 34,495 ā 205,607 ā 240,102 ā 168,339 ā ā ā ā Legacy Hill ā ā ā ā ā 1,148 ā ā 5,867 ā ā 7,015 ā ā 11,324 ā ā 2,041 ā ā 16,298 ā ā 18,339 ā ā 13,833 ā 1977 ā Nov-95 Hickory Run ā ā ā ā ā 1,469 ā ā 11,584 ā ā 13,053 ā ā 14,873 ā ā 2,684 ā ā 25,242 ā ā 27,926 ā ā 18,126 ā 1989 ā Dec-95 Carrington Hills ā ā ā ā ā 2,117 ā ā ā ā ā 2,117 ā ā 39,856 ā ā 5,016 ā ā 36,957 ā ā 41,973 ā ā 28,441 ā 1999 ā Dec-95 Brookridge ā ā ā ā ā 708 ā ā 5,461 ā ā 6,169 ā ā 7,786 ā ā 1,495 ā ā 12,460 ā ā 13,955 ā ā 9,894 ā 1986 ā Mar-96 Breckenridge ā ā ā ā ā 766 ā ā 7,714 ā ā 8,480 ā ā 7,329 ā ā 1,539 ā ā 14,270 ā ā 15,809 ā ā 10,882 ā 1986 ā Mar-97 Colonnade ā ā ā ā ā 1,460 ā ā 16,015 ā ā 17,475 ā ā 9,392 ā ā 2,440 ā ā 24,427 ā ā 26,867 ā ā 17,504 ā 1998 ā Jan-99 The Preserve at Brentwood ā ā ā ā ā 3,182 ā ā 24,674 ā ā 27,856 ā ā 11,689 ā ā 4,187 ā ā 35,358 ā ā 39,545 ā ā 27,778 ā 1998 ā Jun-04 Polo Park ā ā ā ā ā 4,583 ā ā 16,293 ā ā 20,876 ā ā 18,537 ā ā 6,216 ā ā 33,197 ā ā 39,413 ā ā 27,438 ā 1987/2008 ā May-06 NASHVILLE, TN ā ā ā 15,433 ā 87,608 ā 103,041 ā 120,786 ā 25,618 ā 198,209 ā 223,827 ā 153,896 ā ā ā ā The Reserve and Park at Riverbridge ā ā ā ā ā 15,968 ā ā 56,401 ā ā 72,369 ā ā 17,261 ā ā 16,900 ā ā 72,730 ā ā 89,630 ā ā 52,555 ā 1999/2001 ā Dec-04 OTHER FLORIDA ā ā ā 15,968 ā 56,401 ā 72,369 ā 17,261 ā 16,900 ā 72,730 ā 89,630 ā 52,555 ā ā ā ā TOTAL SOUTHEAST REGION ā ā ā 119,027 ā 669,448 ā 788,475 ā 390,836 ā 163,458 ā 1,015,853 ā 1,179,311 ā 573,057 ā ā ā ā SOUTHWEST REGION ā ā ā ā ā ā ā ā ā ā ā ā ā Thirty377 ā ā 25,000 ā ā 24,036 ā ā 32,951 ā ā 56,987 ā ā 21,167 ā ā 26,212 ā ā 51,942 ā ā 78,154 ā ā 36,152 ā 1999/2007 ā Aug-06 Legacy Village ā ā 90,000 ā ā 16,882 ā ā 100,102 ā ā 116,984 ā ā 26,248 ā ā 21,391 ā ā 121,841 ā ā 143,232 ā ā 79,544 ā 2005/06/07 ā Mar-08 Addison Apts at The Park ā ā ā ā ā 22,041 ā ā 11,228 ā ā 33,269 ā ā 14,434 ā ā 31,199 ā ā 16,504 ā ā 47,703 ā ā 11,917 ā 1977/78/79 ā May-07 Addison Apts at The Park II ā ā ā ā ā 7,903 ā ā 554 ā ā 8,457 ā ā 7,752 ā ā 11,055 ā ā 5,154 ā ā 16,209 ā ā 3,682 ā 1970 ā May-07 Addison Apts at The Park I ā ā ā ā ā 10,440 ā ā 634 ā ā 11,074 ā ā 1,883 ā ā 8,453 ā ā 4,504 ā ā 12,957 ā ā 2,993 ā 1975 ā May-07 Savoye ā ā ā ā ā 8,432 ā ā 50,483 ā ā 58,915 ā ā 2,508 ā ā 8,471 ā ā 52,952 ā ā 61,423 ā ā 3,868 ā 2009 ā Nov-19 Savoye 2 ā ā ā ā ā 6,451 ā ā 56,615 ā ā 63,066 ā ā 1,232 ā ā 6,461 ā ā 57,837 ā ā 64,298 ā ā 4,165 ā 2011 ā Nov-19 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Amount at Which ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Initial Costs ā ā ā ā ā ā ā Carried at Close of Period ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Improvements ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Capitalized ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Land and ā Buildings ā Total Initial ā Subsequent ā Land and ā Buildings & ā Total ā ā ā ā ā ā ā ā ā ā ā ā Land ā and ā Acquisition ā to Acquisition ā Land ā Buildings ā Carrying ā Accumulated ā Date of ā Date ā ā Encumbrances ā Improvements ā Improvements ā Costs ā Costs ā Improvements ā Improvements ā Value ā Depreciation ā Construction(a) ā Acquired Fiori on Vitruvian Park ā ā 49,553 ā ā 7,934 ā ā 78,575 ā ā 86,509 ā ā 2,090 ā ā 7,938 ā ā 80,661 ā ā 88,599 ā ā 5,878 ā 2013 ā Nov-19 Vitruvian West Phase 1 ā ā 41,317 ā ā 6,273 ā ā 61,418 ā ā 67,691 ā ā 852 ā ā 6,279 ā ā 62,264 ā ā 68,543 ā ā 4,739 ā 2018 ā Nov-19 DALLAS, TX ā 205,870 ā 110,392 ā 392,560 ā 502,952 ā 78,166 ā 127,459 ā 453,659 ā 581,118 ā 152,938 ā ā ā ā Barton Creek Landing ā ā ā ā ā 3,151 ā ā 14,269 ā ā 17,420 ā ā 25,130 ā ā 5,439 ā ā 37,111 ā ā 42,550 ā ā 31,281 ā 1986/2012 ā Mar-02 Residences at the Domain ā ā ā ā ā 4,034 ā ā 55,256 ā ā 59,290 ā ā 15,761 ā ā 4,608 ā ā 70,443 ā ā 75,051 ā ā 44,676 ā 2007 ā Aug-08 Red Stone Ranch ā ā ā ā ā 5,084 ā ā 17,646 ā ā 22,730 ā ā 6,068 ā ā 5,704 ā ā 23,094 ā ā 28,798 ā ā 13,419 ā 2000 ā Apr-12 Lakeline Villas ā ā ā ā ā 4,148 ā ā 16,869 ā ā 21,017 ā ā 4,066 ā ā 4,674 ā ā 20,409 ā ā 25,083 ā ā 12,009 ā 2002 ā Apr-12 AUSTIN, TX ā ā ā 16,417 ā 104,040 ā 120,457 ā 51,025 ā 20,425 ā 151,057 ā 171,482 ā 101,385 ā ā ā ā Steele Creek ā ā ā ā ā 8,586 ā ā 130,400 ā ā 138,986 ā ā 6,012 ā ā 8,640 ā ā 136,358 ā ā 144,998 ā ā 25,139 ā 2015 ā Oct-17 DENVER, CO ā ā ā ā 8,586 ā 130,400 ā 138,986 ā 6,012 ā 8,640 ā 136,358 ā 144,998 ā 25,139 ā ā ā ā TOTAL SOUTHWEST REGION ā 205,870 ā 135,395 ā 627,000 ā 762,395 ā 135,203 ā 156,524 ā 741,074 ā 897,598 ā 279,462 ā ā ā ā TOTAL OPERATING COMMUNITIES ā 851,550 ā 2,073,308 ā 7,098,613 ā 9,171,921 ā 3,403,819 ā 2,316,045 ā 10,259,695 ā 12,575,740 ā 4,568,457 ā ā ā ā REAL ESTATE UNDER DEVELOPMENT ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Vitruvian West Phase 2 ā ā ā ā ā 6,451 ā ā 15,798 ā ā 22,249 ā ā 34,775 ā ā 6,451 ā ā 50,573 ā ā 57,024 ā ā 1,010 ā ā ā ā Cirrus ā ā ā ā ā 13,853 ā ā ā ā ā 13,853 ā ā 53,272 ā ā 13,853 ā ā 53,272 ā ā 67,125 ā ā ā ā ā ā ā 5421 at Dublin Station ā ā ā ā ā 8,922 ā ā ā ā ā 8,922 ā ā 48,877 ā ā 8,922 ā ā 48,877 ā ā 57,799 ā ā ā ā ā ā ā 440 Penn Street ā ā ā ā ā 27,135 ā ā ā ā ā 27,135 ā ā 18,784 ā ā 27,135 ā ā 18,784 ā ā 45,919 ā ā ā ā ā ā ā Village at Valley Forge ā ā ā ā ā 17,341 ā ā ā ā ā 17,341 ā ā 2,669 ā ā 17,341 ā ā 2,669 ā ā 20,010 ā ā ā ā ā ā ā TOTAL REAL ESTATE UNDER DEVELOPMENT ā ā ā 73,702 ā 15,798 ā 89,500 ā 158,377 ā 73,702 ā 174,175 ā 247,877 ā 1,010 ā ā ā ā LAND ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Vitruvian ParkĀ® ā ā ā ā ā 39,609 ā ā 4,997 ā ā 44,606 ā ā 17,076 ā ā 46,664 ā ā 15,018 ā ā 61,682 ā ā 2,818 ā ā ā ā TOTAL LAND ā ā ā 39,609 ā 4,997 ā 44,606 ā 17,076 ā 46,664 ā 15,018 ā 61,682 ā 2,818 ā ā ā ā HELD FOR DISPOSITION ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Parallel ā ā ā ā ā 15,181 ā ā 100,595 ā ā 115,776 ā ā 879 ā ā 15,184 ā ā 101,471 ā ā 116,655 ā ā 13,779 ā ā ā ā TOTAL HELD FOR DISPOSITION ā ā ā 15,181 ā 100,595 ā 115,776 ā 879 ā 15,184 ā 101,471 ā 116,655 ā 13,779 ā ā ā ā COMMERCIAL ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Brookhaven Shopping Center ā ā ā ā ā ā ā ā ā ā ā ā ā ā 29,927 ā ā 7,793 ā ā 22,134 ā ā 29,927 ā ā 14,646 ā ā ā ā TOTAL COMMERCIAL ā ā ā ā ā ā ā ā ā 29,927 ā 7,793 ā 22,134 ā 29,927 ā 14,646 ā ā ā ā Other (b) ā ā ā ā ā ā ā ā ā ā ā ā ā ā 14,007 ā ā ā ā ā 14,007 ā ā 14,007 ā ā 94 ā ā ā ā 1745 Shea Center I ā ā ā ā ā 3,034 ā ā 20,534 ā ā 23,568 ā ā 2,016 ā ā 3,086 ā ā 22,498 ā ā 25,584 ā ā 4,562 ā ā ā ā TOTAL CORPORATE ā ā ā 3,034 ā 20,534 ā 23,568 ā 16,023 ā 3,086 ā 36,505 ā 39,591 ā 4,656 ā ā ā ā TOTAL COMMERCIAL & CORPORATE ā ā ā 3,034 ā 20,534 ā 23,568 ā 45,950 ā 10,879 ā 58,639 ā 69,518 ā 19,302 ā ā ā ā Deferred Financing Costs and Other Non-Cash Adjustments ā ā 10,597 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā TOTAL REAL ESTATE OWNED ā $ 862,147 ā $ 2,204,834 ā $ 7,240,537 ā $ 9,445,371 ā $ 3,626,101 ā $ 2,462,474 ā $ 10,608,998 ā $ 13,071,472 ā $ 4,605,366 ā ā ā ā (a) Date of original construction/date of last major renovation, if applicable. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purposes was approximately $12.3 billion at December 31, 2020 ( unaudited The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 30 to 55 years. ā 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands) ā ā ā ā ā ā ā ā ā ā ā 2020 2019 2018 Balance at beginning of the year ā $ 12,602,101 ā $ 10,196,159 ā $ 10,177,206 Real estate acquired ā 413,488 ā 2,241,163 ā ā Capital expenditures and development ā 299,986 ā 195,981 ā 214,898 Real estate sold ā (244,103) ā (31,202) ā (195,945) Balance at end of the year ā $ 13,071,472 ā $ 12,602,101 ā $ 10,196,159 ā The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ā ā ā ā ā ā ā ā ā ā ā 2020 2019 2018 Balance at beginning of the year ā $ 4,131,353 ā $ 3,654,160 ā $ 3,330,166 Depreciation expense for the year ā 560,876 ā 477,193 ā 426,006 Accumulated depreciation on sales ā (86,863) ā ā ā (102,012) Balance at end of year ā $ 4,605,366 ā $ 4,131,353 ā $ 3,654,160 ā |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) 2020-06, DebtāDebt With Conversion and Other Options (Subtopic 470-20) and Derivatives and HedgingāContracts in Entityās Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entityās Own Equity ā In April 2020, the 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 whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. ā 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. ā 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. ā In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ā In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial InstrumentsāCredit Losses, |
Real Estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Companyās intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ā If a real estate property has indicators of impairment, we assess whether the long-lived assetās carrying value exceeds the communityās undiscounted future cash flows, which is representative of projected net operating income (āNOIā) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2020, 2019 and 2018, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Companyās cash and cash equivalents are held at major commercial banks. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. |
Real Estate Sales Gain Recognition | Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ā 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 (āCECLā) 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 borrowerās ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ā 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 assetās amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ā 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 variable interest entity (āVIEā), 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. 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 as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā Interest rate at ā Balance Outstanding ā December 31, December 31, December 31, ā ā 2020 ā 2020 ā 2019 Note due October 2020 (a) 8.00 % $ ā ā $ 2,250 Note due February 2021 (b) ā N/A ā ā 4,000 ā ā ā Note due May 2022 (c) ā 8.00 % ā 20,000 ā ā 20,000 Note due October 2022 (d) 4.75 % ā 115,000 ā ā 115,000 Note due January 2023 (e) ā 10.00 % ā 19,685 ā ā 16,400 Notes Receivable ā ā ā ā 158,685 ā ā 153,650 Allowance for credit losses ā ā ā ā (693) ā ā ā Total notes receivable, net ā $ 157,992 ā $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third partyās 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. In January 2021, the unaffiliated third party repaid the $4.0 million promissory note. (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. In September 2020, the developer defaulted on the loan. As a result of the default, the Company expects to take title to the property pursuant to a deed in lieu of foreclosure. At that time, the Company will reclassify the related balance as Real estate owned (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 a 259 apartment home operating community in Bellevue, Washington, which was 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 gave the Company the option to acquire the community at a fixed price of $170.0 million. In August 2020, the Company exercised the purchase option. The purchase is expected to close in 2021. The deposit is generally nonrefundable other than due to a failure of closing conditions pursuant to the terms of the agreement. If the Company fails to close the purchase other than due to sellerās 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 was issued, which was July 2020. Upon modification, the loan would 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 $19.7 million has been funded, including $3.3 million funded during the year ended December 31, 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. In January 2021, the terms of this secured note were amended to increase the aggregate commitment from $20.0 million to $22.0 million. Interest payments are due monthly and the maturity date of the note remains in January 2023. The Company recognized $9.1 million, $5.5 million, and $4.1 million of interest income and zero, $8.5 million, and zero of promoted interest from notes receivable during the years ended December 31, 2020, 2019, and 2018, respectively, none of which was related party interest. Interest income and promoted interest are included in Interest income and other income/(expense), net |
Investment in Joint Ventures and Partnerships | Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as VIEs where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term ājoint ventureā or āpartnershipā when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partnerās ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partnerās primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2020 and 2019, the Company did not determine any of our joint ventures or partnerships to be VIEs. We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investmentās carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from managementās judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. |
Derivative Financial Instruments | Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. |
Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership | Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Companyās stock price at each balance sheet date. |
Income Taxes | Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (āTRSā). 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 Companyās 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 December 31, 2020 and 2019, UDRās net deferred tax asset/(liability) was $(3.2) million and $(1.6) million, respectively, and are recorded in Accounts payable, accrued expenses and other liabilities GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company invests in assets that qualify for federal investment tax credits (āITCā) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 2017 through 2019 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net |
Principles of Consolidation | Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. |
Discontinued Operations | Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entityās financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned |
Stock-Based Employee Compensation Plans | Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the awardās fair value on the grant date and recognizes the cost as stock-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. For performance based awards, the Company remeasures the fair value based on the estimated achievement of the performance criteria each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. Stock-based compensation expense is only recognized for performance based awards that we expect to vest, which we estimate based upon an assessment of the probability that the performance criteria will be achieved. Stock-based compensation expense associated with awards is updated for actual forfeitures. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation and the fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For further discussion, see Note 10, Employee Benefit Plans. |
Advertising Costs | Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance |
Cost of Raising Capital | Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholdersā equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. |
Comprehensive Income/(Loss) | Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Companyās other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, |
Forward Sales Agreements | Forward Sales Agreements ā 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 Companyās 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. ā 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 ā 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 instrumentās contingent exercise provisions and second, evaluating the instrumentās settlement provisions. When entering into forward sales agreements, we determined that (i) none of the agreementās 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. ā 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 ā The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemicās 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. ā Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the Companyās future financial condition, results of operations and cash flows could be material ā During the year ended December 31, 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. ā As a result of its analysis, the Company reserved approximately $13.5 million of multifamily tenant lease receivables and approximately $6.0 million of retail tenant lease receivables (inclusive of $3.3 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 a $18.4 million reduction to Rental income and a $1.1 million reduction to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the year ended December 31, 2020. The impact to deferred leasing commissions was not material for the year ended December 31, 2020. ā During the year ended December 31, 2020, the Company recorded an impairment charge of $3.1 million on its investment in equity securities of a non-core investment. 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 year ended December 31, 2020. |
Use of Estimates | Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
Market Concentration Risk | Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2020, the Company held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California; Metropolitan D.C., New York, New York and Boston, Massachusetts markets. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Summary of notes receivable, net | The following table summarizes our Notes receivable, net as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā Interest rate at ā Balance Outstanding ā December 31, December 31, December 31, ā ā 2020 ā 2020 ā 2019 Note due October 2020 (a) 8.00 % $ ā ā $ 2,250 Note due February 2021 (b) ā N/A ā ā 4,000 ā ā ā Note due May 2022 (c) ā 8.00 % ā 20,000 ā ā 20,000 Note due October 2022 (d) 4.75 % ā 115,000 ā ā 115,000 Note due January 2023 (e) ā 10.00 % ā 19,685 ā ā 16,400 Notes Receivable ā ā ā ā 158,685 ā ā 153,650 Allowance for credit losses ā ā ā ā (693) ā ā ā Total notes receivable, net ā $ 157,992 ā $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third partyās 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. In January 2021, the unaffiliated third party repaid the $4.0 million promissory note. (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. In September 2020, the developer defaulted on the loan. As a result of the default, the Company expects to take title to the property pursuant to a deed in lieu of foreclosure. At that time, the Company will reclassify the related balance as Real estate owned (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 a 259 apartment home operating community in Bellevue, Washington, which was 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 gave the Company the option to acquire the community at a fixed price of $170.0 million. In August 2020, the Company exercised the purchase option. The purchase is expected to close in 2021. The deposit is generally nonrefundable other than due to a failure of closing conditions pursuant to the terms of the agreement. If the Company fails to close the purchase other than due to sellerās 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 was issued, which was July 2020. Upon modification, the loan would 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 $19.7 million has been funded, including $3.3 million funded during the year ended December 31, 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. |
REAL ESTATE OWNED (Tables)
REAL ESTATE OWNED (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
REAL ESTATE OWNED | |
Summary of carrying amounts for real estate owned (at cost) | ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Land ā $ 2,139,765 ā $ 2,164,032 Depreciable property ā held and used: ā ā Land improvements ā 233,823 ā 224,964 Building, improvements, and furniture, fixtures and equipment ā 10,292,782 ā 10,102,758 Real estate intangible assets ā ā 40,570 ā ā 40,570 Under development: ā ā Land and land improvements ā 73,702 ā 29,226 Building, improvements, and furniture, fixtures and equipment ā 174,175 ā 40,551 Real estate held for disposition: ā ā Land and land improvements ā 15,184 ā ā Building, improvements, and furniture, fixtures and equipment ā 101,471 ā ā Real estate owned ā 13,071,472 ā 12,602,101 Accumulated depreciation (a) ā (4,605,366) ā (4,131,353) Real estate owned, net ā $ 8,466,106 ā $ 8,470,748 (a) Accumulated depreciation is inclusive of $5.8 million of accumulated amortization related to real estate intangible assets. |
Schedule of acquisition of properties from UDR/MetLife joint venture | ā ā ā ā ā Property Type Number of Homes Location Strata Operating Community 163 San Diego, CA Crescent Falls Church Operating Community 214 Washington, D.C. Charles River Landing Operating Community 350 Boston, MA Lodge at Ames Pond Operating Community 364 Boston, MA Lenox Farms Operating Community 338 Boston, MA Towson Promenade Operating Community 379 Baltimore, MD Savoye Operating Community 394 Addison, TX Savoye2 Operating Community 351 Addison, TX Fiori on Vitruvian Park Ā® Operating Community 391 Addison, TX Vitruvian West Operating Community 383 Addison, TX Vitruvian West Phase 2 (a) Development Community 366 Addison, TX Vitruvian Park Ā® 4 Land Parcels N/A Addison, TX (a) The number of apartment homes for the community under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2019, no apartment homes had been completed. |
Schedule of future amortization | The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unamortized Balance as of December 31, 2020 ā 2021 ā 2022 ā 2023 ā 2024 ā 2025 ā Thereafter Real estate intangible assets, net (a) ā $ 34,782 ā $ 2,840 ā $ 2,740 ā $ 2,643 ā $ 2,525 ā $ 2,436 ā $ 21,598 In-place lease intangible assets, net (b) ā ā 2,631 ā ā 553 ā ā 518 ā ā 403 ā ā 375 ā ā 318 ā ā 464 Total ā $ 37,413 ā $ 3,393 ā $ 3,258 ā $ 3,046 ā $ 2,900 ā $ 2,754 ā $ 22,062 ā ā ā (a) Real estate intangible assets, net is recorded net of accumulated amortization of $5.8 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the year ended December 31, 2020, $3.1 million of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. ā (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $6.0 million in Other assets on the Consolidated Balance Sheets. For the year ended December 31, 2020, $46.1 million was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations. |
JOINT VENTURES AND PARTNERSHI_2
JOINT VENTURES AND PARTNERSHIPS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
JOINT VENTURES AND PARTNERSHIPS | |
Schedule of unconsolidated joint ventures and partnerships | The following table summarizes the Companyās investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2020 and 2019 (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Number of ā Number of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Operating ā Apartment ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Communities ā Homes ā Investment at ā UDRās Ownership Interest ā ā Income/(loss) from investments ā Location of December 31, December 31, December 31, December 31, ā December 31, ā December 31, ā Year Ended December 31, Joint Venture Properties 2020 2020 2020 2019 ā 2020 ā 2019 ā 2020 2019 2018 Operating: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā UDR/MetLife I ā Los Angeles, CA ā 1 ā 150 ā $ 26,426 ā $ 28,812 ā 50.0 % ā 50.0 % ā $ (2,639) ā $ (2,108) ā $ (2,750) UDR/MetLife II Various 7 1,250 ā 151,353 ā 150,893 ā 50.0 % ā 50.0 % ā ā (1,044) ā ā 117,574 ā ā 2,954 Other UDR/MetLife Joint Ventures (h) Various 5 1,437 ā 82,072 ā 98,441 ā 50.6 % ā 50.6 % ā ā (10,444) ā ā (6,349) ā ā (7,639) West Coast Development Joint Ventures (c) ā Los Angeles, CA ā 1 ā 293 ā ā 30,080 ā ā 34,907 ā 47.0 % ā 47.0 % ā ā (325) ā ā (993) ā ā (237) Sold Joint Ventures ā ā ā ā ā ā ā ā ā ā ā ā ā ā % ā ā % ā ā ā ā ā 6,123 ā ā (7,694) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ā $ 289,931 ā $ 313,053 ā ā ā ā $ (14,452) ā $ 114,247 ā $ (15,366) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Investment at ā Income/(loss) from investments Developer Capital Program ā ā Years To ā UDR December 31, December 31, ā Year Ended December 31, and Other Investments (a) Location Rate Maturity ā Commitment (b) 2020 2019 2020 2019 2018 Preferred equity investments: ā ā ā ā ā ā ā ā ā ā ā ā West Coast Development Joint Ventures (c) Hillsboro, OR 6.5 % N/A ā $ ā ā $ ā ā $ 17,064 ā $ (46) ā $ (447) ā $ 865 1532 Harrison ā San Francisco, CA ā 11.0 % 1.5 ā ā 24,645 ā ā 34,135 ā ā 30,585 ā ā 3,519 ā ā 3,147 ā ā 2,228 1200 Broadway (d) ā Nashville, TN ā 8.0 % 1.7 ā ā 55,558 ā ā 69,330 ā ā 63,958 ā ā 5,309 ā ā 4,888 ā ā 2,970 Junction ā Santa Monica, CA ā 12.0 % 1.6 ā ā 8,800 ā ā 11,699 ā ā 10,379 ā ā 1,321 ā ā 1,169 ā ā 406 1300 Fairmount (d) ā Philadelphia, PA ā Variable ā 2.6 ā ā 51,393 ā ā 59,544 ā ā 51,215 ā ā 4,843 ā ā 3,098 ā ā 159 Essex ā Orlando, FL ā 12.5 % 2.6 ā ā 12,886 ā ā 16,770 ā ā 14,804 ā ā 1,965 ā ā 1,639 ā ā 258 Modera Lake Merritt (d) ā Oakland, CA ā 9.0 % 3.2 ā ā 27,250 ā ā 30,928 ā ā 22,653 ā ā 2,592 ā ā 1,067 ā ā ā Thousand Oaks (e) ā Thousand Oaks, CA ā 9.0 % 4.1 ā ā 20,059 ā ā 17,919 ā ā ā ā ā 763 ā ā ā ā ā ā Vernon Boulevard (f) ā Queens, NY ā 13.0 % 4.5 ā ā 40,000 ā ā 42,360 ā ā ā ā ā 2,348 ā ā ā ā ā ā Other investments: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā The Portals (g) ā Washington, D.C. ā 11.0 % N/A ā ā ā ā ā ā ā ā 48,181 ā ā 5,745 ā ā 5,012 ā ā 3,692 Other investment ventures ā N/A ā N/A ā N/A ā $ 34,500 ā ā 22,870 ā ā 13,598 ā ā 4,937 ā ā 4,053 ā ā (267) Total Preferred Equity Investments and Other Investments ā ā ā ā ā ā ā ā ā ā ā 305,555 ā ā 272,437 ā ā 33,296 ā ā 23,626 ā ā 10,311 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Joint Ventures and Developer Capital Program Investments, net (h) ā ā ā ā $ 595,486 ā $ 585,490 ā $ 18,844 ā $ 137,873 ā $ (5,055) (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 UDRās 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 a 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 million. As a result, in January 2020, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Estate Owned ). In January 2021, the joint venture sold its remaining community, a 293 home operating community in Los Angeles, California, for a sales price of approximately $121.0 million. As a result, the Company will record a gain on the sale of approximately $2.5 million in the first quarter of 2021. (d) The Companyās 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 Companyās 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) 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 Companyās 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 . (g) The Company previously entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture made a mezzanine loan to a third-party developer of a 373-apartment home community in Washington, D.C. In December 2020, the mezzanine loan was paid in full and the Company redeemed its investment. The Company received cash of $53.7 million, consisting of its investment of $38.6 million and contractually accrued interest of $15.1 million . (h) As of December 31, 2020 and 2019, the Companyās negative investment in 13 th and Market Properties LLC of $4.7 million and $2.8 million, respectively, 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 January 2021, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 356 apartment home community in Herndon, Virginia. The Companyās preferred equity investment of $30.2 million earns a preferred return of 9.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of |
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share) | Condensed summary financial information relating to the unconsolidated joint venturesā and partnershipsā operations (not just our proportionate share), is presented below for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā As of and For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā Year Ended December 31, 2020 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 9,480 ā $ 56,274 ā $ 57,781 ā $ 8,668 ā $ 132,203 ā $ 16,189 ā $ 148,392 Property operating expenses ā 4,978 ā 21,951 ā 22,870 ā 4,477 ā 54,276 ā 8,232 ā 62,508 Real estate depreciation and amortization ā 5,980 ā 18,912 ā 35,454 ā 3,338 ā 63,684 ā 3,495 ā 67,179 Operating income/(loss) ā (1,478) ā 15,411 ā (543) ā 853 ā 14,243 ā 4,462 ā 18,705 Interest expense ā (3,075) ā (15,386) ā (17,457) ā (1,344) ā (37,262) ā (3,121) ā (40,383) Other income/(loss) ā ā ā 204 ā ā ā 63 ā 267 ā 35 ā 302 Net realized/unrealized gain/(loss) on held investments ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 36,141 ā ā 36,141 Net income/(loss) ā $ (4,553) ā $ 229 ā $ (18,000) ā $ (428) ā $ (22,752) ā $ 37,517 ā $ 14,765 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Condensed Balance Sheets: ā ā ā ā ā ā ā ā ā Total real estate, net ā $ 114,192 ā $ 650,593 ā $ 589,822 ā $ ā ā $ 1,354,607 ā $ 550,198 ā $ 1,904,805 Real estate assets held for sale ā ā ā ā ā ā ā ā ā ā ā 88,458 ā ā 88,458 ā ā ā ā ā 88,458 Cash and cash equivalents ā 2,585 ā 4,369 ā 7,049 ā ā ā 14,003 ā 8,275 ā 22,278 Other assets ā 1,622 ā 14,133 ā 6,214 ā ā ā 21,969 ā 128,925 ā 150,894 Total assets ā 118,399 ā 669,095 ā 603,085 ā 88,458 ā 1,479,037 ā 687,398 ā 2,166,435 Third party debt, net ā 70,946 ā 416,364 ā 454,153 ā ā ā 941,463 ā 247,247 ā 1,188,710 Liabilities held for sale ā ā ā ā ā ā ā ā ā ā ā 55,440 ā ā 55,440 ā ā ā ā ā 55,440 Accounts payable and accrued liabilities ā 3,507 ā 6,764 ā 8,593 ā ā ā 18,864 ā 21,692 ā 40,556 Total liabilities ā 74,453 ā 423,128 ā 462,746 ā 55,440 ā 1,015,767 ā 268,939 ā 1,284,706 Total equity ā $ 43,946 ā $ 245,967 ā $ 140,339 ā $ 33,018 ā $ 463,270 ā $ 418,459 ā $ 881,729 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā As of and For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā Year Ended December 31, 2019 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 9,834 ā $ 151,226 ā $ 102,888 ā $ 14,058 ā $ 278,006 ā $ 11,242 ā $ 289,248 Property operating expenses ā 4,533 ā 54,445 ā 39,542 ā 6,829 ā ā 105,349 ā ā 3,432 ā 108,781 Real estate depreciation and amortization ā 5,787 ā 44,077 ā 50,579 ā 5,440 ā ā 105,883 ā ā ā ā 105,883 Gain/(loss) on sale of real estate (a) ā ā ā ā ā ā ā ā 115,516 ā ā ā ā ā 115,516 ā ā ā ā ā 115,516 Operating income/(loss) ā (486) ā 52,704 ā 128,283 ā 1,789 ā 182,290 ā 7,810 ā 190,100 Interest expense ā (3,070) ā (44,825) ā (27,647) ā (4,656) ā ā (80,198) ā ā ā ā (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ā ā ā ā ā 458,195 ā ā 25,711 ā ā ā ā ā 483,906 ā ā ā ā ā 483,906 Other income/(loss) ā ā ā ā ā ā ā 159 ā ā 159 ā ā (68) ā 91 Net realized/unrealized gain/(loss) on held investments ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 26,417 ā ā 26,417 Net income/(loss) ā $ (3,556) ā $ 466,074 ā $ 126,347 ā $ (2,708) ā $ 586,157 ā $ 34,159 ā $ 620,316 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Condensed Balance Sheets: ā ā ā ā ā ā ā ā ā ā ā ā Total real estate, net ā $ 120,055 ā $ 663,492 ā $ 621,335 ā $ 140,224 ā $ 1,545,106 ā $ 355,975 ā $ 1,901,081 Cash and cash equivalents ā 2,317 ā 4,208 ā 7,973 ā 5,692 ā ā 20,190 ā ā 9,633 ā 29,823 Other assets ā 1,053 ā 9,777 ā 5,400 ā 1,305 ā ā 17,535 ā ā 155,406 ā 172,941 Total assets ā 123,425 ā 677,477 ā 634,708 ā 147,221 ā 1,582,831 ā 521,014 ā 2,103,845 Third party debt, net ā 70,890 ā 425,303 ā 454,972 ā 90,498 ā ā 1,041,663 ā ā 106,385 ā 1,148,048 Accounts payable and accrued liabilities ā 4,037 ā 9,303 ā 9,757 ā 3,440 ā ā 26,537 ā ā 28,577 ā 55,114 Total liabilities ā 74,927 ā 434,606 ā 464,729 ā 93,938 ā 1,068,200 ā 134,962 ā 1,203,162 Total equity ā $ 48,498 ā $ 242,871 ā $ 169,979 ā $ 53,283 ā $ 514,631 ā $ 386,052 ā $ 900,683 (a) Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level. (b) Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian ParkĀ® joint venture level prior to their distribution to the Company or MetLife in November 2019. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value. For the approximately 50% ownership interest acquired in the 10 operating communities, one development community and four land parcels described above, the Company deferred its share of the net gain on revaluation of approximately $131.5 million and recorded it as a reduction of the carrying amount of real estate owned. (see Note 3, Real Estate Owned ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā UDR/ ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā ā ā ā MetLife ā For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā ā ā ā Vitruvian ā Year Ended December 31, 2018 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total ā ā ā Park Ā® ā Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 3,187 ā $ 158,738 ā $ 108,766 ā $ 16,392 ā $ 287,083 ā $ 5,977 ā $ 293,060 ā ā ā $ 26,096 ā Property operating expenses ā 3,066 ā 56,403 ā 44,048 ā 8,830 ā 112,347 ā 1,789 ā 114,136 ā ā ā 13,732 ā Real estate depreciation and amortization ā 3,392 ā 44,721 ā 59,419 ā 7,679 ā 115,211 ā ā ā 115,211 ā ā ā 9,495 ā Operating income/(loss) ā (3,271) ā 57,614 ā 5,299 ā (117) ā 59,525 ā 4,188 ā 63,713 ā ā ā 2,869 ā Interest expense ā (1,872) ā (49,118) ā (30,198) ā (6,175) ā (87,363) ā ā ā (87,363) ā ā ā (6,051) ā Other income/(loss) ā ā ā ā ā ā ā ā ā ā ā 148 ā ā 148 ā ā ā ā ā 148 ā ā ā ā ā ā Net income/(loss) ā $ (5,143) ā $ 8,496 ā $ (24,899) ā $ (6,144) ā $ (27,690) ā $ 4,188 ā $ (23,502) ā ā ā $ (3,182) ā |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā Ground Leases 2021 ā $ 12,442 2022 ā ā 12,442 2023 ā ā 12,442 2024 ā ā 12,442 2025 ā ā 12,442 Thereafter ā ā 442,778 Total future minimum lease payments (undiscounted) ā ā 504,988 Difference between future undiscounted cash flows and discounted cash flows ā ā (309,396) Total operating lease liabilities (discounted) ā $ 195,592 |
Lessee - components of operating lease expenses | The components of operating lease expenses were as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 Lease expense: ā ā ā ā ā ā Contractual lease expense ā $ 12,821 ā $ 8,272 Variable lease expense (a) ā ā 119 ā ā 664 Total operating lease expense (b)(c) ā $ 12,940 ā $ 8,936 (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 year ended December 31, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.3 million and $3.0 million, respectively, and for the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.2 million and $0.8 million, respectively. Due to the net impact of the amortization, the Company recorded $0.3 million and $0.4 million of total operating lease expense during the year ended December 31, 2020 and 2019, respectively. |
Lessor - Future minimum lease payments | Future minimum lease payments from our retail and commercial leases as of December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā Retail and Commercial Leases 2021 ā $ 23,970 2022 ā ā 22,749 2023 ā ā 20,855 2024 ā ā 19,132 2025 ā ā 15,972 Thereafter ā ā 70,396 Total future minimum lease payments (a) ā $ 173,074 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less. |
SECURED AND UNSECURED DEBT, N_2
SECURED AND UNSECURED DEBT, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Unsecured Debt | |
Schedule of debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2020 and 2019 ( dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Principal Outstanding ā As of December 31, 2020 ā ā ā ā ā ā ā ā Weighted ā Weighted ā ā ā ā ā ā ā ā ā ā Average ā Average ā Number of ā ā December 31, ā December 31, ā Interest ā Years to ā Communities ā 2020 2019 Rate Maturity Encumbered Secured Debt: ā ā ā ā ā ā ā Fixed Rate Debt ā ā Mortgage notes payable (a) ā $ 824,550 ā $ 884,869 3.31 % 7.2 11 Credit facilities (b) ā ā ā 204,590 ā % ā ā Deferred financing costs and other non-cash adjustments (b) ā 10,665 ā 33,046 Total fixed rate secured debt, net ā 835,215 ā 1,122,505 3.31 % 7.2 11 Variable Rate Debt ā ā Tax-exempt secured notes payable (c) ā 27,000 ā 27,000 0.84 % 11.2 1 Deferred financing costs ā (68) ā (64) Total variable rate secured debt, net ā 26,932 ā 26,936 0.84 % 11.2 1 Total Secured Debt, net ā 862,147 ā 1,149,441 3.23 % 7.3 12 Unsecured Debt: ā ā Variable Rate Debt ā ā Borrowings outstanding under unsecured credit facility due January 2023 (d) (p) ā ā ā ā ā % 2.1 Borrowings outstanding under unsecured commercial paper program due January 2021 (e) (p) ā ā 190,000 ā ā 300,000 ā 0.27 % 0.1 ā ā Borrowings outstanding under unsecured working capital credit facility due January 2022 ā 28,024 ā 16,583 0.97 % 1.0 Term Loan due September 2023 (d) (p) ā 35,000 ā 35,000 1.05 % 2.8 Fixed Rate Debt ā ā Term Loan due September 2023 (d) (p) ā ā 315,000 ā 315,000 2.55 % 2.8 ā ā 3.75% Medium-Term Notes due July 2024 (net of discounts of $0 and $470, respectively) (g) (p) ā ā ā 299,530 ā % ā 8.50% Debentures due September 2024 ā 15,644 ā 15,644 8.50 % 3.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $327 and $396, respectively) (h) (p) ā 299,673 ā 299,604 4.53 % 4.8 2.95% Medium-Term Notes due September 2026 (i) (p) ā 300,000 ā 300,000 2.89 % 5.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $458 and $529, respectively) (p) ā ā 299,542 ā ā 299,471 ā 3.50 % 6.5 ā ā 3.50% Medium-Term Notes due January 2028 (net of discounts of $835 and $954, respectively) (p) ā ā 299,165 ā ā 299,046 ā 3.50 % 7.0 ā ā 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (j) (p) ā ā 299,995 ā ā 299,995 ā 4.27 % 8.1 ā ā 3.20% Medium-Term Notes due January 2030 (net of premiums of $12,412 and $2,281, respectively) (k) (p) ā ā 612,412 ā ā 402,281 ā 3.32 % 9.0 ā ā 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,027 and $1,123, respectively) (l) (p) ā ā 398,973 ā ā 398,877 ā 3.01 % 10.6 ā ā 2.10% Medium-Term Notes due August 2032 (net of discounts of $408 and $0, respectively) (m) (p) ā ā 399,592 ā ā ā ā 2.10 % 11.6 ā ā 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,471 and $0, respectively) (n) (p) ā ā 348,529 ā ā ā ā 1.90 % 12.2 ā ā 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,221 and $1,309, respectively) (o) (p) ā ā 298,779 ā ā 298,691 ā 3.13 % 13.8 ā ā Other ā 10 ā 13 Deferred financing costs ā (25,937) ā (21,652) Total Unsecured Debt, net ā 4,114,401 ā 3,558,083 2.98 % 8.1 Total Debt, net ā $ 4,976,548 ā $ 4,707,524 2.91 % 8.0 |
Schedule of aggregate maturities, including amortizing principal payments of secured and unsecured debt | The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Fixed Total Variable Total Total Total Year ā Secured Debt ā Secured Debt ā Secured Debt ā Unsecured Debt ā Debt 2021 ā $ 1,097 ā $ ā ā $ 1,097 ā $ 190,000 (a) $ 191,097 2022 ā ā 1,140 ā ā ā ā ā 1,140 ā ā 28,024 ā ā 29,164 2023 ā 1,183 ā ā ā 1,183 ā 350,000 ā 351,183 2024 ā 95,280 ā ā ā 95,280 ā 15,644 ā 110,924 2025 ā 173,189 ā ā ā 173,189 ā 300,000 ā 473,189 2026 ā 51,070 ā ā ā 51,070 ā 300,000 ā 351,070 2027 ā 1,111 ā ā ā 1,111 ā 300,000 ā 301,111 2028 ā 122,466 ā ā ā 122,466 ā 300,000 ā 422,466 2029 ā 144,584 ā ā ā 144,584 ā 300,000 ā 444,584 2030 ā 72,500 ā ā ā 72,500 ā 600,000 ā 672,500 Thereafter ā 160,930 ā 27,000 ā 187,930 ā 1,450,000 ā 1,637,930 Subtotal ā 824,550 ā 27,000 ā 851,550 ā 4,133,668 ā 4,985,218 Non-cash (b) ā 10,665 ā (68) ā 10,597 ā (19,267) ā (8,670) Total ā $ 835,215 ā $ 26,932 ā $ 862,147 ā $ 4,114,401 ā $ 4,976,548 (a) All unsecured debt due in the remainder of 2021 is related to the Companyās commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2020 and 2019, the Company amortized $4.4 million and $4.2 million, respectively, of deferred financing costs into Interest expense . |
Commercial Paper | |
Unsecured Debt | |
Schedule of short-term debt | The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Total unsecured commercial paper program $ 500,000 ā $ 500,000 ā Borrowings outstanding at end of year ā 190,000 ā 300,000 ā Weighted average daily borrowings during the year ended ā 227,090 ā 173,353 ā Maximum daily borrowings during the year ended ā 500,000 ā 435,000 ā Weighted average interest rate during the year ended ā 0.9 % 2.5 % Interest rate at end of the year ā 0.3 % 2.0 % |
Revolving Credit Facility | |
Unsecured Debt | |
Schedule of short-term debt | The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 2019 ā Total revolving credit facility ā $ 1,100,000 ā $ 1,100,000 ā Borrowings outstanding at end of year (1) ā ā ā ā ā Weighted average daily borrowings during the year ended ā 42,186 ā 55 ā Maximum daily borrowings during the year ended ā 375,000 ā 20,000 ā Weighted average interest rate during the year ended ā 1.4 % 2.6 % Interest rate at end of the year ā ā % ā % (1) Excludes $2.8 million and $2.9 million of letters of credit at December 31, 2020 and 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 December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Total working capital credit facility ā $ 75,000 ā $ 75,000 ā Borrowings outstanding at end of year ā 28,024 ā 16,583 ā Weighted average daily borrowings during the year ended ā 20,132 ā 23,487 ā Maximum daily borrowings during the year ended ā 54,974 ā 66,170 ā Weighted average interest rate during the year ended ā 1.4 % 3.1 % Interest rate at end of the year ā 1.0 % 2.6 % |
INCOME_(LOSS) PER SHARE (Tables
INCOME/(LOSS) PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 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): ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2020 2019 2018 Numerator for income/(loss) per share: ā ā ā ā ā ā ā Net income/(loss) ā $ 68,970 ā $ 199,579 ā $ 221,542 Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā (4,543) ā (14,426) ā (18,215) Net (income)/loss attributable to noncontrolling interests ā (161) ā (188) ā (221) Net income/(loss) attributable to UDR, Inc. ā 64,266 ā 184,965 ā 203,106 Distributions to preferred stockholders ā Series E (Convertible) ā (4,230) ā (4,104) ā (3,868) Income/(loss) attributable to common stockholders - basic and diluted ā $ 60,036 ā $ 180,861 ā $ 199,238 ā ā ā ā ā ā ā ā ā ā Denominator for income/(loss) per share: ā ā ā Weighted average common shares outstanding ā 294,808 ā 285,509 ā 268,513 Non-vested restricted stock awards ā (263) ā (262) ā (334) Denominator for basic income/(loss) per share ā 294,545 ā 285,247 ā 268,179 Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock ā 382 ā 768 ā 1,304 Denominator for diluted income/(loss) per share ā 294,927 ā 286,015 ā 269,483 ā ā ā ā ā ā ā ā ā ā Income/(loss) per weighted average common share: ā ā ā Basic ā $ 0.20 ā $ 0.63 ā $ 0.74 Diluted ā $ 0.20 ā $ 0.63 ā $ 0.74 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth the additional shares of common stock outstanding by equity instrument if converted to common stock for each of the years ended December 31, 2020, 2019, and 2018 (in thousands) ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 ā 2018 OP/DownREIT Units 22,310 22,773 24,548 Convertible preferred stock 2,950 3,011 3,011 Stock options, unvested LTIP Units and unvested restricted stock 382 768 1,304 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
STOCKHOLDERS' EQUITY | |
Schedule of changes in issued and outstanding common and preferred stock | The following table presents the changes in the Companyās issued and outstanding shares of common and preferred stock for the years ended December 31, 2020, 2019 and 2018: ā ā ā ā ā ā ā ā ā Common ā Preferred Stock ā ā Stock ā Series E ā Series F Balance at December 31, 2017 267,822 2,781 15,852 Issuance/(forfeiture) of common and restricted shares, net 47 ā ā Issuance of common shares upon exercise of stock options ā 772 ā ā ā ā Issuance of common shares through public offering 7,150 ā ā ā ā Repurchase of common shares ā (593) ā ā ā ā Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 11 ā ā Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership ā 337 ā ā Forfeiture of Series F shares ā ā ā (50) Balance at December 31, 2018 275,546 2,781 15,802 Issuance/(forfeiture) of common and restricted shares, net 50 ā ā Issuance of common shares through public offering ā 7,500 ā ā Issuance of common shares though ATM program ā 6,988 ā ā ā ā Issuance of common shares through forward sales agreement ā 1,339 ā ā Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 1,969 ā ā Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 1,196 ā ā Forfeiture of Series F shares ā ā (1,111) Balance at December 31, 2019 294,588 2,781 14,691 Issuance/(forfeiture) of common and restricted shares, net 104 ā ā Issuance of common shares through forward sales public offering, net (forward sales agreement) ā 2,121 ā ā Repurchase of common shares ā (597) ā ā ā ā Adjustment for conversion of noncontrolling interest of unitholders in the Operating Partnership 3 ā ā Adjustment for conversion of noncontrolling interest of unitholders in the DownREIT Partnership 300 ā ā Conversion of Series E Cumulative Convertible shares ā 93 ā (86) ā ā Forfeiture of Series F shares ā ā (250) Balance at December 31, 2020 296,612 2,695 14,441 |
EMPLOYEE BENEFIT PLANS (Tables)
EMPLOYEE BENEFIT PLANS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
EMPLOYEE BENEFIT PLANS | |
Summary of LTIP Units and restricted stock activities | ā ā ā ā ā ā ā ā ā ā ā ā ā ā LTIP Units ā Restricted Stock ā ā ā ā Weighted ā ā ā ā Weighted ā ā ā Average Fair ā ā ā ā Average Fair ā ā ā Value Per ā ā Number of ā Value Per ā Number ā Restricted ā ā LTIP Units ā LTIP Unit ā of shares ā Stock Balance, December 31, 2019 858 ā $ 37.77 248 ā $ 37.29 Granted 641 ā 42.64 188 ā 44.16 Vested (772) ā 39.29 (174) ā 36.74 Forfeited ā ā ā (25) ā 45.68 Balance, December 31, 2020 727 ā $ 41.58 237 ā $ 42.31 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAXES | |
Schedule of taxable distributions paid per common share | Taxable distributions paid per common share were taxable as follows for the years ended December 31, 2020, 2019 and 2018 ( unaudited ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 ā 2018 Ordinary income $ 1.032 $ 0.981 $ 0.774 Qualified ordinary income ā 0.004 ā 0.004 ā 0.006 Long-term capital gain ā 0.298 ā 0.021 ā 0.058 Unrecaptured section 1250 gain ā 0.089 ā 0.063 ā 0.233 Nondividend distributions ā ā ā ā ā 0.281 ā ā 0.207 Total ā $ 1.423 ā $ 1.350 ā $ 1.278 |
Schedule of components of the provision for income taxes | The components of the provision for income taxes are as follows for the years ended December 31, 2020, 2019, and 2018 (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 ā 2018 Income tax (benefit)/provision ā ā ā Current ā ā ā Federal ā $ (148) ā $ 1,466 ā $ 220 State ā 1,374 ā 735 ā 396 Total current ā 1,226 ā 2,201 ā 616 Deferred ā ā ā ā ā ā ā ā ā Federal ā 894 ā 1,266 ā 66 State ā 451 ā 371 ā 6 Investment tax credit ā ā (26) ā ā ā ā ā ā Total deferred ā 1,319 ā 1,637 ā 72 Total income tax (benefit)/provision ā $ 2,545 ā $ 3,838 ā $ 688 |
Schedule of components of TRS deferred tax assets and liabilities | The components of our TRS deferred tax assets and liabilities are as follows for the years ended December 31, 2020, 2019, and 2018 (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 ā 2018 Deferred tax assets: ā ā ā Federal and state tax attributes ā $ 6 ā $ 22 ā $ 28 Other ā 147 ā 87 ā 70 Total deferred tax assets ā 153 ā 109 ā 98 Valuation allowance ā (23) ā (19) ā (16) Net deferred tax assets ā 130 ā 90 ā 82 Deferred tax liabilities: ā ā ā Book/tax depreciation and basis ā ā (638) ā ā (367) ā ā ā Other investment ventures ā ā (2,665) ā ā (1,291) ā ā (17) Other ā (67) ā (67) ā (67) Total deferred tax liabilities ā (3,370) ā (1,725) ā (84) Net deferred tax assets/(liabilities) ā $ (3,240) ā $ (1,635) ā $ (2) |
Schedule of effective income tax rate reconciliation | Income tax provision/(benefit), net from our TRS differed from the amounts computed by applying the U.S. statutory rate of 21% to pretax income/(loss) for the years ended December 31, 2020, 2019, and 2018 as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 ā 2018 Income tax provision/(benefit) ā ā ā U.S. federal income tax provision/(benefit) ā $ 1,240 ā $ 2,905 ā $ 321 State income tax provision ā 1,434 ā 1,013 ā 527 Other items ā (165) ā (139) ā (167) Solar credit amortization ā ā (26) ā ā ā ā ā ā ITC basis adjustment ā 58 ā 56 ā ā Valuation allowance ā 4 ā 3 ā 7 Total income tax provision/(benefit) ā $ 2,545 ā $ 3,838 ā $ 688 ā |
NONCONTROLLING INTERESTS (Table
NONCONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year $ 1,018,665 $ 972,740 Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā (143,741) ā 183,884 Conversion of OP Units/DownREIT Units to Common Stock ā (12,666) ā (134,031) Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā 4,543 ā 14,426 Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā (34,149) ā (32,270) Vesting of Long-Term Incentive Plan Units ā ā 23,501 ā ā 14,742 Allocation of other comprehensive income/(loss) ā 141 ā (826) Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year ā $ 856,294 ā $ 1,018,665 ā |
FAIR VALUE OF DERIVATIVES AND_2
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | |
Schedule of estimated fair values | The estimated fair values of the Companyās financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2020, Using ā ā Total ā ā ā Quoted ā ā ā ā ā ā Carrying ā ā ā Prices in ā ā ā ā ā ā Amount in ā ā ā Active ā ā ā ā ā ā ā Statement of ā ā ā ā Markets ā Significant ā ā ā ā ā Financial ā Fair Value ā for Identical ā Other ā Significant ā ā Position at ā Estimate at ā Assets or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā ā 2020 (a) ā 2020 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā ā Notes receivable, net (b) ā $ 157,992 ā $ 170,411 ā $ ā ā $ ā ā $ 170,411 Derivatives - Interest rate contracts (b) ā 2 ā 2 ā ā ā 2 ā ā Total assets ā $ 157,994 ā $ 170,413 ā $ ā ā $ 2 ā $ 170,411 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Derivatives - Interest rate contracts (c) ā $ 167 ā $ 167 ā $ ā ā $ 167 ā $ ā Secured debt instruments - fixed rate: (d) ā ā ā ā ā ā Mortgage notes payable ā ā 837,473 ā ā 854,084 ā ā ā ā ā ā ā ā 854,084 Secured debt instruments - variable rate: (d) ā ā ā ā ā ā Tax-exempt secured notes payable ā 27,000 ā 27,000 ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā Working capital credit facility ā ā 28,024 ā ā 28,024 ā ā ā ā ā ā ā ā 28,024 Commercial paper program ā ā 190,000 ā ā 190,000 ā ā ā ā ā ā ā ā 190,000 Unsecured notes ā ā 3,922,314 ā ā 4,283,045 ā ā ā ā ā ā ā ā 4,283,045 Total liabilities ā $ 5,004,978 ā $ 5,382,320 ā $ ā ā $ 167 ā $ 5,382,153 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ā $ 856,294 ā $ 856,294 ā $ ā ā $ 856,294 ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2019, Using ā ā Total ā ā ā Quoted ā ā ā ā ā ā Carrying ā ā ā Prices in ā ā ā ā ā ā Amount in ā ā ā Active ā ā ā ā ā ā Statement of ā ā ā Markets ā Significant ā ā ā ā Financial ā Fair Value ā for Identical ā Other ā Significant ā ā Position at ā Estimate at ā Assets or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā 2019 (a) ā 2019 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā ā Notes receivable, net (b) ā $ 153,650 ā $ 160,197 ā $ ā ā $ ā ā $ 160,197 Derivatives - Interest rate contracts (c) ā 6 ā 6 ā ā ā 6 ā ā Total assets ā $ 153,656 ā $ 160,203 ā $ ā ā $ 6 ā $ 160,197 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Derivatives - Interest rate contracts (c) ā $ 142 ā $ 142 ā $ ā ā $ 142 ā $ ā Secured debt instruments - fixed rate: (d) ā ā ā ā ā ā Mortgage notes payable ā ā 906,228 ā ā 898,329 ā ā ā ā ā ā ā ā 898,329 Credit facilities ā 218,490 ā 213,661 ā ā ā ā ā 213,661 Secured debt instruments - variable rate: (d) ā ā ā ā ā ā Tax-exempt secured notes payable ā 27,000 ā 27,000 ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā ā Working capital credit facility ā ā 16,583 ā ā 16,583 ā ā ā ā ā ā ā ā 16,583 Commercial paper program ā ā 300,000 ā ā 300,000 ā ā ā ā ā ā ā ā 300,000 Unsecured notes ā ā 3,263,152 ā ā 3,397,622 ā ā ā ā ā ā ā ā 3,397,622 Total liabilities ā $ 4,731,595 ā $ 4,853,337 ā $ ā ā $ 142 ā $ 4,853,195 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ā $ 1,018,665 ā $ 1,018,665 ā $ ā ā $ 1,018,665 ā $ ā (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 14, Derivatives and Hedging Activity . (d) See Note 7, Secured and Unsecured Debt, Net . (e) See Note 12, Noncontrolling Interests . |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
DERIVATIVES AND HEDGING ACTIVITY | |
Schedule of outstanding interest rate derivatives | As of December 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ā ā ā ā ā ā ā Number of ā Product ā Instruments ā Notional Interest rate swaps and caps (a) ā 2 ā $ 334,880 (a) In addition to the interest rate swaps summarized above, the Company entered into three additional interest rate swaps with a total notional value of $315.0 million that became effective in January 2021 upon maturity of the $315.0 million notional value interest rate swap summarized above. |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets | The table below presents the fair value of the Companyās derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Asset Derivatives ā Liability Derivatives ā ā (included in Other assets ) ā (included in Other liabilities ) ā ā Fair Value at: ā Fair Value at: ā ā December 31, ā December 31, ā December 31, ā December 31, ā ā 2020 ā 2019 ā 2020 ā 2019 Derivatives designated as hedging instruments: ā ā ā ā Interest rate products ā $ 2 ā $ 6 ā $ 167 ā $ 142 |
Effect of Company's derivative financial instruments on Consolidated Statements of Operations | The tables below present the effect of the Companyās derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gain/(Loss) Recognized in ā ā ā ā Gain/(Loss) Reclassified ā Interest expense ā ā Unrealized holding gain/(loss) ā from Accumulated OCI into ā (Amount Excluded from ā ā Recognized in OCI ā Interest expense ā Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 2018 2020 2019 2018 2020 2019 2018 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Interest rate products ā $ (3,382) ā $ (8,437) ā $ 4,806 ā $ (4,827) ā $ 2,770 ā $ 1,948 ā $ ā ā $ ā ā $ ā |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended ā ā December 31, ā ā 2020 ā 2019 ā 2018 Total amount of Interest expense ā $ 202,706 ā $ 170,917 ā $ 134,168 ā |
Offsetting of Derivative Assets | The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Net Amounts of Gross Amounts Not Offset ā ā ā ā ā ā ā ā Amounts ā Assets ā in the Consolidated ā ā ā ā ā Gross ā Offset in the ā Presented in the ā Balance Sheet ā ā ā ā ā Amounts of ā Consolidated ā Consolidated ā ā ā ā Cash ā ā ā ā ā Recognized ā Balance ā Balance Sheets ā Financial ā Collateral ā ā ā Offsetting of Derivative Assets ā Assets ā Sheets ā (a) ā Instruments Received Net Amount December 31, 2020 ā $ 2 ā $ ā ā $ 2 ā $ ā ā $ ā ā $ 2 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā $ 6 ā $ ā ā $ 6 ā $ (3) ā $ ā ā $ 3 (a) Amounts reconcile to the aggregate fair value of derivative assets in the āTabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheetsā located in this footnote. |
Offsetting of Derivative Liabilities | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Net Amounts of Gross Amounts Not Offset ā ā ā ā ā ā ā ā Amounts ā Liabilities ā in the Consolidated ā ā ā ā ā Gross ā Offset in the ā Presented in the ā Balance Sheet ā ā ā ā ā Amounts of ā Consolidated ā Consolidated ā ā ā ā Cash ā ā ā ā ā Recognized ā Balance ā Balance Sheets ā Financial ā Collateral ā ā ā Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2020 ā $ 167 ā $ ā ā $ 167 ā $ ā ā $ ā ā $ 167 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā $ 142 ā $ ā ā $ 142 ā $ (3) ā $ ā ā $ 139 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the āTabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheetsā located in this footnote. |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
COMMITMENTS AND CONTINGENCIES | |
Summary of real estate commitments | The following summarizes the Companyās real estate commitments at December 31, 2020 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā Number ā UDR's ā UDR's Remaining ā ā ā Properties ā Investment (a) ā Commitment ā Wholly-owned ā under development 5 ā $ 247,877 ā $ 243,623 Joint ventures: ā ā Preferred equity investments 1 ā ā 17,919 (b) ā 2,921 (b) Other investments ā - ā ā 22,870 ā ā 19,245 ā Total ā $ 288,666 ā $ 265,789 (a) Represents UDRās investment as of December 31, 2020. (b) Represents UDRās investment in and remaining commitment for Thousand Oaks, which is under development as of December 31, 2020. |
REPORTABLE SEGMENTS (Tables)
REPORTABLE SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 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 UDRās reportable segments for the years ended December 31, 2020, 2019, and 2018, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2020 2019 2018 Reportable apartment home segment lease revenue ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 385,959 ā $ 402,901 ā $ 387,215 Mid-Atlantic Region ā 211,633 ā 211,401 ā 205,324 Northeast Region ā ā 108,073 ā ā 122,008 ā ā 119,540 Southeast Region ā 123,993 ā 120,289 ā 116,011 Southwest Region ā 65,713 ā 64,970 ā 63,287 Non-Mature Communities/Other ā 302,920 ā 180,668 ā 111,272 Total segment and consolidated lease revenue ā $ 1,198,291 ā $ 1,102,237 ā $ 1,002,649 ā ā ā ā ā ā ā ā ā ā Reportable apartment home segment other revenue ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 11,803 ā $ 12,339 ā $ 10,738 Mid-Atlantic Region ā 6,329 ā 7,216 ā 6,357 Northeast Region ā 2,697 ā 2,760 ā 2,623 Southeast Region ā 5,395 ā 6,444 ā 6,223 Southwest Region ā 2,543 ā 2,793 ā 2,664 Non-Mature Communities/Other ā 9,038 ā 4,349 ā 3,851 Total segment and consolidated other revenue ā $ 37,805 ā $ 35,901 ā $ 32,456 ā ā ā ā ā ā ā ā ā ā Total reportable apartment home segment rental income ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 397,762 ā $ 415,240 ā $ 397,953 Mid-Atlantic Region ā 217,962 ā 218,617 ā 211,681 Northeast Region ā 110,770 ā 124,768 ā 122,163 Southeast Region ā 129,388 ā 126,733 ā 122,234 Southwest Region ā 68,256 ā 67,763 ā 65,951 Non-Mature Communities/Other ā 311,958 ā 185,017 ā 115,123 Total segment and consolidated rental income ā $ 1,236,096 ā $ 1,138,138 ā $ 1,035,105 ā ā ā ā ā ā ā ā ā ā Reportable apartment home segment NOI ā ā ā Same-Store Communities (a) ā ā ā West Region ā $ 295,065 ā $ 315,812 ā $ 300,745 Mid-Atlantic Region ā 152,131 ā 154,082 ā 148,057 Northeast Region ā 65,553 ā 83,832 ā 84,059 Southeast Region ā 88,518 ā 88,467 ā 85,219 Southwest Region ā 42,931 ā 42,210 ā 39,631 Non-Mature Communities/Other ā 209,504 ā 123,900 ā 74,404 Total segment and consolidated NOI ā 853,702 ā 808,303 ā 732,115 Reconciling items: ā ā ā Joint venture management and other fees ā 5,069 ā 14,055 ā 11,754 Property management ā (35,538) ā (32,721) ā (28,465) Other operating expenses ā (22,762) ā (13,932) ā (12,100) Real estate depreciation and amortization ā (608,616) ā (501,257) ā (429,006) General and administrative ā (49,885) ā (51,533) ā (46,983) Casualty-related (charges)/recoveries, net ā (2,131) ā (474) ā (2,121) Other depreciation and amortization ā (10,013) ā (6,666) ā (6,673) Gain/(loss) on sale of real estate owned ā ā 119,277 ā ā 5,282 ā ā 136,197 Income/(loss) from unconsolidated entities ā 18,844 ā 137,873 ā (5,055) Interest expense ā (202,706) ā (170,917) ā (134,168) Interest income and other income/(expense), net ā 6,274 ā 15,404 ā 6,735 Tax (provision)/benefit, net ā (2,545) ā (3,838) ā (688) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā (4,543) ā (14,426) ā (18,215) Net (income)/loss attributable to noncontrolling interests ā (161) ā (188) ā (221) Net income/(loss) attributable to UDR, Inc. ā $ 64,266 ā $ 184,965 ā $ 203,106 (a) Same-Store Community population consisted of 37,607 apartment homes. |
Details of assets of UDR's reportable segments | The following table details the assets of UDRās reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Reportable apartment home segment assets: ā ā Same-Store Communities (a): ā ā West Region ā $ 3,732,329 ā $ 3,696,544 Mid-Atlantic Region ā 2,255,449 ā 2,222,405 Northeast Region ā 1,507,878 ā 1,500,597 Southeast Region ā 827,683 ā 806,830 Southwest Region ā 614,647 ā 600,350 Non-Mature Communities/Other ā 4,133,486 ā 3,775,375 Total segment assets ā 13,071,472 ā 12,602,101 Accumulated depreciation ā (4,605,366) ā (4,131,353) Total segment assets ā net book value ā 8,466,106 ā 8,470,748 Reconciling items: ā ā Cash and cash equivalents ā 1,409 ā 8,106 Restricted cash ā 22,762 ā 25,185 Notes receivable, net ā 157,992 ā 153,650 Investment in and advances to unconsolidated joint ventures, net ā 600,233 ā 588,262 Operating lease right-of-use assets ā ā 200,913 ā ā 204,225 Other assets ā 188,118 ā 186,296 Total consolidated assets ā $ 9,637,533 ā $ 9,636,472 (a) Same-Store Community population consisted of 37,607 apartment homes. |
CONSOLIDATION AND BASIS OF PR_2
CONSOLIDATION AND BASIS OF PRESENTATION (Details) | 12 Months Ended | |||
Dec. 31, 2020homecommunityitemUSD ($)shares | Dec. 31, 2019shares | Dec. 31, 2018shares | Dec. 31, 2017shares | |
Consolidation And Basis Of Presentation | ||||
Number of Real Estate Properties | community | 149 | |||
Number of Markets Operating Within | $ | 21 | |||
Number Of Apartment Homes Owned And Consolidated By Company | home | 48,283 | |||
Operating Partnership units outstanding related to limited partner | 184,836,000 | 184,064,000 | 183,637,000 | 183,351,000 |
Joint venture, number of completed or to be completed homes in communities | home | 5,295 | |||
Preferred equity investment,, number of apartment homes | home | 2,165 | |||
Operating Partnership outstanding units | 184,800,000 | 184,100,000 | ||
United Dominion Realty L.P. | ||||
Consolidation And Basis Of Presentation | ||||
Operating Partnership units outstanding related to limited partner | 176,200,000 | 176,200,000 | ||
Percentage of units outstanding in Partnership | 95.30% | 95.70% | ||
UDR Lighthouse DownREIT L.P. | ||||
Consolidation And Basis Of Presentation | ||||
General Partners' ownership (as a percent) | 56.80% | |||
Operating Partnership outstanding units | 13,500,000 | |||
Percentage of units outstanding in Partnership | 41.60% | |||
UDR Lighthouse DownREIT L.P. | ||||
Consolidation And Basis Of Presentation | ||||
Operating Partnership outstanding units | 32,400,000 | 13,500,000 | ||
Percentage of units outstanding in Partnership | 41.60% | |||
Non-affiliated Partners | ||||
Consolidation And Basis Of Presentation | ||||
Operating Partnership units outstanding related to limited partner | 8,600,000 | |||
Operating Partnership outstanding units | 13,700,000 | 7,900,000 | ||
Percentage of units outstanding in Partnership | 4.70% | 4.30% | ||
Non-affiliated Partners | United Dominion Realty L.P. | ||||
Consolidation And Basis Of Presentation | ||||
Operating Partnership units outstanding related to limited partner | 8,600,000 | |||
Operating Partnership outstanding units | 8,600,000 | 7,900,000 | ||
Percentage of units outstanding in Partnership | 4.70% | 4.30% | ||
Non-affiliated Partners | UDR Lighthouse DownREIT L.P. | ||||
Consolidation And Basis Of Presentation | ||||
Operating Partnership outstanding units | 14,000,000 | |||
Percentage of units outstanding in Partnership | 42.20% | 43.20% | ||
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) | 57.80% | |||
Operating Partnership outstanding units | 18,700,000 | 18,400,000 | ||
Percentage of units outstanding in Partnership | 95.30% | 95.70% | ||
UDR, Inc. | United Dominion Realty L.P. | ||||
Consolidation And Basis Of Presentation | ||||
Operating Partnership units outstanding related to limited partner | 176,100,000 | 176,100,000 | ||
General Partnership units outstanding | 100,000 | 100,000 | ||
General Partners' ownership (as a percent) | 95.30% | 95.70% | ||
Operating Partnership outstanding units | 176,200,000 | 176,200,000 | ||
Percentage of units outstanding in Partnership | 95.30% | 95.70% | ||
United Dominion Realty L.P. | ||||
Consolidation And Basis Of Presentation | ||||
Number of Real Estate Properties | community | 53 | |||
Number of Markets Operating Within | item | 15 | |||
Number Of Apartment Homes Owned And Consolidated By Company | home | 17,174 | |||
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 | May 31, 2020USD ($) | Jan. 31, 2021USD ($) | Nov. 30, 2019USD ($)home | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2020USD ($) |
Accounting policies | |||||||
Notes receivable | $ 158,685 | $ 153,650 | |||||
Allowance for credit losses | (693) | ||||||
Notes receivable, net | 157,992 | 153,650 | |||||
Significant Accounting Policies | |||||||
Note receivable interest income | 9,100 | 5,500 | $ 4,100 | ||||
Promoted interest received | 0 | 8,500 | 0 | ||||
Interest Income, Related Party | 0 | 0 | 0 | ||||
Allocation of other comprehensive income/(loss) | 141 | (826) | |||||
Current Income Tax Expense (Benefit) | 0 | ||||||
Development Costs Excluding Direct Costs and Capitalized Interest | 12,000 | 8,400 | 7,500 | ||||
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | 7,000 | 5,100 | 10,600 | ||||
Net deferred tax assets/(liabilities) | $ (3,200) | (1,600) | |||||
Minimum Period of Time Units Have Been Outstanding Prior to Redemption | 1 year | ||||||
Advertising expense | $ 7,900 | 6,500 | 6,700 | ||||
Credit loss | 700 | ||||||
Adjustment to rental income | 18,400 | ||||||
Adjustment to income (loss) | $ 1,100 | ||||||
Payment to acquire real estate | $ 109,200 | ||||||
Minimum Percentage of Carrying Value Of Real Estate Portfolio Held By Company | 10.00% | ||||||
Impairment charge on investment | $ 3,100 | ||||||
Minimum | |||||||
Significant Accounting Policies | |||||||
Ownership (as a percent) | 100.00% | ||||||
Buildings | Minimum | |||||||
Significant Accounting Policies | |||||||
Property, Plant and Equipment, Useful Life | 30 years | ||||||
Buildings | Maximum | |||||||
Significant Accounting Policies | |||||||
Property, Plant and Equipment, Useful Life | 55 years | ||||||
Building improvements | Minimum | |||||||
Significant Accounting Policies | |||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||
Building improvements | Maximum | |||||||
Significant Accounting Policies | |||||||
Property, Plant and Equipment, Useful Life | 35 years | ||||||
Furniture, fixtures, equipment, and other assets | Minimum | |||||||
Significant Accounting Policies | |||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||
Furniture, fixtures, equipment, and other assets | Maximum | |||||||
Significant Accounting Policies | |||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||
Note due October 2020 | |||||||
Accounting policies | |||||||
Note receivable interest rate | 8.00% | ||||||
Notes receivable | 2,250 | ||||||
Note due February 2021 | |||||||
Accounting policies | |||||||
Notes receivable | $ 4,000 | $ 4,000 | |||||
Interest due | $ 0 | ||||||
Note due February 2021 | Subsequent Event | |||||||
Accounting policies | |||||||
Notes receivable | $ 4,000 | ||||||
Significant Accounting Policies | |||||||
Proceeds from secured notes receivable | 4,000 | ||||||
Note due May 2022 | |||||||
Accounting policies | |||||||
Note receivable interest rate | 8.00% | ||||||
Notes receivable | $ 20,000 | 20,000 | |||||
Note due October 2022 | |||||||
Accounting policies | |||||||
Note receivable interest rate | 4.75% | ||||||
Notes receivable | $ 115,000 | 115,000 | |||||
Note due October 2022 | Bellevue, WA 259 Home Community | |||||||
Significant Accounting Policies | |||||||
Aggregate commitment on note receivable | $ 115,000 | ||||||
Number of apartment homes | home | 259 | ||||||
Purchase Option Agreement, Deposit Made | $ 10,000 | ||||||
Payment to acquire real estate | $ 170,000 | ||||||
Maturity date extension term | 10 years | ||||||
Loan interest term | 3 years | ||||||
Amortization schedule term | 30 years | ||||||
Note due January 2023 | |||||||
Accounting policies | |||||||
Note receivable interest rate | 10.00% | ||||||
Notes receivable | $ 19,685 | 16,400 | |||||
Notes receivable, net | 19,700 | ||||||
Significant Accounting Policies | |||||||
Aggregate commitment on note receivable | 20,000 | 16,400 | |||||
Note maturity public capital threshold | 5,000 | ||||||
Additional amount loaned | 3,300 | ||||||
Note due January 2023 | Subsequent Event | |||||||
Accounting policies | |||||||
Notes receivable | 20,000 | ||||||
Significant Accounting Policies | |||||||
Aggregate commitment on note receivable | $ 22,000 | ||||||
Multifamily tenant lease | |||||||
Significant Accounting Policies | |||||||
Increase in reserves | 13,500 | ||||||
Retail tenant lease | |||||||
Significant Accounting Policies | |||||||
Increase in reserves | 6,000 | ||||||
Straight-line lease | |||||||
Significant Accounting Policies | |||||||
Allowance for doubtful accounts | 3,300 | ||||||
ASU 2016-13 | Adjustment | |||||||
Accounting policies | |||||||
Retained earnings | $ 2,200 | ||||||
Noncontrollings Interest | |||||||
Significant Accounting Policies | |||||||
Allocation of other comprehensive income/(loss) | $ 100 | $ (800) | $ 200 |
REAL ESTATE OWNED - Summarizes
REAL ESTATE OWNED - Summarizes the carrying amounts for our real estate owned (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 28, 2019 | Dec. 31, 2018 |
Real estate owned | ||||
Land | $ 2,139,765 | $ 2,164,032 | ||
Depreciable property - held and used: | ||||
Land improvements | 233,823 | 224,964 | ||
Building, improvements, and furniture, fixtures and equipment | 10,292,782 | 10,102,758 | ||
Real estate intangible assets | 40,570 | 40,570 | ||
Under development: | ||||
Real estate under development | 246,867 | 69,754 | ||
Real estate owned | 13,071,472 | 12,602,101 | ||
Accumulated depreciation | (4,605,366) | (4,131,353) | ||
Total real estate owned, net of accumulated depreciation | 8,466,106 | 8,470,748 | ||
Accumulated amortization | 5,800 | |||
LAND | ||||
Under development: | ||||
Real estate under development | 73,702 | 29,226 | ||
Construction in progress | ||||
Under development: | ||||
Real estate under development | 174,175 | $ 40,551 | ||
Land and land improvements | ||||
Under development: | ||||
Real estate held for disposition | 15,184 | |||
Building, improvements and furniture, fixtures and equipment | ||||
Under development: | ||||
Real estate held for disposition | $ 101,471 | |||
ORANGE COUNTY, CA | ||||
Under development: | ||||
Sale price | $ 90,500 | |||
Fairfax, VA | ||||
Under development: | ||||
Sale price | $ 160,000 |
REAL ESTATE OWNED - Additional
REAL ESTATE OWNED - Additional Information (Details) $ in Thousands | Jan. 31, 2021USD ($)home | Nov. 30, 2020USD ($)home | Feb. 28, 2021USD ($)home | Jan. 31, 2021USD ($) | Oct. 31, 2020USD ($)home | Aug. 31, 2020USD ($) | May 31, 2020USD ($)home | Jan. 31, 2020USD ($)itemhome | Nov. 30, 2019USD ($)communityfacility | Nov. 30, 2019USD ($)communityfacility | Nov. 30, 2019USD ($)communityitemfacility | Nov. 30, 2019USD ($)propertycommunityfacility | Aug. 31, 2019USD ($)home | Jun. 30, 2019USD ($)home | May 31, 2019USD ($)home | Apr. 30, 2019USD ($)home | Feb. 28, 2019USD ($)home | Jan. 31, 2019USD ($)homeitem | Dec. 31, 2020USD ($)homecommunitystate | Dec. 31, 2019USD ($)community | Dec. 31, 2018USD ($) | Jul. 31, 2019 |
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of real estate properties | community | 149 | |||||||||||||||||||||
Number of states in which there are owned and consolidated communities | state | 13 | |||||||||||||||||||||
Number of apartment homes owned and consolidated | home | 48,283 | |||||||||||||||||||||
Gain/(loss) on sale of real estate owned | $ 119,277 | $ 5,282 | $ 136,197 | |||||||||||||||||||
In-place intangibles | 40,570 | 40,570 | ||||||||||||||||||||
Payment to acquire real estate | $ 109,200 | |||||||||||||||||||||
Development costs excluding direct costs and capitalized interest | 12,000 | 8,400 | 7,500 | |||||||||||||||||||
Interest capitalized during period | 7,000 | 5,100 | 10,600 | |||||||||||||||||||
Gain on consolidation | $ 0 | |||||||||||||||||||||
Development of real estate assets | 121,240 | 25,401 | $ 150,238 | |||||||||||||||||||
Real estate held for investment | 12,706,940 | $ 12,532,324 | ||||||||||||||||||||
Long-term Debt | $ 4,985,218 | |||||||||||||||||||||
Number of communities under development | community | 5 | |||||||||||||||||||||
Number of homes under development | home | 1,378 | |||||||||||||||||||||
Number of Homes Completed | home | 202 | |||||||||||||||||||||
Investment | $ 247,900 | |||||||||||||||||||||
LAND | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Proceeds from sale of real estate | $ 38,000 | |||||||||||||||||||||
Note due February 2021 | Subsequent Event | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Proceeds from secured notes receivable | $ 4,000 | |||||||||||||||||||||
LAND | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Proceeds from sale of real estate | 38,000 | |||||||||||||||||||||
Gain/(loss) on sale of real estate owned | $ 5,300 | |||||||||||||||||||||
386 Home Operating Community In Anaheim | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Ownership (as a percent) | 49.00% | 49.00% | ||||||||||||||||||||
Operating Community in Seattle | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Ownership (as a percent) | 49.00% | |||||||||||||||||||||
Unconsolidated Joint Venture Three Washington DC | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Ownership (as a percent) | 30.00% | |||||||||||||||||||||
UDR/MetLife operating communities | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Ownership (as a percent) | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | |||||||||||||||||
Gain on consolidation | $ 114,900 | $ 131,500 | ||||||||||||||||||||
Number of communities acquired | community | 10 | 10 | ||||||||||||||||||||
Number of communities under development purchased | community | 1 | 1 | ||||||||||||||||||||
Number of land parcels | 4 | 4 | 4 | 4 | ||||||||||||||||||
Number of communities sold | community | 5 | 5 | 5 | 5 | ||||||||||||||||||
Sale value of joint venture | $ 645,800 | |||||||||||||||||||||
Sale value of joint venture UDR's share | $ 322,900 | |||||||||||||||||||||
Preferred Equity Investment Hillsboro Oregon | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | item | 276 | |||||||||||||||||||||
Ownership (as a percent) | 100.00% | 49.00% | ||||||||||||||||||||
Number of apartment homes | home | 276 | |||||||||||||||||||||
Payment to acquire real estate | $ 21,600 | |||||||||||||||||||||
386 Home Operating Community In Anaheim | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 386 | |||||||||||||||||||||
Ownership (as a percent) | 100.00% | |||||||||||||||||||||
Real estate acquired | $ 115,700 | |||||||||||||||||||||
In-place intangibles | 2,400 | |||||||||||||||||||||
Payment to acquire real estate | 33,500 | |||||||||||||||||||||
Repayments of joint venture construction financing | 59,800 | |||||||||||||||||||||
Gain on consolidation | $ 0 | |||||||||||||||||||||
386 Home Operating Community In Anaheim | Subsequent Event | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Apartment homes sold | home | 386 | |||||||||||||||||||||
Proceeds from sale of real estate | $ 156,000 | |||||||||||||||||||||
Gain/(loss) on sale of real estate owned | $ 50,800 | |||||||||||||||||||||
294 Home Operating Community in Tampa | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 294 | |||||||||||||||||||||
Real estate acquired | $ 85,200 | |||||||||||||||||||||
Real estate acquired | 83,100 | |||||||||||||||||||||
In-place intangibles | 2,100 | |||||||||||||||||||||
672 Home Operating Community in Tampa | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 672 | |||||||||||||||||||||
Real estate acquired | $ 122,500 | |||||||||||||||||||||
Real estate acquired | 119,400 | |||||||||||||||||||||
In-place intangibles | $ 3,100 | |||||||||||||||||||||
400 Home Operating Community in Herndon | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 400 | |||||||||||||||||||||
Real estate acquired | $ 128,600 | |||||||||||||||||||||
Real estate acquired | 125,900 | |||||||||||||||||||||
In-place intangibles | $ 2,700 | |||||||||||||||||||||
300 Home Operating Community in Franklin | Subsequent Event | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 300 | |||||||||||||||||||||
Real estate acquired | $ 77,400 | |||||||||||||||||||||
Interest rate | 4.39% | 4.39% | ||||||||||||||||||||
Amortization schedule term | 30 years | |||||||||||||||||||||
Long-term Debt | $ 51,800 | $ 51,800 | ||||||||||||||||||||
332 Home Operating Community in Alexandria, Virginia | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Apartment homes sold | home | 332 | |||||||||||||||||||||
Proceeds from sale of real estate | $ 145,000 | |||||||||||||||||||||
Gain/(loss) on sale of real estate owned | $ 58,000 | |||||||||||||||||||||
Operating Community in Seattle | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | item | 155 | |||||||||||||||||||||
Ownership (as a percent) | 100.00% | |||||||||||||||||||||
Real estate acquired | $ 58,100 | |||||||||||||||||||||
In-place intangibles | 600 | |||||||||||||||||||||
Payment to acquire real estate | 20,000 | |||||||||||||||||||||
Repayments of joint venture construction financing | 26,000 | |||||||||||||||||||||
Gain on consolidation | 0 | |||||||||||||||||||||
Real estate intangibles | 2,400 | |||||||||||||||||||||
71 Home Operating Community in Bellevue | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Apartment homes sold | home | 71 | |||||||||||||||||||||
Proceeds from sale of real estate | $ 49,700 | |||||||||||||||||||||
Gain/(loss) 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/(loss) on sale of real estate owned | $ 31,700 | |||||||||||||||||||||
King of Prussia | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Real estate acquired | $ 16,200 | |||||||||||||||||||||
To Be Developed Parcel Of Land In Washington DC | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Payment to acquire real estate | $ 27,100 | |||||||||||||||||||||
To Be Developed Parcel Of Land In Denver Colorado | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Payment to acquire real estate | $ 13,700 | |||||||||||||||||||||
Operating Community In Brooklyn New York | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 188 | |||||||||||||||||||||
Real estate acquired | $ 97,500 | |||||||||||||||||||||
In-place intangibles | 1,000 | |||||||||||||||||||||
Payment to acquire real estate | 132,100 | |||||||||||||||||||||
Real estate intangibles | $ 33,600 | |||||||||||||||||||||
Operating Community In St. Petersburg Florida | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 240 | 381 | ||||||||||||||||||||
Real estate acquired | $ 48,200 | $ 96,000 | ||||||||||||||||||||
In-place intangibles | 1,200 | 2,300 | ||||||||||||||||||||
Payment to acquire real estate | $ 49,400 | $ 98,300 | ||||||||||||||||||||
Operating Community In Towson Maryland | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 498 | |||||||||||||||||||||
Real estate acquired | $ 82,500 | |||||||||||||||||||||
In-place intangibles | 3,900 | |||||||||||||||||||||
Payment to acquire real estate | $ 86,400 | |||||||||||||||||||||
Operating Community In King Of Prussia Pennsylvania | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 313 | |||||||||||||||||||||
Real estate acquired | $ 106,400 | |||||||||||||||||||||
In-place intangibles | 900 | |||||||||||||||||||||
Payment to acquire real estate | $ 107,300 | |||||||||||||||||||||
Operating Community In Waltham Massachusetts | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 200 | |||||||||||||||||||||
Real estate acquired | $ 82,600 | |||||||||||||||||||||
In-place intangibles | 2,000 | |||||||||||||||||||||
Payment to acquire real estate | $ 84,600 | |||||||||||||||||||||
Operating Community In Norwood Massachusetts | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 914 | |||||||||||||||||||||
Real estate acquired | $ 260,100 | |||||||||||||||||||||
In-place intangibles | 10,100 | |||||||||||||||||||||
Payment to acquire real estate | $ 270,200 | |||||||||||||||||||||
Operating Community In Englewood New Jersey | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes acquired | home | 185 | |||||||||||||||||||||
Real estate acquired | $ 77,500 | |||||||||||||||||||||
In-place intangibles | 1,500 | |||||||||||||||||||||
Payment to acquire real estate | 83,600 | |||||||||||||||||||||
Real estate intangibles | $ 4,600 | |||||||||||||||||||||
Unconsolidated Joint Venture Three Washington DC | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Number of apartment homes owned and consolidated | home | 292 | |||||||||||||||||||||
Ownership (as a percent) | 100.00% | |||||||||||||||||||||
Cash purchase price ( as a percent) | 100.00% | |||||||||||||||||||||
Acquisition-related costs | $ 2,800 | |||||||||||||||||||||
Real estate acquired | 156,000 | |||||||||||||||||||||
In-place intangibles | 5,900 | |||||||||||||||||||||
Payment to acquire real estate | 184,000 | |||||||||||||||||||||
Gain on consolidation | 0 | |||||||||||||||||||||
Acquisition-related costs | $ 2,800 | |||||||||||||||||||||
UDR/MetLife operating communities | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Ownership (as a percent) | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||||||||
Long term debt fair value | $ 551,800 | $ 551,800 | $ 551,800 | $ 551,800 | ||||||||||||||||||
Development of real estate assets | 977,800 | |||||||||||||||||||||
Debt instrument, number of mortgage notes payable | item | 6 | |||||||||||||||||||||
Long-term Debt | $ 518,400 | $ 518,400 | $ 518,400 | $ 518,400 | ||||||||||||||||||
Number Of Credit Facilities | facility | 1 | 1 | 1 | 1 | ||||||||||||||||||
Number of communities acquired | community | 10 | |||||||||||||||||||||
Number of communities under development purchased | community | 1 | |||||||||||||||||||||
Number of land parcels | property | 4 | |||||||||||||||||||||
Total value of joint venture portion that was purchased | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 | $ 1,100,000 | ||||||||||||||||||
Total value of joint venture that was purchased - UDR's share | 564,200 | |||||||||||||||||||||
UDR/MetLife operating communities | In-place lease | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Real estate held for investment | $ 30,000 | $ 30,000 | $ 30,000 | $ 30,000 | ||||||||||||||||||
Preferred Equity Investment Hillsboro Oregon | ||||||||||||||||||||||
Real Estate Owned Disclosure | ||||||||||||||||||||||
Real estate acquired | 67,800 | |||||||||||||||||||||
In-place intangibles | 1,700 | |||||||||||||||||||||
Repayments of joint venture construction financing | 35,600 | |||||||||||||||||||||
Gain on consolidation | $ 0 |
REAL ESTATE OWNED - Acquisition
REAL ESTATE OWNED - Acquisition from UDR/MetLife joint venture (Details) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2019community | Nov. 30, 2019property | Nov. 30, 2019item | Dec. 31, 2019community | Dec. 31, 2020home | |
UDR/MetLife operating communities | |||||
Real estate properties | |||||
Number of communities acquired | community | 10 | 10 | |||
Number of communities under development purchased | community | 1 | 1 | |||
Number of land parcels | 4 | 4 | 4 | 4 | |
UDR/MetLife operating communities | |||||
Real estate properties | |||||
Number of communities acquired | community | 10 | ||||
Number of communities under development purchased | community | 1 | ||||
Number of land parcels | property | 4 | ||||
UDR/MetLife operating communities | Strata | |||||
Real estate properties | |||||
Number of apartment homes | 163 | ||||
UDR/MetLife operating communities | Crescent Fall Church | |||||
Real estate properties | |||||
Number of apartment homes | 214 | ||||
UDR/MetLife operating communities | Charles River Landing | |||||
Real estate properties | |||||
Number of apartment homes | 350 | ||||
UDR/MetLife operating communities | Lodge at Ames Pond | |||||
Real estate properties | |||||
Number of apartment homes | 364 | ||||
UDR/MetLife operating communities | Lenox Farms | |||||
Real estate properties | |||||
Number of apartment homes | 338 | ||||
UDR/MetLife operating communities | Towson Promenade | |||||
Real estate properties | |||||
Number of apartment homes | 379 | ||||
UDR/MetLife operating communities | Savoye | |||||
Real estate properties | |||||
Number of apartment homes | 394 | ||||
UDR/MetLife operating communities | Savoye 2 | |||||
Real estate properties | |||||
Number of apartment homes | 351 | ||||
UDR/MetLife operating communities | Fiori on Vitruvian Park | |||||
Real estate properties | |||||
Number of apartment homes | 391 | ||||
UDR/MetLife operating communities | Vitruvian West | |||||
Real estate properties | |||||
Number of apartment homes | 383 | ||||
UDR/MetLife operating communities | Vitruvian West Phase 2 | |||||
Real estate properties | |||||
Number of apartment homes | 366 |
REAL ESTATE OWNED - Amortizatio
REAL ESTATE OWNED - Amortization of intangible assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible assets, net | ||
Balance as of December 31, 2020 | $ 37,413 | |
2021 | 3,393 | |
2022 | 3,258 | |
2023 | 3,046 | |
2024 | 2,900 | |
2025 | 2,754 | |
Thereafter | 22,062 | |
Accumulated depreciation | 4,590,577 | $ 4,131,330 |
Real estate | ||
Intangible assets, net | ||
Balance as of December 31, 2020 | 34,782 | |
2021 | 2,840 | |
2022 | 2,740 | |
2023 | 2,643 | |
2024 | 2,525 | |
2025 | 2,436 | |
Thereafter | 21,598 | |
Accumulated depreciation | 5,800 | |
Amortization expense | 3,100 | |
In-place lease | ||
Intangible assets, net | ||
Balance as of December 31, 2020 | 2,631 | |
2021 | 553 | |
2022 | 518 | |
2023 | 403 | |
2024 | 375 | |
2025 | 318 | |
Thereafter | 464 | |
Accumulated depreciation | 6,000 | |
Amortization expense | $ 46,100 |
JOINT VENTURES AND PARTNERSHI_3
JOINT VENTURES AND PARTNERSHIPS - Summary (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Jan. 31, 2020USD ($)home | Nov. 30, 2019USD ($) | Dec. 31, 2020USD ($)homepropertycommunity | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 31, 2021USD ($)home | Jul. 31, 2020USD ($)home | Feb. 29, 2020USD ($)home | Jul. 31, 2019 | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of real estate properties | community | 149 | ||||||||
Payment to acquire real estate | $ 109,200 | ||||||||
Investment in unconsolidated entities | $ 595,486 | $ 585,490 | |||||||
Income from investments | 18,844 | 137,873 | $ (5,055) | ||||||
Unconsolidated Joint Ventures | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | $ 289,931 | $ 313,053 | |||||||
Unconsolidated Joint Venture Three Washington DC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
UDR's Ownership Interest | 30.00% | ||||||||
386 Home Operating Community In Anaheim | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
UDR's Ownership Interest | 49.00% | 49.00% | |||||||
Operating Community in Seattle | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
UDR's Ownership Interest | 49.00% | ||||||||
Preferred Equity Investment Hillsboro Oregon | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of apartment homes | home | 276 | ||||||||
Payment to acquire real estate | $ 21,600 | ||||||||
UDR's Ownership Interest | 100.00% | 49.00% | |||||||
Preferred Equity Investment Thousand Oaks | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of apartment homes | home | 142 | ||||||||
Rate | 9.00% | ||||||||
UDR commitment | $ 20,100 | ||||||||
Preferred Equity Investment Queens, New York | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of apartment homes | home | 534 | ||||||||
Rate | 13.00% | ||||||||
UDR commitment | $ 40,000 | ||||||||
Other investments Washington, D.C. | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of apartment homes | home | 373 | ||||||||
Investment in unconsolidated entities | $ 38,600 | ||||||||
Cash received | 53,700 | ||||||||
Accrued interest | $ 15,100 | ||||||||
Development Community | Preferred Equity Investment West Coast Development JV | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | $ 17,064 | ||||||||
Rate | 6.50% | ||||||||
Income from investments | $ (46) | (447) | $ 865 | ||||||
Development Community | Preferred Equity Investment 1532 Harrison San Francisco, CA | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | $ 34,135 | 30,585 | |||||||
Rate | 11.00% | ||||||||
Years to Maturity | 1 year 6 months | ||||||||
UDR commitment | $ 24,645 | ||||||||
Income from investments | 3,519 | 3,147 | 2,228 | ||||||
Development Community | Preferred Equity Investment 1200 Broadway Nashville TN | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | $ 69,330 | 63,958 | |||||||
Rate | 8.00% | ||||||||
Years to Maturity | 1 year 8 months 12 days | ||||||||
UDR commitment | $ 55,558 | ||||||||
Income from investments | 5,309 | 4,888 | 2,970 | ||||||
Development Community | Preferred Equity Investment 1641 Lincoln Santa Monica CA | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | $ 11,699 | 10,379 | |||||||
Rate | 12.00% | ||||||||
Years to Maturity | 1 year 7 months 6 days | ||||||||
UDR commitment | $ 8,800 | ||||||||
Income from investments | 1,321 | 1,169 | 406 | ||||||
Development Community | Preferred Equity Investment 1300 Fairmount Philadelphia, PA | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | $ 59,544 | 51,215 | |||||||
Years to Maturity | 2 years 7 months 6 days | ||||||||
UDR commitment | $ 51,393 | ||||||||
Income from investments | 4,843 | 3,098 | 159 | ||||||
Development Community | Preferred Equity Investment Essex Orlando, FL | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | $ 16,770 | 14,804 | |||||||
Rate | 12.50% | ||||||||
Years to Maturity | 2 years 7 months 6 days | ||||||||
UDR commitment | $ 12,886 | ||||||||
Income from investments | 1,965 | 1,639 | 258 | ||||||
Development Community | Preferred Equity Investment Oakland, CA | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | $ 30,928 | 22,653 | |||||||
Rate | 9.00% | ||||||||
Years to Maturity | 3 years 2 months 12 days | ||||||||
UDR commitment | $ 27,250 | ||||||||
Income from investments | 2,592 | 1,067 | |||||||
Development Community | Preferred Equity Investment Thousand Oaks, CA | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | $ 17,919 | ||||||||
Rate | 9.00% | ||||||||
Years to Maturity | 4 years 1 month 6 days | ||||||||
UDR commitment | $ 20,059 | ||||||||
Income from investments | 763 | ||||||||
Development Community | Preferred Equity Investment Queens, NY | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | $ 42,360 | ||||||||
Rate | 13.00% | ||||||||
Years to Maturity | 4 years 6 months | ||||||||
UDR commitment | $ 40,000 | ||||||||
Income from investments | $ 2,348 | ||||||||
Development Community | Other Investment The Portals Washington, DC | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | 48,181 | ||||||||
Rate | 11.00% | ||||||||
Income from investments | $ 5,745 | 5,012 | 3,692 | ||||||
Development Community | Other Investment Ventures | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | 22,870 | 13,598 | |||||||
UDR commitment | 34,500 | ||||||||
Income from investments | 4,937 | 4,053 | (267) | ||||||
Development Community | Preferred Equity Investments and Other Investments | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Investment in unconsolidated entities | 305,555 | 272,437 | |||||||
Income from investments | $ 33,296 | 23,626 | $ 10,311 | ||||||
Operating Community | Unconsolidated Joint Venture UDR Met Life I Partnership | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of real estate properties | property | 1 | ||||||||
Number of apartment homes | home | 150 | ||||||||
Investment in unconsolidated entities | $ 26,426 | $ 28,812 | |||||||
UDR's Ownership Interest | 50.00% | 50.00% | |||||||
Operating Community | Unconsolidated Joint Venture UDR MetLife II Partnership | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of real estate properties | property | 7 | ||||||||
Number of apartment homes | home | 1,250 | ||||||||
Investment in unconsolidated entities | $ 151,353 | $ 150,893 | |||||||
UDR's Ownership Interest | 50.00% | 50.00% | |||||||
Operating Community | Unconsolidated Joint Venture Other MetLife | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of real estate properties | property | 5 | ||||||||
Number of apartment homes | home | 1,437 | ||||||||
Investment in unconsolidated entities | $ 82,072 | $ 98,441 | |||||||
UDR's Ownership Interest | 50.60% | 50.60% | |||||||
Operating Community | Unconsolidated Joint Venture West Coast Development JV | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of real estate properties | property | 1 | ||||||||
Number of apartment homes | home | 293 | ||||||||
Investment in unconsolidated entities | $ 30,080 | $ 34,907 | |||||||
UDR's Ownership Interest | 47.00% | 47.00% | |||||||
Subsequent Event | Preferred Equity Investment Herndon, Virginia | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of apartment homes | home | 356 | ||||||||
Rate | 9.00% | ||||||||
UDR commitment | $ 30,200 |
JOINT VENTURES AND PARTNERSHI_4
JOINT VENTURES AND PARTNERSHIPS - Commitments (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2021USD ($)community | Jan. 31, 2020USD ($)itemhome | Nov. 30, 2019USD ($)community | Nov. 30, 2019communityitem | Nov. 30, 2019community | Nov. 30, 2019propertycommunity | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)community | Dec. 31, 2018USD ($) | Jul. 31, 2019 | |
Joint Ventures | ||||||||||
Gain on consolidation | $ 0 | |||||||||
Gain/(loss) on sales of real estate owned | $ 119,277 | $ 5,282 | $ 136,197 | |||||||
Payment to acquire real estate | $ 109,200 | |||||||||
Investment in unconsolidated entities | 595,486 | 585,490 | ||||||||
Deferred fees from the sale of properties | 8,400 | 9,000 | ||||||||
Joint venture management and other fees | $ 5,069 | $ 14,055 | $ 11,754 | |||||||
Type of revenue | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember | |||||||
Management Service | ||||||||||
Joint Ventures | ||||||||||
Joint venture management and other fees | $ 5,100 | $ 14,000 | $ 11,600 | |||||||
Joint Ventures and Partnerships | ||||||||||
Joint Ventures | ||||||||||
Gain/(loss) on sales of real estate owned | $ 115,516 | |||||||||
UDR/MetLife operating communities | ||||||||||
Joint Ventures | ||||||||||
UDR's Ownership Interest | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | |||||
Number of communities acquired | community | 10 | 10 | ||||||||
Number of communities under development purchased | community | 1 | 1 | ||||||||
Number of land parcels | 4 | 4 | 4 | 4 | ||||||
Sale value of joint venture UDR's share | $ 322,900 | |||||||||
Gain on consolidation | $ 114,900 | $ 131,500 | ||||||||
Number of communities sold | community | 5 | 5 | 5 | 5 | ||||||
UDR/MetLife II operating communities | ||||||||||
Joint Ventures | ||||||||||
UDR's Ownership Interest | 50.00% | |||||||||
Number of communities acquired | community | 15 | 5 | ||||||||
Gain on consolidation | $ 114,900 | |||||||||
Unconsolidated Joint Venture Three Washington DC | ||||||||||
Joint Ventures | ||||||||||
UDR's Ownership Interest | 30.00% | |||||||||
Unconsolidated Joint Venture Other MetLife | ||||||||||
Joint Ventures | ||||||||||
Gain/(loss) on sales of real estate owned | $ 115,516 | |||||||||
Preferred Equity Investment Hillsboro Oregon | ||||||||||
Joint Ventures | ||||||||||
UDR's Ownership Interest | 100.00% | 49.00% | ||||||||
Number of apartment homes | home | 276 | |||||||||
Payment to acquire real estate | $ 21,600 | |||||||||
Number of apartment homes acquired | item | 276 | |||||||||
Preferred Equity Investment Los Angeles, California | Subsequent Event | ||||||||||
Joint Ventures | ||||||||||
Number of communities sold | community | 293 | |||||||||
Proceeds from sale of real estate | $ 121,000 | |||||||||
Gain/(loss) on sales of real estate owned | $ 2,500 | |||||||||
UDR/KFH joint venture | ||||||||||
Joint Ventures | ||||||||||
Number of communities sold | community | 3 | |||||||||
Minimum | ||||||||||
Joint Ventures | ||||||||||
UDR's Ownership Interest | 100.00% | |||||||||
Market Property LLC | Accounts Payable and Accrued Liabilities | ||||||||||
Joint Ventures | ||||||||||
Investment in unconsolidated entities | $ (4,700) | $ (2,800) |
JOINT VENTURES AND PARTNERSHI_5
JOINT VENTURES AND PARTNERSHIPS - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | $ 1,241,165 | $ 1,152,193 | $ 1,046,859 | |
Property operating expenses | 201,944 | 178,947 | 169,078 | |
Real estate depreciation and amortization | 608,616 | 501,257 | 429,006 | |
Gain/(loss) on sales of real estate owned | 119,277 | 5,282 | 136,197 | |
Operating income/(loss) | 18,844 | 137,873 | (5,055) | |
Interest expense | (202,706) | (170,917) | (134,168) | |
Other income/(loss) | 6,274 | 15,404 | 6,735 | |
Net income/(loss) | 68,970 | 199,579 | 221,542 | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 8,466,106 | 8,470,748 | ||
Cash and cash equivalents | 1,409 | 8,106 | 185,216 | $ 2,038 |
Other assets | 188,118 | 186,296 | ||
Total assets | 9,637,533 | 9,636,472 | ||
Accounts payable and accrued liabilities | 110,999 | 90,032 | ||
Total liabilities | 5,522,648 | 5,228,493 | ||
Total equity | 3,258,591 | 3,389,314 | 2,922,777 | $ 2,835,364 |
Unconsolidated Joint Venture UDR Met Life I Partnership | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 9,480 | 9,834 | 3,187 | |
Property operating expenses | 4,978 | 4,533 | 3,066 | |
Real estate depreciation and amortization | 5,980 | 5,787 | 3,392 | |
Operating income/(loss) | (1,478) | (486) | (3,271) | |
Interest expense | (3,075) | (3,070) | (1,872) | |
Net income/(loss) | (4,553) | (3,556) | (5,143) | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 114,192 | 120,055 | ||
Cash and cash equivalents | 2,585 | 2,317 | ||
Other assets | 1,622 | 1,053 | ||
Total assets | 118,399 | 123,425 | ||
Third party debt, net | 70,946 | 70,890 | ||
Accounts payable and accrued liabilities | 3,507 | 4,037 | ||
Total liabilities | 74,453 | 74,927 | ||
Total equity | 43,946 | 48,498 | ||
Unconsolidated Joint Venture UDR MetLife II Partnership | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 56,274 | 151,226 | 158,738 | |
Property operating expenses | 21,951 | 54,445 | 56,403 | |
Real estate depreciation and amortization | 18,912 | 44,077 | 44,721 | |
Operating income/(loss) | 15,411 | 52,704 | 57,614 | |
Interest expense | (15,386) | (44,825) | (49,118) | |
Net gain/(loss) on revaluation of assets and liabilities | 458,195 | |||
Other income/(loss) | 204 | |||
Net income/(loss) | 229 | 466,074 | 8,496 | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 650,593 | 663,492 | ||
Cash and cash equivalents | 4,369 | 4,208 | ||
Other assets | 14,133 | 9,777 | ||
Total assets | 669,095 | 677,477 | ||
Third party debt, net | 416,364 | 425,303 | ||
Accounts payable and accrued liabilities | 6,764 | 9,303 | ||
Total liabilities | 423,128 | 434,606 | ||
Total equity | 245,967 | 242,871 | ||
Unconsolidated Joint Venture Other MetLife | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 57,781 | 102,888 | 108,766 | |
Property operating expenses | 22,870 | 39,542 | 44,048 | |
Real estate depreciation and amortization | 35,454 | 50,579 | 59,419 | |
Gain/(loss) on sales of real estate owned | 115,516 | |||
Operating income/(loss) | (543) | 128,283 | 5,299 | |
Interest expense | (17,457) | (27,647) | (30,198) | |
Net gain/(loss) on revaluation of assets and liabilities | 25,711 | |||
Net income/(loss) | (18,000) | 126,347 | (24,899) | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 589,822 | 621,335 | ||
Cash and cash equivalents | 7,049 | 7,973 | ||
Other assets | 6,214 | 5,400 | ||
Total assets | 603,085 | 634,708 | ||
Third party debt, net | 454,153 | 454,972 | ||
Accounts payable and accrued liabilities | 8,593 | 9,757 | ||
Total liabilities | 462,746 | 464,729 | ||
Total equity | 140,339 | 169,979 | ||
Unconsolidated Joint Venture Vitruvian Park | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 26,096 | |||
Property operating expenses | 13,732 | |||
Real estate depreciation and amortization | 9,495 | |||
Operating income/(loss) | 2,869 | |||
Interest expense | (6,051) | |||
Net income/(loss) | (3,182) | |||
Preferred Equity Investment West Coast Development JV | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 8,668 | 14,058 | 16,392 | |
Property operating expenses | 4,477 | 6,829 | 8,830 | |
Real estate depreciation and amortization | 3,338 | 5,440 | 7,679 | |
Operating income/(loss) | 853 | 1,789 | (117) | |
Interest expense | (1,344) | (4,656) | (6,175) | |
Other income/(loss) | 63 | 159 | 148 | |
Net income/(loss) | (428) | (2,708) | (6,144) | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 140,224 | |||
Real estate assets held for sale | 88,458 | |||
Cash and cash equivalents | 5,692 | |||
Other assets | 1,305 | |||
Total assets | 88,458 | 147,221 | ||
Third party debt, net | 90,498 | |||
Liabilities held for sale | 55,440 | |||
Accounts payable and accrued liabilities | 3,440 | |||
Total liabilities | 55,440 | 93,938 | ||
Total equity | 33,018 | 53,283 | ||
Total Excluding DCP | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 132,203 | 278,006 | 287,083 | |
Property operating expenses | 54,276 | 105,349 | 112,347 | |
Real estate depreciation and amortization | 63,684 | 105,883 | 115,211 | |
Gain/(loss) on sales of real estate owned | 115,516 | |||
Operating income/(loss) | 14,243 | 182,290 | 59,525 | |
Interest expense | (37,262) | (80,198) | (87,363) | |
Net gain/(loss) on revaluation of assets and liabilities | 483,906 | |||
Other income/(loss) | 267 | 159 | 148 | |
Net income/(loss) | (22,752) | 586,157 | (27,690) | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 1,354,607 | 1,545,106 | ||
Real estate assets held for sale | 88,458 | |||
Cash and cash equivalents | 14,003 | 20,190 | ||
Other assets | 21,969 | 17,535 | ||
Total assets | 1,479,037 | 1,582,831 | ||
Third party debt, net | 941,463 | 1,041,663 | ||
Liabilities held for sale | 55,440 | |||
Accounts payable and accrued liabilities | 18,864 | 26,537 | ||
Total liabilities | 1,015,767 | 1,068,200 | ||
Total equity | 463,270 | 514,631 | ||
Developer Capital Program and Other Investments | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 16,189 | 11,242 | 5,977 | |
Property operating expenses | 8,232 | 3,432 | 1,789 | |
Real estate depreciation and amortization | 3,495 | |||
Operating income/(loss) | 4,462 | 7,810 | 4,188 | |
Interest expense | (3,121) | |||
Other income/(loss) | 35 | (68) | ||
Net (income)/loss attributable to noncontrolling interest | 26,417 | |||
Net unrealized gain/(loss) on held investments | 36,141 | |||
Net income/(loss) | 37,517 | 34,159 | 4,188 | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 550,198 | 355,975 | ||
Cash and cash equivalents | 8,275 | 9,633 | ||
Other assets | 128,925 | 155,406 | ||
Total assets | 687,398 | 521,014 | ||
Third party debt, net | 247,247 | 106,385 | ||
Accounts payable and accrued liabilities | 21,692 | 28,577 | ||
Total liabilities | 268,939 | 134,962 | ||
Total equity | 418,459 | 386,052 | ||
Joint Ventures and Partnerships | ||||
Financial information relating to unconsolidated joint ventures operations | ||||
Total revenues | 148,392 | 289,248 | 293,060 | |
Property operating expenses | 62,508 | 108,781 | 114,136 | |
Real estate depreciation and amortization | 67,179 | 105,883 | 115,211 | |
Gain/(loss) on sales of real estate owned | 115,516 | |||
Operating income/(loss) | 18,705 | 190,100 | 63,713 | |
Interest expense | (40,383) | (80,198) | (87,363) | |
Net gain/(loss) on revaluation of assets and liabilities | 483,906 | |||
Other income/(loss) | 302 | 91 | 148 | |
Net (income)/loss attributable to noncontrolling interest | 26,417 | |||
Net unrealized gain/(loss) on held investments | 36,141 | |||
Net income/(loss) | 14,765 | 620,316 | $ (23,502) | |
Combined summary of balance sheets relating to unconsolidated joint ventures | ||||
Total real estate, net | 1,904,805 | 1,901,081 | ||
Real estate assets held for sale | 88,458 | |||
Cash and cash equivalents | 22,278 | 29,823 | ||
Other assets | 150,894 | 172,941 | ||
Total assets | 2,166,435 | 2,103,845 | ||
Third party debt, net | 1,188,710 | 1,148,048 | ||
Liabilities held for sale | 55,440 | |||
Accounts payable and accrued liabilities | 40,556 | 55,114 | ||
Total liabilities | 1,284,706 | 1,203,162 | ||
Total equity | $ 881,729 | $ 900,683 |
LEASES - Lessee Future Minimum
LEASES - Lessee Future Minimum Payments (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)leasecommunity | Dec. 31, 2019USD ($) | |
LEASES | ||
Number of communities subject to ground leases | community | 6 | |
Operating leases existence of option to extend | true | |
Operating lease right-of-use assets | $ 200,913 | $ 204,225 |
Weighted average remaining lease term | 43 years 10 months 24 days | 44 years 8 months 12 days |
Weighted average discount rate | 5.00% | 5.00% |
Increase in operating lease right-to-use assets | $ 111,055 | |
Number of ground leases that became fixed | lease | 2 | |
Future minimum lease payments | ||
Total operating lease liabilities (discounted) | $ 195,592 | $ 198,558 |
LEASES - Lessee Expenses (Detai
LEASES - Lessee Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease expense: | ||
Contractual lease expense | $ 300 | $ 400 |
Variable lease expense | 200 | 400 |
Operating lease right-of-use asset amortization | 3,300 | 1,200 |
Operating lease liabilities amortization | 3,000 | 800 |
Ground Leases | ||
Lease expense: | ||
Contractual lease expense | 12,821 | 8,272 |
Variable lease expense | 119 | 664 |
Ground Leases | Other operating expense | ||
Lease expense: | ||
Total operating lease expense | $ 12,940 | $ 8,936 |
LEASES - Lessor (Details)
LEASES - Lessor (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Future minimum lease payments | |||
2021 | $ 23,970 | ||
2022 | 22,749 | ||
2023 | 20,855 | ||
2024 | 19,132 | ||
2025 | 15,972 | ||
Thereafter | 70,396 | ||
Total future minimum payments | 173,074 | ||
Variable lease expense | $ 200 | $ 400 | |
LAND | |||
Lessor leases | |||
Proceeds from sale of real estate | $ 38,000 | ||
Apartment Homes | |||
Lessor leases | |||
Percentage of lease revenue | 97.30% | ||
Option to extend | true | ||
Apartment Homes | Maximum | |||
Lessor leases | |||
Lease terms | 12 months | ||
Retail and Commercial Spaces | |||
Lessor leases | |||
Percentage of lease revenue | 2.70% | ||
Option to extend | true | ||
Retail and Commercial Spaces | Minimum | |||
Lessor leases | |||
Lease terms | 5 years | ||
Retail and Commercial Spaces | Maximum | |||
Lessor leases | |||
Lease terms | 15 years |
SECURED AND UNSECURED DEBT, N_3
SECURED AND UNSECURED DEBT, NET - Summary (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2020USD ($) | Dec. 31, 2020USD ($)community | Jul. 31, 2020 | Dec. 31, 2019USD ($) | |
Secured debt instruments | ||||
Unamortized net premium | $ 12,900 | $ 35,300 | ||
Interest rate at end of the period | 2.91% | |||
Total Debt, net | $ 4,976,548 | 4,707,524 | ||
Total Unsecured Debt, net | 4,114,401 | 3,558,083 | ||
Borrowings outstanding | $ 2,800 | 2,900 | ||
Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 8 years | |||
Commercial Paper | ||||
Secured debt instruments | ||||
Interest rate at end of the period | 0.27% | |||
Borrowings outstanding at end of period | $ 190,000 | 300,000 | ||
Borrowings outstanding | $ 190,000 | 300,000 | ||
Commercial Paper | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 1 month 6 days | |||
Mortgages Note Payable | Fixed Rate Debt | ||||
Secured debt instruments | ||||
Principal outstanding | $ 824,550 | 884,869 | ||
Interest rate at end of the period | 3.31% | |||
Number of Communities Encumbered | community | 11 | |||
Mortgages Note Payable | Fixed Rate Debt | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 7 years 2 months 12 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 | 0.84% | |||
Number of Communities Encumbered | community | 1 | |||
Tax-exempt secured notes payable | Variable Rate Debt | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 11 years 2 months 12 days | |||
Secured Debt | ||||
Secured debt instruments | ||||
Total Debt, net | $ 862,147 | |||
Secured Debt | Fixed Rate Debt | ||||
Secured debt instruments | ||||
Principal outstanding | $ 835,215 | 1,122,505 | ||
Interest rate at end of the period | 3.31% | |||
Total Debt, net | $ 835,215 | |||
Number of Communities Encumbered | community | 11 | |||
Secured Debt | Fixed Rate Debt | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 7 years 2 months 12 days | |||
Secured Debt | Variable Rate Debt | ||||
Secured debt instruments | ||||
Total Debt, net | $ 26,932 | |||
Deferred finance costs, net | $ (68) | (64) | ||
Unsecured Revolving credit facility due 2023 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 2 years 1 month 6 days | |||
Unsecured Working Capital Credit Facility | ||||
Secured debt instruments | ||||
Interest rate at end of the period | 0.97% | |||
Borrowings outstanding | $ 28,024 | 16,583 | ||
Unsecured Working Capital Credit Facility | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 1 year | |||
Term Loan due September 2023 | ||||
Secured debt instruments | ||||
Interest rate at end of the period | 1.05% | |||
Senior Notes | $ 35,000 | 35,000 | ||
Term Loan due September 2023 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 2 years 9 months 18 days | |||
Term Loan due September 2023 | Fixed Rate Debt | ||||
Secured debt instruments | ||||
Interest rate at end of the period | 2.55% | |||
Senior Notes | $ 315,000 | $ 315,000 | ||
Term Loan due September 2023 | Fixed Rate Debt | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 2 years 9 months 18 days | |||
3.75% Medium-Term Notes Due July 2024 | ||||
Secured debt instruments | ||||
Interest rate | 3.75% | 3.75% | ||
Unamortized discount | $ 0 | $ 470 | ||
Senior Notes | $ 299,530 | |||
8.50% Debentures, Due September 2024 | ||||
Secured debt instruments | ||||
Interest rate | 8.50% | 8.50% | ||
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 | 3 years 8 months 12 days | |||
4.00% Medium-Term Note due October 2025 | ||||
Secured debt instruments | ||||
Interest rate | 4.00% | 4.00% | ||
Unamortized discount | $ 327 | $ 396 | ||
Interest rate at end of the period | 4.53% | |||
Senior Notes | $ 299,673 | $ 299,604 | ||
4.00% Medium-Term Note due October 2025 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 4 years 9 months 18 days | |||
2.95% Medium-Term Note due September 2026 | ||||
Secured debt instruments | ||||
Interest rate | 2.95% | 2.95% | ||
Interest rate at end of the period | 2.89% | |||
Senior Notes | $ 300,000 | $ 300,000 | ||
2.95% Medium-Term Note due September 2026 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 5 years 8 months 12 days | |||
3.50 Medium-Term Note due July 2027 | ||||
Secured debt instruments | ||||
Interest rate | 3.50% | 3.50% | ||
Unamortized discount | $ 458 | $ 529 | ||
Interest rate at end of the period | 3.50% | |||
Senior Notes | $ 299,542 | $ 299,471 | ||
3.50 Medium-Term Note due July 2027 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 6 years 6 months | |||
3.50% Medium-Term Notes Due January 2028 | ||||
Secured debt instruments | ||||
Interest rate | 3.50% | 3.50% | ||
Unamortized discount | $ 835 | $ 954 | ||
Interest rate at end of the period | 3.50% | |||
Senior Notes | $ 299,165 | $ 299,046 | ||
3.50% Medium-Term Notes Due January 2028 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 7 years | |||
4.40% Medium-Term Notes due January 2029 | ||||
Secured debt instruments | ||||
Interest rate | 4.40% | 4.40% | ||
Unamortized discount | $ 5 | $ 5 | ||
Interest rate at end of the period | 4.27% | |||
Senior Notes | $ 299,995 | $ 299,995 | ||
4.40% Medium-Term Notes due January 2029 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 8 years 1 month 6 days | |||
3.20% Medium-Term Notes due January 2030 | ||||
Secured debt instruments | ||||
Interest rate | 3.20% | 3.20% | 3.20% | |
Unamortized net premium | $ 12,412 | $ 2,281 | ||
Interest rate at end of the period | 3.32% | 3.32% | ||
Senior Notes | $ 600,000 | $ 612,412 | $ 402,281 | |
3.20% Medium-Term Notes due January 2030 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 9 years | |||
3.00% Medium-Term Notes due August 2031 | ||||
Secured debt instruments | ||||
Interest rate | 3.00% | 3.00% | ||
Unamortized discount | $ 1,027 | $ 1,123 | ||
Interest rate at end of the period | 3.01% | |||
Senior Notes | $ 398,973 | $ 398,877 | ||
3.00% Medium-Term Notes due August 2031 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 10 years 7 months 6 days | |||
2.10% Medium Term Note Due August 1, 2032 | ||||
Secured debt instruments | ||||
Interest rate | 2.10% | 0.021% | 2.10% | |
Unamortized discount | $ 408 | $ 0 | ||
Interest rate at end of the period | 2.10% | |||
Senior Notes | $ 399,592 | |||
2.10% Medium Term Note Due August 1, 2032 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 11 years 7 months 6 days | |||
3.10% Medium-Term Notes due November 2034 | ||||
Secured debt instruments | ||||
Interest rate | 3.10% | 3.10% | ||
Unamortized discount | $ 1,221 | $ 1,309 | ||
Interest rate at end of the period | 3.13% | |||
Senior Notes | $ 298,779 | 298,691 | ||
3.10% Medium-Term Notes due November 2034 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 13 years 9 months 18 days | |||
Other | ||||
Secured debt instruments | ||||
Senior Notes | $ 10 | 13 | ||
Unsecured Debt | ||||
Secured debt instruments | ||||
Interest rate at end of the period | 2.98% | |||
Total Debt, net | $ 4,114,401 | |||
Total Unsecured Debt, net | 4,114,401 | 3,558,083 | ||
Deferred finance costs, net | $ (25,937) | (21,652) | ||
Unsecured Debt | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 8 years 1 month 6 days | |||
1.90% Medium-Term Notes due March 2033 | ||||
Secured debt instruments | ||||
Interest rate | 1.90% | |||
Unamortized discount | $ 1,471 | 0 | ||
Interest rate at end of the period | 1.90% | |||
Senior Notes | $ 348,529 | |||
1.90% Medium-Term Notes due March 2033 | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 12 years 2 months 12 days | |||
Secured Debt | ||||
Secured debt instruments | ||||
Principal outstanding | $ 862,147 | 1,149,441 | ||
Interest rate at end of the period | 3.23% | |||
Number of Communities Encumbered | community | 12 | |||
Secured Debt | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 7 years 3 months 18 days | |||
Secured Debt | Fixed Rate Debt | ||||
Secured debt instruments | ||||
Deferred financing costs and other non-cash adjustments | $ (10,665) | (33,046) | ||
Secured Debt | Variable Rate Debt | ||||
Secured debt instruments | ||||
Principal outstanding | $ 26,932 | 26,936 | ||
Interest rate at end of the period | 0.84% | |||
Number of Communities Encumbered | community | 1 | |||
Secured Debt | Variable Rate Debt | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 11 years 2 months 12 days | |||
Credit facilities | Fixed Rate Debt | ||||
Secured debt instruments | ||||
Principal outstanding | 204,590 | |||
United Dominion Realty L.P. | ||||
Secured debt instruments | ||||
Principal outstanding | $ 99,104 | 99,071 | ||
Interest rate at end of the period | 2.54% | |||
Number of Communities Encumbered | community | 2 | |||
Deferred finance costs, net | $ (396) | |||
United Dominion Realty L.P. | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 9 years 8 months 12 days | |||
United Dominion Realty L.P. | Fixed Rate Debt | ||||
Secured debt instruments | ||||
Principal outstanding | $ 72,172 | 72,135 | ||
Interest rate at end of the period | 3.10% | |||
Number of Communities Encumbered | community | 1 | |||
Deferred finance costs, net | $ (328) | (365) | ||
United Dominion Realty L.P. | Fixed Rate Debt | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 9 years 3 months 18 days | |||
United Dominion Realty L.P. | Variable Rate Debt | ||||
Secured debt instruments | ||||
Principal outstanding | $ 26,932 | 26,936 | ||
Interest rate at end of the period | 0.84% | |||
Number of Communities Encumbered | community | 1 | |||
Deferred finance costs, net | $ (68) | (64) | ||
United Dominion Realty L.P. | Variable Rate Debt | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 11 years 2 months 12 days | |||
United Dominion Realty L.P. | Commercial Paper | ||||
Secured debt instruments | ||||
Borrowings outstanding | $ 190,000 | 300,000 | ||
United Dominion Realty L.P. | Mortgages Note Payable | Fixed Rate Debt | ||||
Secured debt instruments | ||||
Principal outstanding | $ 72,500 | 72,500 | ||
Interest rate | 3.10% | |||
Interest rate at end of the period | 3.10% | |||
Number of Communities Encumbered | community | 1 | |||
United Dominion Realty L.P. | Mortgages Note Payable | Fixed Rate Debt | Weighted Average | ||||
Secured debt instruments | ||||
Years to maturity | 9 years 1 month 6 days | |||
United Dominion Realty L.P. | Mortgages Note Payable | Variable Rate Debt | ||||
Secured debt instruments | ||||
Principal outstanding | $ 27,000 | |||
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 | 0.84% | |||
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 2 months 12 days |
SECURED AND UNSECURED DEBT, N_4
SECURED AND UNSECURED DEBT, NET - Variable Rate Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
SECURED AND UNSECURED DEBT, NET | ||
Unamortized net premium | $ 12.9 | $ 35.3 |
Secured credit facilities | ||
Borrowings outstanding at end of period | $ 2.8 | $ 2.9 |
SECURED AND UNSECURED DEBT, N_5
SECURED AND UNSECURED DEBT, NET - Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Borrowings outstanding at end of year | $ 2,800 | $ 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 | |
Weighted average daily borrowings during the year ended | 42,186 | 55 |
Maximum daily borrowings during the year ended | $ 375,000 | $ 20,000 |
Weighted average interest rate during the year ended | 1.40% | 2.60% |
Unsecured Revolving credit facility due 2023 | Unsecured Commercial Bank Credit Facility | ||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Total revolving credit facility | $ 1,100,000 | |
Term Loan due September 2023 | Unsecured Commercial Bank Credit Facility | ||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Total revolving credit facility | 350,000 | |
Revolving Credit Facility | Unsecured Commercial Bank Credit Facility | ||
Summary of short-term bank borrowings under unsecured commercial bank credit facility | ||
Total revolving credit facility | 1,100,000 | $ 1,100,000 |
Unsecured Working Capital Credit Facility | ||
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 year | 28,024 | 16,583 |
Weighted average daily borrowings during the year ended | 20,132 | 23,487 |
Maximum daily borrowings during the year ended | $ 54,974 | $ 66,170 |
Weighted average interest rate during the year ended | 1.40% | 3.10% |
Interest rate at end of the year | 1.00% | 2.60% |
SECURED AND UNSECURED DEBT, N_6
SECURED AND UNSECURED DEBT, NET - Short Term Debt (Details) - Commercial Paper - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 31, 2021 | |
Unsecured Debt | |||
Total unsecured commercial paper program | $ 500,000 | $ 500,000 | |
Borrowings outstanding at end of year | 190,000 | 300,000 | |
Weighted average daily borrowings during the year ended | 227,090 | 173,353 | |
Maximum daily borrowings during the year ended | $ 500,000 | $ 435,000 | |
Weighted average interest rate during the year ended | 0.90% | 2.50% | |
Interest rate at end of the year | 0.30% | 2.00% | |
Subsequent Event | |||
Unsecured Debt | |||
Borrowings outstanding at end of year | $ 190,000 |
SECURED AND UNSECURED DEBT, N_7
SECURED AND UNSECURED DEBT, NET - Unsecured Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Aggregate maturities of unsecured debt | ||
2021 | $ 191,097 | |
2022 | 29,164 | |
2023 | 351,183 | |
2024 | 110,924 | |
2025 | 473,189 | |
2026 | 351,070 | |
2027 | 301,111 | |
2028 | 422,466 | |
2029 | 444,584 | |
2030 | 672,500 | |
Thereafter | 1,637,930 | |
Subtotal | 4,985,218 | |
Non-cash | (8,670) | |
Total | 4,976,548 | $ 4,707,524 |
Secured Debt | ||
Aggregate maturities of unsecured debt | ||
2021 | 1,097 | |
2022 | 1,140 | |
2023 | 1,183 | |
2024 | 95,280 | |
2025 | 173,189 | |
2026 | 51,070 | |
2027 | 1,111 | |
2028 | 122,466 | |
2029 | 144,584 | |
2030 | 72,500 | |
Thereafter | 187,930 | |
Subtotal | 851,550 | |
Non-cash | 10,597 | |
Total | 862,147 | |
Unsecured Debt | ||
Aggregate maturities of unsecured debt | ||
2021 | 190,000 | |
2022 | 28,024 | |
2023 | 350,000 | |
2024 | 15,644 | |
2025 | 300,000 | |
2026 | 300,000 | |
2027 | 300,000 | |
2028 | 300,000 | |
2029 | 300,000 | |
2030 | 600,000 | |
Thereafter | 1,450,000 | |
Subtotal | 4,133,668 | |
Non-cash | (19,267) | |
Total | 4,114,401 | |
Fixed Rate Debt | Secured Debt | ||
Aggregate maturities of unsecured debt | ||
2021 | 1,097 | |
2022 | 1,140 | |
2023 | 1,183 | |
2024 | 95,280 | |
2025 | 173,189 | |
2026 | 51,070 | |
2027 | 1,111 | |
2028 | 122,466 | |
2029 | 144,584 | |
2030 | 72,500 | |
Thereafter | 160,930 | |
Subtotal | 824,550 | |
Non-cash | 10,665 | |
Total | 835,215 | |
Variable Rate Debt | Secured Debt | ||
Aggregate maturities of unsecured debt | ||
Thereafter | 27,000 | |
Subtotal | 27,000 | |
Non-cash | (68) | |
Total | $ 26,932 |
SECURED AND UNSECURED DEBT, N_8
SECURED AND UNSECURED DEBT, NET - Debt Covenants (Details) | Feb. 11, 2021USD ($) | Dec. 31, 2020USD ($)item | Oct. 20, 2015 | Jan. 31, 2021 | Dec. 31, 2020USD ($)item | Jul. 31, 2020USD ($) | Feb. 29, 2020USD ($) | Dec. 31, 2020USD ($)item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2019USD ($) | Jul. 31, 2019USD ($) |
Fixed and variable rate debt | |||||||||||||
Amortization of financing costs | $ 4,400,000 | $ 4,200,000 | |||||||||||
Secured Debt | |||||||||||||
Secured debt amount which encumbers real estate owned based upon book value | $ 1,400,000,000 | $ 1,400,000,000 | $ 1,400,000,000 | ||||||||||
Percentage of secured debt which encumbers real estate owned based upon book value | 10.60% | 10.60% | 10.60% | ||||||||||
Secured debt amount of real estate owned which is unencumbered | $ 11,700,000,000 | $ 11,700,000,000 | $ 11,700,000,000 | ||||||||||
Percentage of secured debt of real estate owned which is unencumbered | 89.40% | 89.40% | 89.40% | ||||||||||
Number of Extensions of loan | item | 2 | 2 | 2 | ||||||||||
Interest rate at end of the period | 2.91% | ||||||||||||
Extinguishment of debt costs | $ 62,645,000 | 27,782,000 | $ 3,178,000 | ||||||||||
Extension period of option on loan | 6 months | ||||||||||||
Unamortized net premium | $ 12,900,000 | $ 12,900,000 | $ 12,900,000 | 35,300,000 | |||||||||
Weighted Average Interest Rate | 2.91% | ||||||||||||
Commercial Paper | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 0.27% | ||||||||||||
Weighted Average Interest Rate | 0.27% | ||||||||||||
2.95% Medium-Term Note due September 2026 | |||||||||||||
Secured Debt | |||||||||||||
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 | 2.89% | ||||||||||||
1.90% Medium-Term Notes due March 2033 | |||||||||||||
Secured Debt | |||||||||||||
Interest rate | 0.019% | 0.019% | 0.019% | ||||||||||
Debt | $ 350,000,000 | $ 350,000,000 | $ 350,000,000 | ||||||||||
Price as percentage of principal amount | 99.578 | ||||||||||||
Unsecured Debt | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 2.98% | ||||||||||||
Basis points added to to variable rate | 90.00% | ||||||||||||
Weighted Average Interest Rate | 2.98% | ||||||||||||
Unsecured Debt | Maximum | |||||||||||||
Secured Debt | |||||||||||||
Basis points added to to variable rate | 1.65% | ||||||||||||
Unsecured Debt | Minimum | |||||||||||||
Secured Debt | |||||||||||||
Basis points added to to variable rate | 0.80% | ||||||||||||
Unsecured Working Capital Credit Facility | |||||||||||||
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 | 0.97% | ||||||||||||
Basis points added to to variable rate | 82.50% | ||||||||||||
Weighted Average Interest Rate | 0.97% | ||||||||||||
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 | 3.75% | 3.75% | 3.75% | 3.75% | |||||||||
Extinguishment of debt costs | $ 12,800,000 | ||||||||||||
Senior Notes | $ 299,530,000 | ||||||||||||
Redeemed amount | $ 183,100,000 | $ 183,100,000 | $ 183,100,000 | ||||||||||
Make- whole expense on redemption | $ 21,100,000 | ||||||||||||
3.75% Medium-Term Notes Due July 2024 | Cash Tender Offer | |||||||||||||
Secured Debt | |||||||||||||
Principal outstanding | $ 300,000,000 | ||||||||||||
Interest rate | 0.0375% | ||||||||||||
Tendered value | $ 116,900,000 | ||||||||||||
Tendered percentage | 0.39% | ||||||||||||
Tender offer consideration per each $1,000 | $ 1,101.92 | ||||||||||||
2.10% Medium Term Note Due August 1, 2032 | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 2.10% | ||||||||||||
Interest rate | 2.10% | 2.10% | 0.021% | 2.10% | 2.10% | ||||||||
Senior Notes | $ 399,592,000 | $ 399,592,000 | $ 399,592,000 | ||||||||||
Debt | $ 400,000,000 | ||||||||||||
Price as percentage of principal amount | 99.894 | ||||||||||||
Weighted Average Interest Rate | 2.10% | ||||||||||||
4.64% Secured Debt Due in 2023 | |||||||||||||
Secured Debt | |||||||||||||
Interest rate | 0.0464% | ||||||||||||
Repayment of debt | $ 245,800,000 | ||||||||||||
Redeemed amount | 67,500,000 | 67,500,000 | $ 67,500,000 | ||||||||||
Mortgages Note Payable | |||||||||||||
Secured Debt | |||||||||||||
Repayment of debt | 111,100,000 | $ 0 | |||||||||||
Mortgages Note Payable | Fixed Rate Debt | |||||||||||||
Secured Debt | |||||||||||||
Principal outstanding | $ 824,550,000 | $ 824,550,000 | $ 824,550,000 | 884,869,000 | |||||||||
Interest rate at end of the period | 3.31% | ||||||||||||
Weighted Average Interest Rate | 3.31% | ||||||||||||
Mortgages Note Payable | Fixed Rate Debt | Maximum | |||||||||||||
Secured Debt | |||||||||||||
Notes payable maximum interest rates range | 4.12% | 4.12% | 4.12% | ||||||||||
Mortgages Note Payable | Fixed Rate Debt | Minimum | |||||||||||||
Secured Debt | |||||||||||||
Notes payable maximum interest rates range | 2.62% | 2.62% | 2.62% | ||||||||||
Mortgage Note Payable Matures on November 2020 | Fixed Rate Debt | |||||||||||||
Secured Debt | |||||||||||||
Refinanced debt | 79,300,000 | ||||||||||||
Principal outstanding | $ 160,900,000 | ||||||||||||
Interest rate | 0.0435% | ||||||||||||
Extinguishment of debt costs | $ 500,000 | $ 8,500,000 | 0 | 500,000 | |||||||||
Mortgage Note Payable Matures on 2031 | Fixed Rate Debt | |||||||||||||
Secured Debt | |||||||||||||
Interest rate | 0.0262% | ||||||||||||
Debt Assumed As Part of Acquisition | |||||||||||||
Secured Debt | |||||||||||||
Amortization of debt discount (Premium) | $ 22,400,000 | 3,000,000 | $ 3,000,000 | ||||||||||
Tax-exempt secured notes payable | Variable Rate Debt | |||||||||||||
Secured Debt | |||||||||||||
Notes payable maximum interest rates range | 0.84% | 0.84% | 0.84% | ||||||||||
Principal outstanding | $ 27,000,000 | $ 27,000,000 | $ 27,000,000 | 27,000,000 | |||||||||
Interest rate at end of the period | 0.84% | ||||||||||||
Weighted Average Interest Rate | 0.84% | ||||||||||||
Credit facilities | Fixed Rate Debt | |||||||||||||
Secured Debt | |||||||||||||
Extinguishment of debt costs | $ 9,000,000 | ||||||||||||
Repayment of debt | $ 201,900,000 | ||||||||||||
Revolving Credit Facility | |||||||||||||
Secured Debt | |||||||||||||
Basis points added to to variable rate | 82.50% | ||||||||||||
Commitment fee | 15.00% | ||||||||||||
Revolving Credit Facility | Maximum | |||||||||||||
Secured Debt | |||||||||||||
Basis points added to to variable rate | 1.45% | ||||||||||||
Commitment fee | 0.30% | ||||||||||||
Revolving Credit Facility | Minimum | |||||||||||||
Secured Debt | |||||||||||||
Basis points added to to variable rate | 0.75% | ||||||||||||
Commitment fee | 10.00% | ||||||||||||
Term Loan due September 2023 | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 1.05% | ||||||||||||
Long-term Debt, Weighted Average Interest Rate | 2.55% | ||||||||||||
Senior Notes | $ 35,000,000 | 35,000,000 | $ 35,000,000 | 35,000,000 | |||||||||
Weighted Average Interest Rate | 1.05% | ||||||||||||
Term Loan due September 2023 | Subsequent Event | |||||||||||||
Secured Debt | |||||||||||||
Long-term Debt, Weighted Average Interest Rate | 1.07% | ||||||||||||
Term Loan due September 2023 | Fixed Rate Debt | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 2.55% | ||||||||||||
Senior Notes | $ 315,000,000 | $ 315,000,000 | $ 315,000,000 | $ 315,000,000 | |||||||||
Weighted Average Interest Rate | 2.55% | ||||||||||||
4.00% Medium-Term Note due October 2025 | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 4.53% | ||||||||||||
Interest rate | 4.00% | 4.00% | 4.00% | 4.00% | |||||||||
Portion of medium term note subject to interest rate swaps | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||||||||||
Long-term Debt, Weighted Average Interest Rate | 4.53% | ||||||||||||
Senior Notes | 299,673,000 | 299,673,000 | $ 299,673,000 | $ 299,604,000 | |||||||||
Debt | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | ||||||||||
Weighted Average Interest Rate | 4.53% | ||||||||||||
4.40% Medium-Term Notes due January 2029 | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 4.27% | ||||||||||||
Interest rate | 4.40% | 4.40% | 4.40% | 4.40% | |||||||||
Portion of medium term note subject to interest rate swaps | $ 150,000,000 | $ 150,000,000 | $ 150,000,000 | ||||||||||
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 | 4.27% | ||||||||||||
4.40% Medium-Term Notes due January 2029 | Cash Tender Offer | |||||||||||||
Secured Debt | |||||||||||||
Principal outstanding | $ 300 | $ 300 | $ 300 | ||||||||||
2.95% Medium-Term Note due September 2026 | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 2.89% | ||||||||||||
Interest rate | 2.95% | 2.95% | 2.95% | 2.95% | |||||||||
Senior Notes | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | $ 300,000,000 | |||||||||
Weighted Average Interest Rate | 2.89% | ||||||||||||
3.20% Medium-Term Notes due January 2030 | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 3.32% | 3.32% | |||||||||||
Interest rate | 3.20% | 3.20% | 3.20% | 3.20% | 3.20% | ||||||||
Senior Notes | $ 612,412,000 | $ 612,412,000 | $ 600,000,000 | $ 612,412,000 | $ 402,281,000 | ||||||||
Unamortized net premium | $ 12,412,000 | $ 12,412,000 | $ 12,412,000 | $ 2,281,000 | |||||||||
Debt | $ 200,000,000 | $ 100,000,000 | $ 300,000,000 | ||||||||||
Price as percentage of principal amount | 105.660 | ||||||||||||
Weighted Average Interest Rate | 3.32% | 3.32% | |||||||||||
3.00% Medium-Term Notes due August 2031 | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 3.01% | ||||||||||||
Interest rate | 3.00% | 3.00% | 3.00% | 3.00% | |||||||||
Senior Notes | $ 398,973,000 | $ 398,973,000 | $ 398,973,000 | $ 398,877,000 | |||||||||
Weighted Average Interest Rate | 3.01% | ||||||||||||
3.24% Notes due on 2030 | |||||||||||||
Secured Debt | |||||||||||||
Debt | $ 100,000,000 | ||||||||||||
Medium-Term Notes Due August 2031 | Weighted Average | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 0.0301% | ||||||||||||
Weighted Average Interest Rate | 0.0301% | ||||||||||||
3.10% senior unsecured notes due 2034 | Weighted Average | |||||||||||||
Secured Debt | |||||||||||||
Interest rate at end of the period | 0.0313% | ||||||||||||
Extinguishment of debt costs | $ 24,000,000 | ||||||||||||
Weighted Average Interest Rate | 0.0313% | ||||||||||||
2.10% Senior Unsecured Medium-Term Note due 2033 | Subsequent Event | |||||||||||||
Secured Debt | |||||||||||||
Interest rate | 2.10% | ||||||||||||
Percentage of principal amount at issuance | 99.592 | ||||||||||||
Debt | $ 300,000,000 | ||||||||||||
Price as percentage of principal amount | 99.592 | ||||||||||||
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 | ||||||||||
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 | |||||||||
Unsecured Commercial Bank Credit Facility | Term Loan due September 2023 | |||||||||||||
Secured Debt | |||||||||||||
Credit facilities with aggregate commitment | 350,000,000 | 350,000,000 | 350,000,000 | ||||||||||
Credit facilities | Fixed Rate Debt | |||||||||||||
Secured Debt | |||||||||||||
Principal outstanding | 204,590,000 | ||||||||||||
Credit facilities | Fair Value, Measurements, Recurring | Carrying Amount | Fannie Mae | Fixed Rate Debt | |||||||||||||
Secured Debt | |||||||||||||
Principal outstanding | 218,490,000 | ||||||||||||
Mortgages Note Payable | Fair Value, Measurements, Recurring | Carrying Amount | Fixed Rate Debt | |||||||||||||
Secured Debt | |||||||||||||
Principal outstanding | $ 837,473,000 | $ 837,473,000 | $ 837,473,000 | 906,228,000 | |||||||||
United Dominion Realty L.P. | |||||||||||||
Secured Debt | |||||||||||||
Notes payable maximum interest rates range | 2.91% | 2.91% | 2.91% | ||||||||||
Principal outstanding | $ 99,104,000 | $ 99,104,000 | $ 99,104,000 | 99,071,000 | |||||||||
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 | |||||||||||||
Principal outstanding | 72,172,000 | 72,172,000 | $ 72,172,000 | 72,135,000 | |||||||||
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 | |||||||||||||
Principal outstanding | 26,932,000 | 26,932,000 | $ 26,932,000 | 26,936,000 | |||||||||
Interest rate at end of the period | 0.84% | ||||||||||||
Weighted Average Interest Rate | 0.84% | ||||||||||||
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% | ||||||||||||
Interest rate | 3.10% | 3.10% | 3.10% | ||||||||||
Weighted Average Interest Rate | 3.10% | ||||||||||||
United Dominion Realty L.P. | Mortgages Note Payable | Variable Rate Debt | |||||||||||||
Secured Debt | |||||||||||||
Principal outstanding | $ 27,000,000 | $ 27,000,000 | $ 27,000,000 | ||||||||||
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 | 0.84% | ||||||||||||
Weighted Average Interest Rate | 0.84% |
INCOME_(LOSS) PER SHARE (Detail
INCOME/(LOSS) PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2017 | |
Antidilutive securities | |||||
Net income/(loss) | $ 68,970 | $ 199,579 | $ 221,542 | ||
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (4,543) | (14,426) | (18,215) | ||
Net (income)/loss attributable to noncontrolling interests | (161) | (188) | (221) | ||
Net income/(loss) attributable to UDR, Inc. | 64,266 | 184,965 | 203,106 | ||
Distributions to preferred stockholders - Series E (Convertible) | (4,230) | (4,104) | (3,868) | ||
Net income/(loss) attributable to common stockholders | $ 60,036 | $ 180,861 | $ 199,238 | ||
Denominator for income/(loss) per share: | |||||
Weighted average common shares outstanding | 294,808,000 | 285,509,000 | 268,513,000 | ||
Non-vested restricted stock awards | (263,000) | (262,000) | (334,000) | ||
Denominator for basic income/(loss) per share | 294,545,000 | 285,247,000 | 268,179,000 | ||
Denominator for diluted income/(loss) per share | 294,927,000 | 286,015,000 | 269,483,000 | ||
Income/(loss) per weighted average common share - basic | $ 0.20 | $ 0.63 | $ 0.74 | ||
Income/(loss) per weighted average common share - diluted | $ 0.20 | $ 0.63 | $ 0.74 | ||
Number of shares authorized | 350,000,000 | 350,000,000 | 350,000,000 | ||
Aggregate net proceeds | $ 102,234 | $ 725,315 | $ 299,825 | ||
Aggregate net proceeds from sales, after deducting related costs | $ 102,234 | $ 725,315 | 299,825 | ||
Repurchase of common shares | 600,000 | ||||
Average price of shares repurchased (in dollars per share) | $ 33.11 | ||||
Total consideration | $ 19,795 | $ 19,988 | |||
OP/DownREIT Units | |||||
Antidilutive securities | |||||
Antidilutive securities | 22,310,000 | 22,773,000 | 24,548,000 | ||
Convertible preferred stock | |||||
Antidilutive securities | |||||
Antidilutive securities | 2,950,000 | 3,011,000 | 3,011,000 | ||
Stock options, unvested LTIP Units and unvested restricted stock | |||||
Antidilutive securities | |||||
Antidilutive securities | 382,000 | 768,000 | 1,304,000 | ||
Denominator for income/(loss) per share: | |||||
Incremental shares issuable from assumed conversion of unvested LTIP Units and unvested restricted stock | 382,000 | 768,000 | 1,304,000 | ||
ATM | |||||
Denominator for income/(loss) per share: | |||||
Number of shares authorized | 20,000,000 | ||||
Number of shares sold | 2,100,000 | ||||
Shares of common stock available for future issuance | 9,600,000 | 9,600,000 | |||
Forward Sales Agreement | |||||
Denominator for income/(loss) per share: | |||||
Number of shares authorized | 2.1 | 2.1 | |||
Number of shares sold | 2,100,000 | ||||
Aggregate net proceeds | $ 102,300 | $ 102,200 | |||
Weighted average price per share | $ 48.23 | $ 49.56 | |||
Forward price | $ 48.23 | ||||
Commissions paid to sales agents | $ 3,900 | ||||
Aggregate net proceeds from sales, after deducting related costs | $ 102,200 |
STOCKHOLDERS' EQUITY - Shares R
STOCKHOLDERS' EQUITY - Shares Rollforward (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Repurchase of common shares | (600) | ||
Common Stock | |||
Shares issued, beginning of period | 294,588 | 275,546 | 267,822 |
Issuance/(forfeiture) of common and restricted shares, net | 104 | 50 | 47 |
Issuance of common shares upon exercise of stock options | 772 | ||
Issuance of common shares through public offering | 7,500 | 7,150 | |
Issuance of common shares though ATM program | 6,988 | ||
Issuance of common shares through forward sales public offering, net (forward sales agreement) | 2,121 | 1,339 | |
Repurchase of common shares | (597) | (593) | |
Conversion of Series E Cumulative Convertible shares | 93 | ||
Adjustment for conversion of non-controlling interest of unitholders | 3 | ||
Shares issued, end of period | 296,612 | 294,588 | 275,546 |
8.00% Series E Cumulative Convertible Preferred Stock | |||
Shares issued, beginning of period | 2,781 | 2,781 | 2,781 |
Conversion of Series E Cumulative Convertible shares | (86) | ||
Shares issued, end of period | 2,695 | 2,781 | 2,781 |
Series F | |||
Shares issued, beginning of period | 14,691 | 15,802 | 15,852 |
Forfeiture of Series F shares | (250) | (1,111) | (50) |
Shares issued, end of period | 14,441 | 14,691 | 15,802 |
Series F | Maximum | |||
Forfeiture of Series F shares | (1,100) | ||
United Dominion Realty L.P. | Common Stock | |||
Adjustment for conversion of non-controlling interest of unitholders | 1,969 | 11 | |
UDR Lighthouse DownREIT L.P. | Common Stock | |||
Adjustment for conversion of non-controlling interest of unitholders | 300 | 1,196 | 337 |
UDR Lighthouse DownREIT L.P. | Series F | |||
Forfeiture of Series F shares | (300) |
STOCKHOLDERS' EQUITY - Other in
STOCKHOLDERS' EQUITY - Other information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2008 | Jul. 31, 2017 | Dec. 31, 2007 | |
Stockholders' equity | |||||||
Preferred stock, no par value | $ 0 | $ 0 | $ 0 | ||||
Common stock, shares authorized | 350,000,000 | 350,000,000 | 350,000,000 | ||||
Proceeds from the issuance of common shares through public offering, net | $ 102,234,000 | $ 725,315,000 | $ 299,825,000 | ||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||
Repurchase of common shares | 600,000 | ||||||
Average price of shares repurchased (in dollars per share) | $ 33.11 | ||||||
Total consideration | $ 19,795,000 | $ 19,988,000 | |||||
Common distributions declared per share | $ 1.44 | $ 1.37 | $ 1.29 | ||||
Stock issued during period, shares, Distribution Reinvestment and Stock Purchase Plan | 10,000,000 | ||||||
Shares reserved for issuance under the Stock Purchase Plan | 11,000,000 | ||||||
Equity Distribution Agreement | |||||||
Stockholders' equity | |||||||
Common stock, shares authorized | 20,000,000 | 20,000,000 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 9,600,000 | 9,600,000 | |||||
8.00% Series E Cumulative Convertible Preferred Stock | |||||||
Stockholders' equity | |||||||
Preferred stock, no par value | $ 0 | $ 0 | |||||
Preferred stock, liquidation preference per share | $ 16.61 | $ 16.61 | |||||
Number of common stock shares each preferred shares can be converted to | 1 | ||||||
Number of common stock shares to which each preferred share is convertible after special dividend | 1.083 | ||||||
Declared preferred stock dividend | $ 1.56 | $ 1.48 | $ 1.40 | ||||
Preferred Stock, Shares Issued | 2,695,363 | 2,695,363 | 2,780,994 | ||||
Common Stock | |||||||
Stockholders' equity | |||||||
Issuance of common shares though ATM program | 6,988,000 | ||||||
Issuance of common shares through public offering | 7,500,000 | 7,150,000 | |||||
Repurchase of common shares | 597,000 | 593,000 | |||||
Adjustment for conversion of non-controlling interest of unitholders | 3,000 | ||||||
Series F | |||||||
Stockholders' equity | |||||||
Preferred stock, shares authorized | 20,000,000 | 20,000,000 | |||||
Share Price | $ 0.0001 | $ 0.0001 | |||||
Preferred stock, value, issued | $ 1,444 | $ 1,444 | $ 1,469 | ||||
Preferred Stock, Shares Issued | 14,440,519 | 14,440,519 | 14,691,274 | ||||
Restricted Stock | |||||||
Stockholders' equity | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Grants in Period Net of Forfeitures | 100,000 | ||||||
ATM | |||||||
Stockholders' equity | |||||||
Common stock, shares authorized | 20,000,000 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 9,600,000 | 9,600,000 | |||||
Issuance of common shares through public offering | 2,100,000 | ||||||
Forward Sales Agreement | |||||||
Stockholders' equity | |||||||
Common stock, shares authorized | 2.1 | 2.1 | |||||
Issuance of common shares though ATM program | 2,100,000 | ||||||
Weighted average price per share | $ 48.23 | $ 49.56 | |||||
Proceeds from the issuance of common shares through public offering, net | $ 102,300,000 | $ 102,200,000 | |||||
Issuance of common shares through public offering | 2,100,000 | ||||||
Forward price | $ 48.23 |
EMPLOYEE BENEFIT PLANS - Rollfo
EMPLOYEE BENEFIT PLANS - Rollforward (Details) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)$ / sharesshares | |
Stock Options | |
Employee benefits | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 0 |
Long Term Incentive Plan | |
Employee benefits | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 9.8 |
Options Exercisable, Number of Options | |
Balance, December 31, 2019 | shares | 858 |
Granted | shares | 641 |
Vested | shares | (772) |
Balance, December 31, 2020 | shares | 727 |
Options Exercisable, Weighted Average Exercise Price | |
Balance, December 31, 2019 ( in dollars per share) | $ / shares | $ 37.77 |
Granted (in dollars per share) | $ / shares | 42.64 |
Vested (in dollars per share) | $ / shares | 39.29 |
Balance, December 31, 2020 (in dollars per share) | $ / shares | $ 41.58 |
Restricted Stock | |
Employee benefits | |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ | $ 2.4 |
LTIP Units and Restricted Stock, Number Of shares | |
Balance, December 31, 2019 | shares | 248 |
Granted | shares | 188 |
Vested | shares | (174) |
Forfeited | shares | (25) |
Balance, December 31, 2020 | shares | 237 |
LTIP Units and Restricted Stock, Weighted Average Fair Value Per Restricted Stock | |
Balance, December 31, 2019 (in dollars per share) | $ / shares | $ 37.29 |
Granted (in dollars per share) | $ / shares | 44.16 |
Vested (in dollars per share) | $ / shares | 36.74 |
Forfeited (in dollars per share) | $ / shares | 45.68 |
Balance, December 31, 2020 (in dollars per share) | $ / shares | $ 42.31 |
EMPLOYEE BENEFIT PLANS - Other
EMPLOYEE BENEFIT PLANS - Other information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Jan. 31, 2020 | Jan. 31, 2019 | Jan. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee benefits | ||||||
Unexercised stock options outstanding | 0 | |||||
Stock Options | ||||||
Employee benefits | ||||||
Total remaining compensation cost related to unvested share options | $ 0 | |||||
Restricted Stock | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Issued | 6,500,000 | |||||
Total remaining compensation cost related to unvested share options | $ 2.4 | |||||
Weighted average remaining contractual life | 2 years 4 months 24 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 44.16 | |||||
Stock based compensation expense | $ 5.3 | $ 4.8 | $ 4.3 | |||
Initial performance period to make adjustments | 1 year | |||||
Restricted Stock | Minimum | ||||||
Employee benefits | ||||||
Vesting period | 3 years | |||||
Restricted Stock | Maximum | ||||||
Employee benefits | ||||||
Vesting period | 4 years | |||||
Long Term Incentive Plan | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Issued | 3,500,000 | |||||
Total remaining compensation cost related to unvested share options | $ 9.8 | |||||
Shares available for issuance under plan | 5,600,000 | |||||
Weighted average remaining contractual life | 1 year 7 months 6 days | |||||
Number of share options exercisable | 727,000 | 858,000 | ||||
Stock based compensation expense | $ 10.2 | $ 12.4 | $ 9.9 | |||
2020 LTIP | Restricted Stock | Absolute component | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 16.00% | |||||
2020 LTIP | Long Term Incentive Plan | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 16.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 3.60% | |||||
Vesting period | 3 years | |||||
2020 LTIP | Long Term Incentive Plan | First portion of awards | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 7.90% | |||||
Vesting period | 2 years | |||||
2020 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
2020 LTIP | Long Term Incentive Plan | Balance 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
2020 LTIP | Long Term Incentive Plan | Second portion of awards | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 15.00% | |||||
Vesting period | 3 years | |||||
2020 LTIP | Long Term Incentive Plan | Third portion of awards | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 55.00% | |||||
Vesting period | 3 years | |||||
2020 LTIP | Long Term Incentive Plan | Relative component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 2 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 3.60% | |||||
2020 LTIP | Long Term Incentive Plan | Absolute component | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 3.60% | |||||
2020 LTIP | Short Term Incentive Plan | ||||||
Employee benefits | ||||||
Stock based compensation expense | $ 3.1 | |||||
Vesting period | 1 year | 1 year | ||||
Initial performance period to make adjustments | 1 year | |||||
Unrecognized compensation expense | $ 0 | |||||
2019 LTIP | Restricted Stock | Relative component | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 43.63 | |||||
2019 LTIP | Restricted Stock | Absolute component | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | 43.42 | |||||
2019 LTIP | Long Term Incentive Plan | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||
FFO as Adjusted Per Share, Value | 18.24 | |||||
Share Price | $ 38.39 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 5.00% | |||||
Vesting period | 3 years | |||||
2019 LTIP | Long Term Incentive Plan | First portion of awards | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||
FFO as Adjusted Per Share, Value | $ 17.47 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 9.00% | |||||
Vesting period | 1 year | |||||
2019 LTIP | Long Term Incentive Plan | 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
2019 LTIP | Long Term Incentive Plan | Balance 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
2019 LTIP | Long Term Incentive Plan | Second portion of awards | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 15.00% | |||||
Vesting period | 3 years | 3 years | ||||
2019 LTIP | Long Term Incentive Plan | Third portion of awards | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 55.00% | |||||
Vesting period | 3 years | 3 years | ||||
2019 LTIP | Long Term Incentive Plan | Relative component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 20.89 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 5.00% | |||||
2019 LTIP | Long Term Incentive Plan | Absolute component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 20.79 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 21.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 5.00% | |||||
2019 LTIP | Short Term Incentive Plan | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 33.40 | |||||
Stock based compensation expense | $ 7.2 | |||||
Vesting period | 1 year | |||||
Initial performance period to make adjustments | 1 year | |||||
Unrecognized compensation expense | $ 0 | |||||
2018 LTIP | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | |||||
FFO as Adjusted Per Share, Value | $ 18.08 | |||||
Share Price | $ 38.06 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 17.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 5.00% | |||||
Vesting period | 3 years | |||||
2018 LTIP | First portion of awards | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||
FFO as Adjusted Per Share, Value | $ 17.13 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 10.00% | |||||
Vesting period | 1 year | |||||
2018 LTIP | 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
2018 LTIP | Balance 50% vesting out of first portion of LTI Award | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||
2018 LTIP | Second portion of awards | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 15.00% | |||||
Vesting period | 3 years | 3 years | ||||
2018 LTIP | Third portion of awards | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 55.00% | |||||
Vesting period | 3 years | 3 years | ||||
2018 LTIP | Relative component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 20.12 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 5.00% | |||||
2018 LTIP | Absolute component | ||||||
Employee benefits | ||||||
FFO as Adjusted Per Share, Value | $ 19.35 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 17.00% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Discount from Market Price, Offering Date | 5.00% | |||||
2018 LTIP | Restricted Stock | Relative component | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 42.18 | |||||
2018 LTIP | Restricted Stock | Absolute component | ||||||
Employee benefits | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 40.49 | |||||
Long Term Incentive Plan | ||||||
Employee benefits | ||||||
Shares reserved for issuance under plan | 19,000,000 | |||||
Profit Sharing Plan | General and administrative expense | ||||||
Employee benefits | ||||||
Aggregate provisions for contributions | $ 1.5 | $ 1.2 | $ 1.3 |
INCOME TAXES - Taxable Distribu
INCOME TAXES - Taxable Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Taxable Distributions Paid Per Common Share [Abstract] | |||
Ordinary income | $ 1.032 | $ 0.981 | $ 0.774 |
Qualified ordinary income | 0.004 | 0.004 | 0.006 |
Long-term capital gain | 0.298 | 0.021 | 0.058 |
Unrecapture section 1250 gain | 0.089 | 0.063 | 0.233 |
Nondividend distributions | 0.281 | 0.207 | |
Taxable distributions per common share | $ 1.423 | $ 1.350 | $ 1.278 |
INCOME TAXES - Provision (Detai
INCOME TAXES - Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Total current | $ 0 | ||
Deferred | |||
Total income tax provision/(benefit) | 2,545 | $ 3,838 | $ 688 |
TRS | |||
Current | |||
Federal | (148) | 1,466 | 220 |
State | 1,374 | 735 | 396 |
Total current | 1,226 | 2,201 | 616 |
Deferred | |||
Federal | 894 | 1,266 | 66 |
State | 451 | 371 | 6 |
Investment tax credit | (26) | ||
Total deferred | 1,319 | 1,637 | 72 |
Total income tax provision/(benefit) | $ 2,545 | $ 3,838 | $ 688 |
INCOME TAXES - Deferred Taxes (
INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax liabilities: | |||
Net deferred tax assets/(liabilities) | $ (3,200) | $ (1,600) | |
TRS | |||
Deferred tax assets: | |||
Federal and state tax attributes | 6 | 22 | $ 28 |
Other | 147 | 87 | 70 |
Total deferred tax assets | 153 | 109 | 98 |
Valuation allowance | (23) | (19) | (16) |
Net deferred tax assets | 130 | 90 | 82 |
Deferred tax liabilities: | |||
Book/tax depreciation and basis | (638) | (367) | |
Other investment ventures | (2,665) | (1,291) | (17) |
Other | (67) | (67) | (67) |
Total deferred tax liabilities | (3,370) | (1,725) | (84) |
Net deferred tax assets/(liabilities) | $ (3,240) | $ (1,635) | $ (2) |
INCOME TAXES - Effective Tax Ra
INCOME TAXES - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. federal corporate income tax rate | 21.00% | 21.00% | 21.00% |
Income tax provision/(benefit) | |||
Total income tax provision/(benefit) | $ 2,545 | $ 3,838 | $ 688 |
TRS | |||
Income tax provision/(benefit) | |||
U.S. federal income tax provision/(benefit) | 1,240 | 2,905 | 321 |
State income tax provision | 1,434 | 1,013 | 527 |
Other items | (165) | (139) | (167) |
Solar credit amortization | (26) | ||
ITC basis adjustment | 58 | 56 | |
Valuation allowance | 4 | 3 | 7 |
Total income tax provision/(benefit) | $ 2,545 | $ 3,838 | $ 688 |
INCOME TAXES - Other Informatio
INCOME TAXES - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Carryforwards | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
Income tax on a promoted interest | $ 2,000 | ||
Tax benefit/(provision), net | $ 2,545 | 3,838 | $ 688 |
Increase (decrease) in tax benefit | (1,300) | ||
Internal Revenue Service (IRS) | |||
Carryforwards | |||
Net loss carryforwards | 27,100 | ||
State | |||
Carryforwards | |||
Net loss carryforwards | 66,800 | ||
Increase (decrease) in tax benefit | 400 | ||
UDR, Inc. | |||
Carryforwards | |||
Unrecognized Tax Benefits | $ 0 | $ 0 |
NONCONTROLLING INTERESTS (Detai
NONCONTROLLING INTERESTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Noncontrolling interests | |||
Minimum holding period prior to redemption (in years) | 1 year | ||
Redeemable noncontrolling interests in the Operating Partnership | |||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, beginning of year | $ 1,018,665 | $ 972,740 | |
Mark-to-market adjustment to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (143,741) | 183,884 | $ 43,552 |
Conversion of OP Units/DownREIT Units to Common Stock | 12,666 | 134,031 | |
Net income/(loss) attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 4,543 | 14,426 | 18,215 |
Distributions to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (34,149) | (32,270) | |
Vesting of Long-Term Incentive Plan Units | 23,501 | 14,742 | |
Allocation of other comprehensive income/(loss) | 141 | (826) | |
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership, end of year | 856,294 | 1,018,665 | 972,740 |
Net (income)/loss attributable to noncontrolling interests | $ (161) | $ (188) | $ (221) |
LTIP Units | Minimum | |||
Redeemable noncontrolling interests in the Operating Partnership | |||
Vesting period | 1 year | ||
LTIP Units | Maximum | |||
Redeemable noncontrolling interests in the Operating Partnership | |||
Vesting period | 3 years |
FAIR VALUE OF DERIVATIVES AND_3
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value | ||
Notes receivable, net | $ 157,992 | $ 153,650 |
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 2 | 6 |
Derivatives - Interest rate contracts | 167 | 142 |
Unsecured debt instruments | ||
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 856,294 | 1,018,665 |
Transfer Between the Levels | 0 | |
Carrying Amount | Fair Value, Measurements, Recurring | ||
Fair Value | ||
Notes receivable, net | 157,992 | 153,650 |
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 157,994 | 153,656 |
Unsecured debt instruments | ||
Total liabilities | 5,004,978 | 4,731,595 |
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 856,294 | 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 | 2 | 6 |
Derivatives - Interest rate contracts | 167 | 142 |
Carrying Amount | Commercial bank | Fair Value, Measurements, Recurring | ||
Unsecured debt instruments | ||
Unsecured debt instruments | 28,024 | 16,583 |
Commercial paper program | 190,000 | 300,000 |
Carrying Amount | Senior Unsecured Notes | Fair Value, Measurements, Recurring | ||
Unsecured debt instruments | ||
Unsecured debt instruments | 3,922,314 | 3,263,152 |
Fair Value | Fair Value, Measurements, Recurring | ||
Fair Value | ||
Notes receivable, net | 170,411 | 160,197 |
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 170,413 | 160,203 |
Unsecured debt instruments | ||
Total liabilities | 5,382,320 | 4,853,337 |
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 856,294 | 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 | 2 | 6 |
Derivatives - Interest rate contracts | 167 | 142 |
Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 27,000 | |
Fair Value | Commercial bank | Fair Value, Measurements, Recurring | ||
Unsecured debt instruments | ||
Unsecured debt instruments | 28,024 | 16,583 |
Commercial paper program | 190,000 | 300,000 |
Fair Value | Senior Unsecured Notes | Fair Value, Measurements, Recurring | ||
Unsecured debt instruments | ||
Unsecured debt instruments | 4,283,045 | 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 | 2 | 6 |
Unsecured debt instruments | ||
Total liabilities | 167 | 142 |
Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | 856,294 | 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 | 2 | 6 |
Derivatives - Interest rate contracts | 167 | 142 |
Fair Value | Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value | ||
Notes receivable, net | 170,411 | 160,197 |
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Total assets | 170,411 | 160,197 |
Unsecured debt instruments | ||
Total liabilities | 5,382,153 | 4,853,195 |
Fair Value | Level 3 | Commercial bank | Fair Value, Measurements, Recurring | ||
Unsecured debt instruments | ||
Unsecured debt instruments | 28,024 | 16,583 |
Commercial paper program | 190,000 | 300,000 |
Fair Value | Level 3 | Senior Unsecured Notes | Fair Value, Measurements, Recurring | ||
Unsecured debt instruments | ||
Unsecured debt instruments | 4,283,045 | 3,397,622 |
Fixed Rate Debt | Credit facilities | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Secured debt including debt on real estate held for sale | 204,590 | |
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 | 837,473 | 906,228 |
Fixed Rate Debt | Fair Value | Mortgages Note Payable | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 854,084 | 898,329 |
Fixed Rate Debt | Fair Value | Level 3 | Mortgages Note Payable | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 854,084 | 898,329 |
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 |
Variable Rate Debt | Fair Value | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 27,000 | |
Variable Rate Debt | Fair Value | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 27,000 | 27,000 |
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 |
Fannie Mae | Fixed Rate Debt | Carrying Amount | Credit facilities | Fair Value, Measurements, Recurring | ||
Estimated fair values of the financial instruments either recorded or disclosed on a recurring basis | ||
Secured debt including debt on real estate held for sale | 218,490 | |
Fannie Mae | Fixed Rate Debt | Fair Value | Credit facilities | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 213,661 | |
Fannie Mae | Fixed Rate Debt | Fair Value | Level 3 | Credit facilities | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 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 | $ 824,550 | $ 884,869 |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITY - Interest Rate Derivatives (Details) $ in Thousands | 1 Months Ended | ||
Jan. 31, 2021USD ($)instrument | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)iteminstrument | |
Unsecured Commercial Bank Credit Facility | |||
Derivatives | |||
Total revolving credit facility | $ 2,000,000 | ||
Forecast | |||
Derivatives | |||
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | $ 1,700 | ||
Interest rate swap and caps | |||
Derivatives | |||
Notional | $ 315,000 | ||
Interest rate swaps | Subsequent Event | |||
Derivatives | |||
Number of additional interest rate derivative instruments entered | instrument | 3 | ||
Total revolving credit facility | $ 315,000 | ||
Designated as Hedging Instrument | Interest rate swap and caps | |||
Derivatives | |||
Number of Interest Rate Derivatives Held | item | 2 | ||
Notional | $ 334,880 | ||
Not Designated as Hedging Instrument | |||
Derivatives | |||
Number of Interest Rate Derivatives Held | instrument | 0 |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITY - Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | $ 2 | $ 6 |
Gross Amounts of Recognized Liabilities | 167 | 142 |
Interest rate contracts | Other assets | Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 2 | 6 |
Interest rate contracts | Other liabilities | Designated as Hedging Instrument | ||
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | ||
Gross Amounts of Recognized Liabilities | $ 167 | $ 142 |
DERIVATIVES AND HEDGING ACTIV_5
DERIVATIVES AND HEDGING ACTIVITY - Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Unrealized holding gain/(loss) Recognized in OCI | $ (3,382) | $ (8,437) | $ 4,806 |
Total amount of Interest expense presented on the Consolidated Statements of Operations | 202,706 | 170,917 | 134,168 |
Interest expense | Cash Flow Hedging | Interest rate contracts | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Unrealized holding gain/(loss) Recognized in OCI | (3,382) | (8,437) | 4,806 |
Gain/(Loss) Reclassified from Accumulated OCI into Interest expense | (4,827) | 2,770 | 1,948 |
Not Designated as Hedging Instrument | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Gain/(Loss) recognized in Interest Income and Other Income/(Expense), net | $ 0 | $ 0 | $ 0 |
DERIVATIVES AND HEDGING ACTIV_6
DERIVATIVES AND HEDGING ACTIVITY - Offsetting Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Offsetting derivative assets | ||
Gross Amounts of Recognized Assets | $ 2 | $ 6 |
Net Amounts of Assets Presented in the Consolidated Balance Sheets (a) | 2 | 6 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (3) | |
Net Amount | 2 | 3 |
Offsetting derivative liabilities | ||
Gross Amounts of Recognized Liabilities | 167 | 142 |
Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (a) | 167 | 142 |
Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | (3) | |
Net Amount | $ 167 | $ 139 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Real Estate Commitments (Details) $ in Thousands | Dec. 31, 2020USD ($)communityitem |
Commitments | |
Number of communities owned (in communities) | community | 149 |
Cost Incurred to Date | $ 288,666 |
UDR's Remaining Commitment | $ 265,789 |
Wholly owned - under development | |
Commitments | |
Number of communities owned (in communities) | item | 5 |
Cost Incurred to Date | $ 247,877 |
UDR's Remaining Commitment | $ 243,623 |
Preferred Equity Investments | |
Commitments | |
Number of communities owned (in communities) | item | 1 |
Cost Incurred to Date | $ 17,919 |
UDR's Remaining Commitment | 2,921 |
Other investments | |
Commitments | |
Cost Incurred to Date | 22,870 |
UDR's Remaining Commitment | $ 19,245 |
REPORTABLE SEGMENTS (Details)
REPORTABLE SEGMENTS (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)segmenthome | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segments | ||||
Same store communities | home | 37,607 | |||
Reportable Segments | ||||
Number of reportable segments | segment | 2 | |||
Community Threshold, Percent Occupancy Threshold | 90% | |||
Time to maintain percent occupancy to be considered a community | 3 months | |||
Capital expenditures and development | $ 299,986 | $ 195,981 | $ 214,898 | |
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ||||
Rental income | 1,236,096 | 1,138,138 | 1,035,105 | |
Reconciling items: | ||||
Joint venture management and other fees | $ 5,069 | $ 14,055 | $ 11,754 | |
Type of revenue | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember | udr:ManagementAndOtherFeesMember | |
Property management | $ (35,538) | $ (32,721) | $ (28,465) | |
Other operating expenses | (22,762) | (13,932) | (12,100) | |
Real estate depreciation and amortization | (608,616) | (501,257) | (429,006) | |
General and administrative | (49,885) | (51,533) | (46,983) | |
Casualty-related (charges)/recoveries, net | (2,131) | (474) | (2,121) | |
Other depreciation and amortization | (10,013) | (6,666) | (6,673) | |
Gain/(loss) on sale of real estate owned | 119,277 | 5,282 | 136,197 | |
Income/(loss) from unconsolidated entities | 18,844 | 137,873 | (5,055) | |
Interest expense | (202,706) | (170,917) | (134,168) | |
Interest and other income/(expense), net | 6,274 | 15,404 | 6,735 | |
Tax (provision)/benefit, net | (2,545) | (3,838) | (688) | |
Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership | (4,543) | (14,426) | (18,215) | |
Net (income)/loss attributable to noncontrolling interests | (161) | (188) | (221) | |
Net income/(loss) attributable to UDR, Inc. | 64,266 | 184,965 | 203,106 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 13,071,472 | 12,602,101 | ||
Accumulated depreciation | (4,605,366) | (4,131,353) | ||
Total real estate owned, net of accumulated depreciation | 8,466,106 | 8,470,748 | ||
Reconciling items: | ||||
Cash and cash equivalents | 1,409 | 8,106 | 185,216 | $ 2,038 |
Restricted cash | 22,762 | 25,185 | 23,675 | $ 19,792 |
Notes receivable, net | 157,992 | 153,650 | ||
Investment in and advances to unconsolidated joint ventures, net | 600,233 | 588,262 | ||
Operating lease right-of-use assets | 200,913 | 204,225 | ||
Other assets | 188,118 | 186,296 | ||
Total consolidated assets | 9,637,533 | 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 | 385,959 | 402,901 | 387,215 | |
Other revenue | 11,803 | 12,339 | 10,738 | |
Rental income | 397,762 | 415,240 | 397,953 | |
Reportable apartment home segment NOI | 295,065 | 315,812 | 300,745 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 3,732,329 | 3,696,544 | ||
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 | 211,633 | 211,401 | 205,324 | |
Other revenue | 6,329 | 7,216 | 6,357 | |
Rental income | 217,962 | 218,617 | 211,681 | |
Reportable apartment home segment NOI | 152,131 | 154,082 | 148,057 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 2,255,449 | 2,222,405 | ||
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 | 108,073 | 122,008 | 119,540 | |
Other revenue | 2,697 | 2,760 | 2,623 | |
Rental income | 110,770 | 124,768 | 122,163 | |
Reportable apartment home segment NOI | 65,553 | 83,832 | 84,059 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 1,507,878 | 1,500,597 | ||
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 | 123,993 | 120,289 | 116,011 | |
Other revenue | 5,395 | 6,444 | 6,223 | |
Rental income | 129,388 | 126,733 | 122,234 | |
Reportable apartment home segment NOI | 88,518 | 88,467 | 85,219 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 827,683 | 806,830 | ||
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 | 65,713 | 64,970 | 63,287 | |
Other revenue | 2,543 | 2,793 | 2,664 | |
Rental income | 68,256 | 67,763 | 65,951 | |
Reportable apartment home segment NOI | 42,931 | 42,210 | 39,631 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 614,647 | 600,350 | ||
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 | 302,920 | 180,668 | 111,272 | |
Other revenue | 9,038 | 4,349 | 3,851 | |
Rental income | 311,958 | 185,017 | 115,123 | |
Reportable apartment home segment NOI | 209,504 | 123,900 | 74,404 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 4,133,486 | 3,775,375 | ||
Total Communities | ||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ||||
Lease revenue | 1,198,291 | 1,102,237 | 1,002,649 | |
Other revenue | 37,805 | 35,901 | 32,456 | |
Rental income | 1,236,096 | 1,138,138 | 1,035,105 | |
Reportable apartment home segment NOI | $ 853,702 | $ 808,303 | $ 732,115 | |
Taxable REIT Subsidiaries | ||||
Reportable Segments | ||||
Management fee (as a percent) | 2.875% |
SCHEDULE III - REAL ESTATE OW_2
SCHEDULE III - REAL ESTATE OWNED (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 862,147 | |||
Initial Costs, Land and Land Improvements | 2,204,834 | |||
Initial Costs, Buildings and Improvements | 7,240,537 | |||
Total Initial Acquisition Costs | 9,445,371 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,626,101 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,462,474 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,608,998 | |||
Total Carrying Value | $ 12,602,101 | $ 10,196,159 | $ 10,196,159 | 13,071,472 |
Accumulated Depreciation | 4,131,353 | 3,654,160 | 3,330,166 | 4,605,366 |
Aggregate cost for federal income tax purposes | 12,300,000 | |||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at beginning of the year | 12,602,101 | 10,196,159 | 10,177,206 | |
Real estate acquired | 413,488 | 2,241,163 | ||
Capital expenditures and development | 299,986 | 195,981 | 214,898 | |
Real estate sold | (244,103) | (31,202) | (195,945) | |
Balance at end of the year | 13,071,472 | 12,602,101 | 10,196,159 | |
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at beginning of the year | 4,131,353 | 3,654,160 | 3,330,166 | |
Depreciation expense for the year | 560,876 | 477,193 | 426,006 | |
Accumulated depreciation on sales | (86,863) | (102,012) | ||
Balance at end of year | $ 4,605,366 | $ 4,131,353 | $ 3,654,160 | |
Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciable life for all buildings | 30 years | |||
Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciable life for all buildings | 55 years | |||
REAL ESTATE UNDER DEVELOPMENT | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 73,702 | |||
Initial Costs, Buildings and Improvements | 15,798 | |||
Total Initial Acquisition Costs | 89,500 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 158,377 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 73,702 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 174,175 | |||
Total Carrying Value | $ 247,877 | 247,877 | ||
Accumulated Depreciation | 1,010 | 1,010 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 247,877 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,010 | |||
REAL ESTATE UNDER DEVELOPMENT | Vitruvian West Phase 2 | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,451 | |||
Initial Costs, Buildings and Improvements | 15,798 | |||
Total Initial Acquisition Costs | 22,249 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 34,775 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,451 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 50,573 | |||
Total Carrying Value | 57,024 | 57,024 | ||
Accumulated Depreciation | 1,010 | 1,010 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 57,024 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,010 | |||
REAL ESTATE UNDER DEVELOPMENT | Cirrus | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,853 | |||
Total Initial Acquisition Costs | 13,853 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 53,272 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,853 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 53,272 | |||
Total Carrying Value | 67,125 | 67,125 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 67,125 | |||
REAL ESTATE UNDER DEVELOPMENT | 5421 at Dublin Station | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,922 | |||
Total Initial Acquisition Costs | 8,922 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 48,877 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,922 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,877 | |||
Total Carrying Value | 57,799 | 57,799 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 57,799 | |||
REAL ESTATE UNDER DEVELOPMENT | 440 Penn Street | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 27,135 | |||
Total Initial Acquisition Costs | 27,135 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,784 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,135 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,784 | |||
Total Carrying Value | 45,919 | 45,919 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 45,919 | |||
REAL ESTATE UNDER DEVELOPMENT | Village at Valley Forge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 17,341 | |||
Total Initial Acquisition Costs | 17,341 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,669 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,341 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,669 | |||
Total Carrying Value | 20,010 | 20,010 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 20,010 | |||
LAND | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 39,609 | |||
Initial Costs, Buildings and Improvements | 4,997 | |||
Total Initial Acquisition Costs | 44,606 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,076 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 46,664 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,018 | |||
Total Carrying Value | 61,682 | 61,682 | ||
Accumulated Depreciation | 2,818 | 2,818 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 61,682 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,818 | |||
LAND | Vitruvian Park | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 39,609 | |||
Initial Costs, Buildings and Improvements | 4,997 | |||
Total Initial Acquisition Costs | 44,606 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,076 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 46,664 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,018 | |||
Total Carrying Value | 61,682 | 61,682 | ||
Accumulated Depreciation | 2,818 | 2,818 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 61,682 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,818 | |||
HELD FOR DISPOSITION | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,181 | |||
Initial Costs, Buildings and Improvements | 100,595 | |||
Total Initial Acquisition Costs | 115,776 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 879 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,184 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 101,471 | |||
Total Carrying Value | 116,655 | 116,655 | ||
Accumulated Depreciation | 13,779 | 13,779 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 116,655 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,779 | |||
HELD FOR DISPOSITION | Parallel | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,181 | |||
Initial Costs, Buildings and Improvements | 100,595 | |||
Total Initial Acquisition Costs | 115,776 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 879 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,184 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 101,471 | |||
Total Carrying Value | 116,655 | 116,655 | ||
Accumulated Depreciation | 13,779 | 13,779 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 116,655 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,779 | |||
COMMERCIAL | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,927 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,793 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,134 | |||
Total Carrying Value | 29,927 | 29,927 | ||
Accumulated Depreciation | 14,646 | 14,646 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 29,927 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 14,646 | |||
COMMERCIAL | Brookhaven Shopping Center | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,927 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,793 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,134 | |||
Total Carrying Value | 29,927 | 29,927 | ||
Accumulated Depreciation | 14,646 | 14,646 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 29,927 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 14,646 | |||
TOTAL CORPORATE | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,034 | |||
Initial Costs, Buildings and Improvements | 20,534 | |||
Total Initial Acquisition Costs | 23,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,023 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,086 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,505 | |||
Total Carrying Value | 39,591 | 39,591 | ||
Accumulated Depreciation | 4,656 | 4,656 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,591 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,656 | |||
TOTAL CORPORATE | Other | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,007 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,007 | |||
Total Carrying Value | 14,007 | 14,007 | ||
Accumulated Depreciation | 94 | 94 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,007 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 94 | |||
TOTAL CORPORATE | 1745 Shea Center I | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,034 | |||
Initial Costs, Buildings and Improvements | 20,534 | |||
Total Initial Acquisition Costs | 23,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,016 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,086 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,498 | |||
Total Carrying Value | 25,584 | 25,584 | ||
Accumulated Depreciation | 4,562 | 4,562 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 25,584 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,562 | |||
TOTAL COMMERCIAL & CORPORATE | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,034 | |||
Initial Costs, Buildings and Improvements | 20,534 | |||
Total Initial Acquisition Costs | 23,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 45,950 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,879 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,639 | |||
Total Carrying Value | 69,518 | 69,518 | ||
Accumulated Depreciation | 19,302 | 19,302 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 69,518 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 19,302 | |||
TOTAL OPERATING COMMUNITIES | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 851,550 | |||
Initial Costs, Land and Land Improvements | 2,073,308 | |||
Initial Costs, Buildings and Improvements | 7,098,613 | |||
Total Initial Acquisition Costs | 9,171,921 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,403,819 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,316,045 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,259,695 | |||
Total Carrying Value | 12,575,740 | 12,575,740 | ||
Accumulated Depreciation | 4,568,457 | 4,568,457 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 12,575,740 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,568,457 | |||
WEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 27,000 | |||
Initial Costs, Land and Land Improvements | 895,475 | |||
Initial Costs, Buildings and Improvements | 1,918,748 | |||
Total Initial Acquisition Costs | 2,814,223 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,512,756 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 985,417 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,341,562 | |||
Total Carrying Value | 4,326,979 | 4,326,979 | ||
Accumulated Depreciation | 1,762,493 | 1,762,493 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 4,326,979 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,762,493 | |||
ORANGE COUNTY, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 411,385 | |||
Initial Costs, Buildings and Improvements | 330,038 | |||
Total Initial Acquisition Costs | 741,423 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 759,188 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 452,497 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,048,114 | |||
Total Carrying Value | 1,500,611 | 1,500,611 | ||
Accumulated Depreciation | 543,647 | 543,647 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,500,611 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 543,647 | |||
ORANGE COUNTY, CA | Harbor at Mesa Verde | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 20,476 | |||
Initial Costs, Buildings and Improvements | 28,538 | |||
Total Initial Acquisition Costs | 49,014 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,282 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,317 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,979 | |||
Total Carrying Value | 72,296 | 72,296 | ||
Accumulated Depreciation | 37,780 | 37,780 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 72,296 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 37,780 | |||
ORANGE COUNTY, CA | 27 Seventy Five Mesa Verde | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 99,329 | |||
Initial Costs, Buildings and Improvements | 110,644 | |||
Total Initial Acquisition Costs | 209,973 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 106,411 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 116,177 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 200,207 | |||
Total Carrying Value | 316,384 | 316,384 | ||
Accumulated Depreciation | 147,609 | 147,609 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 316,384 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 147,609 | |||
ORANGE COUNTY, CA | Huntington Vista | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,055 | |||
Initial Costs, Buildings and Improvements | 22,486 | |||
Total Initial Acquisition Costs | 30,541 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,742 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,302 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,981 | |||
Total Carrying Value | 45,283 | 45,283 | ||
Accumulated Depreciation | 27,136 | 27,136 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 45,283 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,136 | |||
ORANGE COUNTY, CA | Missions at Back Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 229 | |||
Initial Costs, Buildings and Improvements | 14,129 | |||
Total Initial Acquisition Costs | 14,358 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,129 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,052 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,435 | |||
Total Carrying Value | 18,487 | 18,487 | ||
Accumulated Depreciation | 5,837 | 5,837 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 18,487 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,837 | |||
ORANGE COUNTY, CA | Eight 80 Newport Beach - North | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 62,516 | |||
Initial Costs, Buildings and Improvements | 46,082 | |||
Total Initial Acquisition Costs | 108,598 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 46,676 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 69,331 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,943 | |||
Total Carrying Value | 155,274 | 155,274 | ||
Accumulated Depreciation | 64,662 | 64,662 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 155,274 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 64,662 | |||
ORANGE COUNTY, CA | Eight 80 Newport Beach - South | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 58,785 | |||
Initial Costs, Buildings and Improvements | 50,067 | |||
Total Initial Acquisition Costs | 108,852 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,225 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 60,961 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,116 | |||
Total Carrying Value | 146,077 | 146,077 | ||
Accumulated Depreciation | 59,802 | 59,802 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 146,077 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 59,802 | |||
ORANGE COUNTY, CA | Foxborough | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 12,071 | |||
Initial Costs, Buildings and Improvements | 6,187 | |||
Total Initial Acquisition Costs | 18,258 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,034 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,576 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,716 | |||
Total Carrying Value | 23,292 | 23,292 | ||
Accumulated Depreciation | 8,033 | 8,033 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 23,292 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,033 | |||
ORANGE COUNTY, CA | 1818 Platinum Triangle | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,663 | |||
Initial Costs, Buildings and Improvements | 51,905 | |||
Total Initial Acquisition Costs | 68,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,556 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,090 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 56,034 | |||
Total Carrying Value | 73,124 | 73,124 | ||
Accumulated Depreciation | 33,489 | 33,489 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 73,124 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,489 | |||
ORANGE COUNTY, CA | Beach & Ocean | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 12,878 | |||
Total Initial Acquisition Costs | 12,878 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 39,458 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,121 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,215 | |||
Total Carrying Value | 52,336 | 52,336 | ||
Accumulated Depreciation | 15,074 | 15,074 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 52,336 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,074 | |||
ORANGE COUNTY, CA | The Residences at Bella Terra | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 25,000 | |||
Total Initial Acquisition Costs | 25,000 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 129,847 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,658 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 129,189 | |||
Total Carrying Value | 154,847 | 154,847 | ||
Accumulated Depreciation | 58,013 | 58,013 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 154,847 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 58,013 | |||
ORANGE COUNTY, CA | Los Alisos at Mission Viejo | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 17,298 | |||
Total Initial Acquisition Costs | 17,298 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 70,880 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,685 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 71,493 | |||
Total Carrying Value | 88,178 | 88,178 | ||
Accumulated Depreciation | 30,904 | 30,904 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 88,178 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 30,904 | |||
ORANGE COUNTY, CA | The Residences at Pacific City | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 78,085 | |||
Total Initial Acquisition Costs | 78,085 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 276,948 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 78,227 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 276,806 | |||
Total Carrying Value | 355,033 | 355,033 | ||
Accumulated Depreciation | 55,308 | 55,308 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 355,033 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 55,308 | |||
SAN FRANCISCO, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 27,000 | |||
Initial Costs, Land and Land Improvements | 145,665 | |||
Initial Costs, Buildings and Improvements | 414,240 | |||
Total Initial Acquisition Costs | 559,905 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 328,778 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 152,855 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 735,828 | |||
Total Carrying Value | 888,683 | 888,683 | ||
Accumulated Depreciation | 449,936 | 449,936 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 888,683 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 449,936 | |||
SAN FRANCISCO, CA | 2000 Post Street | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 9,861 | |||
Initial Costs, Buildings and Improvements | 44,578 | |||
Total Initial Acquisition Costs | 54,439 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,292 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,417 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 77,314 | |||
Total Carrying Value | 91,731 | 91,731 | ||
Accumulated Depreciation | 46,827 | 46,827 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 91,731 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 46,827 | |||
SAN FRANCISCO, CA | Birch Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,365 | |||
Initial Costs, Buildings and Improvements | 16,696 | |||
Total Initial Acquisition Costs | 21,061 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,462 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,409 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,114 | |||
Total Carrying Value | 31,523 | 31,523 | ||
Accumulated Depreciation | 18,789 | 18,789 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 31,523 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,789 | |||
SAN FRANCISCO, CA | Highlands Of Marin | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,996 | |||
Initial Costs, Buildings and Improvements | 24,868 | |||
Total Initial Acquisition Costs | 30,864 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,045 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,086 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 51,823 | |||
Total Carrying Value | 59,909 | 59,909 | ||
Accumulated Depreciation | 39,256 | 39,256 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 59,909 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 39,256 | |||
SAN FRANCISCO, CA | Marina Playa | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,224 | |||
Initial Costs, Buildings and Improvements | 23,916 | |||
Total Initial Acquisition Costs | 30,140 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,413 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,336 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,217 | |||
Total Carrying Value | 44,553 | 44,553 | ||
Accumulated Depreciation | 26,198 | 26,198 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 44,553 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 26,198 | |||
SAN FRANCISCO, CA | River Terrace | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 22,161 | |||
Initial Costs, Buildings and Improvements | 40,137 | |||
Total Initial Acquisition Costs | 62,298 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,941 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,998 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,241 | |||
Total Carrying Value | 71,239 | 71,239 | ||
Accumulated Depreciation | 33,870 | 33,870 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 71,239 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,870 | |||
SAN FRANCISCO, CA | CitySouth | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 14,031 | |||
Initial Costs, Buildings and Improvements | 30,537 | |||
Total Initial Acquisition Costs | 44,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 39,859 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,681 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,746 | |||
Total Carrying Value | 84,427 | 84,427 | ||
Accumulated Depreciation | 51,728 | 51,728 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 84,427 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 51,728 | |||
SAN FRANCISCO, CA | Bay Terrace | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,545 | |||
Initial Costs, Buildings and Improvements | 14,458 | |||
Total Initial Acquisition Costs | 23,003 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,598 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,679 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,922 | |||
Total Carrying Value | 30,601 | 30,601 | ||
Accumulated Depreciation | 12,980 | 12,980 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 30,601 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,980 | |||
SAN FRANCISCO, CA | Highlands of Marin Phase II | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,353 | |||
Initial Costs, Buildings and Improvements | 18,559 | |||
Total Initial Acquisition Costs | 23,912 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,361 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,782 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,491 | |||
Total Carrying Value | 35,273 | 35,273 | ||
Accumulated Depreciation | 21,081 | 21,081 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 35,273 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 21,081 | |||
SAN FRANCISCO, CA | Edgewater | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 30,657 | |||
Initial Costs, Buildings and Improvements | 83,872 | |||
Total Initial Acquisition Costs | 114,529 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,128 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,804 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 96,853 | |||
Total Carrying Value | 127,657 | 127,657 | ||
Accumulated Depreciation | 61,120 | 61,120 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 127,657 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 61,120 | |||
SAN FRANCISCO, CA | Almaden Lake Village | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 27,000 | |||
Initial Costs, Land and Land Improvements | 594 | |||
Initial Costs, Buildings and Improvements | 42,515 | |||
Total Initial Acquisition Costs | 43,109 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,940 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 981 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,068 | |||
Total Carrying Value | 53,049 | 53,049 | ||
Accumulated Depreciation | 33,775 | 33,775 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 53,049 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,775 | |||
SAN FRANCISCO, CA | 388 Beale | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 14,253 | |||
Initial Costs, Buildings and Improvements | 74,104 | |||
Total Initial Acquisition Costs | 88,357 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,269 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,643 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 88,983 | |||
Total Carrying Value | 103,626 | 103,626 | ||
Accumulated Depreciation | 48,151 | 48,151 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 103,626 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 48,151 | |||
SAN FRANCISCO, CA | Channel @ Mission Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 23,625 | |||
Total Initial Acquisition Costs | 23,625 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 131,470 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,039 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 131,056 | |||
Total Carrying Value | 155,095 | 155,095 | ||
Accumulated Depreciation | 56,161 | 56,161 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 155,095 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 56,161 | |||
SEATTLE, WA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 122,356 | |||
Initial Costs, Buildings and Improvements | 750,796 | |||
Total Initial Acquisition Costs | 873,152 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 84,534 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 128,852 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 828,834 | |||
Total Carrying Value | 957,686 | 957,686 | ||
Accumulated Depreciation | 363,826 | 363,826 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 957,686 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 363,826 | |||
SEATTLE, WA | Crowne Pointe | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,486 | |||
Initial Costs, Buildings and Improvements | 6,437 | |||
Total Initial Acquisition Costs | 8,923 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,928 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,237 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,614 | |||
Total Carrying Value | 18,851 | 18,851 | ||
Accumulated Depreciation | 11,696 | 11,696 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 18,851 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,696 | |||
SEATTLE, WA | Hilltop | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,174 | |||
Initial Costs, Buildings and Improvements | 7,408 | |||
Total Initial Acquisition Costs | 9,582 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,882 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,053 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,411 | |||
Total Carrying Value | 16,464 | 16,464 | ||
Accumulated Depreciation | 9,868 | 9,868 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 16,464 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,868 | |||
SEATTLE, WA | The Hawthorne | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,474 | |||
Initial Costs, Buildings and Improvements | 30,226 | |||
Total Initial Acquisition Costs | 36,700 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,397 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,137 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,960 | |||
Total Carrying Value | 46,097 | 46,097 | ||
Accumulated Depreciation | 27,979 | 27,979 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 46,097 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,979 | |||
SEATTLE, WA | The Kennedy | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,179 | |||
Initial Costs, Buildings and Improvements | 22,307 | |||
Total Initial Acquisition Costs | 28,486 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,403 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,317 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,572 | |||
Total Carrying Value | 32,889 | 32,889 | ||
Accumulated Depreciation | 17,882 | 17,882 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 32,889 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,882 | |||
SEATTLE, WA | Hearthstone at Merrill Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,848 | |||
Initial Costs, Buildings and Improvements | 30,922 | |||
Total Initial Acquisition Costs | 37,770 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,325 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,311 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,784 | |||
Total Carrying Value | 47,095 | 47,095 | ||
Accumulated Depreciation | 24,773 | 24,773 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 47,095 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 24,773 | |||
SEATTLE, WA | Island Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 21,284 | |||
Initial Costs, Buildings and Improvements | 89,389 | |||
Total Initial Acquisition Costs | 110,673 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,991 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,674 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 96,990 | |||
Total Carrying Value | 118,664 | 118,664 | ||
Accumulated Depreciation | 61,271 | 61,271 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 118,664 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 61,271 | |||
SEATTLE, WA | elements too | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 27,468 | |||
Initial Costs, Buildings and Improvements | 72,036 | |||
Total Initial Acquisition Costs | 99,504 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 20,580 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,347 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 89,737 | |||
Total Carrying Value | 120,084 | 120,084 | ||
Accumulated Depreciation | 67,882 | 67,882 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 120,084 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 67,882 | |||
SEATTLE, WA | 989elements | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,541 | |||
Initial Costs, Buildings and Improvements | 45,990 | |||
Total Initial Acquisition Costs | 54,531 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,668 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,683 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 51,516 | |||
Total Carrying Value | 60,199 | 60,199 | ||
Accumulated Depreciation | 29,943 | 29,943 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 60,199 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 29,943 | |||
SEATTLE, WA | Lightbox | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,449 | |||
Initial Costs, Buildings and Improvements | 38,884 | |||
Total Initial Acquisition Costs | 45,333 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,265 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,474 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,124 | |||
Total Carrying Value | 46,598 | 46,598 | ||
Accumulated Depreciation | 15,968 | 15,968 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 46,598 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,968 | |||
SEATTLE, WA | Ashton Bellevue | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,287 | |||
Initial Costs, Buildings and Improvements | 124,939 | |||
Total Initial Acquisition Costs | 133,226 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,185 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,368 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 128,043 | |||
Total Carrying Value | 136,411 | 136,411 | ||
Accumulated Depreciation | 30,424 | 30,424 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 136,411 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 30,424 | |||
SEATTLE, WA | TEN20 | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,247 | |||
Initial Costs, Buildings and Improvements | 76,587 | |||
Total Initial Acquisition Costs | 81,834 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,110 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,293 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 80,651 | |||
Total Carrying Value | 85,944 | 85,944 | ||
Accumulated Depreciation | 19,241 | 19,241 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 85,944 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 19,241 | |||
SEATTLE, WA | Milehouse | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,976 | |||
Initial Costs, Buildings and Improvements | 63,041 | |||
Total Initial Acquisition Costs | 69,017 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 929 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,007 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,939 | |||
Total Carrying Value | 69,946 | 69,946 | ||
Accumulated Depreciation | 17,016 | 17,016 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 69,946 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,016 | |||
SEATTLE, WA | CityLine | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 11,220 | |||
Initial Costs, Buildings and Improvements | 85,787 | |||
Total Initial Acquisition Costs | 97,007 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 420 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,228 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 86,199 | |||
Total Carrying Value | 97,427 | 97,427 | ||
Accumulated Depreciation | 21,804 | 21,804 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 97,427 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 21,804 | |||
SEATTLE, WA | CityLine II | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,723 | |||
Initial Costs, Buildings and Improvements | 56,843 | |||
Total Initial Acquisition Costs | 60,566 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 451 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,723 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,294 | |||
Total Carrying Value | 61,017 | 61,017 | ||
Accumulated Depreciation | 8,079 | 8,079 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 61,017 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,079 | |||
MONTEREY PENINSULA, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,938 | |||
Initial Costs, Buildings and Improvements | 68,384 | |||
Total Initial Acquisition Costs | 85,322 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 99,902 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 29,546 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 155,678 | |||
Total Carrying Value | 185,224 | 185,224 | ||
Accumulated Depreciation | 102,331 | 102,331 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 185,224 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 102,331 | |||
MONTEREY PENINSULA, CA | Boronda Manor | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,946 | |||
Initial Costs, Buildings and Improvements | 8,982 | |||
Total Initial Acquisition Costs | 10,928 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,521 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,363 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,086 | |||
Total Carrying Value | 22,449 | 22,449 | ||
Accumulated Depreciation | 12,517 | 12,517 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,449 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,517 | |||
MONTEREY PENINSULA, CA | Garden Court | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 888 | |||
Initial Costs, Buildings and Improvements | 4,188 | |||
Total Initial Acquisition Costs | 5,076 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,791 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,616 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,251 | |||
Total Carrying Value | 11,867 | 11,867 | ||
Accumulated Depreciation | 6,763 | 6,763 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 11,867 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 6,763 | |||
MONTEREY PENINSULA, CA | Cambridge Court | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,039 | |||
Initial Costs, Buildings and Improvements | 12,883 | |||
Total Initial Acquisition Costs | 15,922 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,790 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,721 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,991 | |||
Total Carrying Value | 34,712 | 34,712 | ||
Accumulated Depreciation | 19,495 | 19,495 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 34,712 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 19,495 | |||
MONTEREY PENINSULA, CA | Laurel Tree | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,304 | |||
Initial Costs, Buildings and Improvements | 5,115 | |||
Total Initial Acquisition Costs | 6,419 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,999 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,469 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,949 | |||
Total Carrying Value | 14,418 | 14,418 | ||
Accumulated Depreciation | 7,870 | 7,870 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,418 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,870 | |||
MONTEREY PENINSULA, CA | The Pointe At Harden Ranch | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,388 | |||
Initial Costs, Buildings and Improvements | 23,854 | |||
Total Initial Acquisition Costs | 30,242 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 34,192 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,392 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,042 | |||
Total Carrying Value | 64,434 | 64,434 | ||
Accumulated Depreciation | 35,017 | 35,017 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 64,434 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 35,017 | |||
MONTEREY PENINSULA, CA | The Pointe At Northridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,044 | |||
Initial Costs, Buildings and Improvements | 8,028 | |||
Total Initial Acquisition Costs | 10,072 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,411 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,624 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,859 | |||
Total Carrying Value | 22,483 | 22,483 | ||
Accumulated Depreciation | 12,598 | 12,598 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,483 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,598 | |||
MONTEREY PENINSULA, CA | The Pointe At Westlake | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,329 | |||
Initial Costs, Buildings and Improvements | 5,334 | |||
Total Initial Acquisition Costs | 6,663 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,198 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,361 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,500 | |||
Total Carrying Value | 14,861 | 14,861 | ||
Accumulated Depreciation | 8,071 | 8,071 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,861 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,071 | |||
LOS ANGELES, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 151,833 | |||
Initial Costs, Buildings and Improvements | 156,492 | |||
Total Initial Acquisition Costs | 308,325 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 154,841 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 161,448 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 301,718 | |||
Total Carrying Value | 463,166 | 463,166 | ||
Accumulated Depreciation | 195,371 | 195,371 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 463,166 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 195,371 | |||
LOS ANGELES, CA | Rosebeach | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,414 | |||
Initial Costs, Buildings and Improvements | 17,449 | |||
Total Initial Acquisition Costs | 25,863 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,859 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,917 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,805 | |||
Total Carrying Value | 32,722 | 32,722 | ||
Accumulated Depreciation | 17,614 | 17,614 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 32,722 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,614 | |||
LOS ANGELES, CA | Tierra Del Rey | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 39,586 | |||
Initial Costs, Buildings and Improvements | 36,679 | |||
Total Initial Acquisition Costs | 76,265 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,294 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,031 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,528 | |||
Total Carrying Value | 85,559 | 85,559 | ||
Accumulated Depreciation | 28,994 | 28,994 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 85,559 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,994 | |||
LOS ANGELES, CA | The Westerly | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 48,182 | |||
Initial Costs, Buildings and Improvements | 102,364 | |||
Total Initial Acquisition Costs | 150,546 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 43,809 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,893 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 143,462 | |||
Total Carrying Value | 194,355 | 194,355 | ||
Accumulated Depreciation | 91,044 | 91,044 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 194,355 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 91,044 | |||
LOS ANGELES, CA | Jefferson at Marina del Rey | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 55,651 | |||
Total Initial Acquisition Costs | 55,651 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 94,879 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 61,607 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 88,923 | |||
Total Carrying Value | 150,530 | 150,530 | ||
Accumulated Depreciation | 57,719 | 57,719 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 150,530 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 57,719 | |||
OTHER SOUTHERN CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 33,645 | |||
Initial Costs, Buildings and Improvements | 111,337 | |||
Total Initial Acquisition Costs | 144,982 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 66,303 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 45,004 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 166,281 | |||
Total Carrying Value | 211,285 | 211,285 | ||
Accumulated Depreciation | 71,716 | 71,716 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 211,285 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 71,716 | |||
OTHER SOUTHERN CA | Verano at Rancho Cucamonga Town Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,557 | |||
Initial Costs, Buildings and Improvements | 3,645 | |||
Total Initial Acquisition Costs | 17,202 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 59,704 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,355 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,551 | |||
Total Carrying Value | 76,906 | 76,906 | ||
Accumulated Depreciation | 44,276 | 44,276 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 76,906 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 44,276 | |||
OTHER SOUTHERN CA | Windemere at Sycamore Highland | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,810 | |||
Initial Costs, Buildings and Improvements | 23,450 | |||
Total Initial Acquisition Costs | 29,260 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,513 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,371 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,402 | |||
Total Carrying Value | 34,773 | 34,773 | ||
Accumulated Depreciation | 22,167 | 22,167 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 34,773 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,167 | |||
OTHER SOUTHERN CA | Strata | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 14,278 | |||
Initial Costs, Buildings and Improvements | 84,242 | |||
Total Initial Acquisition Costs | 98,520 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,086 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,278 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,328 | |||
Total Carrying Value | 99,606 | 99,606 | ||
Accumulated Depreciation | 5,273 | 5,273 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 99,606 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,273 | |||
PORTLAND, OR | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,653 | |||
Initial Costs, Buildings and Improvements | 87,461 | |||
Total Initial Acquisition Costs | 101,114 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 19,210 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,215 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 105,109 | |||
Total Carrying Value | 120,324 | 120,324 | ||
Accumulated Depreciation | 35,666 | 35,666 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 120,324 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 35,666 | |||
PORTLAND, OR | Tualatin Heights | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,273 | |||
Initial Costs, Buildings and Improvements | 9,134 | |||
Total Initial Acquisition Costs | 12,407 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,974 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,285 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,096 | |||
Total Carrying Value | 22,381 | 22,381 | ||
Accumulated Depreciation | 13,414 | 13,414 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,381 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,414 | |||
PORTLAND, OR | Hunt Club | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,014 | |||
Initial Costs, Buildings and Improvements | 14,870 | |||
Total Initial Acquisition Costs | 20,884 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,861 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,564 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,181 | |||
Total Carrying Value | 29,745 | 29,745 | ||
Accumulated Depreciation | 18,262 | 18,262 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 29,745 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,262 | |||
PORTLAND, OR | The Arbory | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,366 | |||
Initial Costs, Buildings and Improvements | 63,457 | |||
Total Initial Acquisition Costs | 67,823 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 375 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,366 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 63,832 | |||
Total Carrying Value | 68,198 | 68,198 | ||
Accumulated Depreciation | 3,990 | 3,990 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 68,198 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,990 | |||
MID-ATLANTIC REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 347,130 | |||
Initial Costs, Land and Land Improvements | 422,367 | |||
Initial Costs, Buildings and Improvements | 1,841,164 | |||
Total Initial Acquisition Costs | 2,263,531 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 578,846 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 494,379 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,347,998 | |||
Total Carrying Value | 2,842,377 | 2,842,377 | ||
Accumulated Depreciation | 1,015,464 | 1,015,464 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 2,842,377 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,015,464 | |||
METROPOLITAN, D.C. | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 288,530 | |||
Initial Costs, Land and Land Improvements | 368,426 | |||
Initial Costs, Buildings and Improvements | 1,522,539 | |||
Total Initial Acquisition Costs | 1,890,965 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 459,159 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 427,778 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,922,346 | |||
Total Carrying Value | 2,350,124 | 2,350,124 | ||
Accumulated Depreciation | 795,019 | 795,019 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 2,350,124 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 795,019 | |||
METROPOLITAN, D.C. | Dominion Middle Ridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,311 | |||
Initial Costs, Buildings and Improvements | 13,283 | |||
Total Initial Acquisition Costs | 16,594 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,175 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,452 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,317 | |||
Total Carrying Value | 32,769 | 32,769 | ||
Accumulated Depreciation | 17,485 | 17,485 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 32,769 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,485 | |||
METROPOLITAN, D.C. | Dominion Lake Ridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,366 | |||
Initial Costs, Buildings and Improvements | 8,387 | |||
Total Initial Acquisition Costs | 10,753 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,034 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,170 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 17,617 | |||
Total Carrying Value | 20,787 | 20,787 | ||
Accumulated Depreciation | 13,548 | 13,548 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 20,787 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,548 | |||
METROPOLITAN, D.C. | Presidential Greens | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 11,238 | |||
Initial Costs, Buildings and Improvements | 18,790 | |||
Total Initial Acquisition Costs | 30,028 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,875 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,878 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,025 | |||
Total Carrying Value | 43,903 | 43,903 | ||
Accumulated Depreciation | 25,745 | 25,745 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 43,903 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,745 | |||
METROPOLITAN, D.C. | The Whitmore | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,418 | |||
Initial Costs, Buildings and Improvements | 13,411 | |||
Total Initial Acquisition Costs | 19,829 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 25,175 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,624 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,380 | |||
Total Carrying Value | 45,004 | 45,004 | ||
Accumulated Depreciation | 30,124 | 30,124 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 45,004 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 30,124 | |||
METROPOLITAN, D.C. | Ridgewood - apts side | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,612 | |||
Initial Costs, Buildings and Improvements | 20,086 | |||
Total Initial Acquisition Costs | 25,698 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,198 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,482 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,414 | |||
Total Carrying Value | 38,896 | 38,896 | ||
Accumulated Depreciation | 25,282 | 25,282 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 38,896 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,282 | |||
METROPOLITAN, D.C. | Waterside Towers | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,001 | |||
Initial Costs, Buildings and Improvements | 49,657 | |||
Total Initial Acquisition Costs | 62,658 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 33,767 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,752 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,673 | |||
Total Carrying Value | 96,425 | 96,425 | ||
Accumulated Depreciation | 31,613 | 31,613 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 96,425 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 31,613 | |||
METROPOLITAN, D.C. | Wellington Place at Olde Town | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,753 | |||
Initial Costs, Buildings and Improvements | 36,059 | |||
Total Initial Acquisition Costs | 49,812 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 21,633 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,971 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 56,474 | |||
Total Carrying Value | 71,445 | 71,445 | ||
Accumulated Depreciation | 43,548 | 43,548 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 71,445 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 43,548 | |||
METROPOLITAN, D.C. | Andover House | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 183 | |||
Initial Costs, Buildings and Improvements | 59,948 | |||
Total Initial Acquisition Costs | 60,131 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,059 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 320 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,870 | |||
Total Carrying Value | 67,190 | 67,190 | ||
Accumulated Depreciation | 41,876 | 41,876 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 67,190 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 41,876 | |||
METROPOLITAN, D.C. | Sullivan Place | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,137 | |||
Initial Costs, Buildings and Improvements | 103,676 | |||
Total Initial Acquisition Costs | 104,813 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,501 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,867 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 118,447 | |||
Total Carrying Value | 120,314 | 120,314 | ||
Accumulated Depreciation | 76,621 | 76,621 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 120,314 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 76,621 | |||
METROPOLITAN, D.C. | Delancey at Shirlington | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 21,606 | |||
Initial Costs, Buildings and Improvements | 66,765 | |||
Total Initial Acquisition Costs | 88,371 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,683 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,713 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 74,341 | |||
Total Carrying Value | 96,054 | 96,054 | ||
Accumulated Depreciation | 46,351 | 46,351 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 96,054 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 46,351 | |||
METROPOLITAN, D.C. | View 14 | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,710 | |||
Initial Costs, Buildings and Improvements | 97,941 | |||
Total Initial Acquisition Costs | 103,651 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,254 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,785 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 104,120 | |||
Total Carrying Value | 109,905 | 109,905 | ||
Accumulated Depreciation | 55,928 | 55,928 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 109,905 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 55,928 | |||
METROPOLITAN, D.C. | Signal Hill Apartments | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,290 | |||
Total Initial Acquisition Costs | 13,290 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 72,684 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,594 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,380 | |||
Total Carrying Value | 85,974 | 85,974 | ||
Accumulated Depreciation | 44,807 | 44,807 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 85,974 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 44,807 | |||
METROPOLITAN, D.C. | Capitol View on 14th | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 31,393 | |||
Total Initial Acquisition Costs | 31,393 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 97,182 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,478 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 97,097 | |||
Total Carrying Value | 128,575 | 128,575 | ||
Accumulated Depreciation | 46,206 | 46,206 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 128,575 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 46,206 | |||
METROPOLITAN, D.C. | Domain College Park | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 7,300 | |||
Total Initial Acquisition Costs | 7,300 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 60,855 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,526 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 60,629 | |||
Total Carrying Value | 68,155 | 68,155 | ||
Accumulated Depreciation | 26,385 | 26,385 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 68,155 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 26,385 | |||
METROPOLITAN, D.C. | 1200 East West | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 9,748 | |||
Initial Costs, Buildings and Improvements | 68,022 | |||
Total Initial Acquisition Costs | 77,770 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,650 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,888 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 71,532 | |||
Total Carrying Value | 81,420 | 81,420 | ||
Accumulated Depreciation | 20,981 | 20,981 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 81,420 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 20,981 | |||
METROPOLITAN, D.C. | Courts at Huntington Station | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 27,749 | |||
Initial Costs, Buildings and Improvements | 111,878 | |||
Total Initial Acquisition Costs | 139,627 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,923 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 28,115 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 116,435 | |||
Total Carrying Value | 144,550 | 144,550 | ||
Accumulated Depreciation | 39,391 | 39,391 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 144,550 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 39,391 | |||
METROPOLITAN, D.C. | Eleven55 Ripley | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,566 | |||
Initial Costs, Buildings and Improvements | 107,539 | |||
Total Initial Acquisition Costs | 123,105 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,122 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,897 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 112,330 | |||
Total Carrying Value | 128,227 | 128,227 | ||
Accumulated Depreciation | 32,511 | 32,511 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 128,227 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 32,511 | |||
METROPOLITAN, D.C. | Arbor Park of Alexandria | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 160,930 | |||
Initial Costs, Land and Land Improvements | 50,881 | |||
Initial Costs, Buildings and Improvements | 159,728 | |||
Total Initial Acquisition Costs | 210,609 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,975 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 51,562 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 166,022 | |||
Total Carrying Value | 217,584 | 217,584 | ||
Accumulated Depreciation | 55,367 | 55,367 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 217,584 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 55,367 | |||
METROPOLITAN, D.C. | Courts at Dulles | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 14,697 | |||
Initial Costs, Buildings and Improvements | 83,834 | |||
Total Initial Acquisition Costs | 98,531 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,718 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,782 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 94,467 | |||
Total Carrying Value | 109,249 | 109,249 | ||
Accumulated Depreciation | 33,782 | 33,782 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 109,249 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,782 | |||
METROPOLITAN, D.C. | Newport Village | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 127,600 | |||
Initial Costs, Land and Land Improvements | 55,283 | |||
Initial Costs, Buildings and Improvements | 177,454 | |||
Total Initial Acquisition Costs | 232,737 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 24,041 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 55,725 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 201,053 | |||
Total Carrying Value | 256,778 | 256,778 | ||
Accumulated Depreciation | 68,828 | 68,828 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 256,778 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 68,828 | |||
METROPOLITAN, D.C. | 1301 Thomas Circle | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 27,836 | |||
Initial Costs, Buildings and Improvements | 128,191 | |||
Total Initial Acquisition Costs | 156,027 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,543 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 27,842 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 129,728 | |||
Total Carrying Value | 157,570 | 157,570 | ||
Accumulated Depreciation | 11,545 | 11,545 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 157,570 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,545 | |||
METROPOLITAN, D.C. | Crescent Falls Church | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,687 | |||
Initial Costs, Buildings and Improvements | 88,692 | |||
Total Initial Acquisition Costs | 102,379 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,101 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 13,694 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 89,786 | |||
Total Carrying Value | 103,480 | 103,480 | ||
Accumulated Depreciation | 6,495 | 6,495 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 103,480 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 6,495 | |||
METROPOLITAN, D.C. | Station on Silver | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,661 | |||
Initial Costs, Buildings and Improvements | 109,198 | |||
Total Initial Acquisition Costs | 125,859 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,661 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 109,209 | |||
Total Carrying Value | 125,870 | 125,870 | ||
Accumulated Depreciation | 600 | 600 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 125,870 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 600 | |||
BALTIMORE, MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 58,600 | |||
Initial Costs, Land and Land Improvements | 48,818 | |||
Initial Costs, Buildings and Improvements | 257,717 | |||
Total Initial Acquisition Costs | 306,535 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 31,812 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,655 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 287,692 | |||
Total Carrying Value | 338,347 | 338,347 | ||
Accumulated Depreciation | 102,295 | 102,295 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 338,347 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 102,295 | |||
BALTIMORE, MD | Calvert's Walk | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,408 | |||
Initial Costs, Buildings and Improvements | 24,692 | |||
Total Initial Acquisition Costs | 29,100 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,911 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,196 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,815 | |||
Total Carrying Value | 39,011 | 39,011 | ||
Accumulated Depreciation | 26,175 | 26,175 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,011 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 26,175 | |||
BALTIMORE, MD | 20 Lambourne | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 11,750 | |||
Initial Costs, Buildings and Improvements | 45,590 | |||
Total Initial Acquisition Costs | 57,340 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,428 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,454 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,314 | |||
Total Carrying Value | 69,768 | 69,768 | ||
Accumulated Depreciation | 36,827 | 36,827 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 69,768 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 36,827 | |||
BALTIMORE, MD | Domain Brewers Hill | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,669 | |||
Initial Costs, Buildings and Improvements | 40,630 | |||
Total Initial Acquisition Costs | 45,299 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,719 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,833 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,185 | |||
Total Carrying Value | 48,018 | 48,018 | ||
Accumulated Depreciation | 24,816 | 24,816 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 48,018 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 24,816 | |||
BALTIMORE, MD | Rodgers Forge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,392 | |||
Initial Costs, Buildings and Improvements | 67,958 | |||
Total Initial Acquisition Costs | 83,350 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,183 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,565 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 72,968 | |||
Total Carrying Value | 88,533 | 88,533 | ||
Accumulated Depreciation | 8,648 | 8,648 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 88,533 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,648 | |||
BALTIMORE, MD | Towson Promenade | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 58,600 | |||
Initial Costs, Land and Land Improvements | 12,599 | |||
Initial Costs, Buildings and Improvements | 78,847 | |||
Total Initial Acquisition Costs | 91,446 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,571 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,607 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 80,410 | |||
Total Carrying Value | 93,017 | 93,017 | ||
Accumulated Depreciation | 5,829 | 5,829 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 93,017 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,829 | |||
RICHMOND, VA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,123 | |||
Initial Costs, Buildings and Improvements | 60,908 | |||
Total Initial Acquisition Costs | 66,031 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 87,875 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,946 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 137,960 | |||
Total Carrying Value | 153,906 | 153,906 | ||
Accumulated Depreciation | 118,150 | 118,150 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 153,906 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 118,150 | |||
RICHMOND, VA | Gayton Pointe Townhomes | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 826 | |||
Initial Costs, Buildings and Improvements | 5,148 | |||
Total Initial Acquisition Costs | 5,974 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 31,643 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,600 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 34,017 | |||
Total Carrying Value | 37,617 | 37,617 | ||
Accumulated Depreciation | 31,703 | 31,703 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 37,617 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 31,703 | |||
RICHMOND, VA | Waterside At Ironbridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,844 | |||
Initial Costs, Buildings and Improvements | 13,239 | |||
Total Initial Acquisition Costs | 15,083 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,278 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,642 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,719 | |||
Total Carrying Value | 25,361 | 25,361 | ||
Accumulated Depreciation | 17,564 | 17,564 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 25,361 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,564 | |||
RICHMOND, VA | Carriage Homes at Wyndham | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 474 | |||
Initial Costs, Buildings and Improvements | 30,997 | |||
Total Initial Acquisition Costs | 31,471 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,870 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,158 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 38,183 | |||
Total Carrying Value | 42,341 | 42,341 | ||
Accumulated Depreciation | 29,877 | 29,877 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 42,341 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 29,877 | |||
RICHMOND, VA | Legacy at Mayland | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,979 | |||
Initial Costs, Buildings and Improvements | 11,524 | |||
Total Initial Acquisition Costs | 13,503 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 35,084 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,546 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,041 | |||
Total Carrying Value | 48,587 | 48,587 | ||
Accumulated Depreciation | 39,006 | 39,006 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 48,587 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 39,006 | |||
NORTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 271,550 | |||
Initial Costs, Land and Land Improvements | 501,044 | |||
Initial Costs, Buildings and Improvements | 2,042,253 | |||
Total Initial Acquisition Costs | 2,543,297 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 786,178 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 516,267 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,813,208 | |||
Total Carrying Value | 3,329,475 | 3,329,475 | ||
Accumulated Depreciation | 937,981 | 937,981 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 3,329,475 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 937,981 | |||
NEW YORK, NY | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 294,310 | |||
Initial Costs, Buildings and Improvements | 1,086,043 | |||
Total Initial Acquisition Costs | 1,380,353 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 172,005 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 296,952 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,255,406 | |||
Total Carrying Value | 1,552,358 | 1,552,358 | ||
Accumulated Depreciation | 582,438 | 582,438 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,552,358 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 582,438 | |||
NEW YORK, NY | 10 Hanover Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 41,432 | |||
Initial Costs, Buildings and Improvements | 218,983 | |||
Total Initial Acquisition Costs | 260,415 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,075 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,815 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 247,675 | |||
Total Carrying Value | 289,490 | 289,490 | ||
Accumulated Depreciation | 116,732 | 116,732 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 289,490 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 116,732 | |||
NEW YORK, NY | 21 Chelsea | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 36,399 | |||
Initial Costs, Buildings and Improvements | 107,154 | |||
Total Initial Acquisition Costs | 143,553 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,361 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 36,530 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 122,384 | |||
Total Carrying Value | 158,914 | 158,914 | ||
Accumulated Depreciation | 62,144 | 62,144 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 158,914 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 62,144 | |||
NEW YORK, NY | View 34 | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 114,410 | |||
Initial Costs, Buildings and Improvements | 324,920 | |||
Total Initial Acquisition Costs | 439,330 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 114,384 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 116,048 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 437,666 | |||
Total Carrying Value | 553,714 | 553,714 | ||
Accumulated Depreciation | 227,237 | 227,237 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 553,714 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 227,237 | |||
NEW YORK, NY | 95 Wall Street | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 57,637 | |||
Initial Costs, Buildings and Improvements | 266,255 | |||
Total Initial Acquisition Costs | 323,892 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,873 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 58,084 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 276,681 | |||
Total Carrying Value | 334,765 | 334,765 | ||
Accumulated Depreciation | 156,590 | 156,590 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 334,765 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 156,590 | |||
NEW YORK, NY | Leonard Pointe | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 38,010 | |||
Initial Costs, Buildings and Improvements | 93,204 | |||
Total Initial Acquisition Costs | 131,214 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,406 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 38,016 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 94,604 | |||
Total Carrying Value | 132,620 | 132,620 | ||
Accumulated Depreciation | 12,161 | 12,161 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 132,620 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,161 | |||
NEW YORK, NY | One William | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,422 | |||
Initial Costs, Buildings and Improvements | 75,527 | |||
Total Initial Acquisition Costs | 81,949 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 906 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,459 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 76,396 | |||
Total Carrying Value | 82,855 | 82,855 | ||
Accumulated Depreciation | 7,574 | 7,574 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 82,855 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,574 | |||
BOSTON, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 271,550 | |||
Initial Costs, Land and Land Improvements | 196,369 | |||
Initial Costs, Buildings and Improvements | 860,160 | |||
Total Initial Acquisition Costs | 1,056,529 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 612,852 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 208,831 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,460,550 | |||
Total Carrying Value | 1,669,381 | 1,669,381 | ||
Accumulated Depreciation | 344,237 | 344,237 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,669,381 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 344,237 | |||
BOSTON, MA | Garrison Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,475 | |||
Initial Costs, Buildings and Improvements | 91,027 | |||
Total Initial Acquisition Costs | 97,502 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 25,999 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,617 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 116,884 | |||
Total Carrying Value | 123,501 | 123,501 | ||
Accumulated Depreciation | 60,567 | 60,567 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 123,501 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 60,567 | |||
BOSTON, MA | Ridge at Blue Hills | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 25,000 | |||
Initial Costs, Land and Land Improvements | 6,039 | |||
Initial Costs, Buildings and Improvements | 34,869 | |||
Total Initial Acquisition Costs | 40,908 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 5,909 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,470 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 40,347 | |||
Total Carrying Value | 46,817 | 46,817 | ||
Accumulated Depreciation | 23,250 | 23,250 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 46,817 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 23,250 | |||
BOSTON, MA | Inwood West | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 80,000 | |||
Initial Costs, Land and Land Improvements | 20,778 | |||
Initial Costs, Buildings and Improvements | 88,096 | |||
Total Initial Acquisition Costs | 108,874 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,388 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 19,826 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 103,436 | |||
Total Carrying Value | 123,262 | 123,262 | ||
Accumulated Depreciation | 59,007 | 59,007 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 123,262 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 59,007 | |||
BOSTON, MA | 14 North | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 72,500 | |||
Initial Costs, Land and Land Improvements | 10,961 | |||
Initial Costs, Buildings and Improvements | 51,175 | |||
Total Initial Acquisition Costs | 62,136 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,923 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,483 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,576 | |||
Total Carrying Value | 76,059 | 76,059 | ||
Accumulated Depreciation | 38,209 | 38,209 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 76,059 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,209 | |||
BOSTON, MA | 100 Pier 4 | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 24,584 | |||
Total Initial Acquisition Costs | 24,584 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 203,340 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,825 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 203,099 | |||
Total Carrying Value | 227,924 | 227,924 | ||
Accumulated Depreciation | 61,812 | 61,812 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 227,924 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 61,812 | |||
BOSTON, MA | 345 Harrison | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 32,938 | |||
Total Initial Acquisition Costs | 32,938 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 328,608 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 44,894 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 316,652 | |||
Total Carrying Value | 361,546 | 361,546 | ||
Accumulated Depreciation | 44,083 | 44,083 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 361,546 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 44,083 | |||
BOSTON, MA | Currents on the Charles | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 12,580 | |||
Initial Costs, Buildings and Improvements | 70,149 | |||
Total Initial Acquisition Costs | 82,729 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,571 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,693 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 71,607 | |||
Total Carrying Value | 84,300 | 84,300 | ||
Accumulated Depreciation | 7,350 | 7,350 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 84,300 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,350 | |||
BOSTON, MA | The Commons at Windsor Gardens | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 34,609 | |||
Initial Costs, Buildings and Improvements | 225,515 | |||
Total Initial Acquisition Costs | 260,124 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,146 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 34,613 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 238,657 | |||
Total Carrying Value | 273,270 | 273,270 | ||
Accumulated Depreciation | 27,794 | 27,794 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 273,270 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,794 | |||
BOSTON, MA | Charles River Landing | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 17,068 | |||
Initial Costs, Buildings and Improvements | 112,777 | |||
Total Initial Acquisition Costs | 129,845 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,094 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,070 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 113,869 | |||
Total Carrying Value | 130,939 | 130,939 | ||
Accumulated Depreciation | 8,229 | 8,229 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 130,939 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,229 | |||
BOSTON, MA | Lenox Farms | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 94,050 | |||
Initial Costs, Land and Land Improvements | 17,692 | |||
Initial Costs, Buildings and Improvements | 115,899 | |||
Total Initial Acquisition Costs | 133,591 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,002 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,695 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 118,898 | |||
Total Carrying Value | 136,593 | 136,593 | ||
Accumulated Depreciation | 8,616 | 8,616 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 136,593 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,616 | |||
BOSTON, MA | Lodge at Ames Pond | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 12,645 | |||
Initial Costs, Buildings and Improvements | 70,653 | |||
Total Initial Acquisition Costs | 83,298 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,872 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,645 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 72,525 | |||
Total Carrying Value | 85,170 | 85,170 | ||
Accumulated Depreciation | 5,320 | 5,320 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 85,170 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,320 | |||
PHILADELPHIA, PA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 10,365 | |||
Initial Costs, Buildings and Improvements | 96,050 | |||
Total Initial Acquisition Costs | 106,415 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,321 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,484 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 97,252 | |||
Total Carrying Value | 107,736 | 107,736 | ||
Accumulated Depreciation | 11,306 | 11,306 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 107,736 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,306 | |||
PHILADELPHIA, PA | Park Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 10,365 | |||
Initial Costs, Buildings and Improvements | 96,050 | |||
Total Initial Acquisition Costs | 106,415 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,321 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,484 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 97,252 | |||
Total Carrying Value | 107,736 | 107,736 | ||
Accumulated Depreciation | 11,306 | 11,306 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 107,736 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,306 | |||
SOUTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 119,027 | |||
Initial Costs, Buildings and Improvements | 669,448 | |||
Total Initial Acquisition Costs | 788,475 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 390,836 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 163,458 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,015,853 | |||
Total Carrying Value | 1,179,311 | 1,179,311 | ||
Accumulated Depreciation | 573,057 | 573,057 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,179,311 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 573,057 | |||
TAMPA, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 65,002 | |||
Initial Costs, Buildings and Improvements | 436,674 | |||
Total Initial Acquisition Costs | 501,676 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 124,076 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 86,445 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 539,307 | |||
Total Carrying Value | 625,752 | 625,752 | ||
Accumulated Depreciation | 198,267 | 198,267 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 625,752 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 198,267 | |||
TAMPA, FL | Summit West | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,176 | |||
Initial Costs, Buildings and Improvements | 4,710 | |||
Total Initial Acquisition Costs | 6,886 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,247 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,027 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,106 | |||
Total Carrying Value | 20,133 | 20,133 | ||
Accumulated Depreciation | 14,234 | 14,234 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 20,133 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 14,234 | |||
TAMPA, FL | The Breyley | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,780 | |||
Initial Costs, Buildings and Improvements | 2,458 | |||
Total Initial Acquisition Costs | 4,238 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 19,516 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,912 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,842 | |||
Total Carrying Value | 23,754 | 23,754 | ||
Accumulated Depreciation | 19,568 | 19,568 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 23,754 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 19,568 | |||
TAMPA, FL | Lakewood Place | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,395 | |||
Initial Costs, Buildings and Improvements | 10,647 | |||
Total Initial Acquisition Costs | 12,042 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,985 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,257 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,770 | |||
Total Carrying Value | 26,027 | 26,027 | ||
Accumulated Depreciation | 18,921 | 18,921 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 26,027 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,921 | |||
TAMPA, FL | Cambridge Woods | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,791 | |||
Initial Costs, Buildings and Improvements | 7,166 | |||
Total Initial Acquisition Costs | 8,957 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,118 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,612 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,463 | |||
Total Carrying Value | 22,075 | 22,075 | ||
Accumulated Depreciation | 15,045 | 15,045 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,075 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,045 | |||
TAMPA, FL | Inlet Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 7,702 | |||
Initial Costs, Buildings and Improvements | 23,150 | |||
Total Initial Acquisition Costs | 30,852 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 21,301 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,609 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,544 | |||
Total Carrying Value | 52,153 | 52,153 | ||
Accumulated Depreciation | 34,547 | 34,547 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 52,153 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 34,547 | |||
TAMPA, FL | MacAlpine Place | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 10,869 | |||
Initial Costs, Buildings and Improvements | 36,858 | |||
Total Initial Acquisition Costs | 47,727 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,572 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,417 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,882 | |||
Total Carrying Value | 62,299 | 62,299 | ||
Accumulated Depreciation | 36,966 | 36,966 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 62,299 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 36,966 | |||
TAMPA, FL | The Vintage Lofts at West End | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,611 | |||
Initial Costs, Buildings and Improvements | 37,663 | |||
Total Initial Acquisition Costs | 44,274 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,410 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,868 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 51,816 | |||
Total Carrying Value | 67,684 | 67,684 | ||
Accumulated Depreciation | 36,077 | 36,077 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 67,684 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 36,077 | |||
TAMPA, FL | Peridot Palms | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,293 | |||
Initial Costs, Buildings and Improvements | 89,752 | |||
Total Initial Acquisition Costs | 96,045 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,446 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,305 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 91,186 | |||
Total Carrying Value | 97,491 | 97,491 | ||
Accumulated Depreciation | 11,914 | 11,914 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 97,491 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,914 | |||
TAMPA, FL | The Preserve at Gateway | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,467 | |||
Initial Costs, Buildings and Improvements | 43,723 | |||
Total Initial Acquisition Costs | 48,190 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,390 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,471 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,109 | |||
Total Carrying Value | 49,580 | 49,580 | ||
Accumulated Depreciation | 5,053 | 5,053 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 49,580 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,053 | |||
TAMPA, FL | The Slade at Channelside | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 10,216 | |||
Initial Costs, Buildings and Improvements | 72,786 | |||
Total Initial Acquisition Costs | 83,002 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,015 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,258 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 74,759 | |||
Total Carrying Value | 85,017 | 85,017 | ||
Accumulated Depreciation | 4,719 | 4,719 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 85,017 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,719 | |||
TAMPA, FL | Andover Place at Cross Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 11,702 | |||
Initial Costs, Buildings and Improvements | 107,761 | |||
Total Initial Acquisition Costs | 119,463 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 76 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,709 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 107,830 | |||
Total Carrying Value | 119,539 | 119,539 | ||
Accumulated Depreciation | 1,223 | 1,223 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 119,539 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,223 | |||
ORLANDO, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 22,624 | |||
Initial Costs, Buildings and Improvements | 88,765 | |||
Total Initial Acquisition Costs | 111,389 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 128,713 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 34,495 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 205,607 | |||
Total Carrying Value | 240,102 | 240,102 | ||
Accumulated Depreciation | 168,339 | 168,339 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 240,102 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 168,339 | |||
ORLANDO, FL | Seabrook | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,846 | |||
Initial Costs, Buildings and Improvements | 4,155 | |||
Total Initial Acquisition Costs | 6,001 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,785 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,194 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,592 | |||
Total Carrying Value | 16,786 | 16,786 | ||
Accumulated Depreciation | 11,946 | 11,946 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 16,786 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,946 | |||
ORLANDO, FL | Altamira Place | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,533 | |||
Initial Costs, Buildings and Improvements | 11,076 | |||
Total Initial Acquisition Costs | 12,609 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,989 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,040 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,558 | |||
Total Carrying Value | 36,598 | 36,598 | ||
Accumulated Depreciation | 29,899 | 29,899 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 36,598 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 29,899 | |||
ORLANDO, FL | Regatta Shore | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 757 | |||
Initial Costs, Buildings and Improvements | 6,608 | |||
Total Initial Acquisition Costs | 7,365 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,996 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,396 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,965 | |||
Total Carrying Value | 26,361 | 26,361 | ||
Accumulated Depreciation | 21,164 | 21,164 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 26,361 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 21,164 | |||
ORLANDO, FL | Alafaya Woods | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,653 | |||
Initial Costs, Buildings and Improvements | 9,042 | |||
Total Initial Acquisition Costs | 10,695 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,417 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,871 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 21,241 | |||
Total Carrying Value | 24,112 | 24,112 | ||
Accumulated Depreciation | 17,240 | 17,240 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 24,112 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,240 | |||
ORLANDO, FL | Los Altos | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,804 | |||
Initial Costs, Buildings and Improvements | 12,349 | |||
Total Initial Acquisition Costs | 15,153 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,349 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,587 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,915 | |||
Total Carrying Value | 29,502 | 29,502 | ||
Accumulated Depreciation | 20,338 | 20,338 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 29,502 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 20,338 | |||
ORLANDO, FL | Lotus Landing | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,185 | |||
Initial Costs, Buildings and Improvements | 8,639 | |||
Total Initial Acquisition Costs | 10,824 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,198 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,121 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,901 | |||
Total Carrying Value | 24,022 | 24,022 | ||
Accumulated Depreciation | 15,939 | 15,939 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 24,022 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 15,939 | |||
ORLANDO, FL | Seville On The Green | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,282 | |||
Initial Costs, Buildings and Improvements | 6,498 | |||
Total Initial Acquisition Costs | 7,780 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,929 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,920 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,789 | |||
Total Carrying Value | 16,709 | 16,709 | ||
Accumulated Depreciation | 11,816 | 11,816 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 16,709 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,816 | |||
ORLANDO, FL | Ashton @ Waterford | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,872 | |||
Initial Costs, Buildings and Improvements | 17,538 | |||
Total Initial Acquisition Costs | 21,410 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,597 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,607 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,400 | |||
Total Carrying Value | 29,007 | 29,007 | ||
Accumulated Depreciation | 17,840 | 17,840 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 29,007 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,840 | |||
ORLANDO, FL | Arbors at Lee Vista | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,692 | |||
Initial Costs, Buildings and Improvements | 12,860 | |||
Total Initial Acquisition Costs | 19,552 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,453 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,759 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,246 | |||
Total Carrying Value | 37,005 | 37,005 | ||
Accumulated Depreciation | 22,157 | 22,157 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 37,005 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 22,157 | |||
NASHVILLE, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,433 | |||
Initial Costs, Buildings and Improvements | 87,608 | |||
Total Initial Acquisition Costs | 103,041 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 120,786 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,618 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 198,209 | |||
Total Carrying Value | 223,827 | 223,827 | ||
Accumulated Depreciation | 153,896 | 153,896 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 223,827 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 153,896 | |||
NASHVILLE, TN | Legacy Hill | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,148 | |||
Initial Costs, Buildings and Improvements | 5,867 | |||
Total Initial Acquisition Costs | 7,015 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,324 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,041 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,298 | |||
Total Carrying Value | 18,339 | 18,339 | ||
Accumulated Depreciation | 13,833 | 13,833 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 18,339 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,833 | |||
NASHVILLE, TN | Hickory Run | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,469 | |||
Initial Costs, Buildings and Improvements | 11,584 | |||
Total Initial Acquisition Costs | 13,053 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,873 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,684 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,242 | |||
Total Carrying Value | 27,926 | 27,926 | ||
Accumulated Depreciation | 18,126 | 18,126 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 27,926 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,126 | |||
NASHVILLE, TN | Carrington Hills | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,117 | |||
Total Initial Acquisition Costs | 2,117 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 39,856 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,016 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,957 | |||
Total Carrying Value | 41,973 | 41,973 | ||
Accumulated Depreciation | 28,441 | 28,441 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 41,973 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,441 | |||
NASHVILLE, TN | Brookridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 708 | |||
Initial Costs, Buildings and Improvements | 5,461 | |||
Total Initial Acquisition Costs | 6,169 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,786 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,495 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,460 | |||
Total Carrying Value | 13,955 | 13,955 | ||
Accumulated Depreciation | 9,894 | 9,894 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 13,955 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,894 | |||
NASHVILLE, TN | Breckenridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 766 | |||
Initial Costs, Buildings and Improvements | 7,714 | |||
Total Initial Acquisition Costs | 8,480 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,329 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,539 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,270 | |||
Total Carrying Value | 15,809 | 15,809 | ||
Accumulated Depreciation | 10,882 | 10,882 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 15,809 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,882 | |||
NASHVILLE, TN | Colonnade | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,460 | |||
Initial Costs, Buildings and Improvements | 16,015 | |||
Total Initial Acquisition Costs | 17,475 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,392 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,440 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 24,427 | |||
Total Carrying Value | 26,867 | 26,867 | ||
Accumulated Depreciation | 17,504 | 17,504 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 26,867 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,504 | |||
NASHVILLE, TN | The Preserve at Brentwood | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,182 | |||
Initial Costs, Buildings and Improvements | 24,674 | |||
Total Initial Acquisition Costs | 27,856 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,689 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,187 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,358 | |||
Total Carrying Value | 39,545 | 39,545 | ||
Accumulated Depreciation | 27,778 | 27,778 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,545 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,778 | |||
NASHVILLE, TN | Polo Park | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,583 | |||
Initial Costs, Buildings and Improvements | 16,293 | |||
Total Initial Acquisition Costs | 20,876 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,537 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,216 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,197 | |||
Total Carrying Value | 39,413 | 39,413 | ||
Accumulated Depreciation | 27,438 | 27,438 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,413 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,438 | |||
OTHER FLORIDA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,968 | |||
Initial Costs, Buildings and Improvements | 56,401 | |||
Total Initial Acquisition Costs | 72,369 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,261 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,900 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 72,730 | |||
Total Carrying Value | 89,630 | 89,630 | ||
Accumulated Depreciation | 52,555 | 52,555 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 89,630 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 52,555 | |||
OTHER FLORIDA | The Reserve and Park at Riverbridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,968 | |||
Initial Costs, Buildings and Improvements | 56,401 | |||
Total Initial Acquisition Costs | 72,369 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,261 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,900 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 72,730 | |||
Total Carrying Value | 89,630 | 89,630 | ||
Accumulated Depreciation | 52,555 | 52,555 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 89,630 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 52,555 | |||
SOUTHWEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 205,870 | |||
Initial Costs, Land and Land Improvements | 135,395 | |||
Initial Costs, Buildings and Improvements | 627,000 | |||
Total Initial Acquisition Costs | 762,395 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 135,203 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 156,524 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 741,074 | |||
Total Carrying Value | 897,598 | 897,598 | ||
Accumulated Depreciation | 279,462 | 279,462 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 897,598 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 279,462 | |||
DALLAS, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 205,870 | |||
Initial Costs, Land and Land Improvements | 110,392 | |||
Initial Costs, Buildings and Improvements | 392,560 | |||
Total Initial Acquisition Costs | 502,952 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 78,166 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 127,459 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 453,659 | |||
Total Carrying Value | 581,118 | 581,118 | ||
Accumulated Depreciation | 152,938 | 152,938 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 581,118 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 152,938 | |||
DALLAS, TX | Thirty377 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 25,000 | |||
Initial Costs, Land and Land Improvements | 24,036 | |||
Initial Costs, Buildings and Improvements | 32,951 | |||
Total Initial Acquisition Costs | 56,987 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 21,167 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 26,212 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 51,942 | |||
Total Carrying Value | 78,154 | 78,154 | ||
Accumulated Depreciation | 36,152 | 36,152 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 78,154 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 36,152 | |||
DALLAS, TX | Legacy Village | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 90,000 | |||
Initial Costs, Land and Land Improvements | 16,882 | |||
Initial Costs, Buildings and Improvements | 100,102 | |||
Total Initial Acquisition Costs | 116,984 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 26,248 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,391 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 121,841 | |||
Total Carrying Value | 143,232 | 143,232 | ||
Accumulated Depreciation | 79,544 | 79,544 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 143,232 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 79,544 | |||
DALLAS, TX | Addison Apts at The Park | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 22,041 | |||
Initial Costs, Buildings and Improvements | 11,228 | |||
Total Initial Acquisition Costs | 33,269 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,434 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 31,199 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,504 | |||
Total Carrying Value | 47,703 | 47,703 | ||
Accumulated Depreciation | 11,917 | 11,917 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 47,703 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,917 | |||
DALLAS, TX | Addison Apts at The Park II | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 7,903 | |||
Initial Costs, Buildings and Improvements | 554 | |||
Total Initial Acquisition Costs | 8,457 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,752 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,055 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 5,154 | |||
Total Carrying Value | 16,209 | 16,209 | ||
Accumulated Depreciation | 3,682 | 3,682 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 16,209 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,682 | |||
DALLAS, TX | Addison Apts at The Park I | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 10,440 | |||
Initial Costs, Buildings and Improvements | 634 | |||
Total Initial Acquisition Costs | 11,074 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,883 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,453 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 4,504 | |||
Total Carrying Value | 12,957 | 12,957 | ||
Accumulated Depreciation | 2,993 | 2,993 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 12,957 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,993 | |||
DALLAS, TX | Savoye | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,432 | |||
Initial Costs, Buildings and Improvements | 50,483 | |||
Total Initial Acquisition Costs | 58,915 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,508 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,471 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,952 | |||
Total Carrying Value | 61,423 | 61,423 | ||
Accumulated Depreciation | 3,868 | 3,868 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 61,423 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 3,868 | |||
DALLAS, TX | Savoye 2 | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,451 | |||
Initial Costs, Buildings and Improvements | 56,615 | |||
Total Initial Acquisition Costs | 63,066 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,232 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,461 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,837 | |||
Total Carrying Value | 64,298 | 64,298 | ||
Accumulated Depreciation | 4,165 | 4,165 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 64,298 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,165 | |||
DALLAS, TX | Fiori on Vitruvian Park | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 49,553 | |||
Initial Costs, Land and Land Improvements | 7,934 | |||
Initial Costs, Buildings and Improvements | 78,575 | |||
Total Initial Acquisition Costs | 86,509 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,090 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,938 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 80,661 | |||
Total Carrying Value | 88,599 | 88,599 | ||
Accumulated Depreciation | 5,878 | 5,878 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 88,599 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,878 | |||
DALLAS, TX | Vitruvian West Phase 1 | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 41,317 | |||
Initial Costs, Land and Land Improvements | 6,273 | |||
Initial Costs, Buildings and Improvements | 61,418 | |||
Total Initial Acquisition Costs | 67,691 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 852 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,279 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 62,264 | |||
Total Carrying Value | 68,543 | 68,543 | ||
Accumulated Depreciation | 4,739 | 4,739 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 68,543 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,739 | |||
AUSTIN, TX | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,417 | |||
Initial Costs, Buildings and Improvements | 104,040 | |||
Total Initial Acquisition Costs | 120,457 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 51,025 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 20,425 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 151,057 | |||
Total Carrying Value | 171,482 | 171,482 | ||
Accumulated Depreciation | 101,385 | 101,385 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 171,482 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 101,385 | |||
AUSTIN, TX | Barton Creek Landing | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,151 | |||
Initial Costs, Buildings and Improvements | 14,269 | |||
Total Initial Acquisition Costs | 17,420 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 25,130 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,439 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 37,111 | |||
Total Carrying Value | 42,550 | 42,550 | ||
Accumulated Depreciation | 31,281 | 31,281 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 42,550 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 31,281 | |||
AUSTIN, TX | Residences at the Domain | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,034 | |||
Initial Costs, Buildings and Improvements | 55,256 | |||
Total Initial Acquisition Costs | 59,290 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,761 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,608 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 70,443 | |||
Total Carrying Value | 75,051 | 75,051 | ||
Accumulated Depreciation | 44,676 | 44,676 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 75,051 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 44,676 | |||
AUSTIN, TX | Red Stone Ranch | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,084 | |||
Initial Costs, Buildings and Improvements | 17,646 | |||
Total Initial Acquisition Costs | 22,730 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,068 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,704 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,094 | |||
Total Carrying Value | 28,798 | 28,798 | ||
Accumulated Depreciation | 13,419 | 13,419 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 28,798 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,419 | |||
AUSTIN, TX | Lakeline Villas | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,148 | |||
Initial Costs, Buildings and Improvements | 16,869 | |||
Total Initial Acquisition Costs | 21,017 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,066 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,674 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 20,409 | |||
Total Carrying Value | 25,083 | 25,083 | ||
Accumulated Depreciation | 12,009 | 12,009 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 25,083 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,009 | |||
DENVER, CO | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,012 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,640 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 136,358 | |||
Total Carrying Value | 144,998 | 144,998 | ||
Accumulated Depreciation | 25,139 | 25,139 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 144,998 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,139 | |||
DENVER, CO | Steele Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,012 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,640 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 136,358 | |||
Total Carrying Value | 144,998 | 144,998 | ||
Accumulated Depreciation | 25,139 | $ 25,139 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 144,998 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,139 | |||
Secured Debt | ||||
Real Estate and Accumulated Depreciation | ||||
Deferred Financing Costs and Other Non-Cash Adjustments | $ 10,597 |
CONSOLIDATED BALANCE SHEETS (UN
CONSOLIDATED BALANCE SHEETS (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate owned: | ||
Real estate held for investment | $ 12,706,940 | $ 12,532,324 |
Less: accumulated depreciation | (4,590,577) | (4,131,330) |
Real estate held for investment, net | 8,116,363 | 8,400,994 |
Total real estate owned, net of accumulated depreciation | 8,466,106 | 8,470,748 |
Cash and cash equivalents | 1,409 | 8,106 |
Restricted cash | 22,762 | 25,185 |
Investment in unconsolidated entities | 595,486 | 585,490 |
Operating lease right-of-use assets | 200,913 | 204,225 |
Other assets | 188,118 | 186,296 |
Total assets | 9,637,533 | 9,636,472 |
LIABILITIES AND CAPITAL | ||
Secured debt, net | 862,147 | 1,149,441 |
Operating lease liabilities | 195,592 | 198,558 |
Real estate taxes payable | 29,946 | 29,445 |
Accrued interest payable | 44,760 | 45,199 |
Security deposits and prepaid rent | 49,008 | 48,353 |
Distributions payable | 115,795 | 109,382 |
Accounts payable, accrued expenses, and other liabilities | 110,999 | 90,032 |
Total liabilities | 5,522,648 | 5,228,493 |
Commitments and contingencies (Note 11) | ||
Partners' capital: | ||
Accumulated other comprehensive income/(loss), net | (9,144) | (10,448) |
Total liabilities and equity | 9,637,533 | 9,636,472 |
United Dominion Realty L.P. | ||
Real estate owned: | ||
Real estate held for investment | 4,043,725 | 3,875,160 |
Less: accumulated depreciation | (1,892,011) | (1,796,568) |
Total real estate owned, net of accumulated depreciation | 2,151,714 | 2,078,592 |
Cash and cash equivalents | 26 | 24 |
Restricted cash | 15,062 | 13,998 |
Investment in unconsolidated entities | 51,302 | 76,222 |
Operating lease right-of-use assets | 202,438 | 205,668 |
Other assets | 37,025 | 24,241 |
Total assets | 2,457,567 | 2,398,745 |
LIABILITIES AND CAPITAL | ||
Secured debt, net | 99,104 | 99,071 |
Notes payable due to the General Partner | 810,700 | 637,233 |
Operating lease liabilities | 197,135 | 200,001 |
Real estate taxes payable | 3,107 | 2,801 |
Accrued interest payable | 205 | 217 |
Security deposits and prepaid rent | 18,485 | 17,946 |
Distributions payable | 66,833 | 63,364 |
Accounts payable, accrued expenses, and other liabilities | 13,566 | 12,226 |
Total liabilities | 1,209,135 | 1,032,859 |
Commitments and contingencies (Note 11) | ||
Partners' capital: | ||
110,883 OP Units outstanding at December 31, 2020 and December 31, 2019 | 779 | 859 |
184,724,677 and 183,952,659 OP Units outstanding at December 31, 2020 and December 31, 2019, respectively | 1,230,923 | 1,347,622 |
Accumulated other comprehensive income/(loss), net | (49) | |
Total partners' capital | 1,231,653 | 1,348,481 |
Noncontrolling interests | 16,779 | 17,405 |
Total capital | 1,248,432 | 1,365,886 |
Total liabilities and equity | $ 2,457,567 | $ 2,398,745 |
CONSOLIDATED BALANCE SHEETS (_2
CONSOLIDATED BALANCE SHEETS (UNITED DOMINION REALTY, L.P.) (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Real estate owned: | ||||
Real estate held for disposition accumulated depreciation | $ 13,779 | $ 0 | ||
Partners' capital: | ||||
Operating Partnership units outstanding related to limited partner | 184,836,000 | 184,064,000 | 183,637,000 | 183,351,000 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
REVENUES: | |||
Rental income | $ 1,236,096 | $ 1,138,138 | $ 1,035,105 |
OPERATING EXPENSES: | |||
Property operating and maintenance | 201,944 | 178,947 | 169,078 |
Real estate taxes and insurance | 180,450 | 150,888 | 133,912 |
Property management | 35,538 | 32,721 | 28,465 |
Other operating expenses | 22,762 | 13,932 | 12,100 |
Real estate depreciation and amortization | 608,616 | 501,257 | 429,006 |
General and administrative | 49,885 | 51,533 | 46,983 |
Casualty-related charges/(recoveries), net | 2,131 | 474 | 2,121 |
Total operating expenses | 1,111,339 | 936,418 | 828,338 |
Gain/(loss) on sales of real estate owned | 119,277 | 5,282 | 136,197 |
Operating income | 249,103 | 221,057 | 354,718 |
Income/(loss) from unconsolidated entities | 18,844 | 137,873 | (5,055) |
Interest expense | (202,706) | (170,917) | (134,168) |
Net income/(loss) | 68,970 | 199,579 | 221,542 |
United Dominion Realty L.P. | |||
REVENUES: | |||
Rental income | 428,747 | 441,773 | 431,920 |
OPERATING EXPENSES: | |||
Property operating and maintenance | 69,213 | 67,710 | 67,400 |
Real estate taxes and insurance | 56,247 | 51,057 | 47,140 |
Property management | 12,326 | 12,701 | 11,878 |
Other operating expenses | 16,138 | 9,488 | 8,864 |
Real estate depreciation and amortization | 143,005 | 139,975 | 143,481 |
General and administrative | 17,987 | 18,014 | 16,889 |
Casualty-related charges/(recoveries), net | 793 | 853 | 951 |
Total operating expenses | 315,709 | 299,798 | 296,603 |
Gain/(loss) on sales of real estate owned | 57,960 | 75,507 | |
Operating income | 170,998 | 141,975 | 210,824 |
Income/(loss) from unconsolidated entities | (5,543) | (8,313) | 43,496 |
Interest expense | (2,831) | (1,639) | (8,733) |
Interest expense on notes payable due to the General Partner | (26,526) | (28,028) | (14,102) |
Net income/(loss) | 136,098 | 103,995 | 231,485 |
Net (income)/loss attributable to noncontrolling interests | (1,869) | (1,832) | (1,722) |
Net income/(loss) attributable to OP unitholders | $ 134,229 | $ 102,163 | $ 229,763 |
Income/(loss) per OP unit- basic and diluted: | |||
Net income/(loss) per weighted average OP Unit - basic and diluted | $ 0.73 | $ 0.56 | $ 1.25 |
Weighted average OP Units outstanding - basic and diluted | 184,753 | 184,034 | 183,609 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/(LOSS) (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income/(loss) | $ 68,970 | $ 199,579 | $ 221,542 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss) | (3,382) | (8,437) | 4,806 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | 1,445 | (11,207) | 2,858 |
Comprehensive income/(loss) | 70,415 | 188,372 | 224,400 |
Comprehensive (income)/loss attributable to noncontrolling interests | (4,845) | (13,788) | (18,680) |
Comprehensive income/(loss) attributable to UDR, Inc. | 65,570 | 174,584 | 205,720 |
United Dominion Realty L.P. | |||
Net income/(loss) | 136,098 | 103,995 | 231,485 |
Other comprehensive income/(loss), including portion attributable to noncontrolling interests: | |||
Unrealized holding gain/(loss) | (49) | ||
Other comprehensive income/(loss), including portion attributable to noncontrolling interests | (49) | ||
Comprehensive income/(loss) | 136,049 | 103,995 | 231,485 |
Comprehensive (income)/loss attributable to noncontrolling interests | (1,869) | (1,832) | (1,722) |
Comprehensive income/(loss) attributable to UDR, Inc. | $ 134,180 | $ 102,163 | $ 229,763 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN CAPITAL (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Net income/(loss) | $ 68,970 | $ 199,579 | $ 221,542 |
United Dominion Realty L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 1,365,886 | 1,485,889 | 1,875,130 |
Net income/(loss) | 136,098 | 103,995 | 231,485 |
Distributions | (266,563) | (252,818) | (237,827) |
Long Term Incentive Plan Unit grants | 15,555 | 27,066 | 15,839 |
Unrealized gain/(loss) on derivative financial investments | (49) | ||
Conversion of Advances (to)/from the General Partner to notes payable | (257,204) | ||
Net change in advances (to)/from the General Partner | (141,534) | ||
Net contributions/(distributions) to/(from) noncontrolling interests | (2,495) | 1,754 | |
Ending Balance | 1,248,432 | 1,365,886 | 1,485,889 |
United Dominion Realty L.P. | Advances (to)/from General Partner | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 397,899 | ||
Conversion of Advances (to)/from the General Partner to notes payable | (257,204) | ||
Net change in advances (to)/from the General Partner | (140,695) | ||
United Dominion Realty L.P. | Accumulated Other Comprehensive Income/(Loss), net | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Unrealized gain/(loss) on derivative financial investments | (49) | ||
Ending Balance | (49) | ||
United Dominion Realty L.P. | Total Partner's Capital | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 1,348,481 | 1,472,070 | 1,464,295 |
Net income/(loss) | 134,229 | 102,163 | 229,763 |
Distributions | (266,563) | (252,818) | (237,827) |
Long Term Incentive Plan Unit grants | 15,555 | 27,066 | 15,839 |
Unrealized gain/(loss) on derivative financial investments | (49) | ||
Ending Balance | 1,231,653 | 1,348,481 | 1,472,070 |
United Dominion Realty L.P. | Noncontrolling Interests | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 17,405 | 13,819 | 12,936 |
Net income/(loss) | 1,869 | 1,832 | 1,722 |
Net change in advances (to)/from the General Partner | (839) | ||
Net contributions/(distributions) to/(from) noncontrolling interests | (2,495) | 1,754 | |
Ending Balance | 16,779 | 17,405 | 13,819 |
United Dominion Realty L.P. | Class A Limited Partner | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 81,803 | 69,401 | 67,474 |
Net income/(loss) | 1,272 | 971 | 2,221 |
Distributions | (2,524) | (2,396) | (2,328) |
Adjustment to reflect limited partners' capital at redemption value | (13,234) | 13,827 | 2,034 |
Ending Balance | 67,317 | 81,803 | 69,401 |
United Dominion Realty L.P. | Limited Partners and LTIP Units | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 284,580 | 302,545 | 283,568 |
Net income/(loss) | 4,984 | 3,404 | 9,977 |
Distributions | (10,281) | (9,063) | (10,718) |
OP Unit redemptions for common shares of UDR | (110) | (79,010) | (416) |
Adjustment to reflect limited partners' capital at redemption value | (30,986) | 39,638 | 4,295 |
Long Term Incentive Plan Unit grants | 15,555 | 27,066 | 15,839 |
Ending Balance | 263,742 | 284,580 | 302,545 |
United Dominion Realty L.P. | Limited Partner | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 981,239 | 1,099,174 | 1,112,298 |
Net income/(loss) | 127,893 | 97,727 | 217,426 |
Distributions | (253,598) | (241,207) | (224,637) |
OP Unit redemptions for common shares of UDR | 110 | 79,010 | 416 |
Adjustment to reflect limited partners' capital at redemption value | 44,220 | (53,465) | (6,329) |
Ending Balance | 899,864 | 981,239 | 1,099,174 |
United Dominion Realty L.P. | General Partner | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning Balance | 859 | 950 | 955 |
Net income/(loss) | 80 | 61 | 139 |
Distributions | (160) | (152) | (144) |
Ending Balance | $ 779 | $ 859 | $ 950 |
CONSOLIDATED STATEMENTS OF CA_4
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net income/(loss) | $ 68,970 | $ 199,579 | $ 221,542 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 618,629 | 507,923 | 435,679 |
(Gain)/loss on sale of real estate owned | (119,277) | (5,282) | (136,197) |
(Income)/loss from unconsolidated entities | (18,844) | (137,873) | 5,055 |
Other | 12,193 | 10,364 | 1,699 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in operating assets | (44,670) | (10,956) | (13,880) |
Increase/(decrease) in operating liabilities | (2,155) | 7,846 | 24,987 |
Net cash provided by/(used in) operating activities | 604,316 | 630,704 | 560,676 |
Investing Activities | |||
Acquisition of real estate assets | (407,829) | (1,370,770) | |
Proceeds from sales of real estate investments, net | 277,886 | 38,000 | 247,031 |
Capital expenditures and other major improvements - real estate assets | (163,105) | (167,188) | (112,359) |
Distributions received from unconsolidated entities | 49,342 | 72,441 | 42,683 |
Net cash provided by/(used in) investing activities | (460,842) | (1,686,687) | (113,548) |
Financing Activities | |||
Proceeds from the issuance of secured debt | 160,930 | 162,500 | 80,000 |
Payments on secured debt | (425,839) | (162,253) | (279,243) |
Other | (12,734) | (13,943) | (38,307) |
Net cash provided by/(used in) financing activities | (152,594) | 880,383 | (260,067) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | (9,120) | (175,600) | 187,061 |
Cash, cash equivalents, and restricted cash, beginning of year | 33,291 | 208,891 | 21,830 |
Cash, cash equivalents, and restricted cash, end of year | 24,171 | 33,291 | 208,891 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized, and cash paid for operating leases | 172,326 | 169,558 | 132,466 |
Non-cash transactions: | |||
Development costs and capital expenditures incurred but not yet paid | 31,387 | 16,635 | 10,304 |
Recognition of operating lease liabilities | 88,336 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities remeasurements | 111,055 | ||
Right-of-use asset obtained in exchange for new operating lease liability | 94,349 | ||
Dividends declared but not yet paid | 115,795 | 109,382 | 97,666 |
United Dominion Realty L.P. | |||
Operating Activities | |||
Net income/(loss) | 136,098 | 103,995 | 231,485 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||
Depreciation and amortization | 143,005 | 139,975 | 143,481 |
(Gain)/loss on sale of real estate owned | (57,960) | (75,507) | |
(Income)/loss from unconsolidated entities | 5,543 | 8,313 | (43,496) |
Other | 5,233 | 3,534 | 1,771 |
Changes in operating assets and liabilities: | |||
(Increase)/decrease in operating assets | (15,340) | 1,084 | (3,260) |
Increase/(decrease) in operating liabilities | 1,104 | (1,808) | 1,194 |
Net cash provided by/(used in) operating activities | 217,683 | 255,093 | 255,668 |
Investing Activities | |||
Acquisition of real estate assets | (250,727) | ||
Proceeds from sales of real estate investments, net | 143,952 | 98,533 | |
Capital expenditures and other major improvements - real estate assets | (52,641) | (62,397) | (44,227) |
Distributions received from unconsolidated entities | 19,377 | 18,491 | 17,377 |
Net cash provided by/(used in) investing activities | (140,039) | (43,906) | 71,683 |
Financing Activities | |||
Advances (to)/from the General Partner, net | (348,381) | ||
Proceeds from the issuance of secured debt | 72,500 | ||
Payments on secured debt | (133,205) | ||
Issuance/(repayment) of notes payable to the General Partner | (61,784) | (272,913) | 169,577 |
Distributions paid to partnership unitholders | (14,783) | (10,064) | (12,705) |
Payments of financing costs | (11) | ||
Other | (376) | (1,821) | |
Net cash provided by/(used in) financing activities | (76,578) | (210,853) | (326,535) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 1,066 | 334 | 816 |
Cash, cash equivalents, and restricted cash, beginning of year | 14,022 | 13,688 | 12,872 |
Cash, cash equivalents, and restricted cash, end of year | 15,088 | 14,022 | 13,688 |
Supplemental Information: | |||
Interest paid during the period, net of amounts capitalized, and cash paid for operating leases | 42,423 | 38,400 | 17,173 |
Non-cash transactions: | |||
Development costs and capital expenditures incurred but not yet paid | 3,649 | 2,913 | 2,056 |
Recognition of operating lease right-of-use assets | 94,174 | ||
Recognition of operating lease liabilities | 88,161 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities remeasurements | 111,055 | ||
Right-of-use asset obtained in exchange for new operating lease liability | 316 | 1,443 | |
LTIP Unit grants | 15,555 | 27,066 | 15,839 |
Dividends declared but not yet paid | $ 66,833 | $ 63,364 | 59,461 |
Conversion of Advances (to)/from the General Partner to notes payable | $ 257,204 |
CONSOLIDATED STATEMENTS OF CA_5
CONSOLIDATED STATEMENTS OF CASH FLOWS - SUPPLEMENTAL (UNITED DOMINION REALTY, L.P.) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
The following reconciles cash, cash equivalents, and restricted cash to the total of the same amounts as shown above: | ||||
Cash and cash equivalents | $ 1,409 | $ 8,106 | $ 185,216 | $ 2,038 |
Restricted cash | 22,762 | 25,185 | 23,675 | 19,792 |
Total cash, cash equivalents, and restricted cash as shown above | 24,171 | 33,291 | 208,891 | 21,830 |
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 | 26 | 24 | 125 | 293 |
Restricted cash | 15,062 | 13,998 | 13,563 | 12,579 |
Total cash, cash equivalents, and restricted cash as shown above | $ 15,088 | $ 14,022 | $ 13,688 | $ 12,872 |
CONSOLIDATION AND BASIS OF PR_3
CONSOLIDATION AND BASIS OF PRESENTATION (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
CONSOLIDATION AND BASIS OF PRESENTATION | 1. CONSOLIDATION AND BASIS OF PRESENTATION Organization and Formation UDR, Inc. (āUDR,ā the āCompany,ā āwe,ā or āourā) is a self-administered real estate investment trust, or REIT, that owns, operates, acquires, renovates, develops, redevelops, and manages apartment communities generally in high barrier-to-entry markets located in the United States. The high barrier-to-entry markets are characterized by limited land for new construction, difficult and lengthy entitlement process, expensive single-family home prices and significant employment growth potential. At December 31, 2020, our consolidated apartment portfolio consisted of 149 consolidated communities located in 21 markets consisting of 48,283 apartment homes. In addition, the Company has an ownership interest in 5,295 completed or to-be-completed apartment homes through unconsolidated joint ventures or partnerships, including 2,165 apartment homes owned by entities in which we hold preferred equity investments. Basis of Presentation The accompanying consolidated financial statements of UDR include its wholly-owned and/or controlled subsidiaries (see Note 4, Variable Interest Entities The accompanying consolidated financial statements include the accounts of UDR and its subsidiaries, including United Dominion Realty, L.P. (the āOperating Partnershipā or the āOPā) and UDR Lighthouse DownREIT L.P. (the āDownREIT Partnershipā). As of December 31, 2020 and 2019, there were 184.8 million and 184.1 million units, respectively, in the Operating Partnership (āOP Unitsā) outstanding, of which 176.2 million, or 95.3% and 176.2 million, or 95.7%, respectively, were owned by UDR and 8.6 million, or 4.7% and 7.9 million, or 4.3%, respectively, were owned by outside limited partners. As of December 31, 2020 and 2019, there were 32.4 million units in the DownREIT Partnership (āDownREIT Unitsā) outstanding, of which 18.7 million, or 57.8% and 18.4 million, or 56.8%, respectively, were owned by UDR (including 13.5 million DownREIT Units, or 41.6% and 13.5 million, or 41.6%, that were held by the Operating Partnership as of December 31, 2020 and 2019, respectively) and 13.7 million, or 42.2% and 14.0 million, or 43.2%, respectively, were owned by outside limited partners. The consolidated financial statements of UDR include the noncontrolling interests of the unitholders in the Operating Partnership and DownREIT Partnership. The Company evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those in Note 2, Significant Accounting Policies Real Estate Owned Joint Ventures and Partnerships , Secured and Unsecured Debt, net |
United Dominion Realty L.P. | |
Entity information | |
CONSOLIDATION AND BASIS OF PRESENTATION | 1. CONSOLIDATION AND BASIS OF PRESENTATION United Dominion Realty, L.P. (āUDR, L.P.,ā the āOperating Partnership,ā āweā or āourā) 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. (āUDRā or the āGeneral Partnerā), a self-administered real estate investment trust, or REIT, through which UDR conducts a significant portion of its business. During the years ended December 31, 2020, 2019, and 2018, rental revenues of the Operating Partnership represented 35%, 39%, and 42%, respectively, of the General Partnerās consolidated rental revenues. As of December 31, 2020, the Operating Partnershipās apartment portfolio consisted of 53 communities located in 15 markets consisting of 17,174 apartment homes. Interests in UDR, L.P. are represented by operating partnership units (āOP Unitsā). The Operating Partnershipās 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 āOperating Partnership Agreementā), on a per unit basis that is generally equal to the dividend per share on UDRās common stock, which is publicly traded on the New York Stock Exchange (āNYSEā) under the ticker symbol āUDR.ā As of December 31, 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 As sole general partner of the Operating Partnership, UDR owned all 0.1 million general partner OP units, or 0.1% , of the total OP Units outstanding as of December 31, 2020 and 2019. At December 31, 2020 and 2019, there were 184.7 million and 184.0 million, respectively, of limited partner OP Units outstanding, of which 1.9 million were Class A Limited Partnership Units as of both periods. Of the limited partner OP Units outstanding, UDR owned 176.1 million, or 95.3%, and 176.1 million, or 95.7%, at December 31, 2020 and 2019, respectively. The remaining 8.6 million, or 4.7%, and 7.9 million, or 4.3%, of the limited partner OP Units outstanding were held by outside limited partners at December 31, 2020 and 2019, respectively, of which 1.8 million were Class A Limited Partnership units as of both periods. See Note 10, Capital Structure The Operating Partnership evaluated subsequent events through the date its financial statements were issued. No significant recognized or non-recognized subsequent events were noted other than those noted in Note 6, Debt, Net |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
SIGNIFICANT ACCOUNTING POLICIES | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) 2020-06, DebtāDebt With Conversion and Other Options (Subtopic 470-20) and Derivatives and HedgingāContracts in Entityās Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entityās Own Equity ā In April 2020, the 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 whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. ā 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. ā 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. ā In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ā In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial InstrumentsāCredit Losses, ā Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Companyās intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ā If a real estate property has indicators of impairment, we assess whether the long-lived assetās carrying value exceeds the communityās undiscounted future cash flows, which is representative of projected net operating income (āNOIā) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2020, 2019 and 2018, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Companyās cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ā 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. ā Allowance for Credit Losses The Company accounts for allowance for credit losses under the current expected credit loss (āCECLā) 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 borrowerās ability to make scheduled payments, the remaining time to maturity, the value of underlying collateral, projected future performance of the borrower and macroeconomic trends. ā 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 assetās amortized cost basis. Credit losses and recoveries are recorded in Interest income and other income/(expense), net ā 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. ā 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 variable interest entity (āVIEā), 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. 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 as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā Interest rate at ā Balance Outstanding ā December 31, December 31, December 31, ā ā 2020 ā 2020 ā 2019 Note due October 2020 (a) 8.00 % $ ā ā $ 2,250 Note due February 2021 (b) ā N/A ā ā 4,000 ā ā ā Note due May 2022 (c) ā 8.00 % ā 20,000 ā ā 20,000 Note due October 2022 (d) 4.75 % ā 115,000 ā ā 115,000 Note due January 2023 (e) ā 10.00 % ā 19,685 ā ā 16,400 Notes Receivable ā ā ā ā 158,685 ā ā 153,650 Allowance for credit losses ā ā ā ā (693) ā ā ā Total notes receivable, net ā $ 157,992 ā $ 153,650 (a) In March 2020, the Company entered into a purchase agreement to acquire all of the unaffiliated third partyās 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. In January 2021, the unaffiliated third party repaid the $4.0 million promissory note. (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. In September 2020, the developer defaulted on the loan. As a result of the default, the Company expects to take title to the property pursuant to a deed in lieu of foreclosure. At that time, the Company will reclassify the related balance as Real estate owned (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 a 259 apartment home operating community in Bellevue, Washington, which was 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 gave the Company the option to acquire the community at a fixed price of $170.0 million. In August 2020, the Company exercised the purchase option. The purchase is expected to close in 2021. The deposit is generally nonrefundable other than due to a failure of closing conditions pursuant to the terms of the agreement. If the Company fails to close the purchase other than due to sellerās 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 was issued, which was July 2020. Upon modification, the loan would 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 $19.7 million has been funded, including $3.3 million funded during the year ended December 31, 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. In January 2021, the terms of this secured note were amended to increase the aggregate commitment from $20.0 million to $22.0 million. Interest payments are due monthly and the maturity date of the note remains in January 2023. The Company recognized $9.1 million, $5.5 million, and $4.1 million of interest income and zero, $8.5 million, and zero of promoted interest from notes receivable during the years ended December 31, 2020, 2019, and 2018, respectively, none of which was related party interest. Interest income and promoted interest are included in Interest income and other income/(expense), net Investment in Joint Ventures and Partnerships We use the equity method to account for investments in joint ventures and partnerships that qualify as VIEs where we are not the primary beneficiary and other entities that we do not control or where we do not own a majority of the economic interest but have the ability to exercise significant influence over the operating and financial policies of the investee. Throughout these financial statements we use the term ājoint ventureā or āpartnershipā when referring to investments in entities in which we do not have a 100% ownership interest. The Company also uses the equity method when we function as the managing partner and our venture partner has substantive participating rights or where we can be replaced by our venture partner as managing partner without cause. For a joint venture or partnership accounted for under the equity method, our share of net earnings or losses is reflected as income/loss when earned/incurred and distributions are credited against our investment in the joint venture or partnership as received. In determining whether a joint venture or partnership is a VIE, the Company considers: the form of our ownership interest and legal structure; the size of our investment; the financing structure of the entity, including necessity of subordinated debt; estimates of future cash flows; ours and our partnerās ability to participate in the decision making related to acquisitions, disposition, budgeting and financing of the entity; obligation to absorb losses and preferential returns; nature of our partnerās primary operations; and the degree, if any, of disproportionality between the economic and voting interests of the entity. As of December 31, 2020 and 2019, the Company did not determine any of our joint ventures or partnerships to be VIEs. We evaluate our investments in unconsolidated joint ventures for events or changes in circumstances that indicate there may be an other-than-temporary decline in value. We consider various factors to determine if a decrease in the value of the investment is other-than-temporary. These factors include, but are not limited to, age of the venture, our intent and ability to retain our investment in the entity, the financial condition and long-term prospects of the entity, the fair value of the property of the joint venture, and the relationships with the other joint venture partners and its lenders. The amount of loss recognized is the excess of the investmentās carrying amount over its estimated fair value. If we believe that the decline in fair value is temporary, no impairment is recorded. The aforementioned factors are taken into consideration as a whole by management in determining the valuation of our equity method investments. Should the actual results differ from managementās judgment, the valuation could be negatively affected and may result in a negative impact to our Consolidated Financial Statements. Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Redeemable Noncontrolling Interests in the Operating Partnership and DownREIT Partnership Interests in the Operating Partnership and the DownREIT Partnership held by limited partners are represented by OP Units and DownREIT Units, respectively. The income is allocated to holders of OP Units/DownREIT Units based upon net income available to common stockholders and the weighted average number of OP Units/DownREIT Units outstanding to total common shares plus OP Units/DownREIT Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to noncontrolling interests in accordance with the terms of the partnership agreements of the Operating Partnership and the DownREIT Partnership. Limited partners of the Operating Partnership and the DownREIT Partnership have the right to require such partnership to redeem all or a portion of the OP Units/DownREIT Units held by the limited partner at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable), provided that such OP Units/DownREIT Units have been outstanding for at least one year, subject to certain exceptions. UDR, as the general partner of the Operating Partnership and the DownREIT Partnership may, in its sole discretion, purchase the OP Units/DownREIT Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (generally one share of Common Stock of the Company for each OP Unit/DownREIT Unit), as defined in the partnership agreement of the Operating Partnership or the DownREIT Partnership, as applicable. Accordingly, the Company records the OP Units/DownREIT Units outside of permanent equity and reports the OP Units/DownREIT Units at their redemption value using the Companyās stock price at each balance sheet date. Income Taxes Due to the structure of the Company as a REIT and the nature of the operations for the operating properties, no provision for federal income taxes has been provided for at UDR. Historically, the Company has generally incurred only state and local excise and franchise taxes. UDR has elected for certain consolidated subsidiaries to be treated as taxable REIT subsidiaries (āTRSā). 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 Companyās 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 December 31, 2020 and 2019, UDRās net deferred tax asset/(liability) was $(3.2) million and $(1.6) million, respectively, and are recorded in Accounts payable, accrued expenses and other liabilities GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company invests in assets that qualify for federal investment tax credits (āITCā) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 2017 through 2019 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entityās financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned Stock-Based Employee Compensation Plans The Company measures the cost of employee services received in exchange for an award of an equity instrument based on the awardās fair value on the grant date and recognizes the cost as stock-based compensation expense over the period during which the employee is required to provide service in exchange for the award, which is generally the vesting period. For performance based awards, the Company remeasures the fair value based on the estimated achievement of the performance criteria each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known. Stock-based compensation expense is only recognized for performance based awards that we expect to vest, which we estimate based upon an assessment of the probability that the performance criteria will be achieved. Stock-based compensation expense associated with awards is updated for actual forfeitures. The fair value for market based awards issued by the Company is calculated utilizing a Monte Carlo simulation and the fair value for stock options issued by the Company is calculated utilizing the Black-Scholes-Merton formula. For further discussion, see Note 10, Employee Benefit Plans. Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance Cost of Raising Capital Costs incurred in connection with the issuance of equity securities are deducted from stockholdersā equity. Costs incurred in connection with the issuance or renewal of debt are recorded based on the terms of the debt issuance or renewal. Accordingly, if the terms of the renewed or modified debt instrument are deemed to be substantially different (i.e. a 10 percent or greater difference in the cash flows between instruments), all unamortized financing costs associated with the extinguished debt are charged to earnings in the current period and certain costs of new debt issuances are capitalized and amortized over the term of the debt. When the cash flows are not substantially different, the lender costs associated with the renewal or modification are capitalized and amortized into interest expense over the remaining term of the related debt instrument and other related costs are expensed. The balance of any unamortized financing costs associated with retired debt is expensed upon retirement. Deferred financing costs for new debt instruments include fees and costs incurred by the Company to obtain financing. Deferred financing costs are generally amortized on a straight-line basis, which approximates the effective interest method, over a period not to exceed the term of the related debt. Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Companyās other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, Forward Sales Agreements ā 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 Companyās 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. ā 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 ā 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 instrumentās contingent exercise provisions and second, evaluating the instrumentās settlement provisions. When entering into forward sales agreements, we determined that (i) none of the agreementās 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 |
United Dominion Realty L.P. | |
Entity information | |
SIGNIFICANT ACCOUNTING POLICIES | 2. SIGNIFICANT ACCOUNTING POLICIES Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) 2020-06, DebtāDebt With Conversion and Other Options (Subtopic 470-20) and Derivatives and HedgingāContracts in Entityās Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entityās Own Equity ā In April 2020, the 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 or implicit enforceable rights and obligations that require lease concessions if certain circumstances arise that are beyond the control of the parties to the contract. Therefore, entities would need to 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. ā 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. ā 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. ā In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ā In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial InstrumentsāCredit Losses, ā Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. The Operating Partnership purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Operating Partnership estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, we will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Operating Partnershipās intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ā If a real estate property has indicators of impairment, we assess whether the long-lived assetās carrying value exceeds the communityās undiscounted future cash flows, which is representative of projected net operating income (āNOIā) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates and capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2020, 2019 and 2018, the Operating Partnership did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Operating Partnershipās cash and cash equivalents are held at major commercial banks. Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Operating Partnership generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Operating Partnership will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. ā 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. ā 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. Derivative Financial Instruments The General Partner utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments associated with the Operating Partnershipās allocation of the General Partnerās debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partnerās cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. Noncontrolling Interests The noncontrolling interests represent the General Partnerās interests in certain consolidated subsidiaries and are presented in the capital section of the Consolidated Balance Sheets since these interests are not convertible or redeemable into any other ownership interests of the Operating Partnership. Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnershipās 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 Partnershipās tax returns to determine whether the tax positions are āmore-likely-than-notā 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 (2017 through 2019) 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. 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 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. Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entityās financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned Allocation of General and Administrative Expenses The Operating Partnership is charged directly for general and administrative expenses it incurs. The Operating Partnership is also charged with other general and administrative expenses that have been allocated by the General Partner to each of its subsidiaries, including the Operating Partnership, based on reasonably anticipated benefits to the parties. (See Note 7, Related Party Transactions Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in capital during each period from transactions and other events and circumstances from nonowner sources, including all changes in capital during a period except for those resulting from investments by or distributions to unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Operating Partnershipās other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, Impact of COVID-19 Pandemic ā The Operating Partnership continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemicās 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. ā Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the ās future financial condition, results of operations and cash flows could be material ā During the year ended December 31, 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. ā As a result of its analysis, the reserved approximately $5.5 million of multifamily tenant lease receivables and approximately $3.5 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 $9.0 million reduction to Rental income on the Consolidated Statements of Operations for the year ended December 31, 2020. The impact to deferred leasing commissions was not material for the year ended December 31, 2020. ā 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 year ended December 31, 2020. ā Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2020, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California, San Francisco, California; Metropolitan D.C. and New York, New York markets. |
REAL ESTATE OWNED (UNITED DOMIN
REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 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 December 31, 2020, the Company owned and consolidated 149 communities in 13 states plus the District of Columbia totaling 48,283 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Land ā $ 2,139,765 ā $ 2,164,032 Depreciable property ā held and used: ā ā Land improvements ā 233,823 ā 224,964 Building, improvements, and furniture, fixtures and equipment ā 10,292,782 ā 10,102,758 Real estate intangible assets ā ā 40,570 ā ā 40,570 Under development: ā ā Land and land improvements ā 73,702 ā 29,226 Building, improvements, and furniture, fixtures and equipment ā 174,175 ā 40,551 Real estate held for disposition: ā ā Land and land improvements ā 15,184 ā ā Building, improvements, and furniture, fixtures and equipment ā 101,471 ā ā Real estate owned ā 13,071,472 ā 12,602,101 Accumulated depreciation (a) ā (4,605,366) ā (4,131,353) Real estate owned, net ā $ 8,466,106 ā $ 8,470,748 (a) Accumulated depreciation is inclusive of $5.8 million of accumulated amortization related to real estate intangible assets. ā 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 ā In August 2020, the Company acquired a to-be-developed parcel of land located in King of Prussia, Pennsylvania for approximately $16.2 million. ā In November 2020, the Company acquired a 672 apartment home operating community located in Tampa, Florida for approximately $122.5 million. The Company increased its real estate assets owned by approximately $119.4 million and recorded approximately $3.1 million of in-place lease intangibles. ā In December 2020, the Company acquired a 400 apartment home operating community located in Herndon, Virginia for approximately $128.6 million. The Company increased its real estate assets owned by approximately $125.9 million and recorded approximately $2.7 million of in-place lease intangibles. ā In January 2021, the Company acquired a 300 apartment home operating community located in Franklin, Massachusetts for approximately $77.4 million. In connection with the acquisition, the Company assumed a 4.39% fixed rate mortgage note payable secured by the community with an outstanding balance of approximately $51.8 million. The note is interest only until February 2024 and after such date payments will be based on a 30-year amortization schedule until its maturity in January 2029. ā In January 2019, the Company increased its ownership interest from 49% to 100% in a 386 apartment home operating community located in Anaheim, California, for a cash purchase price of approximately $33.5 million. In connection with the acquisition, the Company repaid approximately $59.8 million of joint venture construction financing. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as an equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships In January 2019, the Company increased its ownership interest from 49% to 100% in a 155 apartment home operating community located in Seattle, Washington, for a cash purchase price of approximately $20.0 million. In connection with the acquisition, the Company repaid approximately $26.0 million of joint venture construction financing. As a result, the Company consolidated the operating community. The Company had previously accounted for its 49% ownership interest as a preferred equity investment in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships In January 2019, the Company acquired a to-be-developed parcel of land located in Washington D.C. for approximately $27.1 million. In February 2019, the Company acquired a to-be-developed parcel of land located in Denver, Colorado for approximately $13.7 million. In February 2019, the Company acquired a 188 apartment home operating community located in Brooklyn, New York for approximately $132.1 million. The Company increased its real estate assets owned by approximately $97.5 million and recorded approximately $33.6 million of real estate intangibles and approximately $1.0 million of in-place lease intangibles. In February 2019, the Company acquired a 381 apartment home operating community located in St. Petersburg, Florida for approximately $98.3 million . ā In April 2019, the Company acquired a 498 apartment home operating community located in Towson, Maryland for approximately $86.4 million. ā In May 2019, the Company acquired a 313 apartment home operating community located in King of Prussia, Pennsylvania for approximately $107.3 million. The Company increased its real estate assets owned by approximately $106.4 million and recorded approximately $0.9 million of in-place lease intangibles. ā In May 2019, the Company acquired a 240 apartment home operating community located in St. Petersburg, Florida for approximately $49.4 million. The Company increased its real estate assets owned by approximately $48.2 million and recorded approximately $1.2 million of in-place lease intangibles. ā In June 2019, the Company acquired a 200 apartment home operating community located in Waltham, Massachusetts for approximately $84.6 million. The Company increased its real estate assets owned by approximately $82.6 million and recorded approximately $2.0 million of in-place lease intangibles. ā In August 2019, the Company acquired a 914 apartment home operating community located in Norwood, Massachusetts for approximately $270.2 million. The Company increased its real estate assets owned by approximately $260.1 million and recorded approximately $10.1 million of in-place lease intangibles. ā In August 2019, the Company acquired a 185 apartment home operating community located in Englewood, New Jersey for approximately $83.6 million. The Company increased its real estate assets owned by approximately $77.5 million and recorded approximately $4.6 million of real estate intangibles and approximately $1.5 million of in-place lease intangibles. ā In August 2019, the Company purchased a 292 apartment home operating community in Washington, D.C., directly from the UDR/KFH joint venture, thereby increasing its ownership interest from 30% to 100%, for a purchase price at 100% of approximately $184.0 million, before $2.8 million of closing costs incurred by UDR at acquisition (see Note 5, Joint Ventures and Partnerships ā In November 2019, the Company acquired the approximately 50% ownership interest not previously owned in 10 UDR/MetLife operating communities, one development community and four land parcels valued at $1.1 billion, or $564.2 million at UDRās share, and sold its approximately 50% ownership interest in five UDR/MetLife operating communities valued at $645.8 million, or $322.9 million at UDRās share, to MetLife, and recognized a net gain on sale of $114.9 million at our share. The Company paid $109.2 million directly to MetLife to complete the transaction. As a result, the Company consolidated the 10 operating communities, one development community and four land parcels, and they are no longer accounted for as equity method investments in an unconsolidated joint venture (see Note 5, Joint Ventures and Partnerships million. The Company recorded the debt at its fair value in Secured debt net ā The following table summarizes the 10 communities, one development community and four land parcels acquired from the UDR/MetLife II and the UDR/MetLife Vitruvian Park Ā® ā ā ā ā ā Property Type Number of Homes Location Strata Operating Community 163 San Diego, CA Crescent Falls Church Operating Community 214 Washington, D.C. Charles River Landing Operating Community 350 Boston, MA Lodge at Ames Pond Operating Community 364 Boston, MA Lenox Farms Operating Community 338 Boston, MA Towson Promenade Operating Community 379 Baltimore, MD Savoye Operating Community 394 Addison, TX Savoye2 Operating Community 351 Addison, TX Fiori on Vitruvian Park Ā® Operating Community 391 Addison, TX Vitruvian West Operating Community 383 Addison, TX Vitruvian West Phase 2 (a) Development Community 366 Addison, TX Vitruvian Park Ā® 4 Land Parcels N/A Addison, TX (a) The number of apartment homes for the community under development presented in the table above is based on the projected number of total homes upon completion of development. As of December 31, 2019, no apartment homes had been completed. During the year ended December 31, 2018, the Company did not have any acquisitions of real estate. 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 which was repaid in January 2021. (See Note 2, Significant Accounting Policies for further discussion.) 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. ā In October 2020, the Company sold an operating community located in Alexandria, Virginia with a total of 332 apartment homes for gross proceeds of $145.0 million, resulting in a gain of approximately $58.0 million. The proceeds were designated for a tax-deferred Section 1031 exchange and were used to pay a portion of the purchase price for acquisitions in November and December 2020. ā In February 2021, the Company sold an operating community in Anaheim, California with a total of 386 apartment homes for gross proceeds of $156.0 million, resulting in a gain of approximately $50.8 million. ā In June 2019, the Company sold a parcel of land located in Los Angeles, California for $38.0 million, resulting in a gain of approximately $5.3 million. Prior to the sale, the parcel of land was subject to a ground lease, under which UDR was the lessor, scheduled to expire in 2065. The ground lease included a purchase option for the lessee to acquire the land during specific periods of the ground lease term. During the second quarter of 2019, the lessee exercised the purchase option resulting in this sale by the Company and the ground lease being terminated. Prior to the sale, the purchase option was not deemed to be a bargain purchase option. This ground lease existed as of the adoption of the new lease accounting guidance on January 1, 2019 and we did not reassess lease classification per the practical expedient provided by the standard. As a result, this ground lease continued to be classified as an operating lease and the land parcel subject to the ground lease continued to be recognized in Real estate held for investment ā In February 2018, the Company sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million, resulting in a gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange that were used to pay a portion of the purchase price for an acquisition in October 2017. In December 2018, the Company sold an operating community in Fairfax, Virginia with a total of 604 apartment homes for gross proceeds of $160.0 million, resulting in a gain of $65.9 million. Developments At December 31, 2020, the Company was developing five wholly-owned communities totaling 1,378 homes, 202 of which have been completed, in which we have an investment of $247.9 million. The communities are estimated to be completed between the first quarter of 2021 and the second quarter of 2023. Other Activity In connection with the acquisition of certain properties, the Company agreed to pay certain of the tax liabilities of certain contributors if the Company sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Company may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax deferred Section 1031 exchange. Further, the Company has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Company, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions. Amortization of Intangible Assets The following table provides a summary of the aggregate amortization for the intangible assets acquired in the acquisition of real estate for each of the next five years and thereafter ( in thousands ): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Unamortized Balance as of December 31, 2020 ā 2021 ā 2022 ā 2023 ā 2024 ā 2025 ā Thereafter Real estate intangible assets, net (a) ā $ 34,782 ā $ 2,840 ā $ 2,740 ā $ 2,643 ā $ 2,525 ā $ 2,436 ā $ 21,598 In-place lease intangible assets, net (b) ā ā 2,631 ā ā 553 ā ā 518 ā ā 403 ā ā 375 ā ā 318 ā ā 464 Total ā $ 37,413 ā $ 3,393 ā $ 3,258 ā $ 3,046 ā $ 2,900 ā $ 2,754 ā $ 22,062 ā ā ā (a) Real estate intangible assets, net is recorded net of accumulated amortization of $5.8 million in Real estate held for investment, net on the Consolidated Balance Sheets. For the year ended December 31, 2020, $3.1 million of amortization expense was recorded in Depreciation and Amortization on the Consolidated Statement of Operations. ā (b) In-place lease intangible assets, net is recorded net of accumulated amortization of $6.0 million in Other assets on the Consolidated Balance Sheets. For the year ended December 31, 2020, $46.1 million was recorded in Depreciation and Amortizatio n on the Consolidated Statement of Operations. |
United Dominion Realty L.P. | |
Entity information | |
REAL ESTATE OWNED | 3. REAL ESTATE OWNED Real estate assets owned by the Operating Partnership consist of income producing operating properties, properties under development, land held for future development, and sold or held for disposition properties. At December 31, 2020, the Operating Partnership owned and consolidated 53 communities in nine states plus the District of Columbia totaling 17,174 apartment homes. The following table summarizes the carrying amounts for our real estate owned (at cost) as of December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Land ā $ 730,559 ā $ 711,256 Depreciable property ā held and used: ā ā ā ā Land improvements ā ā 101,470 ā ā 96,864 Buildings, improvements, and furniture, fixtures and equipment ā 3,211,696 ā 3,067,040 Real estate owned ā 4,043,725 ā 3,875,160 Accumulated depreciation ā (1,892,011) ā (1,796,568) Real estate owned, net ā $ 2,151,714 ā $ 2,078,592 ā Acquisitions In November 2020, the Operating Partnership acquired a 672 apartment home operating community located in Tampa, Florida for approximately $122.5 million. The Operating Partnership increased its real estate assets owned by approximately $119.4 million and recorded approximately $3.1 million of in-place lease intangibles. ā In December 2020, the Operating Partnership acquired a 400 apartment home operating community located in Herndon, Virginia for approximately $128.6 million. The Operating Partnership increased its real estate assets owned by approximately $125.9 million and recorded approximately $2.7 million of in-place lease intangibles. ā The Operating Partnership did not have any acquisitions of real estate during the years ended December 31, 2019 and 2018. Dispositions In October 2020, the Operating Partnership sold an operating community located in Alexandria, Virginia with a total of 332 apartment homes for gross proceeds of $145.0 million, resulting in a gain of approximately $58.0 million. The proceeds were designated for a tax-deferred Section 1031 exchange and were used to pay a portion of the purchase price for acquisitions in November and December 2020. ā The Operating Partnership did not have any dispositions of real estate during the year ended December 31, 2019. In February 2018, the Operating Partnership sold an operating community in Orange County, California with a total of 264 apartment homes for gross proceeds of $90.5 million, resulting in a gain of $70.3 million. The proceeds were designated for a tax-deferred Section 1031 exchange that were used to pay a portion of the purchase price for an acquisition in October 2017. In December 2018, the Operating Partnership sold a commercial office building in Fairfax, Virginia for gross proceeds of $9.3 million, resulting in a gain of $5.2 million. Other Activity In connection with the acquisition of certain properties, the Operating Partnership agreed to pay certain of the tax liabilities of certain contributors if the Operating Partnership sells one or more of the properties contributed in a taxable transaction prior to the expiration of specified periods of time following the acquisition. The Operating Partnership may, however, sell, without being required to pay any tax liabilities, any of such properties in a non-taxable transaction, including, but not limited to, a tax deferred Section 1031 exchange. Further, the Operating Partnership has agreed to maintain certain debt that may be guaranteed by certain contributors for specified periods of time following the acquisition. The Operating Partnership, however, has the ability to refinance or repay guaranteed debt or to substitute new debt if the debt and the guaranty continue to satisfy certain conditions. |
UNCONSOLIDATED ENTITIES (UNITED
UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 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 UDRās 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 communities held by the unconsolidated joint ventures and partnerships. The following table summarizes the Companyās investment in and advances to unconsolidated joint ventures and partnerships, net, which are accounted for under the equity method of accounting as of December 31, 2020 and 2019 (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Number of ā Number of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Operating ā Apartment ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Communities ā Homes ā Investment at ā UDRās Ownership Interest ā ā Income/(loss) from investments ā Location of December 31, December 31, December 31, December 31, ā December 31, ā December 31, ā Year Ended December 31, Joint Venture Properties 2020 2020 2020 2019 ā 2020 ā 2019 ā 2020 2019 2018 Operating: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā UDR/MetLife I ā Los Angeles, CA ā 1 ā 150 ā $ 26,426 ā $ 28,812 ā 50.0 % ā 50.0 % ā $ (2,639) ā $ (2,108) ā $ (2,750) UDR/MetLife II Various 7 1,250 ā 151,353 ā 150,893 ā 50.0 % ā 50.0 % ā ā (1,044) ā ā 117,574 ā ā 2,954 Other UDR/MetLife Joint Ventures (h) Various 5 1,437 ā 82,072 ā 98,441 ā 50.6 % ā 50.6 % ā ā (10,444) ā ā (6,349) ā ā (7,639) West Coast Development Joint Ventures (c) ā Los Angeles, CA ā 1 ā 293 ā ā 30,080 ā ā 34,907 ā 47.0 % ā 47.0 % ā ā (325) ā ā (993) ā ā (237) Sold Joint Ventures ā ā ā ā ā ā ā ā ā ā ā ā ā ā % ā ā % ā ā ā ā ā 6,123 ā ā (7,694) Investment in and advances to unconsolidated joint ventures, net, before preferred equity investments and other investments ā $ 289,931 ā $ 313,053 ā ā ā ā $ (14,452) ā $ 114,247 ā $ (15,366) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Investment at ā Income/(loss) from investments Developer Capital Program ā ā Years To ā UDR December 31, December 31, ā Year Ended December 31, and Other Investments (a) Location Rate Maturity ā Commitment (b) 2020 2019 2020 2019 2018 Preferred equity investments: ā ā ā ā ā ā ā ā ā ā ā ā West Coast Development Joint Ventures (c) Hillsboro, OR 6.5 % N/A ā $ ā ā $ ā ā $ 17,064 ā $ (46) ā $ (447) ā $ 865 1532 Harrison ā San Francisco, CA ā 11.0 % 1.5 ā ā 24,645 ā ā 34,135 ā ā 30,585 ā ā 3,519 ā ā 3,147 ā ā 2,228 1200 Broadway (d) ā Nashville, TN ā 8.0 % 1.7 ā ā 55,558 ā ā 69,330 ā ā 63,958 ā ā 5,309 ā ā 4,888 ā ā 2,970 Junction ā Santa Monica, CA ā 12.0 % 1.6 ā ā 8,800 ā ā 11,699 ā ā 10,379 ā ā 1,321 ā ā 1,169 ā ā 406 1300 Fairmount (d) ā Philadelphia, PA ā Variable ā 2.6 ā ā 51,393 ā ā 59,544 ā ā 51,215 ā ā 4,843 ā ā 3,098 ā ā 159 Essex ā Orlando, FL ā 12.5 % 2.6 ā ā 12,886 ā ā 16,770 ā ā 14,804 ā ā 1,965 ā ā 1,639 ā ā 258 Modera Lake Merritt (d) ā Oakland, CA ā 9.0 % 3.2 ā ā 27,250 ā ā 30,928 ā ā 22,653 ā ā 2,592 ā ā 1,067 ā ā ā Thousand Oaks (e) ā Thousand Oaks, CA ā 9.0 % 4.1 ā ā 20,059 ā ā 17,919 ā ā ā ā ā 763 ā ā ā ā ā ā Vernon Boulevard (f) ā Queens, NY ā 13.0 % 4.5 ā ā 40,000 ā ā 42,360 ā ā ā ā ā 2,348 ā ā ā ā ā ā Other investments: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā The Portals (g) ā Washington, D.C. ā 11.0 % N/A ā ā ā ā ā ā ā ā 48,181 ā ā 5,745 ā ā 5,012 ā ā 3,692 Other investment ventures ā N/A ā N/A ā N/A ā $ 34,500 ā ā 22,870 ā ā 13,598 ā ā 4,937 ā ā 4,053 ā ā (267) Total Preferred Equity Investments and Other Investments ā ā ā ā ā ā ā ā ā ā ā 305,555 ā ā 272,437 ā ā 33,296 ā ā 23,626 ā ā 10,311 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Joint Ventures and Developer Capital Program Investments, net (h) ā ā ā ā $ 595,486 ā $ 585,490 ā $ 18,844 ā $ 137,873 ā $ (5,055) (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 UDRās 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 a 276 apartment home operating community located in Hillsboro, Oregon, for a cash purchase price of approximately $21.6 million. As a result, in January 2020, the Company consolidated the operating community and it is no longer accounted for as a preferred equity investment in an unconsolidated joint venture (see Note 3, Real Estate Owned ). In January 2021, the joint venture sold its remaining community, a 293 home operating community in Los Angeles, California, for a sales price of approximately $121.0 million. As a result, the Company will record a gain on the sale of approximately $2.5 million in the first quarter of 2021. (d) The Companyās 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 Companyās 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) 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 Companyās 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 . (g) The Company previously entered into a joint venture agreement with an unaffiliated joint venture partner. The joint venture made a mezzanine loan to a third-party developer of a 373-apartment home community in Washington, D.C. In December 2020, the mezzanine loan was paid in full and the Company redeemed its investment. The Company received cash of $53.7 million, consisting of its investment of $38.6 million and contractually accrued interest of $15.1 million . (h) As of December 31, 2020 and 2019, the Companyās negative investment in 13 th and Market Properties LLC of $4.7 million and $2.8 million, respectively, 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 January 2021, the Company entered into a joint venture agreement with an unaffiliated joint venture partner to develop and operate a 356 apartment home community in Herndon, Virginia. The Companyās preferred equity investment of $30.2 million earns a preferred return of 9.0% per annum and receives a variable percentage of the value created from the project upon a capital or liquidating event. The unaffiliated joint venture partner is the managing member of the joint venture and the developer of the community. The Company has concluded that it does not control the joint venture and accounts for it under the equity method of ā As of December 31, 2020 and 2019, the Company had deferred fees of $8.4 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 $5.1 million, $14.0 million, and $11.6 million during the years ended December 31, 2020, 2019, and 2018, 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 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 Condensed summary financial information relating to the unconsolidated joint venturesā and partnershipsā operations (not just our proportionate share), is presented below for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā As of and For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā Year Ended December 31, 2020 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 9,480 ā $ 56,274 ā $ 57,781 ā $ 8,668 ā $ 132,203 ā $ 16,189 ā $ 148,392 Property operating expenses ā 4,978 ā 21,951 ā 22,870 ā 4,477 ā 54,276 ā 8,232 ā 62,508 Real estate depreciation and amortization ā 5,980 ā 18,912 ā 35,454 ā 3,338 ā 63,684 ā 3,495 ā 67,179 Operating income/(loss) ā (1,478) ā 15,411 ā (543) ā 853 ā 14,243 ā 4,462 ā 18,705 Interest expense ā (3,075) ā (15,386) ā (17,457) ā (1,344) ā (37,262) ā (3,121) ā (40,383) Other income/(loss) ā ā ā 204 ā ā ā 63 ā 267 ā 35 ā 302 Net realized/unrealized gain/(loss) on held investments ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 36,141 ā ā 36,141 Net income/(loss) ā $ (4,553) ā $ 229 ā $ (18,000) ā $ (428) ā $ (22,752) ā $ 37,517 ā $ 14,765 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Condensed Balance Sheets: ā ā ā ā ā ā ā ā ā Total real estate, net ā $ 114,192 ā $ 650,593 ā $ 589,822 ā $ ā ā $ 1,354,607 ā $ 550,198 ā $ 1,904,805 Real estate assets held for sale ā ā ā ā ā ā ā ā ā ā ā 88,458 ā ā 88,458 ā ā ā ā ā 88,458 Cash and cash equivalents ā 2,585 ā 4,369 ā 7,049 ā ā ā 14,003 ā 8,275 ā 22,278 Other assets ā 1,622 ā 14,133 ā 6,214 ā ā ā 21,969 ā 128,925 ā 150,894 Total assets ā 118,399 ā 669,095 ā 603,085 ā 88,458 ā 1,479,037 ā 687,398 ā 2,166,435 Third party debt, net ā 70,946 ā 416,364 ā 454,153 ā ā ā 941,463 ā 247,247 ā 1,188,710 Liabilities held for sale ā ā ā ā ā ā ā ā ā ā ā 55,440 ā ā 55,440 ā ā ā ā ā 55,440 Accounts payable and accrued liabilities ā 3,507 ā 6,764 ā 8,593 ā ā ā 18,864 ā 21,692 ā 40,556 Total liabilities ā 74,453 ā 423,128 ā 462,746 ā 55,440 ā 1,015,767 ā 268,939 ā 1,284,706 Total equity ā $ 43,946 ā $ 245,967 ā $ 140,339 ā $ 33,018 ā $ 463,270 ā $ 418,459 ā $ 881,729 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā As of and For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā Year Ended December 31, 2019 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 9,834 ā $ 151,226 ā $ 102,888 ā $ 14,058 ā $ 278,006 ā $ 11,242 ā $ 289,248 Property operating expenses ā 4,533 ā 54,445 ā 39,542 ā 6,829 ā ā 105,349 ā ā 3,432 ā 108,781 Real estate depreciation and amortization ā 5,787 ā 44,077 ā 50,579 ā 5,440 ā ā 105,883 ā ā ā ā 105,883 Gain/(loss) on sale of real estate (a) ā ā ā ā ā ā ā ā 115,516 ā ā ā ā ā 115,516 ā ā ā ā ā 115,516 Operating income/(loss) ā (486) ā 52,704 ā 128,283 ā 1,789 ā 182,290 ā 7,810 ā 190,100 Interest expense ā (3,070) ā (44,825) ā (27,647) ā (4,656) ā ā (80,198) ā ā ā ā (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ā ā ā ā ā 458,195 ā ā 25,711 ā ā ā ā ā 483,906 ā ā ā ā ā 483,906 Other income/(loss) ā ā ā ā ā ā ā 159 ā ā 159 ā ā (68) ā 91 Net realized/unrealized gain/(loss) on held investments ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 26,417 ā ā 26,417 Net income/(loss) ā $ (3,556) ā $ 466,074 ā $ 126,347 ā $ (2,708) ā $ 586,157 ā $ 34,159 ā $ 620,316 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Condensed Balance Sheets: ā ā ā ā ā ā ā ā ā ā ā ā Total real estate, net ā $ 120,055 ā $ 663,492 ā $ 621,335 ā $ 140,224 ā $ 1,545,106 ā $ 355,975 ā $ 1,901,081 Cash and cash equivalents ā 2,317 ā 4,208 ā 7,973 ā 5,692 ā ā 20,190 ā ā 9,633 ā 29,823 Other assets ā 1,053 ā 9,777 ā 5,400 ā 1,305 ā ā 17,535 ā ā 155,406 ā 172,941 Total assets ā 123,425 ā 677,477 ā 634,708 ā 147,221 ā 1,582,831 ā 521,014 ā 2,103,845 Third party debt, net ā 70,890 ā 425,303 ā 454,972 ā 90,498 ā ā 1,041,663 ā ā 106,385 ā 1,148,048 Accounts payable and accrued liabilities ā 4,037 ā 9,303 ā 9,757 ā 3,440 ā ā 26,537 ā ā 28,577 ā 55,114 Total liabilities ā 74,927 ā 434,606 ā 464,729 ā 93,938 ā 1,068,200 ā 134,962 ā 1,203,162 Total equity ā $ 48,498 ā $ 242,871 ā $ 169,979 ā $ 53,283 ā $ 514,631 ā $ 386,052 ā $ 900,683 (a) Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level. (b) Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian ParkĀ® joint venture level prior to their distribution to the Company or MetLife in November 2019. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value. For the approximately 50% ownership interest acquired in the 10 operating communities, one development community and four land parcels described above, the Company deferred its share of the net gain on revaluation of approximately $131.5 million and recorded it as a reduction of the carrying amount of real estate owned. (see Note 3, Real Estate Owned ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā UDR/ ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā ā ā ā MetLife ā For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā ā ā ā Vitruvian ā Year Ended December 31, 2018 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total ā ā ā Park Ā® ā Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 3,187 ā $ 158,738 ā $ 108,766 ā $ 16,392 ā $ 287,083 ā $ 5,977 ā $ 293,060 ā ā ā $ 26,096 ā Property operating expenses ā 3,066 ā 56,403 ā 44,048 ā 8,830 ā 112,347 ā 1,789 ā 114,136 ā ā ā 13,732 ā Real estate depreciation and amortization ā 3,392 ā 44,721 ā 59,419 ā 7,679 ā 115,211 ā ā ā 115,211 ā ā ā 9,495 ā Operating income/(loss) ā (3,271) ā 57,614 ā 5,299 ā (117) ā 59,525 ā 4,188 ā 63,713 ā ā ā 2,869 ā Interest expense ā (1,872) ā (49,118) ā (30,198) ā (6,175) ā (87,363) ā ā ā (87,363) ā ā ā (6,051) ā Other income/(loss) ā ā ā ā ā ā ā ā ā ā ā 148 ā ā 148 ā ā ā ā ā 148 ā ā ā ā ā ā Net income/(loss) ā $ (5,143) ā $ 8,496 ā $ (24,899) ā $ (6,144) ā $ (27,690) ā $ 4,188 ā $ (23,502) ā ā ā $ (3,182) ā ā ā |
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 December 31, 2020, the DownREIT Partnership owned 12 communities with 5,657 apartment homes. The Operating Partnershipās investment in the DownREIT Partnership was $51.3 million and $76.2 million as of December 31, 2020 and 2019, respectively. In December 2018, the DownREIT Partnership sold an operating community in Fairfax, Virginia with a total of 604 apartment homes for gross proceeds of $150.7 million. As a result, the Operating Partnership recorded a gain of $51.1 million, which is included in Income/(loss) from unconsolidated entities on the Consolidated Statement of Operations. We consider various factors to determine if a decrease in the value of our Investment in unconsolidated entities Condensed summary financial information relating to the DownREIT Partnership (not just our proportionate share), is presented below for the years ended December 31, 2020, 2019 and 2018 ( dollars in thousands ā ā ā ā ā ā ā ā ā December 31, ā December 31, ā 2020 2019 Total real estate, net $ 1,042,449 $ 1,106,703 Cash and cash equivalents ā 23 ā 20 Note receivable from the General Partner ā 306,594 ā 222,853 Other assets ā 7,940 ā 4,829 Total assets $ 1,357,006 $ 1,334,405 ā ā ā ā ā ā ā Secured debt, net ā $ 506,605 ā $ 427,592 Other liabilities ā 28,800 ā 28,087 Total liabilities ā 535,405 ā 455,679 Total capital ā $ 821,601 ā $ 878,726 ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended ā ā December 31, ā 2020 2019 ā 2018 Total revenue ā $ 130,597 $ 128,621 ā $ 138,121 Property operating expenses ā (51,888) ā (51,747) ā (56,998) Real estate depreciation and amortization ā (82,092) ā (82,283) ā (85,872) Gain/(loss) on sale of real estate ā ā ā ā ā ā ā ā 24,053 Operating income/(loss) ā (3,383) ā (5,409) ā 19,304 Interest expense ā (15,599) ā (15,648) ā (14,456) Other income/(loss) ā 8,466 ā 8,061 ā 4,884 Net income/(loss) ā $ (10,516) $ (12,996) $ 9,732 ā |
LEASES (UNITED DOMINION REALTY,
LEASES (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
LEASES | 6. LEASES Lessee - Ground and Office Leases UDR owns six communities that are subject to ground leases, under which UDR is the lessee, expiring between 2043 and 2103, inclusive of extension options we are reasonably certain will be exercised. All of these leases 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 years ended December 31, 2020 and 2019. As of December 31, 2020 and 2019, the Operating lease right-of-use assets Operating lease liabilities Operating lease right-of-use assets Operating lease liabilities As the discount rate implicit in the leases was not readily determinable, we determined the discount rate for these leases utilizing the Companyās 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 43.9 years and 44.7 years at December 31, 2020 and 2019, respectively, and the weighted average discount rate was 5.0% at both December 31, 2020 and 2019. Future minimum lease payments and total operating lease liabilities from our ground leases as of December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā Ground Leases 2021 ā $ 12,442 2022 ā ā 12,442 2023 ā ā 12,442 2024 ā ā 12,442 2025 ā ā 12,442 Thereafter ā ā 442,778 Total future minimum lease payments (undiscounted) ā ā 504,988 Difference between future undiscounted cash flows and discounted cash flows ā ā (309,396) Total operating lease liabilities (discounted) ā $ 195,592 ā For purposes of recognizing our ground lease contracts, the Company uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Company uses the current rent over the remainder of the lease term. If there is a contingency upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Company will remeasure the right-of-use asset and lease liability on the reset date. For the year ended December 31, 2019, Operating lease right-of-use assets Operating lease liabilities The components of operating lease expenses were as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 Lease expense: ā ā ā ā ā ā Contractual lease expense ā $ 12,821 ā $ 8,272 Variable lease expense (a) ā ā 119 ā ā 664 Total operating lease expense (b)(c) ā $ 12,940 ā $ 8,936 (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 year ended December 31, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.3 million and $3.0 million, respectively, and for the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.2 million and $0.8 million, respectively. Due to the net impact of the amortization, the Company recorded $0.3 million and $0.4 million of total operating lease expense during the year ended December 31, 2020 and 2019, respectively. ā Lessor - Apartment Home, Retail and Commercial Space Leases ā UDRās communities and retail and commercial space are leased to tenants under operating leases. As of December 31, 2020, our apartment home leases generally have initial terms of 12 months or less and represent approximately 97.3% of our total lease revenue. As of December 31, 2020, our retail and commercial space leases generally have initial terms of between 5 and 15 years and represent approximately 2.7% 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 due to market-based or fixed-price renewal options and certain other conditions. (See Note 16, Reportable Segments ā We previously owned a parcel of land subject to a ground lease under which UDR was the lessor, expiring in 2065. The ground lease included a purchase option for the lessee to acquire the land during specific periods of the ground lease term. In June 2019, the lessee exercised the purchase option and acquired the parcel of land for $38.0 million. (See Note 3, Real Estate Owned ā Future minimum lease payments from our retail and commercial leases as of December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā Retail and Commercial Leases 2021 ā $ 23,970 2022 ā ā 22,749 2023 ā ā 20,855 2024 ā ā 19,132 2025 ā ā 15,972 Thereafter ā ā 70,396 Total future minimum lease payments (a) ā $ 173,074 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less. Certain of our leases with retail and commercial tenants provide for the payment by the lessee of additional variable rent based on a percentage of the tenantās revenue. The amounts shown in the table above do not include these variable percentage rents. The Company recorded variable percentage rents of $0.2 million and $0.4 million during the years ended December 31, 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 seven communities from the General Partner, pursuant to leases that expire in 2030. We currently do not hold any finance leases. 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 years ended December 31, 2020 and 2019. As of December 31, 2020 and 2019, the Operating lease right-of-use assets Operating lease liabilities Operating lease right-of-use assets Operating lease liabilities As the discount rate implicit in the leases was not readily determinable, we determined the discount rate for these leases utilizing the Operating Partnershipās 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 43.7 years and 44.4 years at December 31, 2020 and 2019, respectively, and the weighted average discount rate was 5.0% at both December 31, 2020 and 2019. Future minimum lease payments and total operating lease liabilities from our ground and equipment leases as of December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Ground Leases ā Equipment Leases ā Total 2021 ā $ 12,442 ā $ 179 ā $ 12,621 2022 ā ā 12,442 ā ā 183 ā ā 12,625 2023 ā ā 12,442 ā ā 187 ā ā 12,629 2024 ā ā 12,442 ā ā 191 ā ā 12,633 2025 ā ā 12,442 ā ā 195 ā ā 12,637 Thereafter ā ā 442,778 ā ā 813 ā ā 443,591 Total future minimum lease payments (undiscounted) ā ā 504,988 ā ā 1,748 ā ā 506,736 Difference between future undiscounted cash flows and discounted cash flows ā ā (309,396) ā ā (205) ā ā (309,601) Total operating lease liabilities (discounted) ā $ 195,592 ā $ 1,543 ā $ 197,135 ā For purposes of recognizing our ground lease contracts, the Operating Partnership uses the minimum lease payments, if stated in the agreement. For ground lease agreements where there is a rent reset provision based on a change in an index or a rate (i.e., changes in fair market rental rates or changes in the consumer price index) but that does not include a specified minimum lease payment, the Operating Partnership uses the current rent over the remainder of the lease term. If there is a contingency, upon which some or all of the variable lease payments that will be paid over the remainder of the lease term are based, which is resolved such that those payments now meet the definition of lease payments, the Operating Partnership will remeasure the right-of-use asset and lease liability on the reset date. For the year ended December 31, 2019, Operating lease right-of-use assets Operating lease liabilities For the years ended December 31, 2020 and 2019, Operating lease right-of-use assets and Operating lease liabilities increased by $0.3 million and $1.4 million, respectively, due to the Operating Partnership entering into new equipment leases. The components of operating lease expenses from our ground and equipment leases were as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 Ground lease expense: ā ā ā ā ā ā Contractual ground lease rent expense ā $ 12,821 ā $ 8,272 Variable ground lease expense (a) ā ā 119 ā ā 664 Total ground lease expense (b) ā ā 12,940 ā ā 8,936 Contractual equipment lease expense (b) ā ā 155 ā ā 19 Total operating lease expense (c) ā $ 13,095 ā $ 8,955 (a) Variable ground lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Ground lease and equipment lease expense are reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the year ended December 31, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.2 million, respectively, and for the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.0 million and $0.7 million, respectively. Due to the net impact of the amortization, the Operating Partnership recorded $0.3 million and $0.3 million of total operating lease expense during the years ended December 31, 2020 and 2019, respectively, due to the net impact of the amortization. ā Lessor - Apartment Home and Retail and Commercial Leases ā The Operating Partnershipās communities and retail and commercial space are leased to tenants under operating leases. As of December 31, 2020, our apartment home leases generally have initial terms of 12 months or less and represent 97.7% of our total lease revenue. As of December 31, 2020, our retail and commercial space leases generally have initial terms between 5 and 15 years and represent approximately 2.3% 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 ā Future minimum lease payments from our retail and commercial leases as of December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā Retail and Commercial Leases 2021 ā $ 6,808 2022 ā ā 6,389 2023 ā ā 6,110 2024 ā ā 5,368 2025 ā ā 4,777 Thereafter ā ā 9,115 Total future minimum lease payments (a) ā $ 38,567 (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 tenantās revenue. The amounts shown in the table above do not include these variable percentage rents. The Operating Partnership recorded variable percentage rents of less than $0.1 million and $0.1 million during the years ended December 31, 2020 and 2019. |
DEBT, NET (UNITED DOMINION REAL
DEBT, NET (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
DEBT, NET | 7. SECURED AND UNSECURED DEBT, NET The following is a summary of our secured and unsecured debt at December 31, 2020 and 2019 ( dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Principal Outstanding ā As of December 31, 2020 ā ā ā ā ā ā ā ā Weighted ā Weighted ā ā ā ā ā ā ā ā ā ā Average ā Average ā Number of ā ā December 31, ā December 31, ā Interest ā Years to ā Communities ā 2020 2019 Rate Maturity Encumbered Secured Debt: ā ā ā ā ā ā ā Fixed Rate Debt ā ā Mortgage notes payable (a) ā $ 824,550 ā $ 884,869 3.31 % 7.2 11 Credit facilities (b) ā ā ā 204,590 ā % ā ā Deferred financing costs and other non-cash adjustments (b) ā 10,665 ā 33,046 Total fixed rate secured debt, net ā 835,215 ā 1,122,505 3.31 % 7.2 11 Variable Rate Debt ā ā Tax-exempt secured notes payable (c) ā 27,000 ā 27,000 0.84 % 11.2 1 Deferred financing costs ā (68) ā (64) Total variable rate secured debt, net ā 26,932 ā 26,936 0.84 % 11.2 1 Total Secured Debt, net ā 862,147 ā 1,149,441 3.23 % 7.3 12 Unsecured Debt: ā ā Variable Rate Debt ā ā Borrowings outstanding under unsecured credit facility due January 2023 (d) (p) ā ā ā ā ā % 2.1 Borrowings outstanding under unsecured commercial paper program due January 2021 (e) (p) ā ā 190,000 ā ā 300,000 ā 0.27 % 0.1 ā ā Borrowings outstanding under unsecured working capital credit facility due January 2022 ā 28,024 ā 16,583 0.97 % 1.0 Term Loan due September 2023 (d) (p) ā 35,000 ā 35,000 1.05 % 2.8 Fixed Rate Debt ā ā Term Loan due September 2023 (d) (p) ā ā 315,000 ā 315,000 2.55 % 2.8 ā ā 3.75% Medium-Term Notes due July 2024 (net of discounts of $0 and $470, respectively) (g) (p) ā ā ā 299,530 ā % ā 8.50% Debentures due September 2024 ā 15,644 ā 15,644 8.50 % 3.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $327 and $396, respectively) (h) (p) ā 299,673 ā 299,604 4.53 % 4.8 2.95% Medium-Term Notes due September 2026 (i) (p) ā 300,000 ā 300,000 2.89 % 5.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $458 and $529, respectively) (p) ā ā 299,542 ā ā 299,471 ā 3.50 % 6.5 ā ā 3.50% Medium-Term Notes due January 2028 (net of discounts of $835 and $954, respectively) (p) ā ā 299,165 ā ā 299,046 ā 3.50 % 7.0 ā ā 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (j) (p) ā ā 299,995 ā ā 299,995 ā 4.27 % 8.1 ā ā 3.20% Medium-Term Notes due January 2030 (net of premiums of $12,412 and $2,281, respectively) (k) (p) ā ā 612,412 ā ā 402,281 ā 3.32 % 9.0 ā ā 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,027 and $1,123, respectively) (l) (p) ā ā 398,973 ā ā 398,877 ā 3.01 % 10.6 ā ā 2.10% Medium-Term Notes due August 2032 (net of discounts of $408 and $0, respectively) (m) (p) ā ā 399,592 ā ā ā ā 2.10 % 11.6 ā ā 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,471 and $0, respectively) (n) (p) ā ā 348,529 ā ā ā ā 1.90 % 12.2 ā ā 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,221 and $1,309, respectively) (o) (p) ā ā 298,779 ā ā 298,691 ā 3.13 % 13.8 ā ā Other ā 10 ā 13 Deferred financing costs ā (25,937) ā (21,652) Total Unsecured Debt, net ā 4,114,401 ā 3,558,083 2.98 % 8.1 Total Debt, net ā $ 4,976,548 ā $ 4,707,524 2.91 % 8.0 ā For purposes of classification of the above table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Company having effectively established a fixed interest rate for the underlying debt instrument. Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. As of December 31, 2020, secured debt encumbered $1.4 billion or 10.6% of UDRās total real estate owned based upon gross book value ($11.7 billion or 89.4% of UDRās real estate owned based on gross book value is unencumbered). (a) At December 31, 2020, fixed rate mortgage notes payable are generally due in monthly installments of principal and interest and mature at various dates from July 2024 through February 2031 and carry interest rates ranging from 2.62% to 4.12%. In July 2020, the Company refinanced a 4.35% fixed rate mortgage note payable due in November 2020 with a balance of $79.3 million with a $160.9 million, 2.62% fixed rate mortgage note payable due in 2031. The Company incurred net extinguishment costs of $0.5 million in connection with the refinancing. The incremental proceeds were used to reduce the Companyās borrowings under its unsecured commercial paper program. ā During the years ended December 31, 2020 and 2019, the Company prepaid $111.1 million and zero , respectively, of its fixed rate mortgage notes payable with proceeds from the issuance of senior unsecured medium-term notes. The Company incurred net extinguishment costs of $8.5 million, zero and $0.5 million during years ended December 31, 2020, 2019, and 2018, respectively, which was included in Interest expense on the Consolidated Statements of Operations. ā 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 year ended December 31, 2020, the Company prepaid the $201.9 million outstanding balance under its secured credit facility with New York Life with proceeds from the issuance of senior unsecured medium-term notes. The Company incurred net extinguishment costs of $9.0 million during the year ended December 31, 2020, which was included in Interest expense ā During the years ended December 31, 2020, 2019, and 2018, the Company had $22.4 million, $3.0 million, and $3.0 million, respectively, of amortization of the fair market adjustment of debt assumed in the acquisition of properties inclusive of its fixed rate mortgage notes payable and credit facilities, which was included in Interest expense ā (c) The variable rate mortgage note payable secures a tax-exempt housing bond issue that matures in March 2032. Interest on this note is payable in monthly installments. As of December 31, 2020, the variable interest rate on the mortgage note was 0.84%. (d) The Company has a $1.1 billion unsecured revolving credit facility (the āRevolving Credit Facilityā) and a $350.0 million unsecured term loan (the āTerm Loanā). The credit agreement for these facilities (the āCredit Agreementā) allows the total commitments under the Revolving Credit Facility and the total borrowings under the Term Loan to be increased to an aggregate maximum amount of up to $2.0 billion, subject to certain conditions, including obtaining commitments from one or more lenders. The Revolving Credit Facility has a scheduled maturity date of January 31, 2023, with two six-month extension options, subject to certain conditions. The Term Loan has a scheduled maturity date of September 30, 2023. Based on the Companyās 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 Companyās 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 Company previously entered into an interest rate swap to hedge against the interest rate risk on the Term Loan, which expired in January 2021. As of December 31, 2020, the all-in weighted average interest rate, inclusive of the impact of the interest rate swap, was 2.55% . In January 2021, the Company entered into three interest rate swaps to hedge against interest rate risk on the Term Loan until July 2022. The all-in weighted average interest rate, inclusive of the impact of the interest rate swaps, is 1.07% . ā The Credit Agreement contains customary representations and warranties and financial and other affirmative and negative covenants. The Credit Agreement also includes customary events of default, in certain cases subject to customary periods to cure. The occurrence of an event of default, following the applicable cure period, would permit the lenders to, among other things, declare the unpaid principal, accrued and unpaid interest and all other amounts payable under the Credit Agreement to be immediately due and payable. The following is a summary of short-term bank borrowings under the Revolving Credit Facility at December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 2019 ā Total revolving credit facility ā $ 1,100,000 ā $ 1,100,000 ā Borrowings outstanding at end of year (1) ā ā ā ā ā Weighted average daily borrowings during the year ended ā 42,186 ā 55 ā Maximum daily borrowings during the year ended ā 375,000 ā 20,000 ā Weighted average interest rate during the year ended ā 1.4 % 2.6 % Interest rate at end of the year ā ā % ā % (1) Excludes $2.8 million and $2.9 million of letters of credit at December 31, 2020 and 2019, respectively. (e) The Company has an unsecured commercial paper program. Under the terms of the program, the Company may issue unsecured commercial paper up to a maximum aggregate amount outstanding of $500.0 million. The notes are sold under customary terms in the United States commercial paper market and rank pari passu with all of the Companyās other unsecured indebtedness. The notes are fully and unconditionally guaranteed by the Operating Partnership. The following is a summary of short-term bank borrowings under the unsecured commercial paper program at December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Total unsecured commercial paper program $ 500,000 ā $ 500,000 ā Borrowings outstanding at end of year ā 190,000 ā 300,000 ā Weighted average daily borrowings during the year ended ā 227,090 ā 173,353 ā Maximum daily borrowings during the year ended ā 500,000 ā 435,000 ā Weighted average interest rate during the year ended ā 0.9 % 2.5 % Interest rate at end of the year ā 0.3 % 2.0 % ā In January 2021, the entire $190.0 million of outstanding unsecured commercial paper as of December 31, 2020 was repaid at maturity with additional proceeds of unsecured commercial paper with maturity dates in February 2021 and proceeds under the Working Capital Credit Facility. (f) The Company has a working capital credit facility, which provides for a $75.0 million unsecured revolving credit facility (the āWorking Capital Credit Facilityā) with a previously scheduled maturity date of January 15, 2021. Based on the Companyās current credit rating, the Working Capital Credit Facility has an interest rate equal to LIBOR plus a margin of 82.5 basis points. Depending on the Companyās 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 December 31, 2020 and 2019 (dollars in thousands): ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Total working capital credit facility ā $ 75,000 ā $ 75,000 ā Borrowings outstanding at end of year ā 28,024 ā 16,583 ā Weighted average daily borrowings during the year ended ā 20,132 ā 23,487 ā Maximum daily borrowings during the year ended ā 54,974 ā 66,170 ā Weighted average interest rate during the year ended ā 1.4 % 3.1 % Interest rate at end of the year ā 1.0 % 2.6 % ā (g) In July 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 ā2024 Notesā). . The Company incurred net extinguishment costs of $12.8 million during the year ended December 31, 2020, which was included in Interest expense on the Consolidated Statements of Operations. In December 2020, the Company redeemed the remaining $183.1 million aggregate principal amount of the 2024 Notes. The Company incurred $21.1 million in make-whole expense upon redemption of these notes. (h) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $200.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.53%. (i) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $100.0 million of this debt. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 2.89%. (j) The Company previously entered into forward starting interest rate swaps to hedge against interest rate risk on $150.0 million of the initial $300.0 million issued. The all-in weighted average interest rate, inclusive of the impact of these interest rate swaps, was 4.27%. (k) The Company previously entered into forward starting interest rate swaps to hedge against the interest rate risk of this debt. In connection with the additional $100.0 million issued in October 2019, the Company entered into treasury lock agreements to hedge against interest rate risk on all of this debt. In February 2020, the Company issued an additional $200.0 million of 3.20% senior unsecured medium-term notes due 2030 (the ā2030 Notesā). 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 Companyās 2030 Notes that were issued in July 2019 and the $100.0 million aggregate principal amount of the Companyās 2030 Notes that were issued in October 2019. As of the completion of the offerings, the aggregate principal amount of outstanding 2030 Notes was $600.0 million. The all-in weighted average interest rate, inclusive of the impact of the forward starting swaps and treasury locks, was 3.32% for the 2030 Notes. (l) (m) 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 a portion of the net proceeds 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 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, which was included in Interest expense on the Consolidated Statements of Operations. (n) the Company issued $350.0 million of 1.90% senior unsecured medium-term notes due March 15, 2033 (the ā2033 Notesā). Interest is payable semi-annually in arrears on March 15 and September 15. The notes were priced at 99.578% of the principal amount at issuance. The Company used the net proceeds for the repayment of debt, including the redemption of the remaining $183.1 million aggregate principal amount (plus the make-whole amount of approximately $21.1 million) of its 2024 Notes, $67.5 million of secured debt maturing in 2023, and outstanding indebtedness under our commercial paper program and working capital credit facility. The 2033 Notes were issued as āgreenā bonds and, as a result, the Company will allocate an amount equal to the net proceeds from the sale of the 2033 Notes to fund eligible green projects. (o) . (p) The aggregate maturities, including amortizing principal payments on secured and unsecured debt, of total debt for the next ten years subsequent to December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Fixed Total Variable Total Total Total Year ā Secured Debt ā Secured Debt ā Secured Debt ā Unsecured Debt ā Debt 2021 ā $ 1,097 ā $ ā ā $ 1,097 ā $ 190,000 (a) $ 191,097 2022 ā ā 1,140 ā ā ā ā ā 1,140 ā ā 28,024 ā ā 29,164 2023 ā 1,183 ā ā ā 1,183 ā 350,000 ā 351,183 2024 ā 95,280 ā ā ā 95,280 ā 15,644 ā 110,924 2025 ā 173,189 ā ā ā 173,189 ā 300,000 ā 473,189 2026 ā 51,070 ā ā ā 51,070 ā 300,000 ā 351,070 2027 ā 1,111 ā ā ā 1,111 ā 300,000 ā 301,111 2028 ā 122,466 ā ā ā 122,466 ā 300,000 ā 422,466 2029 ā 144,584 ā ā ā 144,584 ā 300,000 ā 444,584 2030 ā 72,500 ā ā ā 72,500 ā 600,000 ā 672,500 Thereafter ā 160,930 ā 27,000 ā 187,930 ā 1,450,000 ā 1,637,930 Subtotal ā 824,550 ā 27,000 ā 851,550 ā 4,133,668 ā 4,985,218 Non-cash (b) ā 10,665 ā (68) ā 10,597 ā (19,267) ā (8,670) Total ā $ 835,215 ā $ 26,932 ā $ 862,147 ā $ 4,114,401 ā $ 4,976,548 (a) All unsecured debt due in the remainder of 2021 is related to the Companyās commercial paper program. (b) Includes the unamortized balance of fair market value adjustments, premiums/discounts, and deferred financing costs. For the years ended December 31, 2020 and 2019, the Company amortized $4.4 million and $4.2 million, respectively, of deferred financing costs into Interest expense . We were in compliance with the covenants of our debt instruments at December 31, 2020. On February 11, 2021, the Company priced an offering of $300.0 million of 2.10% senior unsecured medium-term notes due 2033. The notes were priced at 99.592% of the principal amount of the notes. The Company intends to use the net proceeds to repay indebtedness, including the redemption of its $300.0 million 4.00% senior unsecured medium-term notes due October 2025 (plus the make-whole amount and accrued and unpaid interest), to fund potential acquisitions, or for other general corporate purposes. The settlement of the offering is expected to occur on February 26, 2021, subject to the satisfaction of customary closing conditions. ā |
United Dominion Realty L.P. | |
Entity information | |
DEBT, NET | 6. DEBT, NET Our secured debt instruments generally feature either monthly interest and principal or monthly interest-only payments with balloon payments due at maturity. For purposes of classification in the following table, variable rate debt with a derivative financial instrument designated as a cash flow hedge is deemed as fixed rate debt due to the Operating Partnership having effectively established the fixed interest rate for the underlying debt instrument. Secured debt consists of the following as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Principal Outstanding ā As of December 31, 2020 ā ā ā ā ā ā ā ā ā ā Weighted ā ā ā ā ā ā ā ā ā ā Weighted ā Average ā ā ā ā December 31, ā December 31, ā Average ā Years to ā Communities ā ā 2020 ā 2019 ā Interest Rate ā Maturity ā Encumbered Fixed Rate Debt ā ā Mortgage note payable ā $ 72,500 ā $ 72,500 3.10 % 9.1 1 Deferred financing costs ā (328) ā (365) Total fixed rate secured debt, net ā 72,172 ā 72,135 3.10 % 9.3 1 Variable Rate Debt ā ā Tax-exempt secured note payable ā $ 27,000 ā $ 27,000 0.84 % 11.2 1 Deferred financing costs ā (68) ā (64) Total variable rate secured debt, net ā 26,932 ā 26,936 0.84 % 11.2 1 Total Secured Debt, Net ā $ 99,104 ā $ 99,071 2.54 % 9.7 2 ā 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 Partnershipās properties. Fixed Rate Debt Mortgage note payable. Variable Rate Debt Tax-exempt secured note payable. Guarantor on Unsecured Debt The Operating Partnership is the guarantor on the General Partnerās 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 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, $400 million of medium-term notes due August 2032, $350 million of medium-term notes due March 2033 and $300 million of medium-term notes due November 2034. As of December 31, 2020 and 2019, the General Partner did not have an outstanding balance under the unsecured revolving credit facility and had $190.0 million and $300.0 million, respectively, outstanding under its unsecured commercial paper program. On February 11, 2021, the General Partner priced an offering of $300.0 million of 2.10% senior unsecured medium-term notes due 2033. The notes were priced at 99.592% of the principal amount of the notes. The General Partner intends to use the net proceeds to repay indebtedness, including the redemption of its $300.0 million 4.00% senior unsecured medium-term notes due October 2025 (plus the make-whole amount and accrued and unpaid interest), to fund potential acquisitions, or for other general corporate purposes. The settlement of the offering is expected to occur on February 26, 2021, subject to the satisfaction of customary closing conditions. The Operating Partnership will be the guarantor of the debt. |
RELATED PARTY TRANSACTIONS (UNI
RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 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 Partnershipās 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. See further discussion below. Allocation of General and Administrative Expenses The General Partner shares various general and administrative costs, employees and other overhead costs with the Operating Partnership including legal assistance, acquisitions analysis, marketing, human resources, IT, accounting, rent, supplies and advertising, and allocates these costs to the Operating Partnership first on the basis of direct usage when identifiable, with the remainder allocated based on the reasonably anticipated benefits to the parties. The general and administrative expenses allocated to the Operating Partnership by UDR were $13.4 million, $13.8 million, and $13.5 million during the years ended December 31, 2020, 2019 and 2018, respectively, and are included in General and administrative During the years ended December 31, 2020, 2019 and 2018, the Operating Partnership also reimbursed the General Partner $16.9 million, $16.9 million, and $15.2 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 Partnershipās Notes payable due to the General Partner as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā Interest rate at ā Balance Outstanding ā December 31, ā December 31, December 31, ā ā 2020 ā 2020 ā 2019 Note due August 2021 5.34 % ā $ 5,500 ā $ 5,500 Note due December 2023 5.18 % ā 83,196 ā 83,196 Note due April 2026 4.12 % ā 184,638 ā 184,638 Note due November 2028 ā 4.69 % ā ā 133,205 ā ā 133,205 Note due December 2028 (a) ā 2.91 % ā ā 404,161 ā ā 230,694 Total notes payable due to the General Partner ā ā $ 810,700 ā $ 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 Partnerās weighted average interest rate on borrowings, or 2.91 % as of December 31, 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 $26.5 million, $28.0 million and $14.1 million for the years ended December 31, 2020, 2019, and 2018, respectively. |
FAIR VALUE OF DERIVATIVES AND_4
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS | 13. FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS Fair value is based on the price that would be received to sell an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level valuation hierarchy prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: ā Level 1 ā Quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. ā Level 2 ā 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. ā Level 3 ā 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 Companyās financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2020, Using ā ā Total ā ā ā Quoted ā ā ā ā ā ā Carrying ā ā ā Prices in ā ā ā ā ā ā Amount in ā ā ā Active ā ā ā ā ā ā ā Statement of ā ā ā ā Markets ā Significant ā ā ā ā ā Financial ā Fair Value ā for Identical ā Other ā Significant ā ā Position at ā Estimate at ā Assets or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā ā 2020 (a) ā 2020 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā ā Notes receivable, net (b) ā $ 157,992 ā $ 170,411 ā $ ā ā $ ā ā $ 170,411 Derivatives - Interest rate contracts (b) ā 2 ā 2 ā ā ā 2 ā ā Total assets ā $ 157,994 ā $ 170,413 ā $ ā ā $ 2 ā $ 170,411 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Derivatives - Interest rate contracts (c) ā $ 167 ā $ 167 ā $ ā ā $ 167 ā $ ā Secured debt instruments - fixed rate: (d) ā ā ā ā ā ā Mortgage notes payable ā ā 837,473 ā ā 854,084 ā ā ā ā ā ā ā ā 854,084 Secured debt instruments - variable rate: (d) ā ā ā ā ā ā Tax-exempt secured notes payable ā 27,000 ā 27,000 ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā Working capital credit facility ā ā 28,024 ā ā 28,024 ā ā ā ā ā ā ā ā 28,024 Commercial paper program ā ā 190,000 ā ā 190,000 ā ā ā ā ā ā ā ā 190,000 Unsecured notes ā ā 3,922,314 ā ā 4,283,045 ā ā ā ā ā ā ā ā 4,283,045 Total liabilities ā $ 5,004,978 ā $ 5,382,320 ā $ ā ā $ 167 ā $ 5,382,153 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ā $ 856,294 ā $ 856,294 ā $ ā ā $ 856,294 ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2019, Using ā ā Total ā ā ā Quoted ā ā ā ā ā ā Carrying ā ā ā Prices in ā ā ā ā ā ā Amount in ā ā ā Active ā ā ā ā ā ā Statement of ā ā ā Markets ā Significant ā ā ā ā Financial ā Fair Value ā for Identical ā Other ā Significant ā ā Position at ā Estimate at ā Assets or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā 2019 (a) ā 2019 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā ā Notes receivable, net (b) ā $ 153,650 ā $ 160,197 ā $ ā ā $ ā ā $ 160,197 Derivatives - Interest rate contracts (c) ā 6 ā 6 ā ā ā 6 ā ā Total assets ā $ 153,656 ā $ 160,203 ā $ ā ā $ 6 ā $ 160,197 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Derivatives - Interest rate contracts (c) ā $ 142 ā $ 142 ā $ ā ā $ 142 ā $ ā Secured debt instruments - fixed rate: (d) ā ā ā ā ā ā Mortgage notes payable ā ā 906,228 ā ā 898,329 ā ā ā ā ā ā ā ā 898,329 Credit facilities ā 218,490 ā 213,661 ā ā ā ā ā 213,661 Secured debt instruments - variable rate: (d) ā ā ā ā ā ā Tax-exempt secured notes payable ā 27,000 ā 27,000 ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā ā Working capital credit facility ā ā 16,583 ā ā 16,583 ā ā ā ā ā ā ā ā 16,583 Commercial paper program ā ā 300,000 ā ā 300,000 ā ā ā ā ā ā ā ā 300,000 Unsecured notes ā ā 3,263,152 ā ā 3,397,622 ā ā ā ā ā ā ā ā 3,397,622 Total liabilities ā $ 4,731,595 ā $ 4,853,337 ā $ ā ā $ 142 ā $ 4,853,195 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ā $ 1,018,665 ā $ 1,018,665 ā $ ā ā $ 1,018,665 ā $ ā (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 14, Derivatives and Hedging Activity . (d) See Note 7, Secured and Unsecured Debt, Net . (e) See Note 12, Noncontrolling Interests . There were no transfers into or out of any of the levels of the fair value hierarchy during the year ended December 31, 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 swaps and caps 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 counterpartyās nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2020 and 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 FASBās 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 Companyās common stock at the redemption date, and therefore, is calculated based on the fair value of the Companyās common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership are classified as Level 2. Financial Instruments Not Carried at Fair Value At December 31, 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 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: ā ā ā The estimated fair values of the Operating Partnershipās financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2020, Using ā Total ā ā Quoted ā ā ā ā ā ā Carrying ā ā ā ā Prices in ā ā ā ā ā ā ā ā Amount in ā ā ā ā Active ā ā ā ā ā ā ā ā Statement of ā ā ā ā Markets ā Significant ā ā ā ā ā Financial ā Fair Value ā for Identical ā Other ā Significant ā ā Position at ā Estimate at ā Assets or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā ā 2020 (a) ā 2020 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā Derivatives- Interest rate contracts (b) ā $ 2 ā $ 2 ā $ ā ā $ 2 ā $ ā Total assets ā $ 2 ā $ 2 ā $ ā ā $ 2 ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Secured debt instrument - fixed rate: (c) ā ā ā ā ā Mortgage note payable ā $ 72,500 ā $ 75,182 ā $ ā ā $ ā ā $ 75,182 Secured debt instrument - variable rate: (c) ā ā ā ā ā ā Tax-exempt secured note payable ā ā 27,000 ā ā 27,000 ā ā ā ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Notes payable due to the General Partner ā ā 810,700 ā ā 810,700 ā ā ā ā ā ā ā ā 810,700 Total liabilities ā $ 910,200 ā $ 912,882 ā $ ā ā $ ā ā $ 912,882 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2019, Using ā ā ā ā ā Quoted ā ā ā ā ā ā Total ā ā ā ā Prices in ā ā ā ā ā ā ā ā Carrying ā ā ā ā Active ā ā ā ā ā ā ā ā Amount in ā ā ā ā Markets ā ā ā ā ā ā ā ā Statement of ā ā ā ā for Identical ā Significant ā ā ā ā ā Financial ā Fair Value ā Assets ā Other ā Significant ā ā Position at ā Estimate at ā or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā ā 2019 (a) ā 2019 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā Secured debt instruments - fixed rate: (c) ā ā ā ā ā Mortgage notes payable ā $ 72,500 ā $ 71,976 ā $ ā ā $ ā ā $ 71,976 Secured debt instrument - variable rate: (c) ā ā ā ā ā ā Tax-exempt secured note payable ā ā 27,000 ā ā 27,000 ā ā ā ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Notes payable due to the General Partner ā ā 637,233 ā ā 637,233 ā ā ā ā ā ā ā ā 637,233 Total liabilities ā $ 736,733 ā $ 736,209 ā $ ā ā $ ā ā $ 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 ā There were no transfers into or out of each of the levels of the fair value hierarchy during the year ended December 31, 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 counterpartyās nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Operating Partnership has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although the General Partner, on behalf of the Operating Partnership, has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2020 and 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 FASBās fair value measurement guidance, the Operating Partnership made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. Financial Instruments Not Carried at Fair Value As of December 31, 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_7
DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
DERIVATIVES AND HEDGING ACTIVITY | 14. DERIVATIVES AND HEDGING ACTIVITY Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its debt funding and through the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Companyās derivative financial instruments are used to manage differences in the amount, timing, and duration of the Companyās known or expected cash receipts and its known or expected cash payments principally related to the Companyās investments and borrowings. Cash Flow Hedges of Interest Rate Risk The Companyās 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 December 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ā ā ā ā ā ā ā Number of ā Product ā Instruments ā Notional Interest rate swaps and caps (a) ā 2 ā $ 334,880 (a) In addition to the interest rate swaps summarized above, the Company entered into three additional interest rate swaps with a total notional value of $315.0 million that became effective in January 2021 upon maturity of the $315.0 million notional value interest rate swap summarized above. Derivatives not designated as hedges are not speculative and are used to manage the Companyās 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. As of December 31, 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 Companyās derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Asset Derivatives ā Liability Derivatives ā ā (included in Other assets ) ā (included in Other liabilities ) ā ā Fair Value at: ā Fair Value at: ā ā December 31, ā December 31, ā December 31, ā December 31, ā ā 2020 ā 2019 ā 2020 ā 2019 Derivatives designated as hedging instruments: ā ā ā ā Interest rate products ā $ 2 ā $ 6 ā $ 167 ā $ 142 ā Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Companyās derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gain/(Loss) Recognized in ā ā ā ā Gain/(Loss) Reclassified ā Interest expense ā ā Unrealized holding gain/(loss) ā from Accumulated OCI into ā (Amount Excluded from ā ā Recognized in OCI ā Interest expense ā Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 2018 2020 2019 2018 2020 2019 2018 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Interest rate products ā $ (3,382) ā $ (8,437) ā $ 4,806 ā $ (4,827) ā $ 2,770 ā $ 1,948 ā $ ā ā $ ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended ā ā December 31, ā ā 2020 ā 2019 ā 2018 Total amount of Interest expense ā $ 202,706 ā $ 170,917 ā $ 134,168 ā Interest income and other income/(expense), net ā 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 Companyās 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 entityās 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 December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Net Amounts of Gross Amounts Not Offset ā ā ā ā ā ā ā ā Amounts ā Assets ā in the Consolidated ā ā ā ā ā Gross ā Offset in the ā Presented in the ā Balance Sheet ā ā ā ā ā Amounts of ā Consolidated ā Consolidated ā ā ā ā Cash ā ā ā ā ā Recognized ā Balance ā Balance Sheets ā Financial ā Collateral ā ā ā Offsetting of Derivative Assets ā Assets ā Sheets ā (a) ā Instruments Received Net Amount December 31, 2020 ā $ 2 ā $ ā ā $ 2 ā $ ā ā $ ā ā $ 2 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā $ 6 ā $ ā ā $ 6 ā $ (3) ā $ ā ā $ 3 (a) Amounts reconcile to the aggregate fair value of derivative assets in the āTabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheetsā located in this footnote. ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Net Amounts of Gross Amounts Not Offset ā ā ā ā ā ā ā ā Amounts ā Liabilities ā in the Consolidated ā ā ā ā ā Gross ā Offset in the ā Presented in the ā Balance Sheet ā ā ā ā ā Amounts of ā Consolidated ā Consolidated ā ā ā ā Cash ā ā ā ā ā Recognized ā Balance ā Balance Sheets ā Financial ā Collateral ā ā ā Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2020 ā $ 167 ā $ ā ā $ 167 ā $ ā ā $ ā ā $ 167 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā $ 142 ā $ ā ā $ 142 ā $ (3) ā $ ā ā $ 139 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the āTabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheetsā 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 Partnerās and the Operating Partnershipās derivative financial instruments are used to manage differences in the amount, timing, and duration of the General Partnerās known or expected cash payments principally related to the General Partnerās borrowings. Cash Flow Hedges of Interest Rate Risk The General Partnerās 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 Amounts reported in Accumulated other comprehensive income/(loss), net on the Consolidated Balance Sheets related to derivatives that will be reclassified to interest expense as interest payments are made on the Operating Partnershipās variable-rate debt. Through December 31, 2021, the Operating Partnership estimates that less than $0.1 million will be reclassified as an increase to Interest expense As of December 31, 2020, the Operating Partnership had the following outstanding interest rate derivative that was designated as cash flow hedge of interest risk ( dollars in thousands ā ā ā ā ā ā ā Number of ā ā Product ā Instruments ā Notional Interest rate caps 1 ā $ 19,880 ā Derivatives not designated as hedges are not speculative and are used to manage the Operating Partnershipās 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. As of December 31, 2020, no derivatives not designated as hedges were held by the Operating Partnership. ā Tabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheets The table below presents the fair value of the Operating Partnershipās derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Asset Derivatives ā Liability Derivatives ā ā (included in Other assets) ā (Included in Other liabilities) ā ā Fair Value at: ā Fair Value at: ā December 31, December 31, December 31, December 31, ā ā 2020 ā 2019 ā 2020 ā 2019 Derivatives designated as hedging instruments: ā ā ā ā Interest rate caps ā $ 2 ā $ ā ā $ ā ā $ ā ā Tabular Disclosure of the Effect of Derivative Instruments on the Consolidated Statements of Operations The tables below present the effect of the Operating Partnershipās derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gain/(Loss) Recognized in ā ā ā ā Gain/(Loss) Reclassified ā Interest expense ā ā Unrealized holding gain/(loss) ā from Accumulated OCI into ā (Amount Excluded from ā ā Recognized in OCI ā Interest expense ā Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 ā 2018 2020 2019 ā 2018 2020 2019 ā 2018 Interest rate caps ā $ (49) ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended ā ā December 31, ā ā 2020 ā 2019 ā 2018 Total amount of Interest expense ā $ 2,831 ā $ 1,639 ā ā 8,733 (a) Excludes Interest expense on notes payable due to the General Partner for the years ended December 31, 2020, 2019, and 2018. ā 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 Partnerās 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 entityās creditworthiness is materially weaker than the original party to the derivative agreement. |
CAPITAL STRUCTURE (UNITED DOMIN
CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 2019, all of which were held by UDR. Limited Partnership Units As of December 31, 2020 and 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 December 31, 2020 and 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 limited partners at December 31, 2020 and 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 partnersā capital is adjusted to redemption value at the end of each reporting period with the corresponding offset against UDRās 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 $331.0 million and $366.4 million as of December 31, 2020 and 2019, respectively, based on the value of UDRās common stock at each period end. A limited partner has no right to receive any distributions from the Operating Partnership on or after the date of redemption of its OP Units. Class A Limited Partnership Units Class A Limited Partnership Units have a cumulative, annual, non-compounded preferred return, which is equal to 8% based on a value of $16.61 per Class A Limited Partnership Unit. Holders of the Class A Limited Partnership Units exclusively possess certain voting rights. The Operating Partnership may not do the following without approval of the holders of the Class A Limited Partnership Units: (i) increase the authorized or issued amount of Class A Limited Partnership Units, (ii) reclassify any other partnership interest into Class A Limited Partnership Units, (iii) create, authorize or issue any obligations or security convertible into or the right to purchase Class A Limited Partnership Units, (iv) enter into a merger or acquisition, or (v) amend or modify the Operating Partnership Agreement in a manner that adversely affects the relative rights, preferences or privileges of the Class A Limited Partnership Units. The following table shows OP Units outstanding and OP Unit activity as of and for the years ended December 31, 2020, 2019, and 2018 ( units in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā UDR, Inc. ā ā ā Class A ā ā Class A ā ā ā ā Limited ā Limited ā Limited ā Limited ā General ā ā ā ā Partners ā Partners ā Partner ā Partner ā Partner ā Total Ending balance at December 31, 2017 1,752 7,361 174,006 121 ā 111 183,351 Vesting of LTIP Units ā ā 286 ā ā ā ā ā ā ā 286 OP redemptions for UDR stock ā ā (11) ā 11 ā ā ā Ending balance at December 31, 2018 1,752 7,636 174,017 121 111 183,637 Vesting of LTIP Units ā ā ā 427 ā ā ā ā ā ā ā 427 OP redemptions for UDR stock ā ā (1,969) ā 1,969 ā ā ā Ending balance at December 31, 2019 ā 1,752 ā 6,094 ā 175,986 ā 121 ā 111 ā 184,064 Vesting of LTIP Units ā ā ā 772 ā ā ā ā ā ā ā 772 OP redemptions for UDR stock ā (3) ā 3 ā ā ā Ending balance at December 31, 2020 1,752 6,863 175,989 121 111 184,836 ā LTIP Units UDR grants short-term and long-term incentive plan units (āLTIP Unitsā) 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 UDRās 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 Partnersā capital account. Such losses are, therefore, allocated to the General Partner. If any Partnerās capital balance were to fall into a deficit, any income and gains are allocated to each Partner sufficient to eliminate its negative capital balance. |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
COMMITMENTS AND CONTINGENCIES | ā 15. COMMITMENTS AND CONTINGENCIES Commitments Real Estate Commitments The following summarizes the Companyās real estate commitments at December 31, 2020 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā Number ā UDR's ā UDR's Remaining ā ā ā Properties ā Investment (a) ā Commitment ā Wholly-owned ā under development 5 ā $ 247,877 ā $ 243,623 Joint ventures: ā ā Preferred equity investments 1 ā ā 17,919 (b) ā 2,921 (b) Other investments ā - ā ā 22,870 ā ā 19,245 ā Total ā $ 288,666 ā $ 265,789 (a) Represents UDRās investment as of December 31, 2020. (b) Represents UDRās investment in and remaining commitment for Thousand Oaks, which is under development as of December 31, 2020. 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 | 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 Partnershipās financial condition, results of operations or cash flows. |
REPORTABLE SEGMENTS (UNITED DOM
REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
REPORTABLE SEGMENTS | 16. REPORTABLE SEGMENTS GAAP guidance requires that segment disclosures present the measure(s) used by the Chief Operating Decision Maker to decide how to allocate resources and for purposes of assessing such segmentsā performance. UDRās 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 UDRās apartment communities are rental income and net operating income (āNOIā). 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, and land rent. Property management expense covers costs directly related to consolidated property operations, inclusive of corporate management, regional supervision, accounting and other costs. UDRās Chief Operating Decision Maker utilizes NOI as the key measure of segment profit or loss. UDRās two reportable segments are Same-Store Communities Non-Mature Communities/Other ā Same-Store Communities represent those communities acquired, developed, and stabilized prior to January 1, 2019 and held as of December 31, 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 year, there is no plan to conduct substantial redevelopment activities, and the community is not classified as 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. ā 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 UDRās total revenues during the years ended December 31, 2020, 2019, and 2018. ā The following is a description of the principal streams from which the Company generates its revenue: Lease Revenue ā Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases ā 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. ā Other Revenue ā 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. ā Joint venture management and other fees ā The Joint venture management and other fees Joint venture management and other fees ā The following table details rental income and NOI for UDRās reportable segments for the years ended December 31, 2020, 2019, and 2018, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2020 2019 2018 Reportable apartment home segment lease revenue ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 385,959 ā $ 402,901 ā $ 387,215 Mid-Atlantic Region ā 211,633 ā 211,401 ā 205,324 Northeast Region ā ā 108,073 ā ā 122,008 ā ā 119,540 Southeast Region ā 123,993 ā 120,289 ā 116,011 Southwest Region ā 65,713 ā 64,970 ā 63,287 Non-Mature Communities/Other ā 302,920 ā 180,668 ā 111,272 Total segment and consolidated lease revenue ā $ 1,198,291 ā $ 1,102,237 ā $ 1,002,649 ā ā ā ā ā ā ā ā ā ā Reportable apartment home segment other revenue ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 11,803 ā $ 12,339 ā $ 10,738 Mid-Atlantic Region ā 6,329 ā 7,216 ā 6,357 Northeast Region ā 2,697 ā 2,760 ā 2,623 Southeast Region ā 5,395 ā 6,444 ā 6,223 Southwest Region ā 2,543 ā 2,793 ā 2,664 Non-Mature Communities/Other ā 9,038 ā 4,349 ā 3,851 Total segment and consolidated other revenue ā $ 37,805 ā $ 35,901 ā $ 32,456 ā ā ā ā ā ā ā ā ā ā Total reportable apartment home segment rental income ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 397,762 ā $ 415,240 ā $ 397,953 Mid-Atlantic Region ā 217,962 ā 218,617 ā 211,681 Northeast Region ā 110,770 ā 124,768 ā 122,163 Southeast Region ā 129,388 ā 126,733 ā 122,234 Southwest Region ā 68,256 ā 67,763 ā 65,951 Non-Mature Communities/Other ā 311,958 ā 185,017 ā 115,123 Total segment and consolidated rental income ā $ 1,236,096 ā $ 1,138,138 ā $ 1,035,105 ā ā ā ā ā ā ā ā ā ā Reportable apartment home segment NOI ā ā ā Same-Store Communities (a) ā ā ā West Region ā $ 295,065 ā $ 315,812 ā $ 300,745 Mid-Atlantic Region ā 152,131 ā 154,082 ā 148,057 Northeast Region ā 65,553 ā 83,832 ā 84,059 Southeast Region ā 88,518 ā 88,467 ā 85,219 Southwest Region ā 42,931 ā 42,210 ā 39,631 Non-Mature Communities/Other ā 209,504 ā 123,900 ā 74,404 Total segment and consolidated NOI ā 853,702 ā 808,303 ā 732,115 Reconciling items: ā ā ā Joint venture management and other fees ā 5,069 ā 14,055 ā 11,754 Property management ā (35,538) ā (32,721) ā (28,465) Other operating expenses ā (22,762) ā (13,932) ā (12,100) Real estate depreciation and amortization ā (608,616) ā (501,257) ā (429,006) General and administrative ā (49,885) ā (51,533) ā (46,983) Casualty-related (charges)/recoveries, net ā (2,131) ā (474) ā (2,121) Other depreciation and amortization ā (10,013) ā (6,666) ā (6,673) Gain/(loss) on sale of real estate owned ā ā 119,277 ā ā 5,282 ā ā 136,197 Income/(loss) from unconsolidated entities ā 18,844 ā 137,873 ā (5,055) Interest expense ā (202,706) ā (170,917) ā (134,168) Interest income and other income/(expense), net ā 6,274 ā 15,404 ā 6,735 Tax (provision)/benefit, net ā (2,545) ā (3,838) ā (688) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā (4,543) ā (14,426) ā (18,215) Net (income)/loss attributable to noncontrolling interests ā (161) ā (188) ā (221) Net income/(loss) attributable to UDR, Inc. ā $ 64,266 ā $ 184,965 ā $ 203,106 (a) Same-Store Community population consisted of 37,607 apartment homes. ā The following table details the assets of UDRās reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Reportable apartment home segment assets: ā ā Same-Store Communities (a): ā ā West Region ā $ 3,732,329 ā $ 3,696,544 Mid-Atlantic Region ā 2,255,449 ā 2,222,405 Northeast Region ā 1,507,878 ā 1,500,597 Southeast Region ā 827,683 ā 806,830 Southwest Region ā 614,647 ā 600,350 Non-Mature Communities/Other ā 4,133,486 ā 3,775,375 Total segment assets ā 13,071,472 ā 12,602,101 Accumulated depreciation ā (4,605,366) ā (4,131,353) Total segment assets ā net book value ā 8,466,106 ā 8,470,748 Reconciling items: ā ā Cash and cash equivalents ā 1,409 ā 8,106 Restricted cash ā 22,762 ā 25,185 Notes receivable, net ā 157,992 ā 153,650 Investment in and advances to unconsolidated joint ventures, net ā 600,233 ā 588,262 Operating lease right-of-use assets ā ā 200,913 ā ā 204,225 Other assets ā 188,118 ā 186,296 Total consolidated assets ā $ 9,637,533 ā $ 9,636,472 (a) Same-Store Community population consisted of 37,607 apartment homes. Markets included in the above geographic segments are as follows: i. West Region ā Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, Other Southern California and Portland ii. Mid-Atlantic Region ā Metropolitan D.C., Baltimore and Richmond iii. Northeast Region ā Boston and New York iv. Southeast Region ā Tampa, Orlando, Nashville and Other Florida v. Southwest Region ā 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 segmentsā 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 UDRās 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 Partnershipās apartment communities are rental income and net operating income (āNOIā), and are included in the Chief Operating Decision Makerās assessment of the Operating Partnershipās 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 Partnershipās 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 Partnershipās two reportable segments are Same-Store Communities Non-Mature Communities/Other ā Same-Store Communities three ā Non-Mature Communities/Other Same-Store Communities Management of the General Partner evaluates the performance of each of the Operating Partnershipās 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 Partnershipās total revenues during the years ended December 31, 2020, 2019, and 2018. The following is a description of the principal streams from which the Operating Partnership generates its revenue: Lease Revenue ā Lease revenue related to leases is recognized on an accrual basis when due from residents or tenants in accordance with ASC 842, Leases ā 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 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. ā Other Revenue ā ā ā The following table details rental income and NOI for the Operating Partnershipās reportable segments for the years ended December 31, 2020, 2019, and 2018, and reconciles NOI to Net income/(loss) attributable to OP unitholders (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2020 2019 2018 Reportable apartment home segment lease revenue ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā ā ā ā ā ā West Region ā $ 240,776 ā $ 248,474 ā $ 238,886 Mid-Atlantic Region ā ā 50,566 ā ā 50,975 ā ā 50,131 Northeast Region ā ā 27,701 ā ā 32,224 ā ā 31,693 Southeast Region ā ā 52,471 ā ā 50,795 ā ā 49,132 Southwest Region ā ā 7,118 ā ā 7,632 ā ā 7,463 Non-Mature Communities/Other ā ā 35,559 ā ā 37,658 ā ā 41,577 Total segment and consolidated lease revenue ā $ 414,191 ā $ 427,758 ā $ 418,882 Reportable apartment home segment other revenue ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 7,388 ā $ 7,873 ā $ 7,161 Mid-Atlantic Region ā 1,593 ā 1,706 ā 1,489 Northeast Region ā ā 476 ā ā 646 ā ā 622 Southeast Region ā 2,542 ā 2,925 ā 2,764 Southwest Region ā ā 217 ā ā 301 ā ā 238 Non-Mature Communities/Other ā 2,340 ā 564 ā 764 Total segment and consolidated other revenue ā $ 14,556 ā ā 14,015 ā $ 13,038 Total reportable apartment home segment rental income ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 248,164 ā $ 256,347 ā $ 246,047 Mid-Atlantic Region ā 52,159 ā 52,681 ā 51,620 Northeast Region ā ā 28,177 ā ā 32,870 ā ā 32,315 Southeast Region ā 55,013 ā 53,720 ā 51,896 Southwest Region ā ā 7,335 ā ā 7,933 ā ā 7,701 Non-Mature Communities/Other ā 37,899 ā 38,222 ā 42,341 Total segment and consolidated rental income ā $ 428,747 ā $ 441,773 ā $ 431,920 Reportable apartment home segment NOI ā ā ā Same-Store Communities (a) ā ā ā West Region ā $ 186,290 ā $ 196,302 ā $ 187,664 Mid-Atlantic Region ā 36,043 ā 36,830 ā 36,028 Northeast Region ā ā 17,340 ā ā 24,103 ā ā 24,578 Southeast Region ā 37,577 ā 37,340 ā 35,948 Southwest Region ā ā 5,199 ā ā 5,621 ā ā 5,125 Non-Mature Communities/Other ā 20,838 ā 22,810 ā 28,037 Total segment and consolidated NOI ā $ 303,287 ā $ 323,006 ā $ 317,380 Reconciling items: ā ā ā Property management ā (12,326) ā (12,701) ā (11,878) Other operating expenses ā (16,138) ā (9,488) ā (8,864) Real estate depreciation and amortization ā (143,005) ā (139,975) ā (143,481) General and administrative ā (17,987) ā (18,014) ā (16,889) Casualty-related (charges)/recoveries, net ā (793) ā (853) ā (951) Gain/(loss) on sale of real estate owned ā 57,960 ā ā ā 75,507 Income/(loss) from unconsolidated entities ā (5,543) ā (8,313) ā 43,496 Interest expense ā (29,357) ā (29,667) ā (22,835) Net (income)/loss attributable to noncontrolling interests ā (1,869) ā (1,832) ā (1,722) Net income/(loss) attributable to OP unitholders ā $ 134,229 ā $ 102,163 ā $ 229,763 (a) Same-Store Community population consisted of 15,609 apartment homes. ā The following table details the assets of the Operating Partnershipās reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Reportable apartment home segment assets ā ā Same-Store Communities (a): ā ā West Region ā $ 2,037,133 ā $ 2,011,495 Mid-Atlantic Region ā 551,003 ā 541,481 Northeast Region ā 410,406 ā 408,703 Southeast Region ā 361,497 ā 352,790 Southwest Region ā ā 144,959 ā ā 144,210 Non-Mature Communities/Other ā 538,727 ā 416,481 Total segment assets ā 4,043,725 ā 3,875,160 Accumulated depreciation ā (1,892,011) ā (1,796,568) Total segment assets - net book value ā 2,151,714 ā 2,078,592 Reconciling items: ā ā Cash and cash equivalents ā 26 ā 24 Restricted cash ā 15,062 ā 13,998 Investment in unconsolidated entities ā 51,302 ā 76,222 Operating lease right-of-use assets ā ā 202,438 ā ā 205,668 Other assets ā 37,025 ā 24,241 Total consolidated assets ā $ 2,457,567 ā $ 2,398,745 (a) Same-Store Community population consisted of 15,609 apartment homes. ā Markets included in the above geographic segments are as follows: i. West Region ā Orange County, San Francisco, Seattle, Monterey Peninsula, Los Angeles, Other Southern California and Portland ii. Mid-Atlantic Region ā Metropolitan D.C. and Baltimore iii. Northeast Region ā Boston and New York iv. Southeast Region ā Tampa, Nashville and Other Florida v. Southwest ā Denver |
SCHEDULE III - REAL ESTATE OW_3
SCHEDULE III - REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate and Accumulated Depreciation | |
Schedule III - Real Estate Owned | UDR, INC. SCHEDULE III ā REAL ESTATE OWNED DECEMBER 31, 2020 (In thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Amount at Which ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Initial Costs ā ā ā ā ā ā ā Carried at Close of Period ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Improvements ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Capitalized ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Land and ā Buildings ā Total Initial ā Subsequent ā Land and ā Buildings & ā Total ā ā ā ā ā ā ā ā ā ā ā ā Land ā and ā Acquisition ā to Acquisition ā Land ā Buildings ā Carrying ā Accumulated ā Date of ā Date ā ā Encumbrances ā Improvements ā Improvements ā Costs ā Costs ā Improvements ā Improvements ā Value ā Depreciation ā Construction(a) ā Acquired WEST REGION ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Harbor at Mesa Verde ā $ ā ā $ 20,476 ā $ 28,538 ā $ 49,014 ā $ 23,282 ā $ 22,317 ā $ 49,979 ā $ 72,296 ā $ 37,780 ā 1965/2003 ā Jun-03 27 Seventy Five Mesa Verde ā ā ā ā ā 99,329 ā ā 110,644 ā ā 209,973 ā ā 106,411 ā ā 116,177 ā ā 200,207 ā ā 316,384 ā ā 147,609 ā 1979/2013 ā Oct-04 Huntington Vista ā ā ā ā ā 8,055 ā ā 22,486 ā ā 30,541 ā ā 14,742 ā ā 9,302 ā ā 35,981 ā ā 45,283 ā ā 27,136 ā 1970 ā Jun-03 Missions at Back Bay ā ā ā ā ā 229 ā ā 14,129 ā ā 14,358 ā ā 4,129 ā ā 11,052 ā ā 7,435 ā ā 18,487 ā ā 5,837 ā 1969 ā Dec-03 Eight 80 Newport Beach - North ā ā ā ā ā 62,516 ā ā 46,082 ā ā 108,598 ā ā 46,676 ā ā 69,331 ā ā 85,943 ā ā 155,274 ā ā 64,662 ā 1968/2000/2016 ā Oct-04 Eight 80 Newport Beach - South ā ā ā ā ā 58,785 ā ā 50,067 ā ā 108,852 ā ā 37,225 ā ā 60,961 ā ā 85,116 ā ā 146,077 ā ā 59,802 ā 1968/2000/2016 ā Mar-05 Foxborough ā ā ā ā ā 12,071 ā ā 6,187 ā ā 18,258 ā ā 5,034 ā ā 12,576 ā ā 10,716 ā ā 23,292 ā ā 8,033 ā 1969 ā Sep-04 1818 Platinum Triangle ā ā ā ā ā 16,663 ā ā 51,905 ā ā 68,568 ā ā 4,556 ā ā 17,090 ā ā 56,034 ā ā 73,124 ā ā 33,489 ā 2009 ā Aug-10 Beach & Ocean ā ā ā ā ā 12,878 ā ā ā ā ā 12,878 ā ā 39,458 ā ā 13,121 ā ā 39,215 ā ā 52,336 ā ā 15,074 ā 2014 ā Aug-11 The Residences at Bella Terra ā ā ā ā ā 25,000 ā ā ā ā ā 25,000 ā ā 129,847 ā ā 25,658 ā ā 129,189 ā ā 154,847 ā ā 58,013 ā 2013 ā Oct-11 Los Alisos at Mission Viejo ā ā ā ā ā 17,298 ā ā ā ā ā 17,298 ā ā 70,880 ā ā 16,685 ā ā 71,493 ā ā 88,178 ā ā 30,904 ā 2014 ā Jun-04 The Residences at Pacific City ā ā ā ā ā 78,085 ā ā ā ā ā 78,085 ā ā 276,948 ā ā 78,227 ā ā 276,806 ā ā 355,033 ā ā 55,308 ā 2018 ā Jan-14 ORANGE COUNTY, CA ā ā ā 411,385 ā 330,038 ā 741,423 ā 759,188 ā 452,497 ā 1,048,114 ā 1,500,611 ā 543,647 ā ā ā ā 2000 Post Street ā ā ā ā ā 9,861 ā ā 44,578 ā ā 54,439 ā ā 37,292 ā ā 14,417 ā ā 77,314 ā ā 91,731 ā ā 46,827 ā 1987/2016 ā Dec-98 Birch Creek ā ā ā ā ā 4,365 ā ā 16,696 ā ā 21,061 ā ā 10,462 ā ā 1,409 ā ā 30,114 ā ā 31,523 ā ā 18,789 ā 1968 ā Dec-98 Highlands Of Marin ā ā ā ā ā 5,996 ā ā 24,868 ā ā 30,864 ā ā 29,045 ā ā 8,086 ā ā 51,823 ā ā 59,909 ā ā 39,256 ā 1991/2010 ā Dec-98 Marina Playa ā ā ā ā ā 6,224 ā ā 23,916 ā ā 30,140 ā ā 14,413 ā ā 1,336 ā ā 43,217 ā ā 44,553 ā ā 26,198 ā 1971 ā Dec-98 River Terrace ā ā ā ā ā 22,161 ā ā 40,137 ā ā 62,298 ā ā 8,941 ā ā 22,998 ā ā 48,241 ā ā 71,239 ā ā 33,870 ā 2005 ā Aug-05 CitySouth ā ā ā ā ā 14,031 ā ā 30,537 ā ā 44,568 ā ā 39,859 ā ā 16,681 ā ā 67,746 ā ā 84,427 ā ā 51,728 ā 1972/2012 ā Nov-05 Bay Terrace ā ā ā ā ā 8,545 ā ā 14,458 ā ā 23,003 ā ā 7,598 ā ā 11,679 ā ā 18,922 ā ā 30,601 ā ā 12,980 ā 1962 ā Oct-05 Highlands of Marin Phase II ā ā ā ā ā 5,353 ā ā 18,559 ā ā 23,912 ā ā 11,361 ā ā 5,782 ā ā 29,491 ā ā 35,273 ā ā 21,081 ā 1968/2010 ā Oct-07 Edgewater ā ā ā ā ā 30,657 ā ā 83,872 ā ā 114,529 ā ā 13,128 ā ā 30,804 ā ā 96,853 ā ā 127,657 ā ā 61,120 ā 2007 ā Mar-08 Almaden Lake Village ā ā 27,000 ā ā 594 ā ā 42,515 ā ā 43,109 ā ā 9,940 ā ā 981 ā ā 52,068 ā ā 53,049 ā ā 33,775 ā 1999 ā Jul-08 388 Beale ā ā ā ā ā 14,253 ā ā 74,104 ā ā 88,357 ā ā 15,269 ā ā 14,643 ā ā 88,983 ā ā 103,626 ā ā 48,151 ā 1999 ā Apr-11 Channel Mission Bay ā ā ā ā ā 23,625 ā ā ā ā ā 23,625 ā ā 131,470 ā ā 24,039 ā ā 131,056 ā ā 155,095 ā ā 56,161 ā 2014 ā Sep-10 SAN FRANCISCO, CA ā 27,000 ā 145,665 ā 414,240 ā 559,905 ā 328,778 ā 152,855 ā 735,828 ā 888,683 ā 449,936 ā ā ā ā Crowne Pointe ā ā ā ā ā 2,486 ā ā 6,437 ā ā 8,923 ā ā 9,928 ā ā 3,237 ā ā 15,614 ā ā 18,851 ā ā 11,696 ā 1987 ā Dec-98 Hilltop ā ā ā ā ā 2,174 ā ā 7,408 ā ā 9,582 ā ā 6,882 ā ā 3,053 ā ā 13,411 ā ā 16,464 ā ā 9,868 ā 1985 ā Dec-98 The Hawthorne ā ā ā ā ā 6,474 ā ā 30,226 ā ā 36,700 ā ā 9,397 ā ā 7,137 ā ā 38,960 ā ā 46,097 ā ā 27,979 ā 2003 ā Jul-05 The Kennedy ā ā ā ā ā 6,179 ā ā 22,307 ā ā 28,486 ā ā 4,403 ā ā 6,317 ā ā 26,572 ā ā 32,889 ā ā 17,882 ā 2005 ā Nov-05 Hearthstone at Merrill Creek ā ā ā ā ā 6,848 ā ā 30,922 ā ā 37,770 ā ā 9,325 ā ā 7,311 ā ā 39,784 ā ā 47,095 ā ā 24,773 ā 2000 ā May-08 Island Square ā ā ā ā ā 21,284 ā ā 89,389 ā ā 110,673 ā ā 7,991 ā ā 21,674 ā ā 96,990 ā ā 118,664 ā ā 61,271 ā 2007 ā Jul-08 elements too ā ā ā ā ā 27,468 ā ā 72,036 ā ā 99,504 ā ā 20,580 ā ā 30,347 ā ā 89,737 ā ā 120,084 ā ā 67,882 ā 2010 ā Feb-10 989elements ā ā ā ā ā 8,541 ā ā 45,990 ā ā 54,531 ā ā 5,668 ā ā 8,683 ā ā 51,516 ā ā 60,199 ā ā 29,943 ā 2006 ā Dec-09 Lightbox ā ā ā ā ā 6,449 ā ā 38,884 ā ā 45,333 ā ā 1,265 ā ā 6,474 ā ā 40,124 ā ā 46,598 ā ā 15,968 ā 2014 ā Aug-14 Ashton Bellevue ā ā ā ā ā 8,287 ā ā 124,939 ā ā 133,226 ā ā 3,185 ā ā 8,368 ā ā 128,043 ā ā 136,411 ā ā 30,424 ā 2009 ā Oct-16 TEN20 ā ā ā ā ā 5,247 ā ā 76,587 ā ā 81,834 ā ā 4,110 ā ā 5,293 ā ā 80,651 ā ā 85,944 ā ā 19,241 ā 2009 ā Oct-16 Milehouse ā ā ā ā ā 5,976 ā ā 63,041 ā ā 69,017 ā ā 929 ā ā 6,007 ā ā 63,939 ā ā 69,946 ā ā 17,016 ā 2016 ā Nov-16 CityLine ā ā ā ā ā 11,220 ā ā 85,787 ā ā 97,007 ā ā 420 ā ā 11,228 ā ā 86,199 ā ā 97,427 ā ā 21,804 ā 2016 ā Jan-17 CityLine II ā ā ā ā ā 3,723 ā ā 56,843 ā ā 60,566 ā ā 451 ā ā 3,723 ā ā 57,294 ā ā 61,017 ā ā 8,079 ā 2018 ā Jan-19 SEATTLE, WA ā ā ā 122,356 ā 750,796 ā 873,152 ā 84,534 ā 128,852 ā 828,834 ā 957,686 ā 363,826 ā ā ā ā Boronda Manor ā ā ā ā ā 1,946 ā ā 8,982 ā ā 10,928 ā ā 11,521 ā ā 3,363 ā ā 19,086 ā ā 22,449 ā ā 12,517 ā 1979 ā Dec-98 Garden Court ā ā ā ā ā 888 ā ā 4,188 ā ā 5,076 ā ā 6,791 ā ā 1,616 ā ā 10,251 ā ā 11,867 ā ā 6,763 ā 1973 ā Dec-98 Cambridge Court ā ā ā ā ā 3,039 ā ā 12,883 ā ā 15,922 ā ā 18,790 ā ā 5,721 ā ā 28,991 ā ā 34,712 ā ā 19,495 ā 1974 ā Dec-98 Laurel Tree ā ā ā ā ā 1,304 ā ā 5,115 ā ā 6,419 ā ā 7,999 ā ā 2,469 ā ā 11,949 ā ā 14,418 ā ā 7,870 ā 1977 ā Dec-98 The Pointe At Harden Ranch ā ā ā ā ā 6,388 ā ā 23,854 ā ā 30,242 ā ā 34,192 ā ā 10,392 ā ā 54,042 ā ā 64,434 ā ā 35,017 ā 1986 ā Dec-98 The Pointe At Northridge ā ā ā ā ā 2,044 ā ā 8,028 ā ā 10,072 ā ā 12,411 ā ā 3,624 ā ā 18,859 ā ā 22,483 ā ā 12,598 ā 1979 ā Dec-98 The Pointe At Westlake ā ā ā ā ā 1,329 ā ā 5,334 ā ā 6,663 ā ā 8,198 ā ā 2,361 ā ā 12,500 ā ā 14,861 ā ā 8,071 ā 1975 ā Dec-98 MONTEREY PENINSULA, CA ā ā ā 16,938 ā 68,384 ā 85,322 ā 99,902 ā 29,546 ā 155,678 ā 185,224 ā 102,331 ā ā ā ā Rosebeach ā ā ā ā ā 8,414 ā ā 17,449 ā ā 25,863 ā ā 6,859 ā ā 8,917 ā ā 23,805 ā ā 32,722 ā ā 17,614 ā 1970 ā Sep-04 Tierra Del Rey ā ā ā ā ā 39,586 ā ā 36,679 ā ā 76,265 ā ā 9,294 ā ā 40,031 ā ā 45,528 ā ā 85,559 ā ā 28,994 ā 1998 ā Dec-07 The Westerly ā ā ā ā ā 48,182 ā ā 102,364 ā ā 150,546 ā ā 43,809 ā ā 50,893 ā ā 143,462 ā ā 194,355 ā ā 91,044 ā 1993/2013 ā Sep-10 Jefferson at Marina del Rey ā ā ā ā ā 55,651 ā ā ā ā ā 55,651 ā ā 94,879 ā ā 61,607 ā ā 88,923 ā ā 150,530 ā ā 57,719 ā 2008 ā Sep-07 LOS ANGELES, CA ā ā ā 151,833 ā 156,492 ā 308,325 ā 154,841 ā 161,448 ā 301,718 ā 463,166 ā 195,371 ā ā ā ā Verano at Rancho Cucamonga Town Square ā ā ā ā ā 13,557 ā ā 3,645 ā ā 17,202 ā ā 59,704 ā ā 24,355 ā ā 52,551 ā ā 76,906 ā ā 44,276 ā 2006 ā Oct-02 Windemere at Sycamore Highland ā ā ā ā ā 5,810 ā ā 23,450 ā ā 29,260 ā ā 5,513 ā ā 6,371 ā ā 28,402 ā ā 34,773 ā ā 22,167 ā 2001 ā Nov-02 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Amount at Which ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Initial Costs ā ā ā ā ā ā ā Carried at Close of Period ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Improvements ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Capitalized ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Land and ā Buildings ā Total Initial ā Subsequent ā Land and ā Buildings & ā Total ā ā ā ā ā ā ā ā ā ā ā ā Land ā and ā Acquisition ā to Acquisition ā Land ā Buildings ā Carrying ā Accumulated ā Date of ā Date ā ā Encumbrances ā Improvements ā Improvements ā Costs ā Costs ā Improvements ā Improvements ā Value ā Depreciation ā Construction(a) ā Acquired Strata ā ā ā ā ā 14,278 ā ā 84,242 ā ā 98,520 ā ā 1,086 ā ā 14,278 ā ā 85,328 ā ā 99,606 ā ā 5,273 ā 2010 ā Nov-19 OTHER SOUTHERN CA ā ā ā 33,645 ā 111,337 ā 144,982 ā 66,303 ā 45,004 ā 166,281 ā 211,285 ā 71,716 ā ā ā ā Tualatin Heights ā ā ā ā ā 3,273 ā ā 9,134 ā ā 12,407 ā ā 9,974 ā ā 4,285 ā ā 18,096 ā ā 22,381 ā ā 13,414 ā 1989 ā Dec-98 Hunt Club ā ā ā ā ā 6,014 ā ā 14,870 ā ā 20,884 ā ā 8,861 ā ā 6,564 ā ā 23,181 ā ā 29,745 ā ā 18,262 ā 1985 ā Sep-04 The Arbory ā ā ā ā ā 4,366 ā ā 63,457 ā ā 67,823 ā ā 375 ā ā 4,366 ā ā 63,832 ā ā 68,198 ā ā 3,990 ā 2018 ā Jan-20 PORTLAND, OR ā ā ā 13,653 ā 87,461 ā 101,114 ā 19,210 ā 15,215 ā 105,109 ā 120,324 ā 35,666 ā ā ā ā TOTAL WEST REGION ā 27,000 ā 895,475 ā 1,918,748 ā 2,814,223 ā 1,512,756 ā 985,417 ā 3,341,562 ā 4,326,979 ā 1,762,493 ā ā ā ā MID-ATLANTIC REGION ā ā ā ā ā ā ā ā ā ā ā ā ā Dominion Middle Ridge ā ā ā ā ā 3,311 ā ā 13,283 ā ā 16,594 ā ā 16,175 ā ā 4,452 ā ā 28,317 ā ā 32,769 ā ā 17,485 ā 1990 ā Jun-96 Dominion Lake Ridge ā ā ā ā ā 2,366 ā ā 8,387 ā ā 10,753 ā ā 10,034 ā ā 3,170 ā ā 17,617 ā ā 20,787 ā ā 13,548 ā 1987 ā Feb-96 Presidential Greens ā ā ā ā ā 11,238 ā ā 18,790 ā ā 30,028 ā ā 13,875 ā ā 11,878 ā ā 32,025 ā ā 43,903 ā ā 25,745 ā 1938 ā May-02 The Whitmore ā ā ā ā ā 6,418 ā ā 13,411 ā ā 19,829 ā ā 25,175 ā ā 7,624 ā ā 37,380 ā ā 45,004 ā ā 30,124 ā 1962/2008 ā Apr-02 Ridgewood -apts side ā ā ā ā ā 5,612 ā ā 20,086 ā ā 25,698 ā ā 13,198 ā ā 6,482 ā ā 32,414 ā ā 38,896 ā ā 25,282 ā 1988 ā Aug-02 Waterside Towers ā ā ā ā ā 13,001 ā ā 49,657 ā ā 62,658 ā ā 33,767 ā ā 50,752 ā ā 45,673 ā ā 96,425 ā ā 31,613 ā 1971 ā Dec-03 Wellington Place at Olde Town ā ā ā ā ā 13,753 ā ā 36,059 ā ā 49,812 ā ā 21,633 ā ā 14,971 ā ā 56,474 ā ā 71,445 ā ā 43,548 ā 1987/2008 ā Sep-05 Andover House ā ā ā ā ā 183 ā ā 59,948 ā ā 60,131 ā ā 7,059 ā ā 320 ā ā 66,870 ā ā 67,190 ā ā 41,876 ā 2004 ā Mar-07 Sullivan Place ā ā ā ā ā 1,137 ā ā 103,676 ā ā 104,813 ā ā 15,501 ā ā 1,867 ā ā 118,447 ā ā 120,314 ā ā 76,621 ā 2007 ā Dec-07 Delancey at Shirlington ā ā ā ā ā 21,606 ā ā 66,765 ā ā 88,371 ā ā 7,683 ā ā 21,713 ā ā 74,341 ā ā 96,054 ā ā 46,351 ā 2006/2007 ā Mar-08 View 14 ā ā ā ā ā 5,710 ā ā 97,941 ā ā 103,651 ā ā 6,254 ā ā 5,785 ā ā 104,120 ā ā 109,905 ā ā 55,928 ā 2009 ā Jun-11 Signal Hill Apartments ā ā ā ā ā 13,290 ā ā ā ā ā 13,290 ā ā 72,684 ā ā 25,594 ā ā 60,380 ā ā 85,974 ā ā 44,807 ā 2010 ā Mar-07 Capitol View on 14th ā ā ā ā ā 31,393 ā ā ā ā ā 31,393 ā ā 97,182 ā ā 31,478 ā ā 97,097 ā ā 128,575 ā ā 46,206 ā 2013 ā Sep-07 Domain College Park ā ā ā ā ā 7,300 ā ā ā ā ā 7,300 ā ā 60,855 ā ā 7,526 ā ā 60,629 ā ā 68,155 ā ā 26,385 ā 2014 ā Jun-11 1200 East West ā ā ā ā ā 9,748 ā ā 68,022 ā ā 77,770 ā ā 3,650 ā ā 9,888 ā ā 71,532 ā ā 81,420 ā ā 20,981 ā 2010 ā Oct-15 Courts at Huntington Station ā ā ā ā ā 27,749 ā ā 111,878 ā ā 139,627 ā ā 4,923 ā ā 28,115 ā ā 116,435 ā ā 144,550 ā ā 39,391 ā 2011 ā Oct-15 Eleven55 Ripley ā ā ā ā ā 15,566 ā ā 107,539 ā ā 123,105 ā ā 5,122 ā ā 15,897 ā ā 112,330 ā ā 128,227 ā ā 32,511 ā 2014 ā Oct-15 Arbor Park of Alexandria ā ā 160,930 ā ā 50,881 ā ā 159,728 ā ā 210,609 ā ā 6,975 ā ā 51,562 ā ā 166,022 ā ā 217,584 ā ā 55,367 ā 1969/2015 ā Oct-15 Courts at Dulles ā ā ā ā ā 14,697 ā ā 83,834 ā ā 98,531 ā ā 10,718 ā ā 14,782 ā ā 94,467 ā ā 109,249 ā ā 33,782 ā 2000 ā Oct-15 Newport Village ā ā 127,600 ā ā 55,283 ā ā 177,454 ā ā 232,737 ā ā 24,041 ā ā 55,725 ā ā 201,053 ā ā 256,778 ā ā 68,828 ā 1968 ā Oct-15 1301 Thomas Circle ā ā ā ā ā 27,836 ā ā 128,191 ā ā 156,027 ā ā 1,543 ā ā 27,842 ā ā 129,728 ā ā 157,570 ā ā 11,545 ā 2006 ā Aug-19 Crescent Falls Church ā ā ā ā ā 13,687 ā ā 88,692 ā ā 102,379 ā ā 1,101 ā ā 13,694 ā ā 89,786 ā ā 103,480 ā ā 6,495 ā 2010 ā Nov-19 Station on Silver ā ā ā ā ā 16,661 ā ā 109,198 ā ā 125,859 ā ā 11 ā ā 16,661 ā ā 109,209 ā ā 125,870 ā ā 600 ā 2018 ā Dec-20 METROPOLITAN, D.C. ā 288,530 ā 368,426 ā 1,522,539 ā 1,890,965 ā 459,159 ā 427,778 ā 1,922,346 ā 2,350,124 ā 795,019 ā ā ā ā Calvert's Walk ā ā ā ā ā 4,408 ā ā 24,692 ā ā 29,100 ā ā 9,911 ā ā 5,196 ā ā 33,815 ā ā 39,011 ā ā 26,175 ā 1988 ā Mar-04 20 Lambourne ā ā ā ā ā 11,750 ā ā 45,590 ā ā 57,340 ā ā 12,428 ā ā 12,454 ā ā 57,314 ā ā 69,768 ā ā 36,827 ā 2003 ā Mar-08 Domain Brewers Hill ā ā ā ā ā 4,669 ā ā 40,630 ā ā 45,299 ā ā 2,719 ā ā 4,833 ā ā 43,185 ā ā 48,018 ā ā 24,816 ā 2009 ā Aug-10 Rodgers Forge ā ā ā ā ā 15,392 ā ā 67,958 ā ā 83,350 ā ā 5,183 ā ā 15,565 ā ā 72,968 ā ā 88,533 ā ā 8,648 ā 1945 ā Apr-19 Towson Promenade ā ā 58,600 ā ā 12,599 ā ā 78,847 ā ā 91,446 ā ā 1,571 ā ā 12,607 ā ā 80,410 ā ā 93,017 ā ā 5,829 ā 2009 ā Nov-19 BALTIMORE, MD ā 58,600 ā 48,818 ā 257,717 ā 306,535 ā 31,812 ā 50,655 ā 287,692 ā 338,347 ā 102,295 ā ā ā ā Gayton Pointe Townhomes ā ā ā ā ā 826 ā ā 5,148 ā ā 5,974 ā ā 31,643 ā ā 3,600 ā ā 34,017 ā ā 37,617 ā ā 31,703 ā 1973/2007 ā Sep-95 Waterside At Ironbridge ā ā ā ā ā 1,844 ā ā 13,239 ā ā 15,083 ā ā 10,278 ā ā 2,642 ā ā 22,719 ā ā 25,361 ā ā 17,564 ā 1987 ā Sep-97 Carriage Homes at Wyndham ā ā ā ā ā 474 ā ā 30,997 ā ā 31,471 ā ā 10,870 ā ā 4,158 ā ā 38,183 ā ā 42,341 ā ā 29,877 ā 1998 ā Nov-03 Legacy at Mayland ā ā ā ā ā 1,979 ā ā 11,524 ā ā 13,503 ā ā 35,084 ā ā 5,546 ā ā 43,041 ā ā 48,587 ā ā 39,006 ā 1973/2007 ā Dec-91 RICHMOND, VA ā ā ā 5,123 ā 60,908 ā 66,031 ā 87,875 ā 15,946 ā 137,960 ā 153,906 ā 118,150 ā ā ā ā TOTAL MID-ATLANTIC REGION ā 347,130 ā 422,367 ā 1,841,164 ā 2,263,531 ā 578,846 ā 494,379 ā 2,347,998 ā 2,842,377 ā 1,015,464 ā ā ā ā NORTHEAST REGION ā ā ā ā ā ā ā ā ā 10 Hanover Square ā ā ā ā ā 41,432 ā ā 218,983 ā ā 260,415 ā ā 29,075 ā ā 41,815 ā ā 247,675 ā ā 289,490 ā ā 116,732 ā 2005 ā Apr-11 21 Chelsea ā ā ā ā ā 36,399 ā ā 107,154 ā ā 143,553 ā ā 15,361 ā ā 36,530 ā ā 122,384 ā ā 158,914 ā ā 62,144 ā 2001 ā Aug-11 View 34 ā ā ā ā ā 114,410 ā ā 324,920 ā ā 439,330 ā ā 114,384 ā ā 116,048 ā ā 437,666 ā ā 553,714 ā ā 227,237 ā 1985/2013 ā Jul-11 95 Wall Street ā ā ā ā ā 57,637 ā ā 266,255 ā ā 323,892 ā ā 10,873 ā ā 58,084 ā ā 276,681 ā ā 334,765 ā ā 156,590 ā 2008 ā Aug-11 Leonard Pointe ā ā ā ā ā 38,010 ā ā 93,204 ā ā 131,214 ā ā 1,406 ā ā 38,016 ā ā 94,604 ā ā 132,620 ā ā 12,161 ā 2015 ā Feb-19 One William ā ā ā ā ā 6,422 ā ā 75,527 ā ā 81,949 ā ā 906 ā ā 6,459 ā ā 76,396 ā ā 82,855 ā ā 7,574 ā 2018 ā Aug-19 NEW YORK, NY ā ā ā 294,310 ā 1,086,043 ā 1,380,353 ā 172,005 ā 296,952 ā 1,255,406 ā 1,552,358 ā 582,438 ā ā ā ā Garrison Square ā ā ā ā ā 6,475 ā ā 91,027 ā ā 97,502 ā ā 25,999 ā ā 6,617 ā ā 116,884 ā ā 123,501 ā ā 60,567 ā 1887/1990 ā Sep-10 Ridge at Blue Hills ā ā 25,000 ā ā 6,039 ā ā 34,869 ā ā 40,908 ā ā 5,909 ā ā 6,470 ā ā 40,347 ā ā 46,817 ā ā 23,250 ā 2007 ā Sep-10 Inwood West ā ā 80,000 ā ā 20,778 ā ā 88,096 ā ā 108,874 ā ā 14,388 ā ā 19,826 ā ā 103,436 ā ā 123,262 ā ā 59,007 ā 2006 ā Apr-11 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Amount at Which ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Initial Costs ā ā ā ā ā ā ā Carried at Close of Period ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Improvements ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Capitalized ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Land and ā Buildings ā Total Initial ā Subsequent ā Land and ā Buildings & ā Total ā ā ā ā ā ā ā ā ā ā ā ā Land ā and ā Acquisition ā to Acquisition ā Land ā Buildings ā Carrying ā Accumulated ā Date of ā Date ā ā Encumbrances ā Improvements ā Improvements ā Costs ā Costs ā Improvements ā Improvements ā Value ā Depreciation ā Construction(a) ā Acquired 14 North ā ā 72,500 ā ā 10,961 ā ā 51,175 ā ā 62,136 ā ā 13,923 ā ā 11,483 ā ā 64,576 ā ā 76,059 ā ā 38,209 ā 2005 ā Apr-11 100 Pier 4 ā ā ā ā ā 24,584 ā ā ā ā ā 24,584 ā ā 203,340 ā ā 24,825 ā ā 203,099 ā ā 227,924 ā ā 61,812 ā 2015 ā Dec-15 345 Harrison ā ā ā ā ā 32,938 ā ā ā ā ā 32,938 ā ā 328,608 ā ā 44,894 ā ā 316,652 ā ā 361,546 ā ā 44,083 ā 2018 ā Nov-11 Currents on the Charles ā ā ā ā ā 12,580 ā ā 70,149 ā ā 82,729 ā ā 1,571 ā ā 12,693 ā ā 71,607 ā ā 84,300 ā ā 7,350 ā 2015 ā Jun-19 The Commons at Windsor Gardens ā ā ā ā ā 34,609 ā ā 225,515 ā ā 260,124 ā ā 13,146 ā ā 34,613 ā ā 238,657 ā ā 273,270 ā ā 27,794 ā 1969 ā Aug-19 Charles River Landing ā ā ā ā ā 17,068 ā ā 112,777 ā ā 129,845 ā ā 1,094 ā ā 17,070 ā ā 113,869 ā ā 130,939 ā ā 8,229 ā 2010 ā Nov-19 Lenox Farms ā ā 94,050 ā ā 17,692 ā ā 115,899 ā ā 133,591 ā ā 3,002 ā ā 17,695 ā ā 118,898 ā ā 136,593 ā ā 8,616 ā 2009 ā Nov-19 Lodge at Ames Pond ā ā ā ā ā 12,645 ā ā 70,653 ā ā 83,298 ā ā 1,872 ā ā 12,645 ā ā 72,525 ā ā 85,170 ā ā 5,320 ā 2010 ā Nov-19 BOSTON, MA ā 271,550 ā 196,369 ā 860,160 ā 1,056,529 ā 612,852 ā 208,831 ā 1,460,550 ā 1,669,381 ā 344,237 ā ā ā ā Park Square ā ā ā ā ā 10,365 ā ā 96,050 ā ā 106,415 ā ā 1,321 ā ā 10,484 ā ā 97,252 ā ā 107,736 ā ā 11,306 ā 2018 ā May-19 PHILADELPHIA, PA ā ā ā ā ā 10,365 ā ā 96,050 ā ā 106,415 ā ā 1,321 ā ā 10,484 ā ā 97,252 ā ā 107,736 ā ā 11,306 ā ā ā ā TOTAL NORTHEAST REGION ā 271,550 ā 501,044 ā 2,042,253 ā 2,543,297 ā 786,178 ā 516,267 ā 2,813,208 ā 3,329,475 ā 937,981 ā ā ā ā SOUTHEAST REGION ā ā ā ā ā ā ā ā ā ā ā ā ā Summit West ā ā ā ā ā 2,176 ā ā 4,710 ā ā 6,886 ā ā 13,247 ā ā 4,027 ā ā 16,106 ā ā 20,133 ā ā 14,234 ā 1972 ā Dec-92 The Breyley ā ā ā ā ā 1,780 ā ā 2,458 ā ā 4,238 ā ā 19,516 ā ā 3,912 ā ā 19,842 ā ā 23,754 ā ā 19,568 ā 1977/2007 ā Sep-93 Lakewood Place ā ā ā ā ā 1,395 ā ā 10,647 ā ā 12,042 ā ā 13,985 ā ā 3,257 ā ā 22,770 ā ā 26,027 ā ā 18,921 ā 1986 ā Mar-94 Cambridge Woods ā ā ā ā ā 1,791 ā ā 7,166 ā ā 8,957 ā ā 13,118 ā ā 3,612 ā ā 18,463 ā ā 22,075 ā ā 15,045 ā 1985 ā Jun-97 Inlet Bay ā ā ā ā ā 7,702 ā ā 23,150 ā ā 30,852 ā ā 21,301 ā ā 10,609 ā ā 41,544 ā ā 52,153 ā ā 34,547 ā 1988/1989 ā Jun-03 MacAlpine Place ā ā ā ā ā 10,869 ā ā 36,858 ā ā 47,727 ā ā 14,572 ā ā 12,417 ā ā 49,882 ā ā 62,299 ā ā 36,966 ā 2001 ā Dec-04 The Vintage Lofts at West End ā ā ā ā ā 6,611 ā ā 37,663 ā ā 44,274 ā ā 23,410 ā ā 15,868 ā ā 51,816 ā ā 67,684 ā ā 36,077 ā 2009 ā Jul-09 Peridot Palms ā ā ā ā ā 6,293 ā ā 89,752 ā ā 96,045 ā ā 1,446 ā ā 6,305 ā ā 91,186 ā ā 97,491 ā ā 11,914 ā 2017 ā Feb-19 The Preserve at Gateway ā ā ā ā ā 4,467 ā ā 43,723 ā ā 48,190 ā ā 1,390 ā ā 4,471 ā ā 45,109 ā ā 49,580 ā ā 5,053 ā 2013 ā May-19 The Slade at Channelside ā ā ā ā ā 10,216 ā ā 72,786 ā ā 83,002 ā ā 2,015 ā ā 10,258 ā ā 74,759 ā ā 85,017 ā ā 4,719 ā 2009 ā Jan-20 Andover Place at Cross Creek ā ā ā ā ā 11,702 ā ā 107,761 ā ā 119,463 ā ā 76 ā ā 11,709 ā ā 107,830 ā ā 119,539 ā ā 1,223 ā 1997/1999 ā Nov-20 TAMPA, FL ā ā ā 65,002 ā 436,674 ā 501,676 ā 124,076 ā 86,445 ā 539,307 ā 625,752 ā 198,267 ā ā ā ā Seabrook ā ā ā ā ā 1,846 ā ā 4,155 ā ā 6,001 ā ā 10,785 ā ā 3,194 ā ā 13,592 ā ā 16,786 ā ā 11,946 ā 1984/2004 ā Feb-96 Altamira Place ā ā ā ā ā 1,533 ā ā 11,076 ā ā 12,609 ā ā 23,989 ā ā 4,040 ā ā 32,558 ā ā 36,598 ā ā 29,899 ā 1984/2007 ā Apr-94 Regatta Shore ā ā ā ā ā 757 ā ā 6,608 ā ā 7,365 ā ā 18,996 ā ā 2,396 ā ā 23,965 ā ā 26,361 ā ā 21,164 ā 1988/2007 ā Jun-94 Alafaya Woods ā ā ā ā ā 1,653 ā ā 9,042 ā ā 10,695 ā ā 13,417 ā ā 2,871 ā ā 21,241 ā ā 24,112 ā ā 17,240 ā 1989/2006 ā Oct-94 Los Altos ā ā ā ā ā 2,804 ā ā 12,349 ā ā 15,153 ā ā 14,349 ā ā 4,587 ā ā 24,915 ā ā 29,502 ā ā 20,338 ā 1990/2004 ā Oct-96 Lotus Landing ā ā ā ā ā 2,185 ā ā 8,639 ā ā 10,824 ā ā 13,198 ā ā 3,121 ā ā 20,901 ā ā 24,022 ā ā 15,939 ā 1985/2006 ā Jul-97 Seville On The Green ā ā ā ā ā 1,282 ā ā 6,498 ā ā 7,780 ā ā 8,929 ā ā 1,920 ā ā 14,789 ā ā 16,709 ā ā 11,816 ā 1986/2004 ā Oct-97 Ashton Waterford ā ā ā ā ā 3,872 ā ā 17,538 ā ā 21,410 ā ā 7,597 ā ā 4,607 ā ā 24,400 ā ā 29,007 ā ā 17,840 ā 2000 ā May-98 Arbors at Lee Vista ā ā ā ā ā 6,692 ā ā 12,860 ā ā 19,552 ā ā 17,453 ā ā 7,759 ā ā 29,246 ā ā 37,005 ā ā 22,157 ā 1992/2007 ā Aug-06 ORLANDO, FL ā ā ā 22,624 ā 88,765 ā 111,389 ā 128,713 ā 34,495 ā 205,607 ā 240,102 ā 168,339 ā ā ā ā Legacy Hill ā ā ā ā ā 1,148 ā ā 5,867 ā ā 7,015 ā ā 11,324 ā ā 2,041 ā ā 16,298 ā ā 18,339 ā ā 13,833 ā 1977 ā Nov-95 Hickory Run ā ā ā ā ā 1,469 ā ā 11,584 ā ā 13,053 ā ā 14,873 ā ā 2,684 ā ā 25,242 ā ā 27,926 ā ā 18,126 ā 1989 ā Dec-95 Carrington Hills ā ā ā ā ā 2,117 ā ā ā ā ā 2,117 ā ā 39,856 ā ā 5,016 ā ā 36,957 ā ā 41,973 ā ā 28,441 ā 1999 ā Dec-95 Brookridge ā ā ā ā ā 708 ā ā 5,461 ā ā 6,169 ā ā 7,786 ā ā 1,495 ā ā 12,460 ā ā 13,955 ā ā 9,894 ā 1986 ā Mar-96 Breckenridge ā ā ā ā ā 766 ā ā 7,714 ā ā 8,480 ā ā 7,329 ā ā 1,539 ā ā 14,270 ā ā 15,809 ā ā 10,882 ā 1986 ā Mar-97 Colonnade ā ā ā ā ā 1,460 ā ā 16,015 ā ā 17,475 ā ā 9,392 ā ā 2,440 ā ā 24,427 ā ā 26,867 ā ā 17,504 ā 1998 ā Jan-99 The Preserve at Brentwood ā ā ā ā ā 3,182 ā ā 24,674 ā ā 27,856 ā ā 11,689 ā ā 4,187 ā ā 35,358 ā ā 39,545 ā ā 27,778 ā 1998 ā Jun-04 Polo Park ā ā ā ā ā 4,583 ā ā 16,293 ā ā 20,876 ā ā 18,537 ā ā 6,216 ā ā 33,197 ā ā 39,413 ā ā 27,438 ā 1987/2008 ā May-06 NASHVILLE, TN ā ā ā 15,433 ā 87,608 ā 103,041 ā 120,786 ā 25,618 ā 198,209 ā 223,827 ā 153,896 ā ā ā ā The Reserve and Park at Riverbridge ā ā ā ā ā 15,968 ā ā 56,401 ā ā 72,369 ā ā 17,261 ā ā 16,900 ā ā 72,730 ā ā 89,630 ā ā 52,555 ā 1999/2001 ā Dec-04 OTHER FLORIDA ā ā ā 15,968 ā 56,401 ā 72,369 ā 17,261 ā 16,900 ā 72,730 ā 89,630 ā 52,555 ā ā ā ā TOTAL SOUTHEAST REGION ā ā ā 119,027 ā 669,448 ā 788,475 ā 390,836 ā 163,458 ā 1,015,853 ā 1,179,311 ā 573,057 ā ā ā ā SOUTHWEST REGION ā ā ā ā ā ā ā ā ā ā ā ā ā Thirty377 ā ā 25,000 ā ā 24,036 ā ā 32,951 ā ā 56,987 ā ā 21,167 ā ā 26,212 ā ā 51,942 ā ā 78,154 ā ā 36,152 ā 1999/2007 ā Aug-06 Legacy Village ā ā 90,000 ā ā 16,882 ā ā 100,102 ā ā 116,984 ā ā 26,248 ā ā 21,391 ā ā 121,841 ā ā 143,232 ā ā 79,544 ā 2005/06/07 ā Mar-08 Addison Apts at The Park ā ā ā ā ā 22,041 ā ā 11,228 ā ā 33,269 ā ā 14,434 ā ā 31,199 ā ā 16,504 ā ā 47,703 ā ā 11,917 ā 1977/78/79 ā May-07 Addison Apts at The Park II ā ā ā ā ā 7,903 ā ā 554 ā ā 8,457 ā ā 7,752 ā ā 11,055 ā ā 5,154 ā ā 16,209 ā ā 3,682 ā 1970 ā May-07 Addison Apts at The Park I ā ā ā ā ā 10,440 ā ā 634 ā ā 11,074 ā ā 1,883 ā ā 8,453 ā ā 4,504 ā ā 12,957 ā ā 2,993 ā 1975 ā May-07 Savoye ā ā ā ā ā 8,432 ā ā 50,483 ā ā 58,915 ā ā 2,508 ā ā 8,471 ā ā 52,952 ā ā 61,423 ā ā 3,868 ā 2009 ā Nov-19 Savoye 2 ā ā ā ā ā 6,451 ā ā 56,615 ā ā 63,066 ā ā 1,232 ā ā 6,461 ā ā 57,837 ā ā 64,298 ā ā 4,165 ā 2011 ā Nov-19 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Amount at Which ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Initial Costs ā ā ā ā ā ā ā Carried at Close of Period ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Costs of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Improvements ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Capitalized ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Land and ā Buildings ā Total Initial ā Subsequent ā Land and ā Buildings & ā Total ā ā ā ā ā ā ā ā ā ā ā ā Land ā and ā Acquisition ā to Acquisition ā Land ā Buildings ā Carrying ā Accumulated ā Date of ā Date ā ā Encumbrances ā Improvements ā Improvements ā Costs ā Costs ā Improvements ā Improvements ā Value ā Depreciation ā Construction(a) ā Acquired Fiori on Vitruvian Park ā ā 49,553 ā ā 7,934 ā ā 78,575 ā ā 86,509 ā ā 2,090 ā ā 7,938 ā ā 80,661 ā ā 88,599 ā ā 5,878 ā 2013 ā Nov-19 Vitruvian West Phase 1 ā ā 41,317 ā ā 6,273 ā ā 61,418 ā ā 67,691 ā ā 852 ā ā 6,279 ā ā 62,264 ā ā 68,543 ā ā 4,739 ā 2018 ā Nov-19 DALLAS, TX ā 205,870 ā 110,392 ā 392,560 ā 502,952 ā 78,166 ā 127,459 ā 453,659 ā 581,118 ā 152,938 ā ā ā ā Barton Creek Landing ā ā ā ā ā 3,151 ā ā 14,269 ā ā 17,420 ā ā 25,130 ā ā 5,439 ā ā 37,111 ā ā 42,550 ā ā 31,281 ā 1986/2012 ā Mar-02 Residences at the Domain ā ā ā ā ā 4,034 ā ā 55,256 ā ā 59,290 ā ā 15,761 ā ā 4,608 ā ā 70,443 ā ā 75,051 ā ā 44,676 ā 2007 ā Aug-08 Red Stone Ranch ā ā ā ā ā 5,084 ā ā 17,646 ā ā 22,730 ā ā 6,068 ā ā 5,704 ā ā 23,094 ā ā 28,798 ā ā 13,419 ā 2000 ā Apr-12 Lakeline Villas ā ā ā ā ā 4,148 ā ā 16,869 ā ā 21,017 ā ā 4,066 ā ā 4,674 ā ā 20,409 ā ā 25,083 ā ā 12,009 ā 2002 ā Apr-12 AUSTIN, TX ā ā ā 16,417 ā 104,040 ā 120,457 ā 51,025 ā 20,425 ā 151,057 ā 171,482 ā 101,385 ā ā ā ā Steele Creek ā ā ā ā ā 8,586 ā ā 130,400 ā ā 138,986 ā ā 6,012 ā ā 8,640 ā ā 136,358 ā ā 144,998 ā ā 25,139 ā 2015 ā Oct-17 DENVER, CO ā ā ā ā 8,586 ā 130,400 ā 138,986 ā 6,012 ā 8,640 ā 136,358 ā 144,998 ā 25,139 ā ā ā ā TOTAL SOUTHWEST REGION ā 205,870 ā 135,395 ā 627,000 ā 762,395 ā 135,203 ā 156,524 ā 741,074 ā 897,598 ā 279,462 ā ā ā ā TOTAL OPERATING COMMUNITIES ā 851,550 ā 2,073,308 ā 7,098,613 ā 9,171,921 ā 3,403,819 ā 2,316,045 ā 10,259,695 ā 12,575,740 ā 4,568,457 ā ā ā ā REAL ESTATE UNDER DEVELOPMENT ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Vitruvian West Phase 2 ā ā ā ā ā 6,451 ā ā 15,798 ā ā 22,249 ā ā 34,775 ā ā 6,451 ā ā 50,573 ā ā 57,024 ā ā 1,010 ā ā ā ā Cirrus ā ā ā ā ā 13,853 ā ā ā ā ā 13,853 ā ā 53,272 ā ā 13,853 ā ā 53,272 ā ā 67,125 ā ā ā ā ā ā ā 5421 at Dublin Station ā ā ā ā ā 8,922 ā ā ā ā ā 8,922 ā ā 48,877 ā ā 8,922 ā ā 48,877 ā ā 57,799 ā ā ā ā ā ā ā 440 Penn Street ā ā ā ā ā 27,135 ā ā ā ā ā 27,135 ā ā 18,784 ā ā 27,135 ā ā 18,784 ā ā 45,919 ā ā ā ā ā ā ā Village at Valley Forge ā ā ā ā ā 17,341 ā ā ā ā ā 17,341 ā ā 2,669 ā ā 17,341 ā ā 2,669 ā ā 20,010 ā ā ā ā ā ā ā TOTAL REAL ESTATE UNDER DEVELOPMENT ā ā ā 73,702 ā 15,798 ā 89,500 ā 158,377 ā 73,702 ā 174,175 ā 247,877 ā 1,010 ā ā ā ā LAND ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Vitruvian ParkĀ® ā ā ā ā ā 39,609 ā ā 4,997 ā ā 44,606 ā ā 17,076 ā ā 46,664 ā ā 15,018 ā ā 61,682 ā ā 2,818 ā ā ā ā TOTAL LAND ā ā ā 39,609 ā 4,997 ā 44,606 ā 17,076 ā 46,664 ā 15,018 ā 61,682 ā 2,818 ā ā ā ā HELD FOR DISPOSITION ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Parallel ā ā ā ā ā 15,181 ā ā 100,595 ā ā 115,776 ā ā 879 ā ā 15,184 ā ā 101,471 ā ā 116,655 ā ā 13,779 ā ā ā ā TOTAL HELD FOR DISPOSITION ā ā ā 15,181 ā 100,595 ā 115,776 ā 879 ā 15,184 ā 101,471 ā 116,655 ā 13,779 ā ā ā ā COMMERCIAL ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Brookhaven Shopping Center ā ā ā ā ā ā ā ā ā ā ā ā ā ā 29,927 ā ā 7,793 ā ā 22,134 ā ā 29,927 ā ā 14,646 ā ā ā ā TOTAL COMMERCIAL ā ā ā ā ā ā ā ā ā 29,927 ā 7,793 ā 22,134 ā 29,927 ā 14,646 ā ā ā ā Other (b) ā ā ā ā ā ā ā ā ā ā ā ā ā ā 14,007 ā ā ā ā ā 14,007 ā ā 14,007 ā ā 94 ā ā ā ā 1745 Shea Center I ā ā ā ā ā 3,034 ā ā 20,534 ā ā 23,568 ā ā 2,016 ā ā 3,086 ā ā 22,498 ā ā 25,584 ā ā 4,562 ā ā ā ā TOTAL CORPORATE ā ā ā 3,034 ā 20,534 ā 23,568 ā 16,023 ā 3,086 ā 36,505 ā 39,591 ā 4,656 ā ā ā ā TOTAL COMMERCIAL & CORPORATE ā ā ā 3,034 ā 20,534 ā 23,568 ā 45,950 ā 10,879 ā 58,639 ā 69,518 ā 19,302 ā ā ā ā Deferred Financing Costs and Other Non-Cash Adjustments ā ā 10,597 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā TOTAL REAL ESTATE OWNED ā $ 862,147 ā $ 2,204,834 ā $ 7,240,537 ā $ 9,445,371 ā $ 3,626,101 ā $ 2,462,474 ā $ 10,608,998 ā $ 13,071,472 ā $ 4,605,366 ā ā ā ā (a) Date of original construction/date of last major renovation, if applicable. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purposes was approximately $12.3 billion at December 31, 2020 ( unaudited The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 30 to 55 years. ā 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands) ā ā ā ā ā ā ā ā ā ā ā 2020 2019 2018 Balance at beginning of the year ā $ 12,602,101 ā $ 10,196,159 ā $ 10,177,206 Real estate acquired ā 413,488 ā 2,241,163 ā ā Capital expenditures and development ā 299,986 ā 195,981 ā 214,898 Real estate sold ā (244,103) ā (31,202) ā (195,945) Balance at end of the year ā $ 13,071,472 ā $ 12,602,101 ā $ 10,196,159 ā The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ā ā ā ā ā ā ā ā ā ā ā 2020 2019 2018 Balance at beginning of the year ā $ 4,131,353 ā $ 3,654,160 ā $ 3,330,166 Depreciation expense for the year ā 560,876 ā 477,193 ā 426,006 Accumulated depreciation on sales ā (86,863) ā ā ā (102,012) Balance at end of year ā $ 4,605,366 ā $ 4,131,353 ā $ 3,654,160 ā |
United Dominion Realty L.P. | |
Real Estate and Accumulated Depreciation | |
Schedule III - Real Estate Owned | UNITED DOMINION REALTY, L.P. SCHEDULE III ā REAL ESTATE OWNED DECEMBER 31, 2020 (In thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Amount at Which ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Initial Costs ā ā ā ā ā ā ā Carried at Close of Period ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Cost of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Improvements ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Capitalized ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Initial ā Subsequent to ā ā ā ā Buildings & ā ā ā ā ā ā ā Date of ā ā ā ā ā ā ā Land and Land ā Building and ā Acquisition ā Acquisition ā Land and Land ā Buildings ā Total Carrying ā Accumulated ā Construction ā ā ā ā Encumbrances ā Improvements ā Improvements ā Costs ā Costs ā Improvements ā Improvements ā Value ā Depreciation ā (a) ā Date Acquired WEST REGION ā ā ā ā ā ā ā ā ā Harbor at Mesa Verde ā $ ā ā $ 20,476 ā $ 28,538 ā $ 49,014 ā $ 23,282 ā $ 22,317 ā $ 49,979 ā $ 72,296 ā $ 37,780 ā 1965/2003 ā Jun-03 27 Seventy Five Mesa Verde ā ā ā ā ā 99,329 ā ā 110,644 ā ā 209,973 ā ā 106,411 ā ā 116,177 ā ā 200,207 ā ā 316,384 ā ā 147,609 ā 1979/2013 ā Oct-04 Huntington Vista ā ā ā ā ā 8,055 ā ā 22,486 ā ā 30,541 ā ā 14,742 ā ā 9,302 ā ā 35,981 ā ā 45,283 ā ā 27,136 ā 1970 ā Jun-03 Missions at Back Bay ā ā ā ā ā 229 ā ā 14,129 ā ā 14,358 ā ā 4,129 ā ā 11,052 ā ā 7,435 ā ā 18,487 ā ā 5,837 ā 1969 ā Dec-03 Eight 80 Newport Beach - North ā ā ā ā ā 62,516 ā ā 46,082 ā ā 108,598 ā ā 46,676 ā ā 69,331 ā ā 85,943 ā ā 155,274 ā ā 64,662 ā 1968/2000/2016 ā Oct-04 Eight 80 Newport Beach - South ā ā ā ā ā 58,785 ā ā 50,067 ā ā 108,852 ā ā 37,225 ā ā 60,961 ā ā 85,116 ā ā 146,077 ā ā 59,802 ā 1968/2000/2016 ā Mar-05 ORANGE COUNTY, CA ā ā ā 249,390 ā 271,946 ā 521,336 ā 232,465 ā 289,140 ā 464,661 ā 753,801 ā 342,826 ā ā ā ā 2000 Post Street ā ā ā ā ā 9,861 ā ā 44,578 ā ā 54,439 ā ā 24,689 ā ā 11,126 ā ā 68,002 ā ā 79,128 ā ā 39,177 ā 1987/2016 ā Dec-98 Birch Creek ā ā ā ā ā 4,365 ā ā 16,696 ā ā 21,061 ā ā 10,462 ā ā 1,409 ā ā 30,114 ā ā 31,523 ā ā 18,789 ā 1968 ā Dec-98 Highlands Of Marin ā ā ā ā ā 5,996 ā ā 24,868 ā ā 30,864 ā ā 29,045 ā ā 8,086 ā ā 51,823 ā ā 59,909 ā ā 39,256 ā 1991/2010 ā Dec-98 Marina Playa ā ā ā ā ā 6,224 ā ā 23,916 ā ā 30,140 ā ā 14,413 ā ā 1,336 ā ā 43,217 ā ā 44,553 ā ā 26,198 ā 1971 ā Dec-98 River Terrace ā ā ā ā ā 22,161 ā ā 40,137 ā ā 62,298 ā ā 8,941 ā ā 22,998 ā ā 48,241 ā ā 71,239 ā ā 33,870 ā 2005 ā Aug-05 CitySouth ā ā ā ā ā 14,031 ā ā 30,537 ā ā 44,568 ā ā 39,859 ā ā 16,681 ā ā 67,746 ā ā 84,427 ā ā 51,728 ā 1972/2012 ā Nov-05 Bay Terrace ā ā ā ā ā 8,545 ā ā 14,458 ā ā 23,003 ā ā 7,598 ā ā 11,679 ā ā 18,922 ā ā 30,601 ā ā 12,980 ā 1962 ā Oct-05 Highlands of Marin Phase II ā ā ā ā ā 5,353 ā ā 18,559 ā ā 23,912 ā ā 11,361 ā ā 5,782 ā ā 29,491 ā ā 35,273 ā ā 21,081 ā 1968/2010 ā Oct-07 Edgewater ā ā ā ā ā 30,657 ā ā 83,872 ā ā 114,529 ā ā 13,128 ā ā 30,804 ā ā 96,853 ā ā 127,657 ā ā 61,120 ā 2007 ā Mar-08 Almaden Lake Village ā ā 27,000 ā ā 594 ā ā 42,515 ā ā 43,109 ā ā 9,940 ā ā 981 ā ā 52,068 ā ā 53,049 ā ā 33,775 ā 1999 ā Jul-08 SAN FRANCISCO, CA ā 27,000 ā 107,787 ā 340,136 ā 447,923 ā 169,436 ā 110,882 ā 506,477 ā 617,359 ā 337,974 ā ā ā ā Crowne Pointe ā ā ā ā ā 2,486 ā ā 6,437 ā ā 8,923 ā ā 9,928 ā ā 3,237 ā ā 15,614 ā ā 18,851 ā ā 11,696 ā 1987 ā Dec-98 Hilltop ā ā ā ā ā 2,174 ā ā 7,408 ā ā 9,582 ā ā 6,882 ā ā 3,053 ā ā 13,411 ā ā 16,464 ā ā 9,868 ā 1985 ā Dec-98 The Kennedy ā ā ā ā ā 6,179 ā ā 22,307 ā ā 28,486 ā ā 4,403 ā ā 6,317 ā ā 26,572 ā ā 32,889 ā ā 17,882 ā 2005 ā Nov-05 Hearthstone at Merrill Creek ā ā ā ā ā 6,848 ā ā 30,922 ā ā 37,770 ā ā 9,325 ā ā 7,311 ā ā 39,784 ā ā 47,095 ā ā 24,773 ā 2000 ā May-08 Island Square ā ā ā ā ā 21,284 ā ā 89,389 ā ā 110,673 ā ā 7,991 ā ā 21,674 ā ā 96,990 ā ā 118,664 ā ā 61,271 ā 2007 ā Jul-08 SEATTLE, WA ā ā ā 38,971 ā 156,463 ā 195,434 ā 38,529 ā 41,592 ā 192,371 ā 233,963 ā 125,490 ā ā ā ā Boronda Manor ā ā ā ā ā 1,946 ā ā 8,982 ā ā 10,928 ā ā 11,521 ā ā 3,363 ā ā 19,086 ā ā 22,449 ā ā 12,517 ā 1979 ā Dec-98 Garden Court ā ā ā ā ā 888 ā ā 4,188 ā ā 5,076 ā ā 6,791 ā ā 1,616 ā ā 10,251 ā ā 11,867 ā ā 6,763 ā 1973 ā Dec-98 Cambridge Court ā ā ā ā ā 3,039 ā ā 12,883 ā ā 15,922 ā ā 18,790 ā ā 5,721 ā ā 28,991 ā ā 34,712 ā ā 19,495 ā 1974 ā Dec-98 Laurel Tree ā ā ā ā ā 1,304 ā ā 5,115 ā ā 6,419 ā ā 7,999 ā ā 2,469 ā ā 11,949 ā ā 14,418 ā ā 7,870 ā 1977 ā Dec-98 The Pointe At Harden Ranch ā ā ā ā ā 6,388 ā ā 23,854 ā ā 30,242 ā ā 34,192 ā ā 10,392 ā ā 54,042 ā ā 64,434 ā ā 35,017 ā 1986 ā Dec-98 The Pointe At Northridge ā ā ā ā ā 2,044 ā ā 8,028 ā ā 10,072 ā ā 12,411 ā ā 3,624 ā ā 18,859 ā ā 22,483 ā ā 12,598 ā 1979 ā Dec-98 The Pointe At Westlake ā ā ā ā ā 1,329 ā ā 5,334 ā ā 6,663 ā ā 8,198 ā ā 2,361 ā ā 12,500 ā ā 14,861 ā ā 8,071 ā 1975 ā Dec-98 MONTEREY PENINSULA, CA ā ā ā 16,938 ā 68,384 ā 85,322 ā 99,902 ā 29,546 ā 155,678 ā 185,224 ā 102,331 ā ā ā ā Rosebeach ā ā ā ā ā 8,414 ā ā 17,449 ā ā 25,863 ā ā 6,859 ā ā 8,917 ā ā 23,805 ā ā 32,722 ā ā 17,614 ā 1970 ā Sep-04 Tierra Del Rey ā ā ā ā ā 39,586 ā ā 36,679 ā ā 76,265 ā ā 9,294 ā ā 40,031 ā ā 45,528 ā ā 85,559 ā ā 28,994 ā 1998 ā Dec-07 LOS ANGELES, CA ā ā ā 48,000 ā 54,128 ā 102,128 ā 16,153 ā 48,948 ā 69,333 ā 118,281 ā 46,608 ā ā ā ā Verano at Rancho Cucamonga Town Square ā ā ā ā ā 13,557 ā ā 3,645 ā ā 17,202 ā ā 59,704 ā ā 24,355 ā ā 52,551 ā ā 76,906 ā ā 44,276 ā 2006 ā Oct-02 OTHER SOUTHERN CA ā ā ā 13,557 ā 3,645 ā 17,202 ā 59,704 ā 24,355 ā 52,551 ā 76,906 ā 44,276 ā ā ā ā Tualatin Heights ā ā ā ā ā 3,273 ā ā 9,134 ā ā 12,407 ā ā 9,974 ā ā 4,285 ā ā 18,096 ā ā 22,381 ā ā 13,414 ā 1989 ā Dec-98 Hunt Club ā ā ā ā ā 6,014 ā ā 14,870 ā ā 20,884 ā ā 8,861 ā ā 6,564 ā ā 23,181 ā ā 29,745 ā ā 18,262 ā 1985 ā Sep-04 PORTLAND, OR ā ā ā 9,287 ā 24,004 ā 33,291 ā 18,835 ā 10,849 ā 41,277 ā 52,126 ā 31,676 ā ā ā ā TOTAL WEST REGION ā 27,000 ā 483,930 ā 918,706 ā 1,402,636 ā 635,024 ā 555,312 ā 1,482,348 ā 2,037,660 ā 1,031,181 ā ā ā ā MID-ATLANTIC REGION ā ā ā ā ā ā ā ā ā ā ā ā ā Ridgewood -apts side ā ā ā ā ā 5,612 ā ā 20,086 ā ā 25,698 ā ā 13,198 ā ā 6,482 ā ā 32,414 ā ā 38,896 ā ā 25,282 ā 1988 ā Aug-02 Wellington Place at Olde Town ā ā ā ā ā 13,753 ā ā 36,059 ā ā 49,812 ā ā 21,633 ā ā 14,971 ā ā 56,474 ā ā 71,445 ā ā 43,548 ā 1987/2008 ā Sep-05 Andover House ā ā ā ā ā 183 ā ā 59,948 ā ā 60,131 ā ā 7,059 ā ā 320 ā ā 66,870 ā ā 67,190 ā ā 41,876 ā 2004 ā Mar-07 Sullivan Place ā ā ā ā ā 1,137 ā ā 103,676 ā ā 104,813 ā ā 15,438 ā ā 1,870 ā ā 118,381 ā ā 120,251 ā ā 76,556 ā 2007 ā Dec-07 Courts at Huntington Station ā ā ā ā ā 27,749 ā ā 111,878 ā ā 139,627 ā ā 4,923 ā ā 28,115 ā ā 116,435 ā ā 144,550 ā ā 39,391 ā 1973 ā Dec-98 Station on Silver ā ā ā ā ā 16,661 ā ā 109,198 ā ā 125,859 ā ā 11 ā ā 16,661 ā ā 109,209 ā ā 125,870 ā ā 600 ā 2018 ā Dec-20 METROPOLITAN D.C. ā ā ā 65,095 ā 440,845 ā 505,940 ā 62,262 ā 68,419 ā 499,783 ā 568,202 ā 227,253 ā ā ā ā Calvert's Walk ā ā ā ā ā 4,408 ā ā 24,692 ā ā 29,100 ā ā 9,911 ā ā 5,196 ā ā 33,815 ā ā 39,011 ā ā 26,175 ā 1988 ā Mar-04 20 Lambourne ā ā ā ā ā 11,750 ā ā 45,590 ā ā 57,340 ā ā 12,428 ā ā 12,454 ā ā 57,314 ā ā 69,768 ā ā 36,827 ā 2003 ā Mar-08 BALTIMORE, MD ā ā ā 16,158 ā 70,282 ā 86,440 ā 22,339 ā 17,650 ā 91,129 ā 108,779 ā 63,002 ā ā ā ā TOTAL MID-ATLANTIC REGION ā ā ā 81,253 ā 511,127 ā 592,380 ā 84,601 ā ā 86,069 ā 590,912 ā 676,981 ā 290,255 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Amount at Which ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Initial Costs ā ā ā ā ā ā ā Carried at Close of Period ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Cost of ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Improvements ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Capitalized ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total Initial ā Subsequent to ā ā ā ā Buildings & ā ā ā ā ā ā ā Date of ā ā ā ā ā ā ā Land and Land ā Building and ā Acquisition ā Acquisition ā Land and Land ā Buildings ā Total Carrying ā Accumulated ā Construction ā ā ā ā Encumbrances ā Improvements ā Improvements ā Costs ā Costs ā Improvements ā Improvements ā Value ā Depreciation ā (a) ā Date Acquired NORTHEAST REGION ā ā ā ā ā ā ā ā ā ā ā ā ā 10 Hanover Square ā ā ā ā ā 41,432 ā ā 218,983 ā ā 260,415 ā ā 29,075 ā ā 41,815 ā ā 247,675 ā ā 289,490 ā ā 116,732 ā 2005 ā Apr-11 95 Wall Street ā ā ā ā ā 57,637 ā ā 266,255 ā ā 323,892 ā ā 10,873 ā ā 58,084 ā ā 276,681 ā ā 334,765 ā ā 156,590 ā 2008 ā Aug-11 NEW YORK, NY ā ā ā 99,069 ā 485,238 ā 584,307 ā 39,948 ā 99,899 ā 524,356 ā 624,255 ā 273,322 ā ā ā ā 14 North ā ā 72,500 ā ā 10,961 ā ā 51,175 ā ā 62,136 ā ā 13,923 ā ā 11,483 ā ā 64,576 ā ā 76,059 ā ā 38,209 ā 2005 ā Apr-11 BOSTON, MA ā 72,500 ā 10,961 ā 51,175 ā 62,136 ā 13,923 ā 11,483 ā 64,576 ā 76,059 ā 38,209 ā ā ā ā TOTAL NORTHEAST REGION ā 72,500 ā 110,030 ā 536,413 ā 646,443 ā 53,871 ā 111,382 ā 588,932 ā 700,314 ā 311,531 ā ā ā ā SOUTHEAST REGION ā ā ā ā ā ā ā ā ā ā ā ā ā Inlet Bay ā ā ā ā ā 7,702 ā ā 23,150 ā ā 30,852 ā ā 21,301 ā ā 10,609 ā ā 41,544 ā ā 52,153 ā ā 34,547 ā 1988/1989 ā Jun-03 MacAlpine Place ā ā ā ā ā 10,869 ā ā 36,858 ā ā 47,727 ā ā 14,572 ā ā 12,417 ā ā 49,882 ā ā 62,299 ā ā 36,966 ā 2001 ā Dec-04 Andover Place at Cross Creek ā ā ā ā ā 11,702 ā ā 107,761 ā ā 119,463 ā ā 76 ā ā 11,709 ā ā 107,830 ā ā 119,539 ā ā 1,223 ā 1997/1999 ā Nov-20 TAMPA, FL ā ā ā 30,273 ā 167,769 ā 198,042 ā 35,949 ā 34,735 ā 199,256 ā 233,991 ā 72,736 ā ā ā ā Legacy Hill ā ā ā ā ā 1,148 ā ā 5,867 ā ā 7,015 ā ā 11,324 ā ā 2,041 ā ā 16,298 ā ā 18,339 ā ā 13,833 ā 1977 ā Nov-95 Hickory Run ā ā ā ā ā 1,469 ā ā 11,584 ā ā 13,053 ā ā 14,873 ā ā 2,684 ā ā 25,242 ā ā 27,926 ā ā 18,126 ā 1989 ā Dec-95 Carrington Hills ā ā ā ā ā 2,117 ā ā ā ā ā 2,117 ā ā 39,856 ā ā 5,016 ā ā 36,957 ā ā 41,973 ā ā 28,441 ā 1999 ā Dec-95 Brookridge ā ā ā ā ā 708 ā ā 5,461 ā ā 6,169 ā ā 7,786 ā ā 1,495 ā ā 12,460 ā ā 13,955 ā ā 9,894 ā 1986 ā Mar-96 Breckenridge ā ā ā ā ā 766 ā ā 7,714 ā ā 8,480 ā ā 7,329 ā ā 1,539 ā ā 14,270 ā ā 15,809 ā ā 10,882 ā 1986 ā Mar-97 Polo Park ā ā ā ā ā 4,583 ā ā 16,293 ā ā 20,876 ā ā 18,537 ā ā 6,216 ā ā 33,197 ā ā 39,413 ā ā 27,438 ā 1987/2008 ā May-06 NASHVILLE, TN ā ā ā 10,791 ā 46,919 ā 57,710 ā 99,705 ā 18,991 ā 138,424 ā 157,415 ā 108,614 ā ā ā ā The Reserve and Park at Riverbridge ā ā ā ā ā 15,968 ā ā 56,401 ā ā 72,369 ā ā 17,261 ā ā 16,900 ā ā 72,730 ā ā 89,630 ā ā 52,555 ā 1999/2001 ā Dec-04 OTHER FLORIDA ā ā ā 15,968 ā 56,401 ā 72,369 ā 17,261 ā 16,900 ā 72,730 ā 89,630 ā 52,555 ā ā ā ā TOTAL SOUTHEAST REGION ā ā ā 57,032 ā 271,089 ā 328,121 ā 152,915 ā 70,626 ā 410,410 ā 481,036 ā 233,905 ā ā ā ā SOUTHWEST REGION ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Steele Creek ā ā ā ā ā 8,586 ā ā 130,400 ā ā 138,986 ā ā 6,012 ā ā 8,640 ā ā 136,358 ā ā 144,998 ā ā 25,139 ā 2015 ā Oct-17 DENVER, CO ā ā ā ā 8,586 ā 130,400 ā 138,986 ā 6,012 ā 8,640 ā 136,358 ā 144,998 ā 25,139 ā ā ā ā TOTAL SOUTHWEST REGION ā ā ā 8,586 ā 130,400 ā 138,986 ā 6,012 ā 8,640 ā 136,358 ā 144,998 ā 25,139 ā ā ā ā TOTAL OPERATING COMMUNITIES ā 99,500 ā 740,831 ā 2,367,735 ā 3,108,566 ā 932,423 ā 832,029 ā 3,208,960 ā 4,040,989 ā 1,892,011 ā ā ā ā Other (b) ā ā ā ā ā ā ā ā ā ā ā ā ā ā 2,736 ā ā ā ā ā 2,736 ā ā 2,736 ā ā ā ā ā ā ā TOTAL CORPORATE ā ā ā ā ā ā ā ā ā 2,736 ā ā ā 2,736 ā 2,736 ā ā ā ā ā ā Deferred Financing Costs ā ā (396) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā TOTAL REAL ESTATE OWNED ā $ 99,104 ā $ 740,831 ā $ 2,367,735 ā $ 3,108,566 ā $ 935,159 ā $ 832,029 ā $ 3,211,696 ā $ 4,043,725 ā $ 1,892,011 ā ā ā ā (a) Date of original construction/date of last major renovation, if applicable. (b) Includes unallocated accruals and capital expenditures. The aggregate cost for federal income tax purpose was approximately $3.4 billion at December 31, 2020 ( unaudited The estimated depreciable lives for all buildings in the latest Consolidated Statements of Operations are 30 to 55 years. ā ā 3-YEAR ROLLFORWARD OF REAL ESTATE OWNED AND ACCUMULATED DEPRECIATION The following is a reconciliation of the carrying amount of total real estate owned at December 31, ( in thousands ā ā ā ā ā ā ā ā ā ā ā 2020 2019 2018 Balance at beginning of the year ā $ 3,875,160 ā $ 3,811,985 ā $ 3,816,956 Real estate acquired ā 245,322 ā ā ā ā Capital expenditures and development ā 52,661 ā 63,175 ā 44,353 Real estate sold ā (129,418) ā ā ā (49,324) Balance at end of year ā $ 4,043,725 ā $ 3,875,160 ā $ 3,811,985 ā The following is a reconciliation of total accumulated depreciation for real estate owned at December 31, ( in thousands ā ā ā ā ā ā ā ā ā ā ā 2020 2019 2018 Balance at beginning of the year ā $ 1,796,568 ā $ 1,658,161 ā $ 1,543,652 Depreciation expense for the year ā 140,095 ā 138,407 ā 141,683 Accumulated depreciation on sales ā (44,652) ā ā ā (27,174) Balance at end of year ā $ 1,892,011 ā $ 1,796,568 ā $ 1,658,161 ā |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) 2020-06, DebtāDebt With Conversion and Other Options (Subtopic 470-20) and Derivatives and HedgingāContracts in Entityās Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entityās Own Equity ā In April 2020, the 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 whether contractual provisions in an existing lease agreement provide enforceable rights and obligations related to lease concessions. ā 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. ā 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. ā In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ā In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial InstrumentsāCredit Losses, |
Real Estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. UDR purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Company estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, UDR will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Companyās intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ā If a real estate property has indicators of impairment, we assess whether the long-lived assetās carrying value exceeds the communityās undiscounted future cash flows, which is representative of projected net operating income (āNOIā) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates, capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2020, 2019 and 2018, we did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Companyās cash and cash equivalents are held at major commercial banks. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. |
Real Estate Sales Gain Recognition | Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Company generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Company will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. Sale transactions to entities in which the Company sells a controlling financial interest in a property but retains a noncontrolling interest are accounted for as partial sales. Partial sales resulting in a change in control are accounted for at fair value and a full gain or loss is recognized. Therefore, the Company will record a gain or loss on the partial interest sold, and the initial measurement of our retained interest will be accounted for at fair value. Sales of real estate to joint ventures or other noncontrolled investees are also accounted for at fair value and the Company will record a full gain or loss in the period the property is contributed. ā 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. |
Derivative Financial Instruments | Derivative Financial Instruments The Company utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for cash flow hedges that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. |
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 (āTRSā). 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 Companyās 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 December 31, 2020 and 2019, UDRās net deferred tax asset/(liability) was $(3.2) million and $(1.6) million, respectively, and are recorded in Accounts payable, accrued expenses and other liabilities GAAP defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. GAAP also provides guidance on derecognition, classification, interest and penalties, accounting for interim periods, disclosure and transition. The Company recognizes its tax positions and evaluates them using a two-step process. First, UDR determines whether a tax position is more likely than not (greater than 50 percent probability) to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company invests in assets that qualify for federal investment tax credits (āITCā) through our TRS. An ITC reduces federal income taxes payable when qualifying depreciable property is acquired. The ITC is determined as a percentage of cost of the assets. The Company accounts for ITCs under the deferral method, under which the tax benefit from the ITC is deferred and amortized as a tax benefit into Tax (provision)/benefit, net Accounts payable, accrued expenses and other liabilities on the Consolidated Balance Sheets. UDR had no material unrecognized tax benefit, accrued interest or penalties at December 31, 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 2017 through 2019 remain open to examination by tax jurisdictions to which we are subject. When applicable, UDR recognizes interest and/or penalties related to uncertain tax positions in Tax (provision)/benefit, net |
Principles of Consolidation | Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with the consolidation guidance. The Company first evaluates whether each entity is a VIE. Under the VIE model, the Company consolidates an entity when it has control to direct the activities of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Under the voting model, the Company consolidates an entity when it controls the entity through ownership of a majority voting interest. |
Discontinued Operations | Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entityās financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned |
Advertising Costs | Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance |
Comprehensive Income/(Loss) | Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in equity during each period from transactions and other events and circumstances from nonowner sources, including all changes in equity during a period except for those resulting from investments by or distributions to stockholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Companyās other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges, (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) into earnings, and the allocation of other comprehensive income/(loss) to noncontrolling interests. The (gain)/loss on derivative instruments reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, |
Impact of COVID-19 Pandemic | Impact of COVID-19 Pandemic ā The Company continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemicās 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. ā Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the Companyās future financial condition, results of operations and cash flows could be material ā During the year ended December 31, 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. ā As a result of its analysis, the Company reserved approximately $13.5 million of multifamily tenant lease receivables and approximately $6.0 million of retail tenant lease receivables (inclusive of $3.3 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 a $18.4 million reduction to Rental income and a $1.1 million reduction to Income/(loss) from unconsolidated entities on the Consolidated Statements of Operations for the year ended December 31, 2020. The impact to deferred leasing commissions was not material for the year ended December 31, 2020. ā During the year ended December 31, 2020, the Company recorded an impairment charge of $3.1 million on its investment in equity securities of a non-core investment. 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 year ended December 31, 2020. |
Use of Estimates | Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
Market Concentration Risk | Market Concentration Risk The Company is subject to increased exposure from economic and other competitive factors specific to markets where the Company holds a significant percentage of the carrying value of its real estate portfolio. At December 31, 2020, the Company held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California; Metropolitan D.C., New York, New York and Boston, Massachusetts markets. |
United Dominion Realty L.P. | |
Entity information | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (āFASBā) issued Accounting Standards Update (āASUā) 2020-06, DebtāDebt With Conversion and Other Options (Subtopic 470-20) and Derivatives and HedgingāContracts in Entityās Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entityās Own Equity ā In April 2020, the 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 or implicit enforceable rights and obligations that require lease concessions if certain circumstances arise that are beyond the control of the parties to the contract. Therefore, entities would need to 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. ā 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. ā 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. ā In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) ā In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial InstrumentsāCredit Losses, |
Real Estate | Real Estate Real estate assets held for investment are carried at historical cost and consist of land, land improvements, buildings and improvements, furniture, fixtures and equipment and other costs incurred during their development, acquisition and redevelopment. Expenditures for ordinary repair and maintenance costs are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to the acquisition and/or improvement of real estate assets are capitalized and depreciated over their estimated useful lives if the expenditures qualify as a betterment or the life of the related asset will be substantially extended beyond the original life expectancy. The Operating Partnership purchases real estate investment properties and records the tangible and identifiable intangible assets and liabilities acquired based on their estimated fair value. The primary, although not only, identifiable intangible asset associated with our portfolio is the value of existing lease agreements. When recording the acquisition of a community, we first assign fair value to the estimated intangible value of the existing lease agreements and then to the estimated value of the land, building and fixtures assuming the community is vacant. The Operating Partnership estimates the intangible value of the lease agreements by determining the lost revenue associated with a hypothetical lease-up. Depreciation on the building is based on the expected useful life of the asset and the in-place leases are amortized over their remaining average contractual life. Property acquisition costs are capitalized as incurred if the acquisition does not meet the definition of a business. Quarterly or when changes in circumstances warrant, we will assess our real estate properties for indicators of impairment. The judgments regarding the existence of impairment indicators are based on certain factors. Such factors include, among other things, operational performance, market conditions, the Operating Partnershipās intent and ability to hold the related asset, as well as any significant cost overruns on development properties. ā If a real estate property has indicators of impairment, we assess whether the long-lived assetās carrying value exceeds the communityās undiscounted future cash flows, which is representative of projected net operating income (āNOIā) plus the residual value of the community. Our future cash flow estimates are based upon historical results adjusted to reflect our best estimate of future market and operating conditions and our estimated holding periods. If such indicators of impairment are present and the carrying value exceeds the undiscounted cash flows of the community, an impairment loss is recognized equal to the excess of the carrying amount of the asset over its estimated fair value. Our estimates of fair value represent our best estimate based primarily upon unobservable inputs related to rental rates, operating costs, growth rates, discount rates and capitalization rates, industry trends and reference to market rates and transactions. For long-lived assets to be disposed of, impairment losses are recognized when the fair value of the asset less estimated cost to sell is less than the carrying value of the asset. Properties classified as real estate held for disposition generally represent properties that are actively marketed or contracted for sale with the closing expected to occur within the next twelve months. Real estate held for disposition is carried at the lower of cost, net of accumulated depreciation, or fair value, less the cost to sell, determined on an asset-by-asset basis. Expenditures for ordinary repair and maintenance costs on held for disposition properties are charged to expense as incurred. Expenditures for improvements, renovations, and replacements related to held for disposition properties are capitalized at cost. Depreciation is not recorded on real estate held for disposition. For the years ended December 31, 2020, 2019 and 2018, the Operating Partnership did not record any impairments on our real estate properties. Depreciation is computed on a straight-line basis over the estimated useful lives of the related assets which are 30 to 55 years for buildings, 10 to 35 years for major improvements, and 3 to 10 years for furniture, fixtures, equipment, and other assets. Predevelopment, development, and redevelopment projects and related costs are capitalized and reported on the Consolidated Balance Sheets as Total real estate owned, net of accumulated depreciation |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term, highly liquid investments. We consider all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. The majority of the Operating Partnershipās cash and cash equivalents are held at major commercial banks. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of escrow deposits held by lenders for real estate taxes, insurance and replacement reserves, and security deposits. |
Real Estate Sales Gain Recognition | Real Estate Sales Gain Recognition For sale transactions resulting in a transfer of a controlling financial interest of a property, the Operating Partnership generally derecognizes the related assets and liabilities from its Consolidated Balance Sheets and records the gain or loss in the period in which the transfer of control occurs. If control of the property has not transferred to the counterparty, the criteria for derecognition are not met and the Operating Partnership will continue to recognize the related assets and liabilities on its Consolidated Balance Sheets. ā 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. ā 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. |
Derivative Financial Instruments | Derivative Financial Instruments The General Partner utilizes derivative financial instruments to manage interest rate risk and generally designates these financial instruments as cash flow hedges. Derivative financial instruments associated with the Operating Partnershipās allocation of the General Partnerās debt are recorded on our Consolidated Balance Sheets as either an asset or liability and measured quarterly at their fair value. The changes in fair value for the General Partnerās cash flow hedges allocated to the Operating Partnership that are deemed effective are reflected in other comprehensive income/(loss) and for non-designated derivative financial instruments in earnings. The ineffective component of cash flow hedges, if any, is recorded in earnings. |
Noncontrolling Interests | Noncontrolling Interests The noncontrolling interests represent the General Partnerās interests in certain consolidated subsidiaries and are presented in the capital section of the Consolidated Balance Sheets since these interests are not convertible or redeemable into any other ownership interests of the Operating Partnership. |
Income Taxes | Income Taxes The taxable income or loss of the Operating Partnership is reported on the tax returns of the partners. Accordingly, no provision has been made in the accompanying financial statements for federal or state income taxes on income that is passed through to the partners. However, any state or local revenue, excise or franchise taxes that result from the operating activities of the Operating Partnership are recorded at the entity level. The Operating Partnershipās 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 Partnershipās tax returns to determine whether the tax positions are āmore-likely-than-notā 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 (2017 through 2019) 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. |
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 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. |
Discontinued Operations | Discontinued Operations In accordance with GAAP, a discontinued operation represents (1) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on an entityās financial results, or (2) an acquired business that is classified as held for sale on the date of acquisition. A strategic shift could include a disposal of (1) a separate major line of business, (2) a separate major geographic area of operations, (3) a major equity method investment, or (4) other major parts of an entity. We record sales of real estate that do not meet the definition of a discontinued operation in Gain/(loss) on sale of real estate owned |
Allocation of General and Administrative Expenses | Allocation of General and Administrative Expenses The Operating Partnership is charged directly for general and administrative expenses it incurs. The Operating Partnership is also charged with other general and administrative expenses that have been allocated by the General Partner to each of its subsidiaries, including the Operating Partnership, based on reasonably anticipated benefits to the parties. (See Note 7, Related Party Transactions |
Advertising Costs | Advertising Costs All advertising costs are expensed as incurred and reported on the Consolidated Statements of Operations within the line item Property operating and maintenance |
Comprehensive Income/(Loss) | Comprehensive Income/(Loss) Comprehensive income/(loss), which is defined as the change in capital during each period from transactions and other events and circumstances from nonowner sources, including all changes in capital during a period except for those resulting from investments by or distributions to unitholders, is displayed in the accompanying Consolidated Statements of Comprehensive Income/(Loss). For the years ended December 31, 2020, 2019, and 2018, the Operating Partnershipās other comprehensive income/(loss) consisted of the gain/(loss) (effective portion) on derivative instruments that are designated as and qualify as cash flow hedges and (gain)/loss reclassified from other comprehensive income/(loss) into earnings. The (gain)/loss reclassified from other comprehensive income/(loss) is included in Interest expense Derivatives and Hedging Activity, |
Impact of COVID-19 Pandemic | Impact of COVID-19 Pandemic ā The Operating Partnership continues to closely monitor the impact of the COVID-19 pandemic on all aspects of its business. The extent of the pandemicās 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. ā Given the uncertainty, we cannot predict the effect on future periods, but the adverse impact that could occur on the ās future financial condition, results of operations and cash flows could be material ā During the year ended December 31, 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. ā As a result of its analysis, the reserved approximately $5.5 million of multifamily tenant lease receivables and approximately $3.5 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 $9.0 million reduction to Rental income on the Consolidated Statements of Operations for the year ended December 31, 2020. The impact to deferred leasing commissions was not material for the year ended December 31, 2020. ā 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 year ended December 31, 2020. |
Use of Estimates | Use of Estimates The preparation of these financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. |
Market Concentration Risk | Market Concentration Risk The Operating Partnership is subject to increased exposure from economic and other competitive factors specific to those markets where it holds a significant percentage of the carrying value of its real estate portfolio at December 31, 2020, the Operating Partnership held greater than 10% of the carrying value of its real estate portfolio in each of the Orange County, California, San Francisco, California; Metropolitan D.C. and New York, New York markets. |
REAL ESTATE OWNED (UNITED DOM_2
REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
Summary of carrying amounts for real estate owned (at cost) | ā ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Land ā $ 2,139,765 ā $ 2,164,032 Depreciable property ā held and used: ā ā Land improvements ā 233,823 ā 224,964 Building, improvements, and furniture, fixtures and equipment ā 10,292,782 ā 10,102,758 Real estate intangible assets ā ā 40,570 ā ā 40,570 Under development: ā ā Land and land improvements ā 73,702 ā 29,226 Building, improvements, and furniture, fixtures and equipment ā 174,175 ā 40,551 Real estate held for disposition: ā ā Land and land improvements ā 15,184 ā ā Building, improvements, and furniture, fixtures and equipment ā 101,471 ā ā Real estate owned ā 13,071,472 ā 12,602,101 Accumulated depreciation (a) ā (4,605,366) ā (4,131,353) Real estate owned, net ā $ 8,466,106 ā $ 8,470,748 (a) Accumulated depreciation is inclusive of $5.8 million of accumulated amortization related to real estate intangible assets. |
United Dominion Realty L.P. | |
Entity information | |
Summary of carrying amounts for real estate owned (at cost) | ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Land ā $ 730,559 ā $ 711,256 Depreciable property ā held and used: ā ā ā ā Land improvements ā ā 101,470 ā ā 96,864 Buildings, improvements, and furniture, fixtures and equipment ā 3,211,696 ā 3,067,040 Real estate owned ā 4,043,725 ā 3,875,160 Accumulated depreciation ā (1,892,011) ā (1,796,568) Real estate owned, net ā $ 2,151,714 ā $ 2,078,592 |
UNCONSOLIDATED ENTITIES (UNIT_2
UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) Unconsolidated Entities (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Unconsolidated entities | |
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share) | Condensed summary financial information relating to the unconsolidated joint venturesā and partnershipsā operations (not just our proportionate share), is presented below for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā As of and For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā Year Ended December 31, 2020 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 9,480 ā $ 56,274 ā $ 57,781 ā $ 8,668 ā $ 132,203 ā $ 16,189 ā $ 148,392 Property operating expenses ā 4,978 ā 21,951 ā 22,870 ā 4,477 ā 54,276 ā 8,232 ā 62,508 Real estate depreciation and amortization ā 5,980 ā 18,912 ā 35,454 ā 3,338 ā 63,684 ā 3,495 ā 67,179 Operating income/(loss) ā (1,478) ā 15,411 ā (543) ā 853 ā 14,243 ā 4,462 ā 18,705 Interest expense ā (3,075) ā (15,386) ā (17,457) ā (1,344) ā (37,262) ā (3,121) ā (40,383) Other income/(loss) ā ā ā 204 ā ā ā 63 ā 267 ā 35 ā 302 Net realized/unrealized gain/(loss) on held investments ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 36,141 ā ā 36,141 Net income/(loss) ā $ (4,553) ā $ 229 ā $ (18,000) ā $ (428) ā $ (22,752) ā $ 37,517 ā $ 14,765 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Condensed Balance Sheets: ā ā ā ā ā ā ā ā ā Total real estate, net ā $ 114,192 ā $ 650,593 ā $ 589,822 ā $ ā ā $ 1,354,607 ā $ 550,198 ā $ 1,904,805 Real estate assets held for sale ā ā ā ā ā ā ā ā ā ā ā 88,458 ā ā 88,458 ā ā ā ā ā 88,458 Cash and cash equivalents ā 2,585 ā 4,369 ā 7,049 ā ā ā 14,003 ā 8,275 ā 22,278 Other assets ā 1,622 ā 14,133 ā 6,214 ā ā ā 21,969 ā 128,925 ā 150,894 Total assets ā 118,399 ā 669,095 ā 603,085 ā 88,458 ā 1,479,037 ā 687,398 ā 2,166,435 Third party debt, net ā 70,946 ā 416,364 ā 454,153 ā ā ā 941,463 ā 247,247 ā 1,188,710 Liabilities held for sale ā ā ā ā ā ā ā ā ā ā ā 55,440 ā ā 55,440 ā ā ā ā ā 55,440 Accounts payable and accrued liabilities ā 3,507 ā 6,764 ā 8,593 ā ā ā 18,864 ā 21,692 ā 40,556 Total liabilities ā 74,453 ā 423,128 ā 462,746 ā 55,440 ā 1,015,767 ā 268,939 ā 1,284,706 Total equity ā $ 43,946 ā $ 245,967 ā $ 140,339 ā $ 33,018 ā $ 463,270 ā $ 418,459 ā $ 881,729 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā As of and For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā Year Ended December 31, 2019 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 9,834 ā $ 151,226 ā $ 102,888 ā $ 14,058 ā $ 278,006 ā $ 11,242 ā $ 289,248 Property operating expenses ā 4,533 ā 54,445 ā 39,542 ā 6,829 ā ā 105,349 ā ā 3,432 ā 108,781 Real estate depreciation and amortization ā 5,787 ā 44,077 ā 50,579 ā 5,440 ā ā 105,883 ā ā ā ā 105,883 Gain/(loss) on sale of real estate (a) ā ā ā ā ā ā ā ā 115,516 ā ā ā ā ā 115,516 ā ā ā ā ā 115,516 Operating income/(loss) ā (486) ā 52,704 ā 128,283 ā 1,789 ā 182,290 ā 7,810 ā 190,100 Interest expense ā (3,070) ā (44,825) ā (27,647) ā (4,656) ā ā (80,198) ā ā ā ā (80,198) Net gain/(loss) on revaluation of assets and liabilities (b) ā ā ā ā ā 458,195 ā ā 25,711 ā ā ā ā ā 483,906 ā ā ā ā ā 483,906 Other income/(loss) ā ā ā ā ā ā ā 159 ā ā 159 ā ā (68) ā 91 Net realized/unrealized gain/(loss) on held investments ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā 26,417 ā ā 26,417 Net income/(loss) ā $ (3,556) ā $ 466,074 ā $ 126,347 ā $ (2,708) ā $ 586,157 ā $ 34,159 ā $ 620,316 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Condensed Balance Sheets: ā ā ā ā ā ā ā ā ā ā ā ā Total real estate, net ā $ 120,055 ā $ 663,492 ā $ 621,335 ā $ 140,224 ā $ 1,545,106 ā $ 355,975 ā $ 1,901,081 Cash and cash equivalents ā 2,317 ā 4,208 ā 7,973 ā 5,692 ā ā 20,190 ā ā 9,633 ā 29,823 Other assets ā 1,053 ā 9,777 ā 5,400 ā 1,305 ā ā 17,535 ā ā 155,406 ā 172,941 Total assets ā 123,425 ā 677,477 ā 634,708 ā 147,221 ā 1,582,831 ā 521,014 ā 2,103,845 Third party debt, net ā 70,890 ā 425,303 ā 454,972 ā 90,498 ā ā 1,041,663 ā ā 106,385 ā 1,148,048 Accounts payable and accrued liabilities ā 4,037 ā 9,303 ā 9,757 ā 3,440 ā ā 26,537 ā ā 28,577 ā 55,114 Total liabilities ā 74,927 ā 434,606 ā 464,729 ā 93,938 ā 1,068,200 ā 134,962 ā 1,203,162 Total equity ā $ 48,498 ā $ 242,871 ā $ 169,979 ā $ 53,283 ā $ 514,631 ā $ 386,052 ā $ 900,683 (a) Represent the gains on the sale of three operating communities at the UDR/KFH joint venture level. (b) Represent the net gains on the revaluation of the assets and liabilities to fair value of 15 operating communities at the UDR/MetLife II joint venture level and one development community and four land parcels at the UDR/MetLife Vitruvian ParkĀ® joint venture level prior to their distribution to the Company or MetLife in November 2019. The net gain on revaluation of assets and liabilities to fair value was recognized at the joint venture level as the respective joint ventures distributed their equity interests in the real estate to the Company or MetLife at fair value. For the approximately 50% ownership interest acquired in the 10 operating communities, one development community and four land parcels described above, the Company deferred its share of the net gain on revaluation of approximately $131.5 million and recorded it as a reduction of the carrying amount of real estate owned. (see Note 3, Real Estate Owned ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Developer ā ā ā ā ā ā UDR/ ā ā ā ā ā ā ā ā ā Other ā West Coast ā Total ā Capital Program ā ā ā ā ā MetLife ā For the ā UDR/ ā UDR/ ā UDR/MetLife ā Development ā Excluding ā and Other ā ā ā ā ā Vitruvian ā Year Ended December 31, 2018 ā MetLife I ā MetLife II ā Joint Ventures ā Joint Ventures ā DCP ā Investments ā Total ā ā ā Park Ā® ā Condensed Statements of Operations: ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Total revenues ā $ 3,187 ā $ 158,738 ā $ 108,766 ā $ 16,392 ā $ 287,083 ā $ 5,977 ā $ 293,060 ā ā ā $ 26,096 ā Property operating expenses ā 3,066 ā 56,403 ā 44,048 ā 8,830 ā 112,347 ā 1,789 ā 114,136 ā ā ā 13,732 ā Real estate depreciation and amortization ā 3,392 ā 44,721 ā 59,419 ā 7,679 ā 115,211 ā ā ā 115,211 ā ā ā 9,495 ā Operating income/(loss) ā (3,271) ā 57,614 ā 5,299 ā (117) ā 59,525 ā 4,188 ā 63,713 ā ā ā 2,869 ā Interest expense ā (1,872) ā (49,118) ā (30,198) ā (6,175) ā (87,363) ā ā ā (87,363) ā ā ā (6,051) ā Other income/(loss) ā ā ā ā ā ā ā ā ā ā ā 148 ā ā 148 ā ā ā ā ā 148 ā ā ā ā ā ā Net income/(loss) ā $ (5,143) ā $ 8,496 ā $ (24,899) ā $ (6,144) ā $ (27,690) ā $ 4,188 ā $ (23,502) ā ā ā $ (3,182) ā |
United Dominion Realty L.P. | |
Unconsolidated entities | |
Schedule of combined financial information relating to unconsolidated joint ventures and partnerships operations (not just proportionate share) | Condensed summary financial information relating to the DownREIT Partnership (not just our proportionate share), is presented below for the years ended December 31, 2020, 2019 and 2018 ( dollars in thousands ā ā ā ā ā ā ā ā ā December 31, ā December 31, ā 2020 2019 Total real estate, net $ 1,042,449 $ 1,106,703 Cash and cash equivalents ā 23 ā 20 Note receivable from the General Partner ā 306,594 ā 222,853 Other assets ā 7,940 ā 4,829 Total assets $ 1,357,006 $ 1,334,405 ā ā ā ā ā ā ā Secured debt, net ā $ 506,605 ā $ 427,592 Other liabilities ā 28,800 ā 28,087 Total liabilities ā 535,405 ā 455,679 Total capital ā $ 821,601 ā $ 878,726 ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended ā ā December 31, ā 2020 2019 ā 2018 Total revenue ā $ 130,597 $ 128,621 ā $ 138,121 Property operating expenses ā (51,888) ā (51,747) ā (56,998) Real estate depreciation and amortization ā (82,092) ā (82,283) ā (85,872) Gain/(loss) on sale of real estate ā ā ā ā ā ā ā ā 24,053 Operating income/(loss) ā (3,383) ā (5,409) ā 19,304 Interest expense ā (15,599) ā (15,648) ā (14,456) Other income/(loss) ā 8,466 ā 8,061 ā 4,884 Net income/(loss) ā $ (10,516) $ (12,996) $ 9,732 |
LEASES (UNITED DOMINION REALT_2
LEASES (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā Ground Leases 2021 ā $ 12,442 2022 ā ā 12,442 2023 ā ā 12,442 2024 ā ā 12,442 2025 ā ā 12,442 Thereafter ā ā 442,778 Total future minimum lease payments (undiscounted) ā ā 504,988 Difference between future undiscounted cash flows and discounted cash flows ā ā (309,396) Total operating lease liabilities (discounted) ā $ 195,592 |
Lessee - components of operating lease expenses | The components of operating lease expenses were as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 Lease expense: ā ā ā ā ā ā Contractual lease expense ā $ 12,821 ā $ 8,272 Variable lease expense (a) ā ā 119 ā ā 664 Total operating lease expense (b)(c) ā $ 12,940 ā $ 8,936 (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 year ended December 31, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.3 million and $3.0 million, respectively, and for the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.2 million and $0.8 million, respectively. Due to the net impact of the amortization, the Company recorded $0.3 million and $0.4 million of total operating lease expense during the year ended December 31, 2020 and 2019, respectively. |
Lessor - Future minimum lease payments | Future minimum lease payments from our retail and commercial leases as of December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā Retail and Commercial Leases 2021 ā $ 23,970 2022 ā ā 22,749 2023 ā ā 20,855 2024 ā ā 19,132 2025 ā ā 15,972 Thereafter ā ā 70,396 Total future minimum lease payments (a) ā $ 173,074 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months or less. |
United Dominion Realty L.P. | |
Lease | |
Lessee - Future minimum lease payments and total operating lease liabilities | Future minimum lease payments and total operating lease liabilities from our ground and equipment leases as of December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā Ground Leases ā Equipment Leases ā Total 2021 ā $ 12,442 ā $ 179 ā $ 12,621 2022 ā ā 12,442 ā ā 183 ā ā 12,625 2023 ā ā 12,442 ā ā 187 ā ā 12,629 2024 ā ā 12,442 ā ā 191 ā ā 12,633 2025 ā ā 12,442 ā ā 195 ā ā 12,637 Thereafter ā ā 442,778 ā ā 813 ā ā 443,591 Total future minimum lease payments (undiscounted) ā ā 504,988 ā ā 1,748 ā ā 506,736 Difference between future undiscounted cash flows and discounted cash flows ā ā (309,396) ā ā (205) ā ā (309,601) Total operating lease liabilities (discounted) ā $ 195,592 ā $ 1,543 ā $ 197,135 |
Lessee - components of operating lease expenses | The components of operating lease expenses from our ground and equipment leases were as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā ā 2020 ā 2019 Ground lease expense: ā ā ā ā ā ā Contractual ground lease rent expense ā $ 12,821 ā $ 8,272 Variable ground lease expense (a) ā ā 119 ā ā 664 Total ground lease expense (b) ā ā 12,940 ā ā 8,936 Contractual equipment lease expense (b) ā ā 155 ā ā 19 Total operating lease expense (c) ā $ 13,095 ā $ 8,955 (a) Variable ground lease expense includes adjustments such as changes in the consumer price index and payments based on a percentage of income of the lessee. (b) Ground lease and equipment lease expense are reported within the line item Other operating expenses on the Consolidated Statements of Operations. (c) For the year ended December 31, 2020, Operating lease right-of-use assets and Operating lease liabilities amortized by $3.5 million and $3.2 million, respectively, and for the year ended December 31, 2019, Operating lease right-of-use assets and Operating lease liabilities amortized by $1.0 million and $0.7 million, respectively. Due to the net impact of the amortization, the Operating Partnership recorded $0.3 million and $0.3 million of total operating lease expense during the years ended December 31, 2020 and 2019, respectively, due to the net impact of the amortization. |
Lessor - Future minimum lease payments | Future minimum lease payments from our retail and commercial leases as of December 31, 2020 are as follows (dollars in thousands): ā ā ā ā ā ā Retail and Commercial Leases 2021 ā $ 6,808 2022 ā ā 6,389 2023 ā ā 6,110 2024 ā ā 5,368 2025 ā ā 4,777 Thereafter ā ā 9,115 Total future minimum lease payments (a) ā $ 38,567 (a) We have excluded our apartment home leases from this table as our apartment home leases generally have initial terms of 12 months of less. |
DEBT, NET (UNITED DOMINION RE_2
DEBT, NET (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
Schedule of debt instruments | The following is a summary of our secured and unsecured debt at December 31, 2020 and 2019 ( dollars in thousands): ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Principal Outstanding ā As of December 31, 2020 ā ā ā ā ā ā ā ā Weighted ā Weighted ā ā ā ā ā ā ā ā ā ā Average ā Average ā Number of ā ā December 31, ā December 31, ā Interest ā Years to ā Communities ā 2020 2019 Rate Maturity Encumbered Secured Debt: ā ā ā ā ā ā ā Fixed Rate Debt ā ā Mortgage notes payable (a) ā $ 824,550 ā $ 884,869 3.31 % 7.2 11 Credit facilities (b) ā ā ā 204,590 ā % ā ā Deferred financing costs and other non-cash adjustments (b) ā 10,665 ā 33,046 Total fixed rate secured debt, net ā 835,215 ā 1,122,505 3.31 % 7.2 11 Variable Rate Debt ā ā Tax-exempt secured notes payable (c) ā 27,000 ā 27,000 0.84 % 11.2 1 Deferred financing costs ā (68) ā (64) Total variable rate secured debt, net ā 26,932 ā 26,936 0.84 % 11.2 1 Total Secured Debt, net ā 862,147 ā 1,149,441 3.23 % 7.3 12 Unsecured Debt: ā ā Variable Rate Debt ā ā Borrowings outstanding under unsecured credit facility due January 2023 (d) (p) ā ā ā ā ā % 2.1 Borrowings outstanding under unsecured commercial paper program due January 2021 (e) (p) ā ā 190,000 ā ā 300,000 ā 0.27 % 0.1 ā ā Borrowings outstanding under unsecured working capital credit facility due January 2022 ā 28,024 ā 16,583 0.97 % 1.0 Term Loan due September 2023 (d) (p) ā 35,000 ā 35,000 1.05 % 2.8 Fixed Rate Debt ā ā Term Loan due September 2023 (d) (p) ā ā 315,000 ā 315,000 2.55 % 2.8 ā ā 3.75% Medium-Term Notes due July 2024 (net of discounts of $0 and $470, respectively) (g) (p) ā ā ā 299,530 ā % ā 8.50% Debentures due September 2024 ā 15,644 ā 15,644 8.50 % 3.7 4.00% Medium-Term Notes due October 2025 (net of discounts of $327 and $396, respectively) (h) (p) ā 299,673 ā 299,604 4.53 % 4.8 2.95% Medium-Term Notes due September 2026 (i) (p) ā 300,000 ā 300,000 2.89 % 5.7 3.50% Medium-Term Notes due July 2027 (net of discounts of $458 and $529, respectively) (p) ā ā 299,542 ā ā 299,471 ā 3.50 % 6.5 ā ā 3.50% Medium-Term Notes due January 2028 (net of discounts of $835 and $954, respectively) (p) ā ā 299,165 ā ā 299,046 ā 3.50 % 7.0 ā ā 4.40% Medium-Term Notes due January 2029 (net of discounts of $5 and $5, respectively) (j) (p) ā ā 299,995 ā ā 299,995 ā 4.27 % 8.1 ā ā 3.20% Medium-Term Notes due January 2030 (net of premiums of $12,412 and $2,281, respectively) (k) (p) ā ā 612,412 ā ā 402,281 ā 3.32 % 9.0 ā ā 3.00% Medium-Term Notes due August 2031 (net of discounts of $1,027 and $1,123, respectively) (l) (p) ā ā 398,973 ā ā 398,877 ā 3.01 % 10.6 ā ā 2.10% Medium-Term Notes due August 2032 (net of discounts of $408 and $0, respectively) (m) (p) ā ā 399,592 ā ā ā ā 2.10 % 11.6 ā ā 1.90% Medium-Term Notes due March 2033 (net of discounts of $1,471 and $0, respectively) (n) (p) ā ā 348,529 ā ā ā ā 1.90 % 12.2 ā ā 3.10% Medium-Term Notes due November 2034 (net of discounts of $1,221 and $1,309, respectively) (o) (p) ā ā 298,779 ā ā 298,691 ā 3.13 % 13.8 ā ā Other ā 10 ā 13 Deferred financing costs ā (25,937) ā (21,652) Total Unsecured Debt, net ā 4,114,401 ā 3,558,083 2.98 % 8.1 Total Debt, net ā $ 4,976,548 ā $ 4,707,524 2.91 % 8.0 |
United Dominion Realty L.P. | |
Entity information | |
Schedule of debt instruments | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Principal Outstanding ā As of December 31, 2020 ā ā ā ā ā ā ā ā ā ā Weighted ā ā ā ā ā ā ā ā ā ā Weighted ā Average ā ā ā ā December 31, ā December 31, ā Average ā Years to ā Communities ā ā 2020 ā 2019 ā Interest Rate ā Maturity ā Encumbered Fixed Rate Debt ā ā Mortgage note payable ā $ 72,500 ā $ 72,500 3.10 % 9.1 1 Deferred financing costs ā (328) ā (365) Total fixed rate secured debt, net ā 72,172 ā 72,135 3.10 % 9.3 1 Variable Rate Debt ā ā Tax-exempt secured note payable ā $ 27,000 ā $ 27,000 0.84 % 11.2 1 Deferred financing costs ā (68) ā (64) Total variable rate secured debt, net ā 26,932 ā 26,936 0.84 % 11.2 1 Total Secured Debt, Net ā $ 99,104 ā $ 99,071 2.54 % 9.7 2 |
RELATED PARTY TRANSACTIONS (U_2
RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 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 Partnershipās Notes payable due to the General Partner as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā Interest rate at ā Balance Outstanding ā December 31, ā December 31, December 31, ā ā 2020 ā 2020 ā 2019 Note due August 2021 5.34 % ā $ 5,500 ā $ 5,500 Note due December 2023 5.18 % ā 83,196 ā 83,196 Note due April 2026 4.12 % ā 184,638 ā 184,638 Note due November 2028 ā 4.69 % ā ā 133,205 ā ā 133,205 Note due December 2028 (a) ā 2.91 % ā ā 404,161 ā ā 230,694 Total notes payable due to the General Partner ā ā $ 810,700 ā $ 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 Partnerās weighted average interest rate on borrowings, or 2.91 % as of December 31, 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) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
Schedule of estimated fair values | The estimated fair values of the Companyās financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2020, Using ā ā Total ā ā ā Quoted ā ā ā ā ā ā Carrying ā ā ā Prices in ā ā ā ā ā ā Amount in ā ā ā Active ā ā ā ā ā ā ā Statement of ā ā ā ā Markets ā Significant ā ā ā ā ā Financial ā Fair Value ā for Identical ā Other ā Significant ā ā Position at ā Estimate at ā Assets or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā ā 2020 (a) ā 2020 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā ā Notes receivable, net (b) ā $ 157,992 ā $ 170,411 ā $ ā ā $ ā ā $ 170,411 Derivatives - Interest rate contracts (b) ā 2 ā 2 ā ā ā 2 ā ā Total assets ā $ 157,994 ā $ 170,413 ā $ ā ā $ 2 ā $ 170,411 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Derivatives - Interest rate contracts (c) ā $ 167 ā $ 167 ā $ ā ā $ 167 ā $ ā Secured debt instruments - fixed rate: (d) ā ā ā ā ā ā Mortgage notes payable ā ā 837,473 ā ā 854,084 ā ā ā ā ā ā ā ā 854,084 Secured debt instruments - variable rate: (d) ā ā ā ā ā ā Tax-exempt secured notes payable ā 27,000 ā 27,000 ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā Working capital credit facility ā ā 28,024 ā ā 28,024 ā ā ā ā ā ā ā ā 28,024 Commercial paper program ā ā 190,000 ā ā 190,000 ā ā ā ā ā ā ā ā 190,000 Unsecured notes ā ā 3,922,314 ā ā 4,283,045 ā ā ā ā ā ā ā ā 4,283,045 Total liabilities ā $ 5,004,978 ā $ 5,382,320 ā $ ā ā $ 167 ā $ 5,382,153 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ā $ 856,294 ā $ 856,294 ā $ ā ā $ 856,294 ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2019, Using ā ā Total ā ā ā Quoted ā ā ā ā ā ā Carrying ā ā ā Prices in ā ā ā ā ā ā Amount in ā ā ā Active ā ā ā ā ā ā Statement of ā ā ā Markets ā Significant ā ā ā ā Financial ā Fair Value ā for Identical ā Other ā Significant ā ā Position at ā Estimate at ā Assets or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā 2019 (a) ā 2019 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā ā Notes receivable, net (b) ā $ 153,650 ā $ 160,197 ā $ ā ā $ ā ā $ 160,197 Derivatives - Interest rate contracts (c) ā 6 ā 6 ā ā ā 6 ā ā Total assets ā $ 153,656 ā $ 160,203 ā $ ā ā $ 6 ā $ 160,197 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Derivatives - Interest rate contracts (c) ā $ 142 ā $ 142 ā $ ā ā $ 142 ā $ ā Secured debt instruments - fixed rate: (d) ā ā ā ā ā ā Mortgage notes payable ā ā 906,228 ā ā 898,329 ā ā ā ā ā ā ā ā 898,329 Credit facilities ā 218,490 ā 213,661 ā ā ā ā ā 213,661 Secured debt instruments - variable rate: (d) ā ā ā ā ā ā Tax-exempt secured notes payable ā 27,000 ā 27,000 ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā ā Working capital credit facility ā ā 16,583 ā ā 16,583 ā ā ā ā ā ā ā ā 16,583 Commercial paper program ā ā 300,000 ā ā 300,000 ā ā ā ā ā ā ā ā 300,000 Unsecured notes ā ā 3,263,152 ā ā 3,397,622 ā ā ā ā ā ā ā ā 3,397,622 Total liabilities ā $ 4,731,595 ā $ 4,853,337 ā $ ā ā $ 142 ā $ 4,853,195 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership (e) ā $ 1,018,665 ā $ 1,018,665 ā $ ā ā $ 1,018,665 ā $ ā (a) Balances include fair market value adjustments and exclude deferred financing costs. (b) See Note 2, Significant Accounting Policies . (c) See Note 14, Derivatives and Hedging Activity . (d) See Note 7, Secured and Unsecured Debt, Net . (e) See Note 12, Noncontrolling Interests . |
United Dominion Realty L.P. | |
Entity information | |
Schedule of estimated fair values | The estimated fair values of the Operating Partnershipās financial instruments either recorded or disclosed on a recurring basis as of December 31, 2020 and 2019 are summarized as follows (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2020, Using ā Total ā ā Quoted ā ā ā ā ā ā Carrying ā ā ā ā Prices in ā ā ā ā ā ā ā ā Amount in ā ā ā ā Active ā ā ā ā ā ā ā ā Statement of ā ā ā ā Markets ā Significant ā ā ā ā ā Financial ā Fair Value ā for Identical ā Other ā Significant ā ā Position at ā Estimate at ā Assets or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā ā 2020 (a) ā 2020 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā Derivatives- Interest rate contracts (b) ā $ 2 ā $ 2 ā $ ā ā $ 2 ā $ ā Total assets ā $ 2 ā $ 2 ā $ ā ā $ 2 ā $ ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Secured debt instrument - fixed rate: (c) ā ā ā ā ā Mortgage note payable ā $ 72,500 ā $ 75,182 ā $ ā ā $ ā ā $ 75,182 Secured debt instrument - variable rate: (c) ā ā ā ā ā ā Tax-exempt secured note payable ā ā 27,000 ā ā 27,000 ā ā ā ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Notes payable due to the General Partner ā ā 810,700 ā ā 810,700 ā ā ā ā ā ā ā ā 810,700 Total liabilities ā $ 910,200 ā $ 912,882 ā $ ā ā $ ā ā $ 912,882 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Fair Value at December 31, 2019, Using ā ā ā ā ā Quoted ā ā ā ā ā ā Total ā ā ā ā Prices in ā ā ā ā ā ā ā ā Carrying ā ā ā ā Active ā ā ā ā ā ā ā ā Amount in ā ā ā ā Markets ā ā ā ā ā ā ā ā Statement of ā ā ā ā for Identical ā Significant ā ā ā ā ā Financial ā Fair Value ā Assets ā Other ā Significant ā ā Position at ā Estimate at ā or ā Observable ā Unobservable ā ā December 31, ā December 31, ā Liabilities ā Inputs ā Inputs ā ā 2019 (a) ā 2019 ā (Level 1) ā (Level 2) ā (Level 3) Description: ā ā ā ā ā Secured debt instruments - fixed rate: (c) ā ā ā ā ā Mortgage notes payable ā $ 72,500 ā $ 71,976 ā $ ā ā $ ā ā $ 71,976 Secured debt instrument - variable rate: (c) ā ā ā ā ā ā Tax-exempt secured note payable ā ā 27,000 ā ā 27,000 ā ā ā ā ā ā ā ā 27,000 Unsecured debt instruments: (d) ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Notes payable due to the General Partner ā ā 637,233 ā ā 637,233 ā ā ā ā ā ā ā ā 637,233 Total liabilities ā $ 736,733 ā $ 736,209 ā $ ā ā $ ā ā $ 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 ā |
DERIVATIVES AND HEDGING ACTIV_8
DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Entity information | |
Schedule of outstanding interest rate derivatives | As of December 31, 2020, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk ( dollars in thousands ā ā ā ā ā ā ā Number of ā Product ā Instruments ā Notional Interest rate swaps and caps (a) ā 2 ā $ 334,880 (a) In addition to the interest rate swaps summarized above, the Company entered into three additional interest rate swaps with a total notional value of $315.0 million that became effective in January 2021 upon maturity of the $315.0 million notional value interest rate swap summarized above. |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheets | The table below presents the fair value of the Companyās derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Asset Derivatives ā Liability Derivatives ā ā (included in Other assets ) ā (included in Other liabilities ) ā ā Fair Value at: ā Fair Value at: ā ā December 31, ā December 31, ā December 31, ā December 31, ā ā 2020 ā 2019 ā 2020 ā 2019 Derivatives designated as hedging instruments: ā ā ā ā Interest rate products ā $ 2 ā $ 6 ā $ 167 ā $ 142 |
Effect of Company's derivative financial instruments on Consolidated Statements of Operations | The tables below present the effect of the Companyās derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gain/(Loss) Recognized in ā ā ā ā Gain/(Loss) Reclassified ā Interest expense ā ā Unrealized holding gain/(loss) ā from Accumulated OCI into ā (Amount Excluded from ā ā Recognized in OCI ā Interest expense ā Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 2018 2020 2019 2018 2020 2019 2018 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Interest rate products ā $ (3,382) ā $ (8,437) ā $ 4,806 ā $ (4,827) ā $ 2,770 ā $ 1,948 ā $ ā ā $ ā ā $ ā |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended ā ā December 31, ā ā 2020 ā 2019 ā 2018 Total amount of Interest expense ā $ 202,706 ā $ 170,917 ā $ 134,168 ā |
Offsetting of Derivative Assets | The Company has elected not to offset derivative positions on the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Net Amounts of Gross Amounts Not Offset ā ā ā ā ā ā ā ā Amounts ā Assets ā in the Consolidated ā ā ā ā ā Gross ā Offset in the ā Presented in the ā Balance Sheet ā ā ā ā ā Amounts of ā Consolidated ā Consolidated ā ā ā ā Cash ā ā ā ā ā Recognized ā Balance ā Balance Sheets ā Financial ā Collateral ā ā ā Offsetting of Derivative Assets ā Assets ā Sheets ā (a) ā Instruments Received Net Amount December 31, 2020 ā $ 2 ā $ ā ā $ 2 ā $ ā ā $ ā ā $ 2 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā $ 6 ā $ ā ā $ 6 ā $ (3) ā $ ā ā $ 3 (a) Amounts reconcile to the aggregate fair value of derivative assets in the āTabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheetsā located in this footnote. |
Offsetting of Derivative Liabilities | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gross Net Amounts of Gross Amounts Not Offset ā ā ā ā ā ā ā ā Amounts ā Liabilities ā in the Consolidated ā ā ā ā ā Gross ā Offset in the ā Presented in the ā Balance Sheet ā ā ā ā ā Amounts of ā Consolidated ā Consolidated ā ā ā ā Cash ā ā ā ā ā Recognized ā Balance ā Balance Sheets ā Financial ā Collateral ā ā ā Offsetting of Derivative Liabilities Liabilities Sheets (a) Instruments Posted Net Amount December 31, 2020 ā $ 167 ā $ ā ā $ 167 ā $ ā ā $ ā ā $ 167 ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā December 31, 2019 ā $ 142 ā $ ā ā $ 142 ā $ (3) ā $ ā ā $ 139 (a) Amounts reconcile to the aggregate fair value of derivative liabilities in the āTabular Disclosure of Fair Values of Derivative Instruments on the Consolidated Balance Sheetsā located in this footnote. |
United Dominion Realty L.P. | |
Entity information | |
Schedule of outstanding interest rate derivatives | As of December 31, 2020, the Operating Partnership had the following outstanding interest rate derivative that was designated as cash flow hedge of interest risk ( dollars in thousands ā ā ā ā ā ā ā Number of ā ā Product ā Instruments ā Notional Interest rate caps 1 ā $ 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 Partnershipās derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of December 31, 2020 and 2019 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Asset Derivatives ā Liability Derivatives ā ā (included in Other assets) ā (Included in Other liabilities) ā ā Fair Value at: ā Fair Value at: ā December 31, December 31, December 31, December 31, ā ā 2020 ā 2019 ā 2020 ā 2019 Derivatives designated as hedging instruments: ā ā ā ā Interest rate caps ā $ 2 ā $ ā ā $ ā ā $ ā |
Effect of Company's derivative financial instruments on Consolidated Statements of Operations | The tables below present the effect of the Operating Partnershipās derivative financial instruments on the Consolidated Statements of Operations for the years ended December 31, 2020, 2019, and 2018 ( dollars in thousands ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā Gain/(Loss) Recognized in ā ā ā ā Gain/(Loss) Reclassified ā Interest expense ā ā Unrealized holding gain/(loss) ā from Accumulated OCI into ā (Amount Excluded from ā ā Recognized in OCI ā Interest expense ā Effectiveness Testing) Derivatives in Cash Flow Hedging Relationships 2020 2019 ā 2018 2020 2019 ā 2018 2020 2019 ā 2018 Interest rate caps ā $ (49) ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā ā $ ā |
Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations | ā ā ā ā ā ā ā ā ā ā ā ā ā Year Ended ā ā December 31, ā ā 2020 ā 2019 ā 2018 Total amount of Interest expense ā $ 2,831 ā $ 1,639 ā ā 8,733 (a) Excludes Interest expense on notes payable due to the General Partner for the years ended December 31, 2020, 2019, and 2018. |
CAPITAL STRUCTURE (UNITED DOM_2
CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
United Dominion Realty L.P. | |
Entity information | |
Schedule of limited partners' capital account by class | ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā ā UDR, Inc. ā ā ā Class A ā ā Class A ā ā ā ā Limited ā Limited ā Limited ā Limited ā General ā ā ā ā Partners ā Partners ā Partner ā Partner ā Partner ā Total Ending balance at December 31, 2017 1,752 7,361 174,006 121 ā 111 183,351 Vesting of LTIP Units ā ā 286 ā ā ā ā ā ā ā 286 OP redemptions for UDR stock ā ā (11) ā 11 ā ā ā Ending balance at December 31, 2018 1,752 7,636 174,017 121 111 183,637 Vesting of LTIP Units ā ā ā 427 ā ā ā ā ā ā ā 427 OP redemptions for UDR stock ā ā (1,969) ā 1,969 ā ā ā Ending balance at December 31, 2019 ā 1,752 ā 6,094 ā 175,986 ā 121 ā 111 ā 184,064 Vesting of LTIP Units ā ā ā 772 ā ā ā ā ā ā ā 772 OP redemptions for UDR stock ā (3) ā 3 ā ā ā Ending balance at December 31, 2020 1,752 6,863 175,989 121 111 184,836 |
REPORTABLE SEGMENTS (UNITED D_2
REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 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 UDRās reportable segments for the years ended December 31, 2020, 2019, and 2018, and reconciles NOI to Net income/(loss) attributable to UDR, Inc. (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2020 2019 2018 Reportable apartment home segment lease revenue ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 385,959 ā $ 402,901 ā $ 387,215 Mid-Atlantic Region ā 211,633 ā 211,401 ā 205,324 Northeast Region ā ā 108,073 ā ā 122,008 ā ā 119,540 Southeast Region ā 123,993 ā 120,289 ā 116,011 Southwest Region ā 65,713 ā 64,970 ā 63,287 Non-Mature Communities/Other ā 302,920 ā 180,668 ā 111,272 Total segment and consolidated lease revenue ā $ 1,198,291 ā $ 1,102,237 ā $ 1,002,649 ā ā ā ā ā ā ā ā ā ā Reportable apartment home segment other revenue ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 11,803 ā $ 12,339 ā $ 10,738 Mid-Atlantic Region ā 6,329 ā 7,216 ā 6,357 Northeast Region ā 2,697 ā 2,760 ā 2,623 Southeast Region ā 5,395 ā 6,444 ā 6,223 Southwest Region ā 2,543 ā 2,793 ā 2,664 Non-Mature Communities/Other ā 9,038 ā 4,349 ā 3,851 Total segment and consolidated other revenue ā $ 37,805 ā $ 35,901 ā $ 32,456 ā ā ā ā ā ā ā ā ā ā Total reportable apartment home segment rental income ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 397,762 ā $ 415,240 ā $ 397,953 Mid-Atlantic Region ā 217,962 ā 218,617 ā 211,681 Northeast Region ā 110,770 ā 124,768 ā 122,163 Southeast Region ā 129,388 ā 126,733 ā 122,234 Southwest Region ā 68,256 ā 67,763 ā 65,951 Non-Mature Communities/Other ā 311,958 ā 185,017 ā 115,123 Total segment and consolidated rental income ā $ 1,236,096 ā $ 1,138,138 ā $ 1,035,105 ā ā ā ā ā ā ā ā ā ā Reportable apartment home segment NOI ā ā ā Same-Store Communities (a) ā ā ā West Region ā $ 295,065 ā $ 315,812 ā $ 300,745 Mid-Atlantic Region ā 152,131 ā 154,082 ā 148,057 Northeast Region ā 65,553 ā 83,832 ā 84,059 Southeast Region ā 88,518 ā 88,467 ā 85,219 Southwest Region ā 42,931 ā 42,210 ā 39,631 Non-Mature Communities/Other ā 209,504 ā 123,900 ā 74,404 Total segment and consolidated NOI ā 853,702 ā 808,303 ā 732,115 Reconciling items: ā ā ā Joint venture management and other fees ā 5,069 ā 14,055 ā 11,754 Property management ā (35,538) ā (32,721) ā (28,465) Other operating expenses ā (22,762) ā (13,932) ā (12,100) Real estate depreciation and amortization ā (608,616) ā (501,257) ā (429,006) General and administrative ā (49,885) ā (51,533) ā (46,983) Casualty-related (charges)/recoveries, net ā (2,131) ā (474) ā (2,121) Other depreciation and amortization ā (10,013) ā (6,666) ā (6,673) Gain/(loss) on sale of real estate owned ā ā 119,277 ā ā 5,282 ā ā 136,197 Income/(loss) from unconsolidated entities ā 18,844 ā 137,873 ā (5,055) Interest expense ā (202,706) ā (170,917) ā (134,168) Interest income and other income/(expense), net ā 6,274 ā 15,404 ā 6,735 Tax (provision)/benefit, net ā (2,545) ā (3,838) ā (688) Net (income)/loss attributable to redeemable noncontrolling interests in the Operating Partnership and DownREIT Partnership ā (4,543) ā (14,426) ā (18,215) Net (income)/loss attributable to noncontrolling interests ā (161) ā (188) ā (221) Net income/(loss) attributable to UDR, Inc. ā $ 64,266 ā $ 184,965 ā $ 203,106 (a) Same-Store Community population consisted of 37,607 apartment homes. |
Details of assets of the Operating Partnership's reportable segments | The following table details the assets of UDRās reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Reportable apartment home segment assets: ā ā Same-Store Communities (a): ā ā West Region ā $ 3,732,329 ā $ 3,696,544 Mid-Atlantic Region ā 2,255,449 ā 2,222,405 Northeast Region ā 1,507,878 ā 1,500,597 Southeast Region ā 827,683 ā 806,830 Southwest Region ā 614,647 ā 600,350 Non-Mature Communities/Other ā 4,133,486 ā 3,775,375 Total segment assets ā 13,071,472 ā 12,602,101 Accumulated depreciation ā (4,605,366) ā (4,131,353) Total segment assets ā net book value ā 8,466,106 ā 8,470,748 Reconciling items: ā ā Cash and cash equivalents ā 1,409 ā 8,106 Restricted cash ā 22,762 ā 25,185 Notes receivable, net ā 157,992 ā 153,650 Investment in and advances to unconsolidated joint ventures, net ā 600,233 ā 588,262 Operating lease right-of-use assets ā ā 200,913 ā ā 204,225 Other assets ā 188,118 ā 186,296 Total consolidated assets ā $ 9,637,533 ā $ 9,636,472 (a) Same-Store Community population consisted of 37,607 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 Partnershipās reportable segments for the years ended December 31, 2020, 2019, and 2018, and reconciles NOI to Net income/(loss) attributable to OP unitholders (dollars in thousands) ā ā ā ā ā ā ā ā ā ā ā ā Year Ended December 31, ā 2020 2019 2018 Reportable apartment home segment lease revenue ā ā ā ā ā ā ā ā ā Same-Store Communities (a) ā ā ā ā ā ā ā ā ā West Region ā $ 240,776 ā $ 248,474 ā $ 238,886 Mid-Atlantic Region ā ā 50,566 ā ā 50,975 ā ā 50,131 Northeast Region ā ā 27,701 ā ā 32,224 ā ā 31,693 Southeast Region ā ā 52,471 ā ā 50,795 ā ā 49,132 Southwest Region ā ā 7,118 ā ā 7,632 ā ā 7,463 Non-Mature Communities/Other ā ā 35,559 ā ā 37,658 ā ā 41,577 Total segment and consolidated lease revenue ā $ 414,191 ā $ 427,758 ā $ 418,882 Reportable apartment home segment other revenue ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 7,388 ā $ 7,873 ā $ 7,161 Mid-Atlantic Region ā 1,593 ā 1,706 ā 1,489 Northeast Region ā ā 476 ā ā 646 ā ā 622 Southeast Region ā 2,542 ā 2,925 ā 2,764 Southwest Region ā ā 217 ā ā 301 ā ā 238 Non-Mature Communities/Other ā 2,340 ā 564 ā 764 Total segment and consolidated other revenue ā $ 14,556 ā ā 14,015 ā $ 13,038 Total reportable apartment home segment rental income ā ā ā ā Same-Store Communities (a) ā ā ā ā West Region ā $ 248,164 ā $ 256,347 ā $ 246,047 Mid-Atlantic Region ā 52,159 ā 52,681 ā 51,620 Northeast Region ā ā 28,177 ā ā 32,870 ā ā 32,315 Southeast Region ā 55,013 ā 53,720 ā 51,896 Southwest Region ā ā 7,335 ā ā 7,933 ā ā 7,701 Non-Mature Communities/Other ā 37,899 ā 38,222 ā 42,341 Total segment and consolidated rental income ā $ 428,747 ā $ 441,773 ā $ 431,920 Reportable apartment home segment NOI ā ā ā Same-Store Communities (a) ā ā ā West Region ā $ 186,290 ā $ 196,302 ā $ 187,664 Mid-Atlantic Region ā 36,043 ā 36,830 ā 36,028 Northeast Region ā ā 17,340 ā ā 24,103 ā ā 24,578 Southeast Region ā 37,577 ā 37,340 ā 35,948 Southwest Region ā ā 5,199 ā ā 5,621 ā ā 5,125 Non-Mature Communities/Other ā 20,838 ā 22,810 ā 28,037 Total segment and consolidated NOI ā $ 303,287 ā $ 323,006 ā $ 317,380 Reconciling items: ā ā ā Property management ā (12,326) ā (12,701) ā (11,878) Other operating expenses ā (16,138) ā (9,488) ā (8,864) Real estate depreciation and amortization ā (143,005) ā (139,975) ā (143,481) General and administrative ā (17,987) ā (18,014) ā (16,889) Casualty-related (charges)/recoveries, net ā (793) ā (853) ā (951) Gain/(loss) on sale of real estate owned ā 57,960 ā ā ā 75,507 Income/(loss) from unconsolidated entities ā (5,543) ā (8,313) ā 43,496 Interest expense ā (29,357) ā (29,667) ā (22,835) Net (income)/loss attributable to noncontrolling interests ā (1,869) ā (1,832) ā (1,722) Net income/(loss) attributable to OP unitholders ā $ 134,229 ā $ 102,163 ā $ 229,763 (a) Same-Store Community population consisted of 15,609 apartment homes. |
Details of assets of the Operating Partnership's reportable segments | The following table details the assets of the Operating Partnershipās reportable segments as of December 31, 2020 and 2019 (dollars in thousands) ā ā ā ā ā ā ā ā December 31, December 31, ā ā 2020 ā 2019 Reportable apartment home segment assets ā ā Same-Store Communities (a): ā ā West Region ā $ 2,037,133 ā $ 2,011,495 Mid-Atlantic Region ā 551,003 ā 541,481 Northeast Region ā 410,406 ā 408,703 Southeast Region ā 361,497 ā 352,790 Southwest Region ā ā 144,959 ā ā 144,210 Non-Mature Communities/Other ā 538,727 ā 416,481 Total segment assets ā 4,043,725 ā 3,875,160 Accumulated depreciation ā (1,892,011) ā (1,796,568) Total segment assets - net book value ā 2,151,714 ā 2,078,592 Reconciling items: ā ā Cash and cash equivalents ā 26 ā 24 Restricted cash ā 15,062 ā 13,998 Investment in unconsolidated entities ā 51,302 ā 76,222 Operating lease right-of-use assets ā ā 202,438 ā ā 205,668 Other assets ā 37,025 ā 24,241 Total consolidated assets ā $ 2,457,567 ā $ 2,398,745 (a) Same-Store Community population consisted of 15,609 apartment homes. |
CONSOLIDATION AND BASIS OF PR_4
CONSOLIDATION AND BASIS OF PRESENTATION - GP Units (UNITED DOMINION REALTY, L.P.) (Details) | 12 Months Ended | |||
Dec. 31, 2020homecommunityitemUSD ($)shares | Dec. 31, 2019shares | Dec. 31, 2018shares | Dec. 31, 2017shares | |
Basis of presentation | ||||
Number of real estate properties | community | 149 | |||
Number of markets operating within (in markets) | $ | 21 | |||
Number of apartments owned (in apartments homes) | home | 48,283 | |||
Operating Partnership outstanding units | 184,800,000 | 184,100,000 | ||
Operating Partnership units outstanding related to limited partner | 184,836,000 | 184,064,000 | 183,637,000 | 183,351,000 |
United Dominion Realty L.P. | ||||
Basis of presentation | ||||
Operating Partnership units outstanding related to limited partner | 176,200,000 | 176,200,000 | ||
Percentage of units outstanding in Partnership | 95.30% | 95.70% | ||
United Dominion Realty L.P. | ||||
Basis of presentation | ||||
Rental revenues percent of General Partner's consolidated rental revenues | 35.00% | 39.00% | 42.00% | |
Number of real estate properties | community | 53 | |||
Number of markets operating within (in markets) | item | 15 | |||
Number of apartments owned (in apartments homes) | home | 17,174 | |||
Operating Partnership outstanding units | 184,800,000 | 184,100,000 | ||
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 | ||
UDR, Inc. | ||||
Basis of presentation | ||||
General Partners' ownership (as a percent) | 57.80% | |||
Operating Partnership outstanding units | 18,700,000 | 18,400,000 | ||
Operating Partnership units outstanding related to limited partner | 176,100,000 | 176,100,000 | ||
Percentage of units outstanding in Partnership | 95.30% | 95.70% | ||
UDR, Inc. | United Dominion Realty L.P. | ||||
Basis of presentation | ||||
General Partners' ownership (as a percent) | 95.30% | 95.70% | ||
Operating Partnership outstanding units | 176,200,000 | 176,200,000 | ||
OP units outstanding related to general partner | 100,000 | 100,000 | ||
Percentage of total outstanding Operating Partnership units represented by General Partnership units outstanding | 0.10% | 0.10% | ||
Operating Partnership units outstanding related to limited partner | 176,100,000 | 176,100,000 | ||
Percentage of units outstanding in Partnership | 95.30% | 95.70% | ||
Non-affiliated Partners | ||||
Basis of presentation | ||||
Operating Partnership outstanding units | 13,700,000 | 7,900,000 | ||
Operating Partnership units outstanding related to limited partner | 8,600,000 | |||
Percentage of units outstanding in Partnership | 4.70% | 4.30% | ||
Non-affiliated Partners | United Dominion Realty L.P. | ||||
Basis of presentation | ||||
Operating Partnership outstanding units | 8,600,000 | 7,900,000 | ||
Operating Partnership units outstanding related to limited partner | 8,600,000 | |||
Percentage of units outstanding in Partnership | 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 | ||
Class A Limited Partner | UDR, Inc. | ||||
Basis of presentation | ||||
Operating Partnership units outstanding related to limited partner | 121,000 | 121,000 | 121,000 | 121,000 |
Non-affiliated Partners | United Dominion Realty L.P. | ||||
Basis of presentation | ||||
Operating Partnership units outstanding related to limited partner | 8,600,000 | 7,900,000 | ||
Percentage of units outstanding in Partnership | 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 | 1,752,000 |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting policies | |||
Development Costs Excluding Direct Costs and Capitalized Interest | $ 12 | $ 8.4 | $ 7.5 |
Adjustment to rental income | 18.4 | ||
Adjustment to income (loss) | 1.1 | ||
Advertising expense | $ 7.9 | 6.5 | 6.7 |
Minimum percentage of carrying value of real estate portfolio | 10.00% | ||
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | $ 7 | 5.1 | 10.6 |
Multifamily tenant lease | |||
Accounting policies | |||
Increase in reserves | 13.5 | ||
Retail tenant lease | |||
Accounting policies | |||
Increase in reserves | 6 | ||
Straight-line lease | |||
Accounting policies | |||
Allowance for doubtful accounts | 3.3 | ||
United Dominion Realty L.P. | |||
Accounting policies | |||
Unrecognized Tax Benefits | 0 | ||
Development Costs Excluding Direct Costs and Capitalized Interest | 0.9 | 0.8 | |
Adjustment to rental income | 9 | ||
Advertising expense | $ 2.9 | 1.9 | 1.9 |
Minimum percentage of carrying value of real estate portfolio | 10.00% | ||
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | $ 0.1 | $ 0.2 | |
United Dominion Realty L.P. | Multifamily tenant lease | |||
Accounting policies | |||
Increase in reserves | 5.5 | ||
United Dominion Realty L.P. | Retail tenant lease | |||
Accounting policies | |||
Increase in reserves | 3.5 | ||
United Dominion Realty L.P. | Straight-line lease | |||
Accounting policies | |||
Allowance for doubtful accounts | $ 2.2 | ||
Maximum | Buildings | |||
Accounting policies | |||
Estimated useful lives | 55 years | ||
Maximum | Building improvements | |||
Accounting policies | |||
Estimated useful lives | 35 years | ||
Maximum | Furniture, fixtures, equipment, and other assets | |||
Accounting policies | |||
Estimated useful lives | 10 years | ||
Maximum | United Dominion Realty L.P. | |||
Accounting policies | |||
Development Costs Excluding Direct Costs and Capitalized Interest | 0.1 | ||
Capitalized Interest Costs, Including Allowance for Funds Used During Construction | $ 0.1 | ||
Maximum | United Dominion Realty L.P. | Buildings | |||
Accounting policies | |||
Estimated useful lives | 55 years | ||
Maximum | United Dominion Realty L.P. | Building improvements | |||
Accounting policies | |||
Estimated useful lives | 35 years | ||
Maximum | United Dominion Realty L.P. | Furniture, fixtures, equipment, and other assets | |||
Accounting policies | |||
Estimated useful lives | 10 years | ||
Minimum | Buildings | |||
Accounting policies | |||
Estimated useful lives | 30 years | ||
Minimum | Building improvements | |||
Accounting policies | |||
Estimated useful lives | 10 years | ||
Minimum | Furniture, fixtures, equipment, and other assets | |||
Accounting policies | |||
Estimated useful lives | 3 years | ||
Minimum | United Dominion Realty L.P. | Buildings | |||
Accounting policies | |||
Estimated useful lives | 30 years | ||
Minimum | United Dominion Realty L.P. | Building improvements | |||
Accounting policies | |||
Estimated useful lives | 10 years | ||
Minimum | United Dominion Realty L.P. | Furniture, fixtures, equipment, and other assets | |||
Accounting policies | |||
Estimated useful lives | 3 years |
REAL ESTATE OWNED (UNITED DOM_3
REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate owned | ||
Land | $ 2,139,765 | $ 2,164,032 |
Depreciable property - held and used: | ||
Land Improvements | 233,823 | 224,964 |
Building, improvements, and furniture, fixtures and equipment | 10,292,782 | 10,102,758 |
Under development: | ||
Real estate under development (net of accumulated depreciation of $1,010 and $23, respectively | 246,867 | 69,754 |
Real estate owned | 13,071,472 | 12,602,101 |
Accumulated depreciation | (4,605,366) | (4,131,353) |
Total real estate owned, net of accumulated depreciation | 8,466,106 | 8,470,748 |
Accumulated amortization | 5,800 | |
Land and land improvements | ||
Held for disposition: | ||
Real estate held for disposition | 15,184 | |
Building, improvements and furniture, fixtures and equipment | ||
Held for disposition: | ||
Real estate held for disposition | 101,471 | |
United Dominion Realty L.P. | ||
Real estate owned | ||
Land | 730,559 | 711,256 |
Depreciable property - held and used: | ||
Land Improvements | 101,470 | 96,864 |
Building, improvements, and furniture, fixtures and equipment | 3,211,696 | 3,067,040 |
Under development: | ||
Real estate owned | 4,043,725 | 3,875,160 |
Accumulated depreciation | (1,892,011) | (1,796,568) |
Total real estate owned, net of accumulated depreciation | $ 2,151,714 | $ 2,078,592 |
REAL ESTATE OWNED (UNITED DOM_4
REAL ESTATE OWNED (UNITED DOMINION REALTY, L.P.) - Other Information (Details) $ in Thousands | Nov. 30, 2020USD ($)home | Dec. 31, 2020USD ($)homecommunitystate | Nov. 30, 2020USD ($)home | Oct. 31, 2020USD ($)home | Feb. 28, 2019USD ($)item | Dec. 31, 2018USD ($)item | Feb. 28, 2018USD ($)home | Dec. 31, 2020USD ($)homecommunitystate | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Real estate properties | ||||||||||
Number of apartment homes owned and consolidated | home | 48,283 | 48,283 | ||||||||
Number of real estate properties | community | 149 | 149 | ||||||||
Number of states in which there are owned and consolidated communities | state | 13 | 13 | ||||||||
In-place intangibles | $ 40,570 | $ 40,570 | $ 40,570 | |||||||
Gain/(loss) on sale of real estate owned | $ 119,277 | $ 5,282 | $ 136,197 | |||||||
United Dominion Realty L.P. | ||||||||||
Real estate properties | ||||||||||
Number of apartment homes owned and consolidated | home | 17,174 | 17,174 | ||||||||
Number of real estate properties | community | 53 | 53 | ||||||||
Number of states in which there are owned and consolidated communities | state | 9 | 9 | ||||||||
Gain/(loss) on sale of real estate owned | $ 57,960 | 75,507 | ||||||||
332 Home Operating Community in Alexandria, Virginia | United Dominion Realty L.P. | ||||||||||
Real estate properties | ||||||||||
Apartment homes sold | home | 332 | |||||||||
Gross proceeds from sale of properties | $ 145,000 | |||||||||
Gain/(loss) on sale of real estate owned | $ 58,000 | |||||||||
ORANGE COUNTY, CA | ||||||||||
Real estate properties | ||||||||||
Apartment homes sold | item | 264 | |||||||||
Net proceeds from sale of properties | $ 90,500 | |||||||||
Gain/(loss) on sale of real estate owned | $ 70,300 | |||||||||
ORANGE COUNTY, CA | United Dominion Realty L.P. | ||||||||||
Real estate properties | ||||||||||
Apartment homes sold | home | 264 | |||||||||
Net proceeds from sale of properties | $ 90,500 | |||||||||
Gain/(loss) on sale of real estate owned | $ 70,300 | |||||||||
Fairfax, VA | ||||||||||
Real estate properties | ||||||||||
Apartment homes sold | item | 604 | |||||||||
Net proceeds from sale of properties | $ 160,000 | 160,000 | ||||||||
Gain/(loss) on sale of real estate owned | 65,900 | |||||||||
Fairfax, VA | United Dominion Realty L.P. | ||||||||||
Real estate properties | ||||||||||
Gross proceeds from sale of properties | 9,300 | $ 9,300 | ||||||||
Gain/(loss) on sale of real estate owned | $ 5,200 | |||||||||
672 Home Operating Community in Tampa | ||||||||||
Real estate properties | ||||||||||
Number of apartment homes acquired | home | 672 | |||||||||
Real estate acquired | $ 122,500 | |||||||||
Increase in real estate owned | 119,400 | $ 119,400 | ||||||||
In-place intangibles | 3,100 | $ 3,100 | ||||||||
672 Home Operating Community in Tampa | United Dominion Realty L.P. | ||||||||||
Real estate properties | ||||||||||
Number of apartment homes acquired | home | 672 | |||||||||
Real estate acquired | $ 122,500 | |||||||||
Increase in real estate owned | 119,400 | 119,400 | ||||||||
In-place intangibles | $ 3,100 | $ 3,100 | ||||||||
400 Home Operating Community in Herndon | ||||||||||
Real estate properties | ||||||||||
Number of apartment homes acquired | home | 400 | |||||||||
Real estate acquired | $ 128,600 | |||||||||
Increase in real estate owned | $ 125,900 | 125,900 | ||||||||
In-place intangibles | $ 2,700 | 2,700 | ||||||||
400 Home Operating Community in Herndon | United Dominion Realty L.P. | ||||||||||
Real estate properties | ||||||||||
Number of apartment homes acquired | home | 400 | |||||||||
Real estate acquired | $ 128,600 | |||||||||
Increase in real estate owned | 125,900 | 125,900 | ||||||||
In-place intangibles | $ 2,700 | $ 2,700 |
UNCONSOLIDATED ENTITIES (UNIT_3
UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)home | Dec. 31, 2020USD ($)community | Dec. 31, 2019USD ($) | |
Properties | |||
Number of real estate properties | community | 149 | ||
Investment in unconsolidated entities | $ 595,486 | $ 585,490 | |
United Dominion Realty L.P. | |||
Properties | |||
Number of real estate properties | community | 53 | ||
Investment in unconsolidated entities | $ 51,302 | 76,222 | |
UDR Lighthouse DownREIT L.P. | United Dominion Realty L.P. | |||
Properties | |||
Number of real estate properties | community | 12 | ||
Number of apartment homes | 604 | 5,657 | |
Proceeds from sale of real estate | $ 150,700 | ||
Gain on sale of property | $ 51,100 | ||
Investment in unconsolidated entities | $ 51,300 | $ 76,200 |
UNCONSOLIDATED ENTITIES (UNIT_4
UNCONSOLIDATED ENTITIES (UNITED DOMINION REALTY, L.P.) - Summary Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total real estate, net | $ 8,466,106 | $ 8,470,748 | ||
Cash and cash equivalents | 1,409 | 8,106 | $ 185,216 | $ 2,038 |
Other assets | 188,118 | 186,296 | ||
Total assets | 9,637,533 | 9,636,472 | ||
Secured debt, net | 862,147 | 1,149,441 | ||
Accounts payable, accrued expenses, and other liabilities | 110,999 | 90,032 | ||
Total liabilities | 5,522,648 | 5,228,493 | ||
Lease Revenue | 1,236,096 | 1,138,138 | 1,035,105 | |
Property operating expenses | (201,944) | (178,947) | (169,078) | |
Real estate depreciation and amortization | (608,616) | (501,257) | (429,006) | |
Operating income/(loss) | 249,103 | 221,057 | 354,718 | |
Interest expense | (202,706) | (170,917) | (134,168) | |
Other income/(loss) | (6,274) | (15,404) | (6,735) | |
Net income/(loss) | 68,970 | 199,579 | 221,542 | |
United Dominion Realty L.P. | ||||
Total real estate, net | 2,151,714 | 2,078,592 | ||
Cash and cash equivalents | 26 | 24 | 125 | 293 |
Other assets | 37,025 | 24,241 | ||
Total assets | 2,457,567 | 2,398,745 | ||
Secured debt, net | 99,104 | 99,071 | ||
Accounts payable, accrued expenses, and other liabilities | 13,566 | 12,226 | ||
Total liabilities | 1,209,135 | 1,032,859 | ||
Total capital | 1,248,432 | 1,365,886 | 1,485,889 | $ 1,875,130 |
Lease Revenue | 428,747 | 441,773 | 431,920 | |
Property operating expenses | (69,213) | (67,710) | (67,400) | |
Real estate depreciation and amortization | (143,005) | (139,975) | (143,481) | |
Operating income/(loss) | 170,998 | 141,975 | 210,824 | |
Interest expense | (2,831) | (1,639) | (8,733) | |
Net income/(loss) | 136,098 | 103,995 | 231,485 | |
UDR Lighthouse DownREIT L.P. | United Dominion Realty L.P. | ||||
Total real estate, net | 1,042,449 | 1,106,703 | ||
Cash and cash equivalents | 23 | 20 | ||
Note receivable from the General Partner | 306,594 | 222,853 | ||
Other assets | 7,940 | 4,829 | ||
Total assets | 1,357,006 | 1,334,405 | ||
Secured debt, net | 506,605 | 427,592 | ||
Accounts payable, accrued expenses, and other liabilities | 28,800 | 28,087 | ||
Total liabilities | 535,405 | 455,679 | ||
Total capital | 821,601 | 878,726 | ||
Lease Revenue | 130,597 | 128,621 | 138,121 | |
Property operating expenses | (51,888) | (51,747) | (56,998) | |
Real estate depreciation and amortization | (82,092) | (82,283) | (85,872) | |
Gain/(loss) on sale of real estate | 24,053 | |||
Operating income/(loss) | (3,383) | (5,409) | 19,304 | |
Interest expense | (15,599) | (15,648) | (14,456) | |
Other income/(loss) | 8,466 | 8,061 | 4,884 | |
Net income/(loss) | $ (10,516) | $ (12,996) | $ 9,732 |
LEASES (UNITED DOMINION REALT_3
LEASES (UNITED DOMINION REALTY, L.P.) - Lessee Future Minimum Payments - (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)communitylease | Dec. 31, 2019USD ($)lease | |
Lease expense: | ||
Number of communities subject to ground leases | community | 6 | |
Operating leases existence of option to extend | true | |
Operating lease right-of-use assets | $ 200,913 | $ 204,225 |
Increase in operating lease right-to-use assets | $ 111,055 | |
Number of ground leases that became fixed | lease | 2 | |
Weighted average remaining lease term | 43 years 10 months 24 days | 44 years 8 months 12 days |
Weighted average discount rate | 5.00% | 5.00% |
Number of real estate properties | community | 149 | |
Future minimum lease payments | ||
Operating lease liabilities | $ 195,592 | $ 198,558 |
Ground Leases | ||
Future minimum lease payments | ||
2021 | 12,442 | |
2022 | 12,442 | |
2023 | 12,442 | |
2024 | 12,442 | |
2025 | 12,442 | |
Thereafter | 442,778 | |
Total future minimum lease payments (undiscounted) | 504,988 | |
Difference between future undiscounted cash flows and discounted cash flows | (309,396) | |
Operating lease liabilities | $ 195,592 | |
United Dominion Realty L.P. | ||
Lease expense: | ||
Number of communities subject to ground leases | community | 6 | |
Operating leases existence of option to extend | true | |
Operating lease right-of-use assets | $ 202,438 | 205,668 |
Increase in operating lease right-to-use assets | $ 111,055 | |
Weighted average remaining lease term | 43 years 8 months 12 days | 44 years 4 months 24 days |
Weighted average discount rate | 5.00% | 5.00% |
Number of real estate properties | community | 53 | |
Future minimum lease payments | ||
2021 | $ 12,621 | |
2022 | 12,625 | |
2023 | 12,629 | |
2024 | 12,633 | |
2025 | 12,637 | |
Thereafter | 443,591 | |
Total future minimum lease payments (undiscounted) | 506,736 | |
Difference between future undiscounted cash flows and discounted cash flows | (309,601) | |
Operating lease liabilities | 197,135 | $ 200,001 |
United Dominion Realty L.P. | Ground Leases | ||
Lease expense: | ||
Increase in operating lease right-to-use assets | $ 111,100 | |
Number of ground leases that became fixed | lease | 2 | |
Increase in operating right-of-use assets due to new leases | 300 | $ 1,400 |
Increase in operating lease liabilities | 111,100 | |
Increase in operating lease liabilities due to new leases | 300 | $ 1,400 |
Future minimum lease payments | ||
2021 | 12,442 | |
2022 | 12,442 | |
2023 | 12,442 | |
2024 | 12,442 | |
2025 | 12,442 | |
Thereafter | 442,778 | |
Total future minimum lease payments (undiscounted) | 504,988 | |
Difference between future undiscounted cash flows and discounted cash flows | (309,396) | |
Operating lease liabilities | $ 195,592 | |
United Dominion Realty L.P. | Equipment Leases | ||
Lease expense: | ||
Number of leases | lease | 7 | |
Future minimum lease payments | ||
2021 | $ 179 | |
2022 | 183 | |
2023 | 187 | |
2024 | 191 | |
2025 | 195 | |
Thereafter | 813 | |
Total future minimum lease payments (undiscounted) | 1,748 | |
Difference between future undiscounted cash flows and discounted cash flows | (205) | |
Operating lease liabilities | $ 1,543 |
LEASES (UNITED DOMINION REALT_4
LEASES (UNITED DOMINION REALTY, L.P.) - Lessee Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease expense: | ||
Contractual lease expense | $ 300 | $ 400 |
Variable ground lease expense | 200 | 400 |
Operating lease right-of-use asset amortization | 3,300 | 1,200 |
Operating lease liabilities amortization | 3,000 | 800 |
Ground Leases | ||
Lease expense: | ||
Contractual lease expense | 12,821 | 8,272 |
Variable ground lease expense | 119 | 664 |
United Dominion Realty L.P. | ||
Lease expense: | ||
Contractual lease expense | 300 | 300 |
Total operating lease expense | 13,095 | 8,955 |
Operating lease right-of-use asset amortization | 3,500 | 1,000 |
Operating lease liabilities amortization | 3,200 | 700 |
United Dominion Realty L.P. | Ground Leases | ||
Lease expense: | ||
Contractual lease expense | 12,821 | 8,272 |
Variable ground lease expense | 119 | 664 |
Total operating lease expense | 12,940 | 8,936 |
United Dominion Realty L.P. | Equipment Leases | ||
Lease expense: | ||
Contractual lease expense | $ 155 | $ 19 |
LEASES (UNITED DOMINION REALT_5
LEASES (UNITED DOMINION REALTY, L.P.) - Lessor (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Future minimum lease payments | ||
2021 | $ 23,970 | |
2022 | 22,749 | |
2023 | 20,855 | |
2024 | 19,132 | |
2025 | 15,972 | |
Thereafter | 70,396 | |
Total future minimum payments | 173,074 | |
Variable lease expense | $ 200 | $ 400 |
Apartment Homes | ||
Lessor leases | ||
Percentage of lease revenue | 97.30% | |
Apartment Homes | Maximum | ||
Lessor leases | ||
Lease terms | 12 months | |
Retail and Commercial Spaces | ||
Lessor leases | ||
Percentage of lease revenue | 2.70% | |
Retail and Commercial Spaces | Minimum | ||
Lessor leases | ||
Lease terms | 5 years | |
Retail and Commercial Spaces | Maximum | ||
Lessor leases | ||
Lease terms | 15 years | |
United Dominion Realty L.P. | ||
Future minimum lease payments | ||
2021 | $ 6,808 | |
2022 | 6,389 | |
2023 | 6,110 | |
2024 | 5,368 | |
2025 | 4,777 | |
Thereafter | 9,115 | |
Total future minimum payments | $ 38,567 | |
United Dominion Realty L.P. | Minimum | ||
Lessor leases | ||
Lease terms | 5 years | |
United Dominion Realty L.P. | Maximum | ||
Lessor leases | ||
Lease terms | 15 years | |
United Dominion Realty L.P. | Apartment Homes | ||
Lessor leases | ||
Percentage of lease revenue | 97.70% | |
United Dominion Realty L.P. | Apartment Homes | Maximum | ||
Lessor leases | ||
Lease terms | 12 months | |
United Dominion Realty L.P. | Retail and Commercial Spaces | ||
Lessor leases | ||
Percentage of lease revenue | 2.30% | |
Future minimum lease payments | ||
Variable lease expense | $ 100 | |
United Dominion Realty L.P. | Retail and Commercial Spaces | Maximum | ||
Future minimum lease payments | ||
Variable lease expense | $ 100 |
DEBT, NET (UNITED DOMINION RE_3
DEBT, NET (UNITED DOMINION REALTY, L.P.) - Summary (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)community | Dec. 31, 2019USD ($) | |
Fixed and variable rate debt | ||
Weighted Average Interest Rate | 2.91% | |
Total Debt, net | $ 4,976,548 | $ 4,707,524 |
Weighted Average | ||
Fixed and variable rate debt | ||
Years to maturity | 8 years | |
Fixed Rate Debt | Mortgages Note Payable | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 824,550 | 884,869 |
Weighted Average Interest Rate | 3.31% | |
Communities Encumbered (in communities) | community | 11 | |
Fixed Rate Debt | Mortgages Note Payable | Weighted Average | ||
Fixed and variable rate debt | ||
Years to maturity | 7 years 2 months 12 days | |
Variable Rate Debt | Tax-exempt secured notes payable | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 27,000 | 27,000 |
Weighted Average Interest Rate | 0.84% | |
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 2 months 12 days | |
United Dominion Realty L.P. | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 99,104 | 99,071 |
Weighted Average Interest Rate | 2.54% | |
Communities Encumbered (in communities) | community | 2 | |
Deferred finance costs, net | $ (396) | |
United Dominion Realty L.P. | Weighted Average | ||
Fixed and variable rate debt | ||
Years to maturity | 9 years 8 months 12 days | |
United Dominion Realty L.P. | Fixed Rate Debt | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 72,172 | 72,135 |
Weighted Average Interest Rate | 3.10% | |
Communities Encumbered (in communities) | community | 1 | |
Deferred finance costs, net | $ (328) | (365) |
United Dominion Realty L.P. | Fixed Rate Debt | Weighted Average | ||
Fixed and variable rate debt | ||
Years to maturity | 9 years 3 months 18 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% | |
Interest rate | 3.10% | |
Communities Encumbered (in communities) | community | 1 | |
United Dominion Realty L.P. | Fixed Rate Debt | Mortgages Note Payable | Weighted Average | ||
Fixed and variable rate debt | ||
Years to maturity | 9 years 1 month 6 days | |
United Dominion Realty L.P. | Variable Rate Debt | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 26,932 | 26,936 |
Weighted Average Interest Rate | 0.84% | |
Communities Encumbered (in communities) | community | 1 | |
Deferred finance costs, net | $ (68) | (64) |
United Dominion Realty L.P. | Variable Rate Debt | Weighted Average | ||
Fixed and variable rate debt | ||
Years to maturity | 11 years 2 months 12 days | |
United Dominion Realty L.P. | Variable Rate Debt | Mortgages Note Payable | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 27,000 | |
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 | 0.84% | |
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 2 months 12 days | |
Credit facilities | Fixed Rate Debt | ||
Fixed and variable rate debt | ||
Principal outstanding | 204,590 | |
Secured Debt | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 862,147 | 1,149,441 |
Weighted Average Interest Rate | 3.23% | |
Communities Encumbered (in communities) | community | 12 | |
Secured Debt | Weighted Average | ||
Fixed and variable rate debt | ||
Years to maturity | 7 years 3 months 18 days | |
Secured Debt | Variable Rate Debt | ||
Fixed and variable rate debt | ||
Principal outstanding | $ 26,932 | $ 26,936 |
Weighted Average Interest Rate | 0.84% | |
Communities Encumbered (in communities) | community | 1 | |
Secured Debt | Variable Rate Debt | Weighted Average | ||
Fixed and variable rate debt | ||
Years to maturity | 11 years 2 months 12 days |
DEBT, NET (UNITED DOMINION RE_4
DEBT, NET (UNITED DOMINION REALTY, L.P.) - Additional Information (Details)-K $ in Thousands | Feb. 11, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Fixed and variable rate debt | ||||
Borrowings outstanding | $ 2,800 | $ 2,900 | ||
Gain (Loss) on Extinguishment of Debt | (49,190) | (29,594) | $ (3,299) | |
Commercial Paper | ||||
Fixed and variable rate debt | ||||
Borrowings outstanding | $ 190,000 | $ 300,000 | ||
Interest rate at the end of the period | 0.30% | 2.00% | ||
3.75% Medium-Term Notes Due July 2024 | ||||
Fixed and variable rate debt | ||||
Interest rate | 3.75% | 3.75% | ||
2.95% Medium-Term Note due September 2026 | ||||
Fixed and variable rate debt | ||||
Interest rate | 2.95% | 2.95% | ||
4.00% Medium-Term Note due October 2025 | ||||
Fixed and variable rate debt | ||||
Debt | $ 300,000 | |||
Interest rate | 4.00% | 4.00% | ||
3.50 Medium-Term Note due July 2027 | ||||
Fixed and variable rate debt | ||||
Interest rate | 3.50% | 3.50% | ||
United Dominion Realty L.P. | Financial Guarantee | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | $ 1,100,000 | |||
United Dominion Realty L.P. | Unsecured Commercial Bank Credit Facility | ||||
Fixed and variable rate debt | ||||
Long-term commercial paper | 500,000 | |||
United Dominion Realty L.P. | Commercial Paper | ||||
Fixed and variable rate debt | ||||
Borrowings outstanding | $ 190,000 | $ 300,000 | ||
United Dominion Realty L.P. | Mortgages Note Payable | Fixed Rate Debt | ||||
Fixed and variable rate debt | ||||
Interest rate | 3.10% | |||
United Dominion Realty L.P. | Mortgages Note Payable | Variable Rate Debt | ||||
Fixed and variable rate debt | ||||
Interest rate at the end of the period | 0.84% | |||
United Dominion Realty L.P. | 1.93% Term Loan due September 2023 | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | $ 350,000 | |||
United Dominion Realty L.P. | 2.95% Medium-Term Note due September 2026 | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 300,000 | |||
United Dominion Realty L.P. | 4.00% Medium-Term Note due October 2025 | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 300,000 | |||
United Dominion Realty L.P. | 3.50 Medium-Term Note due July 2027 | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 300,000 | |||
United Dominion Realty L.P. | Medium-Term Note due January 2028 | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 300,000 | |||
United Dominion Realty L.P. | Medium-Term Note due January 2029 | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 300,000 | |||
United Dominion Realty L.P. | Medium Term Notes Due January 2030 | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 600,000 | |||
United Dominion Realty L.P. | Medium-Term Notes Due August 2031 | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 400,000 | |||
United Dominion Realty L.P. | Medium Term Notes Due August 2032 | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 400,000 | |||
United Dominion Realty L.P. | Medium Term Notes Due November 2034 | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | 300,000 | |||
United Dominion Realty L.P. | Medium Term Notes Due March 2033 | ||||
Fixed and variable rate debt | ||||
Guarantor borrowing capacity | $ 350,000 | |||
Subsequent Event | 2.10% Senior Unsecured Medium-Term Note due 2033 | ||||
Fixed and variable rate debt | ||||
Debt | $ 300,000 | |||
Interest rate | 2.10% | |||
Price as percentage of principal amount | 99.592 |
RELATED PARTY TRANSACTIONS (U_3
RELATED PARTY TRANSACTIONS (UNITED DOMINION REALTY, L.P.) (Details) - United Dominion Realty L.P. - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related party transactions | |||
Related party management fees | $ 16,900 | $ 16,900 | $ 15,200 |
Debt Instrument, Interest Rate Period End | 2.91% | ||
Notes payable due to the General Partner | $ 810,700 | 637,233 | |
Interest expense, related party | 26,526 | 28,028 | 14,102 |
UDR, Inc. | |||
Related party transactions | |||
General and administrative expenses allocated to the Operating Partnership by UDR | $ 13,400 | 13,800 | $ 13,500 |
Note due August 2021 | |||
Related party transactions | |||
Debt Instrument, Interest Rate Period End | 5.34% | ||
Notes payable due to the General Partner | $ 5,500 | 5,500 | |
Note due December 2023 | |||
Related party transactions | |||
Debt Instrument, Interest Rate Period End | 5.18% | ||
Notes payable due to the General Partner | $ 83,196 | 83,196 | |
Note due April 2026 | |||
Related party transactions | |||
Debt Instrument, Interest Rate Period End | 4.12% | ||
Notes payable due to the General Partner | $ 184,638 | 184,638 | |
Note due November 2028 | |||
Related party transactions | |||
Debt Instrument, Interest Rate Period End | 4.69% | ||
Notes payable due to the General Partner | $ 133,205 | 133,205 | |
Note due December 2028 | |||
Related party transactions | |||
Debt Instrument, Interest Rate Period End | 2.91% | ||
Notes payable due to the General Partner | $ 404,161 | $ 230,694 |
FAIR VALUE OF DERIVATIVES AND_6
FAIR VALUE OF DERIVATIVES AND FINANCIAL INSTRUMENTS (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt instruments - fair value | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | $ 2 | $ 6 |
Transfer between the levels | 0 | |
Fair Value, Measurements, Recurring | Carrying Amount | ||
Debt instruments - fair value | ||
Total assets | 157,994 | 153,656 |
Total liabilities | 5,004,978 | 4,731,595 |
Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Total assets | 170,413 | 160,203 |
Total liabilities | 5,382,320 | 4,853,337 |
Interest rate contracts | Fair Value, Measurements, Recurring | Carrying Amount | ||
Debt instruments - fair value | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 2 | 6 |
Interest rate contracts | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 2 | 6 |
Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Fair value | 27,000 | |
Level 2 | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Total assets | 2 | 6 |
Total liabilities | 167 | 142 |
Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 2 | 6 |
Level 3 | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Total assets | 170,411 | 160,197 |
Total liabilities | 5,382,153 | 4,853,195 |
United Dominion Realty L.P. | Fair Value, Measurements, Recurring | Carrying Amount | ||
Debt instruments - fair value | ||
Total liabilities | 910,200 | 736,733 |
United Dominion Realty L.P. | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Total assets | 2 | |
Total liabilities | 912,882 | 736,209 |
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 | 2 | |
United Dominion Realty L.P. | Notes payable due to the General Partner | Fair Value, Measurements, Recurring | Carrying Amount | ||
Debt instruments - fair value | ||
Fair value | 810,700 | 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 | 810,700 | |
United Dominion Realty L.P. | Level 2 | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Total assets | 2 | |
United Dominion Realty L.P. | Level 2 | Interest rate contracts | Fair Value, Measurements, Recurring | Carrying Amount | ||
Debt instruments - fair value | ||
Derivative Asset Designated as Hedging Instrument, Fair Value | 2 | |
United Dominion Realty L.P. | Level 3 | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Total liabilities | 912,882 | |
United Dominion Realty L.P. | Level 3 | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Total liabilities | 736,209 | |
United Dominion Realty L.P. | Level 3 | Notes payable due to the General Partner | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 810,700 | |
United Dominion Realty L.P. | Level 3 | Notes payable due to the General Partner | Fair Value, Measurements, Recurring | Carrying Amount | ||
Debt instruments - fair value | ||
Fair value | 637,233 | |
Fixed Rate Debt | Mortgages Note Payable | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Fair value | 854,084 | 898,329 |
Fixed Rate Debt | Level 3 | Mortgages Note Payable | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Fair value | 854,084 | 898,329 |
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 | 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 | 75,182 | 71,976 |
Fixed Rate Debt | United Dominion Realty L.P. | Level 3 | Mortgages Note Payable | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | 75,182 | 71,976 |
Variable Rate Debt | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Fair value | 27,000 | |
Variable Rate Debt | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Fair value | 27,000 | 27,000 |
Variable Rate Debt | United Dominion Realty L.P. | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Carrying Amount | ||
Debt instruments - fair value | ||
Fair value | 27,000 | 27,000 |
Variable Rate Debt | United Dominion Realty L.P. | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | Fair Value | ||
Debt instruments - fair value | ||
Fair value | 27,000 | 27,000 |
Variable Rate Debt | United Dominion Realty L.P. | Level 3 | Tax-exempt secured notes payable | Fair Value, Measurements, Recurring | ||
Debt instruments - fair value | ||
Fair value | $ 27,000 | $ 27,000 |
DERIVATIVES AND HEDGING ACTIV_9
DERIVATIVES AND HEDGING ACTIVITY (UNITED DOMINION REALTY, L.P.) (Details) | Dec. 31, 2020USD ($)instrument | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Not Designated as Hedging Instrument | |||
Derivatives | |||
Number instruments | 0 | ||
United Dominion Realty L.P. | Maximum | |||
Derivatives | |||
Estimated additional accumulated other comprehensive Income/(Loss) transferred to interest expense | $ | $ 100,000 | ||
United Dominion Realty L.P. | Cash Flow Hedging | |||
Derivatives | |||
Number instruments | 1 | ||
United Dominion Realty L.P. | Cash Flow Hedging | Interest rate caps | |||
Derivatives | |||
Number instruments | 1 | ||
Notional | $ | $ 19,880,000 | ||
United Dominion Realty L.P. | Cash Flow Hedging | Interest rate contracts | Other income/(expense) | |||
Derivatives | |||
Number instruments | $ | 0 | 0 | |
United Dominion Realty L.P. | Not Designated as Hedging Instrument | |||
Derivatives | |||
Number instruments | 0 |
DERIVATIVES AND HEDGING ACTI_10
DERIVATIVES AND HEDGING ACTIVITY - Designated Interest Rate Derivatives (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
United Dominion Realty L.P. | Interest rate contracts | Other assets | Designated as Hedging Instrument | |
Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet | |
Derivative Asset Designated as Hedging Instrument, Fair Value | $ 2 |
DERIVATIVES AND HEDGING ACTI_11
DERIVATIVES AND HEDGING ACTIVITY - Fair Value (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Unrealized holding gain/(loss) | $ (3,382) | $ (8,437) | $ 4,806 |
United Dominion Realty L.P. | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Unrealized holding gain/(loss) | (49) | ||
Interest rate contracts | United Dominion Realty L.P. | Interest expense | Cash Flow Hedging | |||
Effect of derivative instruments on the Consolidated Statements of Operations | |||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification and Tax | $ (49) |
DERIVATIVES AND HEDGING ACTI_12
DERIVATIVES AND HEDGING ACTIVITY - Effectiveness (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivatives and hedging activity | |||
Total amount of Interest expense presented on the Consolidated Statements of Operations | $ 202,706 | $ 170,917 | $ 134,168 |
United Dominion Realty L.P. | |||
Derivatives and hedging activity | |||
Total amount of Interest expense presented on the Consolidated Statements of Operations | $ 2,831 | $ 1,639 | $ 8,733 |
CAPITAL STRUCTURE (UNITED DOM_3
CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) - Units Rollforward (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Capital structure | |||
Balance | 184,064 | 183,637 | 183,351 |
Vesting of LTIP Units | 772 | 427 | 286 |
Balance | 184,836 | 184,064 | 183,637 |
UDR, Inc. | |||
Capital structure | |||
Balance | 176,100 | ||
Balance | 176,100 | 176,100 | |
Non-affiliated Partners | |||
Capital structure | |||
Balance | 8,600 | ||
Class A Limited Partner | UDR, Inc. | |||
Capital structure | |||
Balance | 121 | 121 | 121 |
Balance | 121 | 121 | 121 |
Non-affiliated Partners | Class A Limited Partner | |||
Capital structure | |||
Balance | 1,752 | 1,752 | 1,752 |
Balance | 1,752 | 1,752 | 1,752 |
Limited Partner | |||
Capital structure | |||
Balance | 6,094 | 7,636 | 7,361 |
Vesting of LTIP Units | 772 | 427 | 286 |
OP redemptions for UDR stock | (3) | (1,969) | (11) |
Balance | 6,863 | 6,094 | 7,636 |
Limited Partner | UDR, Inc. | |||
Capital structure | |||
Balance | 175,986 | 174,017 | 174,006 |
OP redemptions for UDR stock | 3 | 1,969 | 11 |
Balance | 175,989 | 175,986 | 174,017 |
General Partner | UDR, Inc. | |||
Capital structure | |||
Balance | 111 | 111 | 111 |
Balance | 111 | 111 | 111 |
CAPITAL STRUCTURE (UNITED DOM_4
CAPITAL STRUCTURE (UNITED DOMINION REALTY, L.P.) - Ownership Interests (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)class$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares | Dec. 31, 2017shares | |
Capital structure | ||||
Limited partnership units owned | 184,836,000 | 184,064,000 | 183,637,000 | 183,351,000 |
Redeemable noncontrolling interests in the Operating Partnership | $ | $ 856,294 | $ 1,018,665 | ||
Number of classes of LTIP Units | class | 2 | |||
United Dominion Realty L.P. | ||||
Capital structure | ||||
Limited partnership units owned | 176,200,000 | 176,200,000 | ||
Percentage of units | 95.30% | 95.70% | ||
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 | $ | $ 331,000 | $ 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 | 100,000 | 100,000 | ||
Limited partnership units owned | 176,100,000 | 176,100,000 | ||
Percentage of units | 95.30% | 95.70% | ||
Non-affiliated Partners | ||||
Capital structure | ||||
Limited partnership units owned | 8,600,000 | |||
Percentage of units | 4.70% | 4.30% | ||
Non-affiliated Partners | United Dominion Realty L.P. | ||||
Capital structure | ||||
Limited partnership units owned | 8,600,000 | |||
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 | 121,000 | 121,000 | 121,000 | 121,000 |
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 | 1,752,000 | 1,752,000 |
LTIP Units One | ||||
Capital structure | ||||
Vesting period | 4 years | |||
Minimum | LTIP Units | ||||
Capital structure | ||||
Vesting period | 1 year | |||
Period of time LTIP units have been outstanding | 2 years | |||
Minimum | Employee Director | LTIP Units | ||||
Capital structure | ||||
Vesting period | 1 year | |||
Maximum | LTIP Units | ||||
Capital structure | ||||
Vesting period | 3 years | |||
Maximum | Employee Director | LTIP Units | ||||
Capital structure | ||||
Vesting period | 3 years |
REPORTABLE SEGMENTS (UNITED D_3
REPORTABLE SEGMENTS (UNITED DOMINION REALTY, L.P.) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)homesegment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Segments | ||||
Same store communities | home | 37,607 | |||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ||||
Rental income | $ 1,236,096 | $ 1,138,138 | $ 1,035,105 | |
Reconciling items: | ||||
Property management | (35,538) | (32,721) | (28,465) | |
Other operating expenses | (22,762) | (13,932) | (12,100) | |
Real estate depreciation and amortization | (608,616) | (501,257) | (429,006) | |
General and administrative | (49,885) | (51,533) | (46,983) | |
Casualty-related (charges)/recoveries, net | (2,131) | (474) | (2,121) | |
Gain/(loss) on sales of real estate owned | 119,277 | 5,282 | 136,197 | |
Income/(loss) from unconsolidated entities | 18,844 | 137,873 | (5,055) | |
Interest expense | (202,706) | (170,917) | (134,168) | |
Net (income)/loss attributable to noncontrolling interests | (161) | (188) | (221) | |
Net income/(loss) attributable to OP unitholders | 64,266 | 184,965 | 203,106 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 13,071,472 | 12,602,101 | ||
Accumulated depreciation | (4,605,366) | (4,131,353) | ||
Total real estate owned, net of accumulated depreciation | 8,466,106 | 8,470,748 | ||
Total segment asset - net book value | 8,466,106 | 8,470,748 | ||
Reconciling items: | ||||
Cash and cash equivalents | 1,409 | 8,106 | 185,216 | $ 2,038 |
Restricted cash | 22,762 | 25,185 | 23,675 | 19,792 |
Investment in unconsolidated entities | 600,233 | 588,262 | ||
Operating lease right-of-use assets | 200,913 | 204,225 | ||
Other assets | 188,118 | 186,296 | ||
Total assets | $ 9,637,533 | 9,636,472 | ||
Reportable Segments | ||||
Number of reportable segments | segment | 2 | |||
Time to maintain percent occupancy to be considered a community | 3 months | |||
Capital expenditures and development | $ 299,986 | 195,981 | 214,898 | |
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 | 385,959 | 402,901 | 387,215 | |
Other revenue | 11,803 | 12,339 | 10,738 | |
Rental income | 397,762 | 415,240 | 397,953 | |
Reportable apartment home segment NOI | 295,065 | 315,812 | 300,745 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 3,732,329 | 3,696,544 | ||
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 | 211,633 | 211,401 | 205,324 | |
Other revenue | 6,329 | 7,216 | 6,357 | |
Rental income | 217,962 | 218,617 | 211,681 | |
Reportable apartment home segment NOI | 152,131 | 154,082 | 148,057 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 2,255,449 | 2,222,405 | ||
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 | 108,073 | 122,008 | 119,540 | |
Other revenue | 2,697 | 2,760 | 2,623 | |
Rental income | 110,770 | 124,768 | 122,163 | |
Reportable apartment home segment NOI | 65,553 | 83,832 | 84,059 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 1,507,878 | 1,500,597 | ||
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 | 123,993 | 120,289 | 116,011 | |
Other revenue | 5,395 | 6,444 | 6,223 | |
Rental income | 129,388 | 126,733 | 122,234 | |
Reportable apartment home segment NOI | 88,518 | 88,467 | 85,219 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 827,683 | 806,830 | ||
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 | 65,713 | 64,970 | 63,287 | |
Other revenue | 2,543 | 2,793 | 2,664 | |
Rental income | 68,256 | 67,763 | 65,951 | |
Reportable apartment home segment NOI | 42,931 | 42,210 | 39,631 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 614,647 | 600,350 | ||
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 | 302,920 | 180,668 | 111,272 | |
Other revenue | 9,038 | 4,349 | 3,851 | |
Rental income | 311,958 | 185,017 | 115,123 | |
Reportable apartment home segment NOI | 209,504 | 123,900 | 74,404 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 4,133,486 | 3,775,375 | ||
Total Communities | ||||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ||||
Lease revenue | 1,198,291 | 1,102,237 | 1,002,649 | |
Other revenue | 37,805 | 35,901 | 32,456 | |
Rental income | 1,236,096 | 1,138,138 | 1,035,105 | |
Reportable apartment home segment NOI | $ 853,702 | 808,303 | 732,115 | |
United Dominion Realty L.P. | ||||
Segments | ||||
Same store communities | home | 15,609 | |||
Summary of rental income and NOI for UDRs reportable segments and reconciliation of NOI to loss from continuing operations | ||||
Rental income | $ 428,747 | 441,773 | 431,920 | |
Reconciling items: | ||||
Property management | (12,326) | (12,701) | (11,878) | |
Other operating expenses | (16,138) | (9,488) | (8,864) | |
Real estate depreciation and amortization | (143,005) | (139,975) | (143,481) | |
General and administrative | (17,987) | (18,014) | (16,889) | |
Casualty-related (charges)/recoveries, net | (793) | (853) | (951) | |
Gain/(loss) on sales of real estate owned | 57,960 | 75,507 | ||
Income/(loss) from unconsolidated entities | (5,543) | (8,313) | 43,496 | |
Interest expense | (29,357) | (29,667) | (22,835) | |
Net (income)/loss attributable to noncontrolling interests | (1,869) | (1,832) | (1,722) | |
Net income/(loss) attributable to OP unitholders | 134,229 | 102,163 | 229,763 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 4,043,725 | 3,875,160 | ||
Accumulated depreciation | (1,892,011) | (1,796,568) | ||
Total real estate owned, net of accumulated depreciation | 2,151,714 | 2,078,592 | ||
Total segment asset - net book value | 2,151,714 | 2,078,592 | ||
Reconciling items: | ||||
Cash and cash equivalents | 26 | 24 | 125 | 293 |
Restricted cash | 15,062 | 13,998 | 13,563 | $ 12,579 |
Investment in unconsolidated entities | 51,302 | 76,222 | ||
Operating lease right-of-use assets | 202,438 | 205,668 | ||
Other assets | 37,025 | 24,241 | ||
Total assets | $ 2,457,567 | 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 | |||
Capital expenditures and development | $ 52,661 | 63,175 | 44,353 | |
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 | 240,776 | 248,474 | 238,886 | |
Other revenue | 7,388 | 7,873 | 7,161 | |
Rental income | 248,164 | 256,347 | 246,047 | |
Reportable apartment home segment NOI | 186,290 | 196,302 | 187,664 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 2,037,133 | 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 | 50,566 | 50,975 | 50,131 | |
Other revenue | 1,593 | 1,706 | 1,489 | |
Rental income | 52,159 | 52,681 | 51,620 | |
Reportable apartment home segment NOI | 36,043 | 36,830 | 36,028 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 551,003 | 541,481 | ||
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 | 27,701 | 32,224 | 31,693 | |
Other revenue | 476 | 646 | 622 | |
Rental income | 28,177 | 32,870 | 32,315 | |
Reportable apartment home segment NOI | 17,340 | 24,103 | 24,578 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 410,406 | 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 | 52,471 | 50,795 | 49,132 | |
Other revenue | 2,542 | 2,925 | 2,764 | |
Rental income | 55,013 | 53,720 | 51,896 | |
Reportable apartment home segment NOI | 37,577 | 37,340 | 35,948 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 361,497 | 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 | 7,118 | 7,632 | 7,463 | |
Other revenue | 217 | 301 | 238 | |
Rental income | 7,335 | 7,933 | 7,701 | |
Reportable apartment home segment NOI | 5,199 | 5,621 | 5,125 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 144,959 | 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 | 35,559 | 37,658 | 41,577 | |
Other revenue | 2,340 | 564 | 764 | |
Rental income | 37,899 | 38,222 | 42,341 | |
Reportable apartment home segment NOI | 20,838 | 22,810 | 28,037 | |
Reportable apartment home segment assets: | ||||
Total segment assets | 538,727 | 416,481 | ||
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 | 414,191 | 427,758 | 418,882 | |
Other revenue | 14,556 | 14,015 | 13,038 | |
Rental income | 428,747 | 441,773 | 431,920 | |
Reportable apartment home segment NOI | $ 303,287 | $ 323,006 | $ 317,380 |
Schedule III Real Estate Owned
Schedule III Real Estate Owned (UNITED DOMINION REALTY, L.P.) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Real Estate and Accumulated Depreciation | ||||
Encumbrances | $ 862,147 | |||
Initial Costs, Land and Land Improvements | 2,204,834 | |||
Initial Costs, Buildings and Improvements | 7,240,537 | |||
Total Initial Acquisition Costs | 9,445,371 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,626,101 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,462,474 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,608,998 | |||
Total Carrying Value | $ 12,602,101 | $ 10,196,159 | $ 10,196,159 | 13,071,472 |
Accumulated Depreciation | 4,131,353 | 3,654,160 | 3,330,166 | 4,605,366 |
Aggregate cost for federal income tax purposes | 12,300,000 | |||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at beginning of the year | 12,602,101 | 10,196,159 | 10,177,206 | |
Real estate acquired | 413,488 | 2,241,163 | ||
Capital expenditures and development | 299,986 | 195,981 | 214,898 | |
Real estate sold | (244,103) | (31,202) | (195,945) | |
Balance at end of the year | 13,071,472 | 12,602,101 | 10,196,159 | |
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at beginning of the year | 4,131,353 | 3,654,160 | 3,330,166 | |
Depreciation expense for the year | 560,876 | 477,193 | 426,006 | |
Accumulated depreciation on sales | (86,863) | (102,012) | ||
Balance at end of year | $ 4,605,366 | 4,131,353 | 3,654,160 | |
Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciable life for all buildings | 30 years | |||
Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciable life for all buildings | 55 years | |||
REAL ESTATE UNDER DEVELOPMENT | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 73,702 | |||
Initial Costs, Buildings and Improvements | 15,798 | |||
Total Initial Acquisition Costs | 89,500 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 158,377 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 73,702 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 174,175 | |||
Total Carrying Value | $ 247,877 | 247,877 | ||
Accumulated Depreciation | 1,010 | 1,010 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 247,877 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,010 | |||
LAND | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 39,609 | |||
Initial Costs, Buildings and Improvements | 4,997 | |||
Total Initial Acquisition Costs | 44,606 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,076 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 46,664 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,018 | |||
Total Carrying Value | 61,682 | 61,682 | ||
Accumulated Depreciation | 2,818 | 2,818 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 61,682 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 2,818 | |||
COMMERCIAL | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,927 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,793 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 22,134 | |||
Total Carrying Value | 29,927 | 29,927 | ||
Accumulated Depreciation | 14,646 | 14,646 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 29,927 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 14,646 | |||
TOTAL CORPORATE | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,034 | |||
Initial Costs, Buildings and Improvements | 20,534 | |||
Total Initial Acquisition Costs | 23,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,023 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,086 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,505 | |||
Total Carrying Value | 39,591 | 39,591 | ||
Accumulated Depreciation | 4,656 | 4,656 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,591 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,656 | |||
TOTAL CORPORATE | Other | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,007 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,007 | |||
Total Carrying Value | 14,007 | 14,007 | ||
Accumulated Depreciation | 94 | 94 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,007 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 94 | |||
TOTAL COMMERCIAL & CORPORATE | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,034 | |||
Initial Costs, Buildings and Improvements | 20,534 | |||
Total Initial Acquisition Costs | 23,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 45,950 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,879 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 58,639 | |||
Total Carrying Value | 69,518 | 69,518 | ||
Accumulated Depreciation | 19,302 | 19,302 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 69,518 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 19,302 | |||
TOTAL OPERATING COMMUNITIES | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 851,550 | |||
Initial Costs, Land and Land Improvements | 2,073,308 | |||
Initial Costs, Buildings and Improvements | 7,098,613 | |||
Total Initial Acquisition Costs | 9,171,921 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 3,403,819 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,316,045 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,259,695 | |||
Total Carrying Value | 12,575,740 | 12,575,740 | ||
Accumulated Depreciation | 4,568,457 | 4,568,457 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 12,575,740 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 4,568,457 | |||
WEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 27,000 | |||
Initial Costs, Land and Land Improvements | 895,475 | |||
Initial Costs, Buildings and Improvements | 1,918,748 | |||
Total Initial Acquisition Costs | 2,814,223 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 1,512,756 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 985,417 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,341,562 | |||
Total Carrying Value | 4,326,979 | 4,326,979 | ||
Accumulated Depreciation | 1,762,493 | 1,762,493 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 4,326,979 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,762,493 | |||
ORANGE COUNTY, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 411,385 | |||
Initial Costs, Buildings and Improvements | 330,038 | |||
Total Initial Acquisition Costs | 741,423 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 759,188 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 452,497 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,048,114 | |||
Total Carrying Value | 1,500,611 | 1,500,611 | ||
Accumulated Depreciation | 543,647 | 543,647 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,500,611 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 543,647 | |||
ORANGE COUNTY, CA | Harbor at Mesa Verde | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 20,476 | |||
Initial Costs, Buildings and Improvements | 28,538 | |||
Total Initial Acquisition Costs | 49,014 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,282 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,317 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,979 | |||
Total Carrying Value | 72,296 | 72,296 | ||
Accumulated Depreciation | 37,780 | 37,780 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 72,296 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 37,780 | |||
ORANGE COUNTY, CA | 27 Seventy Five Mesa Verde | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 99,329 | |||
Initial Costs, Buildings and Improvements | 110,644 | |||
Total Initial Acquisition Costs | 209,973 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 106,411 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 116,177 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 200,207 | |||
Total Carrying Value | 316,384 | 316,384 | ||
Accumulated Depreciation | 147,609 | 147,609 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 316,384 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 147,609 | |||
ORANGE COUNTY, CA | Huntington Vista | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,055 | |||
Initial Costs, Buildings and Improvements | 22,486 | |||
Total Initial Acquisition Costs | 30,541 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,742 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,302 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,981 | |||
Total Carrying Value | 45,283 | 45,283 | ||
Accumulated Depreciation | 27,136 | 27,136 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 45,283 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,136 | |||
ORANGE COUNTY, CA | Missions at Back Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 229 | |||
Initial Costs, Buildings and Improvements | 14,129 | |||
Total Initial Acquisition Costs | 14,358 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,129 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,052 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,435 | |||
Total Carrying Value | 18,487 | 18,487 | ||
Accumulated Depreciation | 5,837 | 5,837 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 18,487 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,837 | |||
ORANGE COUNTY, CA | Eight 80 Newport Beach - North | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 62,516 | |||
Initial Costs, Buildings and Improvements | 46,082 | |||
Total Initial Acquisition Costs | 108,598 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 46,676 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 69,331 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,943 | |||
Total Carrying Value | 155,274 | 155,274 | ||
Accumulated Depreciation | 64,662 | 64,662 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 155,274 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 64,662 | |||
ORANGE COUNTY, CA | Eight 80 Newport Beach - South | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 58,785 | |||
Initial Costs, Buildings and Improvements | 50,067 | |||
Total Initial Acquisition Costs | 108,852 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,225 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 60,961 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,116 | |||
Total Carrying Value | 146,077 | 146,077 | ||
Accumulated Depreciation | 59,802 | 59,802 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 146,077 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 59,802 | |||
SAN FRANCISCO, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 27,000 | |||
Initial Costs, Land and Land Improvements | 145,665 | |||
Initial Costs, Buildings and Improvements | 414,240 | |||
Total Initial Acquisition Costs | 559,905 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 328,778 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 152,855 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 735,828 | |||
Total Carrying Value | 888,683 | 888,683 | ||
Accumulated Depreciation | 449,936 | 449,936 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 888,683 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 449,936 | |||
SAN FRANCISCO, CA | 2000 Post Street | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 9,861 | |||
Initial Costs, Buildings and Improvements | 44,578 | |||
Total Initial Acquisition Costs | 54,439 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,292 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,417 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 77,314 | |||
Total Carrying Value | 91,731 | 91,731 | ||
Accumulated Depreciation | 46,827 | 46,827 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 91,731 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 46,827 | |||
SAN FRANCISCO, CA | Birch Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,365 | |||
Initial Costs, Buildings and Improvements | 16,696 | |||
Total Initial Acquisition Costs | 21,061 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,462 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,409 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,114 | |||
Total Carrying Value | 31,523 | 31,523 | ||
Accumulated Depreciation | 18,789 | 18,789 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 31,523 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,789 | |||
SAN FRANCISCO, CA | Highlands Of Marin | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,996 | |||
Initial Costs, Buildings and Improvements | 24,868 | |||
Total Initial Acquisition Costs | 30,864 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,045 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,086 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 51,823 | |||
Total Carrying Value | 59,909 | 59,909 | ||
Accumulated Depreciation | 39,256 | 39,256 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 59,909 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 39,256 | |||
SAN FRANCISCO, CA | Marina Playa | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,224 | |||
Initial Costs, Buildings and Improvements | 23,916 | |||
Total Initial Acquisition Costs | 30,140 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,413 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,336 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,217 | |||
Total Carrying Value | 44,553 | 44,553 | ||
Accumulated Depreciation | 26,198 | 26,198 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 44,553 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 26,198 | |||
SAN FRANCISCO, CA | River Terrace | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 22,161 | |||
Initial Costs, Buildings and Improvements | 40,137 | |||
Total Initial Acquisition Costs | 62,298 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,941 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,998 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,241 | |||
Total Carrying Value | 71,239 | 71,239 | ||
Accumulated Depreciation | 33,870 | 33,870 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 71,239 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,870 | |||
SAN FRANCISCO, CA | CitySouth | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 14,031 | |||
Initial Costs, Buildings and Improvements | 30,537 | |||
Total Initial Acquisition Costs | 44,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 39,859 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,681 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,746 | |||
Total Carrying Value | 84,427 | 84,427 | ||
Accumulated Depreciation | 51,728 | 51,728 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 84,427 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 51,728 | |||
SAN FRANCISCO, CA | Bay Terrace | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,545 | |||
Initial Costs, Buildings and Improvements | 14,458 | |||
Total Initial Acquisition Costs | 23,003 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,598 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,679 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,922 | |||
Total Carrying Value | 30,601 | 30,601 | ||
Accumulated Depreciation | 12,980 | 12,980 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 30,601 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,980 | |||
SAN FRANCISCO, CA | Highlands of Marin Phase II | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,353 | |||
Initial Costs, Buildings and Improvements | 18,559 | |||
Total Initial Acquisition Costs | 23,912 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,361 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,782 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,491 | |||
Total Carrying Value | 35,273 | 35,273 | ||
Accumulated Depreciation | 21,081 | 21,081 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 35,273 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 21,081 | |||
SAN FRANCISCO, CA | Edgewater | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 30,657 | |||
Initial Costs, Buildings and Improvements | 83,872 | |||
Total Initial Acquisition Costs | 114,529 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,128 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,804 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 96,853 | |||
Total Carrying Value | 127,657 | 127,657 | ||
Accumulated Depreciation | 61,120 | 61,120 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 127,657 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 61,120 | |||
SAN FRANCISCO, CA | Almaden Lake Village | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 27,000 | |||
Initial Costs, Land and Land Improvements | 594 | |||
Initial Costs, Buildings and Improvements | 42,515 | |||
Total Initial Acquisition Costs | 43,109 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,940 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 981 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,068 | |||
Total Carrying Value | 53,049 | 53,049 | ||
Accumulated Depreciation | 33,775 | 33,775 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 53,049 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,775 | |||
SEATTLE, WA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 122,356 | |||
Initial Costs, Buildings and Improvements | 750,796 | |||
Total Initial Acquisition Costs | 873,152 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 84,534 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 128,852 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 828,834 | |||
Total Carrying Value | 957,686 | 957,686 | ||
Accumulated Depreciation | 363,826 | 363,826 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 957,686 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 363,826 | |||
SEATTLE, WA | Crowne Pointe | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,486 | |||
Initial Costs, Buildings and Improvements | 6,437 | |||
Total Initial Acquisition Costs | 8,923 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,928 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,237 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,614 | |||
Total Carrying Value | 18,851 | 18,851 | ||
Accumulated Depreciation | 11,696 | 11,696 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 18,851 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,696 | |||
SEATTLE, WA | Hilltop | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,174 | |||
Initial Costs, Buildings and Improvements | 7,408 | |||
Total Initial Acquisition Costs | 9,582 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,882 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,053 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,411 | |||
Total Carrying Value | 16,464 | 16,464 | ||
Accumulated Depreciation | 9,868 | 9,868 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 16,464 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,868 | |||
SEATTLE, WA | The Kennedy | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,179 | |||
Initial Costs, Buildings and Improvements | 22,307 | |||
Total Initial Acquisition Costs | 28,486 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,403 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,317 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,572 | |||
Total Carrying Value | 32,889 | 32,889 | ||
Accumulated Depreciation | 17,882 | 17,882 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 32,889 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,882 | |||
SEATTLE, WA | Hearthstone at Merrill Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,848 | |||
Initial Costs, Buildings and Improvements | 30,922 | |||
Total Initial Acquisition Costs | 37,770 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,325 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,311 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,784 | |||
Total Carrying Value | 47,095 | 47,095 | ||
Accumulated Depreciation | 24,773 | 24,773 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 47,095 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 24,773 | |||
SEATTLE, WA | Island Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 21,284 | |||
Initial Costs, Buildings and Improvements | 89,389 | |||
Total Initial Acquisition Costs | 110,673 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,991 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,674 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 96,990 | |||
Total Carrying Value | 118,664 | 118,664 | ||
Accumulated Depreciation | 61,271 | 61,271 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 118,664 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 61,271 | |||
MONTEREY PENINSULA, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,938 | |||
Initial Costs, Buildings and Improvements | 68,384 | |||
Total Initial Acquisition Costs | 85,322 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 99,902 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 29,546 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 155,678 | |||
Total Carrying Value | 185,224 | 185,224 | ||
Accumulated Depreciation | 102,331 | 102,331 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 185,224 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 102,331 | |||
MONTEREY PENINSULA, CA | Boronda Manor | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,946 | |||
Initial Costs, Buildings and Improvements | 8,982 | |||
Total Initial Acquisition Costs | 10,928 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,521 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,363 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,086 | |||
Total Carrying Value | 22,449 | 22,449 | ||
Accumulated Depreciation | 12,517 | 12,517 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,449 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,517 | |||
MONTEREY PENINSULA, CA | Garden Court | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 888 | |||
Initial Costs, Buildings and Improvements | 4,188 | |||
Total Initial Acquisition Costs | 5,076 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,791 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,616 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,251 | |||
Total Carrying Value | 11,867 | 11,867 | ||
Accumulated Depreciation | 6,763 | 6,763 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 11,867 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 6,763 | |||
MONTEREY PENINSULA, CA | Cambridge Court | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,039 | |||
Initial Costs, Buildings and Improvements | 12,883 | |||
Total Initial Acquisition Costs | 15,922 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,790 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,721 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,991 | |||
Total Carrying Value | 34,712 | 34,712 | ||
Accumulated Depreciation | 19,495 | 19,495 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 34,712 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 19,495 | |||
MONTEREY PENINSULA, CA | Laurel Tree | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,304 | |||
Initial Costs, Buildings and Improvements | 5,115 | |||
Total Initial Acquisition Costs | 6,419 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,999 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,469 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,949 | |||
Total Carrying Value | 14,418 | 14,418 | ||
Accumulated Depreciation | 7,870 | 7,870 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,418 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,870 | |||
MONTEREY PENINSULA, CA | The Pointe At Harden Ranch | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,388 | |||
Initial Costs, Buildings and Improvements | 23,854 | |||
Total Initial Acquisition Costs | 30,242 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 34,192 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,392 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,042 | |||
Total Carrying Value | 64,434 | 64,434 | ||
Accumulated Depreciation | 35,017 | 35,017 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 64,434 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 35,017 | |||
MONTEREY PENINSULA, CA | The Pointe At Northridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,044 | |||
Initial Costs, Buildings and Improvements | 8,028 | |||
Total Initial Acquisition Costs | 10,072 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,411 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,624 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,859 | |||
Total Carrying Value | 22,483 | 22,483 | ||
Accumulated Depreciation | 12,598 | 12,598 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,483 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,598 | |||
MONTEREY PENINSULA, CA | The Pointe At Westlake | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,329 | |||
Initial Costs, Buildings and Improvements | 5,334 | |||
Total Initial Acquisition Costs | 6,663 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,198 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,361 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,500 | |||
Total Carrying Value | 14,861 | 14,861 | ||
Accumulated Depreciation | 8,071 | 8,071 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,861 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,071 | |||
LOS ANGELES, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 151,833 | |||
Initial Costs, Buildings and Improvements | 156,492 | |||
Total Initial Acquisition Costs | 308,325 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 154,841 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 161,448 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 301,718 | |||
Total Carrying Value | 463,166 | 463,166 | ||
Accumulated Depreciation | 195,371 | 195,371 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 463,166 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 195,371 | |||
LOS ANGELES, CA | Rosebeach | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,414 | |||
Initial Costs, Buildings and Improvements | 17,449 | |||
Total Initial Acquisition Costs | 25,863 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,859 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,917 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,805 | |||
Total Carrying Value | 32,722 | 32,722 | ||
Accumulated Depreciation | 17,614 | 17,614 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 32,722 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,614 | |||
LOS ANGELES, CA | Tierra Del Rey | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 39,586 | |||
Initial Costs, Buildings and Improvements | 36,679 | |||
Total Initial Acquisition Costs | 76,265 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,294 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,031 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,528 | |||
Total Carrying Value | 85,559 | 85,559 | ||
Accumulated Depreciation | 28,994 | 28,994 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 85,559 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,994 | |||
OTHER SOUTHERN CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 33,645 | |||
Initial Costs, Buildings and Improvements | 111,337 | |||
Total Initial Acquisition Costs | 144,982 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 66,303 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 45,004 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 166,281 | |||
Total Carrying Value | 211,285 | 211,285 | ||
Accumulated Depreciation | 71,716 | 71,716 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 211,285 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 71,716 | |||
OTHER SOUTHERN CA | Verano at Rancho Cucamonga Town Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,557 | |||
Initial Costs, Buildings and Improvements | 3,645 | |||
Total Initial Acquisition Costs | 17,202 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 59,704 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,355 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,551 | |||
Total Carrying Value | 76,906 | 76,906 | ||
Accumulated Depreciation | 44,276 | 44,276 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 76,906 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 44,276 | |||
PORTLAND, OR | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,653 | |||
Initial Costs, Buildings and Improvements | 87,461 | |||
Total Initial Acquisition Costs | 101,114 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 19,210 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 15,215 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 105,109 | |||
Total Carrying Value | 120,324 | 120,324 | ||
Accumulated Depreciation | 35,666 | 35,666 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 120,324 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 35,666 | |||
PORTLAND, OR | Tualatin Heights | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,273 | |||
Initial Costs, Buildings and Improvements | 9,134 | |||
Total Initial Acquisition Costs | 12,407 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,974 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,285 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,096 | |||
Total Carrying Value | 22,381 | 22,381 | ||
Accumulated Depreciation | 13,414 | 13,414 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,381 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,414 | |||
PORTLAND, OR | Hunt Club | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,014 | |||
Initial Costs, Buildings and Improvements | 14,870 | |||
Total Initial Acquisition Costs | 20,884 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,861 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,564 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,181 | |||
Total Carrying Value | 29,745 | 29,745 | ||
Accumulated Depreciation | 18,262 | 18,262 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 29,745 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,262 | |||
MID-ATLANTIC REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 347,130 | |||
Initial Costs, Land and Land Improvements | 422,367 | |||
Initial Costs, Buildings and Improvements | 1,841,164 | |||
Total Initial Acquisition Costs | 2,263,531 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 578,846 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 494,379 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,347,998 | |||
Total Carrying Value | 2,842,377 | 2,842,377 | ||
Accumulated Depreciation | 1,015,464 | 1,015,464 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 2,842,377 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,015,464 | |||
METROPOLITAN, D.C. | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 288,530 | |||
Initial Costs, Land and Land Improvements | 368,426 | |||
Initial Costs, Buildings and Improvements | 1,522,539 | |||
Total Initial Acquisition Costs | 1,890,965 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 459,159 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 427,778 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,922,346 | |||
Total Carrying Value | 2,350,124 | 2,350,124 | ||
Accumulated Depreciation | 795,019 | 795,019 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 2,350,124 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 795,019 | |||
METROPOLITAN, D.C. | Ridgewood - apts side | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,612 | |||
Initial Costs, Buildings and Improvements | 20,086 | |||
Total Initial Acquisition Costs | 25,698 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,198 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,482 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,414 | |||
Total Carrying Value | 38,896 | 38,896 | ||
Accumulated Depreciation | 25,282 | 25,282 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 38,896 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,282 | |||
METROPOLITAN, D.C. | Wellington Place at Olde Town | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,753 | |||
Initial Costs, Buildings and Improvements | 36,059 | |||
Total Initial Acquisition Costs | 49,812 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 21,633 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,971 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 56,474 | |||
Total Carrying Value | 71,445 | 71,445 | ||
Accumulated Depreciation | 43,548 | 43,548 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 71,445 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 43,548 | |||
METROPOLITAN, D.C. | Andover House | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 183 | |||
Initial Costs, Buildings and Improvements | 59,948 | |||
Total Initial Acquisition Costs | 60,131 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,059 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 320 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,870 | |||
Total Carrying Value | 67,190 | 67,190 | ||
Accumulated Depreciation | 41,876 | 41,876 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 67,190 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 41,876 | |||
METROPOLITAN, D.C. | Sullivan Place | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,137 | |||
Initial Costs, Buildings and Improvements | 103,676 | |||
Total Initial Acquisition Costs | 104,813 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,501 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,867 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 118,447 | |||
Total Carrying Value | 120,314 | 120,314 | ||
Accumulated Depreciation | 76,621 | 76,621 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 120,314 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 76,621 | |||
METROPOLITAN, D.C. | Courts at Huntington Station | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 27,749 | |||
Initial Costs, Buildings and Improvements | 111,878 | |||
Total Initial Acquisition Costs | 139,627 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,923 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 28,115 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 116,435 | |||
Total Carrying Value | 144,550 | 144,550 | ||
Accumulated Depreciation | 39,391 | 39,391 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 144,550 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 39,391 | |||
METROPOLITAN, D.C. | Station on Silver | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,661 | |||
Initial Costs, Buildings and Improvements | 109,198 | |||
Total Initial Acquisition Costs | 125,859 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,661 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 109,209 | |||
Total Carrying Value | 125,870 | 125,870 | ||
Accumulated Depreciation | 600 | 600 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 125,870 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 600 | |||
BALTIMORE, MD | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 58,600 | |||
Initial Costs, Land and Land Improvements | 48,818 | |||
Initial Costs, Buildings and Improvements | 257,717 | |||
Total Initial Acquisition Costs | 306,535 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 31,812 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 50,655 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 287,692 | |||
Total Carrying Value | 338,347 | 338,347 | ||
Accumulated Depreciation | 102,295 | 102,295 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 338,347 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 102,295 | |||
BALTIMORE, MD | Calvert's Walk | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,408 | |||
Initial Costs, Buildings and Improvements | 24,692 | |||
Total Initial Acquisition Costs | 29,100 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,911 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,196 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,815 | |||
Total Carrying Value | 39,011 | 39,011 | ||
Accumulated Depreciation | 26,175 | 26,175 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,011 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 26,175 | |||
BALTIMORE, MD | 20 Lambourne | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 11,750 | |||
Initial Costs, Buildings and Improvements | 45,590 | |||
Total Initial Acquisition Costs | 57,340 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,428 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,454 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,314 | |||
Total Carrying Value | 69,768 | 69,768 | ||
Accumulated Depreciation | 36,827 | 36,827 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 69,768 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 36,827 | |||
NORTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 271,550 | |||
Initial Costs, Land and Land Improvements | 501,044 | |||
Initial Costs, Buildings and Improvements | 2,042,253 | |||
Total Initial Acquisition Costs | 2,543,297 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 786,178 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 516,267 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,813,208 | |||
Total Carrying Value | 3,329,475 | 3,329,475 | ||
Accumulated Depreciation | 937,981 | 937,981 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 3,329,475 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 937,981 | |||
NEW YORK, NY | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 294,310 | |||
Initial Costs, Buildings and Improvements | 1,086,043 | |||
Total Initial Acquisition Costs | 1,380,353 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 172,005 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 296,952 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,255,406 | |||
Total Carrying Value | 1,552,358 | 1,552,358 | ||
Accumulated Depreciation | 582,438 | 582,438 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,552,358 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 582,438 | |||
NEW YORK, NY | 10 Hanover Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 41,432 | |||
Initial Costs, Buildings and Improvements | 218,983 | |||
Total Initial Acquisition Costs | 260,415 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,075 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,815 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 247,675 | |||
Total Carrying Value | 289,490 | 289,490 | ||
Accumulated Depreciation | 116,732 | 116,732 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 289,490 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 116,732 | |||
NEW YORK, NY | 95 Wall Street | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 57,637 | |||
Initial Costs, Buildings and Improvements | 266,255 | |||
Total Initial Acquisition Costs | 323,892 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,873 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 58,084 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 276,681 | |||
Total Carrying Value | 334,765 | 334,765 | ||
Accumulated Depreciation | 156,590 | 156,590 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 334,765 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 156,590 | |||
BOSTON, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 271,550 | |||
Initial Costs, Land and Land Improvements | 196,369 | |||
Initial Costs, Buildings and Improvements | 860,160 | |||
Total Initial Acquisition Costs | 1,056,529 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 612,852 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 208,831 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,460,550 | |||
Total Carrying Value | 1,669,381 | 1,669,381 | ||
Accumulated Depreciation | 344,237 | 344,237 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,669,381 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 344,237 | |||
BOSTON, MA | 14 North | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 72,500 | |||
Initial Costs, Land and Land Improvements | 10,961 | |||
Initial Costs, Buildings and Improvements | 51,175 | |||
Total Initial Acquisition Costs | 62,136 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,923 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,483 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,576 | |||
Total Carrying Value | 76,059 | 76,059 | ||
Accumulated Depreciation | 38,209 | 38,209 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 76,059 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,209 | |||
SOUTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 119,027 | |||
Initial Costs, Buildings and Improvements | 669,448 | |||
Total Initial Acquisition Costs | 788,475 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 390,836 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 163,458 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,015,853 | |||
Total Carrying Value | 1,179,311 | 1,179,311 | ||
Accumulated Depreciation | 573,057 | 573,057 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 1,179,311 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 573,057 | |||
TAMPA, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 65,002 | |||
Initial Costs, Buildings and Improvements | 436,674 | |||
Total Initial Acquisition Costs | 501,676 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 124,076 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 86,445 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 539,307 | |||
Total Carrying Value | 625,752 | 625,752 | ||
Accumulated Depreciation | 198,267 | 198,267 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 625,752 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 198,267 | |||
TAMPA, FL | Inlet Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 7,702 | |||
Initial Costs, Buildings and Improvements | 23,150 | |||
Total Initial Acquisition Costs | 30,852 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 21,301 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,609 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,544 | |||
Total Carrying Value | 52,153 | 52,153 | ||
Accumulated Depreciation | 34,547 | 34,547 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 52,153 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 34,547 | |||
TAMPA, FL | MacAlpine Place | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 10,869 | |||
Initial Costs, Buildings and Improvements | 36,858 | |||
Total Initial Acquisition Costs | 47,727 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,572 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,417 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,882 | |||
Total Carrying Value | 62,299 | 62,299 | ||
Accumulated Depreciation | 36,966 | 36,966 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 62,299 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 36,966 | |||
TAMPA, FL | Andover Place at Cross Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 11,702 | |||
Initial Costs, Buildings and Improvements | 107,761 | |||
Total Initial Acquisition Costs | 119,463 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 76 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,709 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 107,830 | |||
Total Carrying Value | 119,539 | 119,539 | ||
Accumulated Depreciation | 1,223 | 1,223 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 119,539 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,223 | |||
NASHVILLE, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,433 | |||
Initial Costs, Buildings and Improvements | 87,608 | |||
Total Initial Acquisition Costs | 103,041 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 120,786 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 25,618 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 198,209 | |||
Total Carrying Value | 223,827 | 223,827 | ||
Accumulated Depreciation | 153,896 | 153,896 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 223,827 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 153,896 | |||
NASHVILLE, TN | Legacy Hill | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,148 | |||
Initial Costs, Buildings and Improvements | 5,867 | |||
Total Initial Acquisition Costs | 7,015 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,324 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,041 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,298 | |||
Total Carrying Value | 18,339 | 18,339 | ||
Accumulated Depreciation | 13,833 | 13,833 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 18,339 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,833 | |||
NASHVILLE, TN | Hickory Run | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,469 | |||
Initial Costs, Buildings and Improvements | 11,584 | |||
Total Initial Acquisition Costs | 13,053 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,873 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,684 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,242 | |||
Total Carrying Value | 27,926 | 27,926 | ||
Accumulated Depreciation | 18,126 | 18,126 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 27,926 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,126 | |||
NASHVILLE, TN | Carrington Hills | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,117 | |||
Total Initial Acquisition Costs | 2,117 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 39,856 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,016 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,957 | |||
Total Carrying Value | 41,973 | 41,973 | ||
Accumulated Depreciation | 28,441 | 28,441 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 41,973 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,441 | |||
NASHVILLE, TN | Brookridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 708 | |||
Initial Costs, Buildings and Improvements | 5,461 | |||
Total Initial Acquisition Costs | 6,169 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,786 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,495 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,460 | |||
Total Carrying Value | 13,955 | 13,955 | ||
Accumulated Depreciation | 9,894 | 9,894 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 13,955 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,894 | |||
NASHVILLE, TN | Breckenridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 766 | |||
Initial Costs, Buildings and Improvements | 7,714 | |||
Total Initial Acquisition Costs | 8,480 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,329 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,539 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,270 | |||
Total Carrying Value | 15,809 | 15,809 | ||
Accumulated Depreciation | 10,882 | 10,882 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 15,809 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,882 | |||
NASHVILLE, TN | Polo Park | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,583 | |||
Initial Costs, Buildings and Improvements | 16,293 | |||
Total Initial Acquisition Costs | 20,876 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,537 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,216 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,197 | |||
Total Carrying Value | 39,413 | 39,413 | ||
Accumulated Depreciation | 27,438 | 27,438 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,413 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,438 | |||
OTHER FLORIDA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,968 | |||
Initial Costs, Buildings and Improvements | 56,401 | |||
Total Initial Acquisition Costs | 72,369 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,261 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,900 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 72,730 | |||
Total Carrying Value | 89,630 | 89,630 | ||
Accumulated Depreciation | 52,555 | 52,555 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 89,630 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 52,555 | |||
OTHER FLORIDA | The Reserve and Park at Riverbridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,968 | |||
Initial Costs, Buildings and Improvements | 56,401 | |||
Total Initial Acquisition Costs | 72,369 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,261 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,900 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 72,730 | |||
Total Carrying Value | 89,630 | 89,630 | ||
Accumulated Depreciation | 52,555 | 52,555 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 89,630 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 52,555 | |||
SOUTHWEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 205,870 | |||
Initial Costs, Land and Land Improvements | 135,395 | |||
Initial Costs, Buildings and Improvements | 627,000 | |||
Total Initial Acquisition Costs | 762,395 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 135,203 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 156,524 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 741,074 | |||
Total Carrying Value | 897,598 | 897,598 | ||
Accumulated Depreciation | 279,462 | 279,462 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 897,598 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 279,462 | |||
DENVER, CO | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,012 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,640 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 136,358 | |||
Total Carrying Value | 144,998 | 144,998 | ||
Accumulated Depreciation | 25,139 | 25,139 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 144,998 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,139 | |||
DENVER, CO | Steele Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,012 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,640 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 136,358 | |||
Total Carrying Value | 144,998 | 144,998 | ||
Accumulated Depreciation | 25,139 | 25,139 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 144,998 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,139 | |||
United Dominion Realty L.P. | ||||
Real Estate and Accumulated Depreciation | ||||
Deferred finance costs, net | (396) | |||
Encumbrances | 99,104 | |||
Initial Costs, Land and Land Improvements | 740,831 | |||
Initial Costs, Buildings and Improvements | 2,367,735 | |||
Total Initial Acquisition Costs | 3,108,566 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 935,159 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 832,029 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,211,696 | |||
Total Carrying Value | 3,875,160 | 3,811,985 | 3,811,985 | 4,043,725 |
Accumulated Depreciation | 1,796,568 | 1,658,161 | 1,658,161 | 1,892,011 |
Aggregate cost for federal income tax purposes | 3,400,000 | |||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at beginning of the year | 3,875,160 | 3,811,985 | 3,816,956 | |
Real estate acquired | 245,322 | |||
Capital expenditures and development | 52,661 | 63,175 | 44,353 | |
Real estate sold | (129,418) | (49,324) | ||
Balance at end of the year | 4,043,725 | 3,875,160 | 3,811,985 | |
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at beginning of the year | 1,796,568 | 1,658,161 | 1,543,652 | |
Depreciation expense for the year | 140,095 | 138,407 | 141,683 | |
Accumulated depreciation on sales | (44,652) | (27,174) | ||
Balance at end of year | $ 1,892,011 | $ 1,796,568 | $ 1,658,161 | |
United Dominion Realty L.P. | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciable life for all buildings | 30 years | |||
United Dominion Realty L.P. | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciable life for all buildings | 55 years | |||
United Dominion Realty L.P. | TOTAL CORPORATE | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,736 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,736 | |||
Total Carrying Value | $ 2,736 | 2,736 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 2,736 | |||
United Dominion Realty L.P. | TOTAL CORPORATE | Other | ||||
Real Estate and Accumulated Depreciation | ||||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 2,736 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 2,736 | |||
Total Carrying Value | 2,736 | 2,736 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 2,736 | |||
United Dominion Realty L.P. | TOTAL OPERATING COMMUNITIES | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 99,500 | |||
Initial Costs, Land and Land Improvements | 740,831 | |||
Initial Costs, Buildings and Improvements | 2,367,735 | |||
Total Initial Acquisition Costs | 3,108,566 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 932,423 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 832,029 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 3,208,960 | |||
Total Carrying Value | 4,040,989 | 4,040,989 | ||
Accumulated Depreciation | 1,892,011 | 1,892,011 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 4,040,989 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,892,011 | |||
United Dominion Realty L.P. | WEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 27,000 | |||
Initial Costs, Land and Land Improvements | 483,930 | |||
Initial Costs, Buildings and Improvements | 918,706 | |||
Total Initial Acquisition Costs | 1,402,636 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 635,024 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 555,312 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 1,482,348 | |||
Total Carrying Value | 2,037,660 | 2,037,660 | ||
Accumulated Depreciation | 1,031,181 | 1,031,181 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 2,037,660 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,031,181 | |||
United Dominion Realty L.P. | ORANGE COUNTY, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 249,390 | |||
Initial Costs, Buildings and Improvements | 271,946 | |||
Total Initial Acquisition Costs | 521,336 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 232,465 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 289,140 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 464,661 | |||
Total Carrying Value | 753,801 | 753,801 | ||
Accumulated Depreciation | 342,826 | 342,826 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 753,801 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 342,826 | |||
United Dominion Realty L.P. | ORANGE COUNTY, CA | Harbor at Mesa Verde | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 20,476 | |||
Initial Costs, Buildings and Improvements | 28,538 | |||
Total Initial Acquisition Costs | 49,014 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 23,282 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,317 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,979 | |||
Total Carrying Value | 72,296 | 72,296 | ||
Accumulated Depreciation | 37,780 | 37,780 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 72,296 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 37,780 | |||
United Dominion Realty L.P. | ORANGE COUNTY, CA | 27 Seventy Five Mesa Verde | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 99,329 | |||
Initial Costs, Buildings and Improvements | 110,644 | |||
Total Initial Acquisition Costs | 209,973 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 106,411 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 116,177 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 200,207 | |||
Total Carrying Value | 316,384 | 316,384 | ||
Accumulated Depreciation | 147,609 | 147,609 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 316,384 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 147,609 | |||
United Dominion Realty L.P. | ORANGE COUNTY, CA | Huntington Vista | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,055 | |||
Initial Costs, Buildings and Improvements | 22,486 | |||
Total Initial Acquisition Costs | 30,541 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,742 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 9,302 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 35,981 | |||
Total Carrying Value | 45,283 | 45,283 | ||
Accumulated Depreciation | 27,136 | 27,136 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 45,283 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,136 | |||
United Dominion Realty L.P. | ORANGE COUNTY, CA | Missions at Back Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 229 | |||
Initial Costs, Buildings and Improvements | 14,129 | |||
Total Initial Acquisition Costs | 14,358 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,129 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,052 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 7,435 | |||
Total Carrying Value | 18,487 | 18,487 | ||
Accumulated Depreciation | 5,837 | 5,837 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 18,487 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 5,837 | |||
United Dominion Realty L.P. | ORANGE COUNTY, CA | Eight 80 Newport Beach - North | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 62,516 | |||
Initial Costs, Buildings and Improvements | 46,082 | |||
Total Initial Acquisition Costs | 108,598 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 46,676 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 69,331 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,943 | |||
Total Carrying Value | 155,274 | 155,274 | ||
Accumulated Depreciation | 64,662 | 64,662 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 155,274 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 64,662 | |||
United Dominion Realty L.P. | ORANGE COUNTY, CA | Eight 80 Newport Beach - South | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 58,785 | |||
Initial Costs, Buildings and Improvements | 50,067 | |||
Total Initial Acquisition Costs | 108,852 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 37,225 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 60,961 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 85,116 | |||
Total Carrying Value | 146,077 | 146,077 | ||
Accumulated Depreciation | 59,802 | 59,802 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 146,077 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 59,802 | |||
United Dominion Realty L.P. | SAN FRANCISCO, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 27,000 | |||
Initial Costs, Land and Land Improvements | 107,787 | |||
Initial Costs, Buildings and Improvements | 340,136 | |||
Total Initial Acquisition Costs | 447,923 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 169,436 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 110,882 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 506,477 | |||
Total Carrying Value | 617,359 | 617,359 | ||
Accumulated Depreciation | 337,974 | 337,974 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 617,359 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 337,974 | |||
United Dominion Realty L.P. | SAN FRANCISCO, CA | 2000 Post Street | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 9,861 | |||
Initial Costs, Buildings and Improvements | 44,578 | |||
Total Initial Acquisition Costs | 54,439 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 24,689 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,126 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 68,002 | |||
Total Carrying Value | 79,128 | 79,128 | ||
Accumulated Depreciation | 39,177 | 39,177 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 79,128 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 39,177 | |||
United Dominion Realty L.P. | SAN FRANCISCO, CA | Birch Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,365 | |||
Initial Costs, Buildings and Improvements | 16,696 | |||
Total Initial Acquisition Costs | 21,061 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,462 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,409 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 30,114 | |||
Total Carrying Value | 31,523 | 31,523 | ||
Accumulated Depreciation | 18,789 | 18,789 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 31,523 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,789 | |||
United Dominion Realty L.P. | SAN FRANCISCO, CA | Highlands Of Marin | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,996 | |||
Initial Costs, Buildings and Improvements | 24,868 | |||
Total Initial Acquisition Costs | 30,864 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,045 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,086 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 51,823 | |||
Total Carrying Value | 59,909 | 59,909 | ||
Accumulated Depreciation | 39,256 | 39,256 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 59,909 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 39,256 | |||
United Dominion Realty L.P. | SAN FRANCISCO, CA | Marina Playa | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,224 | |||
Initial Costs, Buildings and Improvements | 23,916 | |||
Total Initial Acquisition Costs | 30,140 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,413 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,336 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 43,217 | |||
Total Carrying Value | 44,553 | 44,553 | ||
Accumulated Depreciation | 26,198 | 26,198 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 44,553 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 26,198 | |||
United Dominion Realty L.P. | SAN FRANCISCO, CA | River Terrace | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 22,161 | |||
Initial Costs, Buildings and Improvements | 40,137 | |||
Total Initial Acquisition Costs | 62,298 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,941 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 22,998 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 48,241 | |||
Total Carrying Value | 71,239 | 71,239 | ||
Accumulated Depreciation | 33,870 | 33,870 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 71,239 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,870 | |||
United Dominion Realty L.P. | SAN FRANCISCO, CA | CitySouth | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 14,031 | |||
Initial Costs, Buildings and Improvements | 30,537 | |||
Total Initial Acquisition Costs | 44,568 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 39,859 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,681 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 67,746 | |||
Total Carrying Value | 84,427 | 84,427 | ||
Accumulated Depreciation | 51,728 | 51,728 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 84,427 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 51,728 | |||
United Dominion Realty L.P. | SAN FRANCISCO, CA | Bay Terrace | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,545 | |||
Initial Costs, Buildings and Improvements | 14,458 | |||
Total Initial Acquisition Costs | 23,003 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,598 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,679 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,922 | |||
Total Carrying Value | 30,601 | 30,601 | ||
Accumulated Depreciation | 12,980 | 12,980 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 30,601 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,980 | |||
United Dominion Realty L.P. | SAN FRANCISCO, CA | Highlands of Marin Phase II | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,353 | |||
Initial Costs, Buildings and Improvements | 18,559 | |||
Total Initial Acquisition Costs | 23,912 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,361 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,782 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 29,491 | |||
Total Carrying Value | 35,273 | 35,273 | ||
Accumulated Depreciation | 21,081 | 21,081 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 35,273 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 21,081 | |||
United Dominion Realty L.P. | SAN FRANCISCO, CA | Edgewater | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 30,657 | |||
Initial Costs, Buildings and Improvements | 83,872 | |||
Total Initial Acquisition Costs | 114,529 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,128 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 30,804 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 96,853 | |||
Total Carrying Value | 127,657 | 127,657 | ||
Accumulated Depreciation | 61,120 | 61,120 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 127,657 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 61,120 | |||
United Dominion Realty L.P. | SAN FRANCISCO, CA | Almaden Lake Village | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 27,000 | |||
Initial Costs, Land and Land Improvements | 594 | |||
Initial Costs, Buildings and Improvements | 42,515 | |||
Total Initial Acquisition Costs | 43,109 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,940 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 981 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,068 | |||
Total Carrying Value | 53,049 | 53,049 | ||
Accumulated Depreciation | 33,775 | 33,775 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 53,049 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 33,775 | |||
United Dominion Realty L.P. | SEATTLE, WA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 38,971 | |||
Initial Costs, Buildings and Improvements | 156,463 | |||
Total Initial Acquisition Costs | 195,434 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 38,529 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,592 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 192,371 | |||
Total Carrying Value | 233,963 | 233,963 | ||
Accumulated Depreciation | 125,490 | 125,490 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 233,963 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 125,490 | |||
United Dominion Realty L.P. | SEATTLE, WA | Crowne Pointe | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,486 | |||
Initial Costs, Buildings and Improvements | 6,437 | |||
Total Initial Acquisition Costs | 8,923 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,928 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,237 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 15,614 | |||
Total Carrying Value | 18,851 | 18,851 | ||
Accumulated Depreciation | 11,696 | 11,696 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 18,851 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 11,696 | |||
United Dominion Realty L.P. | SEATTLE, WA | Hilltop | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,174 | |||
Initial Costs, Buildings and Improvements | 7,408 | |||
Total Initial Acquisition Costs | 9,582 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,882 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,053 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 13,411 | |||
Total Carrying Value | 16,464 | 16,464 | ||
Accumulated Depreciation | 9,868 | 9,868 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 16,464 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,868 | |||
United Dominion Realty L.P. | SEATTLE, WA | The Kennedy | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,179 | |||
Initial Costs, Buildings and Improvements | 22,307 | |||
Total Initial Acquisition Costs | 28,486 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,403 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,317 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 26,572 | |||
Total Carrying Value | 32,889 | 32,889 | ||
Accumulated Depreciation | 17,882 | 17,882 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 32,889 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,882 | |||
United Dominion Realty L.P. | SEATTLE, WA | Hearthstone at Merrill Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,848 | |||
Initial Costs, Buildings and Improvements | 30,922 | |||
Total Initial Acquisition Costs | 37,770 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,325 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 7,311 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 39,784 | |||
Total Carrying Value | 47,095 | 47,095 | ||
Accumulated Depreciation | 24,773 | 24,773 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 47,095 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 24,773 | |||
United Dominion Realty L.P. | SEATTLE, WA | Island Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 21,284 | |||
Initial Costs, Buildings and Improvements | 89,389 | |||
Total Initial Acquisition Costs | 110,673 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,991 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 21,674 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 96,990 | |||
Total Carrying Value | 118,664 | 118,664 | ||
Accumulated Depreciation | 61,271 | 61,271 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 118,664 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 61,271 | |||
United Dominion Realty L.P. | MONTEREY PENINSULA, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,938 | |||
Initial Costs, Buildings and Improvements | 68,384 | |||
Total Initial Acquisition Costs | 85,322 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 99,902 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 29,546 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 155,678 | |||
Total Carrying Value | 185,224 | 185,224 | ||
Accumulated Depreciation | 102,331 | 102,331 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 185,224 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 102,331 | |||
United Dominion Realty L.P. | MONTEREY PENINSULA, CA | Boronda Manor | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,946 | |||
Initial Costs, Buildings and Improvements | 8,982 | |||
Total Initial Acquisition Costs | 10,928 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,521 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,363 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 19,086 | |||
Total Carrying Value | 22,449 | 22,449 | ||
Accumulated Depreciation | 12,517 | 12,517 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,449 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,517 | |||
United Dominion Realty L.P. | MONTEREY PENINSULA, CA | Garden Court | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 888 | |||
Initial Costs, Buildings and Improvements | 4,188 | |||
Total Initial Acquisition Costs | 5,076 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,791 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,616 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 10,251 | |||
Total Carrying Value | 11,867 | 11,867 | ||
Accumulated Depreciation | 6,763 | 6,763 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 11,867 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 6,763 | |||
United Dominion Realty L.P. | MONTEREY PENINSULA, CA | Cambridge Court | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,039 | |||
Initial Costs, Buildings and Improvements | 12,883 | |||
Total Initial Acquisition Costs | 15,922 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,790 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,721 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 28,991 | |||
Total Carrying Value | 34,712 | 34,712 | ||
Accumulated Depreciation | 19,495 | 19,495 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 34,712 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 19,495 | |||
United Dominion Realty L.P. | MONTEREY PENINSULA, CA | Laurel Tree | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,304 | |||
Initial Costs, Buildings and Improvements | 5,115 | |||
Total Initial Acquisition Costs | 6,419 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,999 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,469 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 11,949 | |||
Total Carrying Value | 14,418 | 14,418 | ||
Accumulated Depreciation | 7,870 | 7,870 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,418 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 7,870 | |||
United Dominion Realty L.P. | MONTEREY PENINSULA, CA | The Pointe At Harden Ranch | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,388 | |||
Initial Costs, Buildings and Improvements | 23,854 | |||
Total Initial Acquisition Costs | 30,242 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 34,192 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,392 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 54,042 | |||
Total Carrying Value | 64,434 | 64,434 | ||
Accumulated Depreciation | 35,017 | 35,017 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 64,434 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 35,017 | |||
United Dominion Realty L.P. | MONTEREY PENINSULA, CA | The Pointe At Northridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,044 | |||
Initial Costs, Buildings and Improvements | 8,028 | |||
Total Initial Acquisition Costs | 10,072 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,411 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 3,624 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,859 | |||
Total Carrying Value | 22,483 | 22,483 | ||
Accumulated Depreciation | 12,598 | 12,598 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,483 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 12,598 | |||
United Dominion Realty L.P. | MONTEREY PENINSULA, CA | The Pointe At Westlake | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,329 | |||
Initial Costs, Buildings and Improvements | 5,334 | |||
Total Initial Acquisition Costs | 6,663 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,198 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,361 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,500 | |||
Total Carrying Value | 14,861 | 14,861 | ||
Accumulated Depreciation | 8,071 | 8,071 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 14,861 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 8,071 | |||
United Dominion Realty L.P. | LOS ANGELES, CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 48,000 | |||
Initial Costs, Buildings and Improvements | 54,128 | |||
Total Initial Acquisition Costs | 102,128 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 16,153 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 48,948 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 69,333 | |||
Total Carrying Value | 118,281 | 118,281 | ||
Accumulated Depreciation | 46,608 | 46,608 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 118,281 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 46,608 | |||
United Dominion Realty L.P. | LOS ANGELES, CA | Rosebeach | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,414 | |||
Initial Costs, Buildings and Improvements | 17,449 | |||
Total Initial Acquisition Costs | 25,863 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,859 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,917 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,805 | |||
Total Carrying Value | 32,722 | 32,722 | ||
Accumulated Depreciation | 17,614 | 17,614 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 32,722 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 17,614 | |||
United Dominion Realty L.P. | LOS ANGELES, CA | Tierra Del Rey | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 39,586 | |||
Initial Costs, Buildings and Improvements | 36,679 | |||
Total Initial Acquisition Costs | 76,265 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,294 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 40,031 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 45,528 | |||
Total Carrying Value | 85,559 | 85,559 | ||
Accumulated Depreciation | 28,994 | 28,994 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 85,559 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,994 | |||
United Dominion Realty L.P. | OTHER SOUTHERN CA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,557 | |||
Initial Costs, Buildings and Improvements | 3,645 | |||
Total Initial Acquisition Costs | 17,202 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 59,704 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,355 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,551 | |||
Total Carrying Value | 76,906 | 76,906 | ||
Accumulated Depreciation | 44,276 | 44,276 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 76,906 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 44,276 | |||
United Dominion Realty L.P. | OTHER SOUTHERN CA | Verano at Rancho Cucamonga Town Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,557 | |||
Initial Costs, Buildings and Improvements | 3,645 | |||
Total Initial Acquisition Costs | 17,202 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 59,704 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 24,355 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 52,551 | |||
Total Carrying Value | 76,906 | 76,906 | ||
Accumulated Depreciation | 44,276 | 44,276 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 76,906 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 44,276 | |||
United Dominion Realty L.P. | PORTLAND, OR | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 9,287 | |||
Initial Costs, Buildings and Improvements | 24,004 | |||
Total Initial Acquisition Costs | 33,291 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,835 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,849 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,277 | |||
Total Carrying Value | 52,126 | 52,126 | ||
Accumulated Depreciation | 31,676 | 31,676 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 52,126 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 31,676 | |||
United Dominion Realty L.P. | PORTLAND, OR | Tualatin Heights | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 3,273 | |||
Initial Costs, Buildings and Improvements | 9,134 | |||
Total Initial Acquisition Costs | 12,407 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,974 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 4,285 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 18,096 | |||
Total Carrying Value | 22,381 | 22,381 | ||
Accumulated Depreciation | 13,414 | 13,414 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 22,381 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,414 | |||
United Dominion Realty L.P. | PORTLAND, OR | Hunt Club | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 6,014 | |||
Initial Costs, Buildings and Improvements | 14,870 | |||
Total Initial Acquisition Costs | 20,884 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 8,861 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,564 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 23,181 | |||
Total Carrying Value | 29,745 | 29,745 | ||
Accumulated Depreciation | 18,262 | 18,262 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 29,745 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,262 | |||
United Dominion Realty L.P. | MID-ATLANTIC REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 81,253 | |||
Initial Costs, Buildings and Improvements | 511,127 | |||
Total Initial Acquisition Costs | 592,380 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 84,601 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 86,069 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 590,912 | |||
Total Carrying Value | 676,981 | 676,981 | ||
Accumulated Depreciation | 290,255 | 290,255 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 676,981 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 290,255 | |||
United Dominion Realty L.P. | METROPOLITAN, D.C. | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 65,095 | |||
Initial Costs, Buildings and Improvements | 440,845 | |||
Total Initial Acquisition Costs | 505,940 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 62,262 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 68,419 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 499,783 | |||
Total Carrying Value | 568,202 | 568,202 | ||
Accumulated Depreciation | 227,253 | 227,253 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 568,202 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 227,253 | |||
United Dominion Realty L.P. | METROPOLITAN, D.C. | Ridgewood - apts side | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 5,612 | |||
Initial Costs, Buildings and Improvements | 20,086 | |||
Total Initial Acquisition Costs | 25,698 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,198 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,482 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 32,414 | |||
Total Carrying Value | 38,896 | 38,896 | ||
Accumulated Depreciation | 25,282 | 25,282 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 38,896 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,282 | |||
United Dominion Realty L.P. | METROPOLITAN, D.C. | Wellington Place at Olde Town | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 13,753 | |||
Initial Costs, Buildings and Improvements | 36,059 | |||
Total Initial Acquisition Costs | 49,812 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 21,633 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 14,971 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 56,474 | |||
Total Carrying Value | 71,445 | 71,445 | ||
Accumulated Depreciation | 43,548 | 43,548 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 71,445 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 43,548 | |||
United Dominion Realty L.P. | METROPOLITAN, D.C. | Andover House | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 183 | |||
Initial Costs, Buildings and Improvements | 59,948 | |||
Total Initial Acquisition Costs | 60,131 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,059 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 320 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 66,870 | |||
Total Carrying Value | 67,190 | 67,190 | ||
Accumulated Depreciation | 41,876 | 41,876 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 67,190 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 41,876 | |||
United Dominion Realty L.P. | METROPOLITAN, D.C. | Sullivan Place | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,137 | |||
Initial Costs, Buildings and Improvements | 103,676 | |||
Total Initial Acquisition Costs | 104,813 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 15,438 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,870 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 118,381 | |||
Total Carrying Value | 120,251 | 120,251 | ||
Accumulated Depreciation | 76,556 | 76,556 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 120,251 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 76,556 | |||
United Dominion Realty L.P. | METROPOLITAN, D.C. | Courts at Huntington Station | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 27,749 | |||
Initial Costs, Buildings and Improvements | 111,878 | |||
Total Initial Acquisition Costs | 139,627 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 4,923 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 28,115 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 116,435 | |||
Total Carrying Value | 144,550 | 144,550 | ||
Accumulated Depreciation | 39,391 | 39,391 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 144,550 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 39,391 | |||
United Dominion Realty L.P. | METROPOLITAN, D.C. | Station on Silver | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,661 | |||
Initial Costs, Buildings and Improvements | 109,198 | |||
Total Initial Acquisition Costs | 125,859 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,661 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 109,209 | |||
Total Carrying Value | 125,870 | 125,870 | ||
Accumulated Depreciation | 600 | 600 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 125,870 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 600 | |||
United Dominion Realty L.P. | BALTIMORE, MD | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 16,158 | |||
Initial Costs, Buildings and Improvements | 70,282 | |||
Total Initial Acquisition Costs | 86,440 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 22,339 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 17,650 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 91,129 | |||
Total Carrying Value | 108,779 | 108,779 | ||
Accumulated Depreciation | 63,002 | 63,002 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 108,779 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 63,002 | |||
United Dominion Realty L.P. | BALTIMORE, MD | Calvert's Walk | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,408 | |||
Initial Costs, Buildings and Improvements | 24,692 | |||
Total Initial Acquisition Costs | 29,100 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 9,911 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,196 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,815 | |||
Total Carrying Value | 39,011 | 39,011 | ||
Accumulated Depreciation | 26,175 | 26,175 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,011 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 26,175 | |||
United Dominion Realty L.P. | BALTIMORE, MD | 20 Lambourne | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 11,750 | |||
Initial Costs, Buildings and Improvements | 45,590 | |||
Total Initial Acquisition Costs | 57,340 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 12,428 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,454 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 57,314 | |||
Total Carrying Value | 69,768 | 69,768 | ||
Accumulated Depreciation | 36,827 | 36,827 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 69,768 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 36,827 | |||
United Dominion Realty L.P. | NORTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 72,500 | |||
Initial Costs, Land and Land Improvements | 110,030 | |||
Initial Costs, Buildings and Improvements | 536,413 | |||
Total Initial Acquisition Costs | 646,443 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 53,871 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 111,382 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 588,932 | |||
Total Carrying Value | 700,314 | 700,314 | ||
Accumulated Depreciation | 311,531 | 311,531 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 700,314 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 311,531 | |||
United Dominion Realty L.P. | NEW YORK, NY | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 99,069 | |||
Initial Costs, Buildings and Improvements | 485,238 | |||
Total Initial Acquisition Costs | 584,307 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 39,948 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 99,899 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 524,356 | |||
Total Carrying Value | 624,255 | 624,255 | ||
Accumulated Depreciation | 273,322 | 273,322 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 624,255 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 273,322 | |||
United Dominion Realty L.P. | NEW YORK, NY | 10 Hanover Square | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 41,432 | |||
Initial Costs, Buildings and Improvements | 218,983 | |||
Total Initial Acquisition Costs | 260,415 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 29,075 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 41,815 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 247,675 | |||
Total Carrying Value | 289,490 | 289,490 | ||
Accumulated Depreciation | 116,732 | 116,732 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 289,490 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 116,732 | |||
United Dominion Realty L.P. | NEW YORK, NY | 95 Wall Street | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 57,637 | |||
Initial Costs, Buildings and Improvements | 266,255 | |||
Total Initial Acquisition Costs | 323,892 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 10,873 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 58,084 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 276,681 | |||
Total Carrying Value | 334,765 | 334,765 | ||
Accumulated Depreciation | 156,590 | 156,590 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 334,765 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 156,590 | |||
United Dominion Realty L.P. | BOSTON, MA | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 72,500 | |||
Initial Costs, Land and Land Improvements | 10,961 | |||
Initial Costs, Buildings and Improvements | 51,175 | |||
Total Initial Acquisition Costs | 62,136 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,923 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,483 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,576 | |||
Total Carrying Value | 76,059 | 76,059 | ||
Accumulated Depreciation | 38,209 | 38,209 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 76,059 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,209 | |||
United Dominion Realty L.P. | BOSTON, MA | 14 North | ||||
Real Estate and Accumulated Depreciation | ||||
Encumbrances | 72,500 | |||
Initial Costs, Land and Land Improvements | 10,961 | |||
Initial Costs, Buildings and Improvements | 51,175 | |||
Total Initial Acquisition Costs | 62,136 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 13,923 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,483 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 64,576 | |||
Total Carrying Value | 76,059 | 76,059 | ||
Accumulated Depreciation | 38,209 | 38,209 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 76,059 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 38,209 | |||
United Dominion Realty L.P. | SOUTHEAST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 57,032 | |||
Initial Costs, Buildings and Improvements | 271,089 | |||
Total Initial Acquisition Costs | 328,121 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 152,915 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 70,626 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 410,410 | |||
Total Carrying Value | 481,036 | 481,036 | ||
Accumulated Depreciation | 233,905 | 233,905 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 481,036 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 233,905 | |||
United Dominion Realty L.P. | TAMPA, FL | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 30,273 | |||
Initial Costs, Buildings and Improvements | 167,769 | |||
Total Initial Acquisition Costs | 198,042 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 35,949 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 34,735 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 199,256 | |||
Total Carrying Value | 233,991 | 233,991 | ||
Accumulated Depreciation | 72,736 | 72,736 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 233,991 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 72,736 | |||
United Dominion Realty L.P. | TAMPA, FL | Inlet Bay | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 7,702 | |||
Initial Costs, Buildings and Improvements | 23,150 | |||
Total Initial Acquisition Costs | 30,852 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 21,301 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 10,609 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 41,544 | |||
Total Carrying Value | 52,153 | 52,153 | ||
Accumulated Depreciation | 34,547 | 34,547 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 52,153 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 34,547 | |||
United Dominion Realty L.P. | TAMPA, FL | MacAlpine Place | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 10,869 | |||
Initial Costs, Buildings and Improvements | 36,858 | |||
Total Initial Acquisition Costs | 47,727 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,572 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 12,417 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 49,882 | |||
Total Carrying Value | 62,299 | 62,299 | ||
Accumulated Depreciation | 36,966 | 36,966 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 62,299 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 36,966 | |||
United Dominion Realty L.P. | TAMPA, FL | Andover Place at Cross Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 11,702 | |||
Initial Costs, Buildings and Improvements | 107,761 | |||
Total Initial Acquisition Costs | 119,463 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 76 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 11,709 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 107,830 | |||
Total Carrying Value | 119,539 | 119,539 | ||
Accumulated Depreciation | 1,223 | 1,223 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 119,539 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 1,223 | |||
United Dominion Realty L.P. | NASHVILLE, TN | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 10,791 | |||
Initial Costs, Buildings and Improvements | 46,919 | |||
Total Initial Acquisition Costs | 57,710 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 99,705 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 18,991 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 138,424 | |||
Total Carrying Value | 157,415 | 157,415 | ||
Accumulated Depreciation | 108,614 | 108,614 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 157,415 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 108,614 | |||
United Dominion Realty L.P. | NASHVILLE, TN | Legacy Hill | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,148 | |||
Initial Costs, Buildings and Improvements | 5,867 | |||
Total Initial Acquisition Costs | 7,015 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 11,324 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,041 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 16,298 | |||
Total Carrying Value | 18,339 | 18,339 | ||
Accumulated Depreciation | 13,833 | 13,833 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 18,339 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 13,833 | |||
United Dominion Realty L.P. | NASHVILLE, TN | Hickory Run | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 1,469 | |||
Initial Costs, Buildings and Improvements | 11,584 | |||
Total Initial Acquisition Costs | 13,053 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 14,873 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 2,684 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 25,242 | |||
Total Carrying Value | 27,926 | 27,926 | ||
Accumulated Depreciation | 18,126 | 18,126 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 27,926 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 18,126 | |||
United Dominion Realty L.P. | NASHVILLE, TN | Carrington Hills | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 2,117 | |||
Total Initial Acquisition Costs | 2,117 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 39,856 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 5,016 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 36,957 | |||
Total Carrying Value | 41,973 | 41,973 | ||
Accumulated Depreciation | 28,441 | 28,441 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 41,973 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 28,441 | |||
United Dominion Realty L.P. | NASHVILLE, TN | Brookridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 708 | |||
Initial Costs, Buildings and Improvements | 5,461 | |||
Total Initial Acquisition Costs | 6,169 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,786 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,495 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 12,460 | |||
Total Carrying Value | 13,955 | 13,955 | ||
Accumulated Depreciation | 9,894 | 9,894 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 13,955 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 9,894 | |||
United Dominion Realty L.P. | NASHVILLE, TN | Breckenridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 766 | |||
Initial Costs, Buildings and Improvements | 7,714 | |||
Total Initial Acquisition Costs | 8,480 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 7,329 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 1,539 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 14,270 | |||
Total Carrying Value | 15,809 | 15,809 | ||
Accumulated Depreciation | 10,882 | 10,882 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 15,809 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 10,882 | |||
United Dominion Realty L.P. | NASHVILLE, TN | Polo Park | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 4,583 | |||
Initial Costs, Buildings and Improvements | 16,293 | |||
Total Initial Acquisition Costs | 20,876 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 18,537 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 6,216 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 33,197 | |||
Total Carrying Value | 39,413 | 39,413 | ||
Accumulated Depreciation | 27,438 | 27,438 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 39,413 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 27,438 | |||
United Dominion Realty L.P. | OTHER FLORIDA | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,968 | |||
Initial Costs, Buildings and Improvements | 56,401 | |||
Total Initial Acquisition Costs | 72,369 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,261 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,900 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 72,730 | |||
Total Carrying Value | 89,630 | 89,630 | ||
Accumulated Depreciation | 52,555 | 52,555 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 89,630 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 52,555 | |||
United Dominion Realty L.P. | OTHER FLORIDA | The Reserve and Park at Riverbridge | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 15,968 | |||
Initial Costs, Buildings and Improvements | 56,401 | |||
Total Initial Acquisition Costs | 72,369 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 17,261 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 16,900 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 72,730 | |||
Total Carrying Value | 89,630 | 89,630 | ||
Accumulated Depreciation | 52,555 | 52,555 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 89,630 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 52,555 | |||
United Dominion Realty L.P. | SOUTHWEST REGION | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,012 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,640 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 136,358 | |||
Total Carrying Value | 144,998 | 144,998 | ||
Accumulated Depreciation | 25,139 | 25,139 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 144,998 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,139 | |||
United Dominion Realty L.P. | DENVER, CO | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,012 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,640 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 136,358 | |||
Total Carrying Value | 144,998 | 144,998 | ||
Accumulated Depreciation | 25,139 | 25,139 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 144,998 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | 25,139 | |||
United Dominion Realty L.P. | DENVER, CO | Steele Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Initial Costs, Land and Land Improvements | 8,586 | |||
Initial Costs, Buildings and Improvements | 130,400 | |||
Total Initial Acquisition Costs | 138,986 | |||
Costs of Improvements Capitalized Subsequent to Acquisition Costs | 6,012 | |||
Gross Amount at Which Carried at Close of Period, Land and Land Improvements | 8,640 | |||
Gross Amount at Which Carried at Close of Period, Buildings & Buildings Improvements | 136,358 | |||
Total Carrying Value | 144,998 | 144,998 | ||
Accumulated Depreciation | 25,139 | $ 25,139 | ||
Reconciliation of the carrying amount of total real estate owned | ||||
Balance at end of the year | 144,998 | |||
Reconciliation of total accumulated depreciation for real estate owned | ||||
Balance at end of year | $ 25,139 |